Coforge Ltd Management Discussions

FY26 Overview

FY26 represents a year of strong execution and increasing strategic momentum for Coforge, as the Company continues to scale its presence in large, transformation-led engagements across key markets. Growth during the year was driven by consistent deal wins, expansion within existing accounts, and participation in complex, multi-year programs aligned with enterprise modernization priorities. The Company maintained its growth trajectory on the back of a robust order pipeline and a high-quality executable order book of USD 1.75 billion for the next twelve months as of Q4 FY26, reflecting a 16.4% year-over-year (YOY) increase.

This performance was supported by sustained large deal momentum. This included USD 2.26 billion of order intake in FY26, 21 large deals signed during the year, and a steady cadence of multi-region deal closures across North America, Europe and APAC. For FY26, Coforge reported consolidated revenue of USD 1.87 billion, reflecting 29.2% YoY growth in USD terms. This builds on a strong

FY25 base of USD 1.45 billion in annual revenue, positioning the

Company for sustained growth and scale. The year also reflected strong operating leverage, with EBIT margin expanding by 370 basis points YoY to 14.4%, while profit after tax increased to USD

177.4 million.

Coforge enters FY27 with enhanced visibility and confidence in its growth trajectory, supported by a USD 1.75 billion executable order book, a healthy large-deal pipeline, and increased participation in strategic transformation programs. The Companys performance continues to be anchored in a differentiated operating approach that combines deep domain specialization with disciplined execution. A focused emphasis on high-quality engagements, outcome-driven delivery, and long-term client partnerships has resulted in improved revenue predictability, stronger client stickiness, and a more resilient growth profile.

Coforges performance continues to be anchored in a differentiated operating approach that combines deep domain specialization with disciplined delivery. The Company has maintained a sharp focus on fostering quality client engagements, prioritizing opportunities where it can deliver measurable business outcomes, and building long-term strategic relationships. This has resulted in improved revenue visibility, stronger client stickiness, and a more resilient growth profile.

Coforges ability to combine deep domain expertise with engineering-led execution has enabled it to meaningfully participate in this shift . The Company continues to deepen client relationships, improve engagement quality, and expand wallet share across key accounts, resulting in stronger revenue visibility and a more resilient growth profile.

As enterprise adoption of AI moves from experimentation to production, clients are prioritizing partners who can take end-to-end ownership of systems, including their ongoing operation, governance, and optimization. This is expanding the scope of engagements toward long-duration, managed services-led programs with higher value realization over time. Coforges AIled engineering approach, supported by a growing portfolio of proprietary platforms, accelerators, and domain-centric IP, has been a key enabler of this shift. These capabilities are being embedded across the lifecycle of engagements to accelerate modernization, improve delivery productivity, and enhance outcome predictability. Rather than being positioned as standalone solutions, these assets are increasingly driving differentiation in large deal pursuits, enabling faster time-to-value and supporting Coforges ability to execute complex, transformation-led programs at scale.

As the Company moves into FY27, it does so from a position of strength. The strategic focus remains on scaling AI-powered solutions, expanding client wallet share, and delivering margin-accretive growth through disciplined execution. With a strong executable order book, a resilient and diversified client base, and a differentiated portfolio aligned to the evolving technology landscape, Coforge is well-positioned to sustain its growth momentum. FY26, in this context, represents a significant milestone that strengthens the foundation for the Companys next phase of growth and its continued journey toward building intelligent, high-growth enterprises for its clients while creating long-term stakeholder value.

Business Overview

Coforge operates as a focused, AI-native engineering services leader, differentiated by its deep domain specialization, engineering-led delivery model, and consistent execution in complex, large-scale transformation programs. The Companys positioning is anchored in its ability to combine industry context with engineering depth, enabling it to deliver measurable business outcomes rather than effort-led services. Coforge continues to build on a strong foundation of sustained, high-quality growth, reinforcing its position as one of the fastest-growing digital engineering firms in the industry. The Companys performance is underpinned by a focused strategy, consistent execution, and an increasing ability to participate in large, transformation-led engagements across key markets. Over the years, the Company has evolved from a traditional technology services provider into a strategic transformation partner, helping clients solve complex, domain-specific challenges by integrating advanced technologies with deep industry expertise.

Coforges growth is anchored in three structural strengths. First, a deeply embedded execution discipline that drives consistency, predictability, and delivery excellence across engagements. Second, a strong large-deal engine focused on solution-led, multi-year managed services programs, enabling the Company to expand wallet share and participate in strategic client initiatives. Third, a differentiated domain-led engineering approach, built on deep industry specialization, which allows Coforge to address complex, context-specific business challenges with precision.

Coforges operating model is built on the convergence of industry expertise and next-generation technology capabilities. Its offerings are centered on engineering, leveraging AI, cloud, data, integration, and automation to enable enterprise-wide transformation. AI has emerged as a structural growth driver. As enterprise adoption evolves from early generative AI use cases to more advanced, agentic, and autonomous systems, Coforge is positioned to capture this opportunity by embedding AI across the full lifecycle of client engagements. The Companys platforms, including Data Cosmos, CodeInsightAI, Coforge QuasarTM, AI Studio, Coforge AgentSphereTM, GenAI Central, and Trust AI, are enabling scalable and responsible AI adoption, driving productivity gains and faster time-to-value while ensuring governance, security, and enterprise-grade reliability. The integration of Cigniti Technologies represents a meaningful acceleration in Coforges growth and operating model, strengthening both capability depth and deal participation across large, enterprise-scale programs. More importantly, the integration is beginning to unlock strategic cross-sell opportunities across Coforges client base. While the initial performance has been driven largely by standalone momentum, the cross-leverage between Coforges engineering-led capabilities and Cignitis leadership in quality engineering is expanding deal sizes and increasing participation in multi-tower transformation programs.

This combination enables Coforge to offer a more integrated value proposition across engineering, modernization, and AIled assurance, which is increasingly critical for enterprise-scale transformation. BlueSwan?, an AI-led next-gen digital assurance & quality engineering platform, further strengthens this positioning by enabling enterprise-wide, AI-led quality engineering and validation, supporting faster release cycles, higher automation, and improved delivery predictability. Together, the integration enhances Coforges ability to engage across the full lifecycle of transformation programs, while driving improved margins, stronger client stickiness, and a more scalable growth model. Beyond capability augmentation, the integration has also expanded Coforges access to mature, large enterprise accounts and deeper client relationships, improving wallet share and accelerating entry into strategic programs. This has strengthened the Companys position in large-deal pursuits, particularly in regulated and engineering-intensive industries, where integrated engineering and assurance capabilities are increasingly critical.

The acquisition of Encora further strengthens Coforges digital engineering capabilities and expands its global delivery footprint, particularly in near-shore markets. Encora enhances access to specialized engineering talent and new client segments, while enabling deeper participation across the engineering lifecycle from advisory and design to build and run. Its strong focus on digital product engineering and AI-led development capabilities complements Coforges AI-first strategy, accelerating the Companys ability to deliver next-generation, AI-powered engineering solutions at scale. Together, these acquisitions position Coforge to deliver end-to-end transformation programs with greater agility, depth, and sustained value creation.

This strategic positioning is reflected in the Companys financial performance and sustained growth momentum. Coforge reported consolidated revenue of USD 1.87 billion in FY26, reflecting 29.2%

YoY growth in USD terms. The executable order book stood at USD

1.75 billion over the next twelve months as of Q4 FY26, reflecting a 16.4% YoY increase and providing strong visibility into near-term growth. Client engagement remains a core strength. Coforge serves a diversified base of 260 clients, including 61 Forbes Global 1000 organizations, and continues to generate a high repeat business rate of 95.5%. Coforges long-standing relationships are evidenced by an average tenure of more than 10 years with its top 10 clients, reflecting deep integration into client operations and sustained trust.

