Slide 1: Cover letter to BSE and NSE
May 05, 2026 The Manager, The General Manager, Department of Corporate Services Department of Corporate Services BSE Limited The National Stock Exchange of India Limited Floor 25, P.J. Towers, Exchange Plaza, Dalal Street, Mumbai – 400 001 Plot No. C/1, G Block, Bandra Kurla Complex, BSE Scrip code
Slide 2: Coforge delivers 29.2% YoY Growth for FY26, EBIT margin expands by 370bps to 14.4%
Coforge delivers 29.2% YoY Growth for FY26, EBIT margin expands by 370bps to 14.4% ― PAT for FY26 increases by 82% YoY; stands at $177.4 Mn ― AI led efficiencies provide path for further margin expansion in FY27. Plans to deliver 20.5%+ EBITDA in FY27 Princeton, NJ and Greater Noida, India— Tuesday, M
Slide 3: Recognitions, Partnerships, Awards and About Coforge
Recogni:ons • ISG recognized Coforge in the “Mul^ Public Cloud Services 2025 ISG Provider Lens Quadrant Study” as a Leader in Managed Services and a Leader in Consul^ng & Transforma^on Services • Everest Group recognized Coforge as a Leader and Star Performer in “Duck Creek Services PEAK Matrix® Ass
Slide 4: Investor Presentation Q4 FY26
Investor Presentation Q4 FY26 Q UA R T E R LY R E P O R T May 05, 2026
Slide 5: Safe Harbor and Disclaimer
Safe Harbor and Disclaimer F O R W A R D - L O O K I N G S TAT E M E N T S DISCLAIMER This communication and the information contained herein is not an offer to sell securities in This presentation contains forward-looking statements. In some cases, you can identify these the United States or elsewh
Slide 6: Coforge 10-Year Financial Performance
Coforge | 10-Year Financial Performance Sustained, profitable, cash-generative growth | FY17 - FY26 Revenue (₹ Mn) CAGR 20.3% EBIT (₹ Mn) CAGR 24.6% PAT (₹ Mn) CAGR 24.1% 23,645 164,027 15,557 120,733 90,360 12,942 80,385 11,615 8,213 8,121 9,699 6,617 6,938 64,096 8,747 46,659 4,440 4,556 36,967 41
Slide 7: FY26 — A Standout Year
FY26 — A Standout Year Ninth consecutive year of growth; record profitability and scale Revenue (USD) EBIT Margin EBIT (USD) Why FY26 Matters $1,870.3 Mn 14.4% $269.6 Mn EBITDA $347.4 Mn (+68.2% YoY); margin 18.6% (+431 bps) +29.2% YoY +370 bps YoY; full-year +73.7% YoY EBIT $269.6 Mn (+73.7% YoY);
Slide 8: Q4 FY26 — A Standout Quarter
Q4 FY26 — A Standout Quarter Strongest profitability ever reported Revenue (USD) EBIT Margin EBIT (USD) Why This Quarter Matters $489.1 Mn 16.6% $81.0 Mn EBIT margin 16.6% — highest- ever quarterly print. FY27 EBIT margins will be reflective of Q4 exit than full year performance. +21.2% YoY / +1.7%
Slide 9: Revenue Mix & Delivery Profile — Q4 FY26
Revenue Mix & Delivery Profile Vertical, horizontal, and geography and location-mix view — Q4 FY26 By Vertical By Service Offering By Geography 8.0% 17.9% 15.0% 24.9% 17.7% 7.5% 45.1% 28.3% 56.7% 11.5% 14.8% 20.9% 23.4% 8.4% Banking and Financial Services Healthcare & HiTech Engineering Cloud and In
Slide 10: Revenue Mix & Delivery Profile — FY26
Revenue Mix & Delivery Profile Vertical, horizontal, and geography and project-mix view — FY26 By Vertical By Service Offering By Geography 7.9% 17.7% 14.2% 26.5% 18.4% 7.0% 44.1% 10.8% 28.9% 56.9% 15.0% 21.5% 23.0% 8.2% Banking and Financial Services Healthcare & HiTech Engineering Cloud and Infras
Slide 11: Order Intake, Pipeline & Client Quality
Order Intake, Pipeline & Client Quality Q4 FY26 fresh intake $648M; FY26 total $2,262M; executable book $1,752M $648M $2,262M $1,752M 67.5% Q4 FY26 Fresh Intake FY26 Total Intake Executable Book Americas Share (Q4) vs Q3 $593M; Up 9.3% QoQ YoY Up 16.4% Geographic diversification Order Intake by Geog
Slide 12: Other Key Metrics
Other Key Metrics 35,777 10.8% 82.5% $71.8K Total Headcount Attrition (LTM, ex-BPS) Utilization (incl. trainees) Revenue per headcount / IT Billable Addition during the quarter - 436 Lowest in the industry Annual basis Headcount Composition $1mn+ Accounts By role mix, FY25 vs FY26 (Billable + Suppor
Slide 13: Compounding growth and expanding margins with AI
Compounding growth and expanding margins with AI
Slide 14: Coforge is successfully capturing the massive AI opportunity
Coforge is successfully capturing the massive AI opportunity, using it as a lever for both revenue growth and margin expansion As AI transforms tech services, Coforge has identified six moats Coforge has developed a set of A Coforge faces a massive, fast- B that define winning firms, who will C AI a
Slide 15: AI is revolutionizing the tech services landscape rapidly
Let’s address the thought on every investor’s mind – AI is revolutionizing the A tech services landscape rapidly When $300B+ vanished in a day in the wake of the Anthropic 'Claude Cowork' launch, markets weren't reacting to just a product – they were questioning where the tech services industry is h
Slide 16: AI is creating its own set of new value pools for tech services
