As on: Aug 06, 2026 03:01 AM
To,
The Members,
Your Directors are pleased to present the Thirty-Fourth Annual Report on the business and operations of your Company along with the audited annual accounts for the financial year ended March 31, 2026 (FY2026). The consolidated performance of the Company and its subsidiaries has been referred to wherever required.
FINANCIAL PERFORMANCE OF THE COMPANY
The highlights of the performance results for the FY2026 are as follows:
(INR mn except for earnings per share)
BRIEF DESCRIPTION OF THE COMPANY'S WORKING DURING THE YEAR AND STATE OF THE COMPANY'S AFFAIRS
Operating highlights
Fiscal Year 2026 has been a year of continued strong growth for
Coforge. The Company registered a consolidated US$ revenue of
US$1,870 million (INR. 164,027 million) and has clocked a revenue growth of 29.2% in $ terms and 35.9% in INR terms.
The year saw Coforge sign twenty one large deals, five of which were signed during the recent quarter, i.e., Q4FY26. On the back of twenty one large deals signed through the year, the total order intake (TCV) for FY 2026 reached US$2.3 billion. Coforge's investment in sales and marketing, despite challenging market conditions, has resulted in an increasing velocity and median size of the large contracts it has signed during the year.
Financial highlights
Effective FY26, realized cash flow hedge gains/losses are reclassified from revenue to forex gain/loss within other income/ expense to align with peer practice and isolating revenue and EBIT margins from forex movements, with PBT and PAT unchanged and all comparatives restated.
On a consolidated basis, revenues increased 35.9% to INR 164,027 million in FY2026 from INR 120,733 million in FY2025. The growth was led by the Travel vertical, which saw 70.7% YoY growth followed by Healthcare and Hi-Tech which saw 109% YoY growth. Banking and Financial Services vertical grew by 18.0%, Insurance vertical grew 10.1%, Govt. outside India vertical grew 23.2% and the other emerging verticals, including manufacturing and retail, grew 34.2%
For the full year FY26, the Company's gross margin was 33.8%. EBITDA stood at INR 30,464 million, translating into a margin of 18.6% for the year. EBIT stood at INR 23,645 million, translating into a margin of 14.4% for the year. EBIT margin for the year increased by 370 bps YoY.
The net profits (attributable to the equity holders of the parent including discontinued operations) for the year stood at INR
15,557 million.
During the financial year, the company added a net of 2,754 professionals to its headcount, thus taking its total headcount to
35,777 at the end of FY26.
The above operating and financial highlights relate to continuing operations.
A detailed Management's Discussion & Analysis (MD&A) on the Company's global business performance during the year under review, the business outlook, and the framework relating to internal controls, risk management and mitigation practices forms part of this Annual Report.
Consolidated Financial Statements
The consolidated financial statements, prepared in accordance with Section 129(3) of the Companies Act, 2013, the applicable rules made thereunder, and the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended, form part of this Annual Report along with the Auditor's Report thereon. These statements are presented in addition to the standalone financial statements and have been prepared in accordance with the applicable accounting standards prescribed in this regard.
Return of surplus funds to Shareholders (Dividend)
During FY26, we continuously followed the practice of returning of surplus cash available with the Company to the shareholders and based on the Company's performance, the Company has paid interim dividends aggregating to INR 15.8 per equity share of face value INR 2 each involving a cash outflow of INR 5,291 mn.
Further, during the year, the Company undertook a sub-division of its equity shares, whereby each fully paid-up equity share of face value INR 10 was subdivided into five fully paid-up equity shares of face value INR 2 each.
Transfer to Reserves
During the year, the Company has not transferred any amount to the General Reserves.
Change in nature of Business
The Company did not undergo any change in the nature of its business during the year FY2026.
KEY EVENTS DURING THE YEAR
Acquisitions/mergers during the year and after the closure of the financial year
Acquisition of Encora Group and issuance and allotment of Equity Shares on a Preferential Basis pursuant to a Share Swap Arrangement
The Company entered into a share subscription and share purchase agreement ("SSPA") dated December 26, 2025 with Encora US
Holdco, Inc. and Encora Holdings Ltd. (Cayman) (collectively, the "Target Companies"), Encora Holdco Ltd. (UK) and AI Altius Parent (Cayman) Limited (collectively, the "Investors") in relation to the acquisition of the Target Companies' shares from the Investors through a share swap arrangement ("Proposed Acquisition"). In terms of the SSPA, up to 9,37,96,508 (Nine Crore Thirty Seven
Lakh Ninety Six Thousand Five Hundred and Eight) fully paid-up equity shares of the Company having face value of INR 2 each ("Equity Shares") are proposed to be created, issued, offered and allotted to the Investors at an issue price of INR 1,815.91 per Equity Share (including a premium of INR 1,813.91 per Equity Share), aggregating up to a consideration of INR 1,70,32,60,16,842, in accordance with the terms of the SSPA.
The shareholders of the Company approved the aforesaid transaction, including issuance of equity shares on a preferential basis pursuant to the share swap arrangement, by way of postal ballot concluded on January 25, 2026.
The transaction was subject to receipt of requisite regulatory approvals across multiple jurisdictions. During the year, the
Company obtained key approvals, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act in the United States, competition approvals in relevant jurisdictions including Australia, and approval from the Reserve Bank of India for overseas direct investment exceeding USD 1 billion under the
Foreign Exchange Management (Overseas Investment) Rules.
Subsequently, on April 10, 2026, the Company received in-principle approvals from the stock exchanges for the preferential issue.
Pursuant thereto, the Company allotted 9,37,96,508 Equity Shares of face value INR 2 each at an issue price of INR 1,815.91 per Equity Share on April 23, 2026 in accordance with the terms of the SSPA. The Preferential Issue was carried out in compliance with the applicable provisions of the Companies Act, 2013 and the rules made thereunder, Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018, the Foreign Exchange Management (Non-Debt Instrument) Rules, 2019, and other applicable laws.
The Company filed an application with the stock exchanges on April 24, 2026 seeking listing approval for the said Equity Shares and subsequently received such approval. The Company has completed the allotment and is undertaking the necessary post-closing and regulatory compliances in accordance with applicable laws.
Approval for grant of special rights and covenants pursuant to the SSPA
The Board of Directors approved the revised proposal under the Share Subscription and Share Purchase Agreement ("SSPA"), as amended, for the grant of certain special rights and covenants to the investors, namely Encora Holdco Ltd. (UK) and AI Altius Parent (Cayman) Limited ("Investors"). In this regard, the Company, together with Encora US Holdco, Inc. and Encora Holdings Ltd. (collectively, the "Target Companies"), entered into an amendment agreement dated January 28, 2026 to the SSPA executed on December 26, 2025 to record revised terms, relating to the fall-away thresholds for the Investors' right to nominate directors on the Board. The revised proposal was subsequently approved by the shareholders of the Company on February 27, 2026.
Under the amended terms, the Investors are entitled to nominate upto two nominee directors on the Board, subject to prescribed shareholding thresholds. The right to appoint two nominee directors shall continue so long as the aggregate shareholding of the Investors remains above 15% of the share capital of the
Company, shall reduce to one nominee director if such shareholding falls below 15%, and shall cease entirely if such shareholding falls below 10%. The right to appoint nominee directors on Board committees has been removed, and no amendments to the Articles of Association of the Company are proposed in respect of such rights as may be required approved ancillary actions. Subsequent to the financial year end, upon completion of Encora acquisition on April 23, 2026, the Company did not proceed with the QIP and instead secured a USD 550 million three-year term loan facility at a fixed interest rate of 4.6% per annum from a consortium of international lenders to retire the debt in Encora. The shareholder resolution authorising the QIP remains valid but the Company does not currently intend to utilize it.
In the opinion of the Board, the aforesaid approval is in the best interest of the Company and its stakeholders.
Increase in Authorised Share Capital and consequent Alteration to the Capital Clause of the Memorandum of Association
The Board of Directors and the Shareholders of the Company, at their respective meetings held on December 26, 2025 and through a postal ballot concluded on January 25, 2026, had approved to increase the Authorised Share Capital of the Company from INR
77,00,00,000/- (Indian Rupees Seventy Seven Crore only) divided into 38,50,00,000 (Indian Rupees Thirty Eight Crore Fifty Lakh only) equity shares of INR 2/- (Indian Rupees Two only) each to INR 1,02,00,00,000/- (Indian Rupees One Hundred and Two Crore only) divided into 51,00,00,000 (Fifty One Crore only) equity shares of INR 2/- (Rupees Two only) each by creation of additional 12,50,00,000 (Twelve Crore Fifty Lac only) equity shares of INR 2/- (Indian Rupees Two only) each and consequently, the alteration and substitution of the existing Clause V of the memorandum of association of the Company by the following as new Clause V:
"V. The Authorised Share Capital of the Company is INR
1,02,00,00,000/- (Indian Rupees One Hundred and Two Crore only) divided into 51,00,00,000 (Fifty One Crore only) Equity Shares of INR 2/- (Rupees Two Only) each"
Authorization to raise capital by way of a Qualified
Institutions Placement or any permitted means to eligible investors through an issuance of Equity Shares and/or other eligible Securities
The Board of Directors and the Shareholders of the Company, at their respective meetings held on December 26, 2025 and through a postal ballot concluded on January 25, 2026, had approved the raising of funds by way of issuance of such number of equity shares having face value of INR 2 (Indian Rupees Two) each of the
Company ("Equity Shares") and / or other eligible securities or any combination thereof (hereinafter referred to as "Securities"), for an aggregate amount not exceeding USD 550 mn (US Dollar
Five Hundred Fifty million only) or an equivalent amount thereof by way of qualified institutional placement ("QIP") or other permissible modes in accordance with the applicable laws, subject to the receipt of the necessary approvals and other regulatory / statutory approvals, as may be required and approved ancillary actions. Subsequent to the financial year end, upon completion of Encora acquisition on April 23, 2026, the Company did not proceed with the QIP and instead secured a USD 550 million three-year term loan facility at a fixed interest rate of 4.6% per annum from a consortium of international lenders to retire the debt in Encora. The shareholder resolution authorising the QIP remains valid but the Company does not currently intend to utilize the same.
Increase in limits under Section 186 of the Companies Act, 2013
The Board of Directors and the Shareholders of the Company, at their respective meetings held on December 26, 2025 and through a postal ballot concluded on January 25, 2026, approved increase in limits under section 186 of the Companies Act, 2013 for the purpose of: (i) acquiring shares of the Target Companies pursuant to a share swap arrangement for a consideration of
INR 1,70,32,60,16,842; and (ii) providing guarantees for a bridge loan of up to USD 550 mn in a Company's overseas subsidiary (if required).
Scheme of Amalgamation of Cigniti Technologies Limited with the Company and their respective Shareholders and Creditors
At its meeting held on December 27, 2024, the Board of Directors approved the Scheme of Amalgamation of Cigniti Technologies Limited ("Cigniti") with and into Coforge Limited and their respective shareholders and creditors under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013, read with the rules made thereunder ("Scheme"). The Scheme, inter alia, provides for the amalgamation of Cigniti, as the transferor company, with and into the Company. Pursuant to the proposed Scheme, as amended post-split of Coforge Limited's shares and duly approved by the Board of Directors on July 06, 2025, one fully paid-up equity share of the Company of INR 2 each are issued to the shareholders of Cigniti for every one fully paid-up equity share of INR 10 each held by them. On January 10, 2025, the Company filed the Scheme with the stock exchanges and SEBI and received their approval.
Pursuant to the order dated October 17, 2025 passed by the
Hon'ble National Company Law Tribunal ("NCLT"), separate court-convened meetings of the equity shareholders, secured creditors and unsecured creditors of the Company were held on December
06, 2025 through Video Conferencing / Other Audio Visual Means in connection with the proposed Scheme. The meetings were chaired by Mr. L. N. Gupta (IAS) (Retd.), former Member, NCLT, as appointed by the Hon'ble Tribunal. Mr. Yashraj Singh, Advocate, appointed as the Scrutinizer by the Hon'ble NCLT, was present at the meetings. The requisite quorum being present, the meetings were duly conducted in accordance with the NCLT order and applicable legal and regulatory requirements, and the Scheme was approved by the requisite majority.
Thereafter, the Hon'ble NCLT, Chandigarh Bench, by its order dated
April 29, 2026, approved the Scheme. The certified copy of the order has been filed with the Registrar of Companies, Haryana, and all conditions specified under the Scheme have been complied with Accordingly, the Scheme has become effective and the transferor company stands amalgamated with and into the Company and dissolved without being wound up, with the appointed date being
April 01, 2025.
The Scheme has received all requisite statutory and regulatory approvals, including approvals from the stock exchanges, the Securities and Exchange Board of India, the shareholders and creditors of the respective companies, and the Hon'ble National Company Law Tribunal. Pursuant to the Scheme, the Board of
Directors fixed May 16, 2026 as the record date for determining the shareholders of the transferor company whose equity shares shall stand cancelled and to whom new equity shares of the Company shall be issued in accordance with the 1:1 share exchange ratio.
The Scheme was intended to enhance operational integration and streamline the corporate structure. By pooling resources, sharing best practices and fostering cross-functional learning, the amalgamation was expected to improve systemic efficiency and eliminate redundancies, including duplicate workstreams and administrative overheads. This reduction in operating costs, enabling seamless access to assets and strengthening cash flow management, thereby supporting the sustained growth and development of the combined business. The scheme also facilitated market expansion, created cross-selling opportunities and drove operational efficiencies through consolidated processes and shared services. In addition, it also fostered innovation through the pooling of technological resources and talent, while enabling more efficient management of the combined entity's operations. The Scheme ensured that the rights and interests of employees and shareholders of both Coforge and Cigniti remain unaffected and aligns with the objective of creating long-term value for stakeholders.
