1. FY26 no wage hike for at least four quarters On track - At the Q3 FY26 call, management committed to no wage hike for at least the next four quarters ("four quarters at a minimum"), underpinning confidence in FY2027 margins over FY2026. At the Q1 FY27 call, management said any broad-based hikes, if any this fiscal, would not be before Q4, with no hikes for the broader organization at least till 1 January of next year; no wage hike was announced as of Q1 FY27.
2. FY26 no further material data-centre plays Delivered - At the Q1 FY26 call, management said "you will not see more by way or anything material by way of data centre plays in the short to medium term", with balance-sheet leverage reserved for fitting acquisitions. Q1 FY26 capex was $65 million, of which $58 million for the AI data centre project, then tapered to $4 million in Q2 FY26 and $3 million in Q3 FY26; no further data-centre plays are on record.
3. FY26 hedging policy - rolling four-quarter hedge of 90/80/70/60 Partial - At the Q2 FY26 call, the CFO committed to a rolling four-quarter hedge of 90/80/70/60 of net exposure, unchanged with Cigniti now included. By Q3 FY26 the policy was under review with "nothing finalized yet", and at Q1 FY27 the company was not hedging more, funding the loan via natural hedge, after $10 million of Q1 FY27 hedge losses and a further $14 million mark-to-market loss to be realized over two quarters; hedges of USD 226mn, GBP 42mn and Euro 3mn stood at Q1 FY27.
4. $2 billion core of Data, Cloud and AI-led engineering post-Encora On track - At the Q3 FY26 PPT, CEO Sudhir Singh committed to the "$2 Billion core of Data, Cloud and AI led engineering that will be created after Coforge and Encora come together", echoed in the Encora announcement as a US$2 billion enterprise core. In Q1 FY27, AI-led engineering, data and cloud contributed 86% of consolidated revenue against the 80% share indicated at announcement; Q1 FY27 revenue of $592.2 million annualizes this 86% to \~$2.04 billion.
5. FY27 hedge losses eliminated - \~$10 million positive earnings impact from Q4 FY27 Pending - At the Q1 FY27 call, the CFO guided a positive earnings impact of \~$10 million from Q4 FY27 onwards as hedge losses are eliminated, with no open hedge book beyond Q3. Q1 FY27 carried hedge losses of $10 million plus a $14 million mark-to-market loss to be realized over the next two quarters.
6. FY27 FCF-to-PAT - more than 100% On track - At the Q1 FY27 call, management guided free cash flow to PAT for FY27 of more than 100%, with the CFO separately expressing confidence in meeting that guidance. Q1 FY27 free cash flow was $52.9 million, a 95.3% FCF-to-PAT conversion.
7. FY27 EBIT margin - 16.5% to 17% standalone, 15.5%+ consolidated On track - At the Q1 FY27 call, management reiterated FY27 EBIT margin guidance of 16.5% to 17% standalone and 15.5% or maybe higher consolidated, with the CFO confident of "not only delivering but surpassing" 15.5% consolidated. Q1 FY27 consolidated reported EBIT margin was 16%, with organic EBIT margin at 16.7%.
8. FY27 EBITDA margin - 20.5% to 21% consolidated On track - At the Q1 FY27 call, management reiterated its FY27 outlook shared last quarter, unchanged: EBITDA margin of 20.5% to 21% on a consolidated basis. Q1 FY27 EBITDA margin was 20.3%.
9. Encora integration expenses - within $15 million budget On track - At the Q3 FY26 call, the CFO expected Encora transaction expenses (integration and funding) of $10-$15 million over the next two quarters; at Q1 FY27 he guided exceptional expenses would stay well within the $15 million budget set at acquisition, with marginal integration costs in Q2 and nothing from Q3 onwards. Q1 FY27 exceptional/acquisition-related expenses were $6.5 million (vs $5.4 million in Q4 FY26), after ₹13.5 crore of Encora acquisition expenses in Q3 FY26.
10. Encora term loan - $550M, 3-year tenure, repayment schedule Delivered - At the Q3 FY26 call, the CFO was close to finalizing a $550M three-year term loan with a consortium of 4-5 banks, concluding no QIP would be needed; at Q1 FY27 he detailed repayments of \~$59 million in FY27, $209 million in FY28, $258 million in FY29 and the final $75 million tranche in Q1 FY2030, at 4.6% gross / 2.99% post-tax fixed interest. The $550 million term loan was fully drawn as of 30 June 2026, with Q1 FY27 borrowings of INR 53,803mn on the balance sheet.
11. Encora acquisition - EPS accretive in FY27 On track - At the Q3 FY26 call, management said the no-EPS-dilution-in-FY27 guidance "stays intact even after this debt", reaffirmed at Q1 FY27 as being on track to be EPS accretive in FY27 following Encora, "as we guided earlier". Q1 FY27 EPS excluding one-time exceptional costs was INR 13.30 vs INR 13.80 in the previous quarter, against a 25% increase in equity base and incremental acquisition financing interest costs.
