MarketFriction

Coforge Ltd

NSE COFORGE · BSE 532541 · Computers - Software & Consulting
₹1,826.00 +4.40%
NSE close2026-10-01
52 week range1,008.10 - 2,021.20
Market cap₹76,291 Cr.
P/E39.8
Results 23-10 Nifty 200Nifty 500Nifty Midcap 100Midcap 150Nifty IT No price band Delivery 41.3%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2,2762,3232,3182,3573,0263,2583,4223,7043,9864,2324,4505,528
Expenses1,9351,9281,9292,0482,6032,8232,8953,1273,2533,5083,5744,470
Operating Profit3413953903094234355275777327238761,058
OPM %15%17%17%13%14%13%15%16%18%17%20%19%
Other Income9151464256336438-127-32-28
Interest323537323032404641424087
Depreciation77817972114116125159172171180241
Profit before tax241294288211320343395436558384625702
Tax %22%18%20%34%27%25%22%18%24%23%-7%24%
Net Profit188243229139234256307356425297666532
EPS in Rs5.887.717.243.996.066.457.819.4911.237.4718.2311.71
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,6882,8022,9913,6764,1844,6636,4328,0159,00912,07316,40318,195
Expenses2,2142,3222,4893,0263,4593,8825,3306,7337,56210,38013,46714,805
Operating Profit4744805026507257811,1021,2821,4471,6942,9363,390
OPM %18%17%17%18%17%17%17%16%16%14%18%19%
Other Income2043846591352832137-83-148
Interest869916146581126135169209
Depreciation121128127125173184227258297428682764
Profit before tax3653514045625955968629511,0561,2692,0032,270
Tax %21%22%24%25%21%22%17%22%21%26%13%
Net Profit2872723094224684667157458369361,7451,920
EPS in Rs8.838.159.1213.0614.2115.0421.7322.7226.1424.2946.3348.64
Dividend Payout %23%31%33%0%44%17%48%56%58%16%34%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth20%29%27%36%
Compounded Profit Growth20%29%33%98%
Stock Price CAGR35%10%19%8%
Return on Equity21%22%20%21%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital616161626262616161626767
Reserves1,2961,5111,6251,7122,0102,3342,4062,6723,0213,5656,3129,470
Borrowings91025221435834905627261,070728
Other Liabilities6117026958287489689351,6551,9801,7084,8234,581
Total Liabilities1,9772,2852,4072,6242,8343,4003,4844,8785,6256,06112,27214,846
Fixed Assets5589038488798191,0791,0212,0672,3122,3536,0966,760
CWIP12017011001752323
Investments557531636536514120001460
Other Assets1,2431,2911,2441,3791,6492,3072,4512,7943,3093,6856,0288,083
Total Assets1,9772,2852,4072,6242,8343,4003,4844,8785,6256,06112,27214,846
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2583604723824532977627669509031,2371,792
Cash from Investing Activity-184-223-343-248-237136-86-963-269-265-2,438-400
Cash from Financing Activity-66-73-67-74-106-133-696-156-558-8871,675-1,094
Net Cash Flow7646260109300-20-353123-249474298
Free Cash Flow712003872943852276876187976446801,197
CFO/OP104%97%120%98%88%66%119%93%96%88%96%76%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days938061715875847973737888
Inventory Days
Days Payable
Cash Conversion Cycle938061715875847973737888
Working Capital Days486438303738333313301825
ROCE %19%25%23%23%30%27%25%32%31%29%20%24%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
FIIs34.37%34.04%35.00%41.43%42.09%42.55%40.21%37.42%34.09%34.53%30.66%24.31%
DIIs54.28%55.02%54.29%47.29%48.15%47.86%49.93%52.32%54.87%53.67%56.18%42.62%
Public11.35%10.95%10.69%11.28%9.75%9.58%9.86%10.25%11.03%11.80%13.16%33.07%
No. of Shareholders1,23,3301,17,8441,26,7391,63,3571,37,7681,37,1701,44,1751,85,8652,23,4922,43,3662,93,5103,40,980

Fundamentals

Market Cap₹ 76,291 Cr.
Current Price₹ 1,722
Stock P/E39.8
Book Value₹ 284
ROCE23.5 %
ROE21.4 %
Dividend Yield0.70 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)36%
Compounded Profit Growth (TTM)98%
Consolidated figures.
