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Investor Presentation Q2 FY27 Q U A R T E R L Y R E P O R T O c t o b e r 2 3 , 2 0 2 6
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• To color fill any shapes including text boxes, pick any of the below colors using “Eyedropper”. • © Coforge, 2026• 2 Safe Harbor and Disclaimer F O R W A R D- L O O K I N G S TAT E M E N T S This presentation contains forward-looking statements. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Among other things, the outlook for the full fiscal year 2027, the business outlook and quotations from management in this announcement, as well as Coforge’s strategic and operational plans, contain forward-looking statements. Coforge may also make written or oral forward-looking statements in its periodic reports to regulators, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Coforge’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: the performance of Coforge’s clients; the successful implementation of its business strategy; its ability to compete effectively; its ability to maintain its pricing, control costs or continue to grow its business; the continued service of certain of its key employees and management; its ability to attract and retain enough highly trained employees; and its involvement in any disputes, legal, regulatory, and other proceedings arising out of its business operations. All information provided in this presentation is as of the date of this presentation, and Coforge undertakes no obligation to update any forward-looking statement, except as required under applicable law. D I S C L A I M E R This communication and the information contained herein is not an offer to sell securities in the United States or elsewhere. The securities of Coforge or any of its subsidiaries and affiliates may not be offered or sold in the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the U.S. Securities Act of 1933, as amended) absent registration pursuant to the Securities Act, or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the issuer and management, as well as financial statements. A Registration Statement on Form F-1 relating to certain securities of Coforge has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. Such securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective under the Securities Act. C O N V E N T I O N S U S E D Except as otherwise noted, the following conventions have been used. All references to "YoY" are comparisons between the second quarter of fiscal year ended Sep 30, 2026 ("Q2 FY27") and the second quarter of fiscal year ended Sep 30, 2025 ("Q2 FY26"). All references to "QoQ" are comparisons between the second quarter of the fiscal year ended Sep 30, 2026 ("Q2 FY27") and the first quarter of fiscal year ended June 30, 2026 ("Q1 FY27").
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3Mar26_Coforge AI strategy_Mast ... Q2 FY27 Results Growth Momentum Continues, Margin Guidance Upgraded R e ve n u e $652.2 Mn +40.1% YoY / +10.1% QoQ Organic CC growth: 3.8% QoQ E B I T M a r g i n 16.0% +134 bps YoY E B I T $104.1 Mn +53.0% YoY; +10.1% QoQ PAT $62.2 Mn +42.7% YoY; +11.9% QoQ EPS ₹13.3 +18.3% YoY FCF $53.8 Mn FCF/PAT 89% in Q2FY27 vs 86% in Q2FY26 7 Highlights • Revenue reached US$652.2 million • Combined EBIT margin reached 16.0%. FY27 consolidated EBIT margin guidance has been upgraded from 15.5% to 16.0%. • EBIT increased 53.0% YoY , PAT 42.7% and EPS 18.3%, with healthy FCF conversion at 89% of PAT.
