Teaneck-headquartered, Nasdaq-listed Cognizant Technology Solutions is currently evaluating the possibility of listing its shares on Indian stock exchanges. During the company’s Q3 earnings call, the management said it has been engaging with various stakeholders in both India and the U.S. to weigh the implications of a potential public 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. While no decision has been made and any offering and secondary listing would be subject to market and other factors, we continue to assess and review the idea and are committed to acting in the best interest of our shareholders,” said Jatin Dalal, CFO, Cognizant.

For the third quarter of 2025, Cognizant recorded $5.42 billion in revenue, representing a 6.5% year-on-year constant currency growth, with an operating margin of 16%, up 1.4 percentage points year-over-year. In Q4, the company expects revenues to be in the range of $5.27–$5.33 billion, or 2.5% to 3.5% in constant currency.

“We signed six large deals, each with a total contract value (TCV) of $100 million or more, bringing our year-to-date total to 16,” said Ravi Kumar Singisetti, Chief Executive Officer & Director, adding, “We are focused on converting value from AI across our 3,500 early AI engagements and embracing AI in the delivery of our services and to drive internal transformation.”

On the back of this performance, the company has increased its full-year guidance with one quarter remaining. Cognizant has raised both the upper and lower ends of its guidance and now expects full-year constant currency revenue growth in the range of 6% to 6.3%.

“We continue to expect a full-year inorganic contribution of approximately 250 basis points,” Dalal added.

In Q2, the company had narrowed its full-year revenue growth forecast to 4%–6%, compared to its earlier guidance of 3.5%–6% announced at the beginning of the year.

The company remains bullish on large deals and is witnessing the return of mega contracts in the market. The CEO also noted that discretionary spending is making a comeback in smaller deals, largely led by AI innovation.

“So much infrastructure has been spent that it has to trickle down to services. And there’s always been a lag between when hardware was spent, then the software, then the services. That cycle has now shrunk, and we’ll be breaking that cycle. So, the services spend is going to catch up because of the extraordinary spend on compute and AI infrastructure,” said Singisetti during the earnings call.

The company’s trailing 12-month bookings in Q3 rose 5% year-on-year to $27.5 billion.

Amid recent changes in U.S. visa policy, Cognizant said it does not expect any material impact on its operations or finances. The company noted that over the years, it has significantly reduced its dependency on H-1B visas by increasing both local hiring and nearshore capacities. It is also stepping up investments in automation and AI productivity tools.