Coforge Share Price Falls Nearly 4% After Recent Board-Level Exits

Coforge has seen two board-level exits within days, with independent director and NRC chairperson DK Singh resigning on September 11, 2026, shortly after chairman OP Bhatt stepped down, as per news reports. 

Singh cited differences and tension between independent and executive directors. Coforge has rejected the claim, calling it unfounded. 

Management Sticks to its Targets 

The developments came up during the company’s investor call on Monday, attended by all seven board members. Management said the changes had not affected its strategy, priorities or FY27 financial outlook. 

Coforge continues to work with an EBITDA margin target of 20.5%-21% and an EBIT margin of at least 15.5% for FY27. It expects free-cash-flow conversion to be above 100% of PAT. 

The company has also kept its $5 billion four-year target unchanged. 

Q2 Deal Signings in Focus 

Coforge said the second quarter of FY27 could be its biggest quarter so far for large-deal signings. The company made the statement while discussing deal activity in the current quarter. 

Two Independent Directors to be Added 

A global search is now underway for two independent directors, with executive search firm Egon Zehnder appointed for the process. 

Interim chair Vivek Sharma will not seek the permanent chairperson’s post. Coforge said only an independent director would be considered for the position. 

Questions were raised about Sharma’s independence during the call. Management said his appointment followed an 11-month global search involving 21 candidates, of whom eight were shortlisted. Shareholders later approved his appointment with more than 83% support. 

No Further Investigation Planned 

Coforge said it does not expect more board churn and that the board is currently working as a cohesive team. Audit Committee Chair Anil Chanana said there are no plans for another external or third-party investigation. 

Read More: HDFC Bank Share Price Surges; Two Names Submitted to RBI for MD and CEO Role! 

Coforge Share Price Performance  

As of September 15, 2026, 3:30 pm, Coforge share price closed at ₹1,775.00, down 3.87% from the previous closing price. 

Conclusion 

Coforge is replacing two independent directors after the recent board exits. The company has kept its FY27 guidance and $5 billion four-year target unchanged. 

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