Coforge Ltd Q3 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 4 Aug 2026 | IT - Software | Market Cap: ₹80.3K Cr
Coforge anticipates robust and sustained growth, with revenue growing 40.3% YoY in constant currency in Q3 and sequential CC growth of 8.4% in a seasonally weak quarter. Coforge is entering its eighth year of sustained robust growth, with management confident they are "just getting started" (Page 17).
From Coforge Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹1,892
Market Cap
₹80.3K Cr
P/E Ratio
41.9
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Coforge Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹4.5K Cr, net profit ₹666 Cr.
Full financials →📊 Revenue & Sales Performance
- →Coforge anticipates robust and sustained growth, with revenue growing 40.3% YoY in constant currency in Q3 and sequential CC growth of 8.4% in a seasonally weak quarter.
- →The company expects continued strength across all geos, verticals, and service lines, avoiding over-reliance on any single segment.
- →Large deal pipeline is strong with four large deals signed in the quarter, including in the Cigniti client portfolio.
- →The 12-month signed order book has increased over 40% YoY to $1.37 billion, supporting confidence in future growth.
- →Median size of large deals being pursued is higher than historical levels, driven by focus on AI-infused legacy modernization and functional expertise.
- →Cross-sell synergies with Cigniti expected to show revenue impact from Q4 onwards.
- →Management views the current phase as just getting started, with growth acceleration expected ahead, supported by deep functional expertise and strong partnerships with hyperscalers.
📈 Profitability & Margins
- →Coforge is entering its eighth year of sustained robust growth, with management confident they are "just getting started" (Page 17).
- →The company saw an 8.4% sequential CC revenue growth in a seasonally weak quarter, with a 40.3% Y-O-Y CC growth (Page 2).
- →Adjusted EBITDA margins expanded by 122 bps sequentially to 17.8% despite furlough headwinds (Page 3).
- →The EBIT margin was 11.8% for the quarter, expected to expand to ~13.5% by Q3 FY2026 due to ESOP cost tailwinds and margin expansion (Page 10).
- →The next 12-month signed order book is up 40.1% Y-O-Y to $1.37 billion, supporting strong future revenue visibility (Page 3).
- →Post Cigniti acquisition, EBITDA margins there improved from ~12% to 17.3%, indicating margin improvement potential (Page 6).
- →Management expects margin expansion alongside revenue growth, driven by AI-infused modernization and large deal pipeline (Pages 8, 17).
- →EPS growth can be inferred from strong revenue, margin expansion, and operational integration benefits.
🏗️ Capital Expenditure Plans
- →Coforge is actively investing in expanding its AI and GenAI capabilities, with over 30 AI-related service offerings.
- →Significant investment in the Quasar AI platform to help clients deploy agentive AI applications.
- →Formation of a Global Capability Centres (GCC) Centre of Excellence to assist clients in setting up and scaling GCCs.
- →Internal investments include upskilling the workforce, with 95% certified in AI tools and foundational AI concepts under the AI Spark initiative.
- →Investment in AI innovation lab focused on edge AI computing and large dataset processing for pharma and healthcare.
- →Integration expenses related to the Cigniti merger are reducing, expected to subside by end of the current fiscal year.
- →No explicit traditional capital expenditure or future capex quantum mentioned, focus is more on strategic investments in AI, capabilities, and partnerships to drive growth.
💰 Fundraising & Capital Structure
- →The transcript provided in the document does not mention any current or future fundraising plans through debt or equity.
- →The company reported a net cash position of $30 million, with cash and bank balances of $110 million and working capital loans of $80 million.
- →There was no discussion of any planned capital raising activities during the earnings call.
- →The focus appears to be on organic growth, acquisitions (notably Cigniti), and operational efficiencies rather than seeking new external funding.
- →The merger of Cigniti with Coforge is expected to complete around April 1, 2025, but this is not linked to any fresh fundraising.
- →Overall, there is no indication of planned immediate or future equity or debt issuance mentioned in the Q3 FY2025 earnings conference call transcript.
📋 Order Book & Pipeline
- →The executable order book of Coforge has increased from $1.3 billion in the previous quarter to $1.37 billion in the current quarter.
- →This represents a 40.1% increase compared to the same period last year.
- →The 12-month signed order book now stands at $1.37 billion.
- →The firm has closed four large deals during the quarter, including one in the Cigniti client portfolio.
- →The order intake for the quarter (Q3) was $501 million.
- →Coforge's revenue run rate has grown from $1 billion to approximately $1.6 billion in less than two years, indicating a strong pipeline toward the next $2 billion milestone.
Key Metrics
Frequently Asked Questions
What were Coforge Ltd Q3 FY25 results?
Coforge anticipates robust and sustained growth, with revenue growing 40.3% YoY in constant currency in Q3 and sequential CC growth of 8.4% in a seasonally weak quarter. Coforge is entering its eighth year of sustained robust growth, with management confident they are "just getting started" (Page 17).
What is Coforge Ltd share price analysis?
Coforge Ltd currently shows a neutral. The stock trades at a P/E of 41.9 with a market cap of ₹80,257 Cr. Investors should review the full earnings analysis for detailed insights.
Is Coforge Ltd planning capital expenditure?
Coforge is actively investing in expanding its AI and GenAI capabilities, with over 30 AI-related service offerings.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.