Coforge logo

Coforge

COFORGE NSE

Key Fundamentals

MidcapComputer Software & ConsultingInformation Technology
Market Cap
₹80,974 Cr
Volatility
Moderate
P/E Ratio
37.96
EBITDA
₹3,009 Cr
Return on Equity
17.3%
Debt to Equity
0.08
Book Value
₹594.05
EPS
₹114.98
52W High
₹2,021.2
52W Low
₹1,008.1

Tapetide Score

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

Key Insights

Strengths

6
  • Company has reduced debt.
  • Company is almost debt free.
  • 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

1
  • Tax rate seems low

Growth Rate

Revenue Growth
34.63% higher than 3Y
Net Income Growth
73.79% higher than 3Y
Cash Flow Change
44.83% lower than 3Y
ROE
49.52% higher than 3Y
ROCE
27.74% higher than 3Y
EBITDA Margin (Avg.)
20.21% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2h ago
AI opinion · based on fundamentals
Risk medium

Coforge Ltd is a mid-cap IT services company with a market cap of ₹80,974 Cr trading at a PE of 42.5x. The company has delivered strong compounded profit growth of 29% CAGR over 5 years and TTM sales growth of 36%, while maintaining a consistent ROE of around 20-22% over the past decade. The company is nearly debt-free but trades at a significant premium to broader IT sector averages.

Bull Case 8
  • Exceptional TTM sales growth of 36% signals strong demand momentum and robust deal execution, well above the 10-year median sales growth of 18.4%
  • Compounded profit growth of 29% CAGR over 5 years and 98% TTM profit growth demonstrate significant operating leverage and earnings acceleration
  • Company is almost debt-free, providing financial flexibility and resilience through economic cycles with a negligible debt-to-equity ratio
  • Consistent ROE of 20-22% across 3, 5, and 10-year periods indicates disciplined capital allocation and stable return generation
  • Healthy dividend payout ratio of 36.0% shows commitment to shareholder returns alongside a current dividend yield of 0.22%
  • 10-year stock CAGR of 37% reflects sustained long-term wealth creation for shareholders over a meaningful time horizon
  • Company has actively reduced debt, strengthening the balance sheet and lowering financial risk for future growth investments
  • 10-year compounded sales growth of 20% and profit growth of 20% demonstrate a long track record of consistent scaling
Bear Case 7
  • PE ratio of 42.5x is elevated compared to the broader Indian IT sector average of roughly 25-30x, leaving limited margin of safety if growth slows
  • Dividend yield of just 0.22% offers minimal income return for investors at current price levels despite a 36% payout ratio
  • Price-to-book ratio of 3.1x suggests the stock is priced well above its book value, embedding significant growth expectations
  • Tax rate appears low per available data, and any normalization toward statutory rates of 25%+ could compress net margins and reported earnings
  • 1-year stock CAGR of only 5% versus 10-year CAGR of 37% suggests recent price appreciation has stalled, potentially reflecting near-term growth concerns
  • At ₹80,974 Cr market cap, the valuation demands sustained high-growth execution — any deceleration from the 36% TTM sales growth could trigger a de-rating
  • 3-year stock CAGR of 19% has meaningfully decelerated from the 10-year CAGR of 37%, indicating the high-growth re-rating phase may be maturing

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 4
  • Chairman resigns over audit gaps Sep 8

    O P Bhatt resigned as Chairman and Independent Director on Sep 8 after internal audit found material information about his performance evaluation was withheld from the board. Shareholders had already rejected his reappointment at the Aug 24 AGM with only 65.47% support.

  • Stock drops 7.9% in IT selloff Sep 9

    Coforge fell 7.91% to ₹1,795 on Sep 9 as the BSE IT index dropped 2.83%, driven by surging oil prices, inflation concerns, and the US DOL suspending Cognizant's PERM filings which rattled the entire Indian IT sector.

  • Independent director cites board tensions Sep 11

    DK Singh resigned as independent director and NRC chair on Sep 11 citing tension between executive and independent directors, though the board denied the allegations.

