Coforge Ltd Management Discussions

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

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FY25 was a landmark year of revenue growth in which we recorded total revenue of INR 120.5 billion, growing at a robust 33.8% YoY (USD 1,445 million, up 31.5%). The revenue growth in constant currency (CC) was also strong at 32%, despite the tough macro headwinds. We closed FY25 by booking our highest ever order value of USD 3.5 billion, up 75.1% YoY, including 14 large deals, paving the way for quality growth for the next year as well. We are a laser-focused customer-centric organization with a Net Promoter Score (NPS) of 65.

A key driver of this success has been the strategic amalgamation of our engineering-led offerings, the strength of our three industry pillars, and our horizontal capabilities, which together have enabled us to win 14 large deals during the year, including five in the last quarter alone. This disciplined, large-deal-driven approach to expanding client wallet share, combined with our deeply embedded execution intensity and plan-execute-debrief operating rhythm, has fortified our competitive edge and set a solid foundation for continued growth in FY26.

Our pivot towards Al-led solutions has further accelerated innovation across our engagements, with three out of five large deals in the latest quarter anchored by Al-powered frameworks. The seamless integration of Al capabilities across our sales, solutioning, and delivery engines has allowed us to not only align with evolving client needs but also expand our partnerships with global technology leaders. This focused alignment of vertical expertise, horizontal strengths, and next-gen technologies positions Coforge strongly to outperform in the years ahead, as we advance toward and beyond our USD 2 billion revenue milestone with improving margins and robust organic growth.

Business Overview

Building on a strong foundation of over 40 years and our robust growth, particularly in the last 8 years, including years marred by uncertain macros, Coforge has emerged as one of the fastest- growing IT services companies globally. The hallmark of Coforges superior growth has been built on three key pillars.

Firstly, our impeccable execution discipline and execution excellence mindset are embedded in our delivery culture. Secondly, our focus on driving growth through solution-based large-sized managed service deals, which emphasize our ability to gain wallet share in client spending, irrespective of macro uncertainty. Thirdly, our sharp focus on building deep domain SME-led specific engineering competencies has put us in good stead in competitive positioning.

As a global digital services and solutions provider, we leverage cutting-edge technologies and deep industry knowledge to create tangible business value for our clients. By concentrating on specific sectors, we offer unique insights into their core operations and collaborate with leading technology platforms. With a product engineering-led approach, we utilize Al Cloud, Data, Integration, and Automation to transform client businesses into intelligent, high-growth organizations.

Our proprietary platforms underpin critical business processes within key industries. We operate in 25 countries, supported by 30 delivery centers across nine nations. We believe that being an Al-first organization, tapping into the power of Al helps us deliver exponential value to our clients and their businesses. We endeavor to help our clients become Al-first as well.

During the year, we increased our overall consolidated business by a robust 33.8% YoY (INR terms) and by 32% in CC. Our growth has been clearly remarkable in terms of its robustness and quality, led by multi-year, multi-million-dollar deals. Our order book at the end of FY25 was USD 3.5 billion, up 75.1% YoY. Our executable order book for the next 12 months stands at USD

1.5 billion, up 47.7% YoY, which is clearly indicative of robust growth in the next year as well. Our confidence in continuing sustained momentum stems from the fact that our growth is not dependent on any single vector.

The growth in FY25 was balanced across all geographies, verticals, and service lines, and is also predictable. Every business unit of our company has performed exceedingly well and witnessed growth during the year.

We added 47 new clients during the year, with the repeat business generation from existing clients at a healthy 94%. We grew our Top 5 and top 10 client base during FY25, yet managed to lower our dependency for both sets of clients as their revenue contribution fell to 18.6% (FY24: 23.5%) and 28.4% (FY24:34.5%), respectively.

Duringthe year, we also sharply increased ourfocus on large deals and signed a total of 14 large deals. The large deals we signed come from diversified verticals and geographies, validating the strength of our business model and our offerings. The velocity and median size of large deals signed by us have been increasing at a fast pace over the last few years. These large deals put us in the coveted league of select IT players globally, with proven capability of winningthrough differentiated positioning, superior portfolio, and impeccable execution on the back of exceptional delivery capabilities.

