Coforge logo

Coforge

COFORGE NSE

Key Fundamentals

MidcapComputer Software & ConsultingInformation Technology
Market Cap
₹78,739 Cr
Volatility
Moderate
P/E Ratio
37.54
EBITDA
₹3,009 Cr
Return on Equity
17.3%
Debt to Equity
0.08
Book Value
₹593.97
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

4d ago
AI opinion · based on fundamentals
Risk medium

Coforge Ltd is a mid-to-large Indian IT services company with a market capitalisation of about ₹78,818 crore. Over the trailing twelve months, sales grew 36% and profit grew 98%. Its 5-year sales and profit CAGRs are both about 29%, and ROE has stayed close to 21% for a decade. The stock trades at a P/E of 41.3 with a dividend yield of 0.22%. That valuation already assumes strong growth, and the company is nearly debt free.

Bull Case 8
  • Revenue growth has been strong. TTM sales grew 36% and the 3-year and 5-year sales CAGRs are 27% and 29%. That is well above the high-single-digit growth typical of large-cap Indian IT peers.
  • Profit has grown quickly. The 5-year profit CAGR is 29% (listed as 29.4%) and the 3-year CAGR is 33%. TTM profit growth of 98% points to a sharp recovery in earnings.
  • Returns on capital have been steady. ROE was 21% last year, compared with 20% over 3 years, 22% over 5 years and 21% over 10 years. This suggests stable profitability through several business cycles.
  • The balance sheet is sound. The company is described as almost debt free and has reduced its debt. That gives it room for acquisitions and investment without heavy interest costs.
  • Growth has been consistent over the long run. Median sales growth over 10 years is 18.4% and the 10-year sales CAGR is 20%. This shows sustained expansion rather than a one-off spike.
  • Long-term shareholder returns have been high. The 10-year stock CAGR is 36%, and the 1-year and 3-year returns are 16% and 20%.
  • The dividend payout ratio is healthy at 36.0% while growth is still high. This points to cash generation that funds both reinvestment and payouts to shareholders.
  • Near-term momentum looks positive. The company is expected to report a good quarter, which matches the 36% TTM revenue growth trend.
Bear Case 8
  • The valuation is demanding. A P/E of 41.3 already assumes above-sector growth, so any slowdown from the 36% TTM sales growth could lead to a lower valuation multiple.
  • TTM profit growth of 98% is far above the 5-year profit CAGR of 29%. This suggests base effects or one-time items, so the current growth rate may not be sustainable.
  • Stock returns have lagged earnings. The 5-year stock CAGR is 11% while the 5-year profit CAGR is 29%. This shows the share price can stay flat for long periods even when fundamentals are strong.
  • The tax rate has been flagged as low. If the effective tax rate returns to normal, reported profit growth (29% over 5 years) could be lower on a like-for-like basis.
  • ROE is not rising. It was 21% last year against a 5-year average of 22%, so faster revenue growth (29% 5-year CAGR) has not produced higher returns on equity. Acquisitions and equity dilution may be diluting returns.
  • Income for shareholders is low. The dividend yield is 0.22%, which offers little downside support at a P/E of 41.3.
  • Sector risk is high. Much of the growth (36% TTM sales) depends on discretionary IT spending by US and European clients. That spending is exposed to macro slowdowns, currency swings and AI-driven price cuts in services.
  • The P/B of 3.01 in the data does not match a P/E of 41.3 and an ROE of 21%. Together those would imply a much higher P/B, so the valuation inputs should be checked against primary sources.

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

AI News Digest

1d ago
Headwinds 6
  • Chairman exit over governance lapse Sep 9

    Chairman O P Bhatt resigned with immediate effect on Sep 8-9 after a KPMG internal audit found he withheld Board Evaluation Reports, in which his own performance category got the lowest rating. This came weeks after shareholders rejected his reappointment at the Aug 24 AGM with only 65.47% support.

  • NRC chair DK Singh resigns Sep 11

    Independent director and NRC Chairperson D K Singh resigned on Sep 11, citing tension between independent and executive directors after the shift from a PE-led board. The board called his claims 'unfounded' and reconstituted its committees.

  • Sharp sell-off, Rs 4,400 cr wiped Sep 9

    The stock fell 7.91% to ₹1,795, against a 2.83% drop in the BSE IT index, and erased over ₹4,400 crore in market value. It was the biggest single-day fall in more than a year.

  • Second straight session of losses Sep 14

    Shares fell another 2.15% to ₹1,737.40 as the board exits continued to weigh on sentiment. The stock was down about 12% over the month, from its Aug 31 record high of ₹2,021.95.

  • AI deflation pressures pricing Sep 17

    Clients are asking for steep discounts at renewals so AI productivity gains are passed on to them, and many burn through annual token budgets in months. Only 6-7% of Coforge's Q1 topline was outcome-based, and Motilal Oswal says AI pricing models need 2-3 quarters to prove themselves.

