Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹51,382Cr
Rev Gr TTM
Revenue Growth TTM
39.36%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

COFORGE
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 24.5 | 21.4 | 16.2 | 13.0 | 6.8 | 6.1 | 32.9 | 40.2 | 47.1 | 56.5 | 31.7 | 28.5 |
| 1,875 | 1,915 | 1,935 | 1,928 | 1,929 | 2,048 | 2,603 | 2,823 | 2,883 | 3,112 | 3,253 | 3,458 |
Operating Profit Operating ProfitCr |
| 13.6 | 13.8 | 15.0 | 17.0 | 16.8 | 13.1 | 14.0 | 13.3 | 15.4 | 15.6 | 18.4 | 17.4 |
Other Income Other IncomeCr | -50 | 16 | 9 | 15 | 16 | 24 | 55 | 54 | 31 | -6 | 39 | -134 |
Interest Expense Interest ExpenseCr | 20 | 22 | 32 | 35 | 37 | 32 | 30 | 32 | 40 | 46 | 41 | 42 |
Depreciation DepreciationCr | 72 | 76 | 77 | 81 | 79 | 72 | 114 | 117 | 125 | 159 | 172 | 171 |
| 155 | 224 | 241 | 294 | 289 | 229 | 333 | 340 | 393 | 365 | 558 | 384 |
| 38 | 49 | 53 | 52 | 59 | 72 | 86 | 87 | 87 | 79 | 133 | 88 |
|
Growth YoY PAT Growth YoY% | -48.1 | 2.2 | -14.8 | 2.9 | 96.4 | -20.7 | 24.3 | 5.4 | 34.1 | 155.8 | 82.2 | 15.9 |
| 5.4 | 7.9 | 8.3 | 10.4 | 9.9 | 5.9 | 7.7 | 7.8 | 9.0 | 9.7 | 10.7 | 7.1 |
| 3.8 | 5.4 | 5.9 | 7.7 | 7.2 | 4.2 | 6.0 | 6.5 | 7.8 | 9.5 | 11.2 | 7.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 2.9 | 13.3 | 4.3 | 6.8 | 22.9 | 13.8 | 11.4 | 37.9 | 24.6 | 12.4 | 33.8 | 26.7 |
| 2,037 | 2,215 | 2,323 | 2,490 | 3,028 | 3,461 | 3,883 | 5,330 | 6,734 | 7,562 | 10,357 | 12,706 |
Operating Profit Operating ProfitCr |
| 14.2 | 17.6 | 17.1 | 16.8 | 17.6 | 17.3 | 16.7 | 17.1 | 16.0 | 16.1 | 14.1 | 16.8 |
Other Income Other IncomeCr | -63 | 21 | 5 | 39 | 48 | 61 | 15 | 52 | 10 | 45 | 165 | -70 |
Interest Expense Interest ExpenseCr | 6 | 8 | 6 | 9 | 9 | 16 | 14 | 65 | 81 | 126 | 135 | 168 |
Depreciation DepreciationCr | 92 | 121 | 128 | 127 | 125 | 173 | 184 | 227 | 259 | 297 | 428 | 627 |
| 176 | 365 | 351 | 404 | 562 | 595 | 596 | 862 | 951 | 1,070 | 1,296 | 1,701 |
| 54 | 78 | 79 | 95 | 140 | 128 | 130 | 147 | 206 | 221 | 333 | 387 |
|
| -48.8 | 135.4 | -5.2 | 13.4 | 36.7 | 10.8 | -0.3 | 53.4 | 4.3 | 13.9 | 13.5 | 43.8 |
| 5.1 | 10.7 | 9.7 | 10.3 | 11.5 | 11.2 | 10.0 | 11.1 | 9.3 | 9.4 | 8.0 | 9.1 |
| 18.7 | 8.8 | 8.2 | 9.1 | 13.1 | 14.3 | 14.9 | 21.8 | 22.8 | 26.3 | 24.6 | 35.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 61 | 61 | 61 | 62 | 62 | 63 | 61 | 61 | 61 | 62 | 67 | 67 |
| 1,296 | 1,511 | 1,625 | 1,713 | 2,011 | 2,334 | 2,406 | 2,672 | 3,021 | 3,565 | 6,312 | 6,828 |
Current Liabilities Current LiabilitiesCr | 547 | 389 | 448 | 585 | 617 | 794 | 843 | 1,179 | 1,739 | 1,532 | 2,738 | 2,877 |