The Companys global delivery network underpins its ability to execute at scale. Coforge operates with a workforce of 35,777 employees enabling a resilient and flexible delivery model aligned to client needs. Its relatively low LTM attrition rate of 10.8% supports continuity in execution and retention of critical domain expertise. Through its focused strategy, strong execution discipline, and continued investment in domain and technology capabilities, Coforge has strengthened its competitive positioning and emerged as the seventh-largest Indian IT services firm. The

Company remains well positioned to sustain its growth trajectory by leveraging structural technology shifts and deepening its role as a trusted partner in enterprise transformation.

AI and Engineering as a Core Strategy

The technology services industry is undergoing a structural realignment, as enterprise demand shifts from effort-based delivery toward engineering-led, AI-enabled value creation. This shift is redefining the basis of competitiveness, from scaling capacity to scaling outcomes, with an increasing emphasis on the ability to design, modernize, operate complex systems with precision, control, and continuity. As AI becomes integral to the technology stack, the primary driver of value is moving from development to lifecycle ownership, where governance, orchestration, and continuous optimization determine long-term impact.

In this environment, the distinction between linear delivery models and engineering-led execution is becoming increasingly pronounced. Enterprises are prioritizing partners that can move beyond program execution to assume accountability for system outcomes across build, run, and evolution. Coforge operates within this paradigm, with a delivery model architected to integrate AI into the core of engineering, enabling consistent execution at scale across complex, domain-intensive environments.

AI is now a foundational layer across the engineering lifecycle, enabling a transition from manual, artifact-driven processes to platform-enabled, agent-assisted execution. AI is embedded into modernization, development, quality engineering, and operations, driving a structural redesign of how enterprise systems are engineered and managed. The resulting model delivers not only improvements in productivity and cycle time, but also greater reliability, traceability, and operational control, which are critical to scaling AI in production environments.

At the center of this model is a platform-led execution architecture, where Coforges proprietary platforms and accelerators are deeply integrated into delivery. The Companys One AI platform stack, including Coforge Quasar™, Coforge Forge-X™, CodeInsightAI, BlueSwan?, AIVA, Coforge Data Cosmos™, and EvolveOps.AI, acts as a unified engineering and AI fabric that enables industrialized transformation across the enterprise. This stack aligns with the Companys broader AI value proposition across AI for Business and AI for Delivery, enabling enterprise-wide adoption while accelerating transformation delivery at scale.

Coforge Quasar™ provides an enterprise-grade AI foundation with multi-model orchestration, agentic frameworks, and embedded governance, enabling clients to deploy AI at scale without vendor lock-in. Coforge Forge-X™ drives AI-led engineering transformation by shifting delivery toward specification-driven and agent assisted execution. CodeInsightAI accelerates large-scale legacy modernization through AI-powered reverse and forward engineering, unlocking complex brownfield estates and enabling migration to modern architecture.

BlueSwan? injects AI into quality engineering by enabling high levels of automation, predictive quality, and continuous testing across programs. AIVA is one of the industrys first composable agentic AI software development platform, enabling enterprises to assemble modular, reusable AI agents to execute complex business processes. Coforge Data Cosmos™ enables the creation of AI-ready, cloud-native data platforms that support enterprise-wide AI adoption. EvolveOps.AI transforms run operations through AIOps, observability, and autonomous remediation, enabling intelligent, self-healing systems. Together, these platforms create a comprehensive, end-to-end transformation stack, that covers build, test, modernize, deploy, and run.

This platform ecosystem enables Coforge to move from bespoke, project-based execution to repeatable, IP-led delivery models that drive speed, consistency, and economic efficiency. Transformation programs are increasingly executed through reusable components, pre-built accelerators, and agentic workflows, enabling faster time-to-market and improved delivery predictability. This also strengthens Coforges ability to participate in large, multi-year, multi-tower engagements.

A key differentiator in this strategy is the integration of platforms with deep domain specialization. Coforges focus on select industries ensures that its AI and engineering capabilities are applied within real-world business contexts, regulatory environments, and operational workflows. This allows the Company to move beyond pilot-led AI adoption to production-scale, outcome-driven deployments across core enterprise systems.

The Company is also evolving its commercial model to reflect this shift. As AI changes the economics of delivery, the person-hour is becoming a less relevant unit of value creation. Coforges platform-led and AI-augmented delivery constructs enable more modular, subscription-based, and outcome-linked models, improving alignment with client value while enhancing non-linearity in its own delivery engine. Constructs such as AI-powered Mod Squads further support this transition by combining domain-aligned engineering expertise with pre-built AI agents to deliver faster, more predictable outcomes. Importantly, Coforges model is designed to capture value across the full lifecycle of AI systems. As enterprises deploy agentic architectures at scale, the complexity of managing models, orchestrating agents, ensuring governance, and continuously optimizing systems creates a structurally expanding managed services opportunity. Coforge is positioned to own this layer through its platforms and engineering capabilities, extending its role from implementation to long-term lifecycle partner.

This strategy is underpinned by Coforges consistent emphasis on execution intensity and hyper-specialization. The Companys ability to combine domain expertise with disciplined execution has been a key driver of its growth, and this continues to define how AI and engineering capabilities are operationalized across engagements. Overall, Coforge is building a scaled AI-led engineering enterprise, where proprietary platforms, domain depth, execution rigor, and an AI-enabled workforce come together to deliver measurable business outcomes. This positions the Company strongly in a market that is increasingly rewarding firms capable of translating

AI into real, production-grade impact.

Alliances and Partnerships

Orchestrating a hyperscaler-centric AI ecosystem for scaled enterprise outcomes.

Coforges alliances and partnerships strategy is designed around a fundamental shift in the technology services landscape: Value is no longer created by isolated capabilities, but through the orchestration of integrated ecosystems that combine hyperscaler infrastructure, enterprise platforms, and AI-native innovation layers. In this evolving paradigm, Coforge is positioning itself not as a participant within partner ecosystems, but as an integrated AI-led transformation programs across enterprise ecosystems. At the foundation of this strategy lies Coforges deep and expanding engagement with leading hyperscalers, including Microsoft Azure, Amazon Web Services, and Google Cloud. During the year, Coforge also achieved Microsoft Solution Partner status across all six designations, further strengthening its hyperscaler-led transformation credentials. These relationships are structured as strategic growth engines, embedded across solution design, delivery, and commercialization. Coforges dedicated Strategic Growth Units aligned to hyperscalers enable co-innovation, joint solution development, and integrated go-to-market execution, ensuring that every transformation program is built on scalable, secure, AI-ready cloud foundations.

The Companys hyperscaler partnerships are differentiated by their direct alignment with AI-led engineering transformation. Coforge integrates its proprietary platforms including, Coforge Quasar™, Coforge Forge-X™, and CodeInsightAI with hyperscaler-native services such as Azure AI, AWS Bedrock, and Google Vertex

AI to deliver enterprise-grade AI programs that move beyond experimentation to production-scale deployment. This tight coupling of hyperscaler capabilities with Coforges engineering IP enables clients to accelerate modernization, reduce time-to-value, and operationalize AI across the enterprise.

A defining element of Coforges alliance strategy is its early and deliberate alignment with the multi-model AI ecosystem. As enterprises increasingly adopt a portfolio approach to AI spanning multiple large language model (LLM) providers, Coforge enables seamless orchestration across models through Coforge Quasar™ platform, which acts as a control plane for multi-LLM integration, governance, and cost optimization. This approach ensures that clients retain flexibility, avoid vendor lock-in, and optimize AI adoption strategies based on workload-specific requirements.

