Coforge Ltd.

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coforge.comBSE: 532541NSE: COFORGE

Market Cap₹ 81,836 Cr.

Current Price

High / Low₹ 2,021 / 1,008

Stock P/E46.6

Book Value₹ 606

Price to Book4.04

Dividend Yield0.86 %

ROCE24.7 %

ROE21.6 %

Face Value₹ 2

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ABOUT

AI Sector View

AI GENERATED

Information Technology

Buy

IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.

Confidence

68%

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PROS

Company has delivered good profit growth of 29.2% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 27.4%
Company has a good return on equity (ROE) track record: 3 Years ROE 22.4%
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 49.2% YoY, showing strong momentum

CONS

Receivables are growing faster than sales - a possible quality concern
Valuation is stretched - P/E of 46.6 is well above its own 5-year median (13.3)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Information TechnologyITIT - Software

Part ofNIFTY IT NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100 NIFTY MIDCAP 150

S.No.	Name
1.	TCS	2202.00	16.00	796702.87	5.00	13420.00	4.69	72275.00	13.93	66.25	25.67
2.	INFY	1038.20	13.91	421325.69	4.62	7775.00	12.29	48211.00	14.03	42.84	23.66
3.	HCLTECH	1207.00	18.80	327539.38	4.47	4626.00	20.34	34579.00	13.94	31.20	19.87
4.	WIPRO	167.50	12.55	165902.38	6.57	3356.30	0.59	24478.60	10.59	18.49	18.93
5.	TECHM	1539.50	29.38	150891.59	3.31	1486.30	31.67	15711.90	17.68	23.04	17.43
6.	LTM	4301.15	24.39	127581.28	1.74	1468.60	17.06	11608.00	17.96	30.25	17.75
7.	OFSS	11760.00	30.01	102409.76	3.40	1415.50	120.52	3125.20	68.73	45.50	60.04
8.	PERSISTENT	5537.45	45.42	87353.27	0.72	483.04	13.67	4303.23	29.09	35.09	16.19
9.	COFORGE	1847.40	46.58	81835.77	0.86	531.70	49.19	5527.70	49.86	24.70	19.14
10.	MPHASIS	2294.10	22.92	43790.98	2.70	489.51	10.82	4384.05	17.46	23.31	18.15
11.	LTTS	3334.95	26.80	35379.24	1.74	357.10	12.97	2940.10	11.47	27.70	18.65
12.	TATATECH	761.75	55.53	30931.00	1.54	180.75	6.15	1664.63	33.78	19.56	16.64

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	2,221	2,276	2,323	2,318	2,357	3,026	3,258	3,422	3,689	3,986	4,188	4,450	5,528
	1,915	1,935	1,928	1,929	2,048	2,603	2,823	2,895	3,112	3,253	3,458	3,574	4,797
Operating Profit	306	341	395	390	309	423	435	527	577	732	730	876	730
OPM %	13.78%	14.98%	17.01%	16.81%	13.11%	13.97%	13.35%	15.40%	15.64%	18.38%	17.44%	19.69%	13.21%
	16	9	15	16	24	55	54	32	-6	38	-134	-32	82
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
Profit before Tax	224	241	294	289	229	333	340	393	365	558	384	625	702
Tax %	21.63%	21.94%	17.53%	20.33%	31.31%	25.93%	25.57%	22.22%	21.67%	23.79%	22.77%	-6.59%	24.27%
Net Profit	0	0	0	0	139	234	256	307	356	425	297	666	532
	27.06	29.59	38.63	36.40	4.76	6.44	6.37	7.76	7.38	11.21	7.45	18.23	12.34

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,802	2,991	3,676	4,184	4,663	6,432	8,015	9,009	12,073	16,403	18,152
	2,323	2,490	3,028	3,461	3,883	5,330	6,734	7,562	10,380	13,501	15,082
Operating Profit	480	501	648	723	780	1,102	1,281	1,447	1,694	2,902	3,070
OPM %	17.11%	16.76%	17.64%	17.29%	16.72%	17.13%	15.98%	16.06%	14.03%	17.69%	16.91%
	5	39	48	61	15	52	10	45	165	-118	-45
Interest	6	9	9	16	14	65	81	126	135	169	209
Depreciation	128	127	125	173	184	227	258	297	428	682	764
Profit before Tax	351	404	562	595	596	862	951	1,070	1,296	1,933	2,270
Tax %	22.39%	23.51%	24.95%	21.46%	21.84%	17.04%	21.67%	20.65%	25.66%	13.36%	15.40%
Net Profit	272	309	422	468	466	715	745	849	964	1,674	1,920
EPS	40.71	45.34	64.73	70.97	73.29	106.52	111.53	130.74	121.39	46.30	—
Dividend Payout %	30.69%	32.92%	0.00%	43.64%	17.29%	47.86%	56.36%	58.13%	62.61%	34.12%	—

COMPOUNDED SALES GROWTH

10 Years:: 20%
5 Years:: 29%
3 Years:: 27%

COMPOUNDED PROFIT GROWTH

10 Years:: 19%
5 Years:: 28%
3 Years:: 31%

STOCK PRICE CAGR

10 Years:: 37%
5 Years:: 13%
3 Years:: 19%
1 Year:: 4%

RETURN ON EQUITY

10 Years:: 22%
5 Years:: 24%
3 Years:: 22%
Last Year:: 22%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	61	62	62	62	61	61	61	62	67	67
Minority Interest	24	22	8	0	0	98	87	100	1,950	143
	1,614	1,693	1,992	2,326	2,353	2,615	2,933	3,523	6,131	9,212
	167	174	68	180	106	780	588	769	1,681	1,382
Trade Payables	119	145	165	263	340	616	648	806	988	1,775
	810	976	1,063	1,209	1,363	1,720	2,401	2,037	2,926	3,828
Total Liabilities	2,795	3,072	3,358	4,041	4,222	5,890	6,719	7,297	13,743	16,408
	848	879	819	1,079	1,021	2,067	2,312	2,353	6,096	6,760
Capital Work in Progress	0	1	1	0	0	9	5	23	2	3
	316	365	365	14	12	0	0	0	146	0
	0	0	0	0	0	0	0	1,804	2,577	3,970
Cash & Bank	408	418	558	903	812	454	579	335	883	1,099
	1,224	1,408	1,615	2,044	2,377	3,361	3,824	2,782	4,038	4,576
Total Assets	2,795	3,072	3,358	4,041	4,222	5,890	6,719	7,297	13,743	16,408

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	600	494	571	478	931	1,030	1,230	903	1,237	1,792
Cash from Investing	-306	-270	-230	112	-93	-956	-272	-248	-2,448	-435
Cash from Financing	-67	-74	-106	-133	-696	-156	-558	-887	1,675	-1,094
	99	38	116	276	-26	-347	121	-231	464	263

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	41.43	42.09	42.55	40.21	37.42	34.09	34.53	30.66	24.31
	47.29	48.16	47.86	49.93	52.32	54.87	53.67	56.18	42.27
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	11.27	9.75	9.59	9.86	10.26	11.04	11.80	13.16	33.41