In a pivotal moment in our companys history, duringthe year, we signed a 13-year deal valued at USD1.56 billion with a leading US- based travel technology firm, Sabre Technologies. For Sabre, we will play a key role in enhancing product delivery and developing Al-enabled solutions to drive advancements in travel technology and leverage Al to optimize solutions for the IT industry. The deal has started to ramp up well and would contribute significantly to the companys growth going forward.

We have also made a few acquisitions during the year that are in line with our overall acquisition strategy. In FY25, the acquisition of Hyderabad-based Cigniti Technologies, an Al & IP-led Digital Assurance & Digital Engineering Services company, was notable. Cigniti is a foundationally strong business, as we had asserted after detailed due diligence, and has now been fully consolidated into Coforge from Q2 FY25. The synergies with Cignitis business have played out well during the year, as is evident in the robust overall growth recorded by your company.

Cignitis Quality-First approach—anchored in its deep expertise in Al Validation, Al-led test automation, Digital Assurance, TestOps, and Quality Engineering—has evolved to meet the demands of todays intelligent digital enterprises. By combining our assurance heritage with Al, ML, and data-driven capabilities, we have redefined QE as a strategic enabler for resilient, adaptive, and Al-led systems.

Integrating with Cigniti further powers our delivery of platform modernization, cloud-native transformation, hyper-automation, and Al-led product engineering across key sectors like BFSI, Healthcare, Retail, and HiTech. Cignitis proprietary platforms, such as BlueSwan™, Zastra™, and iNSta™—enhanced with GenAI—further accelerate and assure digital transformation through intelligent observability, adaptive testing, and risk- based validation.

Global Economic Outlook and Industry Overview

International Monetary Fund (IMF), in its April 2025 World Economic Outlook update, stated that the global economy is projected to grow at 2.8% in 2025 and 3% in 2026, a slower pace than the historical average of 3.7%. While the 2025 growth forecast is slightly lower compared to the previous report due to the swift escalation of trade tensions and extremely high levels of policy uncertainty, the near term presents diverging risks. The US economy could grow more slowly than anticipated, while other nations face downside risks linked to policy uncertainty. In emerging markets and developing economies, the growth is expected to slow down to 3.7% in 2025 and 3.9% in 2026.

Heightened downside risks significantly influence the economic outlook. An escalating trade war, compounded by increased trade policy uncertainty, poses a threat to both near-term and long-term growth prospects. Furthermore, diminished policy buffers could impair the capacity to withstand future economic shocks. We are well poised to grow robustly in FY26 while remaining watchful of macro environment dynamics.

According to Indias premier information and technology sector body, the National Association of Software and Services Companies (NASSCOM), in FY25, the Indian technology industry has shown resilience amidst changing global economic landscapes and market shifts. This has mainly been driven by Engineering R&D and GCCs acting as key growth engines.

According to the NASSCOM Annual Strategic Review 2025, the key growth drivers of the 5.1% YoY expansion in FY25 for the Indian tech industry included Engineering R&D and GCCs. This growth translated to an incremental USD 13.8 billion in revenue, with the total industry revenue crossing USD 282.6 billion (including hardware).

The increasing adoption of Digital Engineering in sectors such as BFSI, Healthcare, and Retail was evident in nearly two-thirds of large deals. The industrys focus on high-value services and product engineering is further underscored by the presence of over 1,750 GCCs in 2024. Notably, the export revenue is now equally generated by global MNCs (including GCCs) and Indian service providers. The tech industry in India is likely to reach a USD 300 billion revenue milestone in FY26.

Indian tech services firms are strategically focusing on building long-term co-creation partnerships to develop scalable, future- ready AI solutions, accounting for over 55% of their AI activity as Indias AI maturity grows. While the overall AI adoption is still in a measured phase, the top 20 service companies are significantly integrating AI, Cloud, Data, and GenAI across business functions, with over 90% engaged in this process. Furthermore, 10-15% of enterprise GenAI Proofs of Concept are successfully transitioning to full-scale production.

Growth drivers now and in future Acquisitions:

Acquisition, as a key pillar of our growth strategy, enables rapid capability expansion, market entry, and portfolio diversification and differentiation via the inorganic route. Our acquisition strategy allows us to accelerate innovation, access new customer segments& horizontal capabilities, and helps us strengthen competitive positioning.