In the view of the Board, the Scheme is fair and reasonable and is not detrimental to the shareholders (promoter and non-promoter shareholders), key managerial personnel, staff or employees of the
Company, and no prejudice shall be caused to them in any manner by the Scheme.
Other Acquisitions
OptML Inc. (Asset Purchase Agreement):
Coforge DPA NA Inc., a wholly-owned step-down subsidiary of the Company, has entered into an asset purchase agreement with OptML Inc. and its shareholders to acquire customer contracts, key managerial personnel, employees and sub-contractors/vendors of OptML Inc. (collectively, the "Asset Purchase Agreement") subject to completion of conditions precedent as per the Asset Purchase Agreement.
Rythmos Inc.
Coforge Inc., a wholly owned subsidiary of the Company, has entered into a stock purchase agreement with Rythmos Inc. and its stockholders ("Stock Purchase Agreement") to acquire all of the outstanding shares of capital stock of Rythmos Inc. ("Rythmos Transaction"), subject to completion of closing conditions and closing deliverables as per the Stock Purchase Agreement. Further,
Coforge Inc. acquired 100% of the outstanding shares of Rythmos
Inc. from its stockholders in accordance with the Stock Purchase
Agreement on April 04, 2025.
Coforge Services Pty Limited (Erstwhile TMLabs Pty Ltd)
The Company, through its wholly-owned step-down subsidiary, Coforge Technologies Australia Pty Ltd, has agreed to enter into a share sale agreement with and its shareholders ("Share Sale Agreement") to acquire all of the outstanding shares of Coforge Services Pty Limited (Erstwhile TMLabs Pty Ltd), subject to completion of closing conditions and closing deliverables as per the Share Sale Agreement. Further, Coforge Technologies
Australia Pty Ltd. has acquired 100% of the outstanding shares of Coforge Services Pty Limited (Erstwhile TMLabs Pty Ltd) from its shareholders in accordance with the Share Sale Agreement on
April 16, 2025.
Change in Registrar and Share Transfer Agent
The Board of Directors of the Company, at its meeting held on
July 23, 2025, appointed M/s MUFG Intime India Private Limited as the Registrar and Share Transfer Agent ("RTA") of the Company in place of Alankit Assignments Limited.
The Company has received confirmations from both National
Securities Depository Limited (NSDL) and Central Depository
Services (India) Limited (CDSL) confirming that the said change became effective from March 19, 2026.
MUFG Intime India Private Limited shall act as the RTA for rendering RTA services to the Company and its shareholders. Consequent to this change, all shareholder-related services, including share transfer and transmission requests, matters relating to unclaimed dividends and Investor Education and Protection Fund (IEPF) claims, are being handled by MUFG Intime India Private Limited.
Consequent to the change, all shareholder related services, including share transfer and transmission requests, matters relating to unclaimed dividends and Investor Education and Protection Fund (IEPF) claims, are being handled by MUFG Intime India Private Limited.
Split of Shares
With a view to enhancing the liquidity of the Company's equity shares and encouraging participation by retail investors by making investment in the equity shares of the Company more affordable, the Board of Directors, at its meeting held on March 04, 2025, approved the alteration in the equity share capital of the Company by way of sub-division / split of the existing equity shares of the Company, such that each fully paid-up equity share having face value of INR 10 each be sub-divided into 5 fully paid-up equity shares having face value of INR 2 each, ranking pari passu with each other in all respects, along with the consequential alteration of the Capital Clause of the Memorandum of Association of the Company, subject to the approval of the Members of the Company.
The Members of the Company have approved the same by passing the resolution through postal ballot on April 17, 2025.
Further, the Board of Directors, at its meeting held on May 05, 2025, fixed June 04, 2025 as the record date for the sub-division / split. A new ISIN INE591G01025 was allotted to the Company upon receipt of the requisite approvals from the stock exchanges, namely BSE and NSE, and the depositories, namely NSDL and CDSL.
The effect of the change in face value was reflected in the share price on the stock exchanges with effect from June 04, 2025. The necessary adjustments in the demat accounts of the Members were also completed on June 05, 2025. The capital structure of the Company before and after the sub-division is set out below as on June 04, 2025.
Sale of Subsidiary
Coforge U.K. Limited, a wholly owned subsidiary of the Company has entered into a share purchase agreement with Sapiens UK Limited for sale and transfer of entirety of shareholding held by it in Coforge AdvantageGo Limited ("Share Purchase Agreement"), subject to satisfaction or waiver of conditions to Completion and Completion obligations as per the Share Purchase Agreement. Further, the transaction contemplated under the Stock Purchase
Agreement was completed on May 30, 2025.
Merger of Wholly Owned Subsidiary of the Company
The Company received the revised certified true copy of the
Order of Merger issued by the Regional Director, South East
Region, on June 03, 2025, dated May 28, 2025, approving the merger of Coforge Services Limited (CSL), Coforge Smartserve Limited (CSSL), and Coforge SF Private Limited (SF), step-down wholly owned subsidiaries of the Company (collectively, the "Transferor Entities"), into Coforge DPA Private Limited, a wholly owned subsidiary of the Company (the "Transferee Entity"). The necessary filings with the Registrar of Companies under the provisions of the Companies Act, 2013 were made on June 30, 2025 to make the Scheme effective.
Voluntary Winding up / Strike off of Step down
Wholly Owned Subsidiaries in the United Kingdom
The Board of Directors approved the proposal for voluntary winding-up / strike-off of Coforge SF Limited, UK and Coforge
DPA UK Limited, step-down wholly owned subsidiaries of the Company, in accordance with the applicable laws and regulations of the United Kingdom.
These entities are not engaged in any active business operations, and the proposed winding-up / strike-off is intended as a strategic rationalisation measure to streamline the group structure. This initiative is expected to enhance operational synergy, reduce administrative overheads and improve cost efficiency across
Company's business operations in the United Kingdom.
The voluntary winding up / strike off process shall be carried out in compliance with the applicable legal, regulatory and statutory requirements of the respective jurisdiction. There is no material impact of the aforesaid restructuring on the financial position or operations of the Company. The Company will complete all requisite filings and compliances as may be required under applicable laws.
Other Key developments during the year under review:
• Coforge modernizes its global employee experience by adopting ServiceNow's AI powered HR Service Delivery platform
• Coforge Secures Strategic Partnership with VHC Health to Transform Provider Experience
• Coforge secures a $158M five-year contract with a UK based client
• Coforge Expands CodeInsightAI with Agentic AI Capabilities for Enterprise Modernization
• Coforge Recognized as a Leader in the ISG Provider LensR 2025
Multi Public Cloud Services US and UK region for "Consulting and Transformation Services" and "Managed Services" – Midmarket
• Innovaccer and Coforge Partner to Accelerate AI Transformation in Healthcare
• Coforge to acquire Encora.
AI driven engineering firm for the new era.
• Coforge Launches EvolveOps.AI: Agentic AI-Powered IT Operations Platform for Enhanced Business Resiliency from Edge to Cloud
• Coforge Unveils ‘Data Cosmos' – A Next-Gen AI-Enabled, Cloud-Native Data & Analytics Platform Designed to Accelerate Enterprise Transformation
• Coforge launches z/TPF Center of Excellence (CoE) for AI-Powered Transaction Processing Innovation
• Coforge strengthens its AI capabilities with new AI-driven accelerators on the Coforge Quasar AI platform
• Coforge Unveils Forge-X, an Integrated Engineering and Delivery Platform to Revolutionize AI-Driven Software Delivery at Scale
• Coforge inaugurates Data & AI Lab in IIT (BHU), Varanasi to harness AI for large scale social impact
• Coforge Recognized as a Leader in Avasant's Airlines and
Airports Digital Services 2025 RadarViewTM
• Coforge collaborates with Duke's Fuqua School of Business to accelerate Gen AI adoption across industries
• Coforge launches Quasar GenAI Central and Quasar Marketplace to Scale Enterprise AI Adoption
• Coforge and Nylas Partner to Revolutionize Salesforce Customer Scheduling and Communication
• Coforge accelerates AI-powered ServiceNow Dispute Management in the Financial Services Industry
• Coforge Divests AdvantageGo to Sapiens
OTHER MATERIAL CHANGES AND COMMITMENTS
The following material changes and commitments affecting the financial position of the Company have occurred subsequent to the close of the Financial Year to which the Financial Statements relate and up to the date of this Report.
The material developments occurring after the close of the financial year, including those relating to the Scheme of Amalgamation of Cigniti Technologies Limited with the Company and the acquisition of Encora Group together with the related preferential issue of equity shares, have been appropriately disclosed in the relevant sections of this Report.
COMPANIES ACT DISCLOSURES & CORPORATE GOVERNANCE
Annual Return
Pursuant to Section 92(3) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014, a copy of the annual return is required to be placed on the website of the Company and the web-link thereof is to be disclosed in this Report. The annual return has accordingly been uploaded on the website of the Company, and the web-link for the same is https://www.coforge.com/investors/statutory-disclosures.
Directors intent to be the leading
The list of all the directors with changes is provided below:
Directors retiring by rotation
Sudhir Singh and John Robert Speight, Directors of the Company, retire by rotation and being eligible, offer themselves for reappointment at the 34th Annual General Meeting of the Company scheduled to be held on August 24, 2026.
Independent Directors
Pursuant to Section 149 of the Companies Act, 2013 and the SEBI
(Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended ("SEBI Listing Regulations"), the Company has five
Independent Directors on its Board, namely O P Bhatt, Anil Chanana, Beth Boucher, D K Singh and Vivek Sharma. The composition of the Board is in compliance with the requirements of the Companies Act,
2013 and the SEBI Listing Regulations, as amended from time to time. D K Singh was re-appointed as an Independent Director of the
Company for a second term of five years from February 12, 2026 to February 11, 2031, which was approved by the shareholders on November 02, 2025. Further, the Board approved the appointment of Vivek Sharma as an Additional Director (Non-Executive
Independent Director) with effect from April 01, 2026, subject to the approval of the shareholders of the Company.
All Independent Directors have furnished declarations confirming that they meet the requirements specified under Section 149(6) of the Companies Act, 2013 and the SEBI Listing Regulations. The eligible Independent Directors have also qualified the proficiency test prescribed by the Indian Institute of Corporate Affairs (IICA).
In the opinion of the Board, the Independent Directors possess the requisite expertise and experience, are persons of integrity and repute, fulfil the conditions specified in the Act and the Rules made thereunder, and are independent of the management.
During the year, Independent Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, commission and reimbursement of expenses incurred by them for the purpose of attending meetings of the Company. Details of the Familiarization program for Independent Directors of the Company are available on the website of the
Company. Further, at the time of appointment of an Independent Director, the Company issues a formal letter of appointment outlining their role, functions, duties and responsibilities. The terms and conditions of the appointment of Non-Executive Directors are placed on the website of the Company at https://www. coforge.com/ The detailed information about the familiarization programme is provided in the Corporate Governance Report, forming part of the Annual Report.
Familiarization Programs attended by Independent Directors
Apart from the regular business and financial updates at the quarterly meetings, every year, the Independent Directors devote more than 15 hours appx. for familiarization activities designed to strengthen their understanding of the Company, its business environment, and key developments. These include:
• visits to various offices of the Company, its subsidiaries, and
CSR project sites;
• one-on-one interactions with the leadership team; and • presentations by internal and external stakeholders, including industry experts and consultants, covering key areas such as emerging technologies, including AI, geopolitical updates, industrywide business and financial performance updates, industry outlook, and capital market developments at Board and committee meetings held during the year.
Further, the Familiarization sessions are conducted through presentations, briefings, and interactions with senior management, as and when required.
The details are available on the website of the Company. Familiarization-Programme-Independent-Directors.pdf & Familarization Program.pdf
Key Managerial Personnel
Pursuant to the provisions of Section 203 of the Companies Act, 2013, the Company has the following Directors/employees as Whole-time Key Managerial Personnel as on March 31, 2026:
a) Sudhir Singh Chief Executive Officer & Executive Director b) John Robert Speight –Executive Director c) Saurabh Goel - Chief Financial Officer d) Barkha Sharma - Company Secretary & Compliance Officer
Changes in the status of KMPs during the year:
Gautam Samanta resigned as Executive Director of the Company with effect from October 10, 2025, and John Robert Speight was appointed as Executive Director with effect from October 10, 2025. There was no other change in the status of the Key Managerial Personnel during FY2025-26.
Number of meetings of the Board
The Board of Directors of the Company met 15 (fifteen) times during FY2026. The details pertaining to the Board meetings and attendance are provided in the Corporate Governance Report. The intervening gap between two Board meetings was within the period prescribed under the Companies Act, 2013 and the SEBI
Listing Regulations, as amended.
Directors' Responsibility Statement
As required under Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013, the Board of Directors of the Company, to the best of their knowledge and belief, state and confirm that:
a) In the preparation of the Annual Accounts for the financial year ended March 31, 2026, the Indian Accounting Standards
(Ind AS) have been followed along with proper explanation relating to material departures;
b) The Company has selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial Year and of the Profit and Loss of the Company for that period;
c) The Board has taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) The Annual Accounts are prepared on a going concern basis;
e) The Company has laid down internal financial controls to be followed by the Company, and such internal financial controls are adequate and were operating effectively during the year;
f) Proper systems have been devised to ensure compliance with the provisions of all applicable laws, and such systems were adequate and operating effectively; and
g) Based on the framework of internal financial controls and compliance systems established and maintained by the Company, the work performed by the internal, statutory and secretarial auditors and external consultants, including the audit of internal financial controls over financial reporting by the statutory auditors and the reviews performed by management and the relevant Board Committees, including the Audit Committee, the Company's internal financial controls were adequate and effective during FY 2026.
