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Coforge Limited
(COFORGE)
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Rating:73Outperform
Price Target:
â‚ą1,879.00
â–˛(26.56% Upside)
Action:Reiterated
Date:07/29/26
The score is driven primarily by solid financial quality (strong balance sheet and improved 2026 profitability) and supportive trend signals (price above key moving averages). Offsetting factors are margin volatility (notably the gross-margin drop), mixed confidence in cash-flow quality due to inconsistencies, and a relatively high P/E with only a modest dividend yield.
Positive Factors
Conservative, improving leverage
Very low and falling debt-to-equity gives Coforge durable financial flexibility: it supports capacity to invest in deals, pursue selective acquisitions, sustain operations through cyclicality, and preserve credit optionality. This balance-sheet headroom reduces refinancing and solvency risk over months to years.
Negative Factors
Sharp gross-margin decline
A halving of gross margin is a structural red flag: it suggests either rising delivery costs, pricing pressure, adverse contract mix, or lower value-add work. Such a move materially compresses operating leverage and requires sustained revenue mix or pricing improvement to restore durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative, improving leverage
Very low and falling debt-to-equity gives Coforge durable financial flexibility: it supports capacity to invest in deals, pursue selective acquisitions, sustain operations through cyclicality, and preserve credit optionality. This balance-sheet headroom reduces refinancing and solvency risk over months to years.
Read all positive factors
Coforge Limited (COFORGE) vs. iShares MSCI India ETF (INDA)
Market Cap
â‚ą761.76B
Dividend Yield0.7%
Average Volume (3M)67.87K
Price to Earnings (P/E)34.9
Beta (1Y)1.32
Revenue Growth34.67%
EPS Growth65.25%
CountryIN
Employees13,297
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)46.38
Shares Outstanding442,690,800
10 Day Avg. Volume58,454
30 Day Avg. Volume67,870
Financial Highlights & Ratios
PEG Ratio0.29
Price to Book (P/B)3.92
Price to Sales (P/S)2.28
P/FCF Ratio38.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
â‚ą1,860.00Price Target Upside25.28% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)58.78
Revenue Forecast (FY)â‚ą243.96B
Coforge Limited Business Overview & Revenue Model
Company Description
Coforge Limited, established in New Delhi, India, in 1992, delivers a comprehensive array of information technology and IT-enabled services across the globe, with operations spanning India, the Americas, Europe, the Middle East & Africa, and the A...
How the Company Makes Money
Coforge makes money primarily by delivering IT services to enterprise clients under contracted commercial arrangements. Its core revenue model is service-led and includes: (1) Project-based services (time-and-materials or fixed-price) where Coforg...
Coforge Limited Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
70
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 164.03B | 120.51B | 90.09B | 80.15B | 64.32B |
| Gross Profit | 31.02B | 47.18B | 35.38B | 30.64B | 23.40B |
| EBITDA | 27.83B | 15.23B | 13.20B | 11.91B | 10.40B |
| Net Income | 15.56B | 8.12B | 8.08B | 6.94B | 6.62B |
Balance Sheet | |||||
| Total Assets | 148.81B | 124.91B | 61.08B | 56.83B | 49.54B |
| Cash, Cash Equivalents and Short-Term Investments | 10.99B | 10.29B | 3.35B | 5.76B | 4.54B |
| Total Debt | 7.28B | 10.70B | 7.26B | 5.62B | 4.90B |
| Total Liabilities | 52.01B | 41.62B | 23.81B | 25.14B | 21.23B |
| Stockholders Equity | 95.38B | 63.79B | 36.27B | 30.82B | 27.33B |
Cash Flow | |||||
| Free Cash Flow | 9.58B | 6.23B | 6.38B | 7.92B | 6.12B |
| Operating Cash Flow | 17.01B | 12.37B | 9.03B | 9.51B | 7.66B |
| Investing Cash Flow | -4.72B | -24.48B | -2.48B | -2.72B | -9.56B |
| Financing Cash Flow | -9.65B | 16.75B | -8.87B | -5.58B | -1.56B |
Coforge Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹875.50B | 46.35 | ― | 0.71% | 23.53% | 31.64% | |
73 Outperform | ₹761.76B | 34.94 | ― | 1.06% | 34.67% | 65.25% | |
73 Outperform | ₹342.84B | 25.46 | ― | 1.56% | ― | ― | |
67 Neutral | ₹1.29T | 26.78 | ― | 2.80% | 13.87% | 10.72% | |
65 Neutral | ₹1.62T | 28.50 | ― | 3.27% | 10.95% | 12.97% | |
63 Neutral | ₹447.04B | 23.36 | ― | 1.94% | 13.69% | 9.34% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:COFORGE
Coforge Limited
1,720.75
-16.88
-0.97%
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Coforge Limited Corporate Events
Coforge updates investor presentation on Q1 FY27 results
Jul 28, 2026
Coforge Limited has notified stock exchanges that it has updated its investor presentation on the company’s financial results for the quarter ended June 30, 2026. The update, prepared as part of its Q1 FY27 reporting, has been shared in comp...
