Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 5 Oct - Coforge launches intent engineering framework for governance-aligned enterprise AI agents.
Source: Bse
Coforge Limited (COFORGE)
Mid CapIT stocks · Mid cap · NSE
Coforge Limited is an IT services company focused on "Operationalizing Enterprise Autonomy" through AI-led engineering, data, and cloud services. It develops proprietary platforms like Nuuron, Momentuum blue, and Mod Squads to deliver outcome-owned solutions, aiming to shift from effort-based services to outcome ownership for clients.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result28 Jul, 07:34 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
75BullishSMA20 -2.5% / mo · MACD + · near 52W high · sector +19.3pp vs Nifty 500 (3M)
Stock trend: 58
Sector RS: 100
Sector 3M: +13.7% vs Nifty 500 -5.6%
IT FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
COFORGED candles · FIT view+62.3%Latest close ₹1951.00 on 2026-10-21
Bar
+0.7%
RSI
63
MACD hist
13.85
52W pos
93%
2026-10-21O ₹1937.60H ₹1969.00L ₹1931.10C ₹1951.00Vol 20.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
COFORGENifty ITNifty 500
- COFORGE
- +30.6%
- Nifty 500
- -6.5%
- Nifty IT
- +12.0%
- Vs Nifty 500
- +37.1 pp
Chart stats
21 Oct 2026- From 52W high
- -3.5%
- 52W range position
- 93%
- ATR (14)
- 3.0%
- Volume vs 20D
- 1.00x
- Avg traded value
- ₹379 Cr
- 20D price channel
- ₹1,722 - ₹1,970
₹2,021.2
₹1,008.1 - ₹2,021.2
₹57.9
Latest completed session
20-session average
29.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · FAIR VALUE47
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent95
Revenue +49.2% · PAT +49.4% YoY
Technical
Bullish75
Price trend and sector-relative-strength timing.
Valuation
Legacy model-24.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence85
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 95/100Rev +49% YoY · PAT +49% YoY · margin expansion · +24% QoQ
Filed 28 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,528 Cr | +49.2% | +24.2% |
| EBITDA | ₹1,058 Cr | +83.4% | +20.8% |
| Operating margin | 19.0% | +300 bps | -100 bps |
| PAT | ₹532 Cr | +49.4% | -20.1% |
| PAT margin | 9.6% | +1 bps | -535 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 44.70
- P/B
- 6.81
- EV/EBITDA
- 20.81
- Market Cap
- 85697.00Cr
Profitability
- ROE
- 21.40%
- ROCE
- 23.50%
- ROA
- 11.75%
- Dividend Y
- 0.62%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 29.00%
- Revenue 3Y
- 27.00%
- EPS 3Y
- 33.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- 16.22×
- Altman Z
- 9.10
- Book Value
- 284.00
Cash Flow
- FCF Yield
- 1.62%
- FCF Positive Y
- 10/5
- OCF
- 1792.00 Cr
- EPS TTM
- 48.64
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 91%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 5,528+24.2% vs prev
Net Profit
₹ CrLatest: 532-20.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 63.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.6% over last month) — short-term momentum negative.
- RSI(14) at 63 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 3% off 52W high · 94% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
91
RS percentile
Stage 2 UptrendEstablished S2
1M return
+7.6%
3M return
+30.6%
6M return
+59.8%
1Y return
+8.5%
RS 1D
+1
RS 20D
+9
Sector rank
#1
Industry rank
#2
Stage evidence
- Price is 26.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
20 Aug 2026
S2 age
42 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 130.88+2.30%
RS vs Nifty 500131
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth17/25
Quality13/20
Balance Sheet8/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
47
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
47/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 17/25 to the score.
- Quality contributes 13/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -24.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
44.7
PB
6.8
EV/EBITDA
20.8
ROE
21.4%
ROCE
23.5%
FCF Yield
1.6%
Debt/Equity
0.1
MoS
-24.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
47
Previous: 47
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-24.9%
Previous: -23.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
48
48
48
48
48
48
47
47
47
47
47
47
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹557.5
-250.0% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹1,561.34
-24.9% MoS
PEG
1.46
Comparable companies
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PERSISTENT
Mid
Persistent Systems Limited
IT Services / Digital
match 167
58
48.1
27.2%
-55%
FAIR VALUE
MPHASIS
Mid
MphasiS Limited
IT Services / Digital
match 163
38
24.7
18.5%
-4%
WATCHLIST
KPITTECH
Mid
KPIT Technologies Limited
IT Services / Digital
match 159
56
23.6
20.9%
+21%
FAIR VALUE
HEXT
Large
Hexaware Technologies Limited
IT Services / Digital
match 155
60
25.1
24.9%
+19%
UNDERVALUED
NETWEB
Small
Netweb Technologies India Limited
IT Services / Digital
match 154
60
107.0
32.8%
-219%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-13T10:10:48.503Z
Management commentary snapshot
Coforge reports a 44% YoY increase in its twelve-month order book executable to $2.23B in Q1FY27, alongside a 16% EBIT margin, driven by its AI-led transformation strategy.
