# Coforge share price today (Coforge Ltd, NSE: COFORGE)

> Coforge share price today: ₹2,060.00 at the NSE close on 4 November 2026, up 18.4% in a year. Coforge (NSE: COFORGE) is worth ₹91,271 crore, trades at a P/E of 42.0 and has closed between ₹1,089.30 and ₹2,060.00 over the past 52 weeks. > Coforge Ltd's earnings have grown faster than its share price. Earnings per share grew +90.7% in a year while the price moved +18.4%. COFORGE · IT - Software · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/coforge-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹2,060.00 (+18.4% in a year)
- P/E: 42.0× (higher than 67% of the last 11 years)
- Revenue (Sep 2026): ₹6,171 Cr (+53.7% on a year ago)
- Profit (Sep 2026): ₹605 Cr (+42.4% on a year ago)
- Operating margin: 20.0% (+1.0 points on a year ago)
- ROCE: 24%, FY26
- ROIC: 14.9%, against a 12.0% cost of capital: +2.9 points

The main question: yearly earnings per share moved +90.7% while the share price moved +18.4%. ## What is the Coforge share price today? Coforge Ltd's share price was ₹2,060.00 at the close on 4 November 2026. It has been rising for 13 weeks. That is 23.9% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,089 and ₹2,060, and at that close it was at the high of that range. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 31 weeks in a row. Over the last 11 years the share price moved +2,128% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Coforge this quarter? Three changes stood out: revenue up on a year earlier for 12 quarters in a row (every quarter we can compare), profit up on a year earlier for 9 quarters in a row and highest quarterly revenue in 16 quarters. 1. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare) In the September 2026 quarter revenue was ₹6,171 crore, +53.7% on a year earlier. Why: Revenue rose because the company won more large deals, with order intake up sharply from a year earlier. Next results: check that new deal signings at least match last quarter's count. From the earnings call on 23 Oct 2026. 2. Profit up on a year earlier for 9 quarters in a row In the September 2026 quarter profit was ₹605 crore, +42.4% on a year earlier. Next results: check whether AI work on contracts with set prices lifts the share of sales left after costs. From the earnings call on 23 Oct 2026. 3. Highest quarterly revenue in 16 quarters Revenue of ₹6,171 crore in the September 2026 quarter is the highest of the last 16 quarters. ## What are Coforge's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Coforge reported revenue of ₹6,171 crore, up 53.7% from ₹4,016 crore a year earlier, and a profit of ₹605 crore, up 42.4% from ₹425 crore. ### Coforge results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹6,171 crore | ₹4,016 crore | +53.7% |
| Profit | ₹605 crore | ₹425 crore | +42.4% |
| Earnings per share | ₹13.27 | ₹11.23 | +18.2% |
| Operating margin | 20.0% | 19.0% | +1.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Coforge's management discussed these results on a call held on 23 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Coforge share price history? Coforge closed at ₹2,060.00 on 4 November 2026, up 18.4% from ₹1,740.20 a year earlier (7 November 2025) and up 102.7% over five years. Its highest weekly close since March 2016 was ₹2,060.00 on 4 November 2026. ### Coforge share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹2,045.00 | +0.7% |
| 1 month ago · 1 Oct 2026 | ₹1,826.00 | +12.8% |
| 6 months ago · 8 May 2026 | ₹1,368.10 | +50.6% |
| 1 year ago · 7 Nov 2025 | ₹1,740.20 | +18.4% |
| 3 years ago · 3 Nov 2023 | ₹1,016.62 | +102.6% |
| 5 years ago · 4 Nov 2021 | ₹1,016.28 | +102.7% |
| 10 years ago · 4 Nov 2016 | ₹80.60 | +2,455.8% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹92.47 | +2,127.7% |
| Highest weekly close since March 2016, also the 52-week high · 4 Nov 2026 | ₹2,060.00 | 0.0% |
| Lowest weekly close since March 2016 · 11 Nov 2016 | ₹79.22 | +2,500.4% |
| 52-week low (weekly close) · 20 Mar 2026 | ₹1,089.30 | +89.1% |

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (563 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on Coforge? 4 Nov 2026: Coforge closed at ₹2,060.00, up 0.7% on the week and up 12.8% on the month. 23 Oct 2026: Coforge held its results call for July to September 2026. Management guided: FY27 consolidated EBIT guidance raised from 15.5% to 16%, with Q4 exit at 17%. ### Earlier

- Our read, 10 Oct 2026: Encora adds revenue and disclosed overhead savings, but share issuance, financing and amortization reduce the benefit reaching each share. Signed transformation work provides forward fuel; customer savings become shareholder profit only if pricing and delivery costs preserve the benefit. - Results for July to September 2026: Revenue up 53.7% and profit up 42.4% on a year earlier. - 3 Aug 2026: ex-date for an interim dividend of ₹4 a share. - 30 Jan 2026: ex-date for an interim dividend of ₹4 a share, record date 31 Jan 2026. - 4 Jun 2025: Share split: face value cut from ₹10 to ₹2 a share (ex-date). ### Our read of the business

Encora adds revenue and disclosed overhead savings, but share issuance, financing and amortization reduce the benefit reaching each share. Signed transformation work provides forward fuel; customer savings become shareholder profit only if pricing and delivery costs preserve the benefit. Latest quarter: Guidance reaffirmed as board-reporting failures become the immediate test. (Our read after the latest results, written 10 October 2026.)

