Coforge

By Bharath Rajeswaran and Haripriya Suresh

Oct 1 (Reuters) - India's top IT companies are set to report another quarter of weak earnings and could trim their annual revenue growth forecasts, five brokerages said, as AI-driven pricing pressure and tepid spending by clients bite.

The rise of AI-based technology has battered the $315-billion information technology sector, especially vulnerable because of its reliance on billable hours, forcing companies to rejig business models and offer steep discounts. The sector has been among the market's worst performers over the past year.

"AI-led deflation has more legs to go and demand environment is not improving," Jefferies said in a note on Tuesday, citing additional pressure from higher oil prices and interest rates.

India's top IT services company, Tata Consultancy Services TCS.NS, kicks off earnings on October 8, with peers Infosys INFY.NS, HCLTech HCLT.NS and Wipro WIPR.NS ​reporting later this month.

IT companies typically post strong performance in the first two quarters of the fiscal year helped by higher billing days and project starts. However, first-quarter results were muted and expectations from the second are similarly subdued.

The industry, which employs nearly 6 million in the world's most populous country, is expected to report its weakest sequential performance in three years for the July-September quarter, according to Jefferies, with revenue growth projected at 0.7% to 3.5% quarter-on-quarter for the top six firms.

Year-on-year, analysts expect revenue to rise about 10% in rupee terms.

While acquisitions and deal ramp-ups could boost performance for some large companies, organic revenue growth is expected to be weak. The country's largest IT firms are projected to report lacklustre growth, after stripping out currency fluctuations.

The Nifty IT .NIFTYIT has dropped about 27% in 2026 so far, lagging the benchmark Nifty 50's .NSEI 13.4% drop.

With demand conditions largely unchanged since the last quarter, investors will focus on annual revenue growth forecasts.

Infosys is expected to trim the upper end of its 1.5% to 3% revenue growth forecast to 2.5%, analysts at Kotak said. Jefferies expects a sharper cut, to 0.5% to 2%.

Brokerages expect HCLTech HCLT.NS and Tech Mahindra TECHM.NS to lead among the larger companies, while Wipro WIPR.NS is likely to lag.

Margins may improve modestly as rupee depreciation offsets some pricing pressure, though foreign exchange hedging losses could weigh on profit at Tech Mahindra, Coforge COFO.NS and Hexaware HEXW.NS.

(Reporting by Bharath Rajeswaran and Haripriya Suresh in Bengaluru; Editing by Jochelle Mendonca)

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** Shares of IT services firm Coforge COFO.NS rise 5.15% to 1,810.6 rupees

** JPMorgan ("Overweight",TP: 1,850rupees) says management reiterated FY27 margin guidance and long-term revenue target despite recent board changes

** Brokerage says co is on track for its strongest-ever quarter of large deal signings in Q2FY27

** Management expects AI-led price deflation of 15%-30% over the next three years, followed by incremental annual deflation of 1%-3%; says most of the portfolio has already undergone AI-related price cuts

** Brokerage says margin upside could come from higher utilisation, operating leverage on M&A amortization and general and administrative costs

** COFO rated "Buy" on avg by 34 analysts, median PT at 1,980 rupees - data compiled by LSEG

** YTD stock up 8.33%

(Reporting by Surbhi Misra in Bengaluru)

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Coforge appointed Akhil Gupta as a non-executive independent director and chairperson, effective September 29, 2026, for a five-year term. Gupta was the former vice chairman of Bharti Enterprises, with positions that included chairmanships of 360 ONE WAM and Bharti Life Insurance and board memberships at Zepto, Snapdeal, Eutelsat Communications and Lodha Developers. The company said a global search conducted with Egon Zehnder had narrowed an initial list of 60 candidates and that Gupta was the unanimous choice of the NRC and board. The appointment followed O P Bhatt’s resignation as chairperson on September 8 and D K Singh’s resignation as NRC chair and independent director on September 10.

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Coforge appointed Akhil Kumar Gupta as an additional non-executive independent director and chairperson of the board, effective September 29, for a five-year term subject to shareholder approval. Gupta was the former vice-chairman of Bharti Enterprises and chairs 360 ONE WAM and Bharti Life Insurance. He also serves on the boards of Zepto, Snapdeal, Eutelsat Communications and Lodha Developers. O P Bhatt had resigned as chairperson on September 8, while Vivek Sharma had been designated interim chairperson through January 31, 2027.

