Board approves September quarter results, new statutory auditor, US entity and Italy unit closure
Board meeting on October 23, 2026 approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026.
By ScoutQuest · · 3 min read
- Revenue from operations (Q2)
- Rs. 38,120 Mn
- Profit for the period
- Rs. 2,103 Mn
- Basic EPS
- Rs. 4.75
Quarterly results (standalone, unaudited)
- Revenue from operations was Rs. 38,120 Mn for the quarter ended September 30, 2026, against Rs. 30,804 Mn in the preceding quarter and Rs. 23,827 Mn in the corresponding quarter a year earlier.
- Total income was Rs. 38,844 Mn.
- Profit before exceptional items and tax was Rs. 3,142 Mn; exceptional items were Rs. 274 Mn, leaving profit before tax of Rs. 2,868 Mn.
- Profit for the period was Rs. 2,103 Mn, against Rs. 2,046 Mn in the preceding quarter and Rs. 3,623 Mn in the year-ago quarter.
- Basic earnings per share was Rs. 4.75 and diluted Rs. 4.72.
For the half year (April 1 to September 30, 2026)
- Revenue from operations was Rs. 68,924 Mn, total income Rs. 70,842 Mn and profit for the period Rs. 4,149 Mn.
- Basic earnings per share for the half year was Rs. 9.61.
Auditor review
S R Batliboi & Associates LLP, the statutory auditors, issued Limited Review Reports with an unmodified opinion on both the standalone and consolidated results, as stated in the update.
Change of statutory auditor
- The Board, on the Audit Committee's recommendation, approved the appointment of Price Waterhouse Chartered Accountants LLP as statutory auditor for a term of 5 (five) years, from the conclusion of the 35th AGM (to be held in 2027) until the conclusion of the 40th AGM (to be held in 2032).
- The appointment is subject to shareholders' approval and other statutory requirements.
- S R Batliboi & Associates LLP continues as statutory auditor until the conclusion of the 35th AGM.
US entity
The Board has given in-principle approval for setting up a new entity, Momentum Blue, in the USA for building a talent pool of Forward Deployed Engineers (FDE). The update states that incremental details will be shared in due course.
Italy subsidiary wound up
- The Board took note of the voluntary liquidation/winding up of Digital Mobile Innovations Italy S.R.L., a step-down wholly owned subsidiary in Italy, to streamline the entity structure and enhance operational efficiency.
- The entity was part of the Encora group, and liquidation was initiated in September 2025, before Coforge acquired Encora; the process has since been completed and the entity has been formally dissolved/closed.
Balance sheet position (standalone, as at September 30, 2026)
- Total assets were Rs. 2,97,036 Mn, against Rs. 1,15,789 Mn as at March 31, 2026, with non-current investments at Rs. 1,91,542 Mn.
- Total equity was Rs. 2,03,715 Mn; non-current borrowings Rs. 41,853 Mn and current borrowings Rs. 13,224 Mn.
Cash flow highlights (half year, standalone)
- Net cash outflow from operating activities was Rs. 3,006 Mn.
- Net cash outflow from investing activities was Rs. 49,854 Mn, which includes Rs. 51,592 Mn for acquisition of a subsidiary.
- Net cash inflow from financing activities was Rs. 49,256 Mn, which includes proceeds from borrowings of Rs. 52,617 Mn.
Employee stock options
Under the Employees Stock Option Plan 2005, options were granted during the quarter and year to date at a grant price of Rs. 1,391; the year-to-date figure is 940,500 options (over 1-5 years, based on performance).
Other board matters
- Mr. O. P. Bhatia, Non-Executive Independent Director and Chairman, resigned with effect from the Board on 8 September 2026; Mr. D. K. Singh, Non-Executive Independent Director and Chairman of the Nomination and Remuneration Committee, resigned on 10 September 2026.
- The Board appointed Mr. Akhil Kumar Gupta as a Non-Executive Independent Director for a five-year term effective 29 September 2026 and designated him as Chairman of the Company; the appointment is subject to shareholders' approval and other requisite approvals.
- The meeting commenced at 10:35 AM IST and concluded at 3:56 PM IST on October 23, 2026.
Also from Coforge
Transcript of Q2 FY27 earnings conference call shared with exchanges
24 Oct 2026
Q2FY27 earnings call audio transcript and management's prepared remarks made available
23 Oct 2026
Board takes note of voluntary liquidation of Italy step-down subsidiary
23 Oct 2026
More numbers
- Revenue from operations, quarter ended Sep 30, 2026 (standalone)38,120 (Rs. in Mn)
- Profit for the period, quarter ended Sep 30, 2026 (standalone)2,103 (Rs. in Mn)
- Profit before tax, quarter ended Sep 30, 2026 (standalone)2,868 (Rs. in Mn)
- Basic earnings per share, quarter ended Sep 30, 20264.75
- Term of Price Waterhouse as statutory auditor5 (five) years
- Net exceptional expense in the quarterRs. 274 Mn
- Options granted year to date under ESOP 2005940,500
- Grant price of options granted1,391
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