12. Encora integration - G&A cost reduction of 20-25% Delivered - At the Encora transaction announcement, the cost optimization program was expected to deliver a 20%-25% reduction in G&A costs for the combined business within projected timelines. In Q1 FY27, combined G&A was 6.6% of revenue (Coforge standalone Q4 at 6.7%, Encora at 10%), a 40% reduction in Encora G&A, with further improvement expected in Q2.
13. Encora acquisition - close by end of April 2026 Delivered - At the Encora transaction announcement, the two firms were to merge by end of April 2026, thereafter operating as a US$2.5+ billion firm on run-rate basis. The acquisition was fully integrated on day one on 24 April 2026, with Encora operations of the prior three months overseen by Coforge due-diligence leaders; Q1 FY27 revenue included $100.7 million from Encora for two months from 1 May.
14. Public sector (outside India) - nudge $200 million run-rate Pending - At the Q2 FY26 call, management expected the public sector (outside India) vertical, already above $150 million, to "start nudging the 200 million dollar run rate" in the coming quarters. Q3 FY26 Government outside India grew 10.3% YoY and was 6.3% of revenue; Q1 FY27 Government outside India was 6% of revenue.
15. FY26 capex - taper to 2-3% of revenue Partial - At the Q1 FY26 call, management said FY2026 capex "will taper down... to our original levels", confirmed as 2-3% of revenue versus the recent \~5%. Reported capex fell from $65 million in Q1 ($58 million for the AI data centre project) to $4 million in Q2 and $3 million in Q3 FY26; no full-year FY26 capex outcome is in the sources.
16. FY26 FCF-to-PAT - 70-80% sustained Delivered - At the Q2 FY26 call, management guided sustained free cash flow to PAT of "around 70% to 80% going forward", the CFO phrasing it as "FCF to PAT of 80 odd percent, 75 to 80 odd percent"; at Q3 FY26 this was reiterated as \~70% to 80% of normalized PAT "on a sustained basis". Q2 FY26 FCF/PAT was 86%, Q3 FY26 FCF to normalized PAT was 110%, "significantly ahead of our guidance", and Q1 FY27 FCF-to-PAT was 95.3%.
17. FY26 OCF-to-EBITDA - 67-70% run-rate Pending - At the Q4 FY25 call, Saurabh Goel guided to an ongoing run-rate of 67-70% OCF-to-EBITDA with normal seasonality; at Q1 FY26 the CFO adjusted this to 65-70% "till the time we continue to grow". FY25 full-year OCF/EBITDA was 61% (71% excluding integration expenses) with Q4 FY25 at 108%; Q1 FY26 OCF of 4.38 crore was 115% of reported PAT.
18. FY26 reported EBIT margin - 14% Partial - At the Q4 FY25 call, Sudhir Singh said reported EBIT would "expand materially in fiscal year 2026", with Saurabh Goel saying by end of FY2026 the "large part of the journey" from 13.2% to \~14% would be done; a path to 14% in FY2026 itself was set at Q1 FY26 and reiterated at Q2 and Q3 FY26, the latter with a
19. $2 billion revenue by FY27 with 150-250 bps margin improvement On track - At the Q4 FY24 call, management guided that Cigniti would help Coforge grow into a $2 billion firm by FY27 with operating margins improving 150 to 250 bps in the same frame - "a stretch, but it's a realistic stretch"; at Q4 FY25 the pledge was reaffirmed with "no risk at all" to the $2 billion FY2027 number and intent to get there faster. Q1 FY27 revenue was $592.2 million including $100.7 million from Encora for two months, an annualized run-rate of \~$2.37 billion, with Encora creating a US$2.5+ billion firm on run-rate basis.
20. Cigniti EBITDA margin - step jump to \~18% exit by FY25 Delivered - At the Q4 FY24 call, the CEO said Cigniti's EBITDA would see a step jump by end of FY25 like SLK's post-acquisition, with the CFO guiding a \~200 bps jump from \~14.5% toward Coforge's level via upfront synergies. Cigniti, acquired at $220 million revenue and 12% EBITDA, exited Q4 FY25 at \~18% EBITDA on a pro forma basis, with Q3 FY25 Cigniti EBITDA margin already at 17.3%.
21. Cigniti merger - completion by December 2025 to January 2026 On track - At the Q4 FY25 call, management expected the Coforge-Cigniti share swap merger to be consummated "somewhere toward December to January", later adjusted at Q1 FY26 to "minus a month or two", and by Q3 FY26 to NCLT approval by March end / before FY26 results, with effective date April 1, 2025. The second motion application was filed with NCLT in December 2025 with the hearing in March, and as of 1 May 2026 the Regional Director and Registrar of Companies had submitted no further observations or objections, with no final NCLT approval on record.
