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Coforge Ltd

₹ 1,7022.68%
07 Jan – close price
🔗coforge.comâ€ĸBSE: 532541â€ĸNSE: COFORGE
Market Cap₹ 56,994 Cr.
Current Price₹ 1,702
High / Low₹ 1,994
Stock P/E81.4
Book Value₹ 180
Dividend Yield0.89 %
ROCE13.9 %
ROE11.3 %
Face Value₹ 2.00
Sales₹ 6,775 Cr.
OPM7.10 %
Mar Cap₹ 56,994 Cr.

ABOUT

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.

KEY POINTS

Acquisition of NIIT TechNIIT Technologies Ltd., now known as Coforge, was founded in April 2003. In 2019, NIIT and its founder's family sold their 30.2% stake to Hulst B.V., which subsequently acquired an additional ~40% through an open offer, reaching a 70% stake. Hulst sold off its entire stake by September 30, 2023.[1][2]

Also present in buckets:
Aggressive Growth TriggersAggressive Growth TriggersAggressive Growth TriggersAggressive Growth TriggersExcellent ResultsExcellent ResultsExcellent ResultsRevenue GuidanceRevenue GuidanceRevenue GuidanceAsset Base ExpansionAsset Base ExpansionCapacity Expansion And ProductsCapacity Expansion And ProductsCapacity Expansion And ProductsCapacity Expansion And ProductsPreferential IssuancePreferential IssuanceOrder Book PositionOrder Book PositionOrder Book PositionOrder Book PositionLarge Order ReceiptsJv Partnerships AcquisitionsJv Partnerships AcquisitionsJv Partnerships AcquisitionsJv Partnerships AcquisitionsRevenue Guidance Vs ActualsCredit Rating UpdatesCredit Rating UpdatesCredit Rating UpdatesCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.TCS3295.6023.711192395.231.8212131.008.5465799.002.4064.63257688.0026.7250289.6912925.6911.2032.070.10
2.Infosys1639.0023.65664993.172.627375.0013.1944490.008.5537.50169458.0023.8828124.007364.006.5918.620.08
3.HCL Technologies1647.7026.34447130.603.284236.000.0031942.0010.6731.61122427.0021.1716976.004235.006.2816.950.10
4.Wipro270.8021.05284143.392.223262.401.1722697.301.7719.5189654.9019.8213500.003246.203.3210.820.19
5.LTIMindtree6102.0037.17180987.321.071381.2012.0010394.3010.1927.6339667.5017.064869.101401.107.7315.830.10
6.Tech Mahindra1625.2035.52159318.802.771201.70-4.4513994.905.1218.5654015.7014.344485.001194.505.799.040.07
7.Persistent Systems6513.5061.78102868.170.54471.4745.073580.7223.5930.4413218.7018.281665.16471.4714.2516.840.06
8.Coforge1701.5081.4456993.610.89332.3044.791981.0049.4213.866774.807.10699.80332.309.478.650.08
–Median: 72 Co.284.6226.56718.080.249.7216.3269.0914.2620.08176.3718.5529.599.723.7411.820.08

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
1,0881,2651,4331,1401,2101,7721,1271,2251,5891,0441,2191,3261,981
Expenses
9341,0921,3461,0721,1361,6741,0321,0661,4769321,1091,2181,797
Operating Profit
1541738768749894159113112110108184
Other Income
15930810919790148208218887036199266
Profit before tax
27442914322111518225932114113997263386
Tax %
12%4%26%5%29%17%7%8%22%16%21%13%14%
Net Profit
2404101062118115124129411111777230332
EPS in Rs
7.8513.283.176.912.434.517.909.513.323.842.496.889.93

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
1,3081,3461,4841,5951,6461,9992,2312,4123,3134,2304,8495,5576,775
Expenses
1,0671,1151,2201,3151,3961,6981,9292,1312,8873,7754,3395,1756,294
Operating Profit
241231265280250301302281427456510382481
Other Income
7484511115153284104400534760484611
Interest
357475865259725462
Depreciation
426782918278909684109128151178
Profit before tax
2711682211972763704872836928221,069662853
Net Profit
208148192165226299422240644732992528700
EPS in Rs
6.874.846.275.377.369.6813.527.9221.1723.9832.0915.7720.93
Dividend Payout %
26%39%32%47%41%0%46%33%49%53%47%24%–