Non Current Liabilities Non Current LiabilitiesCr | 53 | 347 | 288 | 289 | 177 | 249 | 195 | 944 | 774 | 849 | 1,424 | 1,791 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 1,181 | 1,274 | 1,461 | 1,618 | 1,914 | 2,151 | 2,094 | 2,221 | 2,606 | 2,603 | 4,351 | 4,516 |
Non Current Assets Non Current AssetsCr | 795 | 1,055 | 985 | 1,052 | 960 | 1,289 | 1,410 | 2,734 | 3,077 | 3,505 | 8,140 | 9,075 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 258 | 360 | 472 | 382 | 453 | 297 | 762 | 766 | 951 | 903 | 1,237 |
Investing Cash Flow Investing Cash FlowCr | -177 | -304 | -306 | -270 | -230 | 112 | -93 | -956 | -272 | -248 | -2,448 |
Financing Cash Flow Financing Cash FlowCr | -66 | -73 | -67 | -74 | -106 | -133 | -696 | -156 | -558 | -887 | 1,675 |
|
Free Cash Flow Free Cash FlowCr | 71 | 201 | 387 | 295 | 385 | 227 | 687 | 618 | 797 | 644 | 680 |
| 211.6 | 125.5 | 173.6 | 123.9 | 107.3 | 63.5 | 163.6 | 107.1 | 127.6 | 106.4 | 128.4 |
CFO To EBITDA CFO To EBITDA% | 76.8 | 76.2 | 98.5 | 76.3 | 69.8 | 41.0 | 97.8 | 69.5 | 74.2 | 62.4 | 73.0 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 2,130 | 3,042 | 2,678 | 5,311 | 8,187 | 7,175 | 17,749 | 27,125 | 23,319 | 33,995 | 54,164 |
Price To Earnings Price To Earnings | 20.8 | 11.8 | 10.7 | 19.0 | 20.3 | 16.2 | 39.0 | 41.0 | 33.6 | 42.1 | 66.7 |
Price To Sales Price To Sales | 0.9 | 1.1 | 1.0 | 1.8 | 2.2 | 1.7 | 3.8 | 4.2 | 2.9 | 3.8 | 4.5 |
Price To Book Price To Book | 1.6 | 1.9 | 1.6 | 3.0 | 4.0 | 3.0 | 7.2 | 9.9 | 7.6 | 9.4 | 8.5 |
| 5.5 | 5.7 | 4.8 | 9.8 | 11.8 | 8.7 | 21.8 | 24.6 | 18.2 | 23.8 | 32.1 |
Profitability Ratios Profitability Ratios |
| 96.0 | 98.5 | 99.5 | 98.9 | 99.2 | 98.0 | 95.8 | 97.3 | 99.3 | 99.9 | 99.9 |
| 14.2 | 17.6 | 17.1 | 16.8 | 17.6 | 17.3 | 16.7 | 17.1 | 16.0 | 16.1 | 14.1 |
| 5.1 | 10.7 | 9.7 | 10.3 | 11.5 | 11.2 | 10.0 | 11.1 | 9.3 | 9.4 | 8.0 |
| 13.3 | 23.6 | 20.9 | 23.1 | 27.4 | 25.4 | 23.9 | 28.8 | 28.3 | 27.5 | 19.2 |
| 9.0 | 18.3 | 16.1 | 17.4 | 20.4 | 19.5 | 18.9 | 26.1 | 24.2 | 23.4 | 15.1 |
| 6.2 | 12.3 | 11.1 | 11.6 | 14.7 | 13.6 | 13.3 | 14.4 | 13.1 | 13.9 | 7.7 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Company Overview**
**Coforge Limited** is a rapidly growing global digital services and solutions provider, delivering business transformation through deep **industry domain expertise**, **product engineering-led approaches**, and strategic **technology partnerships**. The company leverages **AI, Cloud, Data, Integration, and Automation technologies** to help clients build intelligent, scalable, and high-growth enterprises.
