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Coforge Limited
(COFORGE)
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Rating:73Outperform
Price Target:
₹2,173.00
â–²(46.36% 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
Accelerating Revenue Growth
The sharp improvement in revenue growth indicates renewed demand for Coforge’s technology modernization, cloud, analytics, and managed services. Sustained expansion would improve operating leverage, deepen enterprise relationships, and support continued investment in differentiated industry capabilities.
Negative Factors
Sharp Gross-Margin Compression
The substantial gross-margin decline signals pressure on delivery economics or a less profitable service mix. If it persists, Coforge may need stronger pricing, productivity gains, or portfolio improvement to protect earnings quality and convert revenue growth into durable profit expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating Revenue Growth
The sharp improvement in revenue growth indicates renewed demand for Coforge’s technology modernization, cloud, analytics, and managed services. Sustained expansion would improve operating leverage, deepen enterprise relationships, and support continued investment in differentiated industry capabilities.
Read all positive factors
Coforge Limited (COFORGE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹816.81B
Dividend Yield0.65%
Average Volume (3M)119.86K
Price to Earnings (P/E)37.5
Beta (1Y)1.43
Revenue Growth34.67%
EPS Growth65.26%
CountryIN
Employees26,932
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)49.25
Shares Outstanding443,038,640
10 Day Avg. Volume105,391
30 Day Avg. Volume119,859
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
₹1,990.00Price Target Upside34.03% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)58.85
Revenue Forecast (FY)₹247.99B
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 | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 181.52B | 164.03B | 120.51B | 90.09B | 80.15B | 64.32B |
| Gross Profit | 52.44B | 31.02B | 47.18B | 35.38B | 30.64B | 23.40B |
| EBITDA | 33.25B | 27.83B | 17.36B | 14.70B | 12.94B | 11.19B |
| Net Income | 17.57B | 15.56B | 8.12B | 8.08B | 6.94B | 6.62B |
Balance Sheet | ||||||
| Total Assets | 335.40B | 148.81B | 124.91B | 61.08B | 56.83B | 49.54B |
| Cash, Cash Equivalents and Short-Term Investments | 17.91B | 10.99B | 10.29B | 3.35B | 5.76B | 4.54B |
| Total Debt | 57.77B | 7.28B | 10.70B | 7.26B | 5.62B | 4.90B |
| Total Liabilities | 116.64B | 52.01B | 41.62B | 23.81B | 25.14B | 21.23B |
| Stockholders Equity | 217.19B | 95.38B | 63.79B | 36.27B | 30.82B | 27.33B |
Cash Flow | ||||||
| Free Cash Flow | 1.34B | 9.58B | 6.23B | 6.38B | 7.92B | 6.12B |
| Operating Cash Flow | 7.87B | 17.01B | 12.37B | 9.03B | 9.51B | 7.66B |
| Investing Cash Flow | -5.53B | -4.72B | -24.48B | -2.48B | -2.72B | -9.56B |
| Financing Cash Flow | -5.04B | -9.65B | 16.75B | -8.87B | -5.58B | -1.56B |
Coforge Limited Technical Analysis
Positive
1484.70
Price Trends
1835.38
Positive
1652.70
Positive
1521.34
Positive
Market Momentum
3.63
Negative
53.46
Neutral
72.98
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:COFORGE, the sentiment is Positive. The current price of 1484.7 is below the 20-day moving average (MA) of 1801.10, below the 50-day MA of 1835.38, and below the 200-day MA of 1521.34, indicating a bullish trend. The MACD of 3.63 indicates Negative momentum. The RSI at 53.46 is Neutral, neither overbought nor oversold. The STOCH value of 72.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:COFORGE.