We have a successful track record of acquiring, scaling, and integrating businesses and are looking to fill white spaces in the portfolio through the inorganic route. In line with this strategy, we acquired Cigniti Technologies, an AI & IP-led Digital Assurance and Engineering services company. Coforge has successfully integrated the Cigniti business operationally from Q2 FY25, and the synergies from the acquisition have exceeded initial expectations.

The Cigniti acquisition has enabled us to gain significant momentum in the strategy to build scaled-up verticals, namely, Retail, Hi-Tech, and Healthcare. The combined entity generated ~USD 370 million in revenue in FY25 from Retail, Hi Tech & Healthcare, and Manufacturing verticals. The Cigniti acquisition will also help expand the North America business meaningfully and establish significant footprints in the crucial West, SouthWest, and Mid-West markets.

We hold 54% of the expanded voting share capital of Cigniti and have also announced our intent to merge the company completely with Coforge.

We also announced other smaller acquisitions during the year.

In January 2025, we agreed to acquire Xceltrait Inc., a specialist in the implementation of ServiceNows Financial Services Operations (FSO) and Customer Service Management (CSM) modules, bringing deep expertise in the P&C insurance industry.

In March 2025, we announced agreements to acquire Rythmos Inc. and TMLabs Pty Ltd. With a strategic focus on strengthening the data practice and cloud engineering capabilities, the acquisition of Rythmos brings enhanced data capabilities coupled with deep industry knowledge in the airline sector.

Moreover, we are prioritizing enhanced capabilities in the ServiceNow ecosystem, especially in Integrated Risk Management, Healthcare, and HR Service Delivery. Growth in the Healthcare vertical and the Australian market is also a key priority for us. TMLabs operates at the intersection of these strategic focus areas.

The Five Engineering Pillars that Power Our Transformation Strategy

Weve structured our engineering services around five critical capabilities that modern enterprises demand:

Powered by Al-Driven IP for Scale and Speed

We dont just bring people to solve problems, we bring IP. From transforming legacy codebases into living documentation wi CodelnsightAI, to revolutionizing enterprise operations with Quasar, our responsible Al suite, and optimizing airline operatioi through Mona Lisa, we use proprietary platforms to deliver unmatched speed, precision, and value. We have over:

Why Enterprises Choose Coforge

Engineering-Led

We focus on architecture, not augmentation.

Domain-Aligned

We speak the language of the industries we serve.

Asset-Powered

Our pre-built accelerators and Al assets reduce cost, risk, and timelines.

Unwavering focus on the Al market

We are an Engineering-First, Al-Forward enterprise with a solution-centric DNA, built to deliver transformation at scale, not just capacity. Our model is anchored in three core principles:

Deep Engineering Excellence

Architecture-led, highly skilled technical teams that go beyond coding to solve business-critical challenges.

Domain Intensity

We go deep, not wide—focusing on a select set of high-impact industries where our knowledge and capabilities run deep.

Asset-Led Execution

With IP-powered accelerators and Al frameworks, we bring reusability, speed, and intelligence to every solution.

Recognizing Als transformative potential, Coforge is proactively developing and deploying Al-driven solutions to enhance efficiency, drive innovation, and deliver superior value to clients. This strategic focus on Al is evident in the companys recent projects, including the implementation of GenAI solutions for automation in the insurance sector and the development of intelligent platforms for customer care in the transportation industry.

Coforge continues its journey towards becoming an Al-first organization, expanding its Al and GenAI service portfolio to over 30 capabilities.

Under the companys Al Spark initiative, 95% of the workforce is Al-certified. Coforges Al innovation lab collaborates with hardware providers to develop edge Al computing innovations and solutions for extensive dataset processing in pharma and healthcare. As a case in point, the implementation of the GenAI- powered submission center solution for a global insurance client has substantially reduced email processing time from hours to minutes, demonstrating the tangible benefits of Al initiatives.

Coforge has:

• Launched its Copilot offering on the Microsoft Marketplace to optimize insurance underwriting processes. The company has developed Rapid Audio Speech Analysis (RASA), a GenAI- powered system that analyzes agent interactions (voice and chat) for feedback, identifies areas for improvement, and provides customer sentiment-based insights.

