Coforge Limited (COFORGE) AI Stock Analysis

• Market Cap: ₹563.27B
• Dividend Yield: 0.88%
• Average Volume (3M): 67.87K
• Price to Earnings (P/E): 48.1
• Beta (1Y): 1.39
• Revenue Growth: 41.97%
• EPS Growth: 38.73%
• Country: IN
• Employees: 13,297
• Sector: Technology
• Sector Strength: 88
• Industry: Information Technology Services
• EPS (TTM): 11.20
• Shares Outstanding: 335,041,800
• 10 Day Avg. Volume: 58,454
• 30 Day Avg. Volume: 67,870
• PEG Ratio: -12.50
• Price to Book (P/B): 7.85
• Price to Sales (P/S): 4.16
• P/FCF Ratio: 80.44
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹2,240.00
• Price Target Upside: 35.64% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: ₹2,131.00 ▲(29.04% Upside)

Coforge Limited's strong financial performance is the most significant factor, showcasing robust growth and profitability. Technical analysis indicates positive momentum but warns of potential overbought conditions. The high P/E ratio suggests a premium valuation, which could limit upside potential. Overall, the company is well-positioned for growth, but investors should be cautious of valuation risks.

Positive Factors

Revenue Growth

Sustained revenue growth indicates strong market demand and successful business strategies, positioning the company for continued expansion.

Profit Margins

High profit margins reflect effective cost management and pricing power, contributing to long-term profitability and financial health.

Balance Sheet Health

Low leverage and a strong capital base provide financial stability and flexibility for future investments and growth opportunities.

Negative Factors

Cash Position Variability

Fluctuating cash levels could pose challenges in liquidity management, potentially affecting the company's ability to fund operations consistently.

Free Cash Flow Fluctuation

While positive, fluctuating free cash flow may impact the company's ability to consistently invest in growth and return value to shareholders.

Dividend Yield

A low dividend yield may not attract income-focused investors, potentially limiting the shareholder base and affecting stock attractiveness.

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, artificial intelligence (AI) and predictive analytics, robotic process automation, and case management; digital services, such as digital integration, Salesforce, MuleSoft, digital interactive and advisory, automation, digital innovation, and innovation as a services; and cloud and infrastructure management services comprising cloud, workplace, cybersecurity, data center, and always on network, as well as service integration services. The company also provides cybersecurity services, which include security incident management platform, managed automated security testing and enhanced remediation, intelligent detection and response of threats, access control and entity management, governance risk management and compliance, and secure adaptive fortified endpoints, as well as phishing, analysis, and training and testing platform. In addition, it offers AI and cognitive, business analytics, and data engineering services; advanced application engineering services, including development, operations, and quality engineering services; business process solutions; and media solutions, such as print design services and marketing solutions. The company serves insurance, travel, transportation, hospitality, banking and financial services, healthcare and life sciences, public sector, hi-tech and manufacturing, media and entertainment, and retail and consumer goods industries. Coforge Limited has strategic alliances with Kong Inc. for cloud API services; and Newgen Software Technologies Limited to enhance digital operations for organizations. The company was formerly known as NIIT Technologies Limited and changed its name to Coforge Limited in August 2020. Coforge Limited was incorporated in 1992 and is based in New Delhi, India.

How the Company Makes Money

Coforge Limited generates revenue primarily through providing IT services and solutions to its clients. The company's revenue model is based on a combination of project-based fees, managed services contracts, and long-term service agreements. Key revenue streams include application development and maintenance, infrastructure management, and business process outsourcing. Coforge leverages strategic partnerships with leading technology providers and platforms to enhance its service offerings and expand its market reach. The company's earnings are significantly influenced by its ability to deliver operational efficiencies and create value for its clients through technology-driven solutions.

Coforge Limited Financial Statement Overview

Summary

Coforge Limited demonstrates strong financial performance with impressive revenue growth, robust profit margins, and solid cash flow generation. The balance sheet is healthy with low leverage, although cash management could be improved.

Income Statement

Coforge Limited has shown strong revenue growth with a CAGR of around 25% over the past five years, which is impressive. The company's gross profit margin remained robust at around 40% in the latest fiscal year, indicating efficient cost management and pricing power. Net profit margin has been stable, averaging around 8% in recent years. Both EBIT and EBITDA margins are healthy, showcasing operational efficiency and profitability.

Balance Sheet

The balance sheet is solid with a debt-to-equity ratio of approximately 0.17, signifying low leverage and prudent financial management. Return on Equity has been consistently strong, reflecting effective use of shareholders' capital. The equity ratio indicates a strong capital base, though the company’s cash position has varied significantly, suggesting possible liquidity management considerations.

Cash Flow

Coforge Limited demonstrates a strong cash flow position with consistent operating cash flow growth, suggesting efficient conversion of revenue into cash. Free cash flow has fluctuated but remains positive, supporting ongoing investments and shareholder returns. The operating cash flow to net income ratio is healthy, indicating solid cash generation relative to profits.