Compounded Profit Growth

10 Years:13%
5 Years:8%
3 Years:-7%
TTM:-31%

Compounded Sales Growth

10 Years:15%
5 Years:20%
3 Years:19%
TTM:35%

Return on Equity

10 Years:21%
5 Years:23%
3 Years:23%
Last Year:11%

Stock Price CAGR

10 Years:32%
5 Years:25%
3 Years:30%
1 Year:-12%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
61616161626262616161626767
Reserves
8689591,1621,2781,4121,6421,9131,7442,1452,5543,2505,6685,942
Borrowings
262813282213616353395415574507
Other Liabilities
2674073012462892693654286827687581,0681,331
Total Liabilities
1,2211,4551,5371,6141,7851,9862,3462,2503,2413,7784,4857,3767,847
Fixed Assets
271376524494464426412383394436448532545
Gross Block
4325986056647157448117567557418481,027–
Accumulated Depreciation
16122281170251318399373361305400494–
CWIP
116116101100922028
Investments
1632344095847448668378551,8341,8342,1684,2644,264
Other Assets
6717296035355766931,0971,0121,0051,5071,8482,5773,029
Total Assets
1,2211,4551,5371,6141,7851,9862,3462,2503,2413,7784,4857,3767,847

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
5524240424020219622848538976295384
Cash from Investing Activity
-34-187-263-222-119-46206-4-731414490-1,998
Cash from Financing Activity
-26-61-81-65-75-103-133-4942-413-8791,707
Net Cash Flow
-5-661-47946301-13-34077-9492

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
12012062485658664947687375
Inventory Days
1135––––––––––
Days Payable
187556––––––––––
Cash Conversion Cycle
-55-40162485658664947687375
Working Capital Days
855046433640356-4203519
ROCE %
31%18%20%17%20%23%22%15%34%34%34%14%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
39.99%30.16%26.63%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
FIIs
21.30%25.40%24.78%34.37%34.04%35.00%41.43%42.09%42.55%40.21%37.42%34.09%
DIIs
26.73%32.20%37.20%54.28%55.02%54.29%47.29%48.15%47.86%49.93%52.32%54.87%
Public
11.97%12.23%11.39%11.35%10.95%10.69%11.28%9.75%9.58%9.86%10.25%11.03%

* The classifications might have changed from Sep'2022 onwards.ℹī¸

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Coforge Partners Solstice Innovations to Boost P&C Insurance Modernization with AI

2nd April 2026, 5:48 pm

Coforge Secures RBI Approval for Encora Acquisition, Crossing USD 1 Billion Overseas Investment Threshold

31st March 2026, 5:29 am

Coforge Appoints Vivek Sharma as Independent Director for 5 Years

28th March 2026, 4:46 am

NCLT Reserves Order for Cigniti Technologies' Amalgamation with Coforge

28th March 2026, 4:40 am

Coforge Board Meeting on May 5 for Q4/FY26 Results & Interim Dividend; Trading Window Closed April 1

28th March 2026, 4:40 am

Published by Other Websites

External media mentions & references

Coforge Shares Climb 3% on AI Insurance Platform Partnership

2nd April 2026, 1:50 pm

Coforge Surges 3% on AI Partnership; IT Stock Defies Weak Market

2nd April 2026, 1:21 pm

Geopolitics Hits India: Motilal Oswal Lists 21 Top Stock Picks

2nd April 2026, 11:54 am

Motilal Oswal Picks 4 Resilient IT Stocks Amid Subdued Growth Fears

2nd April 2026, 9:08 am

Markets Rally 1.5% on Geopolitical Calm; Nifty Surges Past 22,600

1st April 2026, 4:05 pm

News Articles

Editorial & research coverage

IT Stocks Dive Amid AI Fears; Axis Securities Defends Select Names
IT Stocks Dive Amid AI Fears; Axis Securities Defends Select Names

