Coforge Limited (IN:COFORGE)
:COFORGE
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Coforge Limited
(COFORGE)
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Rating:63Neutral
Price Target:
₹1,160.00
▼(-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
Sustained Revenue Growth
A multi-year ~25% revenue CAGR demonstrates durable demand for Coforge’s services and successful account expansion. Consistent top-line growth supports reinvestment in people and platforms, funds strategic initiatives and reduces execution risk over a 2–6 month horizon as large client relationships continue to mature.
Negative Factors
Variable Cash Position
Significant swings in cash balances imply timing or working-capital variability that can constrain liquidity and operational flexibility. Over 2–6 months this could force short-term financing, delay investments, or pressure margins if cash conversion weakens during client billing or seasonality cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
A multi-year ~25% revenue CAGR demonstrates durable demand for Coforge’s services and successful account expansion. Consistent top-line growth supports reinvestment in people and platforms, funds strategic initiatives and reduces execution risk over a 2–6 month horizon as large client relationships continue to mature.
Read all positive factors
Coforge Limited (COFORGE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹401.66B
Dividend Yield0.88%
Average Volume (3M)67.87K
Price to Earnings (P/E)55.8
Beta (1Y)1.32
Revenue Growth37.10%
EPS Growth50.35%
CountryIN
Employees13,297
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)7.38
Shares Outstanding335,850,620
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)54.08
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
Neutral
1651.40
Price Trends
1271.34
Positive
1520.94
Negative
1635.07
Negative
Market Momentum
15.59
Negative
63.35
Neutral
90.89
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:COFORGE, the sentiment is Neutral. The current price of 1651.4 is above the 20-day moving average (MA) of 1186.97, above the 50-day MA of 1271.34, and above the 200-day MA of 1635.07, indicating a neutral trend. The MACD of 15.59 indicates Negative momentum. The RSI at 63.35 is Neutral, neither overbought nor oversold. The STOCH value of 90.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | ₹384.32B | 25.86 | ― | 1.19% | 8.97% | 0.86% | |
69 Neutral | ₹757.35B | 42.35 | ― | 0.55% | 23.53% | 31.95% | |
67 Neutral | ₹1.27T | 23.70 | ― | 1.08% | 11.31% | 9.00% | |
66 Neutral | ₹208.10B | 59.84 | ― | 0.69% | 11.37% | -5.49% | |
63 Neutral | ₹401.66B | 55.81 | ― | 0.88% | 37.10% | 50.35% | |
63 Neutral | ₹434.64B | 20.99 | ― | 1.94% | 11.59% | 8.85% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
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Coforge Limited Corporate Events
Coforge Sees Senior M&A and Investor Relations Leaders Step Down After Major Expansion Drive
Apr 18, 2026
Coforge Limited has announced the resignation of Anup Kumar, Executive Vice President and Global Head of MA, and Manish Hemrajani, Head of Investor Relations, both effective at the close of business on April 17, 2026 in the U.S. The management cha...
Coforge Allots 39,681 Equity Shares Under ESOP, Boosting Paid-Up Capital
Apr 16, 2026
Coforge Limited has allotted 39,681 equity shares under its 2005 Employee Stock Option Plan following approval by its ESOP Allotment Committee on April 15, 2026. This issuance increases the company’s paid-up share capital to 33,58,50,618 equ...
Coforge Clears All Regulatory Hurdles for Encora Deal, Setting Stage for $2.5 Billion AI Services Powerhouse
Apr 13, 2026
Coforge has secured all required statutory and regulatory approvals across multiple jurisdictions for its acquisition of Encora, clearing the way to close the transaction and create a combined AI-native technology services firm with a run-rate rev...
Coforge Unveils Subscription-Based AI Mod Squads for Outcome-Driven Delivery
Apr 8, 2026
Coforge has launched AI Mod Squads, a subscription-based delivery model that combines pre-built AI agents with senior AI engineers to deliver outcome-based services rather than traditional time-and-materials contracts. Clients can assemble custom ...
Coforge Secures Key RBI Clearance for Over $1 Billion Encora Acquisition
Mar 31, 2026
Coforge has disclosed that it has received Reserve Bank of India approval for overseas direct investment exceeding USD 1 billion, a key regulatory clearance for its planned acquisition of Encora. The company had earlier secured antitrust clearance...
Coforge Nears Key Milestone as NCLT Reserves Order on Cigniti Amalgamation
Mar 27, 2026
Coforge Limited has announced that the National Company Law Tribunal has reserved its order for formal pronouncement on the proposed amalgamation of Cigniti Technologies Limited into Coforge. The move follows a series of prior disclosures and indi...
Coforge Sets Board Meet, Closes Trading Window Ahead of FY26 Results
Mar 27, 2026
Coforge Limited has announced the closure of its trading window for designated persons and their immediate relatives from April 1, 2026, in line with SEBI’s insider trading regulations, ahead of the approval of its financial results for the ...
Coforge adds AI and digital veteran Vivek Sharma as independent director
Mar 27, 2026
Coforge Limited has strengthened its board by appointing technology and AI specialist Vivek Sharma as an Additional Director in the capacity of Non-Executive Independent Director for a five-year term starting April 1, 2026, subject to shareholder ...
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 ...
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.