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Coforge Limited
(COFORGE)
Coforge Limited (COFORGE) vs. iShares MSCI India ETF (INDA)
Coforge Limited Business Overview & Revenue Model
Coforge Limited Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 134.79B | 120.51B | 90.09B | 80.15B | 64.32B | 46.63B |
| Gross Profit | 53.14B | 47.18B | 35.38B | 30.64B | 23.40B | 11.03B |
| EBITDA | 17.48B | 15.23B | 13.20B | 11.91B | 10.40B | 7.03B |
| Net Income | 9.96B | 8.12B | 8.08B | 6.94B | 6.62B | 4.56B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 124.91B | 61.08B | 56.83B | 49.54B | 35.13B |
| Cash, Cash Equivalents and Short-Term Investments | 10.29B | 10.29B | 3.35B | 5.76B | 4.54B | 8.23B |
| Total Debt | 0.00 | 10.70B | 7.26B | 5.62B | 4.90B | 826.00M |
| Total Liabilities | -83.29B | 41.62B | 23.81B | 25.14B | 21.23B | 10.47B |
| Stockholders Equity | 83.29B | 63.79B | 36.27B | 30.82B | 27.33B | 24.66B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 6.23B | 6.38B | 7.92B | 6.12B | 6.84B |
| Operating Cash Flow | 0.00 | 12.37B | 9.03B | 9.51B | 7.66B | 7.62B |
| Investing Cash Flow | 0.00 | -24.48B | -2.48B | -2.72B | -9.56B | -2.35B |
| Financing Cash Flow | 0.00 | 16.75B | -8.87B | -5.58B | -1.56B | -5.53B |
Coforge Limited Technical Analysis
Coforge Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹553.66B | 45.90 | ― | 0.88% | 41.97% | 38.73% | |
73 Outperform | ₹526.00B | 29.18 | ― | 1.94% | 8.73% | 11.33% | |
69 Neutral | ₹285.79B | 39.42 | ― | 0.69% | 13.34% | 5.98% | |
69 Neutral | ₹951.83B | 54.22 | ― | 0.55% | 23.27% | 33.09% | |
66 Neutral | ₹1.77T | 37.20 | ― | 1.08% | 8.72% | 4.54% | |
62 Neutral | ₹394.35B | 31.33 | ― | 1.19% | 14.88% | -2.60% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
Coforge Limited Corporate Events
Coforge Limited has announced the results of a postal ballot concluded on January 25, 2026, in which shareholders overwhelmingly approved four key resolutions, including increasing authorised share capital, issuing equity shares on a preferential basis via a share swap, enhancing investment limits, and enabling capital raising through qualified institutional placement or other permitted instruments. However, a resolution to grant special rights and related covenants, tied to an amended and restated Articles of Association, received 68.5% support and failed to meet the 75% threshold, prompting the company to engage with stakeholders on next steps even as it continues to advance regulatory and closing requirements for its planned Encora acquisition, a move that underscores Coforge’s broader expansion and capital-raising strategy.
Innovaccer Inc., a healthcare-focused AI company, and Coforge Limited have formed a strategic partnership to accelerate AI-driven transformation across the healthcare ecosystem, targeting providers, payers, life sciences firms and health tech companies. The collaboration includes the launch of G-Forge, a joint initiative that combines Innovaccer’s Gravity AI and data platform with Coforge’s implementation and transformation expertise to help organizations scale AI adoption, integrate siloed data and enhance enterprise decision-making, with the aim of improving clinical, financial and administrative performance. As Innovaccer’s preferred platinum implementation partner, Coforge will establish a Healthcare AI Center of Excellence and co-develop industry-specific accelerators and solutions in areas such as member and provider experience, care management and revenue cycle management, positioning both firms to play a larger role in healthcare digitization and offering end-to-end deployment, integration and managed services around the Gravity platform.