22. Cigniti acquisition - CCI approval in 45-50 days, board control mid-June, open offer mid-August Delivered - At the Q4 FY24 call, management expected CCI approval for the Cigniti deal in around 45-50 days followed by board control, with the open offer completed mid-August for a 51% stake and board control mid of June. The acquisition of a 54% stake in Cigniti was completed on May 2, 2024, funded partly by a ₹2,240 crore QIP raised on May 28, 2024, and Cigniti was operationally fully integrated from Q2 FY25 with synergies exceeding expectations.
23. FY25 reported EBITDA margin - flat Pending - At the Q4 FY24 call, the CFO said reported EBITDA margins would remain flat in FY25, with the new ESOP scheme front-loading 50-60 bps of higher cost in the first year, and a structural tailwind of 70-80 bps in FY26, later refined to 80-90 bps. FY25 reported EBITDA margin was 16.6%, but no FY24 reported EBITDA margin is on record for comparison - FY24 adjusted EBITDA margin was 17.6%.
24. FY25 adjusted EBITDA margin - increase by 50 bps Partial - At the Q4 FY24 call, management stated FY25 adjusted EBITDA margins would increase by 50 bps, with the CFO reiterating both gross margin and adjusted EBITDA expanding around 50 bps each in FY25. FY25 adjusted EBITDA margin was 18.0% against FY24's 17.6%, a \~40 bps improvement.
25. FY24 gross margin improvement - 50 bps vs FY23 Partial - FY24 guidance reaffirmed gross margin improvement of 50 bps compared to FY23. The FY24 horizon has lapsed with no full-year FY24 gross margin outcome on record; the cited Q4 FY24 transcript notes only that gross margin grew 102 bps sequentially in the quarter, insufficient to confirm the full-year commitment.
26. FY24 organic revenue growth - 13% to 16% cc Delivered - FY24 guidance of annual revenue growth of 13% to 16% in constant currency terms was reiterated. FY24 organic revenue growth came in at 13.3% in CC terms, in line with guidance at the start of the year.
27. FY23 adjusted EBITDA margin - 18.5%-19.0% Partial - Adjusted EBITDA margin guidance of 18.5%-19.0% for FY23 was reiterated at Q1 FY23, at Q2 FY23 and at Q3 FY23. FY23 adjusted EBITDA margin was delivered at 18.3%.
28. FY23 revenue growth - at least 20%, raised to 22% cc Delivered - At Q1 FY23, the firm upgraded annual revenue guidance to grow at least 20% in constant currency terms for FY23, reiterated at Q2 FY23, then raised to 22% cc at Q3 FY23. FY23 consolidated revenue was US$1,001.7 million with 22.4% growth in CC terms, out of 24.6% reported growth.
29. WHISHWORKS remaining equity stake acquisition - Q2 FY22 Delivered - At the Q1 FY22 call, management stated the WHISHWORKS remaining equity stake would be acquired in Q2 FY2022, taking ownership to 100%. ₹66 crore was paid in the first week of October to acquire the balance 18.6% of WHISHWORKS, which was fully integrated and folded into the Coforge master brand during Q3 FY22.
30. FY22 fresher hiring - \~1,500 freshers Delivered - At the Q2 FY22 call, management expected to hire about 1,500 freshers in FY22, six times the number onboarded two years back, with freshers more than 10% of the \~11,500 technology-side starting headcount. FY22 added 1,680 fresh graduates.
31. Billion-dollar-plus revenue by FY23 Delivered - At the Q2 FY22 call, management expressed confidence the firm would be a "Billion $+ firm next year" (FY23), reaffirmed at Q3 FY22 citing the USD 701 million 12-month order book. FY23 consolidated revenue was US$1,001.7 million, crossing the US$1 billion milestone.
32. FY22 adjusted EBITDA margin - 19% target Delivered - At the Q1 FY22 call, management reiterated the FY22 EBITDA margin target of 19% (pre-RSU/ESOP cost), first set in May and applying to the composite firm including SLK, reiterated through Q3 FY22 with belief the firm would end the year at 18.9% to 19%. FY22 adjusted EBITDA margin was delivered at 18.9% in cc terms, after a record Q3 FY22 adjusted EBITDA margin of 19.5%.
33. FY22 organic cc revenue growth - at least 19%, raised to at least 22%, then around 24% Pending - At Q1 FY22, management raised FY22 organic cc growth guidance to "at least 19%" from the 17% planned in May, at Q2 FY22 to "at least 22%", and at Q3 FY22 to "around 24%". FY22 consolidated revenue growth was 38% USD / 37.9% INR, but no explicit FY22 organic cc growth outcome is on record; the FY23 annual report separately states FY23 revenue of US$1,001.7 million with 22.4% CC growth.