Beyond hyperscalers, Coforge has built a layered ecosystem of enterprise platform partnerships that embed AI directly into business workflows. Strategic collaborations with Salesforce, ServiceNow, Appian, Snowflake, Databricks, and integration platforms such as Workato and SnapLogic enable Coforge to deliver end-to-end, AI-infused transformation across customer experience, operations, data, and enterprise systems. These partnerships are increasingly structured around joint solutioning and co-developed accelerators, enabling Coforge to integrate domain-specific intelligence directly into enterprise platforms.

Coforges partnership model is further strengthened by its focus on co-innovation and IP-led collaboration. The Company actively works with hyperscalers and platform partners to build joint accelerators, industry-specific agentic solutions, and reusable AI frameworks, significantly reducing deployment timelines while enhancing solution differentiation. This includes co-innovation initiatives such as the GenAI Center of Excellence (CoE) with ServiceNow, combining Coforge QuasarTM with Now Assist to accelerate enterprise AI adoption. This approach transforms partnerships from enablement channels into multipliers of innovation velocity and deal origination. The acquisition of Encora represents a strategic acceleration of this ecosystem-driven approach. Encora brings deep hyperscaler relationships, AI-native engineering capabilities, and the AIVA composable agentic AI platform architecture, enhancing Coforges ability to deliver large-scale, AI-led transformation programs across geographies. The combined entity strengthens Coforges positioning as a scaled AI-led engineering firm with a robust ecosystem backbone spanning hyperscalers, data platforms, and AI frameworks.

Looking ahead, Coforge is evolving its alliances strategy to align with the next wave of enterprise transformation defined by Agent-as-a-Service models, autonomous workflows, and outcome-based commercial constructs. The Company is actively investing in co-creating agentic ecosystems with hyperscalers, AI model providers, and platform partners, enabling the development of autonomous systems capable of executing complex, end-to-end business processes.

The Foundation of Coforges Success

Coforges strategic objectives are anchored in building a differentiated, AI-first, engineering-led enterprise that consistently outperforms industry growth benchmarks while delivering measurable business outcomes for clients. The Companys approach is not centered on incremental capability expansion, but on structurally repositioning itself at the intersection of AI, domain expertise, and engineering execution. This is reflected in sustained growth momentum, strong large-deal wins, and a rapidly expanding executable order book, which stood at USD 1.75 billion, reflecting a

16.4% YoY increase that reinforces long-term revenue visibility and execution confidence.

A foundational pillar of Coforges success is its AI-led engineering core, which integrates AI, Data, and Cloud into a unified, scalable operating model, underpinned by an enterprise data core and cloud foundation purpose-built for AI. Through platforms such as Coforge Quasar™, AIVA, and Coforge Forge-X™, and a growing portfolio of proprietary accelerators, the Company is shifting from traditional services delivery to outcome-based, agentic engineering models. This transition is aligned with the broader industry shift where value is increasingly defined by engineered outcomes rather than effort-based billing, positioning Coforge to capture higher-margin, recurring revenue streams across both transformation and managed services layers.

The second pillar is platformization and IP-led differentiation, where Coforge continues to industrialize its delivery through reusable assets, accelerators, and domain-specific AI solutions.

With more than 50 AI accelerators, 300+ enterprise AI deployments, and a robust portfolio spanning CodeInsightAI, BlueSwan?, and EvolveOps.AI, Coforge is embedding intelligence across the entire lifecycle from design to run. This platform-led approach not only compresses time-to-market but also ensures consistency, scalability, and predictable value realization across engagements. A third critical pillar is deep domain specialization combined with large deal focus, enabling Coforge to operate as a transformation partner rather than a transactional vendor. The Companys industry-aligned model across banking and financial services, insurance, travel, healthcare & life sciences, hi-tech, and public sector enables it to co-create solutions that are deeply embedded in client workflows. This has translated into strong large-deal momentum, with consistent multi-million-dollar deal closures across geographies and a growing base of long-tenured, high-value client relationships that drive repeat business and wallet share expansion.

The fourth pillar centers on scalable AI infrastructure and ecosystem-led growth, where Coforge is making deliberate investments in owned compute, multi-model architectures, and hyperscaler partnerships. By combining sovereign AI infrastructure, open-source models, and frontier LLM ecosystems, Coforge ensures cost optimization, model flexibility, and enterprise-grade governance. This multi-layered AI stack enables Coforge to deploy AI at scale while avoiding vendor lock-in, thereby strengthening its positioning as a long-term transformation partner in enterprise AI adoption.

Finally, Coforges strategy is underpinned by a strong focus on execution excellence and operational discipline, reflected in industry-leading metrics across attrition, client satisfaction, and delivery outcomes. With a Net Promoter Score of 65, a 95.5% repeat business, and one of the lowest attrition rates in the industry, the

- Company has built a resilient delivery engine that consistently translates strategy into execution. This execution rigor, combined with a culture of innovation and continuous learning, ensures that Coforge remains agile, scalable, and future-ready in an increasingly AI-driven technology landscape.

Market Focus and Strategic Growth Areas

Coforges growth strategy is anchored in scaling high-value, domain-led digital engineering capabilities across industries where technology spend is both mission-critical and structurally resilient. The Company continues to focus on core verticals, including banking and financial services, insurance, travel, healthcare & life sciences, public sector, and hi-tech, where demand is increasingly driven by AI-led transformation, modernization of legacy platforms, and the need for resilient, outcome-oriented managed services. These segments are witnessing sustained investment as enterprises prioritize productivity, operational efficiency, and faster time-to-market through integrated technology solutions.

AI remains the most significant growth lever across the portfolio.

Coforge is positioning itself at the forefront of this shift by embedding AI across the full lifecycle of client engagements, from advisory and architecture to engineering, assurance, and managed services. Platforms such as CodeInsightAI, Coforge Forge-X™, Coforge Quasar™, and BlueSwan? are enabling enterprise-scale AI adoption, including brownfield modernization, agentic workflows, and AI-led quality engineering. The transition from traditional delivery models to AI-powered, outcome-based constructs is expanding the Companys addressable market while strengthening its ability to capture higher-value, recurring revenue streams.

Geographically, the Company is focused on expanding its presence across key markets in North America, Europe, and emerging nearshore locations. The integration of Encora has significantly strengthened Coforges nearshore delivery capabilities, particularly in Latin America, while also providing access to new client segments, specialized engineering talent pools, and scaled AI-led product engineering capabilities. In parallel, the continued expansion of Global Capability Centers by enterprises presents a structural opportunity for Coforge to strengthen long-term partnerships and participate in large-scale, multi-year transformation programs. The Company is also making targeted investments to strengthen future readiness across digital engineering, cloud-native architectures, AI-ready data platforms, and AI infrastructure. Increased investments in AI computes, multi-model ecosystems, and enterprise-grade platforms are enabling Coforge to deliver scalable, secure, high-performance solutions. These investments, combined with a strong focus on domain expertise and execution discipline, position the Company to capitalize on emerging opportunities and sustain its growth momentum in an evolving technology landscape.

Global Economic Outlook and Industry Overview

The global economic environment continues to reflect steady uneven growth, shaped by moderating inflation, evolving trade dynamics, and persistent geopolitical uncertainty.

According to the International Monetary Fund (IMF), global growth is estimated at 3.4% in 2025 and is projected to moderate to 3.1% in 2026, before recovering marginally to 3.2% in 2027. While inflationary pressures are gradually easing and financial conditions remain broadly supportive, business sentiment continues to be influenced by elevated policy uncertainty and the risk of renewed trade disruptions. Growth trends remain divergent, with advanced economies expanding at a measured pace, while emerging and developing economies continue to demonstrate relatively stronger momentum, supported by domestic demand and increasing technology investments.