Valuation
Market capRs 61,319 Cr
Enterprise valueRs 60,948 Cr
P/E (TTM)34.90x
Price to book6.43x
Price to sales3.37x
EV / EBITDA18.80x
EV / EBIT24.59x
EV / sales3.35x
Price to cash flow34.22x
Earnings yield2.87%
Dividend yield0.87%
P/E, 3-year average33.09x
P/B, 3-year average4.77x
P/E, 5-year average22.84x
P/B, 5-year average3.56x
Profitability
Operating margin (excl. other income)17.90%
Operating margin (incl. other income)17.40%
EBITDA margin17.82%
Pre-tax margin12.47%
Net profit margin9.66%
Net margin, latest quarter9.38%
ROE19.55%
ROCE24.52%
ROA11.47%
ROE, 3-year average19.96%
ROCE, 3-year average25.95%
ROA, 3-year average11.39%
ROE, 5-year average21.84%
ROCE, 5-year average28.00%
ROA, 5-year average12.64%
ROIC (approx.)23.55%
Tax rate12.90%
Other income / net worth-0.87%
Growth
Sales growth (latest year)35.86%
Profit growth (latest year)91.57%
Sales CAGR, 3 years26.96%
Sales CAGR, 5 years28.60%
Profit CAGR, 3 years30.89%
Profit CAGR, 5 years27.84%
Sales growth QoQ24.20%
Profit growth QoQ-15.30%
Sales growth YoY (latest quarter)49.22%
Profit growth YoY (latest quarter)63.39%
Per share
EPS (TTM)Rs 52.32
EPS (latest year)Rs 46.33
EPS (latest quarter)Rs 15.44
EPS, 3-year averageRs 67.10
EPS, 5-year averageRs 84.70
Book value per shareRs 284.02
Sales per shareRs 541.83
Cash flow per shareRs 53.35
Free cash flow per shareRs 35.65
Dividend per share (latest year)Rs 15.81
Dividend per share, 3-year averageRs 31.86
Dividend per share, 5-year averageRs 42.32
Dividends
Dividend payout34.12%
Dividend payout, 3-year average35.97%
Dividend payout, 5-year average42.43%
Efficiency
Asset turnover1.10x
Fixed asset turnover2.43x
Debtor days88 days
Debtors turnover4.13x
Cash conversion cycle88 days
Working capital days25 days
Leverage
Total debtRs 728 Cr
Cash and bankRs 1,099 Cr
Net debtRs -371 Cr
Debt to equity0.08x
Net debt / EBITDA-0.11x
Interest coverage11.86x
Current ratio (filing 2026-03-31)1.61x
Quick ratio (filing 2026-03-31)1.61x
Trade payables (filing 2026-03-31)Rs 0 Cr
Owners' fund to total sources64.24%
Debt to assets4.90%
Cash flow
Cash from Operating Activity (latest year)Rs 1,792 Cr
Cash from Investing Activity (latest year)Rs -400 Cr
Cash from Financing Activity (latest year)Rs -1,094 Cr
Net Cash Flow (latest year)Rs 298 Cr
Free cash flow (latest year)Rs 1,197 Cr
FCFE (approx.: FCF + change in debt)Rs 854 Cr
Cash from ops / profit, 5 years1.13x
Sales to cash flow9.15x
Statement figures
Net sales (TTM)Rs 18,195 Cr
Net sales (latest year)Rs 16,403 Cr
Sales (latest quarter)Rs 5,528 Cr
Operating profit excl. other income (latest year)Rs 2,936 Cr
Operating profit (latest quarter)Rs 1,058 Cr
Other income (TTM)Rs -148 Cr
EBITDA (TTM)Rs 3,242 Cr
PBDT (TTM)Rs 3,033 Cr
Profit before tax (TTM)Rs 2,270 Cr
Tax (latest year)Rs 258 Cr
Net profit (TTM)Rs 1,757 Cr
Net profit (latest year)Rs 1,556 Cr
Net profit (latest quarter)Rs 519 Cr
Depreciation (TTM)Rs 764 Cr
Depreciation (latest quarter)Rs 241 Cr
Interest (TTM)Rs 209 Cr
Cost of goods sold (latest year)Rs 3,214 Cr
Total expenditure (latest year)Rs 13,467 Cr
Total income (latest year)Rs 16,320 Cr
Share capitalRs 67 Cr
ReservesRs 9,470 Cr
Shareholders' fundsRs 9,538 Cr
Total assetsRs 14,846 Cr
Net blockRs 6,760 Cr
Capital work in progressRs 3 Cr
ReceivablesRs 3,970 Cr
Other liabilitiesRs 4,581 Cr
Shares outstanding (crore)33.58
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 34.9 is at the 42th percentile of its own 9.4-year range (median 38.7, low 13.4, high 86.8).
