Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,530.00 last close on 23 Oct 2026 +0.92%
Research updated
Coforge Limited
NSE: COFORGETechnologyInformation Technology Services
- Last close
- ₹1,900.50
- Day change
- −₹8.30 (−0.43%)vs
- Market cap
- ₹84,199 crIndian rupees
- Research updated
- 4 reports
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About Coforge
Coforge Limited, formerly known as NIIT Technologies, is a prominent name in the IT services sector, delivering cutting-edge technology solutions to businesses across the globe. This company is recognized for its expertise in digital transformation, cloud services, application management, artificial intelligence, and data analytics. By partnering with industries such as banking, financial services, insurance, travel, and transportation, Coforge plays a vital role in enhancing operational efficiencies and driving innovation. Headquartered in India, Coforge has established a strong presence in key global markets, offering bespoke services tailored to the unique needs of its clients. The company's commitment to agility and deep domain knowledge positions it as a strategic partner for enterprises aiming to navigate the complexities of the digital age. Coforge's influence extends beyond immediate client benefits as it contributes to the broader technological advancements within the industries it serves, reinforcing its status as a significant player in the global IT services market.
- Sector
- Technology
- Industry
- Information Technology Services
- Listing
- NSE: COFORGE
- Chief executive
- Mr. Sudhir Singh
- Employees
- 26,932
- Headquarters
- Gautam Buddha Nagar, India
- ISIN
- INE591G01025
- Website
- coforge.com
Public research · Report of
Business model & financial foundation
Coforge (NSE: COFORGE), IT services and digital engineering: revenue of ₹16,403 crore in FY26 (+35.9% on FY25), an EBITDA margin of 18.6%, net profit of ₹1,556 crore and net cash of ₹695.2 crore.
- Revenue, FY26 (₹ crore)
- 16,403
- consolidated
- Revenue growth, FY26
- +35.9%
- on FY25
- EBITDA margin, FY26
- 18.6%
- EBITDA / revenue
- Net profit, FY26 (₹ crore)
- 1,556
- to owners
- Return on equity, FY26
- 19.5%
- on average equity
- Net debt, FY26 (₹ crore)
- -695.2
- Derived net debt including liquid investments
- Market capitalisation (₹ crore)
- 84,199
- at the close of 23 Oct 2026
Company profile
Coforge is an Indian-listed global IT services and digital-engineering group serving financial services, insurance, travel and other industries. It provides application development and maintenance, managed services, cloud computing and business-process solutions through subsidiaries and overseas branches. FY26 accounts exclude post-year-end Encora acquisition; major Cigniti acquisition and merger affect comparability.
| Item | Value |
|---|---|
| Legal name | Coforge Limited |
| Exchange and ticker | NSE: COFORGE; BSE: 532541 |
| ISIN | INE591G01025 |
| CIN | L72100HR1992PLC128382 |
| Sector | Information Technology |
| Industry | IT services and digital engineering |
| Headquarters | Gautam Buddha Nagar, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP |
| Market capitalisation | ₹84,199 crore (23 Oct 2026) |
| Shares outstanding | 33.90 crore shares (FY26) |
| Price | ₹1,901 (close, 23 Oct 2026) |
| 52-week range | ₹1,008 - ₹2,021 (to 23 Oct 2026) |