Committees of the Board
The Board of Directors has constituted the following committees. The details of the composition of these committees are set out below:
1. Audit Committee
2. Nomination & Remuneration Committee
3. Stakeholders' Relationship Committee
4. Corporate Social Responsibility and Environmental, Social, and Governance (CSR & ESG) Committee
5. Risk Management Committee
Audit Committee
The Audit Committee of the Company is constituted in accordance with Section 177 of the Companies Act, 2013 and Regulation 18 of the SEBI Listing Regulations, as amended, and comprises
Independent Directors. Details of attendance at meetings and other relevant matters are provided in the Corporate Governance Report. The composition of the Audit Committee of the Board is set out below:
1. Anil Chanana - Chairperson
2. O P Bhatt
3. Beth Boucher
4. DK Singh
5. Atin Jain (w.e.f. April 23, 2026)
There was no change in the committee composition during Affairs, the the year. Barkha Sharma, Company Secretary & Compliance Officer, acts as the Secretary to the Committee. The Board accepted all recommendations made by the Audit Committee during the year. Details pertaining to the number of meetings held during the year, as well as the terms of reference, functioning and scope of the Committee, are set out in the Corporate Governance Report in accordance with the requirements of the SEBI Listing Regulations, as amended. Prior to each quarterly Audit Committee meeting, the Audit Committee Chairperson holds separate interactions with the
Chief Financial Officer, Internal Auditors and Statutory Auditors.
Nomination and Remuneration Committee
The Company has a duly constituted Nomination and Remuneration
Committee in accordance with Section 178 of the Companies Act, 2013 and the SEBI Listing Regulations, as amended. The
Committee comprises the following members:
• DK Singh – Chairperson of the Committee
• O P Bhatt
• Beth Boucher
• Shweta Jalan (w.e.f. April 23, 2026)
There was no change in the committee composition during the year. During the course of the year, Anil Chanana has been invited to the Nomination and Remuneration Committee Meetings. Details of attendance at meetings, terms of reference and other relevant matters are disclosed in the Corporate Governance Report of the Company. During the year, the Nomination and Remuneration
Committee also passed circular resolutions on October 30, 2025, October 31, 2025 and March 26, 2026.
Stakeholders' Relationship Committee
In terms of Section 178 of the Companies Act, 2013 and Regulation 20 of the SEBI Listing Regulations, the Company has duly constituted a Stakeholders' Relationship Committee. The Committee is chaired by O P Bhatt, a Non-Executive Independent Director, and Barkha Sharma, Company Secretary & Compliance
Officer, acts as the Secretary to the Committee. The scope of the
Committee is aligned with the requirements of the SEBI Listing Regulations. The Committee has delegated matters relating to share transfer, issue of duplicate shares, and dematerialisation / rematerialisation of shares to the Share Transfer Committee, which reports to the Committee. Details pertaining to the number of meetings held during the year, and the terms of reference, functioning and scope of the Committee, are set out in the Corporate Governance Report. The constitution of the Stakeholders' Relationship Committee is as follows:
• O P Bhatt – Chairperson of the Committee
• Sudhir Singh
• DK Singh
• Vivek Sharma (w.e.f. April 23, 2026)
Corporate Social Responsibility and Environmental, Social, and Governance (CSR & ESG) Committee
In terms of the Companies Act, 2013 and Rule 9 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, read with issued by the Ministry of Corporate therelevant constituted a CSR & ESG Committee.
The Committee formulates and recommends to the Board the Corporate Social Responsibility (CSR) Policy indicating the activities to be undertaken by the Company in line with Schedule
VII to the Companies Act, 2013, recommends the amount of expenditure to be incurred, and monitors the expenditure and activities undertaken under the CSR Policy. The Annual Report on CSR Activities for FY2026 forms part of this Report. Details pertaining to the number of meetings held during the year and the terms of reference, functioning and scope of the Committee are set out in the Corporate Governance Report in accordance with the SEBI Listing Regulations, as amended. The constitution of the CSR & ESG Committee is as follows:
• Beth Boucher – Chairperson of the Committee
• John Robert Speight
Note: John Speight has joined as a member of the committee w.e.f.
October 10, 2025. Further, Gautam Samanta ceased to be a member of the committee pursuant to resignation as Executive Director of the Company w.e.f. October 10, 2025 (close of business hours).
Risk Management Committee (RMC)
The Committee comprises the following Directors:
• Beth Boucher – Chairperson
• Anil Chanana
The Internal Auditor is invited to the Committee meetings & the Company Secretary & Compliance Officer of the Company is the Secretary to the Committee. The terms of reference of the Committee are provided under the Corporate Governance Report of the Company.
Policies of the Company
Those Charged with Governance (TCWG) framework
To enhance audit quality, strengthen governance oversight, and ensure compliance with the Companies Act, 2013 and Standards on Auditing (SA 260 (Revised) and SA 265), and in line with the NFRA Circular dated January 07, 2026 a policy on Two-
Way Communication Between Those Charged with Governance (TCWG) and the Statutory Auditors was recently adopted by the Board. This Policy applies to audit of the Company's standalone and consolidated financial statements and review of quarterly standalone and consolidated financial results and covers:
• Two-way communications between Auditors and TCWG and other duly empowered sub groups of Board.
• Communication of audit strategy, audit plan, scope, timing, materiality, key risks, significant judgments/estimates, independence, internal financial controls in particular to prevent frauds and non-compliance with critical laws and regulations, identified control deficiencies, areas of significant accounting policy judgment and management estimations; areas requiring involvement of experts, either by the Management or the Auditors, regulatory non compliances, significant unusual transactions, and going concern matters.
The members of the Audit Committee, CEO, and CFO of the Company are members of the TCWG, and the Company Secretary is an invitee to the TCWG. One meeting of the TCWG was held on May
4, 2026, in the presence of the Statutory Auditors of the Company.
Nomination & Remuneration Policy
Pursuant to the provisions of Section 178(3) of the Companies Act, 2013, the Board has, on the recommendation of the Nomination and Remuneration Committee, framed a policy for selection, nomination and / or appointment of Senior Management / Key Managerial Personnel, including Directors of the Company and their remuneration. The Board of Directors has revised the Policy during the year in terms of the amendments in the SEBI Listing Regulations, as amended, and the detailed Policy is stated in the Corporate Governance Report.
Vigil mechanism/Whistle Blower Policy
In view of the requirement as stipulated by Section 177 of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 and Corporate Governance under SEBI Listing Regulations, as amended, the Company has complied with all the applicable provisions. It has adopted a Whistle Blower Policy duly approved by the Audit Committee to report concerns about ethics, unethical behaviour, actual & suspected fraud, or violation of the Company's Code of Conduct and Ethics. The policy is hosted on the Company's website. The same provides for adequate safeguards against victimization of director(s)/employee(s) who avail of the mechanism and also provides for direct access to the Chairperson of the Audit
Committee in exceptional cases. It is affirmed that no person has been denied access to the Audit Committee.
Policy for Determining Material Subsidiaries
The Policy for determining the material subsidiaries of the Company is in terms of the amendments in the SEBI Listing Regulations, as amended. The said Policy is available on the Website of the Company at https://www.coforge.com/
Risk Management Framework and Committee
The Board has established a Risk Management Committee comprising a majority of Independent Directors. Comprehensive details regarding the Committee and its terms of reference are provided in the Corporate Governance Report. During the year, the Company strengthened and implemented an enhanced risk management framework to identify and monitor various risk elements across five principal categories: strategic, technological, financial, operational and ESG-related risks. The Committee also reviewed developments relating to emerging risks, including cybersecurity, data privacy and geopolitical uncertainties, and considered detailed mitigation strategies. These actions enabled the Board to maintain close alignment with the Company's evolving risk profile and ensured proactive oversight consistent with regulatory requirements and global best practices.
The Risk Management Committee reviews key risk elements relating to the Company's business, finance, operations and compliance, together with the corresponding mitigation strategies. While the Risk Management Committee focuses on strategic, business, compliance and operational risks, the Audit Committee reviews matters relating to ethics and fraud, internal control over financial reporting and process risks. Other committees also oversee risks relevant to their respective areas of responsibility. The Risk Management Committee functions under the Company's Risk Management Policy and periodically reviews major risks associated with the Company.
Dividend Distribution Policy
The Company has a Policy for Distribution of Dividend under
Regulation 43A of SEBI Listing Regulations, this policy aims at laying down a broad framework for considering decisions by the Board of the Company, with regard to distribution of dividend to shareholders and/or retention or plough back of its profits.
The Policy is enclosed as Annexure-A of the Report and is also available on the Company's website.
Code of Conduct
The Company Code of Conduct is available on the Company's website at https://www.coforge.com/investors/code-of-conduct. The Chief Executive Officer of the Company has given a declaration that the Directors and Senior Management of the Company have complied with the Code of Conduct during the year
2025-26.
Code on Prevention of Insider Trading
The Company has formulated and adopted a Policy in accordance with the requirements of SEBI (Prohibition of Insider Trading)
Regulations, 2015, as amended. In compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended, the
Company has a robust Code of Conduct to prohibit and monitor insider trading in the Company, which is strictly followed within the Company and the reporting is done to the Audit Committee/ Board at regular intervals. The Policy lays down the guidelines and procedures to be followed, and disclosures to be made while dealing with the shares of the Company, along with consequences for violation. The policy is amended to bring it in line with the provisions of the prevailing regulations, from time to time.
Training programs were also conducted to spread awareness, and self-assessment tests were administered with a passing score. Further, the Company is working rigorously on effective compliance with SEBI (Prohibition of Insider Trading) Regulations,
2015, with all the amendments being discussed and their implementation within the stipulated time. Apart from training programs, one-o-one interactions and emails are sent to the officials for better understanding and clearance of any doubts. Pursuant to the provision of Regulation 3(5) and 3(6) of SEBI (Prohibition of Insider Trading) Regulations, 2015 read with
SEBI Circular issued in this regard and in view of Coforge Code of Conduct to regulate, monitor and report trading by designated persons ("Coforge PIT Code"), the Company has put in place a Structured Digital Database System (SDD) in compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015. Strict action was taken against officials who were found guilty during the year. The Audit Committee also reviews compliance with the regulations at the quarterly/annual meetings. Procedures have been established for Directors, officers, designated persons, and their relatives regarding trading in the Company's securities. These procedures are regularly communicated to employees identified as insiders. In addition, insider trading awareness sessions are held for designated persons. Notifications about trading window closures, during which Directors and designated persons/insiders are not allowed to trade in the Company's securities, are provided in advance. The company adopted a stringent penalty framework for any violations, and any policy violations are addressed and reported to SEBI/Stock Exchanges as required, if any.
Code of Fair Disclosure
The Company's Code of Fair Disclosure is placed on the Company's website: https://www.coforge.com/.
The management of the Company develops and implements policies, procedures and practices that attempt to translate the Company's core purpose and mission into reality. It also identifies, measures, monitors, and minimizes risks in the business and ensures safe, sound and efficient operations. These risks are internally supervised and monitored by the Company's Management.
Performance Evaluation
The Board completed the process of annual performance evaluation of the Board/Committee/members for the year. This exercise was intended to ensure an independent, confidential, transparent and comprehensive assessment of the performance of the Board, its members and its committees, with responses collected directly through the tool.
The evaluation methodology covered various aspects, including structured questionnaires on overall Board effectiveness, evaluation of the Chairperson, peer evaluation of individual Directors (including Independent and Executive Directors), and evaluation of the Board Committees. The assessment also covered areas relating to Board composition, governance practices, risk oversight, financial monitoring, ESG and sustainability focus, strategy formulation, succession planning, people management, the quality and timeliness of information flow, and the conduct of Board and Committee meetings, together with provision for qualitative feedback to support a comprehensive report highlighting areas of strength and improvement.
The evaluation was conducted in accordance with Sections 134 and 178 of the Companies Act, 2013 and Regulation 19 of the SEBI
2015, for the financial year 2025 26. The results of the assessment were presented to the Chairperson and subsequently to the Board.
The Chairperson communicated the feedback to all the members and deliberated on the same.
Managerial Remuneration & Particulars of Employees
The information required under section 197(12) read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in Annexure-B. Further, managerial remuneration is also provided in the Corporate Governance Report. The information as required under
Section 197(12) of the Companies Act, 2013, read with Rule 5(2) of Companies (Appointment and Remuneration of Managerial
Personnel) Rules 2014, is applicable and forms part of the Report.
However, as per first proviso to Section 136(1) of the Act and second proviso of Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Report and Financial Statements are being sent to the Members of the Company excluding the statement of particulars of employees under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Any Member interested in obtaining a copy of the said statement may write to the Company Secretary, and the said annexure is also open for inspection at the
Registered Office of the Company.
Other disclosures:
Deposits from the Public
The Company has not accepted any Deposits under Chapter V of the Companies Act, 2013 during the year. Hence, no amount of principal or interest was outstanding on the date of the Balance Sheet.
Insolvency & Bankruptcy Code, 2016
There were no proceedings initiated/pending against your
Company under the Insolvency and Bankruptcy Code, 2016, which impacts the business of the Company.
