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Coforge

COFORGE NSE
₹2,060.00 No trade today
P/E
40.65
View as Markdown
MCP
Close 4 Nov 2026 ₹2,060.00 +296.10 +16.8% 1Y
Start ₹1,763.90

Key Fundamentals

MidcapIT - SoftwareInformation Technology

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
23.50%
Debt to Equity
0.27
EPS (TTM)
₹50.68
Book Value
₹504.71
Market Cap
—
P/E (TTM)
40.65
P/B
4.08
ROE
21.40%
Dividend Yield
0.19%
EBITDA
₹3,009 Cr
52W High
₹2,112.20
52W Low
₹1,008.10
Volume
0

Peer Comparison

Information Technology › Computer Software & Consulting › Computers - Software & Consulting

Coforge peer comparison
TCS
₹2,436.0017.08₹8,98,480 Cr7.400.96%51.80%63.00%₹2,83,248 Cr₹51,858 Cr
Infosys
₹1,128.2014.88₹4,63,085 Cr4.862.26%31.90%40.00%₹1,89,336 Cr₹30,788 Cr
HCL Tech
₹1,405.0021.88₹3,89,601 Cr5.013.34%23.80%30.40%₹1,34,374 Cr₹17,434 Cr
Wipro
₹194.5515.21₹1,94,390 Cr2.441.01%15.50%17.80%₹94,968 Cr₹13,285 Cr
Tech Mahindra
₹1,783.0034.02₹1,76,066 Cr5.880.84%17.50%23.10%₹59,176 Cr₹5,163 Cr
LTM
₹4,204.9023.84₹1,26,067 Cr4.820.59%23.10%29.60%₹44,075 Cr₹5,197 Cr
Persistent Systems
₹6,065.0049.64₹96,188 Cr7.820.66%27.20%34.40%₹15,718 Cr₹1,922 Cr
Coforge (this company)
₹2,060.0040.65₹91,657 Cr4.080.19%21.40%23.50%₹20,380 Cr₹2,100 Cr
Median 8 companies₹1,921.5022.86₹1,85,228 Cr4.940.90%23.45%30.00%₹77,072 Cr₹9,241 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

66 Strong

Data confidence 100/100

Category scores

Quality
73
Strong
Returns, margins, earnings quality 22% weight
Valuation
40
Weak
Cheap vs sector & own history 24% weight
Growth
82
Strong
Sales & profit trajectory 9% weight
Financial Health
65
Good
Solvency, leverage, coverage 9% weight
Momentum
97
Strong
Trend strength, vol-adjusted 12% weight
Ownership
69
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 29.4% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 36.0%
  • Company's median sales growth is 18.4% of last 10 years

Weaknesses

2
  • Tax rate seems low
  • Company might be capitalizing the interest cost

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish2512
OscillatorsNeutral252
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
64.74
Neutral
MACD (12,26,9)
56.38
Bullish
SMA (50)
1,894.64
Bullish
SMA (200)
1,546.11
Bullish

As of

Analyst Rating

Based on 34 analysts
BUY82%

28 of 34 analysts rate Buy, 1 Hold, 5 Sell.

As of

BUY
28
82%
HOLD
1
3%
SELL
5
15%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+19.83%
5Y+28.60%
3Y+26.96%
1Y+35.87%
TTM+41.53%

Net profit

Net profit growth by window
10Y+19.78%
5Y+30.22%
3Y+32.80%
1Y+86.43%
TTM+56.25%

Operating cash flow

Operating cash flow growth by window
10Y+17.41%
5Y+18.65%
3Y+23.56%
1Y+44.87%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+0.27 pp
5Y+1.15 pp
3Y+1.90 pp
1Y+3.87 pp
TTM+3.08 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,802 Cr
Mar 2018₹2,991 Cr
Mar 2019₹3,676 Cr
Mar 2020₹4,184 Cr
Mar 2021₹4,663 Cr
Mar 2022₹6,432 Cr
Mar 2023₹8,015 Cr
Mar 2024₹9,009 Cr
Mar 2025₹12,073 Cr
Mar 2026₹16,403 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹272 Cr
Mar 2018₹309 Cr
Mar 2019₹422 Cr
Mar 2020₹468 Cr
Mar 2021₹466 Cr
Mar 2022₹715 Cr
Mar 2023₹745 Cr
Mar 2024₹836 Cr
Mar 2025₹936 Cr
Mar 2026₹1,745 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹1,323 Cr +11.0% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk medium

Coforge Ltd trades at ₹2,099 as of 2026-11-02 with a market cap of ₹92,423 crore and a trailing P/E of 41.42x. The company has demonstrated strong revenue and profit compounding over multiple time horizons, with TTM sales growth of 42% and TTM profit growth of 92%, while maintaining a near-debt-free balance sheet at a debt-to-equity ratio of 0.08.