A Just like cloud created downstream opportunities for services firms, AI is creating its own set of new value pools for tech services … “AI-generated code is cheap to build, but it is expensive to own, secure, and maintain” Emergence of new AI-driven value pools AI managed services Data and integra
Slide 17: Global enterprise AI spends set to hit $750-800B in the next 5 years
A … and unlocking a massive and rapidly growing opportunity, with global enterprise AI spends set to hit $750-800B in the next 5 years Total AI spends are expected to grow …led by agentic AI spends that are expected to A 4-5x in next 5 years… B grow 12-14x over the same time period Global AI spends
Slide 18: AI is triggering a 'Moment of Separation' – six core moats
B AI is triggering a ‘Moment of Separation’ in this new era – Coforge has identified six core moats that will differentiate winning firms from laggards 1 2 3 4 5 6 Deep Strong Unique Agility to Strong AI AI-enabled domain- client AI-focused adapt and focused talent specific intimacy delivery innovat
Slide 19: Proprietary assets and capabilities to position Coforge as a clear winner
C Coforge has built a set of proprietary assets and capabilities to position itself as a clear winner 1 2 3 4 5 6 Deep AI-specific Outcome-based Hybrid human + Agile and AI- Proprietary AI AI training and vertical expertise AI sales playbook agent ‘mod squads’ first by design platform & tech hiring
Slide 20: Powerful outcomes for clients across verticals
C1 We have delivered powerful outcomes for clients across verticals on the back of deep domain, AI and modern engineering expertise Banking & Financial Travel, Transport Healthcare and Insurance Services and Hospitality Life Sciences Leading Midwest Leading global Leading provider Large Blue Cross b
Slide 21: Deep IP across our core verticals and thought leadership
C1 We have developed deep IP across our core verticals, and have come to be known as a thought leader in the industry Banking & Financial Travel, Transport Healthcare and Insurance Services and Hospitality Life Sciences | Whitepaper | Whitepaper ...and many more proprietary IP assets, whitepapers an
Slide 22: Our 'Mod Squad' model offers hybrid delivery teams
C3 Our ‘Mod Squad’ model offers customers hybrid delivery teams of purpose-built AI agents and strong human oversight ... Coforge has already deployed hybrid AI ‘Mod Squads’ – a bespoke delivery unit, grounded in deep domain intelligence, which generalist models simply cannot match Customers choose
Slide 23: Two pricing models – subscription and outcome-based
C3 ... along with the flexibility of choosing from two pricing models – subscription and outcome-based models, with distinct benefits based on customer needs Subscription pricing Outcome-based pricing Monthly fee per mod squad covering access to chosen Fee linked to outcomes (e.g., time-to-market ac
Slide 24: Hybrid AI delivery pods in action – 75% faster with 50% less effort
C3 Our hybrid AI delivery pods in action – delivering 75% faster with 50% less effort CLIENT EXAMPLE Client Solution – Coforge deployed its hybrid AI delivery pods Outcomes UK-based green coffee trading AI Pod 1 AI Pod 2 AI Pod 3 company 75% reduction in project delivery timelines Requirements Desig
Slide 25: Built for agility to ride each wave of agentic AI evolution
C4 We are built for agility, and are well-positioned to ride each wave of the agentic AI evolution EVOLUTION OF AGENTIC AI Modernization surge Agentic deployment Autonomous enterprise Enterprises racing to upgrade Structural, permanent need for Enterprises shifting to lights-out legacy infrastructur
Slide 26: Coforge OneAI platform is our core differentiator
C5 Our composable platform for all enterprise AI needs – “Coforge OneAI” platform – is our core differentiator B u s i ne s s Ar c h i t e c t ur e Consulting-led, RoI-driven operating model redesign I n d u s t r y S o l u t i on s AI - l e d E n g i neer i n g F a c t o r y Domain- Domain-specific
Slide 27: Library of production-ready verticalized agentic workflows
C5 Within the platform, we have an extensive library of production-ready verticalized agentic workflows for our core industries Submissions Center Claims Triaging Center INSURANCE Agentic insurance underwriting solution with intelligent Agentic system for insurance claim intake - intelligent interpr
Slide 28: Training 30K+ engineers to deliver AI at scale
C6 We have invested significantly in training 30K+ engineers to deliver AI at scale, along with developing a specialized pool of 100+ forward deployed engineers Coforge delivery teams are trained to …along with a pool of FDEs who embed deeply design, build and deploy AI at scale… in our client envir
Slide 29: Embedding senior and associate FDEs in client environments