Difference in the amount of valuations, if any
There were no instances where your Company required the valuation for one-time settlement or while taking any loan from the Banks or Financial Institutions.
Share Capital a) Issue of equity shares with differential rights or sweat equity shares
During the year, the Company has not issued any equity shares with differential rights/sweat equity shares under the Companies (Share Capital and Debentures) Rules, 2014.
b) Issue of Employee Stock Options
During the year, the Company issued 14,16,657 (Fourteen
Lakhs Sixteen Thousand Six Hundred and Fifty-Seven)
Equity shares on the exercise of stock options under the Employee Stock Option Scheme of the Company (ESOP
2005). Consequently, the issued, subscribed, and Paid- up Equity Capital increased to INR 671621874 as at March 31, 2026, pursuant to Rule 12(9) of Companies (Share Capital and Debentures) Rules, 2014. The Schemes comply with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (‘ESOP Regulations') and there was no material change in the Schemes during the year under review. The grant-wise details of the Employee Stock Option Scheme are partially provided in the Notes to Accounts of the Financial Statement in the Annual Report, and a comprehensive note pursuant to the provisions of ESOP Regulations on the same forms part of the Board Report, which is available on the website of the Company https://www.coforge.com/investors .
The certificate from Parikh & Associates, Practising Company
Secretaries, certifying that the Schemes are implemented in accordance with the ESOP Regulations and resolutions passed by the members from time to time, shall be available for inspection by the members in electronic mode during the AGM.
c) Provision of money by the Company for the purchase of its own shares by employees or by trustees for the benefit of employees
In terms of Rule 16(4) of Companies (Share Capital and Debentures) Rules, 2014, the Company has not provided any funds for the purchase of its own shares by employees or by trustees for the benefit of employees.
d) Buy-back of equity shares of the Company
The Company has not bought back any shares during the year.
Conservation of Energy & Technology Absorption
Environmental sustainability aims to enhance human life quality while minimizing strain on the Earth's resources. It embodies the responsibility to conserve natural resources and safeguard global ecosystems for present and future well-being. Achieving this equilibrium between humans and the natural world involves living in a manner that doesn't deplete resources. An unsustainable situation arises when natural resources are depleted faster than they can be replenished.
At Coforge, we are committed to continuously improving our environmental performance. We have committed to become a Zero Carbon organization by 2040. To achieve our commitment, we have undertaken the following key initiatives:
Energy & Climate Action
• Our long-term emission targets have been verified by SBTi, supporting overall reduction in energy use and emissions.
• 100% conversion of our employee transport fleet from diesel/ petrol to CNG in NCR locations, with expansion to other locations of operations.
• Increased EV fleet by 07% in the NCR transportation fleet.
• Installed EV charging station at the Greater Noida facility to promote EV adoption.
• Conversion of lighting to LED.
Green Infrastructure & Energy Efficiency
• Achieved LEED Platinum EBOM certification for the Bengaluru facility and Gold LEED ID+C certification for the Hyderabad facility from the USGBC. New certification for the Pune and Recertification for Greater Noida campuses under the EBOM framework is currently underway.
• Certified with ISO 14001:2015 and ISO 45001:2018 to ensure compliance through periodic audits.
• In the process of ISO50001 certification (Energy Management
System).
• Transition to refrigerants with low warming potential.
• Upgrading AC units to more efficient units compatible with refrigerants of low warming potential.
• Replaced the hot water system at the guest house in Greater
Noida facility with an energy-efficient solar hot water system, reducing energy consumption.
• An energy-efficient VRV system has been installed at the guest house, allowing independent operation and avoiding the need to run the entire 628 TR chiller plant during off-peak times.
• All diesel generators at the Greater Noida campus are equipped with Retrofit Emission Control Device to treat exhaust air before release.
• Prioritizing the use of green products for new facilities and appropriate waste segregation during and post-construction phases in India.
Green IT
• The reduction of 224 units of 150 Ah batteries from the data center UPS that significantly minimized lead-acid battery waste.
• All e-waste is disposed of only through government-approved recyclers.
• Repurposing and reusing nearly 2,000 repaired IT assets
(laptops) that resulted in avoidance of over 380 tons CO2e.
Renewable Energy
• Greater Noida campus has been running on 100% green energy since November 2024, contributing 62% of Coforge's total energy consumption in India.
• Utilizing rooftop areas at the campus for solar energy generation through a 75 KW solar plant, reducing carbon footprint and grid power consumption.
• Collaborating with regional government authorities in all areas where Coforge operates to secure renewable energy connections for facilities.
Other Sustainability Initiatives
• Committing to making our offices free from single-use plastic, with plastic waste limited to packaging material and disposed of through authorized recyclers.
• Processing food and horticulture waste in-house for manure production.
• In FY26, the campus initiated several measures to reduce single-use plastics, including compostable garbage bags, reusable glass bottles, recyclable bottles, and elimination of plastic carry bags and food wraps in dining areas.
• Health, Safety & Environment training modules in India to instill sustainability concepts in employees' routines and actions.
• Launched mandatory ESG training for all employees.
• The Greater Noida campus has reduced paper cup usage from
6 million to 0.2 million annually, and in FY25, 6,295 kilograms of Type 1 and 2 paper were recycled into internal-use stationery.
• In the process of ISO20400 certification (Sustainable
Procurement) to integrate sustainable practices across our supply chain.
• Ran an employee awareness campaign to encourage our people to adopt sustainable practices and use resources efficiently.
Technology absorption and R&D (Research & Development)
Coforge is a client centric and growth obsessed organization, focusing on providing holistic and integrated solutions to our clients globally. Our GTM and Integrated solution approach to solve client problems leverages a 4-tiered approach:
• Strategy Tier: The overarching strategy for the enterprise is chalked out at the cusp of Domain Consulting + Strategic Design + Enterprise Architecture. We co-work with our clients in a strategic partnership to define their long-term transformation roadmap.
• Technical Capabilities Tier: To realize the transformative roadmap we leverage our horizontal technical capabilities as end-to-end Value Streams. Our Technical capabilities span across: User Experience, Process Journeys, High Velocity Engineering, AI & Analytics and Packaged Applications.
• Product Engineering Capabilities Tier: To realize Platforms and Products, we leverage new ways of working and iteratively implement them with a business aligned IT operating model, Product Management, Full Stack Developers, DevSecOps, Quality Engineering, based fully stacked agile teams that focus on modern/cloud based technologies.
• Cloud Hyper-scaler & Security Capabilities Tier: Infrastructure is built on Agile, Nimble and Reliable design principles that have built in zero trust security capabilities. We always strive to be at the forefront of emerging technologies and use the same for realising Business Value for our clients. Our Innovation mindset, Design Thinking methodology and focus on Emerging Technologies and Patterns help us use these technologies to gain disproportionate value for the business. Our partnership with Microsoft is a strategic asset that enables us to deliver value to our clients and grow our business. Microsoft is one of the hyper-scalersthat significant growth for Coforge.drive
A relationship that spans 360 degrees including, buying-from, selling-to and partner-with which forms the basis of the go-to-market with Microsoft. We leverage Microsoft's cutting-edge technologies to optimize our operations, enhance our productivity, and improve our efficiency. We use Microsoft
Azure as our preferred cloud platform to host our applications, data, and infrastructure, taking advantage of its scalability, security, and reliability. We also use Microsoft 365 as our main productivity suite, enabling our employees to collaborate seamlessly across teams and locations, using tools like Teams, Outlook, Word, Excel, and PowerPoint. We empower our workforce with Microsoft Power Platform, a low-code solution that allows them to createapps,automateworkflows, and analyze data without requiring extensive coding skills. We also harness the power of Microsoft AI and cognitive services to augment our capabilities and deliver intelligent solutions to our clients. In addition to optimizing our own operations, we benefit from Microsoft technologies. We alsohelpourclientsto have a dedicated Microsoft business unit that provides end-to end services across the Microsoft stack, from consulting and design to implementation and support. We have deep expertise in various Microsoft technologies, such as Azure, Microsoft
365, Dynamics 365, Power BI, SharePoint, SQL Server, .NET, and more. We work closely with Microsoft to co-create and co-innovate new offerings that address the emerging needs of the market and generate new opportunities for both parties.
We have developed several industry-specific and domain-specific solutions based on Microsoft technologies, such as
Coforge Financial Advisor Copilot, Insurance Underwriter Copilot and are in the process of adding our domain knowledge into building smart Copilots. These solutions enable our clients to optimize their processes, enhance their customer experience, and drive innovation in their respective sectors. By partnering with Microsoft, we create value for our clients. We are proud to be a Microsoft Azure Expert MSP along with various advanced solution competencies such as Data and AI, Business Applications, etc. As part of the Go-To-Market (GTM), we leverage the Microsoft Partner Network, which gives us access to exclusive resources, learning paths, training, and support from Microsoft. We are also recognized as a Microsoft Azure Expert Managed Service Provider, a Microsoft FastTrack Ready Partner, and a Microsoft Co-Sell Ready Partner, which demonstrate our capabilities and achievements in delivering Microsoft-based solutions. We have modeled and conducted internal pilots and with clients on developer productivity with GitHub Copilot. The results have been on multiple dimensions with developers using GitHub Copilot report up to 25% faster code writing without sacrificing quality, improved job satisfaction by developers up to 50%, as it enables them to spend more time on meaningful and satisfying work. We believe that GitHub Copilot can enable increased developer productivity, faster time-to-market, and higher employee satisfaction and retention.
HP–NVIDIA Technology R&D Partnership Update
Coforge is deepening its strategic relationship with industry leaders HP and NVIDIA, leveraging HP-provided physical AI infrastructure that packages the full NVIDIA technology stack into an enterprise-ready platform. This collaboration strengthens
Coforge's capability building in AI infrastructure and engineering, enabling scalable, high-performance Physical AI and GenAI deployments. The partnership enhances Coforge's AI service offerings while accelerating innovation and time-to-value for our clients across industries catering the needs of sovereign AI and data residency.
Amongst others, following are the key technologies and horizontal capabilities that Coforge has used effectively during FY 2026:
Coforge AI Initiatives
1. AI-First Execution Model: Coforge is adopting an AI-First approach across all client engagements. By embedding AI into the foundation of every process we automate, we are unlocking measurable value—enhancing customer experience, optimizing cost structures, and accelerating top-line growth. This approach is now integral to our delivery model.
2. Quasar Marketplace Platform: We have enhanced the Coforge Quasar Marketplace, a centralized platform that aggregates all AI-related assets including solutions, accelerators, client case studies, architecture blueprints, and knowledge artifacts with 10+ new solutions and architecture blueprints. This marketplace serves as a single access point for clients, sales teams, and business units to leverage our enterprise-wide AI capabilities.
3. Coforge AgentSphere: We have enhanced Coforge AgentSphere Solution (our Agentic AI Platform) with new agents, and technical capabilities including A2A protocol compliance for Agents, Custom MCP Deployment, Agentic Memory (short term, long term, semantic memory), and Agentic observability capabilities. The solution is designed to empower individuals and organizations to discover, connect, and orchestrate Al agents to build powerful workflows.
4. Agentic Memory as a Service (AMaaS): We have developed a solution which helps in a managed, scalable memory fabric for agentic systems enabling long-term, episodic, and semantic memory with low-latency retrieval. Abstracts vector stores, state management, and lifecycle controls to accelerate production-grade agent deployment.
5. Fine-tuning as a Service (LoRA / QLoRA – Enhancements):
We have enhanced our solution for Parameter-efficient fine-tuning pipelines leveraging LoRA/QLoRA techniques. Solution is deployed to develop a finetuned model on Duck
Creek insurance datasets. Delivers domain-specialized LLMs with lower compute cost, faster turnaround, and strong regulatory alignment.
6. Quasar Marketplace – AI Product Roadmap Ideation Platform: Solution is implemented for AI-driven innovation intake and prioritization system to crowdsource ideas. Aligns product roadmaps with strategic themes, feasibility signals, and enterprise impact.
7. AgenticFlow – Underwriter Command Center: An agent-orchestrated automation platform that ingests, classifies, validates, and synthesizes underwriting documents using LLMs and workflows. Embeds decision intelligence directly into insurance underwriting operations.
8. Decision Fabric (Context Graph Solution): A federated enterprise context graph combining knowledge graphs, embeddings, and reasoning layers. Acts as the cognitive substrate powering context-aware GenAI, RAG, and autonomous agents. Providing the decision intelligence layer for the enterprise.
9. AI Studio – Model Garden: Deployed additional advanced
LLMs including On-Prem Llama, Kimi K2, DeepSeek, OpenAI,
Gemini, Sonnet and others for enabling a controlled experimentation environment for benchmarking and integrating foundation models, RAG pipelines, and prompt patterns. Supports rapid prototyping with enterprise-grade isolation and reuse.
10. RAG as a Service: Enhanced the solution with cloud-agnostic, fully managed RAG solution offering ingestion, embedding, semantic retrieval, and grounded generation. Standardizes knowledge-centric GenAI deployments with minimal operational overhead
11. Sky Resolve (Airline Disruption Management): An agentic decision orchestration platform for airline disruption scenarios, optimizing recovery across crew, fleet, and passengers. Combines real-time data, constraints, and AI-driven recommendations.
12. Responsible AI Governance: Our Responsible AI Framework enables clients to adopt generative AI technologies with strong governance controls. The framework ensures compliance with regulatory requirements, safeguards data privacy, detects model bias, and enhances explainability— providing trust and transparency in enterprise AI adoption.
