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Coforge INR

Coforge Limited is an IT and IT-enabled services company that provides technology solutions including artificial intelligence, data analytics, digital and product engineering, quality engineering, and application development and maintenance to clients across various global regions.

At a glance: strengths & risks
✓Revenue growing (+49% y/y, Q1 2026)✓Profit growing (+63% y/y, Q1 2026)✓Margins improving (15%→19%, Q1 2026)✓Net cash balance sheet

Sector: IT services

IN_COFORGE

Price chart

1 775.5 INRDay -3.14%
1 833.11 818.71 804.31 789.91 775.5Two-point segment from the displayed day change; full history unavailable.min 1 775.5 · max 1 833.1

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
1 775.5 INR · -3.14%
Market cap
746.2 bn INR

Growth

Δ revenue y/y
49.2%
Δ EBITDA y/y
88.1%

Multiples

P/E (LTM)
42.5x
P/B (FY)
7.8x
P/E (ann.)
36.0x
EV/EBITDA (LTM)
20.7x
EV/EBITDA (ann.)
16.5x

Cash return

Dividend yield
—
FCF yield (LTM)
1.4%

Value creation

fundamental value/yr, % of market cap
Value created / year
+34.2%
↓ details

Liquidity

Daily turnover
—

Shares: verified/reconciled_vs_marketcap

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B INR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB INROperating profitB INRD&AB INREBITDAB INRNet profitB INROperating CFB INRCapex + M&AB INRAssetsB INREquityB INRROE (annualized)Net debtB INRSource
2026-06-30Q2 2026 (3M)PARTIAL55.3
y/y 49.2%
8.8
y/y 101.5%
2.4
y/y 51.4%
11.2
y/y 88.1%
5.2
y/y 63.4%
———
y/y —
96.8
y/y 16.2%
21.6%≈ -6.9Yahoo Finance
2026-03-31Q1 2026 (3M)OK45.2
y/y 37.4%
8.1
y/y 67.0%
0.6
y/y —
8.6
y/y —
6.1
y/y 134.4%
——148.8
y/y 19.1%
95.4
y/y 49.5%
16.9%-6.9Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL41.9
y/y 26.2%
5.6
y/y 76.9%
1.7
y/y —
7.3
y/y —
2.5
y/y 16.1%
———
y/y —
89.2
y/y 11.8%
3.7%≈ -3.9Yahoo Finance
2025-09-30Q3 2025 (3M)OK39.9
y/y 30.2%
5.6
y/y 98.0%
2.9
y/y —
8.6
y/y —
3.8
y/y 85.9%
——135.9
y/y 12.1%
89.2
y/y 11.8%
17.4%-3.9stockanalysis.com
2025-06-30Q2 2025 (3M)PARTIAL37.0
y/y 54.3%
4.4
y/y 106.8%
1.6
y/y —
6.0
y/y —
3.2
y/y 138.3%
———
y/y —
83.3
y/y 123.5%
17.3%≈ -1.0Yahoo Finance
2025-03-31Q1 2025 (3M)OK32.9
y/y —
4.8
y/y —
—
y/y 47.0%
—
y/y 19.0%
2.6
y/y —
——124.9
y/y 104.5%
63.8
y/y 75.9%
11.3%-1.0Yahoo Finance
2024-12-31Q4 2024 (3M)PARTIAL33.2
y/y 42.8%
3.2
y/y 0.7%
—
y/y —
—
y/y —
2.2
y/y -9.5%
———
y/y —
79.8
y/y 132.9%
3.6%≈ 1.2stockanalysis.com
2024-09-30Q3 2024 (3M)OK30.6
y/y 34.5%
2.8
y/y 8.8%
—
y/y —
—
y/y —
2.0
y/y 11.7%
——121.3
y/y 99.3%
79.8
y/y 132.9%
13.8%≈ 1.2stockanalysis.com
2024-06-30Q2 2024 (3M)PARTIAL24.0
y/y —
2.1
y/y —
—
y/y —
—
y/y —
1.3
y/y —
———
y/y —
37.3
y/y —
14.5%≈ 1.2stockanalysis.com
2024-03-31FY 2024 (12M)OK—
y/y 12.4%
—
y/y 12.3%
—
y/y 23.2%
—
y/y 14.5%
—
y/y 16.5%
——61.1
y/y 7.5%
36.3
y/y 17.7%
22.9%1.2Yahoo Finance
2023-12-31Q4 2023 (3M)PARTIAL23.2
y/y —
3.1
y/y —
—
y/y —
—
y/y —
2.4
y/y —
———
y/y —
34.3
y/y —
9.3%≈ 0.0stockanalysis.com
2023-09-30Q3 2023 (3M)OK22.8
y/y —
2.6
y/y —
—
y/y —
—
y/y —
1.8
y/y —
——60.8
y/y —
34.3
y/y —
22.2%0.0stockanalysis.com
2023-03-31FY 2023 (12M)OK80.1
y/y —
10.4
y/y —
2.6
y/y —
12.9
y/y —
6.9
y/y —
9.5-1.656.8
y/y —
30.8
y/y —
—-2.3Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (INR mln)

020 00040 00060 0002023 q42024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%25%50%75%100%2023 q42024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Net debt / cash (INR mln)

-8 000-6 000-4 000-2 00002 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q4

Profit and cash

Profit is cash-backed
In a typical year of 2022–2026 operating cash flow came to 1.16x of reported net profit; after capex, 0.79x.
year20222023202420252026
cash flow / profit1.16x1.37x1.12x1.52x1.15x
accruals, % of assets—-4.5%-1.6%-3.4%-1.6%
net debt / EBITDA -0.2x · capex 1.0x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +34.2%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (11 233 − 5 971) × 2.62
13 790
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (746 170 + -6 939) ÷ 29 437
25.1x
3. Target multiple
(Current EV/EBITDA + 11) ÷ 2
= (25.1 + 11) ÷ 2
18.1x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 5 988 + 0 + 0 − 0
5 988
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (13 790 × 18.1 + 5 988) ÷ 746 170
+34.2%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • FCF (LTM) approximated by latest FY (ended 2026-03-31, before the latest reported period 2026-06-30)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +36% vs +34% the year before — a +1.8 pp move. 3-year CAGR +27%.
revenue growth by year: 2024 +12% · 2025 +34% · 2026 +36%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: IT services. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
InfosysIndia46.09.5x
WiproIndia17.79.7x
Tata Consultancy ServicesIndia86.211.1x
Tech MahindraIndia16.314.8x
MphasisIndia4.814.9x
HCL TechnologiesIndia36.023.7x
Persistent SystemsIndia9.129.6x
Group median14.8x
Group average16.2x
This companyIndia7.920.7x

Group median 14.8x; this company 20.7x — a 39% premium.

Group average 16.2x; against the average this company is at a 28% premium.

At the adjusted group median the market cap would be -28% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.0x, Russia 3.9x, South Africa 5.4x, Kazakhstan 7.7x, India 18.1x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-15; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Coforge — from primary filings.

Frequently asked questions

What is Coforge's P/E ratio?
Coforge trades at a P/E of 42.5x (price to trailing 12-month earnings).
What is Coforge's EV/EBITDA?
Coforge trades at 20.7x EV/EBITDA.
What is Coforge's P/B ratio?
Coforge trades at a P/B of 7.8x.
What is Coforge's return on equity (ROE)?
Coforge's ROE is 21.6%.
What is Coforge's market capitalization?
Coforge's market cap is 746.2 bn INR.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map