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Coforge Ltd

COFORGE
NSE
1,195.90
0.67%
Last Updated:
30 Apr '26, 4:00 PM
Company Overview
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Coforge Ltd

COFORGE
NSE
1,195.90
0.67%
30 Apr '26, 4:00 PM
Company Overview
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6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
51,382Cr
Close
Close Price
1,195.90
Industry
Industry
IT - Software
PE
Price To Earnings
33.28
PS
Price To Sales
3.36
Revenue
Revenue
15,272Cr
Rev Gr TTM
Revenue Growth TTM
39.36%
PAT Gr TTM
PAT Growth TTM
61.53%
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Quarterly Results

Upcoming Results on
5 May 2026
Consolidated
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
2,1702,2212,2762,3232,3182,3573,0263,2583,4103,6893,9864,188
Growth YoY
Revenue Growth YoY%
24.521.416.213.06.86.132.940.247.156.531.728.5
Expenses
ExpensesCr
1,8751,9151,9351,9281,9292,0482,6032,8232,8833,1123,2533,458
Operating Profit
Operating ProfitCr
296306341395390309423435527577733730
OPM
OPM%
13.613.815.017.016.813.114.013.315.415.618.417.4
Other Income
Other IncomeCr
-50169151624555431-639-134
Interest Expense
Interest ExpenseCr
202232353732303240464142
Depreciation
DepreciationCr
727677817972114117125159172171
PBT
PBTCr
155224241294289229333340393365558384
Tax
TaxCr
3849535259728687877913388
PAT
PATCr
117176188243229139234256307356425297
Growth YoY
PAT Growth YoY%
-48.12.2-14.82.996.4-20.724.35.434.1155.882.215.9
NPM
NPM%
5.47.98.310.49.95.97.77.89.09.710.77.1
EPS
EPS
3.85.45.97.77.24.26.06.57.89.511.27.5

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
2,3732,6882,8022,9913,6764,1844,6636,4328,0159,00912,05115,272
Growth
Revenue Growth%
2.913.34.36.822.913.811.437.924.612.433.826.7
Expenses
ExpensesCr
2,0372,2152,3232,4903,0283,4613,8835,3306,7347,56210,35712,706
Operating Profit
Operating ProfitCr
3364734805016497237801,1021,2811,4471,6942,567
OPM
OPM%
14.217.617.116.817.617.316.717.116.016.114.116.8
Other Income
Other IncomeCr
-6321539486115521045165-70
Interest Expense
Interest ExpenseCr
6869916146581126135168
Depreciation
DepreciationCr
92121128127125173184227259297428627
PBT
PBTCr
1763653514045625955968629511,0701,2961,701
Tax
TaxCr
54787995140128130147206221333387
PAT
PATCr
1222872723094224684667157458499641,386
Growth
PAT Growth%
-48.8135.4-5.213.436.710.8-0.353.44.313.913.543.8
NPM
NPM%
5.110.79.710.311.511.210.011.19.39.48.09.1
EPS
EPS
18.78.88.29.113.114.314.921.822.826.324.635.9

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
616161626263616161626767
Reserves
ReservesCr
1,2961,5111,6251,7132,0112,3342,4062,6723,0213,5656,3126,828
Current Liabilities
Current LiabilitiesCr
5473894485856177948431,1791,7391,5322,7382,877
Non Current Liabilities
Non Current LiabilitiesCr
533472882891772491959447748491,4241,791
Total Liabilities
Total LiabilitiesCr
1,9772,3282,4462,6702,8733,4403,5034,9545,6836,10812,49113,590
Current Assets
Current AssetsCr
1,1811,2741,4611,6181,9142,1512,0942,2212,6062,6034,3514,516
Non Current Assets
Non Current AssetsCr
7951,0559851,0529601,2891,4102,7343,0773,5058,1409,075
Total Assets
Total AssetsCr
1,9772,3282,4462,6702,8733,4403,5034,9545,6836,10812,49113,590

Cash Flow

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
2583604723824532977627669519031,237
Investing Cash Flow
Investing Cash FlowCr
-177-304-306-270-230112-93-956-272-248-2,448
Financing Cash Flow
Financing Cash FlowCr
-66-73-67-74-106-133-696-156-558-8871,675
Net Cash Flow
Net Cash FlowCr
14-169943116300-26-347121-231464
Free Cash Flow
Free Cash FlowCr
71201387295385227687618797644680
CFO To PAT
CFO To PAT%
211.6125.5173.6123.9107.363.5163.6107.1127.6106.4128.4
CFO To EBITDA
CFO To EBITDA%
76.876.298.576.369.841.097.869.574.262.473.0

Ratios

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
2,1303,0422,6785,3118,1877,17517,74927,12523,31933,99554,164
Price To Earnings
Price To Earnings
20.811.810.719.020.316.239.041.033.642.166.7
Price To Sales
Price To Sales
0.91.11.01.82.21.73.84.22.93.84.5
Price To Book
Price To Book
1.61.91.63.04.03.07.29.97.69.48.5
EV To EBITDA
EV To EBITDA
5.55.74.89.811.88.721.824.618.223.832.1
Profitability Ratios
Profitability Ratios
GPM
GPM%
96.098.599.598.999.298.095.897.399.399.999.9
OPM
OPM%
14.217.617.116.817.617.316.717.116.016.114.1
NPM
NPM%
5.110.79.710.311.511.210.011.19.39.48.0
ROCE
ROCE%
13.323.620.923.127.425.423.928.828.327.519.2
ROE
ROE%
9.018.316.117.420.419.518.926.124.223.415.1
ROA
ROA%
6.212.311.111.614.713.613.314.413.113.97.7
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.