Coforge Q2 Results, October 23, 2026: Revenue Up 53.6%, Margin Guidance Raised to 16%

Coforge had the kind of quarter mid-cap IT investors have been waiting for. In its Coforge Q2 results, announced on October 23, 2026, revenue for the September quarter rose 53.6% year-on-year in rupee terms to ₹61,708 million, or about ₹6,171 crore. Profit after tax grew even faster, up 56.5% to ₹5,881 million (about ₹588 crore). The numbers come from the company’s press release filed with NSE.

The bigger talking point, though, is the outlook. Management raised its FY27 EBIT margin guidance from 15.5% to 16%, and said it expects to push that to 17% next year.

Coforge Q2 results in numbers

All growth figures below compare the July to September 2026 quarter with the same quarter a year ago, as stated in the release.

• Revenue: ₹61,708 million (USD 652.2 million), up 53.6% in rupee terms and 40.1% in dollar terms.
• EBITDA: ₹12,697 million (USD 134 million), up 67.3% in rupee terms. EBITDA margin was 20.6%, up 168 basis points.
• EBIT: ₹9,847 million (USD 104 million), up 67.8% in rupee terms. EBIT margin was 16.0%, up 134 basis points.
• Profit after tax: ₹5,881 million (USD 62 million), up 56.5% in rupee terms and 42.7% in dollar terms.

Notice that the EBIT margin of 16.0% for the quarter already matches the new full-year guidance. So the raised target is less a stretch and more a statement that this level can hold.

Deals and order book: where the confidence comes from

Coforge signed eight large deals in the quarter across North America, Europe and Australia, which the company says is the most it has ever signed in a single quarter. Total order intake was $1.04 billion of contract value. The executable order book for the next twelve months stood at $2.38 billion, up 45% from a year earlier.

Last-twelve-month attrition was 10.4%, unchanged from the previous quarter. On the product side, the release mentions a new forward-deployed engineering unit, an expanded engineering centre in Kraków, Poland, and a customer-experience platform called CXNova.

Organic growth is the number to watch

Here’s the detail we’d keep an eye on. CEO Sudhir Singh pointed to 10.1% sequential growth in dollar terms, but organic constant-currency growth over the previous quarter was 3.8%. The difference between the two is growth that did not come from the existing business at steady exchange rates. If you want a refresher on why that distinction matters, our explainer on constant currency growth walks through it.

A 3.8% organic quarter is still healthy for an Indian IT company right now. But the headline 53.6% annual jump overstates what the business would have delivered on its own, and investors comparing Coforge with peers should line up like-for-like numbers.

One more item sits in the release’s legal fine print: it says a Form F-1 registration statement relating to certain Coforge securities has been filed with the US Securities and Exchange Commission and has not yet become effective. The release does not give further detail.

What it means for investors

We’d call this a strong quarter with a clear story: big deal wins, a fatter order book and margins moving up. The questions for the next few quarters are whether organic growth can stay near current levels and whether the 17% margin goal for next year holds up. For how the wider sector has been reporting, see our take on Nifty IT stocks after the TechM and Wipro results, and our guide on how to analyse quarterly results of a company.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.