## What dividend does Coforge pay? Coforge paid ₹8 a share in regular dividends in the 12 months to 5 November 2026 (2 payments), a yield of 0.39% at the ₹2,060.00 close on 4 November 2026. The last was an interim dividend of ₹4 a share, ex-date 3 August 2026. ### Coforge dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 3 Aug 2026 | ₹4 | Interim | same day |
| 30 Jan 2026 | ₹4 | Interim | 31 Jan 2026 |
| 31 Oct 2025 | ₹4 | Interim | same day |
| 31 Jul 2025 | ₹4 | Interim | same day |
| 9 May 2025 | ₹19 | Interim | 12 May 2025 |
| 30 Jan 2025 | ₹19 | Interim | same day |
| 11 Oct 2024 | ₹19 | Interim | 12 Oct 2024 |
| 2 Aug 2024 | ₹19 | Interim | same day |
| 15 May 2024 | ₹19 | Interim | same day |
| 5 Feb 2024 | ₹19 | Interim | same day |
| 2 Nov 2023 | ₹19 | Interim | same day |
| 3 Aug 2023 | ₹19 | Interim | same day |
| 10 May 2023 | ₹19 | Interim | same day |
| 3 Feb 2023 | ₹19 | Interim | same day |
| 3 Nov 2022 | ₹13 | Interim | 4 Nov 2022 |
| 3 Aug 2022 | ₹13 | Interim | 4 Aug 2022 |
| 23 May 2022 | ₹13 | Interim | 24 May 2022 |
| 7 Feb 2022 | ₹13 | Interim | 8 Feb 2022 |
| 3 Nov 2021 | ₹13 | Interim | 8 Nov 2021 |
| 9 Aug 2021 | ₹13 | Interim | 10 Aug 2021 |
| 18 May 2021 | ₹13 | Interim | 19 May 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Coforge Ltd paid out 34% of its profit as dividends in FY26, and it paid a dividend in 12 of its last 13 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Coforge management say on the latest results call? On the call for July to September 2026, held on 23 October 2026, Coforge's management guided: FY27 consolidated EBIT guidance raised from 15.5% to 16%, with Q4 exit at 17%. > “We also plan to achieve a reported Q4 EBIT of 17%, thereby establishing the glide path to further and significant margin expansion in FY28 as well.”
> Sudhir Singh, CEO, on the call for July to September 2026

### What management guided

- FY27 consolidated operating margin 20.5%-21%; steady-state tax 23%-24%. - FY27 free cash flow-to-profit conversion 100%. - Q3 deal signings planned at least to match the quarterly count; Encora growth expected to track Coforge. - Q4 EPS ₹90-₹120; Q3 exceptional expenses zero and hedge losses $7.5 million in Q3 and $1.2 million in Q4. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/4502-23-Oct-2026.pdf). (From the call for July to September 2026, 23 October 2026.)

## What is the future of Coforge? What is changing in the business? 3 changes in Coforge's own numbers look lasting: costs spread over more sales, a bigger order book and more business from existing customers. Costs spread over more sales looks lasting

Coforge is earning a lot more profit on each rupee of sales. Operating margin (profit from the business before interest, depreciation and tax, as a share of sales) beat the same quarter a year earlier in all four of the last quarters: 18.38% vs 13.97% (Sep 2025), 17.10% vs 13.35% (Dec 2025), 19.69% vs 15.40% (Mar 2026), 19.14% vs 15.58% (Jun 2026). Management credits lower overhead costs (G&A, head-office and support costs, cut with AI tools), higher revenue per employee (about $72,000), closing loss-making units and fixing margins at the acquired Cigniti business. Why it may last: The gain comes from changes the company controls: a smaller overhead base, exits from loss-making units and a delivery model with more revenue per employee. These do not depend on an input price or an industry cycle. What could be flattering it: The margin gain could come from other income, a tax break, acquisitions or profits that are on paper but not in cash. Next check: Operating margin stays above 18.5% in the Sep 2026 quarter now that Encora is in for a full quarter, and debtor days do not rise further. Quarter by quarter, 4 quarters

July to September 2025

Operating margin jumped to 18.38% from 15.58% the quarter before and 13.97% a year earlier; operating profit 732 crore on revenue 3,986 crore. ✓ fact

From our notes of the call for July to September 2025: EBIT margin expanded to 14% in Q2, up 251 basis points on the previous quarter and 240 basis points on a year earlier. October to December 2025

Revenue still rose (4,232 crore) but operating margin slipped to 17.10% because of the October wage hike; still well above 13.35% a year earlier. Net profit fell to 297 crore mainly from hedge losses in other income (-127 crore), not the business. ✓ fact

From our notes of the call for October to December 2025: Sequential margin compression of 60 basis points on the previous quarter primarily from wage hikes (150 basis points impact), offset by margin initiatives and lower ESOP costs. January to March 2026

Operating margin reached 19.69% (vs 15.40% a year earlier) on revenue 4,450 crore; operating profit 876 crore. Management named the cost cut in G&A and the exit of a loss-making $50 million government business. ✓ fact

From our notes of the call for January to March 2026: FY26: operating margin 18.6 percent, EBIT margin 14.4 percent (Q4: 16.6 percent)

April to June 2026

With Encora added for two months, revenue rose to 5,528 crore and operating profit to 1,058 crore; operating margin 19.14% vs 15.58% a year earlier, a touch below the 19.69% of the quarter before. Management says the business without Encora ran at a 16.7% EBIT margin. ✓ fact

From our notes of the call for April to June 2026: Consolidated reported EBIT margin was 16.0% and organic EBIT margin 16.7%; management attributed expansion to Encora integration, SG&A savings, and operational synergies. A bigger order book looks lasting

