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.
Tapetide Score
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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 3d agoCoforge Ltd is a mid-cap IT services company with a market cap of ₹80,527 Cr trading at a PE of 42.1x. The company has delivered 29% compounded profit CAGR over 5 years with TTM sales growth of 36%, while maintaining a near debt-free balance sheet and consistent ROE of ~21%.
- Exceptional TTM revenue growth of 36% significantly outpaces the Indian IT sector average, indicating strong deal wins and execution
- TTM profit growth of 98% demonstrates significant operating leverage and margin expansion on top of robust revenue growth
- Company is almost debt-free, providing financial flexibility for acquisitions and organic investments without balance sheet stress
- Consistent ROE of 20-22% over 3, 5, and 10-year periods indicates sustained capital efficiency and quality of earnings
- 5-year compounded profit CAGR of 29.4% reflects a strong track record of translating growth into bottom-line performance
- 10-year stock CAGR of 36% demonstrates long-term wealth creation and market confidence in the business model
- Median sales growth of 18.4% over the last 10 years shows consistency in revenue compounding across business cycles
- Healthy dividend payout ratio of 36% with 0.22% yield shows commitment to shareholder returns while retaining capital for growth
- PE ratio of 42.1x is elevated relative to larger IT peers, leaving limited margin of safety if growth decelerates
- Price-to-book ratio of 3.07x implies the market is pricing in significant future growth that must be sustained to justify current valuation
- Low tax rate flagged as a concern — any normalization toward statutory rates (~25%) could compress net profit margins meaningfully
- 1-year stock CAGR of only 11% despite 98% TTM profit growth suggests the market may already have priced in near-term outperformance
- Dividend yield of just 0.22% offers minimal income cushion during potential market corrections at current price levels
- TTM sales growth of 36% versus 5-year CAGR of 29% raises questions about sustainability — reversion to mean growth rates could disappoint elevated expectations
- Market cap of ₹80,527 Cr for a company growing at these rates implies execution must remain flawless; any large deal delays or client concentration risks could trigger de-rating
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 17h 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 deal with a European client for AI-led transformation using Low-Code/No-Code platforms and AI automation.
- Launches Nuuron AI OS Jul 23
Coforge launched Nuuron, an AI Operating System to industrialize agentic AI at scale by connecting enterprise knowledge and workflows.
- New Private Equity business unit Aug 11
Coforge launched a dedicated PE Business Unit to drive value through AI-driven operational transformation and portfolio performance for PE firms.
- 83% Scope 2 emissions reduction Aug 2
FY26 BRSR filing highlights ~83% drop in Scope 2 emissions and SBTi validation of net-zero targets, strengthening ESG credentials.
- Exceptional Performer in Whitelane 2026 Jul 21
Scored 83% in Application Services and Cloud & Infrastructure Services in the Whitelane 2026 study, outperforming market averages.
- Strong growth guided for Q2-Q4 Jul 28
Coforge spokesperson anticipated strong growth for Q2, Q3, and Q4 FY27 as reported by CNBC TV18, though no specific targets were disclosed.
- Heavy institutional block trades Jul 24
Multiple block trades from Jul 24 to Aug 5 totalling over ₹415 crore across several transactions at prices ranging from ₹1,478 to ₹1,756 per share, indicating significant institutional activity.
- Investor meetings scheduled Aug 13-20 Aug 10
Coforge announced one-on-one and group investor meetings from August 13 to August 20, 2026, per SEBI Listing Regulations.
- AGM set for August 24, 2026 Jul 29
34th Annual General Meeting scheduled for August 24, 2026, to be conducted via video-conferencing in compliance with MCA circulars.
- Q1FY27 earnings call transcript released Jul 29
Transcript of Q1FY27 earnings conference call held July 28, 2026 published on investor relations website.
TL;DR: Coforge is firing on all cylinders with 49% YoY revenue growth in Q1 FY27, a landmark $230M+ European AI deal, and multiple new AI-focused product launches. ESG metrics are also strong with an 83% Scope 2 emissions cut. No material headwinds are visible in recent news flow, and management is guiding for continued strong growth through FY27. The key risk to monitor is execution on the large deal pipeline and whether the elevated block trade activity signals any promoter or institutional rebalancing.
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.