The company is aggressively positioning itself at the forefront of AI-driven enterprise autonomy, demonstrating early client successes and a clear strategy to capitalize on the shift from effort-based to outcome-owned services. The focus on proprietary IP and talent development supports this.
Growth engines
Enterprise Autonomy
The core strategy is "Operationalizing Enterprise Autonomy," shifting from AI assisting humans to AI doing the work.
AI-led Engineering, Data, and Cloud Services
86% of revenue already comes from these areas, indicating strong current and future focus.
Momentuum blue & FDEs
Outcome-owned engineering pods embedded in client environments, with pricing anchored to client unit economics.
Coforge Nuuron Autonomy Enablement Suite
Proprietary platform with 8+ AI platforms, >22 assets, and 100+ reusable agent archetypes.
Capacity and execution
FDE Academy
A "12-week onsite academy in Princeton NJ" with a "new cohort roughly every 45 days" to scale talent for Momentuum blue.
Data & AI Practitioners
11,000+ practitioners, indicating a significant existing base for AI-focused work.
Tailwinds
Inversion of AI's role
AI isn't helping people do the work anymore. It's doing the work. Humans govern the outcome.
Flipping economics
AI-driven solutions lead to 33% lower run costs, 74% less effort, and 38% cost reduction for clients.
Compounding intelligence
The system gets smarter with every interaction, embedding decision intelligence and institutional knowledge.
AgenticOps momentum
Agentic Ops for Enterprise Autonomy is entering 2027 with massive tailwind across resiliency, remediation, and control.
Headwinds
Enterprise AI adoption gap
78% adopt AI in at least one function; under 10% show sustained value at scale.
AI ROI lagging investment
57% report AI ROI still lagging investment, unchanged since 2025.
Bias to spend on models, not data
Execs have bias to spend on models, not on data, leading to project failures.
Agentic AI project cancellations
40%+ of agentic AI projects forecast cancelled by end of 2027 due to cost, unclear value, weak controls.
Risk radar
Data readiness
60% of AI projects without AI-ready data will be abandoned through 2026, highlighting the critical need for data quality and governance.
Project failure rates
High cancellation rates for agentic AI projects (40%+) indicate execution and value realization challenges in the broader market.
Talent scarcity
The need for a dedicated FDE academy suggests a potential constraint in finding and scaling specialized talent.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY is crucial for assessing the growth of the order book and overall revenue trends, reflecting strategic execution over time. QoQ is relevant for monitoring the rapid advancements and client adoption in the fast-evolving AI and autonomy space, where "last quarter" achievements are highlighted.
Sector KPIs management disclosed
Twelve-month order book executable (Q1FY27)
$2.23B up 44% YoY
Q1FY27 EBIT
16% (standalone 16.7%)
FY26 revenue CAGR (over 9 years)
21.9%
Revenue from AI-led engineering, data, and cloud services
86%
Management forward view
Enterprise Autonomy as destination
Defined as "organizations that continuously make and execute intelligent decisions with minimal manual intervention."
Value moving to enterprise context
Context that embeds decision intelligence from client data, institutional knowledge, and decision patterns is key.
Outcome ownership replaces effort
Momentuum blue pods own a named outcome inside the client with pricing anchored to client unit economics.
AI-ready data is requirement one
Data readiness is where every Gen-AI and agentic program MUST start.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | $2.23B (Q1FY27), up 44% YoY | Continued strong growth in the twelve-month order book, indicating sustained demand for AI-led services. |
| EBIT Margin | 16% (Q1FY27) | Stability or improvement in EBIT margin, especially as the company shifts to outcome-based pricing and IP arbitrage. |
| Client Adoption of AgenticOps | 37 clients live, 160+ on journey | Increase in the number of live clients and autonomous resolutions, demonstrating successful scaling of AgenticOps. |
| FDE Academy Output | New cohort every 45 days | The pace of FDE talent development and its correlation with Momentuum blue engagement growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
85Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 97th percentile within IT. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
85 docs text-extracted · 30 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
98th percentile
overall median 67 · IT: 97th pctile, median 69 · Mid: 93rd pctile, median 76
Evidence depth
Financial-only
85 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.6%.
- ▸10 years of positive FCF.
- ▸Debt/equity is 0.08.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Coforge Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 30 Sep - Coforge launched CXNova, an AI-native CX orchestration platform for enterprise customer experiences.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 30 Sep - Coforge issues press release on agentic travel and modern airline retailing.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 24 Sep - Intimation of allotment of 60,532 shares under the ESOP Scheme of the Company ESOP(2005)
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 22 Sep - Coforge expands AgenticOps capabilities, serving 160 clients with 98.2% accuracy across 392 environments.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 20 Sep - Coforge expands AI-powered vehicle lifecycle intelligence; solution supports over 60,000 vehicles annually.
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.