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Coforge appointed Akhil Kumar Gupta as an additional director and non-executive independent chairperson for five years from 29 September 2026, subject to shareholder approval. The appointment followed the resignations of chair O P Bhatt on 8 September and independent director D K Singh on 10 September, after which Vivek Sharma served as interim chair till 31 January 2027. Gupta was the former vice-chairman of Bharti Enterprises with more than 40 years of professional experience and chaired 360 ONE WAM and Bharti Life Insurance. Coforge reported consolidated revenue of $1,870 million in the year to March, with a quarterly run-rate of $592 million in the June quarter after the Encora acquisition. Repeat business stood at 95.5% of revenue in the last financial year, with client retention at 94%.

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Sept 22 (Reuters) - Coforge Limited COFO.NS:

• COFORGE - COFORGE EXPANDS AGENTICOPS CAPABILITIES TO POWER ENTERPRISE AUTONOMY AT SCALE

Source text: ID:nBSE3Gg2vr

Further company coverage: COFO.NS

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** Shares of India's Coforge COFO.NS down 0.2% to 1,766.3 rupees

** IT services firm last week disclosed resignations of chairman OP Bhatt and independent director DK Singh following an audit of its board evaluation process

** JPMorgan ("overweight",PT:1,850 rupees) sees some near-term overhang from board changes, but says they appear separate from underlying business performance and controls

** Brokerage says board maintained there was no dissent on key corporate decisions, including Encora acquisition, Sabre contract and AdvantageGo exit

** Nomura ("buy",PT:1,860 rupees) flags "significant governance gaps" in board evaluation process, including incomplete disclosure of Bhatt's performance assessment

** Adds swift board appointments would be positive; notes that Coforge sees no impact on operations, financials or FY27 guidance

** YTD stock up 5.9%

(Reporting by Surbhi Misra in Bengaluru)

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Sept 15 (Reuters) - Coforge Limited COFO.NS:

• EXPANDS AUTOMOTIVE ENGINEERING FOOTPRINT

Source text: ID:nnAZN4TK3MO

Further company coverage: COFO.NS

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Coforge’s board noted the immediate resignation of non-executive independent director and Nomination and Remuneration Committee chair DK Singh on September 11. In his resignation email, Singh cited recent events and differences between independent and executive directors, while the board called that allegation unfounded. An internal audit had found that board-evaluation reports were not shared with other directors and that the chairman’s lowest rating was not discussed before the NRC or board. Vivek Sharma was to serve as interim chair until January 31, 2027, while Beth Boucher was designated NRC chair and the NRC and Stakeholders’ Relationship Committee were reconstituted. The move followed independent chair OP Bhatt’s resignation earlier in the week. Coforge reported FY26 revenue of $1.87 billion and an EBITDA margin of 18.6%.

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Coforge’s board noted the immediate resignation of D K Singh, a non-executive independent director and chair of its Nomination and Remuneration Committee. The company said an internal audit had found that board-evaluation reports were available only to the board chair and NRC chair, and that the board chair’s lowest rating had not been disclosed or discussed with the wider board. Coforge said explanations were sought from the two directors and that Singh’s resignation followed that process. Vivek Sharma was appointed interim chair until January 31, 2027, while Beth Boucher was named NRC chair and the NRC and Stakeholders’ Relationship Committee were reconstituted.

