Cognizant will decide whether to pursue a primary offering and secondary listing in India after reviewing draft rules, Chief Financial Officer Jatin Dalal said Oct. 29; the company has not yet committed.
Dalal said Cognizant was working with stakeholders and monitoring regulatory changes. During the earnings call’s Q&A, he said draft regulations were expected in a few weeks and that the company would make its decision after reviewing them. He described the expected timing as “a few weeks’ time.”
In his opening remarks, Dalal separately said proposed updates to the regulatory framework could become public in the coming months. He did not identify the regulator responsible for the draft rules or specify which provisions Cognizant is waiting for.
Cognizant first disclosed its review on an Oct. 29, 2025, earnings call, describing it as an early-stage assessment with legal and financial advisers. The company said then that it had not made a decision. It has not announced a listing date, offering size, exchange or final transaction structure.
The discussion took place as Cognizant reported revenue of $5.664 billion for the quarter ended Sept. 30, 2026, up 4.8% year over year in constant currency. Adjusted operating margin was 16.3%, an increase of 30 basis points from a year earlier. Cognizant’s full-year 2026 revenue growth guidance was 4.0% to 4.4% in constant currency.