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4Mar26_Coforge AI strategy_Mast ... Revenue Mix & Delivery Profile Vertical, horizontal, geography and location-mix view — Q2 FY27 38 Location Mix (IT Revenues Only) By Vertical By Service Offering By Geography 52.3% 52.8% 52.4% 51.0% 50.5% 47.7% 47.2% 47.6% 49.0% 49.5% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Onsite 25.3% 12.8% 20.2% 17.6% 6.5% 17.5% Banking and Financial Services Insurance Travel, Transportation and Hospitality Healthcare & HiTech Government Overseas Others 48.9% 6.9% 21.2% 15.6% 7.3% AI-led Engineering Intelligent Automation Data and Integration Cloud Business Process Management (BPM) 63.1% 24.6% 12.3% Americas EMEA Rest of World Offshore
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5Mar26_Coforge AI strategy_Mast ... Order Intake, Pipeline & Client Quality $1.04 Bn Q2FY27 Fresh Intake vs Q1FY27 $691M; Up 50.6% QoQ $2.38 Bn Executable Book YoY Up 45.4% 43.7% Americas Share (Q2FY27) Geographic diversification 455 485 101 281 122 110 Americas EMEA Rest of World Order Intake by Geography ($ Mn) Q2FY27 ($M) Q2FY26 ($M) Highlights 39 • Q2 FY27 fresh intake $1.04 Bn led by EMEA • 12-month executable book at $2.38 Bn • Top 5 clients contributes 18.1% of Q2 revenue. Top 5 accounts grew by 20.4% YoY • Top 10 clients contributes 26.4% of Q2 revenue. Top 10 clients grew by 20.0% YoY • Repeat-business ratio steady at 95.5%
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6Mar26_Coforge AI strategy_Mast ... Other Key Metrics 40 47,365 Total Headcount 10.4% Attrition (LTM, ex-BPS) 82.4% Utilization (incl. trainees) $69.9K Revenue per headcount / IT Billable Annual basis Headcount Composition By role mix, Q2FY27 vs Q1FY27 (Billable + Support) Q2FY27 34,628 10,024 47,365 Q1FY27 34,061 9,360 46,228 IT Billable BPS Billable S&M G&A / Other Net adds YoY +1,137 IT Billable Δ +567 BPS Billable Δ +664 23.5 20.5 45 52 49 24 29 346 14 13 4 3 4 0 1 1 164 Q2 FY26 167 Q2 FY7 > 100 Mn 50-100 Mn 20-50 Mn 10-20 Mn 5-10 Mn 1-5 Mn Million $ Accounts Q1 FY27 280 271 372379673 2,040 687 2,120 243
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Coforge Limited Consolidated Profit and Loss Statement September 30, 2026 Particulars (INR Mn) Q2FY27 Q1FY27 QoQ% Q2FY26 YoY% Gross Revenues 61,708 55,277 11.6% 40,164 53.6% Direct People Cost 29,889 26,208 14.0% 18,376 62.7% Sub-contractor cost 6,393 5,921 8.0% 4,486 42.5% Other Direct Cost 4,403 4,214 4.5% 3,437 28.1% Direct Costs 40,686 36,343 11.9% 26,299 54.7% Gross Profit 21,022 18,934 11.0% 13,864 51.6% GM% 34.1% 34.3% -19 Bps 34.5% -45 Bps Sales People Cost 3,854 3,331 15.7% 2,585 49.1% Marketing Cost 92 227 -59.6% 151 -39.1% Provision for Bad Debts 302 295 2.4% 22 1248.0% Other S&M Cost 193 193 -0.4% 158 21.8% Sales & Marketing 4,441 4,047 9.7% 2,917 52.3% G&A People Cost 2,230 1,977 12.8% 1,532 45.6% ESOPS 374 457 -18.1% 561 -33.3% Other G&A Cost 1,280 1,220 5.0% 1,267 1.1% General & Administration 3,884 