14th February 2026, 8:08 am

Indian IT Stocks Tumble Amid AI Disruption Fears
Indian IT Stocks Tumble Amid AI Disruption Fears

13th February 2026, 12:52 pm

AI Fears Trigger IT Sell-off; Valuations Near Historic Lows
AI Fears Trigger IT Sell-off; Valuations Near Historic Lows

13th February 2026, 12:21 pm

IT Stocks Plunge: AI Disruption Triggers Valuation Reset
IT Stocks Plunge: AI Disruption Triggers Valuation Reset

13th February 2026, 10:25 am

AI Disruption Fuels IT Sell-off, Investors Shift to Performing Sectors
AI Disruption Fuels IT Sell-off, Investors Shift to Performing Sectors

12th February 2026, 1:25 pm

Documents

Announcements

Intimation Of ESG Rating

2 Jan - SES ESG assigned ESG score 76.6 for FY2025; up 5.2 points; independent report.

Intimation Of Transcript Of Investors Conference Call
Announcement under Regulation 30 (LODR)-Investor Presentation
Announcement under Regulation 30 (LODR)-Newspaper Publication

27 Dec - Of Newspaper publication for Postal Ballot Notice

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

27 Dec - Audio recording of Coforge conference call held after December 26, 2025 Board meeting available at provided link.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

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Financial Year 2018

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Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Financial Year 2011

(from nse)

Credit Ratings

Rating update

7 Nov 2025 from crisil

Rating update

3 Feb 2025 from crisil

Rating update

9 Aug 2024 from crisil

Rating update

13 May 2024 from crisil

Rating update

4 Aug 2023 from crisil

Rating update

3 Apr 2023 from crisil

Concalls

Dec 2025

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Dec 2025

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Oct 2025

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Oct 2023

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Feb 2022

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Oct 2021

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Nov 2019

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Nov 2018

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Oct 2018

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Nov 2017

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Jun 2016

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Stock Analysis

Description

  1. Coforge is an IT services company providing end-to-end software solutions and services, serving prominent global customers and operating through subsidiaries worldwide.

Key Growth Triggers

  1. Acquisition of Encora for USD 2.35 billion to enhance AI, Data, and Cloud capabilities, creating a USD 2.5 billion tech services powerhouse.
  2. Launch of AI-native platforms like Forge-X and AI-driven accelerators for its Coforge Quasar AI platform.
  3. Strong Q2 FY26 performance, including 31.7% YoY revenue growth to INR 3,986 crore and an improved EBIT margin of 14.0%.
  4. CRISIL rating upgrade to 'AA+/Stable', indicating enhanced financial strength.
  5. Focus on AI integration across service delivery and expansion in key verticals like Healthcare and BFSI.

Order Book

  1. Currently no data available for Order Book.

Key Red Flags

  1. Analyst reports have noted potential recessionary pressures and execution challenges as risks for the company.

Key Dates To Watch

  1. Board Meeting scheduled for January 22, 2026, to consider Q3 FY26 financial results and potential interim dividend.

Corporate Announcements

2nd Apr 26
Impact Rating: 7
Coforge has formed an alliance with Solstice Innovations to leverage AI for modernizing P&C insurance core systems, aiming for faster, cost-effective solutions for insurers.
30th Mar 26
Impact Rating: 8
Coforge announced RBI approval for its Encora acquisition, clearing overseas direct investment over USD 1 Billion. This follows prior US HSR and Australian competition approvals, with other clearances in advanced stages.
27th Mar 26
Impact Rating: 6
Coforge Limited announced the appointment of Mr. Vivek Sharma as an Additional Non-Executive Independent Director. This role commences April 1, 2026, for a five-year term, pending shareholder approval, bringing expertise in AI and digital transformation.
27th Mar 26
Impact Rating: 9
A key step in its merger with Coforge, Cigniti Technologies announced that the NCLT has reserved its order for pronouncement. This follows no-objection approvals from statutory authorities, moving the amalgamation forward.
27th Mar 26
Impact Rating: 8
Coforge's Board Meeting on May 5, 2026, will review Q4/FY26 financial results and decide on an interim dividend for FY 2025-26. The trading window will be closed from April 1, 2026. A conference call is planned post-meeting.