P/B 6.43 is at the 41th percentile (median 8.26).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodCOFORGENifty 50Difference
1 week+2.2%-2.8% +5.0 pts
1 month-8.2%-6.8% -1.4 pts
3 months+24.7%-7.6% +32.3 pts
6 months+63.8%+0.4% +63.4 pts
1 year+14.7%-9.9% +24.7 pts
2 years+32.6%-13.6% +46.2 pts
3 years+78.9%+14.2% +64.7 pts
5 years+72.9%+27.9% +45.0 pts
328 mutual fund schemes hold about ₹28,169 Cr. Over three months 195 bought more and 74 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Mid Cap Fund2.86%3,101 +1%
Motilal Oswal Midcap Fund5.79%2,479 -23%
SBI Aggressive Hybrid Fund2.02%1,787 -4%
UTI Flexi Cap Fund4.00%967 -3%
DSP Midcap Fund4.48%941 +3%
SBI Flexicap Fund2.97%690 +89%
Motilal Oswal Flexi Cap Fund4.70%665 -20%
ICICI Pru Technology Fund4.30%588 -30%
Invesco India Contra Fund2.65%548 +5%
Axis Midcap Fund1.43%491 +6%
Edelweiss Mid Cap Fund2.18%433 +9%
SBI Multicap Fund1.72%421 +172%
UTI Mid Cap Fund3.26%417 +17%
Kotak Arbitrage Fund(M0.49%375 +100%
Invesco India Focused Fund5.70%368 -4%
DSP Large & Mid Cap Fund1.98%364 +6%
Aditya Birla SL Focused Fund4.21%336 -13%
Sundaram Mid Cap Fund2.24%334 +1%
HSBC Midcap Fund1.92%330 +3843%
Sundaram Mid Cap Fund2.24%325 +1%
DSP Flexi Cap Fund2.41%301 -10%
DSP ELSS Tax Saver Fund1.78%297 +8%
Franklin India Mid Cap Fund2.17%283 +2%
HDFC Large & Mid Cap Fund0.91%274 +5%
Axis Large & Mid Cap Fund1.56%270 +16%

Red flags

F-score 8 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2025-03-21MILAN GANDHIEmployees/Designated Employesell909Rs 0.70 CrMarket Sale
2025-03-13Madhusudan Hegde-other909Rs 0.66 CrESOP
2025-03-13BHARATHI MUNISWAMY-other606Rs 0.44 CrESOP
2025-03-13ALI MAHBUBUR RAHMAN-other606Rs 0.44 CrESOP
2025-03-13ANURAG GUPTA-other606Rs 0.44 CrESOP
2025-03-13CHIRANJIT KAR-other303Rs 0.22 CrESOP
2025-03-13MILAN GANDHI-other909Rs 0.66 CrESOP
2025-03-13Sanjay Dalwani-other1,818Rs 1.33 CrESOP
2025-03-10MILAN GANDHI-sell620Rs 0.47 CrMarket Sale
2025-01-30John Robert Speight-other3,180Rs 2.65 CrESOP
2025-01-30JAYANT GOYALEmployees/Designated Employeother320Rs 0.27 CrESOP
2025-01-30Bharathi MuniswamyEmployees/Designated Employeother899Rs 0.75 CrESOP
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹5,528 Cr +49.2% vs Jun 2025. Net profit ₹532 Cr +49.4%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-03Interim Dividend - Rs 4 Per Share
2026-01-30Interim Dividend - Rs 4 Per Share
2025-10-31Interim Dividend - Rs 4 Per Share
2025-07-31Interim Dividend - Rs 4 Per Share
2025-06-04Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share0.2000
2025-05-09Interim Dividend - Rs 19 Per Share
2025-01-30Interim Dividend - Rs 19 Per Share
2024-10-11Interim Dividend - Rs 19 Per Share
2024-08-02Interim Dividend - Rs 19 Per Share
2024-05-15Interim Dividend - Rs 19 Per Share
2024-02-05Interim Dividend - Rs 19 Per Share
2023-11-02Interim Dividend - Rs 19 Per Share
2023-08-03Interim Dividend - Rs 19 Per Share
2023-05-10Interim Dividend - Rs 19 Per Share
2023-02-03Interim Dividend - Rs 19 Per Sh
2022-11-03Interim Dividend - Rs 13 Per Share
2022-08-03Interim Dividend - Rs 13 Per Share
2022-05-23Interim Dividend - Rs 13 Per Share
2022-02-07Interim Dividend - Rs 13 Per Share
2021-11-03 Interim Dividend - Rs 13 Per Share
2021-08-09 Interim Dividend - Rs 13 Per Share
2021-05-18 Interim Dividend - Rs 13 Per Share
2020-05-14 Interim Dividend - Rs 11 Per Share
2020-03-11 Buy Back
2020-02-07 Interim Dividend - Rs 10 Per Share
2019-11-04 Interim Dividend - Rs 10 Per Sh
2018-09-12 Dividend Rs 15 Per Share
2017-09-14 Annual General Meeting/Dividend - Rs 12.50 Per Share
2016-07-22 Annual General Meeting/ Dividend -Rs 10/- Per Share
2015-07-23Annual General Meeting/ Dividend - Rs 9.50/- Per Share