• Developed QE 360, an Al-driven test lifecycle automation platform. Key enhancements include Al-based test case generation, low-code/no-code (LCNC) automation creation, Al-powered test data management, automation self- healing, and Al-driven visual testing, transforming the testing landscape.

• Developed and deployed Al Ticket Manager. This GenAI- powered service desk solution eliminates Level 1 support activities and significantly reduces Level 2 tasks through intelligent analysis, categorization, and self-help resource creation for end-users.

• Deployed GenAI accelerators at a leading retail client, significantly enhancing application development productivity and quality. Additionally, the company has developed a GenAI-based solution for reverse engineering legacy mainframe applications, yielding 25-30% time and cost savings in modernization projects.

• A UnilTOps 2.0 integrated automation platform, built on lean architecture, utilizes Al and Generative Al capabilities. This enables seamless integration of diverse tooling platforms and facilitates autonomous operations. The platform offers customizable, unified dashboards and prebuilt integrations for efficient management of both cloud and traditional infrastructure environments.

• Collaborations with strategic partners Microsoft and ServiceNow to integrate Al and GenAI into solutions, as demonstrated by leveraging Copilot with ServiceNow to enhance service desk productivity for a travel client. Internally, the company is actively upskilling its workforce in Al-based technologies.

A few Al-centric use cases

Traditional customer service channels often result in delays and increased operational costs due to repetitive queries. A Generative Al-powered virtual assistant delivers real-time, personalized travel support—handling bookings, answering queries, and offering tailored recommendations via chatbot. With features like natural language understanding, 24/7 availability, multilingual support, and seamless agent handoff, virtual travel assistants improve booking conversions by 15% and significantly enhance customer satisfaction.

Banking contact centers often struggle with long wait times, high call volumes, and inconsistent service. An Agentic Al-powered virtual assistant offers 24/7 support, manages routine transactions, and delivers personalized financial advice using natural language processing and core system integration. This approach reduces call volumes by 30%, improves customer satisfaction scores by 25%, and enhances first-call resolution by 40%, leading to lower operational

Manual inspections in high-precision manufacturing often miss subtle defects, with up to 15% going undetected due to human error and fatigue. This use case leverages an Agentic Al system to analyze high-resolution images and sensor data, autonomously detecting and classifying defects with greater accuracy. It reduces defect rates by 20%, cuts scrap and rework costs by 15% and boosts overall production efficiency by 10%.

Retailers often struggle with stockouts and overstocking due to poor demand forecasting and inefficient inventory placement. The Intelligent Inventory Orchestrator, powered by Agentic Al, uses machine learning to predict demand, manage stock levels, and automate replenishment. It also enhances in-store product placement through spatial analysis. The system reduces stockouts by 20%, resulting in a 5% increase in sales and improved customer experience.

Traditional drug development takes 10-15 years, costs billions, and has a success rate below 10%. This use case deploys Agentic Al to autonomously analyze biological, chemical, and clinical data, enabling hypothesis generation, virtual screening, in silico trials, and compound optimization. This can cut R&D costs by up to 50% and reduce development timelines to 3-5 years, accelerating access to life-saving treatments and improving patient outcomes.

What makes Coforge unique

Coforge is firmly positioned as a domain-driven, engineering- led IT services provider, with deep alignment and expertise, cultivated over decades of industry experience in the evolving priorities of its core industries - Travel & Hospitality, BFS, Insurance, Healthcare & Life Sciences, Retail, and the Public Sector. According to Gartner, these sectors which are projected to grow at 6-10% CAGR through 2028, are undergoingaccelerated transformation fueled by GenAI, cloud-native modernization, intelligent automation, and API-driven ecosystems.

Our differentiated growth is anchored in its large-deal-led sales strategy, Al-powered solutioning, and a robust execution framework built on its "Plan-Execute-Debrief" model. With an all-time-high $3.5B order book in FY25, 14 large deals signed, and continued traction in platform partnerships and GCC enablement, the company is well poised to build on its exceptional performance into FY26 and beyond, delivering resilient, future-ready transformation at scale.