Coforge operates across **23 countries** with **33 global delivery centers**, serving over **260 clients**. As of June 2025, it employs **34,187 professionals**, maintaining one of the lowest attrition rates in the IT services industry and recognized as a **Great Place to Work** for five consecutive years.
---
### **Strategic Focus & Differentiation**
Coforge positions itself as an **engineering-first, AI-forward organization** with a differentiated model centered on:
- **Domain-Driven Engineering**: Intense focus on specific high-impact verticals:
- **Travel & Hospitality (TTH)**
- **Banking & Financial Services (BFS/Insurance)**
- **Healthcare & Life Sciences (HCLS)**
- **Retail**
- **Public Sector**
- **Hi-Tech & Manufacturing** (expanding)
- **Product Engineering Mindset**: Applies agile, full-stack development, DevSecOps, and IP-led accelerators to modernize core systems and build digital products.
- **AI-Infused Transformation**: Combines deep industry knowledge with AI/GenAI to deliver **outcome-based solutions**, moving beyond FTE-driven BPO models.
Coforge follows a **“Transform at the Intersect”** strategy—converging vertical expertise, emerging technologies, and platform partnerships to create transformational impact.
---
### **AI & Technology Leadership (Aug & Sep 2025 Highlights)**
Coforge is at the forefront of the AI-led global transformation, with a comprehensive strategy anchored in:
#### **1. Proprietary AI Ecosystem: Quasar**
- **Quasar AI Platform**: Hosts over **200 industry-specific AI use cases**, integrates **23 Large Language Models (LLMs)**, and includes modules like **GenAI, VisionAI, SpeechAI, and ConversationalAI**.
- **Model Garden**: A new feature in Quasar AI Studio offering centralized access to LLMs (GPT-4o, Claude, Gemini, Llama), with unified APIs, rate limits, and real-time playgrounds.
- **Responsible AI Framework (BLAZAR)**: Ensures ethical, governed, and compliant AI deployment.
- **Applications**:
- Used in fraud detection, insurance underwriting, wealth advisory, and supply chain optimization.
- Deployed in over **11,000 active user seats** managing $1.5 trillion in assets.
#### **2. AI Innovation & Adoption**
- **AI Center of Excellence (CoE)**: Developed over 200 AI/GenAI solutions in seven years.
- **AI Spark Initiative**: **95% of employees are AI-certified**, and over **10,000 are trained on GitHub Copilot**, delivering **30%+ productivity gains** in development.
- **GenAI Central**: Enterprise platform for secure, governed access to LLMs, enabling compliant AI adoption.
- **AI4Data & Data4AI**: Two flagship accelerators for **data modernization**, enabling vector stores (for RAG) and automated schema mapping using GenAI.
#### **3. Key AI Use Cases & Outcomes**
- **Insurance**:
- **Underwriter Workbench** (Azure + Quasar) delivered **70% productivity gain**, **99.995% accuracy**.
- **GenAI ISO Summarizer** (Duck Creek/Guidewire) improved efficiency by **35%**.
- **Banking**:
- GenAI call analysis for a European Bank reduced **NPAs and approval times**.
- Real-time insight engine for wealth banking transcribed client calls, delivering **next-best-action recommendations**.
- **Pharma & Healthcare**:
- Agentic AI cut **R&D timelines from 10–15 years to 3–5**, reducing costs by up to **50%**.
- AI Lab with hardware partners for **edge AI computing** in drug discovery.
---
### **Major Acquisitions & Strategic Expansion**
Coforge treats **acquisitions as a core growth engine** to expand capabilities, verticals, and geography:
- **Cigniti Technologies (FY25)**:
- Acquisition of an AI and IP-led **digital assurance** company. **54% voting stake** secured, with full merger underway.
- Synergies exceeded expectations; contributed to large deal wins in **Retail, Hi-Tech, Healthcare, Manufacturing** (~$370M FY25 revenue).
- Enabled creation of **‘AI Assurance’** as a horizontal offering (bias detection, model validation).
- **Other 2025 Acquisitions**:
- **Xceltrait Inc.** (Jan): ServiceNow specialist in P&C insurance.
- **Rythmos Inc.** (Mar): Strengthened data practice and airline domain.