| Website | https://www.coforge.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Coforge Inc. | 100% | USA IT services and digital engineering |
| Coforge U.K. Limited | 100% | UK IT services; AdvantageGo seller |
| Coforge Technologies Private Limited | 100% | India IT/ITES; formerly Coforge DPA; BPM and international subsidiary chain |
| Coforge Business Process Solutions Private Limited | 80% | Business-process transformation and financial-services digital solutions |
| Coforge Pte Limited | 100% | Singapore IT services and APAC subsidiary chain |
| Cigniti Technologies Inc. | 100% | US digital assurance/engineering; direct after Cigniti amalgamation |
| Rythmos Inc. | 100% | Data/cloud engineering with airline expertise; acquired April4 2025 |
| Coforge Services Pty Ltd. (formerly TM Labs) | 100% | Australian ServiceNow integration; acquired April16 2025 |
| Xceltrait Inc. | 100% | US ServiceNow implementation; acquired February19 2025 |
FY26 closing structure only. Cigniti54% controlled fromJuly5 2024, merged with Coforge appointedApr1 2025; no longer separate entity. AdvantageGo disposedMay30 2025. Encora100% acquiredApr23 2026,consolidatedMay1 2026,post-year-end not in listed FY26 subsidiary set. No promoter holding atFY25/FY26 end; parent null does not mean shareholder-free. Analyst to refresh ownership/control through cutoff.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | 0.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 34.50% | 30.65% | 24.31% | |
| Domestic institutions | 53.70% | 56.19% | 42.60% | |
| of which mutual funds | 38.70% | 40.48% | 30.00% | |
| Retail | 9.02% | 7.65% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Coforge sells IT and engineering services. Revenue is driven by billable workforce, utilisation/productivity and conversion of the executable order book. Q2 FY27 was the first full quarter following Encora; reported revenue was INR6,170.8 crore, with USD1.04bn order intake and USD2.38bn executable book.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Americas | 9,334 | 56.9% | 1,579 | 66.8% |
| Europe Middle East and Africa | 4,743 | 28.9% | 734.9 | 31.1% |
| Rest of World latest combined geography | 2,326 | 14.2% | 50.8 | 2.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Persistent Systems (PERSISTENT) | High-growth digital engineering and cloud services. |
| Mphasis (MPHASIS) | BFS-heavy mid-tier outsourced technology services. |
| Birlasoft (BSOFT) | Mid-tier enterprise technology services with lower growth. |
| LTM | Larger diversified IT services and cloud transformation comparator. |
| L&T Technology Services (LTTS) | Engineering services adjacency for Encora positioning. |
| Oracle Financial Services Software (OFSS) | Financial-services technology adjacency; product economics limit direct comparability. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue - continuing | 6,432 | 8,015 | 9,009 | 12,073 | 16,403 |
| Purchases of stock-in-trade | 9.40 | 10.1 | 6.50 | ||
| Employee benefits | 5,391 | 7,224 | 9,216 | ||
| Other operating cost stack | 2,161 | 3,117 | 4,134 | ||
| EBITDA | 1,447 | 1,722 | 3,046 | ||
| Gross other income | 45.4 | 164.7 | 73.2 | ||
| Depreciation and amortisation | 297.2 | 427.6 | 681.9 | ||
| Finance costs | 125.5 | 134.7 | 168.6 | ||
| Exceptional signed contribution | 0.00 | 0.00 | -226.0 | ||
| PBT - continuing | 1,070 | 1,296 | 1,933 | ||
| Tax - continuing | 220.9 | 332.6 | 258.3 | ||
| PAT - including discontinued | 714.7 | 745.1 | 835.6 | 936.1 | 1,745 |