3,654 6.3% 3,359 15.6% Selling / General And Administration 8,326 7,701 8.1% 6,276 32.7% SG&A to Revenue % 13.5% 13.9% -44 Bps 15.6% -213 Bps EBITDA 12,697 11,233 13.0% 7,588 67.3% EBITDA% 20.6% 20.3% 25 Bps 18.9% 168 Bps Depreciation and Amortization 1,397 1,294 8.0% 1,251 11.7% Amoritization of Intangibles (acquired assets) 1,453 1,117 30.1% 468 210.5% EBIT 9,847 8,822 11.6% 5,869 67.8% EBIT% 16.0% 16.0% - 14.6% 134 Bps Fx Gain/Loss (Net) -465 -653 -28.8% 4 NA Net Interest Income/(Expense) -836 -598 39.8% -292 186.7% Profit Before Tax (Before exceptional items) 8,546 7,571 12.9% 5,582 53.1% PBT % (Before exceptional items) 13.8% 13.7% 15 Bps 13.9% -5 Bps Exceptional items* 557 550 1.3% 0 NA Profit Before Tax 7,989 7,021 13.8% 5,582 43.1% PBT % 12.9% 12.7% 24 Bps 13.9% -95 Bps Provision for Tax 1,940 1,704 13.8% 1,328 46.1% Minority Interest 168 131 28.2% 496 -66.1% PAT 5,881 5,186 13.4% 3,758 56.5% PAT% 9.5% 9.4% 15 Bps 9.4% 17 Bps Basic EPS (INR) - Continued operations 13.3 12.3 7.5% 11.2 18.3% Basic EPS (INR) 13.3 12.3 7.5% 11.2 18.3% * Included integration related expenses for Encora ETR for the quarter is 24.3%
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Coforge Limited Consolidated Balance Sheet September 30, 2026 (INR Mn) Particulars As at Sep 30 2026 As at Jun 30 2026 As at Sep 30 2025 Particulars As at Sep 30 2026 As at Jun 30 2026 As at Sep 30 2025 NET Worth 225,367 218,766 89,225 Fixed Assets 14,579 15,467 17,009 Equity 886 885 669 Goodwill 165,354 163,729 41,134 Reserves & Surplus 222,730 216,306 68,278 Intangible Assets related to acquired business 56,036 56,869 12,944 Non Controlling Interest 1,751 1,575 20,278 Cash and Cash Equivalent 18,217 13,883 5,178 Borrowings 56,457 53,803 6,082 Other Bank Balance 1,064 4,030 875 Deferred Revenue 4,726 5,191 5,809 Debtors 41,751 40,979 26,133 Deferred Tax Liability 10,252 9,627 2,128 Unbilled Revenue (Net) 26,041 20,969 10,418 Future Acquisition Liability 2,485 2,518 3,344 Short Term 18,030 14,778 8,223 Lease Liabilities 3,806 3,967 3,633 Long Term 12,622 10,654 6,528 Employee Benefit Obligations 6,972 6,292 2,825 Liability related to unbilled revenue (4,611) (4,463) (4,333) Trade payables and Other Liabilities 31,730 35,241 16,542 Contract Cost (Net) 5,500 5,554 5,851 Contract Cost 6,891 7,234 7,834 Corresponding Liability (1,391) (1,680) (1,983) Deferred Tax Assets 7,743 8,394 6,155 Other Assets 5,510 5,531 3,891 341,795 335,405 129,588 341,795 335,405 129,588
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Coforge Limited Consolidated Balance Sheet September 30, 2026 (USD Mn) Particulars As at Sep 30 2026 As at Jun 30 2026 As at Sep 30 2025 Particulars As at Sep 30 2026 As at Jun 30 2026 As at Sep 30 2025 NET Worth 2,351 2,312 1,005 Fixed Assets 152 163 192 Equity 12 12 9 Goodwill 1,725 1,730 463 Reserves & Surplus 2,321 2,283 767 Intangible Assets related to acquired business 585 601 146 Non Controlling Interest 18 17 228 Cash and Cash Equivalent 190 