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Sept 11 (Reuters) - Coforge Limited COFO.NS:

• COFORGE- NOTED RESIGNATION OF NON-EXECUTIVE INDEPENDENT DIRECTOR AND NRC CHAIR, DK SINGH WITH IMMEDIATE EFFECT

• COFORGE- BOARD INCLUDING INDEPENDENT DIRECTORS SURPRISED BY ALLEGATION ON "DIFFERENCES AND TENSION" BETWEEN INDEPENDENT DIRECTORS AND EXEC DIRECTORS

• COFORGE - WITH RECENT ADDITION OF BOARD MEMBERS COMING IN, THERE HAS NOT BEEN ANY CHANGE IN DIRECTION AND PRIORITIES IN TERMS OF STRATEGY

• COFORGE - BOARD RECONSTITUTED NOMINATION AND REMUNERATION COMMITTEE AND STAKEHOLDERS’ RELATIONSHIP COMMITTEE AND DESIGNATED BETH BOUCHERAS CHAIRPERSON OF NRC

• COFORGE - VIVEK SHARMA WILL LEAD A GLOBAL SEARCH FOR ADDING ADDITIONAL INDEPENDENT DIRECTORS TO THE BOARD

• COFORGE - VIVEK SHARMA WILL ALSO OVERSEE THE PROCESS OF ELECTING THE NEW CHAIR

Source text: ID:nnAZN4TJRUS

Further company coverage: COFO.NS

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Sept 10 (Reuters) - IT services firm Coforge COFO.NS said on Thursday that Om Prakash Bhatt, who resigned as chairman earlier this week, withheld from the board a finding that he received a low rating in a board evaluation report.

• Bhatt, a veteran banker who chaired State Bank of India from 2006 to 2011, resigned from Coforge's board on September 8 after an internal audit raised concerns over the handling and presentation of the board evaluation report - which assesses the performance of the board and its members.

• The news had sent shares of the company down nearly 9% on Wednesday.

• Coforge, detailing the findings of the audit in Thursday's statement, said that reports on the board evaluation were made available to Bhatt and the chair of the nomination and remuneration committee (NRC), but not to other members of the board, on Bhatt's instruction.

• The manner in which the reports were presented to the board by Bhatt and the NRC chair "did not cover all relevant aspects and findings," Coforge said, adding that a finding that the chairman's category in the evaluation received the lowest rating was not disclosed or discussed with the board.

• Bhatt could not be immediately reached for comment. In his resignation letter disclosed by Coforge to stock exchanges on Wednesday, Bhatt said he had acted in good faith.

• Coforge added that the internal audit remains ongoing. It named independent director Vivek Sharma as interim chairman until January 31, 2027.

(Reporting by Preetika Parashuraman in Bengaluru; Editing by Shailesh Kuber)

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Updates for morning trade

By Bharath Rajeswaran and Vivek Kumar M

Sept 9 (Reuters) - Indian shares fell on Wednesday as a fresh escalation in the Middle East conflict had Brent crude hurtling toward $100 per barrel, a pain point for the world's third-largest crude oil importer.

The Nifty 50 .NSEI fell 0.67% to 23,474.4 and the BSE Sensex .BSESN lost 0.83% to 74,954.33 as of 10:01 a.m. IST.

Twelve of the 16 major sectors logged losses.

IT index .NIFTYIT slid 3%, with constituent Coforge COFO.NS tumbling 6% after Chairman Om Prakash Bhatt resigned following concerns raised by an internal audit over the company's board evaluation process.

The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 lost 0.6% and 0.7%, respectively.

The Middle East war intensified on Tuesday with Iranian-backed Houthis in Yemen launching strikes on several Saudi cities, further embroiling a U.S. ally in the conflict, while U.S. forces hit multiple Iranian oil tankers and Iran struck a U.S. base in Jordan.

Brent crude futures LCOc1 jumped 1.5% to $99.5 per barrel. Higher oil prices threaten to widen the trade deficit, fuel inflation, and weigh on growth in India. O/R

"With crude inching towards $100 a barrel, the whole sentiment view changes for the worse for domestic equities after what has been a stable earnings season," said Aman Chowhan, head of equities of Alternates at Abakkus AMC, adding, "Higher crude also brings a potential near-term U.S. rate hike to the table, which is negative for emerging market equities."

"Flows are also getting diverted from secondary markets with IPOs, QIPs hitting the Street every other day, which is compounding the pressure," Chowhan said.

Bucking the trend, Graphite India GRPH.NS climbed over 13% to a near eight-year high after global graphite electrode leader GrafTech International EAF.NS announced a 30% minimum price hike.

