Coforge Ltd
Coforge Ltd
Information Technology F&OKey Fundamentals
MidcapComputer Software & ConsultingInformation TechnologyInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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44 extracted metrics + investor summaries across FY13–FY26.
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Technical Indicators
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
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 6d agoCoforge Ltd is a mid-cap IT services company with a market cap of ₹79,593 crore, trading at a PE of 41.1x. 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% and an almost debt-free balance sheet.
- Exceptional TTM sales growth of 36% signals strong demand momentum and deal wins in recent quarters
- TTM profit growth of 98% demonstrates significant operating leverage and margin expansion
- Consistent 5-year compounded profit CAGR of 29% reflects sustained earnings growth trajectory
- Company is almost debt-free, providing financial flexibility and low balance sheet risk
- Stable ROE of 20-22% over 3, 5, and 10-year periods indicates efficient capital allocation
- 10-year stock CAGR of 36% reflects long-term wealth creation track record
- Median sales growth of 18.4% over last 10 years shows structural growth consistency
- Healthy dividend payout of 36% demonstrates shareholder return discipline despite being a growth company
- PE of 41.1x is significantly above the IT sector median, leaving limited margin of safety if growth decelerates
- 1-year stock CAGR of only 4% suggests the market has already priced in much of the growth story
- Price-to-book ratio of 3x combined with 41x PE indicates premium valuation that demands continued high execution
- Low tax rate flagged as a concern — any normalization of tax rate could compress net margins and earnings
- Dividend yield of just 0.23% offers negligible income cushion during potential market corrections
- TTM sales growth of 36% may include inorganic contributions, making organic growth sustainability uncertain
- 3-year stock CAGR of 22% versus 3-year profit CAGR of 33% suggests valuation multiple compression has already begun
- Market cap of ₹79,593 crore relative to growth rates implies the company must sustain above-25% profit growth to justify current multiples
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 4h ago- Q1 revenue jumps 49% YoY Jul 27
Q1 FY27 consolidated revenue rose to ₹5,527 crore from ₹3,704 crore YoY. Board declared interim dividend of ₹4 per share with record date August 3, 2026.
- $230M+ five-year AI contract Jul 24
Coforge secured a $230+ million, five-year contract with a European client for AI-led transformation using Low-Code/No-Code platforms and AI automation.
- Nuuron AI OS launched Jul 23
Coforge launched Nuuron, an AI Operating System designed to industrialize AI-driven outcomes and deploy agentic AI at enterprise scale.
- New PE business unit launched Aug 11
Coforge launched a Private Equity Business Unit to help PE firms drive value through AI-driven operational transformation and portfolio performance.
- 83% Scope 2 emissions reduction Aug 2
FY26 BRSR filing highlights ~83% reduction in Scope 2 emissions and SBTi validation of net-zero targets, strengthening ESG credentials.
- Exceptional Performer recognition Jul 21
Named Exceptional Performer in Application Services and Cloud & Infrastructure Services in Whitelane 2026 study, scoring 83% and outperforming market averages.
- Strong growth outlook for FY27 Jul 28
Coforge spokesperson anticipates strong growth for Q2, Q3, and Q4 FY27 as reported by CNBC TV18, though no specific quantitative targets were disclosed.
- Heavy institutional block trades Jul 24
Multiple block trades between Jul 24 and Aug 5 totalling over ₹415 crore across various price points (₹1,478–₹1,756 per share), indicating significant institutional activity.
- Investor meetings scheduled Aug 2026 Aug 10
One-on-one and group investor meetings scheduled from August 13 to August 20, 2026 per SEBI Listing Regulations.
- AGM set for August 24 Jul 29
34th Annual General Meeting scheduled for August 24, 2026 via video-conferencing in compliance with MCA circulars.
- Q1FY27 earnings transcript released Jul 29
Transcript of Q1FY27 earnings conference call held on July 28, 2026 published on investor relations website.
TL;DR: Coforge is executing strongly with 49% YoY revenue growth in Q1 FY27, backed by a landmark $230M+ European AI deal and new AI platform launches (Nuuron, PE unit). No material headwinds are visible in the news flow, and management has guided for continued strong growth through FY27. The trend is decisively improving, with AI-led deal wins and ESG progress reinforcing the bull case, though sustained execution at this growth rate remains the key monitorable.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
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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.