Coforge Limited has notified the stock exchanges that the transcript of its earnings conference call for the third quarter of fiscal year 2026, held following the board meeting on January 23, 2026, has been made available on the company’s investor relations website. By publishing the call transcript, the company is enhancing disclosure and facilitating easier access to its quarterly financial discussions for investors and other stakeholders, supporting transparency and compliance with SEBI’s listing regulations.
Coforge Limited has notified the Indian stock exchanges that it has published its unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 in the Hindi and English editions of Business Standard. The disclosure, made under SEBI’s listing and disclosure regulations, underscores the company’s compliance with transparency and reporting norms for listed entities, ensuring that investors and other stakeholders have public access to its latest financial performance data through leading national newspapers.
Coforge Limited has notified stock exchanges that the audio recording of its Q3 FY26 earnings conference call, held after the board meeting on 23 January 2026, has been made available online for investors and other stakeholders. The move underscores the company’s adherence to disclosure norms and its efforts to enhance transparency and accessibility of financial information for the market.
Coforge Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, with the statutory auditors issuing an unmodified limited review report, signaling clean assurance on the reported numbers. In the same meeting, the board declared a third interim dividend of Rs. 4 per fully paid equity share for the 2025-26 financial year and set January 31, 2026 as the record date, underscoring continued shareholder payouts and reinforcing the firm’s capital return policy.
Coforge Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025, along with an unmodified limited review report from its statutory auditors, confirming there are no qualifications in the reported numbers. In addition, the board declared a third interim dividend of Rs 4 per equity share for FY 2025-26 and set 31 January 2026 as the record date, underscoring the company’s ongoing commitment to shareholder returns while it maintains transparent financial reporting in line with SEBI’s listing requirements.
Coforge Limited’s board of directors has declared a third interim dividend of Rs. 4 per fully paid equity share with a face value of Rs. 2 for the financial year 2025-26. The company has set 31 January 2026 as the record date to determine shareholders eligible to receive this interim payout, underscoring its ongoing capital return to investors and signaling continued confidence in its financial performance.
Coforge reported another strong quarter for the three months ended 31 December 2025, with revenue rising 5.1% sequentially and 28.5% year-on-year in rupee terms to INR 4,188 crore, while EBITDA grew 37.7% year-on-year and margins expanded at both EBITDA and EBIT levels. The company signed six large deals in the quarter, secured total contract value order intake of $593 million, and lifted its executable order book for the next 12 months to $1.72 billion, up 30% year-on-year, underpinning management’s confidence in sustaining robust growth into FY26 and FY27; the board also declared an interim dividend of INR 4 per share, and management highlighted that the planned combination of Coforge and Encora will create a $2 billion core business in data, cloud and AI engineering, positioning the firm for continued outperformance in its sector.
Coforge Limited has issued a clarification to the stock exchanges regarding the wording in the explanatory statement of its December 26, 2025 postal ballot notice, specifically concerning the rights of certain investors and sellers to appoint directors to the company’s board and key committees. The company has clarified that investors’ board representation will reduce to one director, who will also sit on the audit committee, if their aggregate holding falls below 15% of the share capital, and all such rights will cease if their holding falls below 5%; it further emphasized that these threshold-related changes apply more broadly and are not confined only to secondary share transfers, while confirming that the substance and intent of the original communication remains unchanged.
Coforge Limited has announced that its management will host an earnings conference call with analysts and investors on January 23, 2026 to review the company’s financial results for the quarter and nine months ended December 31, 2025. The call, which will include a management discussion of financial performance followed by an interactive Q&A session, will be accessible via pre-registration on Zoom and will have its recording and transcript subsequently posted on the company’s investor relations webpage, underscoring Coforge’s ongoing efforts to maintain transparency and engagement with the investment community.
Coforge Limited has released an investor presentation to the Indian stock exchanges detailing its acquisition of Encora, with a specific focus on earnings-per-share (EPS) analysis and an overview of the acquired business. The disclosure underscores Coforge’s effort to provide greater transparency around the financial impact and strategic rationale of the Encora deal, signaling the importance of this transaction for its growth trajectory and reinforcing its positioning in the competitive IT services market.