2014-06-26Annual General Meeting / Final Dividend - Rs 9/- Per Share
2013-06-20Annual General Meeting And Dividend Rs.8.50 Per Share
2012-06-20Annual General Meeting/Dividend Rs 8 Per Share
2011-06-22Annual General Meeting And Dividend Rs.7.50 Per Share
2010-06-29Dividend-Rs.7/- Per Share
2009-07-17Agm/Div-Rs.6.50 Per Share
2008-07-18Agm/Div-Rs.6.50 Per Share
2007-08-30Bonus 1:20.6667
2007-07-17Agm/Dividend-65%
2006-08-09Agm/Dividend-60%
DateTypeWhat it says
2026-10-01Press ReleaseA press release dated October 01, 2026, titled ""Coforge Expands Kraków Engineering Center as Strategic AI Engineering and Nearshore Delivery Hub"".
2026-09-30Press ReleaseA press release dated September 30, 2026, titled ""Coforge felicitated at ET Edge Best Tech Brands 2026"".
2026-09-30Press ReleaseA press release dated September 30, 2026, titled ""Coforge Launches CXNova, an Agentic CX Orchestration Platform that Delivers Intelligent, Real-Time ...
2026-09-30Press ReleaseA press release dated September 30, 2026, titled ""Coforge Highlights the Shift to Agentic Travel and Modern Airline Retailing"".
2026-09-28Press ReleaseA press release dated September 28, 2026, titled " Coforge appoints Akhil Gupta as Chairperson of the company"".
2026-09-28Director changeChange in Director(s) of the company.
2026-09-28Board meeting outcomeOutcome of Board Meeting held on September 28, 2026.
2026-09-25Concall / analyst meetSchedule of meet
2026-09-24ESOPAllotment of 60532 Shares.
2026-09-22Press ReleaseA press release dated September 22, 2026, titled ""Coforge Expands AgenticOps Capabilities to Power Enterprise Autonomy at Scale"".
2026-09-20Press ReleaseA press release dated September 20, 2026, titled ""Coforge Advances AI-Powered Vehicle Lifecycle Intelligence"".
2026-09-19Press ReleaseA press release dated September 19, 2026, titled "Coforge Introduces Value Gates Framework to Help Enterprises Turn AI Investments into Measurable Bus...
2026-09-18Press ReleaseA press release dated September 18, 2026, titled ""Coforge Research Finds Growing Gap in Private Equity Between AI Ambitions and Portfolio Value Creat...
2026-09-17General UpdatesGeneral Updates
2026-09-17Press ReleaseA press release dated September 17, 2026, titled ""Coforge Positioned as a Leader Across Six Segments in NelsonHall s 2026 NEAT for AI-Enabled Cloud I...
2026-09-16Concall / analyst meetLink of Recording
2026-09-16Press ReleaseA press release dated September 16, 2026, titled " Coforge Accelerates the Shift from AI Features to Enterprise Outcomes in Hi-Tech. ".
2026-09-15Concall / analyst meetTranscript
2026-09-15Press ReleaseA press release dated September 15, 2026, titled ""Coforge to Host Executive Briefing on Operationalizing Enterprise Autonomy"".
2026-09-15Press ReleaseA press release dated September 15, 2026, titled ""Coforge Expands Automotive Engineering Footprint to Accelerate Connected, EV and Software-Defined V...
2026-09-14Concall / analyst meetLink of Recording
2026-09-14Press ReleaseA press release dated September 14, 2026, titled "Coforge Global Event Advances Workforce Readiness for Enterprise AI Adoption".
2026-09-13Press ReleaseA press release dated September 13, 2026, titled "Press Release".
2026-09-11Concall / analyst meetSchedule of Conference Call
2026-09-11ResignationResignation of Director/KMP/SMP
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.76
Max pain (expiry 2026-10-27)1,800
Largest call open interest at1,800
Largest put open interest at1,800
Implied volatility, at the money40.4%
Underlying at snapshot1,826.00
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-3016,206
2026-09-2939,050
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03