| PAT attributable to NCI | 27.6 | 124.0 | 189.0 | ||
| Share of associates | n.a. | n.a. | n.a. | ||
| PAT attributable to owners - total | 808.0 | 812.1 | 1,556 | ||
| Diluted EPS - total split adjusted (₹) | 25.92 | 24.41 | 45.90 | ||
| Professional and subcontractor charges | 911.7 | 1,390 | 2,192 | ||
| Production including third-party licences | 730.2 | 914.9 | 1,205 | ||
| Other expenses excluding above components | 519.1 | 812.2 | 737.4 | ||
| Net FX loss below EBITDA | n.a. | 28.1 | 110.3 | ||
| PAT continuing before NCI | 848.9 | 963.5 | 1,675 | ||
| Discontinued operations PAT | -13.3 | -27.4 | 70.2 | ||
| Current tax continuing | 249.7 | 403.3 | 502.4 | ||
| Deferred tax continuing | -28.8 | -70.7 | -244.1 | ||
| Diluted EPS continuing split adjusted (₹) | 26.34 | 25.23 | 43.83 | ||
| Cost of revenue (vendor classification) * | 4,054 | 5,081 | 5,890 | 8,149 | 9,853 |
| Other operating costs (vendor classification) * | 999.0 | 1,300 | 1,426 | 2,202 | 2,877 |
| EBITDA (vendor classification) * | 1,149 | 1,340 | 1,484 | 1,899 | 2,955 |
| EBIT * | 922.4 | 1,028 | 1,165 | 1,431 | 2,091 |
| Basic EPS (₹) | 131.6 | 46.44 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and equivalents | 321.3 | 795.6 | 1,094 | ||
| Quoted liquid investments | 0.00 | 145.7 | 0.00 | ||
| Current deposits excluding unpaid dividends | 11.4 | 84.7 | 1.30 | ||
| Owners equity | 3,627 | 6,379 | 9,538 | ||
| Total equity including NCI | 3,727 | 8,329 | 9,681 | ||
| Current and noncurrent borrowings | 436.6 | 700.5 | 399.7 | ||
| Lease liabilities | 289.4 | 369.9 | 328.1 | ||
| Total net trade receivables | 1,950 | 2,968 | 4,818 | ||
| Contract assets separately reported | 179.1 | 242.6 | 333.9 | ||
| Total trade payables | 868.9 | 1,173 | 1,979 | ||
| Derived net debt including liquid investments | 103.9 | -336.5 | -695.2 | ||
| Inventory | n.d. | n.d. | n.d. | ||
| Weighted-average diluted shares split adjusted | 31.18 | 33.27 | 33.90 | ||
| Year-end issued shares split adjusted | 30.91 | 33.44 | 33.58 | ||
| Total assets | 4,954 | 5,683 | 6,108 | 12,491 | 14,881 |
| Property, plant and equipment | 447.0 | 942.5 | |||
| Capital work in progress | 23.2 | 3.30 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operations | 903.4 | 1,237 | 1,792 | ||
| Gross cash purchase PPE line | -147.5 | -153.7 | 265.5 | 614.4 | 742.5 |
| Cash dividends to parent shareholders | -315.2 | -353.4 | 466.4 | 497.6 | 527.7 |
| Subsidiary acquisitions net of cash | 0.00 | 2,081 | 320.6 | ||
| Purchase additional subsidiary interests | 352.3 | 18.4 | 11.4 | ||
| Borrowings repaid excluding leases | 0.00 | 371.6 | 515.4 | ||
| Free cash flow (vendor definition) * | 611.5 | 792.3 | 637.9 | 622.7 | 1,049 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,258 | 3,410 | 3,704 | 4,016 | 4,232 | 4,450 | 5,528 | 6,171 |
| Cost of revenue (vendor classification) * | 1,959 | 2,257 | 2,448 | 2,333 | 2,755 | 3,458 | ||
| Other operating costs (vendor classification) * | 863.9 | 621.9 | 659.2 | 1,125 | 778.5 | 946.1 | ||
| EBITDA (vendor classification) * | 488.9 | 558.4 | 570.8 | 744.1 | 898.6 | 1,085 | ||
| EBIT | 372.4 | 433.0 | 411.6 | 425.7 | 665.0 | 788.7 | 984.7 | |
| Statutory finance costs including leases | 32.2 | 39.7 | 46.2 | 40.9 | 41.5 | 40.0 | 86.6 | |
| Profit before tax continuing | 340.2 | 393.4 | 365.4 | 558.2 | 384.2 | 625.0 | 702.1 | |
