Coforge Limited Q2 FY26 Concall Decoded: 5.9% QoQ growth, 14% EBIT, and management high on AI fumes
1. Opening Hook
Coforge walked into Q2 FY26 like that student who says “I didn’t prepare much” and then tops the exam. While the IT industry is busy blaming macros, visas, geopolitics, and Mercury retrograde, Coforge quietly delivered growth, margins, cash, and a full-blown AI sermon.
Management sounded less like an IT vendor and more like an AI evangelist with a revenue spreadsheet. Legacy code? Solved. Mainframes? Tamed. Enterprise AI confusion? Apparently Coforge has the flashlight.
Nine years of growth, 14% EBIT dreams, and a $1.63 billion order book later, the message was clear: execution beats excuses.
But before you assume this was all buzzwords and boardroom bravado, read on—because the numbers, deal wins, and analyst grilling get far more interesting as we go. 😏
2. At a Glance
Revenue up 5.9% QoQ (CC): Macros cried; Coforge shrugged and billed anyway.
EBIT margin at 14%: Reached the promised land—now camping there permanently.
Order intake $514m: Sales team apparently skipped weekends.
Executable order book $1.63bn: Future revenue locked tighter than promoter pledges.
Free cash flow $37.1m: Cash finally doing what profits promised.
Attrition at 11.4%: Employees stayed while peers kept updating LinkedIn.
3. Management’s Key Commentary
“Quarter 2 has been an exceptional quarter for the firm.” (Translation: Please don’t compare us with other IT companies right now 😏)
“Our sustained growth story is now well into its ninth year.” (Translation: This isn’t a lucky quarter, stop calling it one)
“We are moving clients from AI pilots to enterprise adoption.” (Translation: Others are demoing, we’re invoicing)
“AI engineering is like software engineering—the challenges are familiar.” (Translation: Same mess, newer jargon)
“The ecosystem will be flooded with competing standards for 18–24 months.” (Translation: Clients are confused, and confusion is billable)
“Revenue per employee is nudging $70,000.” (Translation: Same headcount, smarter billing 💰)
“14% EBIT will be our minimum threshold.” (Translation: Don’t ask for more margins, ask for more growth)