The next-12-month executable order book (signed work due to be billed within a year) rose from $1.63 billion in July to September 2025 to $2.2 billion in April to June 2026, up 44.2% from a year earlier; large deals went from 11 four years ago to 21 in FY26, plus four more and a $230 million European deal in FY27. Why it may last: Large-deal wins have roughly doubled over four years on a solutioning team and domain depth the company built itself; this is a franchise that has kept compounding rather than a one-off order. What could be flattering it: A growing headline book that bills slowly, at thin margins, or with customers paying late. Next check: Organic revenue (excluding Encora) grows at least 3% in constant currency in the Sep 2026 quarter as management promised a robust Q2, with the book staying at or above $2.2 billion. Quarter by quarter, 4 quarters

July to September 2025

Five large deals; book $1.63 billion, up 26.7%. Revenue 3,986 crore, up from 3,704 crore. ✓ fact

From our notes of the call for July to September 2025: Order intake reached $514M with five large deals signed; next 12-month executable order book hit record $1.63B, up 26.7% on a year earlier from $1.3B. October to December 2025

Six large deals in a usually weak quarter; the summary gives the executable order book as a record '₹1.72 billion', 30% higher than a year earlier. That currency does not match the dollar figures of the calls either side ($1.63 billion in Sep 2025, $2.2 billion in Jun 2026), so the Dec 2025 level cannot be compared reliably; only the 30% rise is usable. Revenue 4,232 crore. ✓ fact

From our notes of the call for October to December 2025: Executable order book hit record ₹1.72 billion, 30% higher on a year earlier. January to March 2026

21 large deals for FY26; no new book figure given, only that it rose. Revenue 4,450 crore; FY26 revenue 16,403 crore, up 36% (22 to 23% organic per management). ✓ fact

From our notes of the call for January to March 2026: Large deal momentum: 21 large deals in FY26 vs 11 four years prior. April to June 2026

Organic order intake $691 million (excluding Encora), book $2.2 billion. But organic revenue grew only 1.2% in constant currency over the quarter (5.2% excluding planned exits); most new wins bill from Q3. ✓ fact

From our notes of the call for April to June 2026: Next-12-month executable order book reached an all-time high of $2.2 billion versus $1.6 billion a year earlier, up 44.2% on a year earlier. More business from existing customers looks lasting

Coforge supplies more and more to its biggest existing clients: top 10 clients grew 9.8% in one quarter (July to September 2025) and 47% over nine months; it now has 1 client above $100 million, 3 at $50 to 100 million and 14 at $20 to 50 million. Cigniti's top three accounts went from $7 to 15 million to $20 to 45 million in two years. Why it may last: A widening ladder of $20 to 100 million clients built over years, with the same playbook repeated on Cigniti accounts, is a capability the company owns. What could be flattering it: Growth from one or two clients' temporary spending bursts, rising dependence on a few accounts, or acquired clients relabelled as mined ones. Next check: The count of clients at $20 to 50 million rises above 14 and the top-10 share does not climb back above 30%. Quarter by quarter, 4 quarters

July to September 2025

Top 10 clients grew faster than the company (9.8% vs revenue up from 3,704 to 3,986 crore, about 7.6%). ✓ fact

From our notes of the call for July to September 2025: Top 5 clients grew 6.2% on the previous quarter (21% of revenue); top 10 clients grew 9.8% on the previous quarter (30.8% of revenue)

October to December 2025

Top 5 and top 10 accounts grew 51% and 47% over nine months, ahead of the company's 32.8% dollar growth; cross-sales began with a relationship the summary sizes at ₹20 million with a major airline client of Sabre, an existing customer. ✓ fact

From our notes of the call for October to December 2025: Top 5 and top 10 accounts grew 51% and 47% YTD respectively. January to March 2026

Account ladder described; Cigniti accounts scaled 2 to 3 times in two years. ✓ fact

From our notes of the call for January to March 2026: Account scaling with three 50-100M clients, at least one 100M-plus, one 20-50M positioned for 100M milestone. April to June 2026

Ladder now 1 above $100 million, 3 at $50 to 100 million, 14 at $20 to 50 million, 29 at $10 to 20 million; top 10 share fell to 26.1% (from 30.8%) partly because Encora enlarged the base. An Encora account is expected to pass $50 million in 12 to 18 months. ✓ fact

From our notes of the call for April to June 2026: Client concentration was 1 account above $100 million, 3 at $50 million-$100 million, 14 at $20 million-$50 million. We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What is Coforge's order book? Management reports executable order book of $2.2 billion versus $1.6 billion; the quoted growth percentage does not reconcile with those rounded endpoints. ✓ fact

(Our read after the latest results, written 10 October 2026.)

## What could change the Coforge story? What are the risks? A full-year consolidated EBIT margin below the reaffirmed floor, accompanied by failure to deliver the promised cash conversion despite continued reported revenue growth, would break the thesis. ### Each change stops working if

- Encora scale and integration: Acquired-account growth fails to converge with Coforge and overhead savings reverse before the financing burden is absorbed. - Executable backlog and organic intake: Executable backlog contracts while newly signed work fails to replace delivered revenue. - AI delivery and commercial-model migration: Customers capture the efficiency through lower billing while token and specialist costs prevent a corresponding cost reduction. ### The main risks

- Board reporting and audit closure: Withheld board-evaluation reports and unfinished audit areas require a substantive governance repair. ⚠ estimate
- Elevated margins and optical earnings: Margins are near the upper end of their history, and March profit included a tax benefit. ⚠ estimate
- Dilution, financing and amortization: Acquired scale must earn enough to offset issued equity and acquisition-related charges. ⚠ estimate
- Currency policy and below-operating earnings: The natural-hedging shift leaves the net currency exposure insufficiently quantified. ⚠ estimate

(Our read after the latest results, written 10 October 2026.)