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

• Technical Analysis Sentiment: Negative
• Last Price: 1651.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 below the 20-day moving average (MA) of 1741.28, below the 50-day MA of 1800.85, and below the 200-day MA of 1711.81, indicating a bearish trend. The MACD of -48.26 indicates Positive momentum. The RSI at 41.08 is Neutral, neither overbought nor oversold. The STOCH value of 49.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:COFORGE.

Coforge Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LTIM	78 Outperform	₹1.79T	36.79	―	1.08%	8.72%	4.54%
COFORGE	73 Outperform	₹563.27B	48.06	―	0.88%	41.97%	38.73%
MPHASIS	73 Outperform	₹541.05B	30.22	―	1.94%	8.73%	11.33%
PERSISTENT	73 Outperform	₹1.01T	59.76	―	0.55%	23.27%	33.09%
KPITTECH	69 Neutral	₹324.27B	41.61	―	0.69%	13.34%	5.98%
LTTS	62 Neutral	₹461.48B	36.09	―	1.19%	14.88%	-2.60%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%

Coforge Limited Corporate Events

Coforge Publishes Investor Presentation on Encora Acquisition and EPS Impact

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 Completes Postal Ballot Notice Dispatch, Details Remote E-Voting for Shareholders

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 Corrects Post-Merger Shareholding Details in Preferential Issue Disclosure

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 Publishes Audio Recording of Post-Board Meeting Conference Call

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 Denies Speculative Report, Affirms Compliance With SEBI Disclosure Norms

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 Seeks Shareholder Nod for Capital Expansion, Preferential Issue and QIP via Postal Ballot

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 to Acquire Encora via Rs 17,000-Crore Share Swap, Expands Equity Base and Investor Rights

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 Board Clears Share-Swap Acquisition of Encora Entities, Preferential Issue and Capital Expansion

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 Board to Weigh Capital Raise, Schedules Investor Outreach and Trading Window Closure

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 Plans Board Meeting to Consider Fund-Raising, Closes Trading Window and Schedules Investor Outreach

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 Board to Weigh Fund-Raising Plan, Tightens Trading Window and Ramps Up Investor Outreach

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 Board to Weigh Fund-Raising Plan, Closes Trading Window and Intensifies Investor Outreach

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 Expands Share Capital with New ESOP Allotment

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 Advances Amalgamation with Cigniti Technologies

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 Advances Merger with Cigniti Technologies

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 Advances Amalgamation with Cigniti Technologies

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 Announces Trading Window Closure and Upcoming Financial Results

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 Recognized as Leader in Quality Engineering by Everest Group

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 Earns Spot Among Top 50 Best Workplaces in IT & IT-BPM 2025

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 Expands AI Capabilities with New Accelerators on Quasar Platform

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 Announces Change in Registrar and Share Transfer Agent

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 Plans Amalgamation with Cigniti Technologies

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 Announces Court-Convened Meeting for Creditors

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 Announces Court Convened General Meeting for Amalgamation Approval

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 Reschedules Investor Meetings to December

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 Reschedules Investor Meetings to December 2025

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 Releases Q2 FY26 Earnings Call Transcript

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 Grants 175,000 Stock Options to Employees

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.

Coforge Limited Releases Unaudited Financial Results for September 2025

Coforge Limited announced the publication of its unaudited financial results for the quarter and half-year ending September 30, 2025, in major newspapers. This disclosure aligns with regulatory requirements and provides stakeholders with insights into the company’s financial performance, potentially impacting investor confidence and market positioning.

Coforge Releases Q2 FY26 Earnings Call Transcript

Coforge Limited has released the audio transcript of its Q2 FY26 earnings conference call, following its board meeting on October 24, 2025. This release is part of the company’s compliance with SEBI regulations, and it provides stakeholders with insights into the company’s financial performance and strategic direction for the quarter.

Coforge Limited Announces Allotment of Shares under ESOP

Coforge Limited has announced the allotment of 198,489 equity shares under its Employee Stock Option Plan (ESOP) 2005. This move increases the company’s paid-up share capital to a total of 334,794,549 equity shares, with a face value of Rs. 2 each, aggregating to Rs. 669,589,098. The company is in the process of completing formalities related to the issue and listing of these shares, which will soon be filed with the exchange for necessary approvals. This allotment reflects Coforge’s commitment to employee engagement and could potentially enhance its market position by aligning employee interests with company growth.

Coforge Limited Announces Postal Ballot for Director Appointments

Coforge Limited has announced a postal ballot notice to its shareholders, seeking approval for the re-appointment of Mr. D K Singh as an Independent Director and the appointment of Mr. John Speight as an Executive Director. The company is facilitating remote e-voting through NSDL, with the voting period set from October 4 to November 2, 2025. The results will be declared by November 3, 2025, and the company will publish notices in two newspapers to confirm the dispatch of the postal ballot notice.