C6 We embed teams of senior and associate FDEs in client environments to bring deep domain expertise and deliver powerful outcomes Role of an FDE at Coforge Coforge’s FDE deployment model Lead complex & advanced 1 ontology & AI deployments FDE lead Senior FDEs lead the engagement … Bring a depth of
Slide 30: Senior FDEs are leading innovators with deep AI experience
C6 Our senior FDEs are leading innovators with deep experience in AI and co-creating solutions with enterprise clients Illustrative FDE #1 FDE #2 FDE #3 INDUSTRY EXPERIENCE • GenAI strategy, executive advisory & • Extensive leadership experience in • Led E2E GenAI platform engagements – pre-sales, b
Slide 31: Coforge as a leading AI-native engineering services firm
C These differentiated AI assets and capabilities have established Coforge as a leading AI-native engineering services firm … We are a global AI-native engineering services leader, where AI is the very foundation of how we design, build, and deliver Hyperspecialized Hybrid Trusted & Outcome-led indu
Slide 32: Capturing AI-first opportunities across 5 core levers
C … enabling us to successfully capture and deliver on AI-first opportunities across 5 core levers … 1 2 3 4 5 Monetization of Upstream Brownfield AI-led engineering Agentic AI mod squads advisory modernization transformation platform Redefining the Offering advisory Conducting legacy Improving engg
Slide 33: A repeatable growth flywheel
C … and generate a repeatable growth flywheel, allowing for clear predictability of our performance Deep AI partnerships Qualified pipeline Larger, repeatable deals build partner AI partnerships and referenceable outcomes confidence, unlocking deeper collaboration generate a consistent inflow of ent
Slide 34: Our numbers speak for themselves
D It’s not just all talk – our numbers speak for themselves Coforge’s leadership position in AI is underpinned by proprietary AI assets, specialized AI talent pool and sustained investments AI ASSETS 22 110+ AI AGENT AI ASSETS ARCHETYPES Purpose-built, enterprise-grade Pre-built agent and accelerato
Slide 35: AI is acting as a lever for revenue acceleration
D We are realizing real business outcomes, with AI acting as a lever for both revenue growth and margin expansion 1 2 AI is acting as a lever AI is delivering for revenue measurable productivity- acceleration led margin uptick (as seen by strong share of AI-attributed revenue, (as seen by meaningful
Slide 36: Surge in AI client engagements and selected AI use cases
D1 Revenue acceleration: We are seeing a surge in AI client engagements, led by the unique problem statements delivered and powerful outcomes generated Selected AI use cases served Real-time conversational AI assistant to transcribe, analyze, AI-powered model validation engine to independently BFS a
Slide 37: Margin expansion: eating our own cooking on AI
D2 Margin expansion: We are ‘eating our own cooking’ on AI, by actively deploying AI to rapidly transform our SDLC and internal business operations AI is embedded into how we build and deliver - Our AI transformation also extends to our internal accelerating every stage of the SDLC operations, drivi
Slide 38: Consistent recognition of AI capabilities across leading analysts
E The market is taking notice of our AI moves, with consistent recognition of our AI capabilities across leading market analysts 25+ AI recognitions received across multiple leading market analysts including AI recognitions from multiple 25+ Everest Group, leadingISG, Avasant, analyst HFS and more f
Slide 39: Analysts showcasing a positive outlook on our AI differentiation
E Analysts are showcasing a positive outlook, with strong conviction in our AI differentiation Positioned for enterprise-scale AI leadership AI-led delivery accelerating TCV expansion “Encora acquisition marks a strategic inflection, positioning “Coforge is embedding AI directly into its delivery Co
Slide 40: Acquisition of Encora accelerated our AI capabilities
F Our recent acquisition of Encora has only further accelerated our AI capabilities, and opened up a new chapter of growth Acquisition ~$2.5B ~50% 14% 3,100+ highlights Combined entity revenue Increase in Coforge’s NA revenue Combined EBIT margin Nearshore SMEs serving US clients Encora strengthens
Slide 41: Defined AI roadmap with clear targets
F We are compounding on our success, and have a defined AI roadmap with clear targets for our pipeline engagements, clients, assets and people Develop pipeline momentum Scale verticalized agentic workflows Focused GTM efforts to Strong product devp. push to develop a strong pipeline expand pre-built
Slide 42: Coforge is an AI-native engineering services firm
Coforge is an AI-native engineering services firm The market is shifting. The characteristics of a winning firm are being redefined. Coforge is a clear winner in this market – and we are proving it everyday.