13. Domain-Specific AI Model Development: Coforge has developed specialized AI models for high-impact enterprise use cases: • Investor Assist and Sales Assist agents • Optimus, a travel domain model for query handling • Knowledge Transition Suite, supporting code, audio, and video assets In addition, we are working with Nvidia and HPE to codevelop industry-specific models using the Nvidia NeMo framework and HuggingFace open-source foundational models, enabling rapid deployment of verticalized AI across key industries such as banking, travel, and healthcare.
14. Role-Specific AI Literacy Programs: Following the successful rollout of our AI Spark training to all employees, we are now advancing toward role-based learning tracks tailored for architects, delivery managers, developers, and sales professionals. These programs, supported by partnerships with Microsoft, Google Cloud, and AWS, are designed to deepen technical fluency and drive AI adoption at scale. Our teams are also certified on GitHub Copilot to further enhance productivity and software quality.
15. Analyst Endorsement and Industry Thought Leadership:
Coforge has received recognition in the top tiers for AI and GenAI capabilities from leading analysts including ISG, HFS, and NelsonHall. We have also co-authored thought leadership with analysts on GenAI strategy and adoption, further reinforcing our positioning as a trusted innovation partner.
16. Coforge–ServiceNow AI Lab: In collaboration with ServiceNow, we have established a dedicated AI Lab to integrate our Quasar AI accelerators with the ServiceNow platform. The lab enables rapid prototyping, experimentation, and solution development—allowing clients to unlock AI-driven productivity gains within their ServiceNow ecosystems.
17. AI in Infrastructure Operations (CIMS): We have modernized our Cloud Infrastructure Management Services (CIMS) by embedding a white-labeled, next-generation AIOps platform. This platform enables predictive incident detection, autonomous remediation, and real-time infrastructure intelligence—delivering enhanced reliability, performance, and operational efficiency for our managed services clients.
Quasar AI Studio - Model Garden: Simplifying GenAI Adoption
Developed by our AI Practice, Model Garden is now live on the Quasar Marketplace. This powerful new feature of AI Studio gives you seamless access to a wide range of popular generative AI models—including cloud-based LLMs, embedding models, and on-premises hosted Llama—all hosted on Coforge infrastructure.
With a unified API endpoint and a robust backend that manages rate limits, you can easily integrate these models into your applications. Model Garden empowers you to:
• Access a variety of models from one central location.
• Learn about models quickly using informative model cards.
• Test models in real-time with a user-friendly live playground.
• Start coding fast with ready-to-use Python code examples.
Coforge GenAI Central
Coforge GenAI Central is our strategic enterprise platform designed to provide Coforge employees with governed access to leading LLMs such as GPT-4o, Claude 3.5 Sonnet, and Gemini 2.0
Flash. Built on principles of Responsible AI, the platform ensures secure and compliant use of generative AI — supporting daily workflows like research, summarization, ideation, and more.
Its intelligent model-routing system ensures every prompt is directed to the most efficient LLM, delivering accurate and context-aware responses. GenAI Central supports daily enterprise workflows such as:
• Generating client briefs or industry research
• Preparing contextual meeting notes
• Drafting outreach or proposal content
GenAI Central showcases Coforge's ability to build compliant, enterprise-grade GenAI environments a critical differentiator for clients navigating LLM adoption.
SecureOps AI: Smarter Cybersecurity with AI
Many organizations face challenges with fragmented tools, overwhelming data, and critical blind spots. Our CIMS team has developed SecureOps AI, an advanced AI-driven platform designed to solve these problems. SecureOps AI provides a unified, risk-based view of your security posture by aggregating and correlating data from all your existing security tools and cloud platforms. Its intelligent engine automates critical tasks like policy audits and vulnerability prioritization, turning reactive security operations into proactive defence strategies. By leveraging machine learning and contextual threat intelligence, SecureOps AI helps you:
• Maximize the ROI of your current tools.
• Enhance operational efficiency and governance.
• Prioritize risks based on exploitability and business impact.
Niche AI Offerings:
Along with Data HBU, AI CoE have created 2 major market facing offerings AI4Data and Data4AI. Along with these offerings solutions been created – ML lifecycle as service, Responsible AI and AI / ML model modernization.
Coforge has executed a focused shift in its Data & AI strategy— from consultative, project-led engagements to a more industrialized portfolio of offerings that accelerates datadriven transformation at scale. The strategy, branded as "6+2", encompasses six core Data Modernization offerings and two AIfocused accelerators, enabling clients to modernize their data foundations and make them AI-ready.
Core Data Modernization Offerings:
1. Data Appliance Decommissioning: We support enterprise clients in retiring legacy data appliances such as Teradata, Exadata, and Greenplum, migrating them to modern cloudnative platforms like Snowflake and Databricks—driving cost efficiency, elasticity, and performance gains.
2. Pipeline Modernization: We help clients shift from legacy ETL tools like Informatica and Ab Initio to modern, scalable PySpark-based data pipelines, enabling faster data movement, better maintainability, and alignment with modern data engineering standards.
3. Report Rationalization & Modernization: We rationalize and modernize legacy reporting platforms such as Business Objects, transitioning enterprises to self-service analytics platforms like Power BI. This improves accessibility, reduces cost, and promotes data democratization.
4. Database Stack Modernization: Coforge assists clients in upgrading their legacy database ecosystems—migrating from platforms like Sybase to modern, open-source alternatives such as PostgreSQL, improving agility, scalability, and licensing flexibility.
5. ML Model Modernization: We enable the migration of legacy machine learning models developed in R or SAS to modern frameworks like Python, TensorFlow, and Scala, improving model portability, automation, and integration with cloud-native AI stacks.
6. Data Quality, Governance & Lineage Implementation: To ensure long-term reliability and trust in data, we implement enterprise-grade data governance, quality management, and lineage systems aligned with modern platforms—critical for regulatory compliance and AI readiness.
With 2 AI Accelerators for Data Transformation
Data4AI: This offer focuses on making enterprise data AIready by preparing large, siloed datasets for AI consumption. It includes the creation of enterprise feature stores and vector stores, enabling effective retrieval-augmented generation (RAG) and ML training pipelines.
AI4Data: We embed AI within the data modernization process itself, using GenAI to automate pipeline generation, suggest schema mappings, enhance data quality checks, and streamline governance tasks reducing time-to-value and human effort. 3 Strategic Impact: The "6+2" data strategy has positioned Coforge as a scaled, modernization-first partner capable of delivering repeatable, platform-led transformation in Data and AI. This approach enables our clients to:
1. Exit legacy technology with minimal disruption 2. Build modern, cloud-native data platforms 3. Prepare their organizations for enterprise-scale AI adoption 4. Improve operational efficiency and data ROI
Key Accelerator Examples are:
1) Code-Xpress takes care of converting the code from
Teradata BTEQ's to Snowflake Migration, GCP DataProcs to
Databricks etc
2) Mig-Xpress helps migrating the data from one database to another followed by data-quality and reconciliation in it.
Examples:- DB2 to MS-SQL, Oracle to Postgress etc.
3) IngestXpress streamlines real-time analytics with smart, reusable pipeline templates. Examples:- Informatica to
Snowflake, Talend to Databricks etc.
Based on the above offerings, below are some mention worthy Data Wins in FY26:
We had signed contracts with multiple customers across different geographies based on our revamped data & AI offerings.
• We have signed the deal for the Data Migration project with Largest Australian Airlines wherein we are going to leverage our inhouse accelerators like CodeXPress for Code conversion and MigXpress for Data Migration from Greenplum to AWS.
• For leading Financial Customer in Agriculture Financing, Coforge is bringing Data Modernization and Transformation on Azure and Databricks to enable multiple business entities to streamline their reporting and analytics.
• We partnered with a prominent UK public healthcare department to upgrade their customer CRM solution from SugarCRM to Pega, and to migrate their SAP HANA BW instance to a Microsoft Azure
Data Warehouse. By leveraging our in-house utilities for Data
Lake implementation, we aim to boost productivity by 40%.
• For one of the largest and fastest growing retail stores, we are working to build Data Exchange Platform on Azure along with Report Rationalisation Programme. Standardizing data contracts, enabling multiple ingestion methods (including UI), building reusable frameworks for Ingestion and Integration with external ecosystems where Customers/Partners/ Franchises can share data and exchange insights in a secured way.
• For one of the Canada based insurance organization, Coforge has signed to work on a strategic initiative to modernize their data landscape by consolidating existing reports and building new reports on an efficient cloud-based data platform on Azure
Fabric, with key objectives of enhancing the data quality as well as improving the reporting capabilities.
• Coforge team has rapidly scaled up a Data Platform capability for a leading global airline HQ in South West US for their BI and Analytics automation and Data Estate Transformation.
• We are Modernizing case data management and reporting for an Australian Government agency by building a secure cloud-based Data Lakehouse on Microsoft Fabric. The solution integrates dynamic Pega case data, automates updates, enables real-time reporting through Power BI, and enhances data quality. CI/CD, DataOps, and automated change detection ensure scalability, efficiency, and minimal manual intervention.
• For a leading UK-based financial services firm, we are enabling the transition from fragmented Google Analytics dashboards to a unified Power BI platform. The solution delivers advanced drill-down capabilities, user behavior insights, and executive reporting, while also providing ongoing maintenance and timely updates to support evolving business needs and improve data-driven decision-making.
• Helping a leading UK financial services firm in decommissioning its legacy EMS data warehouse by migrating critical use cases for LBC (Lloyds Bank Cardnet) to a centralized Data Analytics Platform on AWS cloud and Snowflake. As a result, enabling seamless integration, efficient data delivery, enhanced risk analytics, a future-ready architecture with improved test coverage. first'
• Empowering a leading UK-based insurance firm to drive dataled decision-making by modernizing their data platform on AWS. Enhancing scalability and governance through metadata-driven ingestion, harmonized data zones, and automated pipelines, while improving reporting efficiency by migrating Quicksight dashboards to Power BI and accelerating time-to-insight with CI/CD automation.
Additional Capabilities:
Composable Architecture: Has emerged as an effective solution to address the challenges of enabling seamless and consistent experience across multiple touchpoints and channels while delivering at accelerated pace. We have created reference architecture and frameworks to support Composable Architecture for Banks. By leveraging micro frontends and composable architecture, banks can empower product squads to work independently in parallel to develop micro apps. These apps get composed seamless to provide the users a modern cross-channel experience. We are already implementing this with a UK bank and have consulted with a middle east bank to take a composable architecture approach in their multi-year program to modernize their corporate portal.
Hyper-scalar Alignment & Investments: We have placed our big bets on realizing at improved velocity the Journey to Cloud for our clients and have made deep investments in aligning our operating model to AWS, Azure and GCP dedicated hyperscalers structure with integrated solutions cutting across Infra + Apps + Data.
We lead with Cloud maturity assessment, define the disposition strategy using R-Lane analysis and create a business plan based on the Cloud economics and its associated benefits. In this context, we have partnered with many strategic partners such as VMWare, RedHat, HPE, Dell, Cisco, Juniper, Citrix and Oracle etc.
Strategic Design and Marketing: We are building strategic partnerships in this space and co-work with our partners to take human centred approach to solving client problems. Our differentiated approach includes: interviewing stakeholders, conducting ethnographic research, identifying personas, building customer journeys and realizing MarTech and Commerce implementation and rollouts.
Cybersecurity and Compliance: We are committed to maintaining robust information security practices, ensuring alignment with latest technology standards and the ever evolving cybersecurity threat landscape. We have further strengthened our cybersecurity posture through the deployment of Endpoint Detection and Response (EDR) technology, continuous vulnerability management, integration of managed threat hunting services, enterprise-wide deployment of NextGen unified threat management firewalls and Privileged Access Management. We also continue to leverage advanced cybersecurity services such as Dark Web and Deep Web Monitoring, Attack Surface Management, Brand Protection, and Cyber Threat Intelligence to enhance our threat detection and response capabilities. We have implemented automated playbooks within our SIEM SOAR platform to enhance event, log monitoring and response across compute and network devices, providing our
24x7 Security Operations Centre with a unified view for threat detectionandresponse.Wehavealso evolved our strategyfor‘securityandprivacy amongst our employee by modernizing our cybersecurity and data privacy awareness and training initiatives.
In alignment with our ongoing commitment towards Cybersecurity and Privacy, we have achieved ISO27701:2019 for our Privacy
Information Management System (PIMS) for Greater Noida location and entity wide upgrade to ISO 27001:2022 Information Security
Management Systems (ISMS) standard. This is in addition to our continued certification and compliances with ISO 22301:2019 for Business Continuity Management System (BCMS) and SOC 2 Type
II and HIPAA.
Amongst some of the notable new initiatives this year, we plan to increase automations in our vulnerability management, application security, attack surface management and expand the scope of PIMS to include more sites across India.
Salesforce: We help enterprises build stronger, more valuable relationships with customers and partners across all engagement channels. We combine our deep industry / domain expertise with the senior mix of Salesforce technical and functional experts that is required to implement complex Sales, Service and Marketing transformations. We have worked on multi-pronged strategy creation for our clients to reengineer legacy infrastructure through digitization into a modern stateof-the art platforms. Keeping the cloud architecture vision in focus, Coforge's solution focus on abstracting data from mainframes through core APIs and serverless technology on the cloud. DynamicCustomer Journey Orchestration solutions are developed for Mortgage Lending and Underwriting on Salesforce Financial Services Cloud and Service Cloud leveraging various Salesforce technologies including Lightning Web Component (LWC), OmniStudio and Salesforce Flow technologies. This reusable journey orchestration solution can be easily configured for Personal Loans, Auto Loans and Credit cards. Based on specific customer needs, we have developed several reusable frameworks to include:
1) Loan origination customer journey orchestration which can be applied to Consumer, Credit Card, Mortgages and other types of loan products.
