COFORGE · Information Technology
Coforge Ltd. reported revenue of ₹4,232 cr for October to December 2025, +29.9% on the year and +6.2% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹15,344 cr, +40.0% on the four before.
Operating profit (EBITDA) was ₹723 cr, a margin of 17.1%, +373 bps on the year and −128 bps on the quarter. Over the last 8 quarters the margin has ranged from 13.1% to 18.4%, averaging 15.5%. Operating costs grew +24.3% against revenue growth of +29.9%, so more of each rupee of sales reached operating profit.
Net profit was ₹297 cr, +16.0% on the year and −30.1% on the quarter, with earnings per share of ₹7.47. Profit before other income, one-offs and tax grew faster, at +78.0%; other income, one-offs or tax held the headline back. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹1,385 cr, +61.4% on the four before.
On earnings per share of ₹36.00 over the last four quarters, the stock at ₹1,950.00 trades at 54.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,276 cr | ₹2,323 cr | ₹2,318 cr | ₹2,357 cr | ₹3,026 cr | ₹3,258 cr | ₹3,422 cr | ₹3,704 cr | ₹3,986 cr | ₹4,232 cr | ₹4,450 cr | ₹5,528 cr |
| YoY | — | — | — | +6% | +33% | +40% | +48% | +57% | +32% | +30% | +30% | +49% |
| EBITDA margin | 15.0% | 17.0% | 16.8% | 13.1% | 14.0% | 13.4% | 15.4% | 15.6% | 18.4% | 17.1% | 19.7% | 19.1% |
| Other income, % of PBT | 4% | 5% | 5% | 3% | 13% | 16% | 8% | 15% | 7% | −33% | −5% | −4% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 18% | 20% | 34% | 27% | 25% | 22% | 18% | 24% | 23% | −7% | 24% |
| Net profit | ₹188 cr | ₹243 cr | ₹229 cr | ₹139 cr | ₹234 cr | ₹256 cr | ₹307 cr | ₹356 cr | ₹425 cr | ₹297 cr | ₹666 cr | ₹532 cr |
| YoY | — | — | — | −21% | +24% | +5% | +34% | +156% | +82% | +16% | +117% | +49% |
| Core profit YoY | — | — | — | −1% | +20% | +3% | +32% | +81% | +87% | +78% | +81% | +96% |
| EPS | ₹5.88 | ₹7.71 | ₹7.24 | ₹3.99 | ₹6.06 | ₹6.45 | ₹7.81 | ₹9.49 | ₹11.23 | ₹7.47 | ₹18.23 | ₹11.71 |
| Flags | · | · | · | ✓ | ✓ | 1 | ✓ | 1 | ✓ | ✓ | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Coforge Ltd. reported revenue of ₹4,232 cr (+29.9% on the year) and net profit of ₹297 cr (+16.0% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +78.0% on the year, against +16.0% for reported profit.
None of the 7 checks that could run raised a question.
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