Within this macroeconomic context, enterprises are adopting a more disciplined and value-focused approach to technology spending. Investments are increasingly being directed toward initiatives that deliver measurable productivity gains, operational resilience, and long-term competitiveness. Technology-led investments, particularly in AI, cloud, data platforms, and digital infrastructure, are emerging as key enablers of growth, partially offsetting broader macroeconomic headwinds.

At the same time, the external environment continues to present risks, including geopolitical developments, constrained fiscal capacity across certain economies, and prolonged policy uncertainty in key markets. This is accelerating a structural shift away from discretionary spending toward outcome-driven, engineering-led transformation programs that support cost optimization, scalability, and long-term competitiveness.

India continues to maintain a strong growth trajectory relative to global peers. As reflected in the IMF World Economic Outlook (April

2026), Indias real GDP growth is estimated at 7.1% in 2024 and is projected to strengthen to 7.6% in 2025, before moderating to a still robust 6.5% in both 2026 and 2027.

While the moderation reflects a gradual normalization following a period of strong expansion, India remains one of the fastest growing major economies, supported by resilient domestic demand, sustained public and private investment, and continued progress in digital infrastructure adoption. This favorable macroeconomic outlook continues to underpin enterprise confidence and technology spending, reinforcing Indias strategic importance as a key market for engineering led digital transformation and technology services.

Global Real GDP Growth

Global inflation has continued a downward trajectory. Inflation declined from 5.8% in 2024 to 4.1% in 2025 and is expected to remain contained at around 4.4% in 2026, before easing further to 3.7% by 2027. This gradual disinflation is contributing to more stable financial conditions and improved visibility for enterprises, although inflation dynamics remain uneven across regions and are subject to ongoing policy and geopolitical risks.

Indian Economic Outlook Growth Projection (%)

According to Gartner (April 2026), worldwide IT spending is expected to grow by 13.5% in 2026, reaching approximately USD 6.31 trillion, driven by sustained momentum across AI infrastructure and software. This reinforces the structural shift toward AI-enabled platforms, digital engineering, and services-led transformation, with enterprise spending remaining resilient and increasingly focused on outcome-driven, high-impact initiatives despite prevailing macroeconomic uncertainty.

Table 1. Worldwide IT Spending Forecast (Millions of U.S. Dollars)

	2025	2025	2026	2026
	Spending	Growth	Spending	Growth
		(%)		(%)
Data Center	505,634	51.6	787,990	55.8
Systems
Devices	791,663	9.7	856,189	8.2
Software	1,254,449	12.8	1,443,621	15.1
IT Services	1,715,650	6.2	1,870,197	9.0
Communica- tions Services	1,296,409	3.3	1,358,553	4.8
Overall IT	5,563,805	10.5	6,316,550	13.5

Indian IT industry outlook

The Indian technology industry continues to demonstrate resilience and structural strength despite a dynamic global macroeconomic environment. As reported in the Nasscom Annual Strategic Review 2026, the Indian IT industry recorded growth of 6.1% in FY26, with total revenues exceeding USD 315 billion. This performance reflects the sectors ability to adapt to evolving enterprise priorities, supported by the increasing industrialization of AI, convergence across IT services, business process management (BPM), and engineering research and development (R&D), and a sustained shift toward high-value, IP-led offerings.

Engineering R&D and BPM have emerged as key growth drivers, while the continued expansion of global capability centers (GCCs) further reinforces Indias position as a global hub for digital innovation, engineering talent, and large-scale delivery.

Looking ahead, the industry outlook remains positive, anchored in structural demand for AI-led transformation, digital engineering, and outcome-driven technology solutions. AI is rapidly evolving from experimental deployments to becoming a foundational enterprise capability, with early adoption of agentic systems beginning to reshape execution models. This shift is driving increased demand for partners that combine deep domain expertise with advanced engineering capabilities. At the same time, the industry is transitioning from scale-led growth toward value creation, ecosystem-driven delivery, and long-term co-innovation models, positioning the Indian IT sector for sustained, high-quality growth in the years ahead.

The global macroeconomic environment remains mixed, with growth pressures in certain markets balanced by resilience in others. Despite this, enterprise technology investments remain a clear priority, particularly in AI, digital engineering, and productivity-led transformation, as organizations focus on efficiency and cost optimization. This sustained focus is driving continued demand for high-value engineering-led services, positioning Coforge well to benefit from ongoing technology-led investments across key markets.

Growth Drivers

Coforges growth trajectory is anchored in its ability to consistently translate AI-led engineering capabilities into large, scalable, long-term engagements. The Company continues to demonstrate strong momentum in deal wins and order book expansion, with FY26 order intake of USD 2.26 billion and an executable order book of USD 1.75 billion, reflecting a 16.4% YoY increase. This sustained pipeline strength, coupled with 21 large deals signed in FY26 and a growing mix of multi-year engagements, positions Coforge to deliver predictable and compounding revenue growth.

Strategic wins such as the USD 158 million five-year engagement with a UK-based client further reinforce the Companys ability to anchor long-term client relationships while unlocking adjacent revenue streams over the contract lifecycle. A second key driver is the structural shift towards AI-led engineering, data, and cloud services, which are rapidly becoming the core revenue engines of the business. With the integration of Encora, Coforge is building a scaled AI-first engineering organization with a projected $2 billion core across AI, data, and cloud by FY27, including a $1.25 billion AIled product engineering business. This shift aligns directly with enterprise demand for modernization, agentic AI deployment, and data-driven transformation, enabling Coforge to participate across the full lifecycle from advisory and build to run and optimization. The Companys platforms and IP such as Coforge Quasar™, Coforge Forge-X™, and CodeInsightAI, further accelerate time-to-value, enhance delivery productivity, and create differentiated commercial models anchored in outcomes rather than effort.

The third growth vector is the emergence of agentic AI and outcome-based delivery models, which are redefining how enterprises consume technology services. Coforges "Mod Squad" construct, which combines pre-built AI agents with domain-aligned engineering expertise, enables clients to achieve 40–50% faster time-to-market while ensuring cost predictability and scalability. This model not only drives higher client stickiness but also creates annuity-like revenue streams through ongoing AI operations, model governance, and lifecycle management. As enterprises move from experimentation to production-scale AI deployments, Coforge is well-positioned to capture this shift through its integrated approach spanning advisory, engineering, and managed services. Finally, Coforges deep industry specialization and high client centricity continue to act as a durable growth multiplier. With 95.5% repeat business and long-standing relationships across banking and financial services, travel, insurance, and emerging verticals, the Company benefits from strong wallet share expansion within existing accounts. The convergence of domain expertise with AI and engineering capabilities enables Coforge to move upstream into strategic transformation programs while simultaneously expanding downstream into managed services and platform-led operations. This dual expansion, combined with a disciplined focus on execution excellence and low attrition, positions the Company to sustain above-industry growth in an increasingly AI-driven services landscape.

Engineering-Led Transformation Framework

Coforges engineering-led transformation framework is anchored not only in platforms and AI assets, but in the deliberate redesign of how engineering talent is structured, augmented, and deployed to deliver outcomes. The Company is transitioning from traditional pyramid-based delivery to a high-skill, AI-augmented workforce model, where engineers operate as orchestrators of intelligent systems rather than executors of repetitive tasks. Through AI-powered Mod Squads, Coforge combines domain-specialized engineers with pre-built, industry-specific agents, enabling tightly integrated human AI collaboration. This model embeds accountability, contextual decision-making, and governance into every stage of delivery, making it viable for complex, regulated enterprise environments while delivering materially faster execution and superior outcomes. A critical pillar of this framework is enterprise-wide talent transformation. Coforge is investing at scale to build an AI-native engineering workforce, equipping over 30,000 engineers, architects, and solution specialists with access to frontier and open-source models, alongside structured upskilling programs in agentic architectures, data engineering,AI governance, and AI-led delivery.