Adani Enterprises ADEL.NS gained 3.6% after it agreed to sell up to a 5.54% stake in its airport unit, raising about $1 billion from a group of investors comprising Temasek, BlackRock BLK.N, Premji Invest and Alpha Wave to fund the business.

(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Rashmi Aich and Harikrishnan Nair)

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Coforge’s independent director and chairperson, O P Bhatt, resigned with immediate effect after an internal audit raised concerns about the handling and presentation of the board evaluation report. The review identified concerns that material information relating to the report and Bhatt’s performance had not been fully disclosed to the board. The board had sought an explanation and was still evaluating it when Bhatt resigned, saying that a continuing disagreement over his good-faith actions would not support effective board functioning. Vivek Sharma, another non-executive independent director, was designated interim chairperson until January 31, 2027. Coforge completed its acquisition of Encora in April 2026 in a transaction valued at $2.35 billion in enterprise value. The deal formed part of the company’s shift towards AI-led engineering and data services.

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Coforge's chairperson and independent director, O P Bhatt, resigned with immediate effect after an internal audit identified concerns about how the board evaluation report and information relating to his performance had been presented to the board. The board had sought an explanation from Bhatt and was still considering his response when he resigned on September 8, while Vivek Sharma was designated interim chair until January 31, 2027. Bhatt said the disagreement over his good-faith actions in the evaluation process made continued service inappropriate, and he also stepped down from board committees. He held an independent directorship at Wockhardt, where he served on its Audit, Stakeholders' Relationship and Capital Raising committees. Coforge reported FY26 revenue of about $1.87 billion and had shifted its business mix towards AI-led engineering after completing the Encora acquisition.

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Sept 9 (Reuters) - IT services firm Coforge COFO.NS said Wednesday Chairman Om Prakash Bhatt resigned after an internal audit into a board evaluation found concerns, including that material information about his own performance had not been fully disclosed to the board.

Bhatt, who previously served as chairman of India's largest lender, State Bank of India, was appointed chair of Coforge's board in 2024 with a term due to finish in April 2027.

An audit into the board evaluation process and the resulting report, which were handled under Bhatt's guidance, identified concerns about how the report "had been dealt with and presented to the board", the company said.

The board raised its concerns with Bhatt and was evaluating his response when Bhatt tendered his resignation on Sept. 8.

The company did not elaborate on the specific nature of the information about Bhatt's performance that had not been disclosed to the board.

In his resignation letter, which was included in the regulatory filing, Bhatt maintained that he had acted in good faith.

"I believe that continuing on the Board while there remains a disagreement considering the characteristics of my good faith actions in the Board evaluation process would not be conducive to the effective functioning of the Board," Bhatt said in the letter.

Coforge named Vivek Sharma, a non-executive independent director, as interim chair until January 31, 2027.

(Reporting by Natalia Bueno Rebolledo in Mexico City; Editing by Tasim Zahid)

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Aug 28 (Reuters) - Coforge Limited COFO.NS:

• COFORGE EXPANDS STRATEGIC PARTNERSHIP WITH PEGA TO ACCELERATE ENTERPRISE AI TRANSFORMATION

Source text: ID:nBw9n6LHYa

Further company coverage: COFO.NS

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By Sai Ishwarbharath B, Abhirami G and Haripriya Suresh

BENGALURU, August 21 (Reuters) - Artificial intelligence promised to disrupt India's IT industry and it is delivering.

Outsourcing giants like Tata Consultancy Services TCS.NS, Infosys INFY.NS, Wipro WIPR.NS, HCLTech HCLT.NS and Cognizant CTSH.O are rejigging business models, increasingly tying fees to performance outcomes instead of hours worked, as clients demand steep price cuts and more productivity.

Industry executives also say they are losing some work entirely as customers use AI to shift tasks in-house, while all the uncertainty that the new technology has brought is resulting in shorter contracts.

And where once the big IT companies won contracts because they could point to their huge employee base, that has become less and less of an advantage as AI automates more and more tasks — levelling the playing field for smaller rivals which have jumped at opportunities to snatch business.

"It's a desperate market for the service providers. The odds are very much in favour of clients," said Jimit Arora, CEO of research and advisory firm Everest Group.

