StrengthTalking point
Profit outpacing revenue
Profit grew 86.4% while revenue grew 36.1%, so the company kept more of each rupee of revenue as profit.
Importance 72 / 95 · growth
COFORGE LIMITED · Research view
COFORGE LIMITED
NSE: COFORGEBSE: 532541ISIN INE591G01025Face value ₹2consolidated
₹1,825
+4.18% · 2026-10-01 · 52-wk ₹1,074–₹2,015
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Compounding revenue
Revenue compounded at 23.8% a year over 7 years (₹3,676 → ₹16,403).
Importance 61 / 95 · growth
StrengthTalking point
Book value compounding
Net worth compounded at 24.6% a year over 7 years (₹2,080 → ₹9,681) — though FY2025 saw a one-off step-change of 123% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Importance 52 / 95 · financial health
Section 03 · The company
Who is this company?
Classified by the exchange under Information Technology › Information Technology › IT - Software › Computers - Software & Consulting.
- Market cap
- ₹61,327 cr
- FY2026 revenue
- ₹16,403 cr
- FY2026 net profit
- ₹1,745 cr
- Net worth
- ₹9,681 cr
- Total debt
- ₹400 cr
- EPS (basic)
- ₹46.44
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 9 computers - software & consulting.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 86.4% while revenue grew 36.1%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +23.8%over 7 years
- Revenue growth
- +36.1%vs last year
- Net profit growth
- +86.4%vs last year
- Change in net profit since FY19
- +313%
Revenue compounded at 23.8% a year over 7 years (₹3,676 → ₹16,403).
Net profit grew 86.4% year on year (FY2025 → FY2026).
Revenue grew 36.1% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹532 cr, up 49.2% from ₹356 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹5,528 cr, up 49.9% from ₹3,689 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹844 cr, up 93.3% from ₹436 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 3,062 | — | 234 | — | 7.6% |
| Q3 FY25 | 3,318 | +42.8% | 256 | +5.4% | 7.7% |
| Q4 FY25 | 3,410 | +44.6% | 307 | +34.1% | 9.0% |
| Q1 FY26 | 3,689 | +53.6% | 356 | +155.9% | 9.7% |
| Q2 FY26 | 3,986 | +30.2% | 425 | +82.1% | 10.7% |
| Q3 FY26 | 4,188 | +26.2% | 297 | +15.9% | 7.1% |
| Q4 FY26 | 4,450 | +30.5% | 666 | +116.8% | 15.0% |
| Q1 FY27 | 5,528 | +49.9% | 532 | +49.2% | 9.6% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹18,152 crTTM
- EBITDA
- ₹3,499 crTTM
- EBIT
- ₹2,735 crTTM
- PBT
- ₹2,270 crTTM
- Net profit
- ₹1,920 crTTM
C. Corporate actions
3 Aug 2026DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
30 Jan 2026DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
31 Oct 2025DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
31 Jul 2025DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
4 Jun 2025Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
9 May 2025DividendInterim Dividend - Rs. - 19.0000 — ₹19.00/share
30 Jan 2025DividendInterim Dividend - Rs. - 19.0000 — ₹19.00/share
11 Oct 2024DividendInterim Dividend - Rs. - 19.0000 — ₹19.00/share
2 Aug 2024DividendInterim Dividend - Rs. - 19.0000 — ₹19.00/share
15 May 2024DividendInterim Dividend - Rs. - 19.0000 — ₹19.00/share
5 Feb 2024DividendInterim Dividend - Rs. - 19.0000 — ₹19.00/share
2 Nov 2023DividendInterim Dividend - Rs. - 19.0000 — ₹19.00/share
3 Aug 2023DividendInterim Dividend - Rs. - 19.0000 — ₹19.00/share
10 May 2023DividendInterim Dividend - Rs. - 19.0000 — ₹19.00/share
3 Feb 2023DividendInterim Dividend - Rs. - 19.0000 — ₹19.00/share
3 Nov 2022DividendInterim Dividend - Rs. - 13.0000 — ₹13.00/share
3 Aug 2022DividendInterim Dividend - Rs. - 13.0000 — ₹13.00/share
23 May 2022DividendInterim Dividend - Rs. - 13.0000 — ₹13.00/share
7 Feb 2022DividendInterim Dividend - Rs. - 13.0000 — ₹13.00/share
3 Nov 2021DividendInterim Dividend - Rs. - 13.0000 — ₹13.00/share
9 Aug 2021DividendInterim Dividend - Rs. - 13.0000 — ₹13.00/share
18 May 2021DividendInterim Dividend - Rs. - 13.0000 — ₹13.00/share
14 May 2020DividendInterim Dividend - Rs. - 11.0000 — ₹11.00/share
11 Mar 2020BuybackBuy Back of Shares
7 Feb 2020DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE improved from 15.5% to 19.4% year on year.
Rule ROE_IMPROVED_YOY
- EBITDA margin now
- 18.3%
- 8-year range
- 15.4–19.1%
- ROE FY2026
- 19.4%
- ROCE FY2026
- 24.4%
EBITDA margin improved from 15.4% to 18.3% of revenue.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 24.6% a year over 7 years (₹2,080 → ₹9,681) — though FY2025 saw a one-off step-change of 123% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹400 cr
- Operating cash flow ÷ net profit
- 1.03×FY2026
- Free cash flow
- ₹1,197 cr
- Current ratio
- 1.61×
Operating cash flow has matched or exceeded reported profit in 6 of the last 6 profit-making years (latest 1.03×).