Coforge continues to deepen its vertical-led approach across key growth industries including Travel & Hospitality (TTH), Banking St Financial Services (BFS), Insurance, Healthcare Si Life Sciences (HCLS), Retail, and the Public Sector. These industries are undergoing accelerated transformation, driven by evolving customer expectations, regulatory shifts, and the need for digital-first business models. Our domain-rich expertise makes Coforge uniquely positioned to deliver outcome-based solutions that align with industry-specific priorities, enabling clients to scale innovation, modernize legacy environments, and unlock sustained value.

Coforge enters FY26 with unwavering momentum, shaped by its commitment to being an Engineering-First, Al-Forward enterprise. At the heart of this strategy is a product mindset focused on realized client value, the ability to build solutions architected for domain-specific needs, and delivery models powered by proprietary IP and built for speed.

Our ability to future-proof product roadmaps, drive Al- powered core platform modernization, and deliver next-gen digital experiences positions it uniquely at the convergence of engineering precision and business impact, with an Al-infused Product Engineering Workbench, comprising proprietary IPs, domain-aligned accelerators, and verticalized platforms. Coforge empowers clients to build resilient, intelligent systems that are adaptive to evolving business needs.

Coforges horizontal capabilities spanning Engineering, Data & Analytics, Quality Engineering, Digital Process Automation, and Experience are driven by specialized Centers of Excellence/ delivery organizations in areas such as Al, Microsoft, and GCC Enablement. These CoEs/delivery organizations ensure delivery at scale, foster consistency across engagements, and accelerate platform-aligned innovation tailored to enterprise transformation needs. As global organizations increasingly look to modernize legacy estates and accelerate innovation, Coforge is deliveringtransformation at scale by reimaginingthe software development lifecycle with embedded intelligence.

These capabilities are further amplified through strategic ecosystem partnerships, including alliances with ServiceNow, low-code pioneers like Pega, Appian, and Creatio, and hyperscalers such as AWS, Microsoft, and GCP. Coforge is deeply engaged in GitHub Copilot training for 10,000 employees and Al service orchestration. A partnership with NVIDIA is on the horizon, reinforcing Coforges commitment to staying ahead of the Al curve.

Coforge launched Environmental Net Zero Offering (ENZO) in August 2024, a comprehensive BPAS solution developed in partnership with ERM and Salesforce. ENZO assists organizations in meeting their Scope 1,2, and 3 reporting obligations under the Paris Climate Agreement. Furthermore, the companys strategic alliances continue to strengthen, exemplified by the renewed designation as Microsoft Azure Expert Managed Service Partner, placing Coforge among the top-tier Microsoft partners globally (one amongst only 127 worldwide).

For Pega, the company achieved a top-tier partnership under the Global Elite program. Coforge has also developed new migration accelerators that automate over 60% of legacy platform transformations, resulting in significant cost and time-to-value savings for clients.

Together, all these levers - engineering depth, Al fluency, domain alignment, and execution rigor have enabled the company to win large, complex, and competitive deals.

Financial Performance

FY25 was a landmark year for Coforge with consolidated revenue growing by 33.8% YoYto INR 120,507 million. In constant currency (CC) terms, the growth was 32%. During the year, Coforge made a few acquisitions, the most notable of which was Cigniti. For the year, the companys organic revenue growth was 14.7%.

The growth was well balanced across all industries and verticals. The company was able to achieve sustained growth across every industry, geography and service line. Coforge growth of 33.8% was led by the Travel, Transportation and Hospitality sector which grew by 35.0% YoY and contributed 18.5% to the total revenues. In the BFS sector, the revenue grew by 22.5% YoY and contributed 30.0% of the total revenues, the Insurance vertical grew by 15.1% YoY and contributed 17.9% to the total revenues. Other businesses, including Healthcare, Hi-tech, Retail, collectively grew by 70.7% YoY, representing 25.0% of the overall

revenues. Revenue from the Government outside India vertical, which formed 7.5% of the revenues, grew by 29.3% YoY.

On a geographical basis, the company witnessed sustained growth momentum. For FY25, Americas grew at a rate of 49.0% YoY, contributing 54.8% to the total revenues. EMEA revenues grew by 17.5% YoY, representing 33.6% of the revenue mix. The revenues for Rest of the world grew by 23.1% YoY and contributed 11.5% to total revenues.