Software companies globally have been battered by worries that AI will render key parts of their business obsolete, but India's IT industry — worth $315 billion in annual revenue — is the most obvious victim with its traditional reliance on billable hours.

The Nifty IT index .NIFTYIT has tumbled by a fifth this year, with its 10 constituents losing a combined $73 billion in market value.

CONTRACTS SHIFT TO MEASURABLE OUTCOMES

These days, pricing for contracts is more likely to be dictated by performance outcomes.

TCS Chief Executive K Krithivasan told Reuters that about 80% of the company's contracts within its finance, human resources and other business services segment are now based on outcome performance measures.

That number represents a doubling since AI went mainstream in late 2023, said a person with knowledge of the matter, who was not authorised to speak to media and declined to be identified. TCS did not respond to a request for comment.

Other examples in the industry include an AI and automation deal Cognizant CTSH.O struck with Daimler Truck DTGGe.DE in February. It stipulated AI-related cost savings would be split between the vendor and the client, according to people familiar with the terms.

"With AI, the fundamentals are shifting," Cognizant said in a statement to Reuters, though it declined to comment on specific contracts. "Clients now expect more value and measurable outcomes, and we are re-forging our model for that reality."

Daimler Truck did not respond to a request for comment.

A separate multiyear cloud management deal forged in June 2025 was structured so HCLTech will not be paid by German utility E.ON EONGn.DE for the first year, with payments from the second year tied to efficiency gains and specific business outcomes, according to two people familiar with the agreement.

E.ON declined to comment, while HCLTech did not respond to a request for comment.

CLIENTS WANT MORE BANG FOR THEIR BUCK

As AI drives productivity gains, clients have become increasingly vocal about getting more for less.

Persistent Systems PERS.NS CEO Sandeep Kalra told Reuters that the IT provider's clients were demanding the same work for 25% to 30% less while expecting faster delivery and higher productivity.

But on the plus side, AI is helping Persistent win larger deals than it would have previously.

"The demarcation of a scale player only by revenue is not necessarily a big thing today," he said.

IT executives and analysts alike say competition from mid-sized firms has become brutally fierce.

Many customers now want rapid development of pilot programmes and smaller firms are winning mandates by deploying senior leaders quickly and offering flexible pricing, says Phil Fersht, CEO and chief analyst at HFS Research.

"Many Tier 2 firms have been more agile and hungry in this phase," he said.

Both Persistent and Coforge COFO.NS, another mid-sized IT services provider, have seen revenue in dollar terms grow by double digits for at least eight quarters in a row. In April-June, revenue for Persistent surged 16%, while Coforge's sales jumped by a third.

In contrast, TCS, Infosys, Wipro and HCLTech had subdued growth of 1% to 3%.

IRRATIONAL EXUBERANCE?

As pressure from clients grows, some firms are making rash decisions, says Tech Mahindra TEML.NS CEO Mohit Joshi.

Some rivals are factoring in productivity gains of 70% to 80% over five to seven years and guaranteeing prices despite rising chip costs, Joshi told an analysts' call last month, adding that his company had chosen not to take such risks.

"Clearly, there is a ton of competition out there, and our competition at times is doing irrational things," he said.

Infosys last month also told analysts it had walked away from contracts that were no longer economically viable.

TCS's Krithivasan said that so far the company has been able to offset AI-related downward pressure on revenue with new work.

"But how fast and how much more we are able to go ahead of the (revenue) deflation will determine the growth going forward," he added.

TCS is also boosting its numbers of engineers who embed with clients to accelerate AI adoption and is hunting for AI acquisitions.

It is thus far the only Indian IT services provider to have announced mass layoffs in the AI era, implementing cuts of more than 12,000 last year. But companies have flagged that their traditional role as huge hirers of new recruits may be winding down.

The country's IT giants will no longer need large ranks of entry-level engineers, according to former Infosys CFO V. Balakrishnan.

"The pyramid model is gone. With coding agents, we no longer need basic coding," he said.

(Reporting by Sai Ishwarbharath B, Abhirami G and Haripriya Suresh in Bengaluru; Editing by Dhanya Skariachan and Edwina Gibbs)

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.