Slide 43: Consolidated Profit and Loss Statement – Q4 FY26
Coforge Limited Consolidated Profit and Loss Statement March 31, 2026 Particulars (INR Mn) Q4 FY26 Q3 FY26 QoQ% Q4FY25# YoY% Gross Revenues 44,504 42,315 5.2% 34,222 30.0% Direct People Cost 19,592 18,828 4.1% 15,914 23.1% Sub-contractor cost 5,017 4,480 12.0% 3,218 55.9% Other Direct Cost 4,595 4,8
Slide 44: Consolidated Profit and Loss Statement – FY26
Coforge Limited Consolidated Profit and Loss Statement March 31, 2026 Particulars (INR Mn) FY26 FY25 YoY% Gross Revenues 164,027 120,733 35.9% Direct People Cost 74,648 54,681 36.5% Sub-contractor cost 17,870 11,090 61.1% Other Direct Cost 16,009 14,228 12.5% Direct Costs 108,527 79,999 35.7% Gross
Slide 45: Consolidated Balance Sheet (INR Mn)
Coforge Limited Consolidated Balance Sheet March 31, 2026 (INR Mn) As at Mar 31 As at Dec 31 As at Mar 31 As at Mar 31 As at Dec 31 As at Mar 31 Particulars Particulars 2026 2025 2025 2026 2025 2025 NET Worth 96,806 91,639 79,608 Fixed Assets 13,776 16,211 11,800 Equity 672 670 669 Goodwill 41,671 4
Slide 46: Consolidated Balance Sheet (USD Mn)
Coforge Limited Consolidated Balance Sheet March 31, 2026 (USD Mn) As at Mar 31 As at Dec 31 As at Mar 31 As at Mar 31 As at Dec 31 As at Mar 31 Particulars Particulars 2026 2025 2025 2026 2025 2025 NET Worth 1,032 1,020 932 Fixed Assets 147 180 138 Equity 7 7 8 Goodwill 444 459 450 Reserves & Surpl
Slide 47: Consolidated Cash Flow Statement
Coforge Limited Consolidated Cash Flow Statement March 31, 2026 (USD Mn) Particulars Q4FY26 Q3FY26 Q4FY25 FY26 FY25 Operating Activities PBT 68.7 43.9 46.4 220.4 155.4 Add: Depreciation / Amortization 19.7 19.2 15.7 77.2 55.4 Other Non Cash Items 4.8 5.7 9.6 31.4 21.2 (Increase) / Decrease in NWC (1
Slide 48: Factsheet: Financial and Business Mix
Coforge Limited Factsheet March 31, 2026 Revenue and Revenue Growth Q4FY26 Q3FY26 Q4FY25 FY26 FY25 Q-o-Q CC Revenue Growth 2.0% 4.4% 3.4% Revenue (USD Mn) 489.1 480.9 403.5 1,870 1,448 Q-o-Q Growth 1.7% 3.5% 3.3% Y-o-Y Growth 21.2% 22.6% 43.6% 29.2% 29.0% Revenue (INR Mn) 44,504 42,315 34,222 164,02
Slide 49: Factsheet: Growth by Vertical, Horizontal and Geography
Coforge Limited Factsheet March 31, 2026 Vertical Growth QoQ YoY Banking and Financial Services (BFS) 0.8% 5.5% Insurance 5.0% 14.5% Travel, Transportation and Hospitality (TTH) 7.4% 59.2% Healthcare & HiTech 15.5% 78.4% Government outside India 24.3% 31.3% Others(1) -3.3% 32.4% (1) Others primarily