Coforge Limited

rs,

December 28, 2025 The Manager, Department of Corporate Services BSE Limited Floor 25, P.J. Towers, Dalal Street, Mumbai – 400 001 BSE Scrip code – 532541 Equity ISIN INE591G01025 Subject: Investo

18.0%

st PBT PBT% Tax Minority Interest PAT PAT% Outstanding Shares (# Mn)** EPS (US$) Coforge 2,136 384 18.0% 86 298 14.0% 20 278 13.0% 70 5 203 9.5% 347.7 52.1 FY27E Proforma Financials* Encora 690 148 21.5

14.0%

x Minority Interest PAT PAT% Outstanding Shares (# Mn)** EPS (US$) Coforge 2,136 384 18.0% 86 298 14.0% 20 278 13.0% 70 5 203 9.5% 347.7 52.1 FY27E Proforma Financials* Encora 690 148 21.5% 9 39 100 14.

13.0%

terest PAT PAT% Outstanding Shares (# Mn)** EPS (US$) Coforge 2,136 384 18.0% 86 298 14.0% 20 278 13.0% 70 5 203 9.5% 347.7 52.1 FY27E Proforma Financials* Encora 690 148 21.5% 9 39 100 14.5% 0 100 14.5

9.5%

Outstanding Shares (# Mn)** EPS (US$) Coforge 2,136 384 18.0% 86 298 14.0% 20 278 13.0% 70 5 203 9.5% 347.7 52.1 FY27E Proforma Financials* Encora 690 148 21.5% 9 39 100 14.5% 0 100 14.5% 21 79 11.5%

21.5%

8.0% 86 298 14.0% 20 278 13.0% 70 5 203 9.5% 347.7 52.1 FY27E Proforma Financials* Encora 690 148 21.5% 9 39 100 14.5% 0 100 14.5% 21 79 11.5% 58.2 Combined 2,826 533 18.9% 95 39 399 14.1% 20 379 13.4

14.5%

.0% 20 278 13.0% 70 5 203 9.5% 347.7 52.1 FY27E Proforma Financials* Encora 690 148 21.5% 9 39 100 14.5% 0 100 14.5% 21 79 11.5% 58.2 Combined 2,826 533 18.9% 95 39 399 14.1% 20 379 13.4% 91 5 283 10.0

11.5%

9.5% 347.7 52.1 FY27E Proforma Financials* Encora 690 148 21.5% 9 39 100 14.5% 0 100 14.5% 21 79 11.5% 58.2 Combined 2,826 533 18.9% 95 39 399 14.1% 20 379 13.4% 91 5 283 10.0% 468.7 53.7 *Workings o

18.9%

Financials* Encora 690 148 21.5% 9 39 100 14.5% 0 100 14.5% 21 79 11.5% 58.2 Combined 2,826 533 18.9% 95 39 399 14.1% 20 379 13.4% 91 5 283 10.0% 468.7 53.7 *Workings outlined assumes a year-on-year r

14.1%

ora 690 148 21.5% 9 39 100 14.5% 0 100 14.5% 21 79 11.5% 58.2 Combined 2,826 533 18.9% 95 39 399 14.1% 20 379 13.4% 91 5 283 10.0% 468.7 53.7 *Workings outlined assumes a year-on-year revenue growth of

13.4%

1.5% 9 39 100 14.5% 0 100 14.5% 21 79 11.5% 58.2 Combined 2,826 533 18.9% 95 39 399 14.1% 20 379 13.4% 91 5 283 10.0% 468.7 53.7 *Workings outlined assumes a year-on-year revenue growth of 15% in FY27

10.0%

4.5% 0 100 14.5% 21 79 11.5% 58.2 Combined 2,826 533 18.9% 95 39 399 14.1% 20 379 13.4% 91 5 283 10.0% 468.7 53.7 *Workings outlined assumes a year-on-year revenue growth of 15% in FY27 and cost syner

“(Important Note – Year-on-year Growth of 15% is used for the purposes of illustration and is not a management guidance)”

“▪ Year-on-year revenue growth of 15% in FY27 does not represent management guidance.”

“➢ This allocation remains subject to final evaluation and will be determined by a Big 4 accounting firm.”

“335.0 ▪ A key assumption in this table is that QIP pricing will be at INR 1815.91 per share.”

“guidance To color fill any shapes including text boxes, pick any of the below colors using “Eyedropper”.”