By Ujjaini Dutta

BENGALURU, Aug 14 (Reuters Breakingviews) - India's $315 billion IT industry was once easy for investors to read: work was largely billed on human effort, so headcount was a straightforward indicator of revenue growth and earnings potential. That correlation is fraying as AI tools made by Anthropic, OpenAI and others mean IT companies can serve clients with fewer people and increase revenue without hiring. New measures are needed to differentiate between firms adapting fast enough and those who can't keep up.

Traditional contracts paid IT companies for hours worked and engineers deployed. That model is fading fast, especially at smaller and more agile firms. Yet the distinction is not reflected in share prices. Investors have indiscriminately dumped shares in giants led by $90 billion Tata Consultancy Services TCS.NS , Infosys INFY.NS and Wipro WIPR.NS, alongside stakes in smaller providers like Blackstone-backed BX.N Mphasis MBFL.NS. The benchmark Nifty IT index .NIFTYIT is down 17% this year.

Some companies are starting to report "AI revenue". Venu Lambu, the boss of $15 billion LTM LTIM.NS, reckons it will become the industry's defining metric but that seems unlikely. At Tata Consultancy, this newly adopted measure is poorly explained and, worse, lumpy. A more nuanced approach is probably required.

From March next year, $5 billion Mphasis,will report “key operating metrics” such as annual recurring revenue and platform attach rate. This suggests it sees a growing share of future revenue from selling software-like services. The firm already generates less than half of its topline from the traditional "Time and Materials" billable hours model. Similarly, $8.5 billion Coforge is building up a portfolio of AI-related software products and tools including 8 AI platforms, 22 AI assets and over 100 reusable AI agents, per its latest post-earnings call.

AI is not only making engineers more productive; it is also encouraging IT firms to package their expertise into reusable software platforms as clients increasing value speed of deployment. So instead of building a custom customer-service application from scratch, an outsourcer could deploy a pre-built AI platform across dozens of clients and charge subscription fees.. Attach rate would show how often clients purchase additional products or services after adopting a platform, offering a clue about future revenue growth.

This shift to a "services-as-software" model is imminent, says Sanjeev Narsipur, Managing Director and Lead of Digital, AI and Technology Services at Alvarez & Marsal. And as this line blurs globally, AI developers OpenAI and Anthropic are also moving into enterprise services. Whatever the way forward, after decades of falling back on old metrics, IT firms need to find new ways to demonstrate their worth.

Follow Ujjaini Dutta on LinkedIn and X.

CONTEXT NEWS

Blackstone-backed Mphasis sees a shift toward "recurring, platform-attached revenue” the company said on July 24 in a post-earnings call. In May, the company said it would start reporting “key operating metrics” such as annual revenue runrate, platform attach rate and net retention rate for the year ending March 2028.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))

Aug 11 (Reuters) - Coforge Limited COFO.NS:

• COFORGE - LAUNCHES PRIVATE EQUITY BUSINESS UNIT

Source text: ID:nBSEY8Jnd

Further company coverage: COFO.NS

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** CLSA says Coforge'sCOFO.NS strong order book provides upside to brokerage's FY27 revenue estimates

** Raises PT 6% to 2170 rupees, reiterates "high conviction outperform" rating; retains IT firm as top sector pick

** HSBC expects near mid-teen growth in overall business in FY27-29, among highest in its IT coverage; raises PT ~14% to 2000 rupees, maintains "buy"

** BofA expects revenue synergies from Encora acquisition to become more visible by H2, providing the next stock trigger; raises PT 10% to 1900 rupees, maintains "buy"

** Cites Coforge's strong sales, execution, industry specialization and ability to assimilate acquisitions as key strengths

** COFO up 4.4% to ~6-month high of 1760 rupees, extending gains to 4th straight session

(Reporting by Aleef Jahan in Bengaluru)

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** Shares of Coforge COFO.NS rise 9.2% to 1,667.3 rupees, their highest since Feb. 3

** IT firm's Q1 PAT rises 110% Y/Y as revenue jumps 49%, led by strong growth in the Americas segment

** Over 10.8 mln shares traded, 3.2x the 30-day avg

** Stock rated "buy" on avg by 34 analysts; median PT 1690 rupees - data compiled by LSEG

** Stock up 0.5% YTD

(Reporting by Aleef Jahan in Bengaluru)

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Coforge has signed a five-year contract valued at over $230 million with a major European client. The engagement will deliver an AI-led transformation programme combining low-code/no-code platforms, AI-powered automation and accelerated software development. The company stated the programme is one of its largest AI-led transformation deals in the region. It will focus on improving the client's operational efficiency, decision-making and speed of delivery at scale.