## What to watch in Coforge's next results? When Coforge reports October to December 2026, these are the 6 checks that show whether the story is still on course. First: Operating margin stays above 18.5% in the Sep 2026 quarter now that Encora is in for a full quarter, and debtor days do not rise further. | What to check | Why |
| --- | --- |
| Operating margin stays above 18.5% in the Sep 2026 quarter now that Encora is in for a full quarter, and debtor days do not rise further. | Costs spread over more sales |
| Organic revenue (excluding Encora) grows at least 3% in constant currency in the Sep 2026 quarter as management promised a robust Q2, with the book staying at or above $2.2 billion. | A bigger order book |
| The count of clients at $20 to 50 million rises above 14 and the top-10 share does not climb back above 30%. | More business from existing customers |
| Q3 deal signings to at least match the quarterly count - check conversion into reported organic growth. | From the call |
| Encora growth to track Coforge from Q3 - test whether full-quarter integration delivers the stated parity. | From the call |
| Contract novations should normalize billing and collections - check whether unbilled revenue and cash conversion improve. | From the call |

## Which stock lists is Coforge on? Coforge is on 5 of our India lists: Multibagger study list, Momentum stocks, 52 week high & low, Small & mid cap stocks and IT stocks. - [Multibagger study list Study stage: late](https://www.sectoralpha.in/multibagger-stocks-india)
- [Momentum stocks Market cap cr: 91270.59168704157](https://www.sectoralpha.in/momentum-stocks-india)
- [52 week high & low 52-week position: At 52-week high](https://www.sectoralpha.in/52-week-high-stocks-india)
- [Small & mid cap stocks Size rank in India: 122](https://www.sectoralpha.in/small-cap-stocks-india)
- [IT stocks Market value (₹ crore): 91270.59168704157](https://www.sectoralpha.in/sectors/it-stocks-india)

## Is Coforge profitable? Coforge Ltd earned ₹605 Cr of net profit in the Sep 2026 quarter, +42.4% on the same quarter a year earlier. That is the 9th quarter in a row of profit growth. Full-year FY26 profit was ₹1,745 Cr. Over 10 years profit has grown 19.8% a year on average. That is 9.8% of the quarter's revenue. The same quarter a year earlier earned ₹425 Cr. For the full year, FY26 profit was ₹1,745 Cr (+86.4% on the year before). Why profit moved: revenue changed +53.7% on a year earlier and the margin moved +1.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +56.2% and revenue +40.7%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. FY27-Q1. Guidance reaffirmed as board-reporting failures become the immediate test

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How much revenue does Coforge make, and is it growing? Coforge Ltd reported ₹6,171 Cr of revenue in the Sep 2026 quarter, +53.7% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 19.8% a year on average. The last full year, FY26, came in at ₹16,403 Cr. Why this happened. The M&A as Earnings Accelerator in Mid-Small Caps model has an observable operating mechanism: Encora contributed revenue and management disclosed lower combined G&A. Those savings are partly delivered already. The remaining contribution depends on acquired-account growth catching up with Coforge, while interest and intangible amortization continue to reduce the benefit reaching shareholders. Integration, overhead savings and acquisition-led volume are one connected driver rather than separate profit pools. Full-year EPS accretion is still unverified. The last four reported quarters add to ₹20,381 Cr. FY26 revenue was ₹16,403 Cr, +35.9% on the year before. Recent pace: the last four quarters grew +40.7% on average, against 19.8% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +41.5%, against +42.6% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +56.3%, against +57.6% a year (stabilising). FY27-Q1. Guidance reaffirmed as board-reporting failures become the immediate test

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Coforge keep? Coforge Ltd's operating margin was 20.0% in the Sep 2026 quarter, 1.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between 14.0% and 18.0%. The latest quarter is above every full year in that period. Why the margin moved: operating margin changed +0.9 percentage points on the year while gross margin changed +0.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. FY27-Q1. Guidance reaffirmed as board-reporting failures become the immediate test

