Coforge Ltd has outlined a roadmap to reach $5 billion in revenue by FY30, betting on artificial intelligence, cloud services, engineering capabilities and strategic acquisitions to drive its next phase of growth.
The company exited FY26 with a revenue run-rate of about $2.5 billion, while its 12-month executable order book stood at $1.75 billion, providing visibility for future growth.
Nearly a decade of strong growth
Coforge has climbed from the 18th-largest Indian IT company in 2017 to seventh place by 2026.
Over the period:
- Revenue increased from $410 million in FY17 to $1.86 billion in FY26.
- Revenue grew at a CAGR of 20.3%.
- EBIT rose from $45 million to $270 million.
- EBIT expanded at a CAGR of 24.4%.
Management expects:
- FY27 revenue to exceed $2.6 billion.
- FY27 EBIT to cross $400 million.
FY26 performance
In rupee terms, the company reported:
- Revenue of ₹16,403 crore, up 35.9% year-on-year.
- EBITDA growth of 77%.
- EBIT growth of 83%.
- EPS growth of 77% to ₹44.
- Free cash flow of ₹1,196.6 crore, up 77%.
Management described the gains as structural rather than one-off.
Roadmap to $5 billion revenue
Management has provided a segment-wise breakdown of its FY30 target.
Organic growth targets
By FY30, the company aims to increase revenue from:
- Banking and Financial Services to $1 billion from $625 million.
- Travel to $850 million from $511 million.
- Healthcare and Hi-Tech to $750 million from $402 million.
- Insurance to $550 million from $321 million.
- Government business outside India to $250 million from $131 million.
- Other verticals to $900 million from $481 million.
These businesses are expected to generate around $4.3 billion in revenue.
Acquisitions to contribute the balance
Management expects another acquisition to contribute:
- $500 million in FY28.
- $586 million in FY29.
- $700 million by FY30.
The company said the target is based on a continuation of the 20%-plus organic growth it has delivered over the last nine years.
Large deals continue to increase
Large deal wins have nearly doubled in four years.
- The number of large deals increased from 11 in FY22 to 21 in FY26.
- Order intake rose from $1.15 billion to $2.26 billion.
- The executable order book expanded from $720 million to $1.75 billion.
Management attributed this growth to its consulting and solutioning capabilities.
AI, cloud and engineering already form a major business
According to the company, AI-led engineering, cloud and data services already account for around $2 billion in business.
Coforge’s OneAI platform includes:
- More than 75 horizontal AI capabilities.
- Over 60 domain-specific agentic workflows.
Over the last 18 months, the company has received more than 25 AI-related recognitions, including seven leader rankings from Everest Group, NelsonHall and ISG.
Management said clients are currently focused on:
- Identifying AI use cases.
- Measuring returns on AI investments.
- Scaling AI adoption across organisations.
Existing clients continue to spend more
The company’s top 20 accounts recorded 32% growth in FY26 and now contribute about 38% of revenue.
Between FY24 and FY26:
- Clients generating more than $100 million in revenue increased from zero to one.
- The number of $50-100 million clients rose from one to three.
- Clients in the $10-20 million category increased from 16 to 23.
Coforge serves 124 Forbes Global 1000 companies, with 95% of revenue coming from repeat business.
Acquisition strategy remains central
The company highlighted the performance of previous acquisitions.
Incessant
Since acquisition, the business has delivered:
- Revenue CAGR of 26%.
- EBITDA CAGR of 31%.
Revenue increased from $11.5 million to $120 million.
Whishworks
Revenue grew from $27 million to $70 million, reflecting a CAGR of 17%.
SLK Global
- Revenue CAGR stood at 15%.
- EBITDA CAGR was 17%.
Cigniti
EBITDA margin expanded from 12% to 21% within five quarters of acquisition.
Encora acquisition
The latest acquisition, Encora, closed on April 23, 2026.
The company acquired Encora through a $1.9 billion all-stock transaction, with consolidation beginning from May 1, 2026.
Management expects the acquisition to strengthen engineering services and AI capabilities.
Key metrics
| Particulars | FY26 |
|---|---|
| Revenue | ₹16,403 crore |
| Revenue growth | 35.9% |
| EBIT | $270 million |
| Executable order book | $1.75 billion |
| Order intake | $2.26 billion |
| AI, cloud and data business | ~$2 billion |
| FY30 revenue target | $5 billion |
Outlook
Coforge believes AI, cloud services and large deal wins will remain the key drivers of growth over the next few years.
With a growing order book, strong client relationships and a history of integrating acquisitions, the company is targeting another phase of expansion as it works toward its $5 billion revenue ambition by FY30.
TL;DR
Coforge has set a target of reaching $5 billion in revenue by FY30. The company plans to achieve this through organic growth, acquisitions, AI services and large deal wins, supported by a $1.75 billion executable order book.
AI Summary
- Coforge aims to reach $5 billion in revenue by FY30.
- FY26 revenue stood at ₹16,403 crore.
- The executable order book was $1.75 billion.
- AI, cloud and engineering services contribute nearly $2 billion.
- The Encora acquisition is expected to strengthen AI capabilities.