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July 24 (Reuters) - India's Coforge COFO.NS said on Friday it had secured a five-year contract worth more than $230 million with a major European client, without naming the customer, for an AI-led business transformation program.

Here are the details:

• The IT services company said the engagement, one of its largest AI-led transformation deals in Europe, will combine low-code/no-code platforms, AI-powered automation and AI-enabled software development to modernize the client's business operations

• The contract is expected to improve decision-making, boost productivity, reduce manual effort and speed up service delivery, Coforge said in an exchange filing

• Shares of Coforge extended gains to trade as much as 1.72% higher at a session high of 1,464.70 rupees after the company announced the contract

• The deal reflects growing demand for enterprise-scale AI transformation as organizations move beyond pilot projects to broader AI adoption, Coforge's president and Europe business leader John Speight said

(Reporting by Surbhi Misra in Bengaluru; Editing by Nivedita Bhattacharjee)

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** Shares of India's Coforge COFO.NS rise 2.03% to 1,494.5 rupees

** IT services firm outlined plans to double revenue to $5 billion by FY30 at its investor day

ACQUISITIONS AND EXECUTION KEY

** Jefferies ("buy", TP: 1,860 rupees) says Coforge's AI-native delivery model and platform-led offerings position it to win larger, outcome-based deals and sustain profitable growth

** HSBC ("buy", TP: 1,710 rupees) says co may need another acquisition worth more than $500 million by FY28 to achieve its FY30 revenue target, flags integration risks from successive deals

** Emkay ("buy", TP: 1,550 rupees) says about $700 million of co's targeted FY30 revenue expected to come from future acquisitions, while growth momentum expected to pick up from Q2 FY27

** Nomura ("buy", TP: 2,100 rupees) says AI is expanding addressable market for outsourced IT services and could help co nearly double revenue by FY30 through account mining, ecosystem partnerships

(Reporting by Surbhi Misra in Bengaluru)

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June 16 (Reuters) - Coforge Ltd COFO.NS:

• COFORGE - TARGETS $5 BILLION IN REVENUE BY FY30

Source text: [ID:]

Further company coverage: COFO.NS

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Updates May 6 story to add responses from Coforge and Mphasis in paragraphs 4, 5 and 6

BENGALURU, May 7 (Reuters) - Indian mid-tier software firm Mphasis MBFL.NS has filed a lawsuit against rival Coforge COFO.NS in a U.S. court, claiming that the latter had hired its executives in violation of contract restrictions and gained access to confidential client information.

In a filing dated March 31, Mphasis sought injunctive relief to prevent Coforge from employing two of its former executives on Charles Schwab accounts - a mutual client of both companies - and from using Mphasis’ confidential data.

It also asked the court to bar former Vice President Brijesh Khergamker, who is named as a party in the matter, from working in Charles Schwab's outsourcing operations through Coforge for a year or accepting business from Mphasis customers as it violated his employment contract.

Coforge denied all allegations of wrongdoing and said it intends to vigorously defend itself and the employee in the matter, according to an emailed statement on Wednesday.

The company added that it is also evaluating potential counterclaims, and said that the client mentioned in the complaint has been an existing client for many years, with which it intends to grow its business relationship.

In response to a request for comment, Mphasis said on Thursday that its top priority is to protect its clients and that it would take the necessary action to enforce its rights when left with no other conciliatory alternatives.

Indian newspaper Mint first reported the development on Wednesday. Although dated March, the filing appeared in the government's legal database only last week.

Mphasis also sought compensatory damages and reimbursement of attorney fees and related costs, according to the filing, which did not provide further details.

Mphasis said that Coforge gained an "unfair competitive advantage" in the delivery of IT services by hiring at least four senior-level employees mentioned in the filing.