The strong revenue growth was on account of execution discipline of the organization, emphasis on securing and closing large deals and industry specific engineering focus. For FY25, the client concentration saw significant growth with the number of clients above USD 10 Mn grew by 27.0% YoY and clients between USD 5-10 Mn grew by 44.9%.

Verticals: contribution to revenues (in %)	FY2025	FY2024
Banking and Financial Services (BFS)	30.0%	32.8%
Insurance	17.9%	20.8%
Travel, Transportation and Hospitality (TTH)	18.6%	18.3%
Government outside India	7.5%	7.7%
Others	26.0%	20.4%
Total	100.0%	100.0%

 

Geographies: contribution to revenues (in %)	FY2025	FY2024
Americas	54.8%	49.2%
EMEA	33.6%	38.2%
Rest of the world	11.5%	12.5%
Total	100.0%	100.0%

 

Verticals: contribution to revenues (in %)	FY2025	FY2024
Engineering	40.3%	34.0%
Intelligent Automation	9.4%	11.7%
Data and Integration	23.9%	25.3%
Cloud and Infrastructure Management (CIMS)	18.2%	19.5%
Business Process Management (BPM)	8.2%	9.5%
Total	100.0%	100.0%

The Gross margin was 33.6% in FY25 compared to 33.2% in FY24. EBITDA (before ESOP costs) increased by 33.9% during the year and stood at INR 21,713 million, translating into a margin of 18.0% for the year. EBIT margin for the year stood at 13.0%.

The effective tax rate for FY25 stood at 25.7% as against 20.6% in the previous year.

Robust Balance Sheet

As of March 31, 2025, cash and cash equivalents were INR 7,956 million (compared to INR 3,213 million a year ago on March 31,2024). This increase in cash is primarily attributed to fundraising to finance acquisitions and growth. Liabilities as of March 31,2025, included short-term borrowings of INR 6,938 million. The net worth (excluding minority interest) as of March 31, 2025, stood at INR 63,792 million. Days Sales Outstanding (DSO) reached 60 days as of March 31,2025, compared to 56 days a year ago.

Segment information at Consolidated level	Year Ended Mar 31,2025	% to Income (2025)	Year Ended Mar 31.2024	% to Income (2024)
Revenue from Operations
Americas	66,085	54.8%	44,350	48.3%
Europe, Middle East and Africa	40,534	33.6%	34,459	39.4%
Asia Pacific	8,590	7.1%	6,360	6.9%
India	5,298	4.4%	4,920	5.4%
Total Income	1,20,507	100.0%	90,089	1.0%
Adjusted EBITDA
Americas	11,099		7,969
Europe, Middle East and Africa	7,100		7,084
Asia Pacific	675		481
India	-562		-828
Total	18,312		14,706
Depreciation and Amortization	4,276		2,972
Other Income (net)	-1,075		-1,152
Profit Before Exceptional Items	12,961		10,582
Exceptional Items			-116
Profit Before Tax	12,961		10,698
Provision for Tax	3,326		2,209
Profit After Tax	9,635		8,489

 

Key Financial Ratios	FY2025	FY2024
EBITDA Margin (%)	18.0%	18.0%
Net Profit Margin (%)	8.0%	9.4%
Days sales outstanding - Billed Return on Equity (RoE)	60 11.7%	56 23.6%
Debt-Equity Ratio	0.08	0.12
Interest Service Coverage Ratio	18.9	15.2
Current Ratio	1.6	1.7

Order Flow

Coforge witnessed a robust year in terms of order inflow, especially towards the end of the year. During FY25, the order intake was USD 3,456 million, with fourteen large deals signed during the period. Q4 FY25 witnessed our largest-ever order, with the USD 1.56 billion deal from Sabre Technologies. Consequently, at the end of FY25, the 12-month signed order book stood at USD 1.5 billion, up 47.7% YoY. The ability to win large deals has been a key differentiator for us, especially over the past year. The Sabre deal was a case in point and positions us well to drive significant future growth.

The value of the fresh order intake has been increasing at a solid pace for the past two years. Coforge has been able to increase the proportion of business derived from repeat customers, while the 12-month executable order book has also shown a significant jump over the years.

