COFORGE
Mid CapCoforge Limited
IT
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, management trust is supportive, price trend argues for patience, and recent execution is consistent.
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 31 Mar 2026
Excellent · 100/100Rev +30% YoY · PAT +117% YoY · margin expansion · +5% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,450 Cr | +30.0% | +5.2% |
| EBITDA | ₹876 Cr | +66.2% | +21.2% |
| Operating margin | 20.0% | +500 bps | +300 bps |
| PAT | ₹666 Cr | +116.9% | +124.2% |
| PAT margin | 15.0% | +600 bps | +795 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
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.
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
44NeutralSMA20 -10.3% / mo
Technical chart
COFORGEweekly · 6M-23.7%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 45.
- RSI(14) at 45 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 29% off 52W high · 40% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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.
- Fair-value margin of safety is positive at 15.3%.
- Growth contributes 17/25 to the score.
Main drags
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Quality is weaker at 10/20; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; 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
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 98th 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: 98th pctile, median 68 · Mid: 91st pctile, median 76
77 documents indexed, 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 2.2%.
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 37.20
- P/B
- 5.00
- EV/EBITDA
- 17.09
- Market Cap
- 61107.00Cr
Profitability
- ROE
- 20.60%
- ROCE
- 23.50%
- ROA
- 11.73%
- Dividend Y
- 1.07%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 28.00%
- Revenue 3Y
- 27.00%
- EPS 3Y
- 31.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- 17.37×
- Altman Z
- 8.88
- Book Value
- 284.00
Cash Flow
- FCF Yield
- 2.22%
- FCF Positive Y
- 10/5
- OCF
- 1792.00 Cr
- EPS TTM
- 46.33
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 42%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.