Coforge Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹1.20T | 26.78 | ― | 2.67% | 13.87% | 10.72% | |
75 Outperform | ₹911.32B | 47.08 | ― | 0.31% | 25.39% | 25.32% | |
73 Outperform | ₹816.81B | 37.49 | ― | 0.65% | 34.67% | 65.26% | |
73 Outperform | ₹336.03B | 24.93 | ― | 2.59% | ― | ― | |
70 Outperform | ₹1.44T | 25.39 | ― | 3.47% | 10.95% | 12.97% | |
70 Neutral | ₹447.51B | 23.48 | ― | 2.65% | 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
1,843.65
154.85
9.17%
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IN:TECHM
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IN:HEXT
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-22.24%
Coforge Limited Corporate Events
Coforge Clarifies Board Evaluation Has No Impact on Financials or Operations
Sep 9, 2026
Coforge Limited has clarified to stock exchanges that issues mentioned in its earlier intimation regarding a Board Evaluation Exercise for the previous year are purely related to regulatory board performance review and are not connected to its fin...
Coforge Chairperson O. P. Bhatt Resigns After Audit Flags Board Evaluation Concerns
Sep 9, 2026
Coforge Limited has announced that non-executive independent director and chairperson O. P. Bhatt has resigned from the board and all committee roles with immediate effect, following an internal audit review of the board evaluation process. The co...
Coforge Chair O. P. Bhatt Resigns Amid Board Evaluation Audit Review
Sep 9, 2026
Coforge Limited has announced that non-executive independent director and chairperson O. P. Bhatt has resigned from the board with immediate effect, also vacating his committee roles. The board stated there is no material reason beyond what was ou...
Coforge to Shut Trading Window Ahead of October 23 Board Meeting
Sep 9, 2026
Coforge Limited has announced the closure of its trading window for designated persons and their immediate relatives from October 1, 2026, in line with SEBI’s insider trading regulations. The restriction applies until 48 hours after the rele...
Coforge Allots 57,598 Shares Under ESOP, Raises Paid-Up Capital
Sep 3, 2026
Coforge Limited has increased its paid-up share capital through the allotment of 57,598 equity shares under its Employee Stock Option Plan (ESOP 2005), approved by the ESOP Allotment Committee on 3 September 2026. Following this issue, the company...
Coforge Marks Six Years of AI-Driven Transformation and Global Growth
Aug 24, 2026
Coforge Limited is a global AI-native engineering services leader that uses artificial intelligence and deep industry expertise to engineer autonomous enterprises for clients worldwide. The company combines AI agents with a specialized, AI-enabled...
Coforge details key decisions from virtual 34th AGM
Aug 24, 2026
Coforge Limited held its 34th Annual General Meeting on August 24, 2026 via video conferencing, complying with directives from the Ministry of Corporate Affairs and SEBI and ensuring participation from its full board and key officers across multip...
Coforge to Hold Investor Meetings in Mid-August
Aug 10, 2026
Coforge Limited has notified the Indian stock exchanges that it will participate in a series of one-on-one and group meetings with investors between August 13 and August 20. The company framed this disclosure under Regulation 30 of the SEBI Listin...
Coforge Plans Series of Investor Meetings Under SEBI Disclosure Norms
Aug 10, 2026
Coforge Limited has informed the stock exchanges that it will participate in one-on-one and group investor meetings between August 13 and August 20. The disclosure, made under SEBI Listing Obligations and Disclosure Requirements Regulations, under...
Coforge Publishes Notice for 34th AGM and Remote E-Voting in Business Standard
Aug 3, 2026
Coforge Limited has notified the stock exchanges that it has published the notice of its 34th Annual General Meeting, along with details of remote e-voting and dispatch of the annual report, in the Hindi and English editions of Business Standard. ...
Coforge Sets Virtual AGM With Remote E-Voting for Shareholders
Aug 2, 2026
Coforge Limited has scheduled its 34th Annual General Meeting for August 24, 2026, to be conducted via video conferencing without physical attendance, in line with regulatory guidance from MCA and SEBI. The company is enabling shareholders to part...
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 ...
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.