Coforge Ltd

Despite support from global giants like Norges Bank, domestic institutions blocked the move, forcing Coforge to remove Advent’s influence over audit and remuneration committees to ensure the Encora acquisition proceeds.

Coforge Ltd has emerged an unlikely star in India's IT services sector: notching a $1.56 billion win with Sabre and buying Encora for $2.35 billion, the industry's biggest M&A ever. Mint interviewed CEO Sudhir Singh to understand the company's journey so far and where it is headed next.

The $2.35 billion all-stock deal could lift Coforge’s FY27 revenue by 28% and expand its North American presence, but high valuation and integration risks could test investor confidence.

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For the second straight year, mid-tier IT firms like LTIMindtree, Coforge, and Persistent are on track to grow faster and earn higher margins than TCS and Infosys.

Coforge’s gross margin expanded 31 basis points sequentially as utilization improved, thanks to automation and AI-led benefits, which complemented a persistent focus on large, high-margin projects. But 40% exposure to on one sector can both be an advantage and a weakness.

Coforge's commentary stands in contrast to the country’s five largest IT outsourcers, who are still uncertain about the macroeconomic environment. None of the top five expect a clear-cut demand revival during the second half of the year.