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## Is Coforge's profit turning into cash? Over the last 3 years, 112% of Coforge Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹1,792 Cr of operating cash against ₹1,745 Cr of profit. After ₹1,347 Cr of spending on assets, ₹445 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 112% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle. What to look at next: the bigger use of cash is spending on new assets, at 4.2× depreciation over three years. The next section checks what that spending is building. ## Where does Coforge's cash go? Coforge Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 88 days in FY26, up from 84 days in FY21. It spent ₹5,853 Cr on assets over the last 3 years. At FY26 sales of ₹16,403 Cr, each day of that cycle ties up about ₹44.9 Cr, so roughly ₹3,955 Cr is tied up in the business at any time. Spending on assets: ₹5,853 Cr over the last 3 years, against ₹1,407 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹3.0 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Coforge's P/E ratio, and how does it compare with its own history? Coforge Ltd's P/E is 42.0×, in the middle of its own history: higher than 67% of past readings. Its usual P/E (the middle reading) is 32.1×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹50.68. Why the multiple is where it is: over the past year earnings per share moved +90.7% while the price moved +18.4%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +15.2% a year; about +23.1% a year came from earnings growth and about −7.9 percentage points from the multiple (the market paying less); over 10 years the price moved +38.3% a year; about +19.1% a year came from earnings growth and about +19.2 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Coforge share price assume? Worked out from its price on 11 October 2026, Coforge Ltd's share price assumed profit growth of about 23.3% a year. Over the past 10 years its profit actually grew 19.8% a year. Today its P/E is 42.0×, higher than 67% of its own last 11 years. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Coforge business getting better or worse? Coforge Ltd's business is giving mixed signals. Growth has been steadily positive, but ROCE at 14.0% is below the 15% level needed to call it steady growth. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the Coforge story, and has it been checked? Coforge Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: MID EXPANSION. Still open: A full-year consolidated EBIT margin below the reaffirmed floor, accompanied by failure to deliver the promised cash conversion despite continued reported revenue growth, would break the thesis. What is not proven yet. A full-year consolidated EBIT margin below the reaffirmed floor, accompanied by failure to deliver the promised cash conversion despite continued reported revenue growth, would break the thesis. What would change our mind. A full-year consolidated EBIT margin below the reaffirmed floor, accompanied by failure to deliver the promised cash conversion despite continued reported revenue growth, would break the thesis. The test written in advance. A full-year consolidated EBIT margin below the reaffirmed floor, accompanied by failure to deliver the promised cash conversion despite continued reported revenue growth, would break the thesis. Measured by: the thesis as written as stated by the next result. The test written in advance. Board reporting and audit closure. Measured by: Board reporting and audit closure Further audit observations, additional resignations, or failure to complete the disclosed chair transition. by the next result. The test written in advance. Elevated margins and optical earnings. Measured by: Elevated margins and optical earnings Consolidated EBIT margin below the reaffirmed annual floor, or reversal of combined G&A savings. by the next result. What the company does. Encora adds revenue and disclosed overhead savings, but share issuance, financing and amortization reduce the benefit reaching each share. Signed transformation work provides forward fuel; customer savings become shareholder profit only if pricing and delivery costs preserve the benefit. What the surface reading misses. The surface reading is: Higher revenue and operating profit suggest a broad earnings improvement. The research reads it further: Acquisition consolidation adds revenue, while overhead savings support operating profit; financing and depreciation reduce the amount reaching PAT. What the surface reading misses. The surface reading is: Aggregate profit growth looks like accelerating shareholder earnings. The research reads it further: EPS grows more slowly than aggregate PAT; issued equity and profit attribution dilute the headline benefit. Lever 1 · Operating leverage: building. Acquired revenue and overhead savings can increase earnings, provided financing and dilution do not absorb the gain. What proves it keeps working: Encora scale and integration. It stops working if Acquired-account growth fails to converge with Coforge and overhead savings reverse before the financing burden is absorbed. Sources: our stock research file (10 October 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Coforge management deliver what it promised? What Coforge Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. FY27 Profitability Guidance Raised Above Prior Framework · 23 October 2026. In May 2025, management framed FY2027 at 18% reported EBITDA and roughly 14% EBIT. FCF-to-PAT Outlook Increased Materially · 23 October 2026. In Oct 2025, management described sustainable FCF-to-PAT conversion of 70% to 80% going forward. The Oct 2026 call now goals 100% for FY27, a material 20-30 percentage-point increase; although management cites current performance and working-capital normalization, it does not explain why the prior sustainable range has been replaced. FY27 Margin Guidance Raised While Management Calls It Unchanged · 14 September 2026. In May 2025, management set FY2027 reported EBITDA guidance at 18%, implying approximately 14% EBIT, and in Oct 2025 said it would not commit above 14% EBIT at that point. In Sep 2026, management called FY27 guidance intact but stated 20.5%-21% EBITDA and at least 15.5% EBIT, a material upward revision that it did not reconcile. FCF Conversion Guidance Raised Without Explanation · 14 September 2026. In Oct 2025, management described 70%-80% FCF to PAT as the sustained expectation going forward. In Sep 2026, it expected above 100% of PAT in the current financial year while saying the outlook was unchanged, but did not explain the material change or identify it as a one-off. Every quote above is taken word for word from the company’s own earnings calls. ## What is Coforge management's track record? The reported consolidated quarter cleared the annual EBIT floor, but annual cash conversion and acquisition benefit per share remain open. ### Regulatory and governance record

The old settled NIIT matter is closed. Current sources show a board-process failure, but no qualifying live regulator/court case, proven fraud or proved lie; pass under the current bar, not a clean bill for board controls. 0% Promoter shares pledged

Sources:

- [files.tijoristack.ai](https://files.tijoristack.ai/concall/transcript/4502-28-Jul-2026.pdf)
- [casemine.com](https://www.casemine.com/judgement/in/60226eb4342cca1da5046e4e)
- [investors.coforge.com](https://investors.coforge.com/hubfs/Related%20Party%20Transaction%20Policy-updated.pdf?hsLang=en)

(Checked 14 October 2026.)