Banking and Financial Services

Coforge secured a five-year vendor consolidation agreement with a large investment solutions provider, a global enterprise network deal with a global wholesale banking firm, and a three-year operations contract with a US regional bank for voice and back-office support from Augusta and India.

The company expanded its strategic partnership with a leading UK bank through a new three-year legacy modernization agreement aimed at cost optimization and enhanced customer satisfaction. Furthermore, Coforge broadened its service offerings for global banks wholesale banking division, including Core Banking Testing and DORA compliance solutions, and strengthened agile frameworks.

Insurance

Coforge secured a USD 20+ million project for core platform transformation at a large insurance company, a multi-year managed services agreement with a leading mutual insurer, and a three- year deal for a global insurer to implement an enterprise-wide GenAI automation solution.

Coforge also successfully established a 500-strong Global Capability Center (GCC) for a leading US product provider, projected to exceed 1,000 employees within three years, and signed a key three-year agreement with a Tier 1 insurance major.

Government Business excluding India

Coforge secured a three- year managed program for mission-critical system design, implementation, and support for a UK regulator. The company also entered a five-year strategic partnership with a large UK regulator to deliver CRM solutions for partnerships and citizen record management.

Additionally, Coforge also signed a multi-year deal for an integrated contact center and CRM solution for a leading health service provider, supporting urgent patient care. Significant public sector wins include contracts for record management enhancement and participation in a 60-year British healthcare modernization project.

Travel

The firm secured a key deal with a major US-based freight transportation company, implementing the PRISM engine for automated freight rating. Coforge also secured a three-year renewal with a major Australian airline for end-to- end managed services involving enhancements across business intelligence, infrastructure, and applications. Furthermore, the company has launched a large-scale program to develop a scalable, low-code/no-code SaaS platform for enhanced customer care for a major transport company.

In March 2025, the company signed a 13-year USD 1.56 billion deal with Sabre Technologies, a US-based travel technology firm. Coforge will play a key role in enhancing product delivery and developing Al-enabled solutions for Sabre to drive advancements in travel technology and leverage Al to optimize solutions for the industry.

Retail

Coforge secured a strategic three-year managed services deal, finalized a multi-year agreement to streamline supply chain systems for a major food distribution organization, and won a three-year managed services contract with a top Australian supermarket chain for automated quality engineering across their e-commerce and mobile platforms.

Human Resources

The total headcount at the end of FY25 was 33,497 compared to 24,726 in FY24 (including discontinued operations). The net headcount addition for the organic Coforge business during the year was 8,771 compared to 1,502 in FY24, representing an increase of 35.5%. Cigniti and other acquisitions added 3,691 people to the companys headcount during the year. Headcount for continuing business was 33,023 compared to 24,237 in FY24. Under our AI Spark initiative, 95% of our workforce has been certified in AI tools and foundational AI concepts.

Utilization, including trainees during the year, was 82% compared to 81.7% in the previous year. Moreover, the attrition rate was broadly stable at 10.9% compared to 11.5% in FY24, indicative of the companys employee-centric policies and career growth opportunities.

Awards and recognition

• Pega Intelligent Automation Award at the Partner Awards at PegaWorld iNspire 2024.

• ServiceNow Worldwide Emerging Industry Partner of the Year 2024 award.

• MuleSoft European Partner of the Year Award.

• Rising Star-New Partner of the Year award at the Global Perforce Conference 2024.

• Winner of Appian Europe 2024 Partner Impact and Excellence - Industry Award for the Public Sector.

• Gold award for Excellence in Employee Engagement Strategy at the BW People HR Excellence Awards 2024.

• ET Now recognized Coforge as one of the Best Organisations for Women 2025, acknowledging Coforges commitment to fostering a workplace culture that empowers women and promotes gender equality.

• Most Innovative Use of AI category award at the 2nd edition of the Financial Express FUTECH Awards.

• ISO/IEC 27701 certification from the British Standards Institution (BSI).

• Indias Best Workplaces in IT & IT-BPM 2024, 3rd time in a row by Great Place to Work? Institute India.

• LEED Gold Certification for Sustainability Excellence for Hyderabad Campus.

Analyst recognitions

• Everest recognized Coforge as a Leader in the Insurance IT Services PEAK Matrix? Assessments 2024 for Duckcreek.