Free cash flow has been positive in 6 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 9 computers - software & consulting (FY2026, consolidated).
Revenue growth
COFORGE · 1st of 9 · set median 11.2%
EBITDA margin
COFORGE · 8th of 9 · set median 20.8%
Return on equity
COFORGE · 6th of 9 · set median 21.3%
P/E ratio
COFORGE · 8th of 9 · set median 22.5×
Context
Trades at 31.94× earnings — 42% above the computers software and consulting median of 22.52×.
Rule PE_ABOVE_PEERS
- P / E
- 31.9×TTM to Jun 26
- P / B
- 6.3×latest book
- P / S
- 3.4×TTM sales
- Earnings yield
- 3.1%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 35.2× · P/S 3.7× · ROE 19.4%. TTM and full-year EBITDA differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Context
Over 5 years profit compounded at 30.2% a year while the stock returned 11.6% a year — the FY2021 base was somewhat depressed, so part of this is recovery rather than trend.
Rule STOCK_LAGGED_EARNINGS · rebound
- 1-year return
- +14.0%
- 3-year return
- +78.8%
- 5-year return
- +72.9%
- From 52-wk high
- −9.4%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Above₹1,808
- vs 200-day avg
- Above₹1,525
- RSI (14)
- 52.2neutral
- MACD histogram
- -8.1
- From 52-wk high
- −9.4%
- From 52-wk low
- +70.0%
- 30-day volatility
- 35.9%ann.
- 6-month return
- +63.7%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchReceivables stretchingReceivable days rose from 78 to 88 — collections are slower.RECEIVABLE_DAYS_JUMP · conviction 41
- WatchReported profit carries a one-offFY2026 pre-tax profit includes a ₹226 exceptional charge (11.7% of PBT) — the underlying trend differs from the reported number.PROFIT_INCLUDES_EXCEPTIONALS · conviction 40
- WatchUnusual tax rateEffective tax rate of 13.4% (FY2026) is well below the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.EFFECTIVE_TAX_UNUSUAL · conviction 38
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,676 | 4,184 | 4,663 | 6,432 | 8,015 | 9,179 | 12,051 | 16,403 |
| Total income | 3,730 | 4,252 | 4,695 | 6,484 | 8,077 | 9,229 | 12,215 | 16,476 |
| EBITDA | 702 | 791 | 812 | 1,154 | 1,343 | 1,478 | 1,858 | 3,009 |
| Profit before tax | 562 | 595 | 596 | 862 | 951 | 1,045 | 1,296 | 1,933 |
| Net profit | 422 | 468 | 466 | 715 | 745 | 836 | 936 | 1,745 |
| EPS (₹) | 65.5 | 71.4 | 74.7 | 109.0 | 113.8 | 131.6 | 123.0 | 46.4 |
| Net worth | 2,080 | 2,397 | 2,466 | 2,831 | 3,170 | 3,727 | 8,329 | 9,681 |
| Total debt | 10 | 5 | 1 | 490 | 338 | 437 | 701 | 400 |
| Operating cash flow | — | — | 762 | 766 | 951 | 903 | 1,237 | 1,792 |
| Free cash flow | — | — | 684 | 618 | 797 | 644 | 680 | 1,197 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 13.8 | 11.4 | 37.9 | 24.6 | 14.5 | 31.3 | 36.1 |
| Profit growth YoY | — | 10.8 | -0.3 | 53.4 | 4.3 | 12.1 | 12.0 | 86.4 |
| Profitability | ||||||||
| EBITDA margin % | 19.1 | 18.9 | 17.4 | 17.9 | 16.8 | 16.1 | 15.4 | 18.3 |
| Net margin % | 11.3 | 11.0 | 9.9 | 11.0 | 9.2 | 9.1 | 7.7 | 10.6 |
| Return on equity % | 20.3 | 20.9 | 19.2 | 27.0 | 24.8 | 24.2 | 15.5 | 19.4 |
| Return on capital % | 27.6 | 27.5 | 25.8 | 32.0 | 31.7 | 30.2 | 21.7 | 24.4 |
| Leverage & cash | ||||||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.17 | 0.11 | 0.12 | 0.08 | 0.04 |
| Cash flow ÷ profit | — | — | 1.64 | 1.07 | 1.28 | 1.08 | 1.32 | 1.03 |
| Current ratio | 3.08 | 2.71 | 2.53 | 1.78 | 1.51 | 1.70 | 1.59 | 1.61 |