Coforge Limited (COFORGE)
Mid CapIT stocks · Mid cap · NSE
Coforge is an AI-native engineering services leader, designing, building, and delivering intelligent solutions for clients. It leverages AI and hyperspecialized industry expertise to engineer autonomous enterprises, focusing on outcome-led delivery with secure, governed, enterprise-grade solutions.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 95/100Rev +49% YoY · PAT +49% YoY · margin expansion · +24% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Coforge delivered 29.2% YoY revenue growth in USD for FY26, with EBIT margin expanding 370 bps to 14.4%. PAT increased 82.1% YoY to $177.4 Mn. Q4 FY26 saw 21.2% YoY revenue growth in USD and 1.7% QoQ, with EBIT margin at an all-time high of 16.6%.
Coforge demonstrated strong financial performance in FY26 and Q4 FY26, driven by robust revenue growth and significant margin expansion. The company's strategic focus on AI-native engineering services, coupled with a strong order book and recent acquisitions, positions it to capitalize on the evolving tech services landscape. Management's confidence in FY27 outlook suggests continued momentum.
Q4 FY26 Revenue by Vertical
Latest issuer-disclosed distribution across 6 reported categories.
AI-Native Engineering Services
Coforge is positioned as an AI-native engineering services leader, leveraging AI for designing, building, and delivering intelligent solutions.
Proprietary AI Assets & Capabilities
Developed 'Coforge OneAI' platform with 60+ vertical solutions, 11K+ AI and data practitioners, and a 'mod-squad' delivery model.
Strategic Acquisitions
Acquisition of Encora accelerated path to AI leadership, strengthening platform, client access, talent base, and industry expertise.
Strong Order Book
Executable order book over next twelve months at $1.75 billion, a 16.4% YoY increase, providing strong revenue visibility.
Headcount Growth
Total headcount stood at 35,777, with a net addition of 436 sequentially over the previous quarter.
AI Talent Pool Expansion
30K+ AI-enabled workforce, including 11K+ advanced AI-trained FTEs and a specialized pool of 100+ forward deployed engineers.
Massive AI Market Opportunity
AI is creating new value pools, unlocking a $160-180B market opportunity growing at 35%+ to hit ~$800B in the next 5 years.
Shift to Outcome-Based Buying
Buyer mindsets are shifting from effort to outcomes, making FTE-based pricing models obsolete and favoring firms delivering measurable business results.
Emergence of New AI-Driven Value Pools
AI managed services, governance, data/integration, and architecture/orchestration are creating recurring, high-margin revenue streams.
Ability to Compete Effectively
A number of factors could cause actual results to differ, including Coforge’s ability to compete effectively.
Attract and Retain Talent
Risk factors include Coforge’s ability to attract and retain enough highly trained employees.
Legal and Regulatory Proceedings
Involvement in any disputes, legal, regulatory, and other proceedings arising out of its business operations could impact results.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
YoY comparison is crucial for assessing overall annual growth and long-term trends in a services business. QoQ comparison is vital for tracking sequential momentum, deal execution, headcount additions, and immediate margin performance in the dynamic IT sector.
FY26 Revenue (USD)
$1,870 Mn, up 29.2% YoY
FY26 EBIT Margin
14.4%, expanded by 370 bps YoY
FY26 PAT (USD)
$177.4 Mn, up 82.1% YoY
Q4 FY26 Revenue (USD)
$489.1 Mn, up 21.2% YoY and 1.7% QoQ
FY27 Revenue Growth Expectation
Management expects to deliver robust revenue growth in FY27.
FY27 EBITDA Margin Target
Plans to deliver an EBITDA of more than 20.5% on a consolidated basis in FY27.
AI Roadmap for Future Growth
Defined AI roadmap includes expanding AI client base, scaling verticalized agentic workflows, and rigorous talent development.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 EBITDA Margin | FY26 EBITDA margin 18.6%; Q4 FY26 EBITDA margin 20.6% | Achievement of management's target of 20.5%+ EBITDA margin for FY27. |
| AI Engagements & Revenue | Surge in AI client engagements, strong share of AI-attributed revenue. | Continued acceleration of AI-linked revenue and growth in AI TCV bookings. |
| Executable Order Book Growth | $1.75 billion, up 16.4% YoY. | Sustained growth in the 12-month executable order book to support future revenue. |
| Attrition Rate | LTM attrition rate at 10.8%. | Maintenance of low attrition rates, especially for AI-enabled talent, to manage delivery capacity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
70Bullishfull bull SMA stack · SMA20 +16.7% / mo · MACD − · near 52W high
Technical chart
COFORGEdaily · 1Y · AUTO+71.1%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 69. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~14.3% over last month) — short-term momentum positive.
- RSI(14) at 69 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 38.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.1%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 47 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 47 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -19.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: 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.
High Trust Lite: Promoter pledge is zero.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · IT: 97th pctile, median 69 · Mid: 95th pctile, median 76
57 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 45.60
- P/B
- 6.95
- EV/EBITDA
- 21.21
- Market Cap
- 87391.00Cr
Profitability
- ROE
- 21.40%
- ROCE
- 23.50%
- ROA
- 11.75%
- Dividend Y
- 0.61%
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
- 1.59%
- FCF Positive Y
- 10/5
- OCF
- 1792.00 Cr
- EPS TTM
- 48.64
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 95%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in IT, ranked by similarity
Peers
Business-comparable names in IT, ranked by similarity
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.