• Everest recognized Coforge as a Leader in the Low-code Application Development Services PEAK Matrix? Assessment 2024 - Focus on Appian.

• Everest Group positioned Coforge as a Leader in Everest Group Digital Transformation Services for Mid-market Enterprises PEAK Matrix Assessment 2024.

• ISG recognized Coforge as a Leader in the Insurance Services 2024 ISG Provider Lens Study - North America.

• NelsonHall recognized Coforge as a Leader within the IT Infrastructure Transformation: Cognitive & Self-Healing NEAT in 3 market segments, including Overall, AI Capabilities, and Server-Centric Services Capabilities.

• NelsonHall positioned Coforge as a Leader within the Wealth & Asset Management Services NEAT Overall, for AI & Analytics Services, Cloud Migration Services, and Process Automation Services.

• NelsonHall positioned Coforge as a Leader within the Salesforce Services NEAT 2024 in the MuleSoft Services segment.

• ISG positioned Coforge as a Leader in Agile App Dev Projects in the ISG Provider Lens™ Next-Gen ADM Services 2024 for the US region.

• Whitelane Research recognized Coforge as an Exceptional Performer in the general satisfaction category in the 2024 IT Sourcing Study UK. Coforge ranked #1 (shared) in Digital Transformation, #2 in General Satisfaction, #2 in Application Services, and #3 (shared) in Cloud & Infrastructure Services.

Risk and Concerns

Coforge remains vigilant in managing potential risks, including global economic uncertainties, technological disruptions, and talent acquisition challenges, to ensure sustained growth and operational resilience.

A. Global Health Crises: The potential resurgence of pandemics, similar to COVID-19, could disrupt global operations, impact client spending, and affect the companys ability to deploy personnel internationally.

B. Economic and Geopolitical Instability: Fluctuations in economic conditions, geopolitical tensions, and changes in monetary and fiscal policies in key markets like the US, UK, and Germany could significantly impact client technology spending and overall demand for the companys services.

C. AI and GenAI Disruption: While the company is actively integrating AI and GenAI, rapid technological advancements and increasing automation could alter client demand patterns and necessitate continuous adaptation of the companys service offerings.

D. Talent Acquisition and Retention: The companys business relies heavily on attracting and retaining highly skilled professionals. Resourcing risks, including competition for talent, succession planning, and employee development, remain critical concerns.

E. Cybersecurity Threats: The evolving technological landscape and increasing sophistication of cyber threats pose significant risks to the companys operations and client data security.

F. Immigration and Global Mobility: Changes in immigration regulations and restrictions on international travel could impede the companys ability to deploy personnel globally, impacting project execution and client service delivery.

G. Key Personnel Risk: The loss of senior leadership or key employees could negatively affect the companys business operations, client relationships, and competitive position.

H. Client Budgetary Constraints: Reductions in client outsourcing budgets or strategic decisions to minimize third-party engagements could impact the companys pricing and volume of work.

I. Technological Advancement and Service Innovation:

The companys ability to develop and expand service offerings to align with emerging technologies and market demands, including the effective integration of AI, is crucial for future growth.

J. Foreign Exchange Volatility: Fluctuations in foreign exchange rates could adversely affect Coforges financial performance, given the companys global operations.

One of the significant risk factors that has emerged in recent weeks is the issue of a potential tariff war between nations. In an unprecedented move, effective beginning April 2025, the Trump administration announced sweeping tariffs on all major countries and regions as the US government sought to balance its trade deficit with trading partners. The worlds GDP growth, which global wars had already ravaged, now faces another major challenge in the form of tariffs. The US move rattled world markets as fears of higher supply chain costs and a subsequent recession surfaced.

In the aftermath of the tariff overhang, the IT sector has also been subject to skepticism due to several other factors. The IT stocks were adversely impacted due to expectations of recession, delayed decision-making, and tighter budgetary allocations. Some market analysts reckon that tariffs may not directly impact Indian IT firms; however, a long-term tariff regime could adversely affect the sector through secondary economic impacts. Although Trumps administration announced a temporary pause to the tariffs for most nations, which was a relief to the markets, the risk of such a sudden policy change remains.