146 58 Borrowings 589 568 69 Other Bank Balance 11 43 10 Deferred Revenue 49 55 65 Debtors 436 433 294 Deferred Tax Liability 107 102 24 Unbilled Revenue (Net) 272 222 117 Future Acquisition Liability 26 27 38 Short Term 188 156 93 Lease Liabilities 40 42 41 Long Term 132 113 74 Employee Benefit Obligation 73 66 32 Liability related to unbilled revenue (48) (47) (49) Trade payables and Other Liabilities 331 372 186 Contract Cost (Net) 57 58 66 Contract Cost 72 76 88 Corresponding Liability (15) (18) (22) Deferred Tax Assets 81 89 69 Other Assets 57 58 44 3,566 3,543 1,460 3,566 3,543 1,460
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Coforge Limited Consolidated Cash Flow Statement September 30, 2026 (USD Mn) Particulars Q2FY27 Q1FY27 Q2FY26 Operating Activities PBT 84.4 75.2 64.7 Add: Depreciation / Amortization 29.8 25.5 19.2 Other Non Cash Items 15.8 14.2 10.5 (Increase) / Decrease in NWC (51.4) (47.9) (31.3) Tax (22.7) (9.4) (15.9) Total (28.4) (17.6) (17.5) OCF 56.0 57.6 47.2 Investing Activities Capital Expenditure (Net) (2.2) (4.6) (9.7) Acquisition/Sale of Subsidiary 2.6 (503.1) (0.3) Proceed from sales of current investments 0.2 0.0 5.0 Others 1.8 1.2 0.1 Total 2.5 (506.5) (4.9) FCF 53.8 52.9 37.5 Financing Activities Credit Line / Term Loan 21.8 498.9 (16.4) Purchase of additional stake in Subsidiaries - (8.0) (1.3) Interest (9.0) (7.8) (4.2) Dividends paid to shareholders / NCI holders (18.6) (0.1) (16.9) Lease payment (3.4) (3.4) (3.5) Others 0.8 0.8 Total (8.4) 479.7 (41.5) Net Change in Cash 50.1 30.8 0.8 Foreign exchange fluctuation (6.7) (0.7) (3.3) Opening Cash Balance 146.7 116.6 60.9 Closing Cash Balance 190.1 146.7 58.3
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Coforge Limited Factsheet September 30, 2026 Revenue and Revenue Growth Q2FY27 Q1FY27 Q2FY26 Q-o-Q CC Revenue Growth 10.9% 22.3% 5.9% Revenue (USD Mn) 652.2 592.2 465.5 Q-o-Q Growth 10.1% 21.1% 4.8% Y-o-Y Growth 40.1% 33.3% 27.2% Revenue (INR Mn) 61,708 55,277 40,164 Q-o-Q Growth 11.6% 24.2% 8.4% Y-o-Y Growth 53.6% 49.2% 32.5% Hedge Gain/(Loss) - INR Mn (971) (968) (307) Profitability Q2FY27 Q1FY27 Q2FY26 EBITDA Margin 20.6% 20.3% 18.9% Cash Flow Q2FY27 Q1FY27 Q2FY26 OCF ($ Mn) 56.0 57.6 47.2 FCF ($ Mn) 53.8 52.9 37.5 FCF / PAT % 89% 95% 86% Other Income Q2FY27 Q1FY27 Q2FY26 Interest Income 115 99 28 Discounting income on long term customer contracts 90 108 62 Income from Mortgage Business 39 39 26 Interest Income 244 246 116 Interest Expense -804 -650 -205 Lease discounting and Other expenses (Incl Bank charges) -276 -194 - Interest Expense -1,080 -844 -205 Net Other Income (836) (598) (89) Order Book (USD Mn) Q2FY27 Q1FY27 Q2FY26 Fresh Order Intake 1,040 691 514 Americas 455 364 281 EMEA 485 260 122 Rest of World 101 67 110 Executable Order Book over Next 12 Months 2,378 2,228 1,635 Vertical Q2FY27 Q1FY27 Q2FY26 Banking and Financial Services (BFS) 25.3% 24.7% 27.6% Insurance 12.8% 13.6% 15.1% Travel, Transportation and