Coforge Limited (IN:COFORGE)
:COFORGE
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Coforge Limited
(COFORGE)
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Rating:63Neutral
Price Target:
₹1,160.00
â–¼(-29.76% Downside)
Action:DowngradedDate:02/25/26
The score is driven by strong financial performance (healthy growth, margins, low leverage, and solid cash generation) but is materially weighed down by very weak technicals (below all key DMAs with negative MACD and oversold momentum). Valuation is a secondary drag due to a high P/E, only partly offset by a modest dividend yield.
Positive Factors
Revenue Growth
A multi-year revenue CAGR near 25% with recent revenue growth ~37% shows durable demand for Coforge’s services and successful account expansion. Sustained top-line growth supports reinvestment, scale advantages in delivery, and long-term revenue visibility from multi-year contracts.
Negative Factors
Cash Position Variability
Significant variability in cash balances suggests uneven timing of collections, working capital swings or episodic investments. Persistent cash volatility can constrain operational flexibility and raise refinancing or liquidity risk during slower demand periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
A multi-year revenue CAGR near 25% with recent revenue growth ~37% shows durable demand for Coforge’s services and successful account expansion. Sustained top-line growth supports reinvestment, scale advantages in delivery, and long-term revenue visibility from multi-year contracts.
Read all positive factors
Coforge Limited (COFORGE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹411.05B
Dividend Yield0.88%
Average Volume (3M)67.87K
Price to Earnings (P/E)55.8
Beta (1Y)1.27
Revenue Growth41.97%
EPS Growth38.73%
CountryIN
Employees13,297
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)7.38
Shares Outstanding335,810,940
10 Day Avg. Volume58,454
30 Day Avg. Volume67,870
Financial Highlights & Ratios
PEG Ratio-12.50
Price to Book (P/B)7.85
Price to Sales (P/S)4.16
P/FCF Ratio80.44
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹2,140.00Price Target Upside29.59% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)53.94
Revenue Forecast (FY)₹196.19B
Coforge Limited Business Overview & Revenue Model
Company Description
Coforge Limited provides information technology (IT) and IT enabled services in India, the Americas, Europe, the Middle East and Africa, and the Asia Pacific. It offers digital process automation services, including workflow/process management, ar...
How the Company Makes Money
Coforge primarily makes money by delivering contracted IT and business services to enterprise customers. Its revenue model is largely services-led and typically includes: (1) Application and digital services revenue from designing, building, moder...
Coforge Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 144.02B | 120.51B | 90.09B | 80.15B | 64.32B | 46.63B |
| Gross Profit | 57.51B | 47.18B | 35.38B | 30.64B | 23.40B | 11.03B |
| EBITDA | 21.83B | 15.23B | 13.20B | 11.91B | 10.40B | 7.03B |
| Net Income | 11.70B | 8.12B | 8.08B | 6.94B | 6.62B | 4.56B |
Balance Sheet | ||||||
| Total Assets | 135.90B | 124.91B | 61.08B | 56.83B | 49.54B | 35.13B |
| Cash, Cash Equivalents and Short-Term Investments | 5.71B | 10.29B | 3.35B | 5.76B | 4.54B | 8.23B |
| Total Debt | 9.71B | 10.70B | 7.26B | 5.62B | 4.90B | 826.00M |
| Total Liabilities | 46.68B | 41.62B | 23.81B | 25.14B | 21.23B | 10.47B |
| Stockholders Equity | 68.95B | 63.79B | 36.27B | 30.82B | 27.33B | 24.66B |
Cash Flow | ||||||
| Free Cash Flow | 1.34B | 6.23B | 6.38B | 7.92B | 6.12B | 6.84B |
| Operating Cash Flow | 7.87B | 12.37B | 9.03B | 9.51B | 7.66B | 7.62B |
| Investing Cash Flow | -5.53B | -24.48B | -2.48B | -2.72B | -9.56B | -2.35B |
| Financing Cash Flow | -5.04B | 16.75B | -8.87B | -5.58B | -1.56B | -5.53B |
Coforge Limited Technical Analysis
Negative
1651.40
Price Trends
1310.18
Negative
1547.28
Negative
1648.69
Negative
Market Momentum
-10.61
Negative
58.64
Neutral
91.52
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:COFORGE, the sentiment is Negative. The current price of 1651.4 is above the 20-day moving average (MA) of 1144.96, above the 50-day MA of 1310.18, and above the 200-day MA of 1648.69, indicating a neutral trend. The MACD of -10.61 indicates Negative momentum. The RSI at 58.64 is Neutral, neither overbought nor oversold. The STOCH value of 91.52 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:COFORGE.