Coforge Limited has notified the stock exchanges that it has completed dispatch of the notice for a postal ballot to its shareholders and has provided details of the remote e-voting facility made available to members. In compliance with SEBI listing regulations, the company has also published this information in Hindi and English editions of Business Standard, underscoring its focus on regulatory transparency and shareholder communication ahead of decisions to be taken through the postal ballot process.
Coforge Limited has issued a correction to its earlier disclosure on a proposed preferential issue of equity shares, specifically revising the post-merger shareholding figures for investors Encora Holdco Ltd. (UK) and AI Altius Parent (Cayman) Limited. While the pre-preferential and post-preferential (pre-merger) holdings remain unchanged, the company has adjusted the post-merger number of shares for both investors, clarifying that each will hold the same number of shares post-merger as in the pre-merger scenario, resulting in stake percentages of 8.36% and 12.89% respectively, with all other details of the original board outcome remaining intact.
Coforge Limited has notified stock exchanges that the audio recording of its analyst and investor conference call, held after the company’s board meeting on 26 December 2025, has been made publicly available on its website. The move enhances disclosure and transparency for shareholders and market participants by providing direct access to management’s post-board-meeting discussions and commentary.
Coforge Limited has issued a clarification to stock exchanges stating that a recent article on the financial news portal Moneycontrol regarding a purported transaction involving the company was speculative, premature, and not based on any official communication. The company emphasized that there was no event or development prior to the publication of that report that required disclosure under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements, and that all necessary, compliant disclosures have been made only after the conclusion of its board meeting on 26 December 2025, signalling that investors should rely on the company’s formal regulatory filings rather than market speculation.
Coforge Limited has initiated a postal ballot process to seek shareholder approval for a series of key corporate actions, including an increase in authorised share capital, a preferential equity issue via a share swap, the grant of special rights under a share subscription and purchase agreement with corresponding changes to its Articles of Association, an enhancement of investment limits under Section 186 of the Companies Act, 2013, and a potential capital raise through a Qualified Institutional Placement or other permitted instruments. The approvals, to be obtained exclusively through remote e‑voting facilitated by NSDL and conducted in line with SEBI and MCA circulars, signal Coforge’s intent to create headroom for further investments, strategic transactions and capital-raising initiatives, moves that could reshape its capital structure and strengthen its financial and strategic flexibility for future growth, while requiring active participation and consent from its shareholder base.
Coforge Limited’s board has approved the execution of a share subscription and share purchase agreement to acquire Encora US Holdco, Inc. and Encora Holdings Ltd. (Cayman) from existing investors via a share swap. As consideration, Coforge will issue up to 93,796,508 new equity shares on a preferential, private placement basis to non-promoter investors at Rs 1,815.91 per share, valuing the transaction at about Rs 17,032.6 crore, subject to shareholder and regulatory approvals.
The board also cleared granting special rights to the incoming investors, including board and committee nomination rights, lock-in provisions, and transfer restrictions, alongside amending and restating Coforge’s articles of association to embed these terms. In preparation for the enlarged equity base, the company will increase its authorised share capital from Rs 77 crore to Rs 102 crore by creating an additional 125 million equity shares, a step that materially reshapes its capital structure and governance framework as it integrates the Encora assets.
Coforge’s board has approved the execution of a share subscription and share purchase agreement to acquire Encora US Holdco, Inc. and Encora Holdings Ltd. (Cayman) in a share-swap transaction, issuing up to 93.8 million new equity shares at ₹1,815.91 each to existing Encora investors in exchange for their stakes in the target companies. The board also cleared a preferential issue of these shares to non-promoter investors, the grant of special rights including board and committee nominations and transfer restrictions to the incoming investors, the adoption of amended and restated articles of association to reflect the new rights structure, and an increase in authorised share capital from ₹77 crore to ₹102 crore to facilitate the enlarged equity base, collectively signaling a major expansion move and a reshaping of Coforge’s capital structure and governance framework.