## How much does Coforge earn on its capital? Coforge Ltd earned a ROCE of 24% in FY26. That is up from a low of 19% in FY15. Its return on capital used (ROIC) is 2.9 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 10.6% net margin and 1.10× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 10.6% net margin × 1.10× asset turnover × 1.56× leverage (assets divided by equity) ≈ 18.2% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 14.9% − 12.0% = +2.9 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. The 14.9% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 23.2%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Coforge have too much debt? Coforge Ltd has total debt of ₹6,026 Cr against shareholder equity of ₹22,537 Cr as of Sep 2026, so its debt is 0.27× its equity, which is very little. Year by year, that ratio went from 0.17 in FY22 to 0.08 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Coforge shareholding pattern? Foreign institutions cut their stake in Coforge Ltd by 17.8 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 24.8% of the company. Domestic institutions moved −4.1 points over the same period, to 43.8%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: −17.8 points over 8 quarters, to 24.8%; Domestic institutions: −4.1 points over 8 quarters, to 43.8%; Promoters: +0.0 points over 8 quarters, to 0.0%. Promoters own under 20%, so this is a widely owned company where institutions, not a family, have the most say. Why the owners changed: foreign institutions drove it (−17.8 points), together with domestic institutions (−4.1 points). They reduced their stake. ## How far is Coforge from balance-sheet trouble? For Coforge Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Coforge rank in its industry? 69.6 out of 100, rank 1 of 69 in IT - Software, with 100% of the evidence available. Coforge Ltd scores 69.6 out of 100 against the 69 companies it is compared with in IT - Software, ranking 1. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 23.4 + 16.4 + 11.3 + 18.5 = 69.6. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Coforge compared with? Coforge ranks 1 of 69 IT - Software companies on the 4-Factor Sector Score, with 69.6 out of 100. 1. Coforge Ltd this page COFORGE · leader · Most evidence points up · 100% evidence 69.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.4/35 · Revenue 41.5% · Profit 56.3% · Operating margin change 1 points · 100% evidence Capital efficiency 16.4/25 · ROCE 23.5% · Operating margin 20% · 100% evidence Valuation 11.3/20 · P/E 41.7× · PEG 0.57 · 100% evidence Relative strength 18.5/20 · Lead over its industry 24.5% · Lead over NIFTY 500 35.5% · 1 year 15% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.4 + 16.4 + 11.3 + 18.5 = 69.6 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Expleo Solutions Ltd](https://www.sectoralpha.in/stocks/expleo-solutions-ltd) EXPLEOSOL · breaking out · Most evidence points up · 81% evidence 68.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.6/35 · Revenue 10.4% · Profit 39.4% · Operating margin change 4 points · 88% evidence Capital efficiency 15.4/25 · ROCE 24.2% · Operating margin 15% · 100% evidence Valuation 18.7/20 · P/E 8.5× · PEG 0.33 · 100% evidence Relative strength 9.6/20 · Lead over its industry n/a · Lead over NIFTY 500 -2.7% · 1 year -20.7% · 25% evidence · 8 of 12 weeks ahead Exact sum: 24.6 + 15.4 + 18.7 + 9.6 = 68.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Cigniti Technologies Ltd](https://www.sectoralpha.in/stocks/cigniti-technologies-ltd) CIGNITITEC · Too little evidence to rank firmly · 55% evidence 68.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.8/43.75 · Revenue 14% · Profit 96.1% · Operating margin change 2 points · 47% evidence Capital efficiency 20.8/31.25 · ROCE 34.1% · Operating margin 18% · 75% evidence Valuation 19.5/25 · P/E 11.4× · PEG 0.74 · 100% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 27.8 + 20.8 + 19.5 = 68.1 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 4. [Metalic Technoforge Ltd](https://www.sectoralpha.in/stocks/metalic-technoforge-ltd) META · turning · Too little evidence to rank firmly · 51% evidence 67.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.8/43.75 · Revenue 100% · Profit 100% · Operating margin change 0 points · 83% evidence Capital efficiency 20.2/31.25 · ROCE 44% · Operating margin 11% · 76% evidence Valuation 14.3/25 · P/E 6.6× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 32.8 + 20.2 + 14.3 = 67.3 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 5. [Sahana Systems Ltd](https://www.sectoralpha.in/stocks/sahana-systems-ltd) SAHANA · leader · Too little evidence to rank firmly · 54% evidence 66.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.4/35 · Revenue 100% · Profit 100% · Operating margin change -3 points · 27% evidence Capital efficiency 18.4/25 · ROCE 39.8% · Operating margin 29% · 57% evidence Valuation 12.0/20 · P/E 14.5× · PEG n/a · 50% evidence Relative strength 17.2/20 · Lead over its industry 12.3% · Lead over NIFTY 500 22.7% · 1 year 5.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 18.4 + 18.4 + 12 + 17.2 = 66 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 6. [Silver Touch Technologies Ltd](https://www.sectoralpha.in/stocks/silver-touch-technologies-ltd) SILVERTUC · quiet · Most evidence points up · 100% evidence 65.