  • IT sector structural headwinds Sep 9

    BSE IT index down 19.59% over the past year vs SENSEX's 7.26% fall. CLSA warns AI could exert deflationary pressure on traditional IT services, downgrading TCS, Infosys, and Tech Mahindra to Hold.

Positives 8
  • Encora deal complete, $2.5B run-rate Aug 22

    Coforge completed its $2.35B all-stock acquisition of Encora on Apr 23, 2026, the largest ER&D takeover by an Indian IT firm. Combined entity now has ~$2.5B revenue run-rate with ~14% EBIT guidance and is earnings-accretive in FY27.

  • Q1 FY27 earnings surge 110% YoY Aug 26

    Q1 FY27 PAT surged 110% YoY to ₹518.6 crore, revenue grew 49% YoY to ₹5,527.7 crore, and the executable order book reached USD 2.23 billion (+44% YoY).

  • Brokerages retain strong Buy ratings Sep 9

    Motilal Oswal reiterated Buy with ₹2,200 target (19% upside), Nuvama Buy at ₹2,350 (27% upside), and CLSA maintains High Conviction Outperform at ₹2,170. CLSA forecasts EPS growth of 11.3%/14.3%/16.1% through FY29.

  • HMRC low-code contract win Aug 18

    Coforge selected alongside Atos and Cognizant for HMRC's low-code services contract, with combined wins potentially contributing up to £87.5M to FY26 revenue across selected firms.

  • Stock doubled from March lows Sep 8

    Shares rallied over 100% from the 52-week low of ₹1,008 on Mar 17 to a high of ₹2,021 on Aug 31, returning 11% YTD vs a 26% drop in Nifty IT index.

  • AI Launchpad platform launched Sep 2

    Coforge launched AI Launchpad powered by Nuuron, enabling enterprises to build sovereign AI stacks with open-weight models. Active deployments include a US clinical healthcare company and a major US bank.

  • Expanded Pega partnership drives IP Aug 26

    Expanded strategic alliance with Pegasystems grants Coforge commercial rights to package and sell Pega-powered AI solutions under its own brand, shifting from reseller to IP-backed offerings.

  • Great Place To Work, 6th year Aug 26

    Certified Great Place To Work for the sixth consecutive year based on a survey of 5,000 employees, supporting retention across a 46,000+ global workforce.

Neutral 8
  • AI award at TOI ceremony Sep 13

    Coforge won the AI Native Enterprise award at the TOI AI Quotient Awards, citing its Nuuron and Momentum blue platforms for scaling AI execution.

  • Investor call scheduled Sep 14 Sep 11

    Coforge scheduled an analyst/investor call for Sep 14 at 4:30 pm IST to discuss recent developments including board changes.

  • FY26 sustainability report filed Sep 3

    Coforge filed its FY26 sustainability report with BSE and NSE, signed by Company Secretary Barkha Sharma.

  • AI Adoption Fabric framework launched Aug 31

    Launched AI Adoption Fabric on Aug 31 to help enterprises scale agentic software development, integrating Kotter's Change Model and Prosci's ADKAR methodologies.

  • AGM approves CEO reappointment Aug 24

    Shareholders approved reappointment of CEO Sudhir Singh and Executive Director John Speight at the 34th AGM on Aug 24, while rejecting Chairman Bhatt's reappointment.

  • Three investor conferences in September Aug 26

    Coforge to attend Elara India Dialogue, Jefferies India Forum, and JP Morgan India Conference in September 2026.

  • Lima named LatAm regional hub Aug 27

    Coforge designated Lima as its strategic hub for Latin American expansion, leveraging 1,300+ employees after 20 years of operations in Peru.

  • HFS Non-Linear Growth Leader tag Aug 25

    Recognized as Non-Linear Growth Leader by HFS Research for CY Q4 2025 and Q1 2026 for above-industry-average revenue and margin per FTE.

