NSE: COFORGE · BSE: 532541
COFORGE LIMITED
Provides IT services and software consulting to global enterprises, with revenue earned largely outside India across four geographic streams. Americas is the largest stream at 57.1% of period segment revenue (Rs 6,777.3 crore), followed by Europe, Middle East and Africa at 28.9% (Rs 3,428.7 crore), Asia Pacific at 8.7% (Rs 1,030.2 crore) and India at 5.3% (Rs 626.2 crore); the India segment ran at a 4.2% EBIT loss. FY26 total revenue was Rs 16,402.7 crore, up 36.1% year-on-year, and FY26 net profit was Rs 1,744.7 crore. Employee costs are the dominant input at 56.2% of revenue, with other operating expenses at 25.9% and depreciation at 4.2%. Recent acquisitions have reshaped scale: Q1 FY27 revenue jumped 49% year-on-year to Rs 55,277 million, helped by the Encora acquisition (contributing Rs 9,579 million in two months) and the Cigniti merger. The company is building applied-AI offerings around its Forward Deployed Engineer model, including the Nuuron AI Operating System and Momentuum AI operating unit. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Americas (57%), Europe, Middle East and Africa (29%), Asia Pacific (9%), India (5%). Cyclical, people-intensive IT services and consulting, heavily weighted to overseas clients
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,432 | 8,015 | 9,179 | 12,051 | 16,403 |
| EBITDA (ex other income) | 1,102 | 1,228 | 1,439 | 1,694 | 2,710 |
| margin % | 17.1 | 15.3 | 15.7 | 14.1 | 16.5 |
| Owners' profit | 662 | 694 | 808 | 812 | 1,566 |
| EPS, as reported (₹) | 109.02 | 113.77 | 131.56 | 123.01 | 46.44 |
| ROE % · ROCE % | 25.2 · 24.5 | 23.5 · 26.2 | 22.4 · 25.6 | 11.2 · 14.7 | 18.0 · 18.7 |
| Debt / equity (x) | 0.17 | 0.11 | 0.12 | 0.08 | 0.04 |
| Cash from operations | 766 | 951 | 903 | 1,237 | 1,792 |
| Capex | (154) | (158) | (266) | (614) | (743) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,062 | 3,318 | 3,410 | 3,689 | 3,986 | 4,188 | 4,450 | 5,528 |
| Profit before tax | 314 | 343 | 393 | 365 | 558 | 384 | 625 | 702 |
| Net profit | 234 | 256 | 307 | 356 | 425 | 297 | 666 | 532 |
| EPS (₹) | 30.32 | 32.26 | 39.02 | 9.47 | 11.21 | 7.45 | 18.23 | 12.34 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Americas | 6,777 | 57.1 |
| Europe, Middle East and Africa | 3,429 | 28.9 |
| Asia Pacific | 1,030 | 8.7 |
| India | 626 | 5.3 |
| Total, before eliminations | 11,862 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED ◆ | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.8 | 15.0 | 56 of 65 | 14% |
| P/B | 8.9 | 2.6 | 57 of 65 | 13% |
| ROCE | 17.2 | 14.2 | 30 of 76 | 61% |
| ROE | 18.0 | 11.5 | 15 of 64 | 78% |
| Debt / Equity | 0.0 | 0.0 | 35 of 65 | 47% |
| EBITDA margin | 18.6 | 18.4 | 31 of 65 | 53% |
| Revenue growth | 49.9 | 10.6 | 9 of 63 | 87% |
| Profit growth | 49.2 | 6.7 | 12 of 62 | 82% |
| Market cap | 86606 | 419 | 8 of 76 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Coforge partners with Chippenham RFC for community development | strategic transactions | low | — | — |
| 27 Oct 2026 · Coforge sponsors Driving Forward to support student careers | compliance | low | — | — |
| 26 Oct 2026 · Coforge named a Leader in Everest Group AI Quality Engineering assessment | compliance | low | — | — |
| 24 Oct 2026 · Coforge shares Q2 FY27 earnings call transcript | investor communications | medium | — | — |
| 24 Oct 2026 · Coforge publishes September 2026 quarter and half-year results in newspapers | compliance | minimal | — | — |
| 23 Oct 2026 · Coforge shares Q2 FY27 earnings call transcript and prepared remarks | investor communications | medium | — | — |
| 23 Oct 2026 · Price Waterhouse proposed as statutory auditor for five years | management changes | medium | — | — |
| 23 Oct 2026 · Coforge completes liquidation of Italian subsidiary | compliance | minimal | — | — |
| 23 Oct 2026 · Q2 FY27 revenue up 54%, profit attributable to owners up 57% | results | high | — | — |
| 23 Oct 2026 · Coforge revenue rises 53.6%, raises FY27 EBIT margin guidance to 16% | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.