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.9/35 · Revenue 21.7% · Profit 88% · Operating margin change 5 points · 100% evidence Capital efficiency 21.3/25 · ROCE 29.8% · Operating margin 21% · 100% evidence Valuation 11.2/20 · P/E 31.6× · PEG 1.11 · 100% evidence Relative strength 3.0/20 · Lead over its industry -21.7% · Lead over NIFTY 500 -13.9% · 1 year 52.9% · 100% evidence · 2 of 12 weeks ahead Exact sum: 29.9 + 21.3 + 11.2 + 3 = 65.4 · What this means: Earnings are strong; relative strength in its sector is -21.7% and the one-year return is 52.9%. 7. [NINtec Systems Ltd](https://www.sectoralpha.in/stocks/nintec-systems-ltd) NINSYS · turning · Most evidence points up · 93% evidence 65.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.2/35 · Revenue 18.8% · Profit 23.3% · Operating margin change 2 points · 100% evidence Capital efficiency 22.4/25 · ROCE 54% · Operating margin 27% · 100% evidence Valuation 6.6/20 · P/E 48.1× · PEG 2.08 · 65% evidence Relative strength 18.2/20 · Lead over its industry 57.5% · Lead over NIFTY 500 70.4% · 1 year 113.7% · 100% evidence · 4 of 12 weeks ahead Exact sum: 18.2 + 22.4 + 6.6 + 18.2 = 65.4 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 8. [Unified Data- Tech Solutions Ltd](https://www.sectoralpha.in/stocks/unified-data-tech-solutions-ltd) breaking out · Too little evidence to rank firmly · 56% evidence 63.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.0/35 · Revenue n/a · Profit n/a · Operating margin change 2 points · 26% evidence Capital efficiency 18.3/25 · ROCE 34.1% · Operating margin 15% · 95% evidence Valuation 10.2/20 · P/E 17.3× · PEG n/a · 15% evidence Relative strength 17.8/20 · Lead over its industry 11.5% · Lead over NIFTY 500 22% · 1 year -7.6% · 100% evidence · 8 of 12 weeks ahead Exact sum: 17 + 18.3 + 10.2 + 17.8 = 63.3 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 9. [ASM Technologies Ltd](https://www.sectoralpha.in/stocks/asm-technologies-ltd) leader · Evidence leans up · 61% evidence 63.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.1/35 · Revenue 67.8% · Profit 89.5% · Operating margin change 2 points · 83% evidence Capital efficiency 15.9/25 · ROCE 27% · Operating margin 23% · 95% evidence Valuation 8.7/20 · P/E 124× · PEG n/a · 15% evidence Relative strength 12.3/20 · Lead over its industry n/a · Lead over NIFTY 500 66.2% · 1 year 78.6% · 25% evidence · 12 of 12 weeks ahead Exact sum: 26.1 + 15.9 + 8.7 + 12.3 = 63 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Tanla Platforms Ltd](https://www.sectoralpha.in/stocks/tanla-platforms-ltd) TANLA · turning · Evidence leans up · 85% evidence 62.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.7/35 · Revenue 17.7% · Profit 15.4% · Operating margin change 0 points · 100% evidence Capital efficiency 18.3/25 · ROCE 26.3% · Operating margin 16% · 100% evidence Valuation 14.0/20 · P/E 15× · PEG 1.07 · 100% evidence Relative strength 11.7/20 · Lead over its industry n/a · Lead over NIFTY 500 26.7% · 1 year 2.8% · 25% evidence · 3 of 12 weeks ahead Exact sum: 18.7 + 18.3 + 14 + 11.7 = 62.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [String Metaverse Ltd](https://www.sectoralpha.in/stocks/string-metaverse-ltd) breaking out · Evidence leans up · 83% evidence 62.5 out of 100 Growth Capital Valuation Relative
12. [Tech Mahindra Ltd](https://www.sectoralpha.in/stocks/tech-mahindra-ltd) TECHM · leader · Evidence leans up · 85% evidence 62.1 out of 100 Growth Capital Valuation Relative
13. [Infosys Ltd](https://www.sectoralpha.in/stocks/infosys-ltd) INFY · breaking out · Evidence leans up · 82% evidence 61.7 out of 100 Growth Capital Valuation Relative
14. [InfoBeans Technologies Ltd](https://www.sectoralpha.in/stocks/infobeans-technologies-ltd) INFOBEAN · quiet · Evidence leans up · 100% evidence 61.6 out of 100 Growth Capital Valuation Relative
15. [Zensar Technologies Ltd](https://www.sectoralpha.in/stocks/zensar-technologies-ltd) ZENSARTECH · turning · Evidence leans up · 100% evidence 61.6 out of 100 Growth Capital Valuation Relative
16. [Tata Consultancy Services Ltd](https://www.sectoralpha.in/stocks/tata-consultancy-services-ltd) TCS · breaking out · Evidence leans up · 100% evidence 60.9 out of 100 Growth Capital Valuation Relative
17. [Sasken Technologies Ltd](https://www.sectoralpha.in/stocks/sasken-technologies-ltd) SASKEN · turning · Evidence leans up · 100% evidence 60.8 out of 100 Growth Capital Valuation Relative
18. [Birlasoft Ltd](https://www.sectoralpha.in/stocks/birlasoft-ltd) BSOFT · breaking out · Evidence leans up · 100% evidence 59.5 out of 100 Growth Capital Valuation Relative
19. [Seshaasai Technologies Ltd](https://www.sectoralpha.in/stocks/seshaasai-technologies-ltd) STYL · quiet · Evidence leans up · 68% evidence 59.5 out of 100 Growth Capital Valuation Relative
20. [Xchanging Solutions Ltd](https://www.sectoralpha.in/stocks/xchanging-solutions-ltd) XCHANGING · quiet · Evidence leans up · 85% evidence 59.1 out of 100 Growth Capital Valuation Relative
21. [RNIT AI Solutions Ltd](https://www.sectoralpha.in/stocks/rnit-ai-solutions-ltd) AUTOPALIND · breaking out · Evidence leans up · 69% evidence 59.1 out of 100 Growth Capital Valuation Relative
22. [Danlaw Technologies India Ltd](https://www.sectoralpha.in/stocks/danlaw-technologies-india-ltd) breaking out · Evidence leans up · 68% evidence 58.8 out of 100 Growth Capital Valuation Relative
23. [Softtech Engineers Ltd](https://www.sectoralpha.in/stocks/softtech-engineers-ltd) SOFTTECH · breaking out · Evidence leans up · 79% evidence 58.3 out of 100 Growth Capital Valuation Relative
24. [R Systems International Ltd](https://www.sectoralpha.in/stocks/r-systems-international-ltd) RSYSTEMS · losing its lead · Evidence leans up · 96% evidence 57.0 out of 100 Growth Capital Valuation Relative