Coforge Limited has scheduled a board meeting on 26 December 2025 to consider a fund-raising proposal via issuance of equity shares or other eligible securities through permissible modes such as private placement, qualified institutions placement, or preferential issue, subject to regulatory and shareholder approvals, and to take related ancillary actions. In line with insider trading regulations, the company has closed its trading window until 28 December 2025, will host a post-meeting analyst and institutional investor conference call on 26 December, and plans non-deal roadshows with one-on-one and group meetings in Mumbai and Singapore on 29–30 December, signalling proactive engagement with capital markets and investors around its prospective capital-raising plans.
Coforge Limited has called a board meeting on December 26, 2025 to consider and approve a potential fund-raising plan through issuance of equity shares or other eligible securities via various modes such as private placement, qualified institutional placement or preferential issue, subject to regulatory and shareholder approvals. In line with insider trading regulations, the company has closed its trading window until December 28, 2025, scheduled an investor and analyst conference call following the board meeting, and announced participation in non-deal roadshows in Mumbai and Singapore, underscoring its active engagement with the capital markets and preparation for possible capital-raising initiatives.
Coforge Limited has scheduled a board meeting for 26 December 2025 to consider and approve a potential fund-raising plan through issuance of equity shares or other eligible securities via modes such as private placement, qualified institutions placement, or preferential issue, subject to requisite regulatory and shareholder approvals. In line with insider trading regulations, the company has closed its trading window until 28 December 2025, will hold a post-meeting conference call with analysts and institutional investors on 26 December, and plans non-deal roadshows in Mumbai and Singapore on 29–30 December to engage investors and communicate its plans, underscoring an active capital markets and investor-relations strategy.
Coforge Limited has called a board meeting on 26 December 2025 to consider raising capital through the issuance of equity shares or other eligible securities via permissible routes such as private placement, qualified institutional placement or preferential issue, subject to regulatory and shareholder approvals, and will undertake related steps including convening shareholder approval processes. In line with SEBI’s insider trading rules, the company has closed its trading window until 28 December, scheduled an analyst and institutional investor conference call after the board meeting, and lined up non-deal roadshows in Mumbai and Singapore, underscoring its active engagement with the capital markets and investor community ahead of the proposed fund-raising.
Coforge Limited has announced the allotment of 145,189 equity shares under its Employee Stock Option Plan (ESOP) as of December 14, 2025. This move increases the company’s paid-up share capital to over 33.5 million shares, reflecting a strategic effort to incentivize employees and potentially enhance shareholder value. The company is in the process of completing the necessary formalities for listing and trading these shares, indicating a commitment to transparency and regulatory compliance.
Coforge Limited announced the successful completion of a secured creditors’ meeting, held under the direction of the National Company Law Tribunal, to discuss the proposed amalgamation with Cigniti Technologies Limited. The meeting, conducted via video conferencing, included a scrutinized e-voting process, which is a significant step in the amalgamation process, potentially impacting stakeholders by streamlining operations and expanding market reach.
Coforge Limited announced the successful completion of a meeting with its unsecured creditors regarding the proposed amalgamation with Cigniti Technologies Limited. The meeting, held via video conferencing, was part of the legal process under the Companies Act, 2013, and the SEBI Listing Regulations, with the voting results scrutinized by an appointed advocate. This development marks a significant step in the merger process, potentially impacting the company’s market positioning and stakeholder interests.
Coforge Limited held court-convened meetings for its equity shareholders, secured creditors, and unsecured creditors on December 06, 2025, to discuss the proposed Scheme of Amalgamation with Cigniti Technologies Limited. This amalgamation is expected to enhance Coforge’s market position and streamline operations, potentially benefiting stakeholders through improved efficiency and expanded service offerings.