Bull Case 8
  • TTM profit growth of 92% signals a sharp acceleration in earnings, significantly above the 5-year profit CAGR of 29%
  • TTM revenue growth of 42% is well above the 10-year compounded sales growth of 20%, indicating strengthening demand momentum
  • Virtually debt-free balance sheet with a debt-to-equity ratio of just 0.08 provides financial flexibility and low interest-rate risk
  • 5-year compounded profit CAGR of 29% and 5-year sales CAGR of 29% reflect consistent, balanced growth over a meaningful period
  • ROE has remained consistently healthy, averaging 22% over 5 years and 21% over 10 years, indicating efficient capital deployment
  • Median sales growth of 18.4% over the last 10 years demonstrates a durable track record of above-average revenue expansion for the IT sector
  • Healthy dividend payout ratio of 36.0% shows the company returns meaningful capital to shareholders while retaining enough for growth
  • Stock is trading near its 52-week high of ₹2,112.20, up from a 52-week low of ₹1,008.10 — a roughly 108% range — reflecting strong investor confidence over the past year
Bear Case 8
  • Trailing P/E of 41.42x is elevated compared to many mid-cap IT peers, leaving limited room for earnings disappointment
  • Price-to-book ratio of 4.16x implies the market is pricing in substantial future growth that must be sustained to justify current levels
  • Dividend yield of just 0.2% offers negligible income return, meaning investor returns depend almost entirely on capital appreciation
  • The 1-year stock CAGR of 8% lags the 10-year CAGR of 37%, suggesting recent returns have moderated despite accelerating fundamentals
  • The apparently low tax rate raises questions about the sustainability of reported net profit margins and whether effective tax rates may normalise higher in future periods
  • Potential capitalisation of interest costs could mean reported operating profits are somewhat overstated relative to cash-based profitability
  • ROCE of 18.74% versus ROE of 17.3% shows a narrow spread, and any uptick in borrowing costs or working capital needs could compress returns further
  • With the stock near its 52-week high of ₹2,112.20, a mean-reversion risk exists given the wide 52-week range from ₹1,008.10 to ₹2,112.20

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Coforge is delivering strong growth momentum with record deal signings ($1.04B TCV), a robust 45% YoY jump in its executable order book, and improving margin guidance. However, Q2 revenue and profit missed estimates, and the stock has significantly underperformed peers YTD. The trend is cautiously improving — margin expansion and deal pipeline strength suggest the growth trajectory remains intact, but valuation recovery depends on translating order wins into revenue beats in coming quarters.

Headwinds 2
  • Q2 PAT misses analyst estimates Oct 23

    Q2 FY27 net profit of ₹588.1 crore missed analyst expectations of ₹673 crore. Revenue of ₹6,170.8 crore also fell short of the ₹6,380 crore estimate.

  • Stock down 29.2% YTD Oct 23

    Coforge shares have lost 29.2% year-to-date, underperforming both the Nifty 50's 13.6% decline and Nifty IT's 15.5% decline.

Positives 5
  • Record eight large deals signed Oct 23

    Coforge signed eight large deals in Q2, the highest ever in a single quarter, with order intake of $1.04 billion TCV and a 12-month executable order book of $2.38 billion, up 45% YoY.

  • Strong sequential growth momentum Oct 23

    Revenue grew 10.1% QoQ and 40.1% YoY in USD terms, with 3.8% organic constant-currency growth, positioning Coforge as industry growth leader for the third consecutive year.

  • EBIT margin guidance raised Oct 23

    FY27 EBIT margin guidance raised to 16% from 15.5%, with management targeting 17% next year. EBITDA margin expanded 168 bps YoY to 20.6%.

Neutral 1
  • BridgeCX product launch Nov 3

    Coforge launched BridgeCX integrating Pega Customer Decision Hub and Mastercard Dynamic Yield for real-time personalization, leveraging its 2,000+ Pega certifications.

Quarterly Results

₹ Cr
COFORGE quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
2,276
2,323
2,318
2,357
3,026
3,258
3,422
3,704
4,016
4,232
4,450
5,528
6,171
Expenses
1,935
1,928
1,929
2,048
2,603
2,823
2,895
3,127
3,257
3,508
3,574
4,470
4,948
Operating Profit
341
395
390
309
423
435
527
577
759
723
876
1,058
1,223
OPM %
15%
17%
17%
13%
14%
13%
15%
16%
19%
17%
20%
19%
20%
Other Income
9
15
14
6
42
56
33
64
12
−127
−32
−28
−31
Interest
32
35
37
32
30
32
40
46
41
42
40
87
108
Depreciation
77
81
79
72
114
116
125
159
172
171
180
241
285
PBT
241
294
288
211
320
343
395
436
558
384
625
702
799
Tax %
22%
18%
20%
34%
27%
25%
22%
18%
24%
23%
−7%
24%
24%
Net Profit
188
243
229
139
234
256
307
356
425
297
666
532
605
EPS (₹)
5.88
7.71
7.24
3.99
6.06
6.45
7.81
9.49
11.23
7.47
18.23
11.71
13.27