This ensures that AI is not treated as a peripheral capability Revenue but as a core engineering discipline embedded across roles and functions. The Companys Centers of Excellence further institutionalize this capability by driving continuous learning, reusable IP creation, and cross-functional knowledge diffusion, enabling consistent, high-quality execution across global delivery teams. Importantly, this human-centric transformation enables Coforge to translate AI investments into sustained business value. By elevating engineers to focus on system design, orchestration, and lifecycle ownership, the Company is moving up the value chain into higher-

27,558 29,466

margin, strategic work such as agentic system design, governance, and enterprise architecture. This shift not only enhances productivity and delivery quality but also creates a scalable model where human expertise and AI capabilities compound over time. AsFY17 FY18 a result, Coforges engineering-led transformation framework is as much a talent and operating model innovation as it is a technology-led one, positioning the Company to lead in an industry increasingly defined by the convergence of human intelligence and autonomous systems.

The Companys investment in owned compute, sovereign AI infrastructure, open-source model optionality, and frontier LLM access further strengthens this workforce model by giving engineering teams the infrastructure flexibility required to route work based on complexity, cost, security, and expected value.

What Sets Coforge Apart

Coforges differentiation lies in its ability to operate at the intersection of deep domain expertise and engineering-led execution, enabling the Company to consistently win and deliver complex, high-value transformation programs. Unlike traditional

IT services firms that scale through breadth, Coforge has scaled through focus, building expertise in select industries such as banking, insurance, and travel, where technology is tightly coupled with domain complexity. This approach has allowed the Company to move beyond transactional engagements to become a strategic partner in mission-critical programs. This differentiation is rooted in a focused strategy that combines deep domain specialization with engineering-led execution.

Coforge operates with a fundamentally differentiated model in an industry undergoing a structural shift from effort-led delivery to outcome-driven, AI-augmented engineering. As enterprises increasingly prioritize measurable business outcomes over scale-based execution, this shift is creating a clear separation between firms that deliver capacity and those that can engineer results at scale. Coforge is positioned in the latter category.

The results of this focused strategy are evident in both the Companys scale and its growth trajectory. Coforge has evolved from a mid-tier player to among the top seven Indian IT services firms, supported by consistent, above-industry growth and a strong large-deal engine. With USD 1.87 billion in FY26 revenue, a USD 1.75 billion executable order book, and sustained large-deal momentum, the Company has built a growth profile that is both durable and increasingly predictable. Importantly, this growth is not dependent on a single vertical, geography, or service line, but is broad-based across industries, capabilities, and markets.

A key driver of this differentiation is Coforges ability to integrate engineering, data, cloud, and AI into a unified delivery model.

The Company is embedding AI across the entire lifecycle from development and modernization to testing and operations, enabling measurable improvements in productivity, cycle times, and delivery outcomes. Platforms such as Coforge Quasar™,

Coforge Forge-X , and CodeInsightAI are not standalone offerings, but execution enablers that allow Coforge to industrialize transformation programs at scale.

Client relationships further reinforce this positioning. With 260+ clients, 95.5% repeat business, and a Net Promoter Score of 65,

CoforgeMn) has built a high-trust CAGR engagement 20.3%model characterized EBIT (3 Mn) by longstanding relationships and expanding wallet share. This is complemented by a stable workforce with the lowest attrition in

164,027

the industry, enabling continuity in delivery and deeper domain alignment.

120,733

Coforges operating model is structurally different. A relatively lean delivery pyramid, combined with increasing platformization, AIled execution, and an AI-enabled workforce, allows the Company80,385 90,360

64,096

to drive higher productivity and operating leverage. This positions Coforge36,967 41,604 strongly46,659in an industry, undergoing a fundamental shift from effort-based delivery to outcome-driven, AI-augmented 3,269 3,739 engineering, where success is defined not by scale alone, but by the ability to engineer outcomes with precision and consistency.

FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY17 FY18

Financial Performance

Coforge delivered exceptional financial performance in FY26, marked by robust revenuegrowth, significant margin expansion EPS (3) and improved profitability. Over the last 9 years Coforge has delivered a Revenue CAGR of 20.3%, EBIT CAGR of 24.6%, PAT CAGR of 24.1%, EPS CAGR of 22.0% and FCF CAGR of 18.9%. This shows the execution intensity of the company.

Consolidated revenue for FY26 stood at INR 164,027 million, equivalent to USD 1.87 billion, reflecting year-on-year growth of Mar26_Coforge AI strategy_Mast ...

35.9% in INR terms and 29.2% in USD terms. This performance was supported by sustained large-deal execution, broad-based growth across key verticals, expansion within strategic accounts, and continued demand for AI-led engineering, data, cloud and modernization services.

Profitability improved materially during the year. EBITDA at INR 30,464 million, growing 76.9% year-on-year. EBITDA margin expanded by 431 basis points year-on-year to 18.6%. EBIT stood at INR 23,645 million, growing 82.7% year-on-year. EBIT margin expanded by 370 basis points year-on-year to 14.4%, reflecting improved operating leverage, disciplined execution and the benefits of scale.

Profit after tax for FY26 stood at INR 15,557 million, growing

91.6% year-on-year. The Company also delivered strong cash generation during the year, with free cash flow of USD 135.4 million, representing 68.4% year-on-year growth.

The fourth quarter reflected strong exit momentum. Revenue for

Q4 FY26 stood at INR 44,504 million, equivalent to USD 489.1 million, growing 30.0% YoY in INR terms, 28.7% in constant currency terms, and 21.2% in USD terms. EBITDA margin for the quarter stood at 20.6%, while EBIT margin stood at 16.6%, representing the highest ever quarterly EBIT margin reported by the Company.

Consolidated financial highlights CAGR 24.1%

FCF (3 Mn)	K E Y H I G CAGR H L I G 18.9% H T S
Particulars	FY26 (INR	FY25 (INR	YoY % (INR)
15,557	mn)	mn)
			11,966
Revenue from	164,027	120,733	35.9%
operations
8,213		7,968
EBITDA 8,121	30,464	17,218	76.9%
6,938	6,86	6,799	6,799
7	6,181
EBITDA margin	18.6%	14.3%	431 bps
3,824
2,945
EBIT 2,293	23,645	12,942	82.7%
EBIT margin	14.4%	10.7%	370 bps
FY23 FY24 FY25 FY26
Profit after tax* FY18 FY19 FY20	FY21 15,557 FY22	FY23 FY24 8,121	FY25 FY26 91.6%
Net profit	9.5%	6.7%	276 bps
margin
Free cash flow	135.4	80.4	68.4%
(USD Mn)
Gross margin	33.8%	33.7%	10 bps

Revenue mix

The revenue mix remained broad-based across verticals and geographies. For FY26, Banking and Financial Services contributed 26.5% of revenue, Travel, Transportation and Hospitality contributed 23.0%, Insurance contributed 15.0%, Healthcare and Hi-Tech contributed 10.8%, Government Overseas contributed 7.0%, and others contributed 17.7%. By geography, Americas contributed 56.9% of FY26 revenue, EMEA contributed 28.9% and Rest of World contributed 14.2%. 13 3

By service offering, Engineering contributed 44.1% of FY26 revenue,

Data and Integration contributed 21.5%, Cloud and Infrastructure Management Services contributed 18.4%, Intelligent Automation contributed 8.2%, and Business Process Management contributed

7.9%. The balanced revenue profile across industries, geographies and service lines reinforces the resilience of Coforges operating model and the increasing relevance of its AI-led engineering portfolio.