- **TMLabs Pty Ltd.** (Mar): Expanded ServiceNow IRM, Healthcare, and HR capabilities in Australia.
These moves expand Coforge’s footprint in **North America (West, Southwest, Midwest)** and accelerate **GCC (Global Capability Center) enablement**.
---
### **Key Client Engagement: The $1.56B Sabre Deal**
Coforge signed a **13-year, $1.56 billion strategic partnership** with **Sabre Corporation**, a global travel tech leader, to:
- **Enhance product delivery and engineering velocity**.
- **Co-develop AI-enabled solutions** for the global travel industry.
- **Ramp up quickly**; deal is a **major driver of future revenue growth** and a benchmark for large-scale digital transformation.
This agreement is one of the industry’s largest and positions Coforge as a **key engineering partner in modernizing travel tech**.
---
### **Service Offerings & Platforms**
Coforge delivers through a **four-tiered solution framework**:
1. **Strategy** (Consulting, architecture, transformation roadmap)
2. **Technical Capabilities** (UX, Process Journeys, AI & Analytics)
3. **Product Engineering** (Full-stack agile, DevSecOps, Quality Engineering)
4. **Cloud & Security** (Hybrid cloud, zero-trust infrastructure)
#### **Core Capabilities**
- **Cloud & Infrastructure Management Services (CIMS)**:
- Advisory, DevOps, AIOps, security, and **multi-cloud transformation** (AWS, Azure, GCP).
- Uses **Helios** and **UniITOps 2.0** for autonomous operations.
- **Business Process Services (BPS)**:
- Combines **AI-driven outcomes** with domain expertise in banking, insurance, travel.
- Leverages proprietary tools: **Copasys® (QA automation)**, **Celonis (process mining)**.
- **Quality Engineering**:
- **QE 360** platform enables **AI-based test generation**, self-healing scripts, and visual testing.
- **Data & Analytics**:
- Industrialized **‘6+2’ Data Strategy** focusing on modernization (legacy → cloud, Informatica → PySpark, Teradata → Snowflake).
- Solutions: **ML Lifecycle as a Service**, **AI/ML Model Modernization**.
---
### **Strategic Partnerships**
Coforge co-innovates with hyperscalers and global software leaders:
- **Microsoft**:
- **360-degree partner**, preferred cloud on **Azure**, uses **M365, Copilot, Power BI**.
- Launched **Advisor Copilot** and **Underwriter Copilot** on Azure Marketplace.
- Holds **Azure Expert MSP** and **Co-Sell Ready** status.
- **ServiceNow**:
- **Elite Partner** with dedicated **ServiceNow CoE** (200+ consultants).
- Joint **AI Lab** with Quasar, enabling ServiceNow AI Agents.
- Proprietary tools: **LicenseWise**, **GuardRailNow**.
- **Salesforce, Pega, Appian, AWS, Databricks, Google Cloud, Duck Creek, NVIDIA, Hedera**.
- **Intellect Design Arena**: Partnership to deliver **composable banking** using **eMACH.ai** platform and **iTurmeric** low-code tools.
---
### **Recent Client Wins & Growth Momentum (Aug 2025)**
- **14 large deals signed in FY25**, including:
- $1.56B with **Sabre**
- $20M+ **core platform transformation** for a global insurer
- Multi-year **GCC of 500+** for a U.S. product provider (to grow to 1,000+)
- **Retail Sector**:
- Agreements with a top **Australian supermarket chain**, major **food distributor**, and other managed services contracts.
- **Travel & BFS**:
- Legacy modernization with UK bank, freight rating engine for U.S. carrier, **PRISM engine**, SaaS platform for customer care.
---
### **Financial & Growth Performance**
- **FY25 Revenue**: **$1.445 billion** (up from $464M in FY18) – **31.5% CAGR**.
- **8th Largest Indian IT Firm** – up from 18th in FY17.
- **Order Book**: Record **$3.5 billion**, with **$1.5 billion in 12-month signed book** (47.7% YoY growth) – strong visibility into FY26.
- **Revenue Target**: **> $2 billion**, with improved margins via **AI-first operating model** and **organic growth + acquisitions**.
- **Client Retention**: **94% repeat business rate** in FY25, up from 92% in FY24.