Coforge Limited has announced the closure of its trading window in compliance with SEBI regulations, effective from January 1, 2026, ahead of the release of its financial results for the quarter ending December 31, 2025. The Board of Directors will meet on January 22, 2026, to consider these results and the potential payment of a third interim dividend for the fiscal year 2025-26. A conference call with analysts and institutional investors is also planned following the board meeting.
Coforge Limited has been recognized as a Leader in the Everest Group’s Enterprise Quality Engineering (QE) Services PEAK Matrix Assessment 2025. This accolade underscores Coforge’s strong market presence, comprehensive QE capabilities, and its focus on AI-driven transformation, which has resulted in significant year-on-year revenue growth. The company’s proprietary solutions, such as BlueSwan, enhance automation and test lifecycle efficiencies, positioning Coforge as a comprehensive assurance partner for global enterprises.
Coforge Limited has been recognized among the Top 50 Best Workplaces in India’s IT & IT-BPM sector for 2025 by Great Place To Work® India. This accolade underscores Coforge’s dedication to fostering a high-trust workplace with low attrition rates, emphasizing transparency, empowerment, and continuous learning, which contributes to its strong industry positioning and stakeholder confidence.
Coforge Limited has announced the expansion of its Coforge Quasar AI platform with new AI-driven accelerators aimed at boosting enterprise productivity and scaling AI adoption across industries. These new tools, including AgentSphere and Trust AI, enhance workflow integration, governance, and adaptability, allowing enterprises to automate operations and create smarter workflows. The platform has already shown significant impact in sectors like banking, travel, and insurance, reducing workloads and improving efficiency, which positions Coforge as a leader in responsible AI innovation.
Coforge Limited has announced a change in its Registrar and Share Transfer Agent (RTA), appointing MUFG Intime India Private Limited to replace Alankit Assignments Limited. The transition process is currently underway, with Alankit Assignments Limited continuing to provide services until the shift is complete, ensuring a seamless transition for stakeholders.
Coforge Limited announced a court-convened meeting of its secured creditors to discuss and potentially approve the proposed amalgamation of Cigniti Technologies Limited with Coforge. This strategic move, directed by the National Company Law Tribunal, aims to consolidate operations and enhance market positioning, potentially impacting shareholders and creditors positively.
Coforge Limited has announced a court-convened meeting for its unsecured creditors on December 6, 2025, to discuss the proposed amalgamation with Cigniti Technologies Limited. This meeting, directed by the National Company Law Tribunal, is crucial for stakeholders as it will determine the approval of the merger scheme, potentially impacting the company’s strategic positioning and market operations.
Coforge Limited has announced a Court Convened General Meeting scheduled for December 6, 2025, as directed by the National Company Law Tribunal (NCLT). The meeting will consider the proposed Scheme of Amalgamation with Cigniti Technologies Limited, which aims to consolidate operations and enhance shareholder value. The meeting will be conducted via video conferencing, with e-voting facilities available, ensuring compliance with relevant corporate regulations.
Coforge Limited has announced the rescheduling of its investor meetings, initially set for early November, to December 8 and 9, 2025. This change, accommodating both in-person and virtual formats, reflects the company’s commitment to maintaining transparent communication with its stakeholders, despite potential scheduling adjustments.
Coforge Limited has announced the rescheduling of its investor meetings originally set for November 2025 to new dates in December 2025. This change reflects the company’s ongoing commitment to maintaining transparent communication with its stakeholders, and it may impact investor engagement and company operations during this period.
Coforge Limited announced the availability of the transcript from its recent earnings conference call for Q2 FY26, which took place after their board meeting on October 24, 2025. This announcement is part of their compliance with SEBI regulations, and the transcript can be accessed through their investor relations website, offering stakeholders insights into the company’s financial performance and strategic direction.
Coforge Limited has announced the grant of 175,000 performance-based stock options to its employees under the Employee Stock Option Plan 2005. This strategic move is aimed at motivating and retaining talent, aligning employee interests with company performance, and potentially enhancing shareholder value over the long term.