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• Revenue:USD 592.2 million for Q1 FY27, including USD 100.7 million from Encora for two months.

• Revenue Growth:33.3% year-on-year in dollar terms; 21.1% quarter-on-quarter in dollar terms.

• EBIT Margin:16% consolidated; 16.7% organic.

• EBITDA Margin:20.3% for Encora.

• Order Intake:USD 691 million for the quarter.

• Next 12-Month Order Book:USD 2.23 billion, a 44.2% increase year-on-year.

• Free Cash Flow:USD 52.9 million, with a FCF to PAT conversion of 95.3%.

• Headcount:46,228 employees, including 9,256 from Encora.

• Utilization Rate:82.5%.

• Attrition Rate:10.4% over the last 12 months.

• EPS:INR 13.30 for the quarter, compared to INR 13.80 in the previous quarter.

• Geographic Growth:Europe and Americas grew 8.4% and 3.5% sequentially in constant currency terms.

• Sector Performance:Banking Financial Services grew 2.9%, Insurance 4.6%, Travel 1.7%, Healthcare HiTech 11.6% sequentially.

• AI-led Services Contribution:86% of consolidated revenue.

• Warning! GuruFocus has detected 2 Warning Sign with BOM:532541.

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Release Date: July 28, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• Coforge Ltd ( BOM:532541 ) reported a strong start to FY27 with a 49% year-on-year revenue increase and a 101% increase in EBIT, reflecting significant margin expansion.

• The company achieved a consolidated EBIT margin of 16% in Q1, surpassing the full-year guidance of 15.5%, indicating strong operational efficiency.

• Coforge's AI-led Engineering, Data, and Cloud services contributed 86% of consolidated revenue, showcasing the company's strategic focus on high-growth areas.

• The Encora acquisition has been successfully integrated, with cost synergies realized ahead of plan, contributing to a consolidated EBIT margin of 16%.

• Order intake for the quarter was robust at USD691 million, with a next 12-month executable order book reaching an all-time high of USD2.23 billion, providing strong visibility for future growth.

Negative Points

• Despite the strong performance, the EPS for the quarter was INR13.30, slightly down from INR13.80 in the previous quarter, impacted by the increased equity base and interest costs from the Encora acquisition.

• The Rest of the World segment contracted by 22%, reflecting the impact of portfolio exits in the India government and data center businesses.

• There were hedge losses of $10 million during the quarter, with an additional $14 million in mark-to-market losses on outstanding hedges expected to be realized over the next two quarters.

• The company incurred exceptional expenses and acquisition-related costs amounting to $6.5 million in the current quarter.

• The integration of Encora, while ahead of schedule, has led to an increase in G&A costs in absolute terms due to the consolidation of the two companies.