| Total current and deferred tax continuing | 87.0 | 87.4 | 79.2 | 132.8 | 87.5 | -41.2 | 170.4 | |
| Profit after tax | 255.9 | 307.4 | 356.4 | 425.4 | 296.7 | 666.2 | 531.7 | 588.1 |
| Diluted total EPS five-for-one split adjusted (₹) | 6.39 | 7.73 | 9.38 | 11.07 | 7.38 | 18.10 | 12.28 | |
| Purchases of stock-in-trade | 2.10 | 2.50 | 1.40 | 2.00 | 2.20 | 0.90 | 0.00 | |
| Statutory employee benefits expense | 1,957 | 1,996 | 2,215 | 2,272 | 2,331 | 2,398 | 3,125 | |
| Statutory other operating cost stack | 863.9 | 884.6 | 890.5 | 983.2 | 1,125 | 1,135 | 1,279 | |
| EBITDA | 505.7 | 574.8 | 647.2 | 758.9 | 773.6 | 916.8 | 1,123 | 1,270 |
| Gross statutory other income | 53.8 | 31.5 | 18.6 | 11.8 | 20.7 | 22.1 | 26.8 | |
| Total depreciation and amortisation | 116.5 | 125.4 | 159.2 | 171.9 | 170.8 | 180.0 | 241.1 | |
| Exceptional items | 0.00 | 0.00 | -24.8 | 0.00 | -147.6 | -53.6 | -55.0 | -55.7 |
| PAT attributable to non-controlling interests | 40.4 | 46.1 | 39.0 | 49.6 | 46.5 | 53.9 | 13.1 | |
| PAT attributable to owners total | 215.5 | 261.3 | 317.4 | 375.8 | 250.2 | 612.3 | 518.6 | |
| Share of associates | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | |
| Net FX loss below operating EBITDA | n.d. | n.d. | 20.1 | -0.30 | 50.2 | 40.3 | 65.3 | |
| Discontinued AdvantageGo PAT | 2.70 | 1.40 | 70.2 | 0.00 | 0.00 | 0.00 | 0.00 | |
| PAT continuing before NCI | 253.2 | 306.0 | 286.2 | 425.4 | 296.7 | 666.2 | 531.7 | |
| Revenue less statutory operating cost stack | 435.1 | 527.0 | 597.1 | 758.9 | 773.6 | 916.8 | 1,123 | |
| Issuer EBITDA less statutory operating EBITDA bridge | 70.6 | 47.8 | 50.1 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Professional/subcontractor charges component of other_expenses | 480.6 | 548.6 | 539.3 | 623.3 | 700.2 | |||
| Other production/licence costs component of other_expenses | 231.3 | 232.9 | 383.6 | 356.7 | 333.3 | |||
| Remaining other expense component of other_expenses | 178.6 | 201.7 | 201.9 | 155.2 | 245.9 | |||
| Basic EPS (₹) | 32.26 | 9.47 | 11.21 | 7.45 | 18.23 | 12.34 | 13.30 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 37.9% | 24.6% | 12.4% | 34.0% | 35.9% |
| EBITDA margin | 16.1% | 14.3% | 18.6% | ||
| Net margin | 9.0% | 6.7% | 9.5% | ||
| Return on equity | 22.3% | 16.2% | 19.5% | ||
| Return on capital employed | 28.7% | 25.7% | 24.6% | ||
| Return on assets | 13.7% | 8.7% | 11.4% | ||
| Net debt (₹ crore) | 103.9 | -336.5 | -695.2 | ||
| Net debt / EBITDA | 0.07x | -0.20x | -0.23x | ||
| Interest cover | 9.29x | 10.6x | 12.4x | ||
| Asset turnover | 1.52x | 1.51x | 1.53x | 1.30x | 1.20x |
| Receivable days | 79 | 90 | 107 | ||
| Payable days (on revenue) | 35 | 35 | 44 | ||
| Cash conversion | 1.12x | 1.52x | 1.15x | ||
| Capex intensity | 2.3% | 1.9% | 2.9% | 5.1% | 4.5% |
| Free cash flow (₹ crore) | 637.9 | 622.7 | 1,049 | ||
| Dividend payout | 57.7% | 61.3% | 33.9% | ||
| EPS, diluted (₹) | 25.92 | 24.41 | 45.90 | ||
| Book value per share (₹) | 116.3 | 191.7 | 281.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Derived net debt including liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS - total split adjusted).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 4, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Coforge includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Coforge
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 25 Oct 2026.
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