Cognizant Awaits Draft India Listing Rules Within Weeks, CFO Jatin Dalal Says

Cognizant is awaiting draft regulations for a potential primary offering and secondary listing in India, expected in a few weeks, CFO Jatin Dalal said on the company's third-quarter CY2026 earnings call. NDTV Profit reported that no definitive timeline has been set for the listing.

Dalal's Comments On The India Listing

Dalal said Cognizant continues to make progress on its evaluation of the India transaction. "We continue to make good progress. We are awaiting the draft regulations to come through, which we expect in a few weeks' time," he said.

"We should be able to make the final decision once we see the draft regulations," Dalal added. He said the company is working closely with stakeholders and monitoring proposed changes to the regulatory framework that could facilitate the listing.

Cognizant expects the draft regulations to be published for consultation before it completes its evaluation. "Once that is available, we are prepared to complete our evaluation expeditiously and make a decision," Dalal said.

The company first disclosed it was exploring a primary offering and secondary listing in India in late 2025, as it evaluated tapping domestic capital markets and addressing the valuation gap with India-listed IT services peers. Cognizant reiterated the plan during its first-quarter 2026 earnings call in April. On June 15, a Cognizant spokesperson said the company had not shelved its plans and continued to evaluate a potential India listing.

Cognizant's Third-Quarter Results

Cognizant reported 4.8% year-on-year revenue growth in constant currency terms for the September quarter, led by its financial services business and North America operations. Adjusted EBIT margin, excluding Project Leap, expanded 30 basis points to 16.3%, and the company narrowed its FY26 revenue growth guidance to 4-4.4% in constant currency terms.

Cognizant said more than 50% of its software development is now AI-assisted. Management said a sustained recovery in discretionary technology spending remains critical for a broader acceleration in revenue growth.

Cognizant's Recent Deals And Partnerships

According to akta.pro company records, Cognizant completed the $600 million acquisition of Astreya in June 2026, expanding its AI infrastructure managed services capability. The same records list a June 2026 partnership with ServiceNow integrating the Neuro AI Multi-Agent Accelerator with ServiceNow AI Agents, and work with OpenAI alongside multiple IT integrators on enterprise Codex adoption.

Cognizant's Moves Before The Listing Update

In October 2026, Whalesbook reported that Cognizant was merging its application development, testing, and engineering divisions into a unified Software Engineering Group to accelerate AI project delivery. PR Newswire reported that Cognizant was selected by the EBRD for a five-year strategic partnership supporting its Tech Blueprint with AI-led, outcome-driven technology services. PR Newswire also reported that Ingenico selected Cognizant as its global strategic technology partner under a five-year agreement.