Hospitality (TTH) 20.2% 21.3% 23.3% Healthcare & HiTech 17.6% 17.3% 10.0% Government outside India 6.5% 6.0% 6.9% Others(1) 17.5% 17.1% 17.0% (1) Others primarily include Retail, Energy & Utilities and Manufacturing Horizontal Q2FY27 Q1FY27 Q2FY26 AI-led Engineering 48.9% 50.4% 46.1% Intelligent Automation 6.9% 7.0% 7.9% Data and Integration 21.2% 20.9% 21.2% Cloud 15.6% 14.8% 17.1% Business Process Management (BPM) 7.3% 7.0% 7.7% Geography Q2FY27 Q1FY27 Q2FY26 Americas 63.1% 61.8% 57.9% EMEA 24.6% 27.0% 28.9% Rest of World 12.3% 11.2% 13.2% Onsite vs. Offshore (IT Revenue Only) Q2FY27 Q1FY27 Q2FY26 Onsite 49.5% 49.0% 47.7% Offshore 50.5% 51.0% 52.3% Project Type Q2FY27 Q1FY27 Q2FY26 Fixed Price 40.5% 43.0% 45.9% Time & Materials 59.5% 57.0% 54.1% FinancialBusiness Mix (% of Revenue)
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Coforge Limited Factsheet September 30, 2026 Vertical Growth QoQ YoY Banking and Financial Services (BFS) 14.3% 41.1% Insurance 4.9% 30.4% Travel, Transportation and Hospitality (TTH) 6.3% 33.3% Healthcare & HiTech 13.7% 169.7% Government outside India 20.8% 43.8% Others(1) 14.5% 58.3% (1) Others primarily include Retail, Energy & Utilities and Manufacturing Horizontal Growth QoQ YoY Engineering 8.4% 63.1% Intelligent Automation 11.1% 34.9% Data and Integration 13.5% 53.7% Cloud and Infrastructure Management (CIMS) 18.0% 40.4% Business Process Management (BPM) 16.2% 45.3% Geography Growth QoQ YoY Americas 13.9% 67.6% EMEA 1.9% 30.8% Rest of World 22.6% 42.6% New Clients Added Q2FY27 Q1FY27 Q2FY26 Americas 5 6 4 EMEA 1 - 2 Rest of World 2 3 Total 6 8 9 Repeat Business % 95.5% 95.7% 95.0% Client Concentration (% of Revenue) Q2FY27 Q1FY27 Q2FY26 Top 5 18.1% 18.0% 21.0% Top 10 26.4% 26.1% 30.8% No. of Clients (by Client Engagement Size) Q2FY27 Q1FY27 Q2FY26 USD > 100 Mn 1 1 - USD 50-100 Mn 4 3 4 USD 20-50 Mn 13 14 6 USD 10-20 Mn 34 29 24 USD 5-10 Mn 49 52 45 USD 1-5 Mn 271 280 164 372 379 243 By Role Q2FY27 Q1FY27 Q2FY26 Billable Personnel IT 34,628 34,061 24,375 BPS 10,024 9,360 8,335 Total Billable 44,652 43,421 32,710 Sales and Marketing 673 687 622 Others 2,040 2,120 1,564 Grand Total 47,365 46,228 34,896 Q2FY27 Q1FY27 Q2FY26 IT Revenue per Billable Headcount ($ / Annnum) 69,852 70,557 69,989 Utilization/Attrition (Excl BPS) Q2FY27 Q1FY27 Q2FY26 Utilization (incl. Trainees) 82.4% 82.5% 82.3% Attrition Rate 10.4% 10.4% 11.4% No of Days Q2FY27 Q1FY27 Q2FY26 Days Sales Outstanding (DSO) 65 63 63 DSO Unbilled* 26 24 26 DSO Contract Asset* 19 15 15 Total 110 102 104 * Net of corresponding liability INR / USD Rate Q2FY27 Q1FY27 Q2FY26 Period Closing Rate 95.8 94.7 88.8 Period Average Rate 94.6 93.3 87.3 Hedge Position Q2FY27 Q1FY27 Q2FY26 USD 123 226 483 GBP 23 42 122 Euro 1 3 8 Average Rates for Outstanding Hedges as on: Q2FY27 Q1FY27 Q2FY26 USD 91.7 90.9 88.2 GBP 122.3 121.6 115.2 Euro 109.5 108.0 99.2 Other Data % GrowthClient DataPeople Data
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