As demand for Indian IT services has slowed and competition intensified in recent years, companies have increasingly sued executives for violating their employment contracts.

Early last year, Infosys INFY.NS, India's second-largest IT firm, filed a counterclaim against rival Cognizant CTSH.O, saying that the U.S.-based company was engaging in anti-competitive practices and poaching key executives.

In 2023, Wipro sued former Chief Financial Officer Jatin Dalal after he joined Cognizant, claiming that the move violated the terms of his employment contract.

(Reporting by Sai Ishwarbharath B; Editing by Sonia Cheema)

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BENGALURU, May 6 (Reuters) - Indian mid-tier software firm Mphasis MBFL.NS has filed a lawsuit against rival Coforge COFO.NS in a U.S. court, claiming that the latter had hired its executives in violation of contract restrictions and gained access to confidential client information.

In a filing dated March 31, Mphasis sought injunctive relief to prevent Coforge from employing two of its former executives on Charles Schwab accounts - a mutual client of both companies - and from using Mphasis’ confidential data.

It also asked the court to bar former Vice President Brijesh Khergamker, who is named as a party in the case, from working in Charles Schwab's outsourcing operations through Coforge for a year or accepting business from Mphasis customers as it violated his employment contract.

Coforge and Mphasis did not immediately respond to Reuters' requests for comment.

Indian newspaper Mint first reported the development on Wednesday. Although dated March, the filing appeared in the government's legal database only last week.

Mphasis also sought compensatory damages and reimbursement of attorney fees and related costs, according to the filing, which did not provide further details.

Mphasis said that Coforge gained an "unfair competitive advantage" in the delivery of IT services by hiring at least four senior-level employees mentioned in the filing.

As demand for Indian IT services has slowed and competition intensified in recent years, companies have increasingly sued executives for violating their employment contracts.

Early last year, Infosys INFY.NS, India's second-largest IT firm, filed a counterclaim against rival Cognizant CTSH.O, saying that the U.S.-based company was engaging in anti-competitive practices and poaching key executives.

In 2023, Wipro sued former Chief Financial Officer Jatin Dalal after he joined Cognizant, claiming that the move violated the terms of his employment contract.

(Reporting by Sai Ishwarbharath B; Editing by Sonia Cheema)

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May 5 (Reuters) - Indian IT services provider Coforge COFO.NS fourth-quarter profit more than doubled, the firm reported on Tuesday, helped by a rise in order intake and revenue.

• Consolidated net profit rose 134.4% to 6.12 billion rupees ($64.23 million) in the quarter ended March 31, from 2.61 billion rupees a year earlier.

• Revenue rose 30% to 44.50 billion rupees, driven by stronger performance in the Americas region.

• Order intake for the quarter was $648 million, up 9.3% sequentially, including five new deals signed during the period.

• "With an order executable of $1.75 billion, we enter FY27 with strong momentum and confidence," CEO Sudhir Singh said.

• "We expect to deliver robust revenue growth in FY27," he added, with the company planning to deliver an EBITDA of more than 20.5% on a consolidated basis in FY27.

• Coforge shares closed up 1.4% on Tuesday ahead of the results announcement; they have fallen 29.8% since the start of 2026.

• In December, Coforge agreed to buy AI firm Encora in a $2.35 billion deal to strengthen AI capabilities and expand in the U.S. and Latin America. The deal was completed on April 23.

• CLSA expects the deal to boost AI-led engineering and deliver synergies, while Morgan Stanley sees price as expensive and likely earnings-dilutive.

• Analysts expect revenue growth at India's top IT firms to remain muted this fiscal year, as AI-led gains are offset by client spending cuts amid macroeconomic and geopolitical uncertainty.

($1 = 95.2800 Indian rupees)

(Reporting by Abhinav Parmar in Bengaluru; Editing by Harikrishnan Nair)

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April 13 (Reuters) - Coforge Ltd COFO.NS:

• SECURES ALL REGULATORY APPROVALS FOR ENCORA ACQUISITION

• COMBINED ENTITY TO OPERATE AT ABOUT $2.5 BILLION RUN RATE

Source text: ID:nBSE48hdtB

Further company coverage: COFO.NS

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