  • Weak IT sector backdrop Sep 9

    The BSE IT index is down 8.1% over one month and 19.59% over one year, against falls of 4.23% and 7.26% for the Sensex. Rising oil prices and a weaker INR are adding macro pressure.

Positives 8
  • Akhil Gupta named Chairperson Sep 28

    Former Bharti Enterprises Vice Chairman Akhil Kumar Gupta was appointed Chairperson for 5 years, effective Sep 29. He was the unanimous pick from 60 candidates in an Egon Zehnder search. Shares rose up to about 2% on the news.

  • JPMorgan Overweight, TP ₹1,850 Sep 28

    JPMorgan rated the stock Overweight with a ₹1,850 target, noting the chair role was filled earlier than expected. It expects focus to shift back to AI traction and Encora integration.

  • Order book up 44% to $2.23B Sep 17

    The order book rose 44% YoY to $2.23B, and 86% of revenue now comes from AI-led services. Management expects Q2 FY27 to be its best-ever quarter for large-deal signings.

  • FY27 guidance retained Sep 15

    Management kept its FY27 EBIT margin guidance at above 15.5% and FCF/PAT conversion above 100%. It also guided 3-4% sequential constant-currency growth, citing a record large-deal pipeline.

  • Brokerages reiterate Buy calls Sep 18

    Motilal Oswal kept Buy with a ₹2,200 target and Coforge as its top pick, Prabhudas Lilladher set ₹2,120 (28x FY28E EPS), and Nomura held ₹1,860. Jefferies advised buying any sharp dip.

  • Strong Q1 FY27 results Sep 28

    Q1 FY27 revenue rose 49% YoY to ₹5,527.7 crore ($592.2M, up 33%), and PAT jumped 110% to ₹518.6 crore. FY26 revenue was $1.87B, up 29.2%, the fastest growth among India's large IT firms.

  • NelsonHall Leader in six segments Sep 17

    NelsonHall's 2026 NEAT report named Coforge a Leader in six AI-enabled cloud infrastructure segments, including AWS, Azure and GCP, out of 19 global SIs assessed.

  • AI product launches and awards Sep 20

    Coforge launched an AI vehicle lifecycle tool covering 60,000+ vehicles a year (Sep 20) and a Value Gates framework for measuring AI outcomes (Sep 19). It also won 'AI Native Enterprise' at the TOI AI Quotient Awards (Sep 13).

Neutral 7
  • Board governance reforms implemented Sep 29

    Coforge brought in an independent board advisory firm to run evaluations on a secure digital platform, with results shared only in aggregated, anonymised form. The NRC was reconstituted with Beth Boucher as Chairperson, and the company says operations and financial reporting were unaffected.

  • Kraków center to 660 engineers Oct 1

    The Kraków workforce will grow from 375 to 660 engineers by 2027, adding over 20,000 sq ft. The center is moving from one anchor client to a multi-client, AI-first nearshore model.

  • Investor engagement on governance Sep 25

    All seven board members joined the Sep 14 analyst call to say the FY27 outlook is unchanged. Group and one-on-one investor meetings were held in Mumbai on Sep 30.

  • Automotive practice scaled to 300 Sep 15

    The automotive engineering practice grew to about 300 professionals under a new TMAE vertical, focused on connected, electric and software-defined vehicles.

  • Agentic travel strategic pivot Sep 30

    Coforge announced a pivot toward Agentic Travel and Modern Airline Retailing, using AI to reshape airline operations and customer engagement.

  • ₹19.98 cr block trade Sep 21

    About 1,10,537 shares changed hands at ₹1,807.10 in a large-trade signal on the NSE. It has not yet been confirmed by exchange disclosures.

  • Hi-Tech AI push, TechCon 2026 Sep 16

    Coforge is pairing its Nuuron AI layer with 70-75 Forward Deployed Engineers, targeting 150 by Mar 2028, to move Hi-Tech clients from AI pilots to production. TechCon 2026 will include a hackathon with 3,000+ participants.

TL;DR: Coforge's operations remain strong: Q1 FY27 revenue rose 49% and PAT 110%, the order book is up 44% to $2.23B, a record large-deal quarter is expected, and FY27 guidance is intact. The September governance crisis (Bhatt and Singh resignations) drove a roughly 12% monthly drop from the ₹2,021 peak. Weak IT sector sentiment and AI-driven pricing deflation add to the risks. The trend is improving: Akhil Gupta's early appointment, governance reforms and consistent Buy ratings (targets ₹1,850-2,200) suggest the overhang is fading, with Q2 FY27 deal wins and Encora integration the next catalysts to watch.

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 ₹78,739 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 37.54, on earnings per share of ₹114.98, against a book value of ₹593.97 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 0.23%.
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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