2) Insurance industry Broker Management, to understand and manage the profitability of activities of a large Broker network.
3) Customer Service Disruption Management for the travel industry.
Pega:
Intelligent automation, Decisioning driven 1:1 customer engagement and customer service:
Intelligent automation refers workflowandRPAdriven Unified Workflows and case management, 1:1 customer engagement refers to personalized interaction (Sales, Service and Marketing) between a customer and a business representative, leveraging the core AI engine. Pega has invested significantly in this technology and leveraging it for their core account growth strategy using Predictive analytics, Adaptive model Natural language processing (NLP), Text analytics, Decision management using customer decision hub (CDH) and native platform machine learning capabilities. Coforge DPA has invested building this capability and built use cases across insurance, banking, public sector and others.
• Interactive, high performant and responsive UI/UX:
Pega Cosmos React & now constellation-based architecture includes a range of pre-built UI components that can be used needs of a outoftheboxorcustomizedto project, which are flexible to connect to multiple systems, utilising Pega headless architecture delivering seamless user experience across different devices and multiple sources of data.
Workflow and IDP synergy:
Intelligent Document Processing (IDP) combines artificial intelligence (AI), machine learning (ML), natural language processing (NLP), optical character recognition (OCR), and automation to extract, analyse, and process data from various types of documents. IDP systems are designed to handle complex, unstructured, and semi-structured data from sources such as forms, invoices, emails, contracts, and other business documents. DPA is also actively proposing QUASAR (An in-house intelligent document management system (IDP)) to clients supplementing Workflow solutions for scenarios like document ingestion, Pre-processing, Text analysis and extraction and continuous learning, in use cases like Claims and KYC.
• Cloud migration and Upgrade:
The latest versions of Pega 8.8 Cloud features enable customers achieve on demand scalability and enhanced security using modern Kubernetes container-based architecture, keeping the user experience seamless. Coforge has built accelerators for Pega 8.8 upgrades including migration tool kit, upgrade assessment and pseudo code.
Using this upgrade service offerings, we have delivered for one customer and have signed two more opportunities.
• Coforge Healthcare (INFUSED) has developed multiple solutions to provide though leadership client namely Interqual Connect Asset on Pega Marketplace facilitating clinical information intake and workflow for Pega Care Management clients, ARC Asset (Authorizations Rule Center) for managing prior authorization rules in multiple systems (demo capable mid-May). It also has architected disruptive platform for next generation provider office technology solution.
Appian & Low Code No Code:
• Hyper automation powered by AI:
Coforge has effectively used the Hyper automation capabilitiesofAppianlikeRPA,AI,
IDP to modernize and automate elaborate workflows in traditionally manual processes. Our industry specific solution accelerators created for Insurance, Finance, Public
Services and Travel have gained significant interest because of the end-toend AI led automation leveraging the amazon. ai capability embedded in Appian. Using low code no code intelligent process automation and API based routing, Coforge designed a trade management application for crypto brokerage enabling brokers, to access real time market data, place trades and monitor portfolio performance in real time. In this solution, Coforge integrated Tradius system to initiate the orders.
• Smart citizen central service using low code no code:
Coforge has designed a smart citizen central service for public legal aid application, on the Appian low code no code platform embedding NLP & chatbot for automating citizen query responses, prompt report statuses and ongoing intelligent workflow.
• Service Now CoE:
We have a dedicated ServiceNow CoE with 200+ ServiceNow Consultants having experience of 50+ implementations across Fortune 500 customers supporting 65,000+ fulfiller licenses with over 1 million configuration items/assets in complex environments comprising of multiple integrations. ServiceNow CoE delivers ServiceNow Consulting services, Implementation & Integration Services and Managed Services and have developed accelerators such as LicenseWise (track & optimize ServiceNow Licenses), One-Click Translator (for translating knowledge articles, notifications, catalogue in language of choice), GuardRailNow (Health Scan utility to check configuration issues and recommend fixes). We
Elite Segment Partner for US, UK and India region and has been identified as Rising Star in ISG Provider Lens (IPL) Quadrant study on "ServiceNow Ecosystem Partners 2023
ISG Provider Lens™ Study."
• Cloud & Infrastructure Management Services (CIMS):
We run business-critical systems and operations for our global customers while ensuring security and scalability across public, private and hybrid clouds. We help clients reimagine and modernize their IT infrastructure strategy towards a flexible and scalable cloud environment that delivers fast and efficient business value while delivering superior digital workplace experience for their customer, partners and employees. Our service offerings span across
Cloud (Public, Private, Hybrid), DevOps & Automation, Data Centre, Network, Cybersecurity, Digital Workplace Services, and IT Services and Operations Management. We also help customers in their Journey to Cloud through Advisory & Consulting Services so that can transform their business by building a Cloud Native or an Hybrid Cloud Operating Model.
• Business Process Solutions (BPS):
The BPS unit couples our technology and AI expertise with deep domain expertise, led by experienced consultative practitioners to deliver value in our 3 E model - enhance customer experience, improve business effectiveness and increase efficiency . We are a challenger to the traditional BPO models that are based on FTE effort and focus on leveraging AI to drive business outcomes. We maximize AI led automation even as it cannibalizes existing revenues. We view AI as augmentative to human capital and human capital is used to cover regulatory requirements, traceability and AI explainability.
Our domain expertise covers industry specific solutions like Banking, Cards, Mortgage, Financial Services, Insurance, Travel and Hospitality along with cross- industry solutions like Customer Experience. We operate in multiple locations across the globe – US, India, Philippines and Mexico and in other countries in client locations and with partners where needed. Reliable and consistent delivery is critical to client retention in our business given the nature of the operations
24X7, impact on our clients' revenues, end customer experience in all the work we undertake for our clients. In our technology-driven Business Process Services (BPS), the services we offer leverage leading platforms and also point solutions with our internal tools. One example of an internal tool is Copasys, a patented QA automation software to drive digitized processes in a platform plus services model. We also leverage industry standard tools like Celonis for process mining and once the opportunities for automation are identified, we use range of solutions like Agentic AI
and intelligent workflows. AI/GenAI has helped us further enhance our services to develop tailored solutions and tools for specific challenges. A few focus areas are: (a) Enterprise document processing, data extraction, and classification using DocAI. (b) Speech-to-text transcription for QA and call data summarization using Microsoft AI & ChatGPT for agent training and performance management. (c) Development of conversational chatbots for responding to loan queries. (d) Knowledge management solutions leveraging GenAI capabilities. (e) Code generation, test case creation, and business/compliance rules configuration using GenAI. (e). BPM Workflow Automation, Workforce Productivity Management, Contact Centre Digitization.
Future course of action
The Company will continue to invest in the areas of AI (Gen AI and Physical AI), quantum computing, engineering, products & platforms and sovereign, thereby staying ahead of the curve in technologies of relevance to its customers.
The expenditure incurred on Research and Development for
FY2026 is INR 1,635 million which is 1% of consolidated revenue.
Quality Engineering:
We provide Quality Engineering & Testing services using an automation-first approach to drive software and application quality. Our Quality Engineering services - enabled by 2,400+ passionate Quality Engineering experts – are designed to inject speed, quality, productivity, and intelligent insights across the SDLC. Whether customers want to accelerate time to market, reduce costs, or transform their testing function and workforce, Coforge Quality Engineering has the right skills, capabilities, and accelerators to help them succeed. Our suite of frameworks and accelerators leverage AI for self-healing and autonomous automation. We offer services around: QE Transformation, Test
Lifecycle Automation, Business Assurance, Digital Assurance, and Enterprise Application & Product testing.
Foreign Exchange Earnings and Outgo of the Company (INR million)
Details of significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and Company's operations in future.
During the year, no order was passed by the regulators, courts, or tribunals impacting the going concern status and the company's operations in the future.
Details in respect of adequacy of internal controls and internal and statutory audits
Internal audit / Statutory audit and secretarial audit
The Board and the Audit Committee regard the observations and recommendations of the auditors as an important independent validation of information received from management regarding the Company's operations and performance. The Board and the Audit Committee periodically review the findings and recommendations of the statutory and internal auditors and recommend corrective actions, wherever necessary.
The Company monitors and evaluates the effectiveness and adequacy of its internal control systems, including compliance with operating processes, accounting procedures and Company policies, based on audit findings. It has established both external and internal audit mechanisms, and the auditors are provided access to all relevant records and information. Based on the reports of the Internal Auditor, process owners undertake corrective actions in their respective areas, if any, thereby strengthening the control environment. The internal control framework is designed to support operational effectiveness and efficiency, assets, ensure reliable financial and non-financial reporting, secure compliance with applicable laws and regulations.
The clearly defined policies and procedures, process automation, employee training and development, and an organisational structure that separates responsibilities help in maintaining integrity and reliability within the internal control systems of the company.
The Company has appointed an external firm as its Internal
Auditor. The Internal Auditor operates independently and is responsible for assessing and enhancing the effectiveness of risk management, controls and governance processes. The Internal Auditor provides risk-based advice and insights aimed at supporting organisational value creation. Annual audit plans are developed based on risk assessments, and comprehensive reviews are undertaken covering financial, operational and compliance controls. Where specialised knowledge is required, external experts are consulted or professionals with the relevant skills are engaged. Process improvements identified during reviews are communicated to management on a regular basis. The Audit Committee of the Board monitors the performance of the Internal
Auditor through periodic review of audit plans, findings and the status of issue resolution. The Audit Committee meets at least four times a year to review internal audit findings. Separate review meetings of the Audit Committee Chairperson with the internal and statutory auditors are also held before quarterly meetings to enhance transparency and governance. In addition, the Audit Committee meets the Statutory Auditors during the year without the presence of management. Independent Directors also meet periodically without management to discuss important governance matters, and their recommendations are acted upon as part of the Company's governance practices.
Statutory audit
Each financial year, the statutory and independent auditors confirm their independence and compliance with the relevant ethical standards. Based on the procedures performed, no risks or circumstances have been identified that could compromise their independence as auditors of the Company under the applicable Indian regulations.
The statutory and independent auditors examine whether the
Company's financial statements present a true and fair view of its financial position and performance. They conduct the audit in accordance with the applicable standards, review internal controls as considered necessary, and share their observations with management. These observations are discussed at the Audit Committee meetings, where the auditors' recommendations, if any, are considered and appropriate actions are tracked and reported in subsequent meetings.
Similarly, secretarial audit forms an integral part of these audits. All the required information is supplied to the auditors within the stipulated time frame, with regular review meetings, and the quarterly reports are presented to the Audit committee for its noting.
Details of Subsidiary/Joint Ventures/Associate Companies
As on March 31, 2026, the Company had subsidiaries in the United
States of America, United Kingdom, Germany, India, Singapore, Thailand, Australia, Dubai, Spain, Poland, Netherlands, Romania, Sweden, Malaysia, Japan, Saudi Arabia, Mexico, Costa Rica, Ireland, UAE, Philippines and Canada.
Details about the companies which have become/ ceased to be subsidiaries during the FY2026
Disinvestment in Subsidiary – Coforge Advantage Go Limited (UK)
Coforge U.K. Limited ("Seller"), a wholly owned subsidiary of Coforge Limited ("Company"), entered into a share purchase agreement with Sapiens UK Limited ("Buyer") for the sale and transfer of the entire shareholding held by it in Coforge Advantage Go Limited ("Target"), subject to satisfaction (or waiver) of the conditions to completion and completion obligations under the share purchase agreement ("Transaction"). Further, on May 30, 2025, the Seller sold and transferred the entire shareholding held by it in the Target in accordance with the terms of the share purchase agreement.
The Company has acquired Artexmind S. A. through its subsidiary/ step-down subsidiary.
Further, the Company has approved execution of a share subscription and share purchase agreement (the "SSPA") by the Company with Encora US Holdco, Inc. and Encora Holdings Ltd. (Cayman) (collectively, the "Target Companies"), Encora Holdco Ltd. (UK) and AI Altius Parent (Cayman) Limited (collectively, the "Investors"), in relation to acquisition of the Target Companies' shares from the Investors ("Proposed Acquisition"), in a share swap arrangement with the Company, whereby 9,37,96,508 (Nine
Crore Thirty Seven Lac Ninety Six Thousand Five Hundred and Eight Only) fully paid up equity shares of the Company having face value of INR 2 (Indian Rupees Two) each ("Equity Shares") shall be created, issued, offered and allotted to the Investors at a price of INR 1,815.91/- (Indian Rupees One Thousand Eight
Hundred Fifteen And Ninety One Paise only) per Equity Share
(which includes a premium of INR 1813.91/- (Indian Rupees One
Thousand Eight Hundred Thirteen And Ninety One Paise only) per Equity Share) ("Issue Price"), aggregating up to a consideration of INR 1,70,32,60,16,842/- (Indian Rupees Seventeen Thousand and Thirty Two Crore Sixty Lac Sixteen Thousand Eight Hundred and Forty Two only), in accordance with the SSPA. The details are provided earlier in the Board Report.