TL;DR: Coforge is operationally strong with Q1 FY27 PAT up 110% YoY, a $2.5B combined revenue run-rate post-Encora, and a record $2.23B order book, earning consistent Buy ratings from major brokerages. Key risks center on board governance instability — the chairman's forced exit and a second independent director resignation signal internal friction — compounded by broader IT sector headwinds from AI deflation fears and rising oil prices. The stock has still doubled from its March lows and outperformed the Nifty IT index by a wide margin in 2026. Near-term volatility likely persists around governance resolution and macro sentiment, but the growth trajectory and deal pipeline remain intact heading into FY27.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,221
2,276
2,323
2,318
2,357
3,026
3,258
3,422
3,704
3,986
4,232
4,450
5,528
Expenses
1,915
1,935
1,928
1,929
2,048
2,603
2,823
2,895
3,127
3,253
3,508
3,574
4,470
Operating Profit
306
341
395
390
309
423
435
527
577
732
723
876
1,058
OPM %
14%
15%
17%
17%
13%
14%
13%
15%
16%
18%
17%
20%
19%
Other Income
16
9
15
14
6
42
56
33
64
38
-127
-32
-28
Interest
22
32
35
37
32
30
32
40
46
41
42
40
87
Depreciation
76
77
81
79
72
114
116
125
159
172
171
180
241
PBT
224
241
294
288
211
320
343
395
436
558
384
625
702
Tax %
22%
22%
18%
20%
34%
27%
25%
22%
18%
24%
23%
-7%
24%
Net Profit
176
188
243
229
139
234
256
307
356
425
297
666
532
EPS in Rs
5.41
5.88
7.71
7.24
3.99
6.06
6.45
7.81
9.49
11.23
7.47
18.23
11.71
Figures in ₹ Crores

Profit & Loss

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
18,195
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
14,805
Operating Profit
337
474
480
502
650
725
781
1,102
1,282
1,447
1,694
2,936
3,390
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
-148
Interest
6
8
6
9
9
16
14
65
81
126
135
169
209
Depreciation
92
121
128
127
125
173
184
227
258
297
428
682
764
PBT
176
365
351
404
562
595
596
862
951
1,056
1,269
2,003
2,270
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
1,920
EPS in Rs
3.74
8.83
8.15
9.12
13.06
14.21
15.04
21.73
22.72
26.14
24.29
46.33
48.64
Div. Payout %
51%
23%
31%
33%
0%
44%
17%
48%
56%
58%
16%
34%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
61
61
61
62
62
62
61
61
61
62
67
67
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
Borrowings
9
10
25
22
14
35
83
490
562
726
1,070
728
Other Liabilities
611
702
695
828
748
968
935
1,655
1,980
1,708
4,823
4,581
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
Fixed Assets
558
903
848
879
819
1,079
1,021
2,067
2,312
2,353
6,096
6,760
CWIP
120
17
0
1
1
0
0
17
5
23
2
3
Investments
55
75
316
365
365
14
12
0
0
0
146
0
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
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
Figures in ₹ Crores

Cash Flow

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/OP
104
97
120
98
88
66
119
93
96
88
96
76
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Public8.33%DIIs42.62%FIIs24.31%Others24.74%As ofJun 2026

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. Over the years, Coforge has set up subsidiaries in the U...
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 market capitalisation of Coforge Ltd?
Coforge Ltd has a market capitalisation of ₹80,974 Cr, which places it in the Large Cap band.
What is the PE ratio of Coforge Ltd?
Coforge Ltd trades at a PE ratio of 37.96, on earnings per share of ₹114.98, against a book value of ₹594.05 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 ₹2,021.2.
Does Coforge Ltd pay dividends?
Coforge Ltd has a dividend yield of 0.22%.
What is the Return on Equity (ROE) of Coforge Ltd?
Coforge Ltd reported a return on equity of 17.30%. Its debt-to-equity ratio is 0.08.

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 2004-08-30
Face Value ₹ 2
Issued Size 33,50,41,808

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