Verticals: contribution to revenues (%)

Vertical	FY26	FY25
Banking and Financial Services (BFS)	26.5%	30.5%
Travel, Transportation and Hospitality	23.0%	18.3%
Insurance	15.0%	18.5%
Healthcare and Hi-Tech	10.8%	7.0%
Government outside India	7.0%	7.7%
Others	17.7%	17.9%
Total	100.0%	100.0%

Geographies: contribution to revenues (%)

Geography	FY26	FY25
Americas	56.9%	54.8%
EMEA	28.9%	33.7%
Rest of the world	14.2%	11.5%
Total	100.0%	100.0%

Service offerings: contribution to revenues (%)

Service offering	FY26	FY25
Engineering	44.1%	41.3%
Data and Integration	21.5%	23.5%
Cloud and Infrastructure Management	18.4%	17.9%
(CIMS)
Intelligent Automation	8.2%	9.2%
Business Process Management (BPM)	7.9%	8.1%
Total	100.0%	100.0%

Robust balance sheet

As of March 31, 2026, cash and cash equivalents were INR 10,936 million (compared to INR 7,956 million a year ago on March 31, 2025). Liabilities as of March 31, 2026, included short-term borrowings of INR 2,830 million. The net worth (excluding minority interest) as of March 31, 2026, stood at INR 95,376 million. Days Sales Outstanding (DSO) reached 69 days as of March 31, 2026, compared to 60 days a year ago.

Particulars (INR mn)	Year Ended Mar 31, 2026	Year Ended Mar 31, 2025
Cash and cash equivalents	10,936	7,956
Short-term borrowings	2,830	6,938
Net worth (excluding minority	95,376	63,792
interest)
Days Sales Outstanding —	69	60
billed (days)
Free cash	135.4	80.4

Key financial ratios

Ratio	FY26	FY25
EBITDA margin (%)	18.6%	14.3%
Net profit margin (%)	9.5%	6.7%
Days sales outstanding - billed	69	60
Return on equity (RoE)	17.3%	11.7%
Debt-equity ratio	0.04	0.09
Interest service coverage ratio	39.8	18.9
Current ratio	1.6	1.6

Segment information at consolidated level

Particulars (INR mn)	FY26	% to income	FY25	% to income
Revenue from oper- ations
Americas	93,344	56.9%	66,190	54.8%
Europe, Middle East and Africa	47,425	28.9%	40,680	33.7%
Rest of World	23,258	14.2%	13,863	11.5%
Total income	164,027	100.0%	120,733	100.0%
Earning before Inter- est and Tax (EBIT)
Americas	15,788		8,170
Europe, Middle East	7,349		5,414
and Africa
Rest of World	508		(642)
Total	23,645		12,942
Other income (net)	(2,057)		19
Profit before	21,588		12,961
exceptional items
Exceptional items	2,260		—
Profit before tax	19,328		12,961
Provision for tax	2,583		3,326
Profit after tax (excl. minority interest and income from discon- tinued operations)	16,745		9,635

Order Flow and Deal Momentum

Coforge witnessed strong order sustained demand for large, transformation-led engagements across its core and emerging verticals. Total order intake for the year stood at USD 2.26 billion, supported by continued large-deal momentum and a steady cadence of wins across geographies The executable order book over the next twelve months stood at

USD 1.75 billion as of the end of FY26, reflecting a 16.4% year-on-year increase. This provides strong revenue visibility and reinforces the Companys confidence in sustaining growth momentum into FY27. The quality of the order book also reflects Coforges increasing participation in multi-year, platform-led, AI-infused and managed services-based transformation programmes. FY26 order intake of (USD mn) USD 2.26 billion is 34.5% below FY25s USD 3.5 billion, which included the one-time USD 1.56 billion, 13-year Sabre contract. Excluding Sabre, FY25 intake was approximately USD 1.89 billion, making FY26 an increase of about 19%.

Large-Deal Activity

Coforge continued to demonstrate strong and consistent deal momentum during the year, driven by its proactive, solution-led engagement model and deep domain expertise across key sectors. The Company secured a total of 21 large deals during the year, with five large deals in Q1, five in Q2, six in Q3 and five in Q4, sustained strength in deal origination and execution throughout the year.

One key highlight was the signing of a USD 158 million contract with a UK-based client, reinforcing the Companys ability to win and deliver large, multi-year transformation programmes. This win, along with the continued ramp-up of existing strategic engagements, underscores Coforges growing credibility in managing complex, high-value deals at scale. These engagements are increasingly anchored in AI-led engineering, platform modernisation and outcome-based delivery models, enabling deeper client integration, enhanced wallet share and strong revenue visibility over the medium term.

Quarter	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26
Large deals	5	5	6	5
Order intake	507	514	593	648
(USD mn)

Human Resources

At Coforge, our people strategy is a core driver of sustained growth, execution excellence, and our evolution into an AI-first, engineering-led organization. Anchored in our 4E framework – Examine, Engage, Educate, and Encourage – we focus on building a high-performance, future-ready workforce aligned to business priorities and client outcomes.

This talent strength, combined with deep specialization across AI, data, cloud, and domain-led engineering, enables the Company to consistently deliver complex, large-scale transformation programs and sustain strong deal momentum.

As of FY26, the Company employs a global workforce of over 35,000+ professionals, supported by one of the lowest attrition rates in the industry at 10.8%, reflecting strong employee engagement and organizational stability. Our ability to attract, retain, and scale high-quality talent remains a key differentiator, particularly in niche areas such as AI, data engineering, cloud, and domain-led digital transformation.

Employee feedback remains central to our approach. Our annual engagement survey, "My Voice," recorded a 82% participation rate, with satisfaction and commitment scores at 78%, indicating a stable and engaged workforce. Key drivers of engagement include strong teamwork, learning opportunities, managerial support, and organizational brand. These insights are actively leveraged to strengthen employee experience and retention.

We continue to foster an inclusive, high-engagement culture through structured initiatives focused on recognition, well-being, and collaboration. These are supported by transparent policies, multi-channel engagement, and a strong culture of coaching and development. Our efforts are reflected in continued external recognition, including certification as a "Great Place to Work" for the fifth consecutive year and inclusion among Indias Best Workplaces in IT & IT-BPM for 2025.

Capability development remains a strategic priority as we align our talent base to evolving technology landscapes. Our learning ecosystem, anchored in the AI-enabled Xcellerate Competency Framework and enterprise platforms such as iEnable, provides structured, role-based learning pathways across technical, domain, and leadership capabilities. The framework spans 800+ role-skill combinations linked to 1,200+ skills, enabling targeted and scalable workforce development.

During the year, the Company accelerated its AI-led capability-reflecting building agenda. Key outcomes include training 15,500+ employees on AI programs, 14,000+ on GitHub, and 22,000+ certifications across hyperscalers and enterprise platforms. In addition, structured programs for campus hires and lateral talent ensured faster five-year productivity ramp-up and alignment to delivery requirements. Overall, the Company delivered more than 1.39 million learning hours, with a strong emphasis on technical, domain, and functional skills.

Leadership development continued to be strengthened through structured programs across career stages, enabling the build-out of a scalable leadership pipeline. In parallel, inclusion remains embedded in our culture through focused initiatives such as EmpowHER and structured return-to-work programs, reinforcing diversity, equity, and belonging across the organization.

Our people practices continue to receive strong external recognition across workplace culture, learning, inclusion, and employee development. These reflect Coforges continued commitment to building a resilient, high-quality talent base that is critical to delivering consistent business outcomes and sustaining long-term growth.

Together, these initiatives ensure that Coforges talent base not only scales with growth but also enhances delivery quality, productivity, and the ability to engineer measurable business outcomes for clients.