Merger of Wholly owned Subsidiary of the Company
As part of the entity operational efficiency through the merger of wholly owned subsidiaries in India, the Company approved the merger of Coforge Services Limited (CSL), Coforge SmartServe Limited (CSSL), and Coforge SF Private Limited (SF), step-down wholly owned subsidiaries of the Company (collectively, the "Transferor Entities"), into Coforge Technologies Private Limited (erstwhile Coforge DPA Private Limited), a wholly owned subsidiary of the Company (the "Transferee Entity"), subject to the necessary approvals. The revised issued by the Regional Director of the South East Region was received on June 03, 2025, dated May 28, 2025. The necessary filings 2013 were made on June 30, 2025 to make the Scheme effective.
The performance and financial position of each subsidiary, associate and joint venture company included in the consolidated financial statements were reviewed by the Board during the year. Pursuant to Section 129(3) of the Companies Act, 2013, a statement containing salient features of the financial statements of subsidiaries, associates and joint venture companies is included in the consolidated financial statements and annexed to this Report as AOC-1 in Annexure C.
In accordance with the provisions of Section 136 of the Companies Act, 2013 the audited Financial Statements of the
Company, consolidated Financial Statements, along with relevant documents, are available on the website of the Company : https:// www.coforge.com/.
Particulars of loans, guarantees or investments under section 186 of the Companies Act, 2013
The Company has not given any loan to any person or any other body corporate. The Particulars of loans, guarantees or investments under section 186 of the Companies Act, 2013, by the Company, have been disclosed in the financial statements. The details of the securities acquired by the Company of other body corporates are given as under:
(Amt. in INR mn.)
*Note: Investment value rounded off in millions.
Particulars of Contracts or arrangements with Related Parties
The Related Party Transactions Policy governs the review and approval of related party transactions. The Board of Directors has approved the criteria for granting omnibus approval by the Audit Committee. The Policy has been aligned with the recent amendments to the SEBI Listing Regulations and is available on the website of the Company at https://investors.coforge.com/ hubfs/RPT-Policy-1.pdf?hsLang=en. A statement of all related party transactions is presented before the Audit Committee on a quarterly basis, and prior / omnibus approval is also obtained for the entire year, specifying the nature, value, terms and conditions of the transactions. None of the transactions with related parties fall within the scope of Section 188(1) of the Companies Act, 2013. Details of related party transactions pursuant to Section 134(h) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 are provided in Form AOC-2 in Annexure D.
Management's Discussion and Analysis Report
In terms of Regulation 34(e) of the SEBI Listing Regulations, as amended from time to time, the Management's Discussion and Analysis Report is set out in this Annual Report.
Business Responsibility and Sustainability Report
The SEBI Listing Regulations, read with SEBI Circular No. SEBI/HO/
CFD/CFD-SEC-2/P/CIR/2023/122 dated July 12, 2023, prescribe the revised format for Business Responsibility and Sustainability Reporting ("BRSR") in respect of reporting on ESG parameters by listed entities and mandate inclusion of the BRSR for the top 1,000 listed companies based on market capitalisation as on March 31, 2026. In compliance with the same, the Company had formulated its Business Responsibility and Sustainability Reporting initiatives, policy and framework at the Board meeting held on April 27, 2023. The BRSR for FY2026 forms part of this Report.
Corporate Governance
In terms of Regulation 34 of the SEBI Listing Regulations, as amended from time to time, a Report on Corporate Governance together with the compliance certificate issued by the Statutory
Auditors in terms of Part E of Schedule V of the said Regulations forms an integral part of this Annual Report.
Compliance with applicable Secretarial Standards
The Company is in compliance with the applicable Secretarial Standards issued by Institute of Company Secretaries of
India and notified by the Ministry of Corporate Affairs with amendments thereto.
Auditors & Auditors' Report/Certificate a. Statutory Audit:
M/s S R Batliboi & Associates LLP (FRN 101049W/E300004) carried out the statutory audit under Section 139 of the Companies Act, 2013 for the financial year 2025-26. The
Audit Report forms part of this Annual Report. The report of the Statutory Auditors does not contain any qualification, reservation or adverse remark.
b. Secretarial Audit:
During the year, the Board of Directors appointed M/s
Parikh & Associates, Company Secretaries (CP No. 1228), in whole-time practice, for a period of five consecutive years commencing from FY 2025-26 to FY 2029-30 to carry out the secretarial audit under Section 204 of the Companies Act, 2013 and Regulation 24A of the SEBI Listing Regulations, as amended. The Secretarial Audit Report for the financial year ended March 31, 2026, was considered by the Board at its meeting held on June 16, 2026, and the said report is annexed to this Report as Annexure E. The Secretarial
Audit Report does not contain any qualification, reservation or adverse remark.
c. Internal Auditors:
The Board on the recommendation of Audit Committee had appointed M/s KPMG Assurance and Consulting Services LLP, Limited Liability Partnership, Firm Registration Number:
AAT- 0367 as its Internal Auditors of the Company. The
Internal Auditors report to the Chairperson of the Audit Committee. Details of internal audit function, its scope, and observations are set up in the section on Internal Controls in this Report.
d. Auditors Certificate on Corporate Governance:
As required by SEBI Listing Regulations, the Auditor's
Certificate on Corporate Governance is provided within the
Corporate Governance Report. The Auditors Report to the
Shareholders does not contain any qualification, reservation or adverse remarks.
e. Cost audit & records:
Section 148 of the Companies Act, 2013 is not applicable to the Company. Therefore, Cost Audit has not been conducted for the financial year 2025-26 and records are not maintained.
f. No fraud has been reported by the Auditors to the Audit
Committee, Board or any other relevant authority.
Investor Education and Protection Fund
The complete details regarding amounts pertaining to transfer of unclaimed/unpaid dividend amount and unclaimed shares transferred to the Investor Education and Protection Fund (IEPF) are provided in the corporate all governance report.
Human Resource Initiatives
Nurturing a positive corporate culture is integral to our business and is reflected in our phenomenal growth journey. Guided our vision, "Engage with the Emerging," we deliver best-in-class solutions using new-age technologies. Our mission, "Transform at the Intersect," has cemented our position as an expert in focused industry verticals. We follow a 4E strategy to curate a holistic global employee experience:
• Examining the pulse of the organization
• Ongoing Employee Engagement
• Providing Education through robust learning and development initiatives
• Offering Encouragement for meaningful interactions with our people
The outcomes of these interventions are reflected in our key people metrics, including high retention rates and Employee Engagement Scores (EES) that exceed industry benchmarks. Additionally, our people practices have received external recognition reflecting our efforts to create an engaging and supportive environment.
As an organization that has always believed in "Coforge is People," our collective efforts have enabled us to emerge stronger, stay the course with our growth story, continue delivering value to our customers, and remain focused on nurturing our culture.
Elements of our strategy have been listed below:
Examine
Coforge actively gauges employee sentiment through various tools, with our comprehensive Annual Employee Engagement Survey (EES), branded "My Voice," focusing on critical areas such as professional growth, work-life balance, managerial support, training, teamwork, and commitment.
Engagement
We are a people-first organization with friendly, flexible policies and practices. A testimony to this is our achievement of being GPTW certified for the fifth consecutive year. We have developed a robust talent framework aimed at providing sustainable employee experience, which includes multi-channel touchpoints, an open culture of speaking up, timely recognition, a transparent work environment, and focused coaching and development opportunities.
Coforge ensures that our people not only have the right skills but are also aligned with the business strategy and goals of its client organization.
• Training and learning opportunities to ensure the right individual productivity.
• Fostering team spirit to enable collaboration and alignment to project goals and outcomes.
• Awards and recognition to ensure people feel valued for their contribution.
At Coforge, we celebrate our people, all around the year through global engagement campaigns -
• Appreciation Week: Peer-to-peer appreciation through postcards, fostering a strong culture of gratitude, and making employees feel valued.
• Sports Leagues : Campus-wide leagues across teams and businesses, strengthening collaboration, camaraderie, and well-being. certifications across the
• Wellness Initiatives: Holistic well-being programs including acupressure, Sujok therapy, Yoga Day, and chair yoga.
• Festival Celebrations: Inclusive celebrations that enhance cultural connection and community bonding.
• Passion Groups & Creative Platforms: Art & Music Day and Coforge Unplugged, enabling employees to express talent and engage beyond work.
At Coforge, we celebrate our people all year round through global engagement initiatives. These include "We Are Coforge" campaign, Coforge Day—our annual day recognizing excellence and contributions—along with ongoing wellbeing and inclusion programs.
Upskilling & Reskilling through Capability Development
Coforge's systematic upskilling and reskilling strategy builds a future-ready workforce through a global framework of agile learning academies. These academies employ curated, cutting-edge content and flexible hybrid methodologies to ensure continuous employee development underpinned by the AI enabled Xcellerate Competency Framework.
Our global network of agile learning academies employs curated, cutting-edge content and flexible hybrid methodologies to ensure continuous employee development. This is facilitated through diverse learning methods such as anytime-anywhere solutions, Action Learning Projects, sandbox environments, benchmarks & assessments, virtual and blended programs, e-learning platforms, and OEM partnerships. Our overarching vision is to design and deliver a scalable global learning strategy that is integral to business success and ensures the future skills of our 30,000+ strong workforce.
Xcellerate is our AI-enabled internal talent marketplace designed to proactively address skill gaps by mapping demand to precise Role Skill Combinations (RSCs). Leveraging the AI-enabled Xcellerate Competency Framework and Internal Talent Marketplace, Coforge provides deep visibility into skills, role expectations, and career trajectories - empowering employees to navigate their growth with precision. The platform features a scalable and customized inventory of skills and certifications, facilitating continuous workforce development through targeted training, certification programs, and real-time self-development resources. Xcellerate identifies technical, functional, and behavioral skills for each role, assesses current capabilities, and drives focused upskilling and reskilling initiatives.
The framework encompasses over 800 unique RSCs linked to 1200+ skills and behavioral competencies with associated learning pathways.
iEnable is Coforge's central learning ecosystem for technical, functional, and domain capability development. It works closely with the business to deliver role specific, future ready learning solutions, ensuring our 30,000+ workforce remains competitive in an evolving technology landscape. The platform supports upskilling, cross skilling, leadership development, and professional organization.
Key Highlights
• Expanded Learning Access: Continuous learning enabled through strategic partnerships with leading enterprise learning platforms and OEMs, extending access beyond formal classroom programs.
• Executive Driven Learning Culture: Senior leaders actively sponsor and drive firm-wide capability-building initiatives aligned to business priorities.
• Business Led Capability Development: Targeted learning interventions across QE, Data & AI, Experience, Software Engineering, Intelligent Automation, CIMS, Salesforce, MuleSoft, Pega & Appian, focused on niche technologies, domains, and client needs.
• Next Gen AI Capability Build: A structured AI learning ecosystem supporting Coforge's AI first strategy, covering
AI literacy, role based journeys, and advanced practitioner programs (Responsible AI, GenAI, Agentic AI).
Outcomes include:
95% traction on AI Spark
15,500+ trained on Deliver AI 2.0
14,000+ GitHub trained
2,600+ Microsoft certified professionals
1,400+ completed "AI for All"
Structured AI Fundamentals Certification as a gateway to advanced AI roles
• PACE (Lateral Capability Enhancement): Business aligned learning calendar enabling rapid, market ready upskilling for lateral hires.
• Graduate Engineering Training (GET): Comprehensive boot camp model supporting campus talent; in FY'26, 950+ GETs onboarded and 720+ trained.
• Industry Recognized Certifications: Strong focus on professional credibility with 22,000+ certifications across
Azure, AWS, GCP, SAFe Agile, Salesforce, ISTQB, Pega/Appian, including 1,300+ AgentForce AI certifications.
• Strategic Learning Partnerships: Learning access via Percipio, Udemy, Microsoft ESI, AWS, GCP, AIT, LOMA, MuleSoft, ITIL, Appian, Unqork, ISTQB, aligned to business demand.
Bespoke Capability Programs
• EA Compass: 16 week Enterprise Architect development program; 80+ architects trained.
• STEP: Program Management capability build with 70+ hours of structured learning; 9 certified program managers.
• Domain Focused Learning: Self paced domain programs across BFS, Insurance, Travel, Retail, and Healthcare with strong adoption (Insurance CCIP 2,000+, Banking 2,600+, Travel 1,900+).
• Learning Academies: HBUs led academies enabling 20,000+ employees to reskill and upskill in future focused technologies.
• Agile Microlearning – "Tech Bytes": Short (<10 min) SME curated modules with 10,000+ learner accesses.
• Leadership & Foresight Series:
AI Advantage: 2,300+ attendees
Tech4Tomorrow: 1,600+ participants
Learning Week FY'26: 8,000+ employees engaged
LEAD (Learning Experiences Accelerating Development) develops leadership, behavioral, and human skills through a portfolio of experiential, results oriented learning interventions. The program enables employees, managers, and leaders to internalize desired behaviors and build critical mindsets for role effectiveness. Core offerings include Virtual Instructor
Training, Anytime Anywhere Learning, and expert led sessions. Key initiatives include:
• LEAD Learning Playbook: A strategic roadmap for building behavioral, cultural, and leadership excellence across career levels. It offers role aligned learning journeys focused on:
• Customized Learning Paths: Aligned to individual needs and aspirations
• Focus on Key Behaviors: Skills critical for success at each role level
• Actionable Learning: Targeted modules designed for practical application
• Structured Assimilation Programs: Quarterly global programs including Embark 365 for Bands 5 & 6 and a Senior Leaders to Assimilation Program for Bands 7 & 8, enabling new leaders to:
Gain a strong understanding of the firm, priorities, and business drivers
- Navigate the organizational ecosystem through leadership interactions
• ELEVATE Leadership Journey: A structured 3 month blended learning program for middle managers, focused on managing self, managing teams, and business alignment, built around six core leadership competencies.