Coforge Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹443.75B | 30.05 | ― | 1.94% | 8.73% | 11.33% | |
69 Neutral | ₹855.86B | 55.70 | ― | 0.55% | 23.27% | 33.09% | |
66 Neutral | ₹196.44B | 59.84 | ― | 0.69% | 13.34% | 5.98% | |
63 Neutral | ₹411.05B | 55.81 | ― | 0.88% | 41.97% | 38.73% | |
62 Neutral | ₹1.34T | 46.27 | ― | 1.08% | 8.72% | 4.54% | |
62 Neutral | ₹364.82B | 39.06 | ― | 1.19% | 14.88% | -2.60% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
IN:COFORGE
Coforge Limited
1,224.05
-27.02
-2.16%
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IN:PERSISTENT
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Coforge Limited Corporate Events
Coforge Publishes Notice on New Share Registrar, IEPF Transfers and Physical Share Window
Mar 21, 2026
Coforge Limited has announced that it has published a notice in leading English and Hindi newspapers regarding several shareholder-related matters, including a change in its Registrar and Transfer Agent, the transfer of certain equity shares to th...
Coforge Wins $158 Million Five-Year Deal With UK Client, Eyes AI-Led Growth in Europe
Feb 25, 2026
Coforge Limited has secured a $158 million, five-year contract from a UK-based client, with services commencing in April 2026 and revenue recognized evenly over the contract term. The deal is expected to drive material ancillary revenue from the s...
Coforge’s Sustainability Rating Rises 8 Points to 76 for FY 2025
Feb 22, 2026
Coforge Limited has received a sustainability rating of 76 for FY 2025 from NSE Sustainability Ratings and Analytics Limited, marking an 8-point improvement from the previous year. The rating, prepared independently using publicly available inform...
Coforge Shareholders Back Key Capital-Raising Moves, Stall Special Rights Resolution
Jan 27, 2026
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 ...
Innovaccer and Coforge Launch G-Forge to Drive AI-Led Transformation in Healthcare
Jan 26, 2026
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 comp...
Coforge Publishes Q3 FY26 Earnings Call Transcript for Investors
Jan 25, 2026
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 in...
Coforge Publishes Q3 and Nine-Month FY2025 Unaudited Results in Business Standard
Jan 24, 2026
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...
Coforge Publishes Audio Recording of Q3 FY26 Earnings Call Online
Jan 23, 2026
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 underscor...
Coforge Clears Q3 FY26 Results, Announces Third Interim Dividend of Rs 4 per Share
Jan 22, 2026
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 clea...
Coforge Clears Q3 FY26 Results, Announces Third Interim Dividend
Jan 22, 2026
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 t...
Coforge Declares Third Interim Dividend, Sets January 31, 2026 Record Date
Jan 22, 2026
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 sh...
Coforge Posts Strong Q3 Growth as Large Deals, Order Book and AI-Led Focus Strengthen Outlook
Jan 22, 2026
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 ...
Coforge Clarifies Investor Board Representation Rights in Postal Ballot Update
Jan 14, 2026
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 dire...
Coforge Sets January 23 Analyst Call to Review Q3 and Nine-Month FY2025 Results
Jan 14, 2026
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 ca...
Coforge Publishes Investor Presentation on Encora Acquisition and EPS Impact
Dec 28, 2025
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 underscore...
Coforge Completes Postal Ballot Notice Dispatch, Details Remote E-Voting for Shareholders
Dec 27, 2025
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 listi...
Coforge Corrects Post-Merger Shareholding Details in Preferential Issue Disclosure
Dec 26, 2025
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) Lim...
Coforge Publishes Audio Recording of Post-Board Meeting Conference Call
Dec 26, 2025
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...
Coforge Denies Speculative Report, Affirms Compliance With SEBI Disclosure Norms
Dec 26, 2025
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...
Coforge Seeks Shareholder Nod for Capital Expansion, Preferential Issue and QIP via Postal Ballot
Dec 26, 2025
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 ...
Coforge to Acquire Encora via Rs 17,000-Crore Share Swap, Expands Equity Base and Investor Rights
Dec 26, 2025
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 w...
Coforge Board Clears Share-Swap Acquisition of Encora Entities, Preferential Issue and Capital Expansion
Dec 26, 2025
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 ...
Coforge Board to Weigh Capital Raise, Schedules Investor Outreach and Trading Window Closure
Dec 22, 2025
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,...
Coforge Plans Board Meeting to Consider Fund-Raising, Closes Trading Window and Schedules Investor Outreach
Dec 22, 2025
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 institution...
Coforge Board to Weigh Fund-Raising Plan, Tightens Trading Window and Ramps Up Investor Outreach
Dec 22, 2025
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 pla...
Coforge Board to Weigh Fund-Raising Plan, Closes Trading Window and Intensifies Investor Outreach
Dec 22, 2025
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 pr...
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.