Coforge Ltd (COFORGE)

Information Technology · IT - Software · NSE · Updated 17 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹1,760.95 ↓ 1.69% (1Y)

🎯 Key Takeaways

Coforge is transitioning from a traditional IT services provider to a specialized AI transformation enabler, leveraging structured methodologies and strategic partnerships to capture higher-margin opportunities in enterprise AI adoption. The company is actively repositioning its offerings around outcome-driven AI scaling, supported by expanded alliances and regional expansion initiatives.
Revenue grew 24.2% QoQ to ₹5,528 in Q1FY27.
⚠️ Revenue growth may be vulnerable to client spending cycles in key geographies like Latin America, where expansion is being anchored.

Market Cap

₹77,956

P/E Ratio

35.8

P/B Ratio

8.40

ROE

20.7%

ROCE

25.6%

Debt/Equity

0.04

Div Yield

0.23%

Promoter

0.0%

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📖 The Story

Coforge is transitioning from a traditional IT services provider to a specialized AI transformation enabler, leveraging structured methodologies and strategic partnerships to capture higher-margin opportunities in enterprise AI adoption. The company is actively repositioning its offerings around outcome-driven AI scaling, supported by expanded alliances and regional expansion initiatives.

📰 What's Happening

In August 2026, Coforge launched its AI Adoption Fabric to address enterprise AI scaling challenges, integrating proven change management frameworks like Kotter and ADKAR to improve governance and operational readiness. This was followed by an expanded strategic partnership with Pega to move beyond software reselling toward building full-stack, branded industry solutions. Additionally, the company celebrated its 20th anniversary in Peru, designating Lima as a hub for AI-led engineering expansion in Latin America, underscoring its long-term commitment to regional growth and localized delivery capabilities.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	3,986	4,232	4,451	5,528
Operating Profit	561	553	697	817
OPM %	14.1%	13.1%	15.7%	14.8%
Net Profit	425	297	666	532
EPS	₹11.21	₹7.45	₹18.23	₹12.34

Revenue has grown steadily over the past four quarters, rising from ₹3,986 crore in September 2025 to ₹5,528 crore in June 2026, reflecting increasing demand for digital and AI services. Operating margins have remained stable around 14-15%, indicating disciplined cost management despite revenue growth. Net profit has shown volatility, with a notable increase to ₹666 crore in March 2026 followed by a decline to ₹532 crore in June 2026, suggesting possible seasonality or investment timing in client engagements. Earnings per share has tracked this pattern, peaking at ₹18.23 in March 2026 before settling at ₹12.34 in June 2026.

🔮 Management Outlook & What's Next

Management has emphasized its focus on scaling AI transformation services through structured methodologies and strategic partnerships, particularly with Pega, to transition into higher-value, branded industry solutions. The launch of AI Adoption Fabric signals a strategic push to differentiate on process and governance expertise, not just technical delivery. There is no explicit forward guidance provided in the latest filings, but the initiatives suggest an intent to deepen client engagements and capture higher-margin work in AI adoption.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	67	67	67	67
Reserves	5,912	6,312	6,828	9,213
Borrowings	1,064	1,070	972	400
Total Liabilities	12,127	12,491	13,590	14,881
Fixed Assets	843	1,124	1,583	6,760
Investments	235	146	41	0
Total Assets	12,127	12,491	13,590	14,881

The balance sheet shows a stable capital structure with minimal debt and growing equity reserves, indicating conservative leverage and strong internal capital accumulation. Total assets have increased steadily over the past two fiscal years, from ₹12,491 crore to ₹14,881 crore, reflecting consistent investment in capabilities and client delivery infrastructure. The lack of significant debt increases suggests management is funding growth primarily through retained earnings rather than external borrowing.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+1,792
Investing	-435
Financing	-1,094
Net Cash Flow	+263

👥 Shareholding Pattern

Category	Q3FY26	Q4FY26	Q1FY27
Promoters	0.0%	0.0%	0.0%
FII	34.5%	30.6%	24.3%
DII	53.7%	56.2%	42.6%
Public	8.7%	9.9%	8.3%
# Shareholders	2,43,366	2,93,510	3,40,980

Institutional investor shareholding has declined slightly from 34.53% in Q3FY26 to 24.31% in Q1FY27, while DII holdings have remained relatively stable around 42-56%. The drop in FII and DII percentages may reflect broader market trends or re-rating of the stock, but the absolute number of shareholders has increased, indicating retail investor participation is growing. The absence of promoter holding has been consistent, with no changes observed in recent quarters.

⚖️ Peer Comparison — IT - Software

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
TCS	7.93 L Cr	15.9	63.2%	46.7%	0.00
INFY	4.30 L Cr	14.3	44.9%	32.7%	0.00
HCLTECH	3.40 L Cr	19.4	31.6%	23.2%	0.00
WIPRO	1.65 L Cr	13.2	18.1%	15.1%	0.19
TECHM	1.52 L Cr	26.8	24.8%	17.4%	0.00
LTM	1.26 L Cr	24.0	30.5%	21.6%	0.00
OFSS	1.00 L Cr	29.4	60.3%	43.6%	0.00
PERSISTENT	85,675	44.1	32.7%	24.5%	0.00
COFORGE	77,956	35.8	25.6%	20.7%	0.04
MPHASIS	44,263	23.1	22.3%	17.8%	0.17

🔗 Peer Stock Analyses

TCS INFY HCLTECH WIPRO TECHM

⚠️ Risk Factors

1. Revenue growth may be vulnerable to client spending cycles in key geographies like Latin America, where expansion is being anchored. 2. Margin stability depends on successful transition to higher-value AI services, which requires sustained investment in capabilities and talent. 3. The shift from reselling to building branded solutions exposes Coforge to execution risks and competitive pricing pressures in new verticals. 4. Institutional outflows in shareholding could amplify volatility if not offset by fundamental improvement in earnings visibility.

📋 Recent Filings

🧠 Analyst's Read

Coforge is executing a clear strategic shift toward AI-led transformation services, supported by partnerships and regional expansion, but the financial benefits are still unfolding. Investors should monitor the pace of AI service adoption, margin trends in new offerings, and whether institutional interest stabilizes as execution materializes.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-17.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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