Awards and Recognition

During the year, Coforge continued to receive broad-based recognition for its leadership, innovation, partnerships, governance, talent, and sustainability, reinforcing the strength and balance of the Companys operating model. These recognitions span multiple dimensions of enterprise excellence, from CEO-level leadership accolades to deep validation of its AI-led innovation capabilities and human capital practices. Notably, recognitions such as the ISG Star of Excellence™ Award, based on direct enterprise customer feedback, highlight Coforges ability to consistently deliver superior customer experience across execution, innovation, governance, and cultural alignment.

• Leadership Excellence: Sudhir Singh recognized as a Tech Titan in IT at Business Today Indias Best CEO Awards, 2026.

• Diversity and Inclusion: Recognized at ET Edge Best Organisations for Women, 2026.

• AI and Product Innovation: CodeInsightAI was among the Top three winners at the HYSEA Annual Summit & Awards, 2026 (Established Business Category).

• Strategic Partnerships:

• ServiceNow Partner Award 2026 (CRM Domain Expertise)

• Salesforce Market Expansion Partner of the Year 2025

• Human Capital Excellence:

• Excellence in Employee Retention – ET Human Capital Awards 2026

• Gold – Financial Express HR Summit and Awards 2025

• Global Ecosystem Recognition: Rising Star – EMEA at Kong API Summit 2025.

• Corporate Governance: Winner of Golden Peacock Award for Excellence in Corporate Governance 2025.

• AI & Digital Innovation: Gold awards at Financial Express FUTECH Awards 2025 (AI in Customer Service & Conversational AI).

• Employer Brand:

• Top 50 – Indias Best Workplaces for IT & IT-BPM 2025

• Certified by Great Place to Work (for the fifth consecutive year)

• Global Delivery / GCC Leadership: Recognized at Dun & Bradstreet – JLL GCC Summit 2025.

• CSR and Social Impact:

• Coforge Public Library was among the Top three at India CSR Awards 2025

• Silver – Financial Express HR Summit 2025

• Leadership Development: Recertified by Great Manager

Institute as a Leadership Factory.

• Workplace Brand Strength: Most Preferred Workplaces 2025–26 (for the fourth consecutive year) – Marksmen Daily.

• Sustainability and ESG: Recognized as a Sustainable Organisation at ET Edge Sustainable Organisation 2025

Awards:

1. Won the ISG Star of Excellence Award in the ITO Excellence category

2. Won two ISG Provider Lens Awards for Multi Public Cloud Services

3. Won three ISG Case Study Standout Awards for the ANZ region

4. Won ISG Case Study Standout Award for the EMEA region

5. Finalist in ISG Paragon Awards™ Asia 2025 in the Innovation category

6. Finalist in ISG Paragon Awards™ EMEA 2025 in the Transformation category Collectively, these recognitions reinforce Coforges positioning as a trusted, innovation-led, execution-driven global technology partner with strong credentials in leadership, talent, governance, and next-generation digital capabilities.

Analyst Recognitions

Coforges strong positioning with leading global analyst firms further reinforces its credibility as an AI-transformation partner. The Company has been consistently recognized as a Leader, Rising Star, and Product Challenger in multiple ISG Provider Lens? studies spanning AI, digital engineering, cloud, and managed services. These recognitions reflect Coforges growing strength in AI-driven application development, agentic AI services, and next-generation engineering models that combine domain depth with platform-led execution. A few notable recognitions:

1. ISG Positioned Coforge as a Rising Star and Product Challenger in the Generative AI Services 2025 ISG Provider Lens? Study

2. ISG Positioned Coforge as a Product Challenger in the Agentic AI Services 2025 ISG Provider Lens? Study

3. Coforge has been listed in the AI Services: Global Constellation Shortlist report

4. ISG positioned Coforge as a Rising Star and Product Challenger in Advanced Analytics and AI Services 2025 ISG Provider Lens? Study

5. HFS mentioned Coforge in "The fastest-five providers bagged large I-led deals, signaling enterprise confidence" report

6. ISG recognized Coforge as a Leader in the AI-driven ADM Services 2025 ISG Provider Lens? Study.

7. ISG positioned Coforge as a Product Challenger in ISGs 2025 study for ISG Digital Engineering Services 2025 ISG Provider Lens™ Study

8. Everest Group positioned Coforge as a Leader in Digital Transformation Services for Mid-market Enterprises PEAK Matrix? 2025

9. ISG positioned Coforge as a Rising Star and Product Challenger in the Mainframes - Services and Solutions 2026 ISG Provider Lens? Study 10. Everest recognized Coforge as a Leader in the Enterprise Quality Engineering (QE) Services PEAK Matrix? Assessment 2025 11. NelsonHall positioned Coforge as a Leader in Quality Engineering 2025 NEAT 12. Avsant recognized Coforge as a Leader in the Airlines and Airports Digital Services 2025 RadarView™ report 13. HFS positioned Coforge as a Leader in HFS Horizons: Travel and Hospitality Service Provider Ecosystem, 2025 14. Everest Group recognized Coforge as a Leader and Star Performer in Duck Creek Services PEAK Matrix? Assessment 2026 15. ISG recognized Coforge as a Leader in the ISG Provider Lens Quadrant study on ‘Duck Creek Services Ecosystem 2025 – Global 16. NelsonHall positioned Coforge as a Leader in the NelsonHalls ServiceNow Services 2025 NEAT.

17. ISG positioned Coforge as a Leader in the ISG Provider Lens? Quadrant study on Multi Public Cloud Services 2025

Opportunities, Risks and Concerns

Coforge enters FY27 with strong visibility into its medium-term growth, supported by sustained enterprise demand for engineering-led, AI-enabled transformation across its core industries. The technology services landscape is undergoing a structural shift from effort-based delivery to outcome-oriented,

AI-augmented engineering models. Enterprises are increasingly prioritizingengineering-led platform modernization, improving the resilience of mission-critical systems, and optimizing long-term costs, areas where Coforges engineering-first approach, domain depth, and execution rigor provide a differentiated advantage. The Companys expanding portfolio of large, multi-year transformation programs and managed services engagements enhances revenue visibility and strengthens the resilience of its operating model, even as enterprise decision cycles remain elongated. The Companys FY26 performance, strong order intake, and expanded executable order book provide additional confidence in this medium-term visibility.

A key opportunity lies in the rapid transition from experimental AI adoption to scaled, enterprise-wide deployment. As clients move beyond pilots toward embedding AI across engineering lifecycles, operations, and business workflows, demand is shifting toward partners capable of delivering AI-led transformation at scale with governance, reliability, and measurable outcomes. This transition is also redefining revenue models, as AI-driven systems require ongoing monitoring, optimization, and lifecycle management, creating a durable and high-value managed services layer. Coforges AI-embedded delivery model, supported by its proprietary platforms, accelerators, and engineering capabilities, positions the Company well to capture this structural shift while driving improvements in productivity, speed, and execution consistency. In parallel, the continued expansion of GCCs, particularly across banking, financial services, insurance, healthcare, and hi-tech, presents a sustained opportunity aligned with Coforges strengths in domain-led engineering and managed services. GCCs are increasingly evolving into strategic innovation hubs rather than cost centers, driving long-duration, annuity-like engagements that provide both revenue stability and deeper client integration. This creates opportunities for Coforge to participate in build, operate, transform, and modernization programs where clients seek partners with a combination of domain knowledge, engineering depth, governance maturity, and execution scale.

The Company also sees opportunities from the increasing convergence of AI, data, cloud, quality engineering, and intelligent operations. As enterprises modernize legacy environments and prepare their technology estates for AI-led operating models, demand is expected to grow for integrated partners that can address data readiness, cloud foundations, engineering productivity, platform assurance, cybersecurity, and managed operations together. Coforges portfolio is aligned to this demand environment, with its AI-led engineering approach enabling clients to move from fragmented initiatives to enterprise-scale transformation programs.

