Coforge

The company is targeting to make its entire workforce AI-enabled through rigorous talent development efforts. — target: 100% of workforce

North America business is expected to grow by approximately 50% to reach $1.4 billion post-acquisition. — target: $1.4 billion

The company expects to achieve robust revenue growth in the upcoming fiscal year. — target: robust revenue growth (+1 more commitment)

Targeting specific revenue scales for product engineering, cloud, and data engineering by FY27. — target: $1.25 billion (Product Engineering), $500 million (Cloud), $250 million (Data)

Management maintains a focus on industry-leading low attrition levels as a core part of its organizational culture.

The company is adding 9,200 associates, including 3,100 near-shore LATAM-based SMEs, which shifts the delivery model toward a 'human + agent' paradigm with higher revenue per employee. (2 expanding, 1 new)

Coforge expanded its AI moat by launching 'AgentSphere' (100+ agents) and 'Forge-X', moving from experimentation to a unified delivery platform for software development. (2 expanding, 1 shifted across 1 engine)

Engineering remains the largest service offering and is expanding rapidly, with its revenue share increasing from 45.1% to 45.9% and delivering 121% YoY growth. (3 expanding, 1 contracting)

Utilization remains stable at 82.1%, within the target range, while attrition has significantly improved to 11.3%, one of the lowest in the industry. (1 stable)

EMEA revenue share has slightly increased to 29.8% from 28.3%, though it shows slower growth compared to other regions. (1 expanding, 1 contracting across 1 engine)

Coforge is seeing explosive growth in its Healthcare and Hi-Tech business segments, which are growing much faster than its traditional banking business. — Healthcare & HiTech Vertical Growth: 78.4% YoY

EBITDA margins are showing a recovery trend on a quarter-over-quarter basis, rising from 16.9% to 17.5%, though they remain slightly below the previous year's peak. (2 accelerating, 3 steady across 5 signals)

The acquisition of Encora has dramatically increased the company's presence and revenue potential in the North American market.

Emerging verticals (Healthcare/Retail) showed explosive annual growth of 67.9%, though they experienced a temporary sequential decline in the final quarter. (1 decelerating, 1 steady, 1 accelerating across 3 signals)

Large deal momentum is accelerating, with 14 deals signed throughout the year and a record 5 deals signed in the final quarter alone. (3 accelerating, 1 steady, 1 decelerating across 5 signals)

Coforge is aggressively pivoting to AI-led delivery with platforms like Quasar and Forge-X, aiming to capture 'change' budgets rather than just 'run' budgets. (4 easing, 1 high-severity)

Risk is intensifying as client concentration has increased year-on-year. Top 5 clients now contribute 21.8% of Q4 revenue (up from 18.3% in Q4FY25) and Top 10 contribute 31.4% (up from 27.9% in Q4FY25). (2 intensifying, 1 easing, 2 stable, 2 high-severity)

Balance sheet vulnerability is intensifying as Goodwill increased to INR 41,048 Mn (up from INR 38,430 Mn in March 2025) following further acquisition activity. (3 intensifying, 1 stable)

Subcontractor expenses increased this quarter due to the Cigniti acquisition and the ramp-up of a massive new deal (Sabre), which required rapid staffing. (3 intensifying, 1 easing)

Attrition has improved further to 11.3%, which is among the lowest in the industry, reducing the risk of execution delays. (3 easing, 1 stable)