Profit & Loss

₹ Cr
COFORGE profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,372
2,688
2,802
2,991
3,676
4,184
4,663
6,432
8,015
9,009
12,073
16,403
20,380
Expenses
2,036
2,214
2,322
2,489
3,026
3,459
3,882
5,330
6,733
7,562
10,380
13,467
16,499
Operating Profit
337
474
480
502
650
725
781
1,102
1,282
1,447
1,694
2,936
3,881
OPM %
14%
18%
17%
17%
18%
17%
17%
17%
16%
16%
14%
18%
19%
Other Income
−64
20
4
38
46
59
13
52
8
32
137
−83
−218
Interest
6
8
6
9
9
16
14
65
81
126
135
169
276
Depreciation
92
121
128
127
125
173
184
227
258
297
428
682
877
PBT
176
365
351
404
562
595
596
862
951
1,056
1,269
2,003
2,510
Tax %
31%
21%
22%
24%
25%
21%
22%
17%
22%
21%
26%
13%
—
Net Profit
122
287
272
309
422
468
466
715
745
836
936
1,745
2,100
EPS (₹)
3.74
8.83
8.15
9.12
13.06
14.21
15.04
21.73
22.72
26.14
24.29
46.33
50.68
Div. Payout %
51%
23%
31%
33%
0%
44%
17%
48%
56%
58%
16%
34%
—

Balance Sheet

₹ Cr
COFORGE balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
61
61
61
62
62
62
61
61
61
62
67
67
89
Reserves
1,296
1,511
1,625
1,712
2,010
2,334
2,406
2,672
3,021
3,565
6,312
9,470
22,273
Borrowings
9
10
25
22
14
35
83
490
562
726
1,070
728
6,026
Other Liabilities
611
702
695
828
748
968
935
1,655
1,980
1,708
4,823
4,581
6,392
Total Liabilities
1,977
2,285
2,407
2,624
2,834
3,400
3,484
4,878
5,625
6,061
12,272
14,846
34,780
Fixed Assets
558
903
848
879
819
1,079
1,021
2,067
2,312
2,353
6,096
6,760
23,592
CWIP
120
17
0
1
1
0
0
17
5
23
2
3
5
Investments
55
75
316
365
365
14
12
0
0
0
146
0
6
Other Assets
1,243
1,291
1,244
1,379
1,649
2,307
2,451
2,794
3,309
3,685
6,028
8,083
11,177
Total Assets
1,977
2,285
2,407
2,624
2,834
3,400
3,484
4,878
5,625
6,061
12,272
14,846
34,780

Cash Flow

₹ Cr
COFORGE cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
258
360
472
382
453
297
762
766
950
903
1,237
1,792
Investing
−184
−223
−343
−248
−237
136
−86
−963
−269
−265
−2,438
−400
Financing
−66
−73
−67
−74
−106
−133
−696
−156
−558
−887
1,675
−1,094
Net Cash Flow
7
64
62
60
109
300
−20
−353
123
−249
474
298
Free Cash Flow
71
200
387
294
385
227
687
618
797
644
680
1,197
CFO/EBITDA
104
97
120
98
88
66
119
93
96
88
96
76

Ratios

COFORGE financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
93
80
61
71
58
75
84
79
73
73
78
88
Cash Conversion Cycle
93
80
61
71
58
75
84
79
73
73
78
88
Working Capital Days
48
64
38
30
37
38
33
33
13
30
18
25
ROCE %
19%
25%
23%
23%
30%
27%
25%
32%
31%
29%
20%
24%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Coforge insights

68 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 43.79%
  • FIIs 24.76%
  • Others 23.89%
  • Public 7.57%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Coforge

What does Coforge Ltd do?
Coforge is an IT services company providing end-to-end software solutions and services. It is among the top-20 Indian software exporters. Prominent global customers include British Airways, the ING group, SEI Investments, Sabre, and SITA.
Where is Coforge Ltd (COFORGE) listed?
Coforge Ltd trades as COFORGE on the NSE and under code 532541 on the BSE.
Which sector does Coforge Ltd belong to?
Coforge Ltd is classified under the Information Technology sector, in the Computer Software & Consulting industry.
What is the PE ratio of Coforge Ltd?
Coforge Ltd trades at a PE ratio of 40.65 as of 4 Nov 2026, on earnings per share of ₹50.68, against a book value of ₹504.71 per share.
What is the 52-week high and low of Coforge Ltd?
Over the last 52 weeks Coforge Ltd has traded between ₹1,008.1 and ₹2,112.2 as of 4 Nov 2026.
Does Coforge Ltd pay dividends?
Coforge Ltd has a dividend yield of 0.19%.
What is the Return on Equity (ROE) of Coforge Ltd?
Coforge Ltd reported a return on equity of 21.40%. Its debt-to-equity ratio is 0.27.

Company Information

Coforge is an IT services company providing end-to-end software solutions and services. It is among the top-20 Indian software exporters. Prominent global customers include British Airways, the ING group, SEI Investments, Sabre, and SITA. Over the years, Coforge has set up subsidiaries in the US, Singapore, Australia, UK, Germany and Thailand, mainly to market and mobilise projects for the software division. The company has business partnerships with large IT companies across the world.

Website coforge.com
CEO Mr. Sudhir Singh
Employees 25,620
Listed 30 Aug 2004
Face Value ₹2

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