Coforge posts 49% revenue surge and doubles profit as AI-led services fuel growth
Jul 27, 2026
Coforge Limited reported robust financial results for the quarter ended June 30, 2026, with revenue rising 49% year-on-year in rupee terms to INR 55,277 million and EBITDA growing 74%. EBIT more than doubled, while profit after tax surged 110%, an...
Coforge Clears Q1 Results, Declares Dividend and Plans China Expansion
Jul 27, 2026
Coforge Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, with statutory auditors issuing unmodified limited review reports. The board also declared an interim divid...
Coforge Clears Q1 FY27 Results, Dividend, China Expansion and Board Re-appointment
Jul 27, 2026
Coforge Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, with statutory auditors issuing unmodified limited review reports, underscoring confidence in the company&#...
Coforge Declares Interim Dividend, Sets August 3 Record Date
Jul 27, 2026
Coforge Limited, a technology and IT services provider based in Greater Noida and Gurugram, is listed on BSE and NSE and offers digital solutions to global clients. Its equity shares have a face value of Rs. 2, and the firm maintains an active pre...
Coforge Clears Q1 Results, Announces Dividend and China Expansion Plan
Jul 27, 2026
Coforge Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, with statutory auditors S R Batliboi Associates LLP issuing unmodified limited review reports. The clean a...
Coforge Allots 19,265 ESOP Shares, Expands Paid-Up Capital
Jun 23, 2026
Coforge Limited has approved the allotment of 19,265 equity shares under its 2005 Employee Stock Option Plan, modestly increasing its paid-up share capital to 44,26,90,811 shares with a total value of Rs 88.54 crore. The company is completing the ...
Coforge Expands CSR Footprint with Fourth Public Library in India
Jun 6, 2026
Coforge has opened its fourth public library in India, located in Vasant Kunj, New Delhi, and its third in the Delhi-NCR region after Noida and Gurugram. The new facility is positioned as a community hub intended to broaden access to reading infra...
Coforge Allots 12.7 Million Shares to Cigniti Investors Under Amalgamation Scheme
Jun 3, 2026
Coforge Limited has allotted 12,671,602 fully paid equity shares of Rs. 2 each to eligible shareholders of Cigniti Technologies under a 1:1 share exchange ratio as part of an approved scheme of amalgamation between the two companies. This allotmen...
Coforge to shut trading window ahead of July 27 board meet on Q1 results
Jun 3, 2026
Coforge Limited has announced that its trading window for dealing in company securities will be closed for designated persons and their immediate relatives from July 1, 2026, in line with SEBI’s insider trading regulations, ahead of the cons...
Coforge posts Q4 FY26 earnings call transcript for investors
May 12, 2026
Coforge Limited has notified the stock exchanges that the transcript of its earnings conference call for the fourth quarter of FY26, held after the board meeting on May 5, 2026, has been made available to investors. The document, accessible via th...
Coforge Clears FY26 Results With Clean Audit, Sets Record Date for Cigniti Share Swap
May 5, 2026
Coforge Limited’s board has approved the audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026, along with the statutory auditors’ report. The audit, conducted by S R Batliboi Associa...
Coforge–Cigniti Amalgamation Becomes Effective as NCLT Order Filed
May 4, 2026
Coforge Limited has announced that its court-approved Scheme of Amalgamation with Cigniti Technologies Limited has become effective following the filing of the National Company Law Tribunal’s order with the Registrar of Companies in Haryana....
Coforge closes Cigniti merger, boosts AI-led services scale and margins
Apr 30, 2026
Coforge Limited has received National Company Law Tribunal approval for the amalgamation of Cigniti Technologies into the company, formally closing the acquisition after meeting all regulatory requirements. The transaction strengthens Coforge̵...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.