• 212 The Extra Degree Program: A curated 2 month blended journey for first time managers to support transition from individual contributor to people leader, covering managing self and managing project teams.
• Customized LPOD Solutions: Tailored blended learning interventions addressing specific business, functional, and geographic needs.
• Comprehensive Compliance Training: Covering Global Compliance, POSH, Environment, Health & Safety, Unconscious Bias, and Environmental Sustainability.
• Learning Culture Initiatives: Masterclass marathons, interactive challenges, and annual Learning Weeks.
• Skill Assessment & Practice: Skill benchmarking and CAISY AI Conversation Simulator focused on communication, delegation, conflict resolution, motivation, and leadership.
• Habit Calendar: A 3 month global initiative for Bands 1 4 focusing on verbal, written, and presentation skills to build consistent communication habits.
Inclusion at Coforge
Coforge embeds Equity, Inclusion, and Belonging (EIB) at the core of its culture and business. Guided by our motto, "Bring Your True Self to Work," we cultivate an inclusive environment through targeted initiatives such as Coforge For All (Inclusion Academy) on Percipio, Leadership Advocacy, and the Habit Calendar, supported by open communication via our Intranet SharePoint and reinforced through global inclusion observances, including International Women's Month.
At the heart of our women-focused efforts is EmpowHER, our flagship women-centric development initiative that enables Ledleadership pathways, capability building, and holistic well-being. As part of EmpowHER, we launched ReStart Career 2.0 for Women, a structured return-to-work program designed to support women re-entering the workforce after a career break. The program reintegration plan, and targeted learning and development pathways, empowering women to confidently restart, return, and reimagine their career journeys.
To further amplify women's voices and lived experiences, we introduced two employee spotlight series under EmpowHER - #SheLeadsForward and #EmpowHERStory, which highlight senior women in leadership across perspectives on growth and their journeys so far.
Together, these initiatives reflect Coforge's continued commitment to building an inclusive, supportive, and empowering workplace where women thrive at every stage of their career.
Learning & Capability Building at Coforge BPS
At Coforge BPS, we continue to strengthen a culture of continuous learning and capability building to support business growth and future ready leadership. Our learning ecosystem focuses on enhancing professional skills, strengthening leadership pipelines, and driving operational excellence across India and global delivery locations. Over the past year, these initiatives have engaged thousands of employees across levels and delivered structured learning journeys aligned to evolving business needs.
Key Learning Initiatives
• RISE Women Manager Program (Band 5): A structured leadership program focusing on authentic leadership, executive presence, financial acumen, and operational effectiveness and virtual learning.
• Lead with Purpose The 7 Habits Way (Band 4 & 5): An immersive leadership program strengthening proactive leadership, collaboration, communication, and accountability through practical frameworks.
• EDGE – Emerging Leaders Development Program (Band
6.2): Designed to accelerate leadership readiness through assessments, discovery labs, and leadership workshops, building self awareness and
• FTM – First Time Manager Program: Supports new managers in managing self, people, and business outcomes through blended self and peer learning.
• Learning League – Quality First Program: Builds operational excellence by introducing quality tools such as RCA, Pareto, FMEA, benchmarking, and Lean frameworks.
• Interviewing Skills Certification: Equips interviewers with competency based, structured interviewing techniques to improve hiring quality.
• Performance Management & Goal Setting E Modules:
Digital modules strengthening goal setting, feedback, and performance conversations.
• AI Foundations Program: Builds AI awareness among non technical employees, covering concepts, use cases, and ethical AI adoption.
• Skill Suite – New Joiner Program: Supports integration through modules on workplace professionalism, communication, structured and interpersonal effectiveness.
• Learning Week: Enterprise wide engagement featuring leadership sessions, simulations, gamified learning, TED style talks, and Learnathons.
• ICE Nuggets (PH): Bi weekly microlearning to strengthen professional English communication. roles and spotlight their
• Intergenerational Leadership Program (PH): Enables inclusive leadership across generations; engaged 53 leaders across India and the Philippines.
• Leadership Capability Workshops (Band 5 & 6): Focused workshops on people leadership, coaching, inclusion, and decision making.
Collectively, these initiatives have strengthened leadership capability, enhanced employee skills, and reinforced Coforge BPS's commitment to building a high performing, future ready workforce through continuous learning and collaboration.
My Voice - Employee Engagement Survey FY2026 throughassessments,experientialworkshops,
Coforge utilizes its annual "My Voice" Employee Satisfaction Survey to gather actionable insights into engagement and satisfaction, directly informing workplace environment enhancements.
The FY26 "My Voice" survey recorded an overall participation rate of 82%, reflecting strong employee engagement and continued willingness to share feedback. The Satisfaction and Commitment
Scores were both at 78%, providing valuable insights into employee sentiment and helping identify focused areas for strengthening the overall employee experience. .
The FY26 "My Voice" EES identified key engagement drivers as Basic Needs (88%), Teamwork (86%), Company Brand & Image (80%), Training (80%), Manager Support (79%), and Communications (79%).
Demonstrating consistent excellence, Coforge has been certified as a Great Place to Work for the fifth consecutive year and recognized among India's Best Workplaces in IT & IT-BPM 2025 Top 50.
Prevention of Sexual Harassment of Women at the Workplace
The Company has a policy on Prevention of Sexual Harassment of Women at the workplace, in line with The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal)
Act, 2013. In accordance with the Act, Internal Complaints
Committee (ICC) has been set up and contact details of ICC displayed prominently in all units of Coforge.
The Company believes in providing all employees a congenial work atmosphere, which is free from discrimination and harassment, without regard to caste, religion, marital status, gender, sexual orientation, etc. During the year, the Company conducted various awareness programs and workshops at all locations. Employees are required to attend compulsory awareness and training program on POSH on our virtual learning platform – Percipio. Company has conducted orientation or training sessions for the ICC members and the HR team.
During the year 2025-26, three (3) complaints were reported, all of them were upheld and resolved; actions were taken in accordance with the POSH Act. There are no pending cases for action. The
Company had duly resolved these complaints within 90 days in accordance with POSH Act.
Compliance with Maternity Benefit Act, 1961
The Company is compliant with the applicable provisions of the Maternity Benefit Act, 1961 and has policies, systems and processes in place to ensure ongoing compliance.
Awards And Recognitions
The Company has been recognized in several important ways at the national and global levels, related to its leadership in specific industry verticals and its robust HR practices.
Corporate Awards
• Sudhir Singh, CEO & Executive Director, Coforge was awarded the Tech Titan in Information Technology category at the
Business Today India's Best CEO 2026
• Coforge was declared the Winner of the ‘Golden Peacock Award for Excellence in Corporate Governance' for the year 2025.
• Coforge has won the 2024/25 Vision Awards - Annual
Report Competition by League of American Communications Professionals LLC (LACP)
Ratings
• SES ESG Research Private Limited ("SES ESG") has assigned an
ESG rating of "76.6" for FY 2025, reflecting an increase of 5.2 points compared to last year.
• NSE Sustainability Ratings and Analytics Limited has assigned a rating of "76" for FY 2025, reflecting an increase of 8 points compared to last year.
Business & Technology Awards
• Coforge CodeInsightAI was recognized among the Top 3 winners in the Established Business Category, winning the Award
"Product Innovation by Established Firms" at the 33rd HYSEA Annual Summit & Awards 2026, organized by HYSEA
• Coforge won the 2026 ServiceNow Partner Award for Domain
Expertise in CRM
• Coforge was recognized as the winner of Kong's Rising Star for
EMEA Award at the Kong Inc'.s API Summit 2025
• Coforge won the Gold in two categories at the Financial Express
FUTECH Awards 2025- Best Use of AI in a Consumer/Customer
Service Application and Best Use of Conversational AI
• Coforge was recognised by Salesforce as the "Market Expansion
Partner of the Year" for year 2025 at the Salesforce Agentforce
Partner Summit, Bengaluru
• Coforge was recognized and felicitated at the prestigious
Dun & Bradstreet - JLL GCC Summit 2025 in Hyderabad for its prominent presence in setting up Global Capability Centers (GCC) in India
HR Awards
• Coforge was recognized at the ET Edge Best Organisations for
Women 2026
• Coforge was recognized for Excellence in Employee Retention
Strategy at ET Human Capital Awards 2026
• Coforge recognized among the Top 50 India's Best Workplaces for IT & IT-BPM 2025
• Coforge Earns Great Place To WorkR Certification for Fifth Year in a Row
• Coforge secured the Gold award for Excellence in Employee Retention & Development at the inaugural Financial Express
HR Summit and Awards 2025.
• Coforge was recertified as one of the Leadership Factories of India for exceptional Leadership Capability Development practices by the Great Manager Institute's proprietary Leadership Capability Maturity Model.
• Coforge was recognised as one of the "Most Preferred
Workplaces 2025-26" for the fourth time in a row by
Marksmen Daily.
CSR & Sustainability Awards
• The Coforge Public Library in Gurugram was recognized among the ‘Top 3 CSR Projects of the Year' at the 2025 India CSR
Awards, presented by Brand Honchos.
• Coforge secured the Silver award for Excellence in CSR & Social Impact Initiatives at the inaugural Financial Express HR Summit and Awards 2025.
• Coforge was recognized by ET Edge for championing green business practices and received the ‘Sustainable Organisation
2025' award.
Analysts Accolades
• ISG recognized Coforge as a Leader in Application Development Projects (US), Application Managed Services (US) and Continuous
Testing Specialists (US) in the AI-driven ADM Services 2025 ISG
Provider Lens Quadrant Study
• ISG recognized Coforge as a Leader in Managed Services (Midmarket, UK, US) and Consulting & Transformation Services
(Midmarket, UK, US) in the Multi Public Cloud Services 2025 ISG
• AIM Research recognized Coforge as a Leader in Top Mid-Market and Specialized Data Science Service Providers 2025
• Everest Group recognized Coforge as a Leader in Banking, Financial Services, and Insurance (BFSI) IT Services Specialists
PEAK MatrixR Assessment 2025
• Everest Group recognized Coforge as a Leader in Digital Transformation Services for Mid-market Enterprises PEAK
MatrixR 2025
• QKS recognized Coforge as a Leader in SPARK Matrix™: Data
Management & Analytics Services, 2025
• ISG recognized Coforge as a Leader in Insurance ITO Services Specialists in the ISG Provider Lens Insurance Services -
Strategic Capabilities 2025
• HFS recognized Coforge as a Leader in the inaugural HFS Non-
Linearity Index Report (CY Q2+Q3 2025)
• Everest Group recognized Coforge as a Leader and Star Performer in Duck Creek Services PEAK Matrix?
Assessment 2026
• NelsonHall recognized Coforge as a Leader in AI Based Analytics & Automation, GenAI Use case capability, Overall QE Services and SAP Testing capability in the NelsonHall Quality Engineering
2025 NEAT
• HFS recognized Coforge as a Leader in the HFS Horizons: Travel and Hospitality Service Provider Ecosystem 2025
• Everest recognized Coforge as a Leader in the Enterprise Quality
Engineering (QE) Services PEAK MatrixR Assessment 2025
• ISG recognized Coforge as a Leader in AI-Augmented Workforce
Services in ISG's Future of Work Services 2025 Provider
Lens™ Study
• Avasant positioned Coforge as a Leader in Airlines and Airports
Digital Services 2025 RadarView.
• ISG positioned Coforge as a Leader in ISG Provider Lens report for Duck Creek Services Ecosystem 2025
• Nelson Hall recognized Coforge as a Leader in Overall, Creator
Workflow Services, and Customer & Industry Workflow Services in ServiceNow NEAT 2025.
• ISG recognized Coforge as a Leader in Implementation Services for Core Clouds and AI Agents (Midmarket, US, UK) and Managed Application Services (Midmarket, US) in ISG Salesforce
Ecosystem Partners Provider Lens 2025 Study
• ISG recognized Coforge as a Rising Star and Product Challenger in Generative AI Services Development and Deployment Services Midsize and the Strategy and Consulting Services
Midsize in the ISG Provider LensR 2025 Generative AI Services
• ISG recognised Coforge as a Rising Star and Product Challenger in Digital Engineering Services in the ISG Provider LensR 2025
Insurance – Strategic Capabilities
Acknowledgements
The Board of Directors would like to take this opportunity to place on record its appreciation for the committed services and contributions made by employees of the Company during the year. In addition, the Directors wish to thank the Company's customers, vendors, bankers & financial institutions, all government & nongovernmental agencies, and other business associates for their continued support. We thank the governments of various countries where we have our operations. We thank the Government of India, particularly the Ministry of Labour and Employment, the Ministry of Environment and Forests, the Ministry of New and Renewable Energy, the Ministry of Communications, the Ministry of Electronics and Information Technology (Dept of IT), the Ministry of Commerce and Industry, the Ministry of Finance, the Ministry of Corporate
Affairs, the Central Board of Direct Taxes, the Central Board of
Indirect Taxes and Customs, GST authorities, the Reserve Bank of India, Securities and Exchange Board of India (SEBI), various departments under the state governments and union territories, the Software Technology Parks (STPs) / Special Economic Zones (SEZs) and other government agencies for their support, and look forward to their continued support in the future. The Directors acknowledge and appreciate the support and confidence of the
Company's shareholders and remain committed to enabling the Company to achieve its growth objectives in the coming years.
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