Full Year FY26 Performance Of Coforge
For FY26, Coforge reported revenue of ₹16,420.7 crore, up 35.9% on an annual basis compared to FY25. EBITDA stood at ₹3,046.4 crore, rising 76.9% annually, with margins expanding by 431 basis points. EBIT came in at ₹2,364.5 crore, up 82.7% on an annual basis, while EBIT margin improved by 370 basis points to 14.4%. Profit after tax for the year was ₹1,555.7 crore, up 91.6% on an annual basis.
These are not incremental improvements. A 91.6% jump in PAT on the back of 35.9% revenue growth points to meaningful operating leverage coming in, driven in part by what the company describes as AI-led efficiency gains across its delivery model.
Order Book and Business Momentum Of Coforge
The order intake for Q4FY26 stood at $648 million, with five large deals signed during the quarter. The executable order book for the next 12 months reached $1.75 billion, a 16.4% YoY increase. This is the number that tends to matter most for forward visibility; it gives a reasonable indication of what revenue looks like in the near term without relying solely on deal pipeline assumptions.
Headcount stood at 35,777 at the end of the quarter, with a net addition of 436 over the previous quarter. The last twelve months attrition rate was 10.8%, which is on the lower end for a mid-sized IT services company and suggests the workforce is reasonably stable.
Revenue Mix And Vertical Profile Of Q4FY26
Banking and financial services remained the largest vertical for Coforge in Q4FY26, contributing 24.9% of revenue. Travel, transportation and hospitality followed at 23.4%, with insurance at 14.8%, healthcare and hitech at 11.5%, and government overseas at 7.5%. The remaining 17.9% came from other segments.
For the full year FY26, the vertical mix was broadly similar: banking and financial services led at 26.5%, travel at 23.0%, insurance at 15.0%, healthcare and hitech at 10.8%, and government overseas at 7.0%.
On the service offering side, engineering remained the dominant category at 45.1% of Q4 revenue, followed by data and integration at 20.9%, cloud and infrastructure management at 17.7%, intelligent automation at 8.4%, and business process management at 8.0%. The heavy weighting toward engineering is consistent with Coforge's positioning as an AI-native engineering services company, and it distinguishes the firm from more generalist IT services peers.
Geographically, the Americas accounted for 56.7% of Q4 revenue, EMEA contributed 28.3%, and the rest of the world made up the remaining 15.0%. The full year FY26 split was very similar: Americas at 56.9%, EMEA at 28.9%, rest of world at 14.2%. The company remains predominantly dependent on developed Western markets, with limited exposure to Asia Pacific or Latin America as meaningful revenue contributors.
The location mix in Q4FY26 showed 52.4% offshore and 47.6% onsite for IT revenues, a shift toward slightly more offshore work compared to the prior year's 53.9% offshore and 46.1% onsite. On the project mix for FY26, time-and-materials contracts accounted for 53.1% of revenue against 46.9% on fixed price terms, broadly consistent with the prior year.
Key Highlights Of Q4 Result Of Coforge
The EBIT margin expansion of 370 basis points for the full year is the clearest signal that the company's cost structure is improving as it scales. The PAT more than doubling YoY, even adjusting for some base effect, is a number that catches attention. The $1.75 billion executable order book provides a degree of confidence about near-term revenue visibility. And the guidance for 20.5%+ EBITDA in FY27 gives investors something concrete to anchor expectations to.
For a company of Coforge's size, growing revenue at 29.2% YoY while simultaneously expanding margins is not a common combination in the current IT services environment, where most larger peers are either growing slowly or defending margins but not doing both at once.
Management Commentary
Sudhir Singh, Chief Executive Officer and Executive Director said, “FY26 marked another year of exceptional performance for Coforge. We delivered strong YoY growth at 29.2% and expanded EBIT margins materially by 370 bps to 14.4%. With an order executable of $1.75Bn, we enter FY27 with strong momentum and confidence. We expect to deliver robust revenue growth in FY27 and plan to deliver an EBITDA of more than 20.5% on a consolidated basis in FY27.”