While the opportunity environment remains attractive, Coforge operates in a dynamic global technology landscape where business, technology, financial, operational, and regulatory developments are monitored on an ongoing basis. These risks are consistent with the scale and nature of a global technology services business and are managed through established governance frameworks, strong delivery discipline, diversified client and sector exposure, robust information security practices, and continuous investments in talent and technology capabilities.

The macroeconomic environment remains uncertain in the near term. Geopolitical developments, interest rate volatility, currency fluctuations, and cautious enterprise spending in key markets such as North America and Europe may influence discretionary investments, deal conversion timelines, and program ramp-ups. However, Coforges focus on transformation-led, mission-critical, and regulated industry programs provides relative resilience, as clients continue to prioritize initiatives that improve efficiency, strengthen resilience, modernize core platforms, and deliver measurable business outcomes.

Coforges growth model is increasingly anchored in large, multi-year transformation and managed services engagements across core industries such as travel, banking and financial services, insurance, healthcare, retail, and the public sector. These engagements improve revenue visibility and deepen client partnerships, while also requiring strong governance around transition, ramp-up, delivery performance, service continuity, and client-specific execution.

The Company addresses these priorities through structured deal governance, leadership oversight, disciplined execution reviews, transition planning, and continuous monitoring of delivery quality, productivity, and service performance.

Given the Companys presence in regulated and mission-critical environments, operational resilience, service continuity, data privacy, security, and compliance remain key priorities. The growing adoption of cloud-native, AI-enabled, and interconnected enterprise architectures requires sustained focus on cybersecurity, data protection, model governance, responsible AI, and regulatory compliance. Coforge manages these priorities through robust information security frameworks, governance controls, compliance monitoring, redundancy planning, and continuous improvement of technology and delivery practices.

Rapid advancements in AI, automation, data, and cloud technologies also require continuous capability renewal. Demand for specialized skills in AI-led engineering, data platforms, cloud infrastructure, cybersecurity, and responsible AI continues to increase across the industry. Coforge addresses this through enterprise-wide upskilling, role-based learning programs, investments in platforms and accelerators, ecosystem partnerships, and ongoing capability development across engineering and delivery teams.

Financial and commercial risks, including currency movements, pricing pressure, changing client spending patterns, and evolving commercial models, are monitored through disciplined financial management. The Company seeks to mitigate these risks through geographic diversification, balanced portfolio management, cost discipline, structured deal reviews, financial hedging practices, and a focus on engagements where Coforge can deliver differentiated value through domain depth, engineering capability, and platform-led execution.

Regulatory and governance requirements continue to evolve across geographies, particularly in areas such as data protection, cross-border operations, AI governance, cybersecurity, public sector procurement, and industry-specific compliance. Coforge maintains governance frameworks, internal controls, compliance processes, and localized delivery practices to support regulatory adherence while preserving operating flexibility.

Overall, Coforges response to this opportunity and risk environment is anchored in disciplined execution, portfolio balance, strong governance, and targeted investments in AI-led engineering capabilities. The Company continues to focus on vertical diversification, large-deal governance, productivity-led efficiency through platformization and AI adoption, enterprise-wide upskilling, robust information security frameworks, proactive regulatory compliance, and financial discipline. By aligning its operating model with the industrys shift toward outcome-driven and autonomous systems, Coforge remains well positioned to navigate near-term uncertainty while capturing the structural growth opportunity presented by AI-led enterprise transformation over the medium term.

The following section summarizes the key risk categories and the Companys mitigation approach.

ESG and Sustainability

At Coforge, sustainability is embedded in the Companys operating model as a core enabler of resilient, scalable growth, integrating responsible operations with people-centric development. Coforges ESG strategy is anchored in two reinforcing priorities: engineering-led environmental efficiency and human capital transformation at scale, both of which directly contribute to long-term value creation and enterprise resilience.

Environmental Sustainability

Coforges environmental strategy is distinguished by its focus on infrastructure-level optimization and engineering interventions.

This enables measurable reductions in energy consumption, emissions, and resource intensity as the Company scales its global delivery footprint.

During the year, targeted initiatives across core infrastructure resulted in tangible efficiency gains. At the Greater Noida campus, optimizing the backup infrastructure by right-sizing battery and diesel generation systems reduced the connected load by ~1,700 KVA and annual electricity consumption by ~48,000 kWh, while significantly reducing the battery footprint and lowering hazardous waste and lifecycle emissions.

In parallel, the transition from R22 to R32 refrigerants reflects a proactive shift toward lower global warming potential (GWP) systems, aligned with evolving environmental regulations and long-term emissions reduction goals.

A key milestone in the Companys sustainability journey is the transition of its Greater Noida campus to 100% renewable electricity, demonstrating the viability of large-scale adoption of clean energy within enterprise technology operations. This has contributed to a reduction in Scope 2 emissions, complemented by Scope 1 mitigation through infrastructure and refrigerant optimization.

Water Stewardship and Circular Resource Management

Coforge continues to embed resource efficiency and circularity in operational systems, with a focus on water conservation, waste reduction, and sustainable workplace practices.

Water management initiatives have delivered structural efficiency improvements, including reduced per-use consumption through optimized fixtures, sensor-based systems, and automated overflow controls to minimize losses. Treated water reuse through sewage treatment infrastructure supports non-potable applications, such as landscaping, thereby reducing overall freshwater demand. The Company has also advanced its transition toward circular waste management by eliminating single-use plastics, implementing enterprise-wide waste segregation, and installing in-house composting systems, reducing reliance on landfills while improving recycling efficiency and employee participation in sustainable practices.

Sustainable Mobility and Forward-Looking Priorities

Sustainable mobility initiatives, including transitioning approximately 7% of the Companys fleet to electric vehicles and establishing EV charging infrastructure, reflect a broader effort to reduce indirect emissions associated with employee commuting and operations. Looking ahead, the Company remains focused on scaling renewable energy adoption, completing the elimination of residual single-use plastics, and expanding energy efficiency interventions, reinforcing its commitment to long-term environmental sustainability.

Human Capital as a Strategic Differentiator

Coforges people strategy is designed as a scalable, capability-led system that aligns workforce development with business growth and technology evolution. The Company has institutionalized data-driven talent architecture, enabling precision in skill mapping, deployment, and career progression across a rapidly evolving technology landscape. Platforms like Xcellerate support this model by structuring the mapping of 800+ role-skill combinations and 1,200+ skills, ensuring alignment between talent supply and demand. This is complemented by structured onboarding and deployment programs that deliver a ~90% train-to-deployment conversion rate, significantly accelerating workforce productivity.

AI-Enabled Workforce and Continuous Capability Building

The Company is advancing toward an AI-enabled workforce model, integrating AI into learning, development, and delivery systems. Large-scale enablement initiatives, including 14,000+ GitHub

Copilot certifications, demonstrate the rapid scaling of AI-ready talent across the organization. This upskilling enables Coforge to enhance engineering throughput, improve delivery efficiency, and build a workforce that continuously evolves in alignment with emerging technology paradigms.

Workforce Resilience, Engagement, and Retention

Coforge has established structured support systems to enhance employee well-being and long-term engagement, including financial and psychological safety mechanisms such as the

Employee Welfare Trust and the Employee Assistance Program. These initiatives provide comprehensive support across health, financial, and life-stage needs, strengthening workforce resilience. These efforts are reflected in strong organizational metrics, including 11.6% attrition and a net promoter score (NPS) of 65, indicating high levels of employee advocacy and stability in a competitive talent environment. Cautionary statement: Certain statements in this section relating to the Companys outlook, estimates and expectations constitute forward-looking statements within the meaning of applicable securities laws. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. The

Company undertakes no obligation to publicly revise any forward-looking statement to reflect future events or circumstances.