US-based IT major Cognizant Technology Solutions is planning a potential Initial Public Offering (IPO) in the Indian stock exchanges, the company’s Chief Financial Officer Jatin Dalal has said.
Speaking at an investors call post the company’s September quarter earnings, Dalal said the Cognizant’s board and management team have been assessing a “potential primary offering and a secondary listing” in India.
Dalal added that the company is engaging with various stakeholders from both India and the US to evaluate the implications of such an offering and listing.
“The process of a primary offering and a secondary listing in India by an overseas company is complex and involves multiple steps. We view this as a long-term project, subject to market and other factors, and it is still in its early phase,” he said.
Founded in 1994, and listed on the US Nasdaq in 1998, Cognizant has a major employee presence in India.
Its peers, Wipro and Infosys, are headquartered in India and also listed on the New York Stock Exchange via American Depository Receipts (ADRs).
Financial services
In the earnings call, CEO Ravi Kumar S also mentioned that the financial services vertical has been one of Cognizant’s best performing industry groups.
“The spend in financial services has gradually transitioned from cost takeout consolidation to more innovation. Many of our clients in BFSI, including lagging sectors like insurance are starting to spend and a significant chunk are moving from experimentation to enterprise-grade AI,” he said.
Kumar added that every segment within financial services has accelerated discretionary spending as the resulting value is much higher due to lower deployment costs. “Our clients have the confidence to experiment more and take it to production and financial services will be one of our bellwether industries in 2026 as well,” he said.
In terms of healthcare, Kumar highlighted that TriZetto, Cognizant’s Business Process as a Service (BPaaS) platform for healthcare providers is among the company’s key offerings. “It gives us the opportunity to not just share our platforms but also the operational strength of running healthcare operations.. One of the reasons why our BPO business is seeing 10+% growth this year is because of BPaaS in our TriZetto business,” he added.
Cognizant exceeded its own revenue guidance, with a 6.5 per cent Constant Currency (CC) revenue growth at $5.42 billion for the quarter ended September 2025. On a sequential basis, the firm’s revenue went up 2.8 per cent (CC). However, the net profit dropped 53 per cent to $274 million due to a one-time non-cash income tax expense of $390 million.
Published on October 30, 2025
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