Remarks

2

Registered office

1

Pr e-built Agents

1

Registered office

Plot No. 13, Udyog Vihar, Phase-IV, Sector-18, Secretarial@coforge.com Palam Road, Gurugram - 122015, Haryana, India T: 0124-4627837 www.coforge.com CIN: L72100HR1992PLC128382 To color fill any shapes including text boxes, pick any of the below colors using “Eyedropper”. Coforge’s Acquisition of Encora – EPS Analysis & Overview of Encora December 28, 2025 To color fill any shapes including text boxes, pick any of the below colors using “Eyedropper”. The Transaction will be EPS Accretive as Illustrated Below Particulars (in US$Mn) Revenue EBITDA EBITDA% Depreciation Amortization of Intangibles EBIT EBIT% Interest Cost PBT PBT% Tax Minority Interest PAT PAT% Outstanding Shares (# Mn)** EPS (US$) Coforge 2,136 384 18.0% 86 298 14.0% 20 278 13.0% 70 5 203 9.5% 347.7 52.1 FY27E Proforma Financials* Encora 690 148 21.5% 9 39 100 14.5% 0 100 14.5% 21 79 11.5% 58.2 Combined 2,826 533 18.9% 95 39 399 14.1% 20 379 13.4% 91 5 283 10.0% 468.7 53.7 *Workings outlined assumes a year-on-year revenue

Remarks

▪ Transaction is expected to close around Q1FY27 and the financials presented are pro forma in nature. ▪ Year-on-year revenue growth of 15% in FY27 does not represent management guidance. ▪ ~90 bps increase in combined EBITDA margin on account of cost synergies. ➢ We have assumed cost synergies of only US$20Mn. ▪ Amortisation assumption is based on an EV of US$2.35Bn. ➢ ~20% is expected to be allocated to customer relationships with an estimated useful life of 12 years. ➢ This allocation remains subject to final evaluation and will be determined by a Big 4 accounting firm. ▪ No interest expense has been assumed for retiring term loan in Encora. QIP has been assumed at INR 1815.91 for modelling purposes. ▪ There are tax benefits on account of amortisation in Encora Group in the US. We have assumed tax benefit of only US$4Mn in FY27E Proforma Financials. ▪ Proforma Financials do not transaction related expenses. include any one-time 2 © Coforge, | Confidential 2025 ** Calculation for out

Remarks

2,350 1,897 93.8 550 27.2 ▪ Preferential issuance price to sellers of Encora is at INR 1,815.91 per share. This is at a premium of 8.5% to closing price of INR 1,674 as on date of signing. ▪ Funding options for retirement of term loan at Encora are being evaluated. ➢ QIP is one of the possible funding options being considered. ➢ If we decide to do a QIP, it will only happen around closing which is around 6 months away. 335.0 ▪ A key assumption in this table is that QIP pricing will be at INR 1815.91 per share. 12.7 ▪ Fx rate of 89.77* used for conversion of Equity value to INR (Closing rate as on December 24, 2025). Outstanding shares of Coforge post-closing of Encora transaction and QIP (Mn) (A+B+C+D) 468.7 3 © Coforge, | Confidential 2025 * As per RBI Reference Rates Statistics; ** Do not include vesting of ESOPs Appendix – Encora Overview 4 © Coforge, | Confidential 2025 Overview of Encora Key Highlights Company Overview AI-Led Offerings To color fill any shapes including text boxes

Pr e-built Agents

Healthcare, Ba nking, Retail Custom Agents Multi-ag ent Orc hes tration Multi-agent collaboration, agent management, agent tools, human-to-agent and agent-to- agent communica tion O bse rv abilit y Agent telemetry and tracing, insights, analytics, events monitoring, budget and cos t control Ag e nt Con te xt Data connectors, agent instructions, agentic RAG, Knowledge Graph, se lf- learning and adaptation Model Ga rden A I Sa fet y & G R C Guardrails, RB AC, Versioning, Audit Logs, Enterprise-grade security, Compliance Ext ens ibilit y Agent templates , code extensions, templates, MCP integration, A2A integration On Prem is e Enterprise Integrations 8 © Coforge, | Confidential 2025 Combined Entity: ~US$2.5Bn Tech Services Powerhouse with Global Delivery and Scaled Relationships To color fill any shapes including text boxes, pick any of the below colors using “Eyedropper”. Coforge Encora Combined $1.85* $0.6 ~$2.5 e u n e v e R * ) n B $ S U ( t n u o c d a e H * ) K ( d e l a c S * s t