Coforge’s strategy is hardly new. Like most mid-tier Indian vendors, the company has decided to fuel revenue growth through large deals (over $20m in TCV). The strategy is working: large deals are flowing in, thanks to a strategy that includes responses to RFPs, advisor relations, and proactive bids. The company now records quarterly bookings of $500m, up from ~$300m 18 months ago. And Coforge is accelerating; it targets 20 large deals in FY26 (up from 14 in FY25), with Cigniti starting to contribute. It also won its largest contract ever with Sabre ($1.56bn over 13 years). Sabre had been a long-time client of Coforge, operating in the company’s sweet spot (airline technology). Still, this mega-deal was a breakthrough and a surprise, as Coforge was considered too small for such a deal size.
Contracts are converting into revenues. Although the entire industry has won many large deals in the past 18 months, several vendors have struggled to convert them into revenues. Coforge has not had this challenge and continues to generate revenues within six months of signing. PAC estimates that Coforge’s organic revenue growth in FY26 will be ~15%, placing the company as the likely top performer this year among all Indian vendors.
Yet, large awards usually are cost-competitive, and Coforge’s growth strategy clearly has a cost. The company acknowledges that its geographic and vertical expansion has a significant impact on SG&As, which represent 15% of revenues. As a result, the company’s FY25 EBIT margin was 13%, well below that of tier-1 vendors. Nevertheless, Coforge is on an EBIT improvement journey, targeting ~16% by FY27, fueled by cost reductions in Cigniti, its largest acquisition, and delivery optimization. Progress is rapid, although Coforge remains well below the standards of tier-1 Indian vendors.
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