25. [HCL Technologies Ltd](https://www.sectoralpha.in/stocks/hcl-technologies-ltd) HCLTECH · leader · Evidence leans up · 82% evidence 56.7 out of 100 Growth Capital Valuation Relative
26. [Datamatics Global Services Ltd](https://www.sectoralpha.in/stocks/datamatics-global-services-ltd) DATAMATICS · quiet · Evidence leans up · 81% evidence 55.8 out of 100 Growth Capital Valuation Relative
27. [Wipro Ltd](https://www.sectoralpha.in/stocks/wipro-ltd) WIPRO · turning · Evidence leans up · 100% evidence 55.4 out of 100 Growth Capital Valuation Relative
28. [Subex Ltd](https://www.sectoralpha.in/stocks/subex-ltd) SUBEXLTD · breaking out · Evidence leans up · 64% evidence 55.4 out of 100 Growth Capital Valuation Relative
29. [Ksolves India Ltd](https://www.sectoralpha.in/stocks/ksolves-india-ltd) KSOLVES · quiet · Evidence leans up · 100% evidence 52.8 out of 100 Growth Capital Valuation Relative
30. [Capillary Technologies India Ltd](https://www.sectoralpha.in/stocks/capillary-technologies-india-ltd) CAPILLARY · breaking out · Too little evidence to rank firmly · 59% evidence 52.6 out of 100 Growth Capital Valuation Relative
31. [LTM Ltd](https://www.sectoralpha.in/stocks/ltm-ltd) LTM · losing its lead · Evidence leans up · 100% evidence 51.1 out of 100 Growth Capital Valuation Relative
32. [TechNVision Ventures Ltd](https://www.sectoralpha.in/stocks/technvision-ventures-ltd) TECHNVISN · quiet · Evidence leans up · 64% evidence 51.1 out of 100 Growth Capital Valuation Relative
33. [Saksoft Ltd](https://www.sectoralpha.in/stocks/saksoft-ltd) SAKSOFT · basing · Evidence leans up · 96% evidence 50.9 out of 100 Growth Capital Valuation Relative
34. [BLS E-Services Ltd](https://www.sectoralpha.in/stocks/bls-e-services-ltd) BLSE · leader · Evidence leans up · 78% evidence 50.5 out of 100 Growth Capital Valuation Relative
35. [Mphasis Ltd](https://www.sectoralpha.in/stocks/mphasis-ltd) MPHASIS · breaking out · Evidence leans up · 81% evidence 50.3 out of 100 Growth Capital Valuation Relative
36. [Excelsoft Technologies Ltd](https://www.sectoralpha.in/stocks/excelsoft-technologies-ltd) EXCELSOFT · breaking out · Too little evidence to rank firmly · 59% evidence 50.3 out of 100 Growth Capital Valuation Relative
37. [Blue Cloud Softech Solutions Ltd](https://www.sectoralpha.in/stocks/blue-cloud-softech-solutions-ltd) BLUECLOUDS · turning · Evidence leans down · 64% evidence 49.9 out of 100 Growth Capital Valuation Relative
38. [ACS Technologies Ltd](https://www.sectoralpha.in/stocks/acs-technologies-ltd) ACSTECH · Evidence leans down · 74% evidence 49.5 out of 100 Growth Capital Valuation Relative
39. [Magellanic Cloud Ltd](https://www.sectoralpha.in/stocks/magellanic-cloud-ltd) MCLOUD · basing · Evidence leans down · 81% evidence 49.2 out of 100 Growth Capital Valuation Relative
40. [Dynacons Systems & Solutions Ltd](https://www.sectoralpha.in/stocks/dynacons-systems-solutions-ltd) DSSL · quiet · Evidence leans down · 96% evidence 48.5 out of 100 Growth Capital Valuation Relative
41. [IZMO Ltd](https://www.sectoralpha.in/stocks/izmo-ltd) IZMO · quiet · Evidence leans down · 81% evidence 48.0 out of 100 Growth Capital Valuation Relative
42. [Mastek Ltd](https://www.sectoralpha.in/stocks/mastek-ltd) MASTEK · quiet · Evidence leans down · 100% evidence 47.1 out of 100 Growth Capital Valuation Relative
43. [Sonata Software Ltd](https://www.sectoralpha.in/stocks/sonata-software-ltd) SONATSOFTW · quiet · Evidence leans down · 96% evidence 46.9 out of 100 Growth Capital Valuation Relative
44. [AvenuesAI Ltd](https://www.sectoralpha.in/stocks/avenuesai-ltd) CCAVENUE · quiet · Evidence leans down · 89% evidence 44.8 out of 100 Growth Capital Valuation Relative
45. [Unicommerce eSolutions Ltd](https://www.sectoralpha.in/stocks/unicommerce-esolutions-ltd) UNIECOM · turning · Evidence leans down · 78% evidence 44.6 out of 100 Growth Capital Valuation Relative
46. [Allied Digital Services Ltd](https://www.sectoralpha.in/stocks/allied-digital-services-ltd) ADSL · basing · Evidence leans down · 74% evidence 42.1 out of 100 Growth Capital Valuation Relative
47. [Hexaware Technologies Ltd](https://www.sectoralpha.in/stocks/hexaware-technologies-ltd) HEXT · basing · Evidence leans down · 85% evidence 42.0 out of 100 Growth Capital Valuation Relative
48. [Hypersoft Technologies Ltd](https://www.sectoralpha.in/stocks/hypersoft-technologies-ltd) quiet · Evidence leans down · 80% evidence 40.9 out of 100 Growth Capital Valuation Relative
49. [Kellton Tech Solutions Ltd](https://www.sectoralpha.in/stocks/kellton-tech-solutions-ltd) KELLTONTEC · quiet · Evidence leans down · 96% evidence 38.9 out of 100 Growth Capital Valuation Relative
50. [3i Infotech Ltd](https://www.sectoralpha.in/stocks/3i-infotech-ltd) 3IINFOLTD · Too little evidence to rank firmly · 58% evidence 38.9 out of 100 Growth Capital Valuation Relative
51. [Innovana Thinklabs Ltd](https://www.sectoralpha.in/stocks/innovana-thinklabs-ltd) INNOVANA · basing · Evidence leans down · 81% evidence 37.6 out of 100 Growth Capital Valuation Relative
52. [Mindteck (India) Ltd](https://www.sectoralpha.in/stocks/mindteck-indialtd) MINDTECK · Most evidence points down · 76% evidence 32.8 out of 100 Growth Capital Valuation Relative
53. [Aurionpro Solutions Ltd](https://www.sectoralpha.in/stocks/aurionpro-solutions-ltd) AURIONPRO · basing · Most evidence points down · 93% evidence 29.7 out of 100 Growth Capital Valuation Relative
54. [Moschip Technologies Ltd](https://www.sectoralpha.in/stocks/moschip-technologies-ltd) MOSCHIP · quiet · Most evidence points down · 65% evidence 26.1 out of 100 Growth Capital Valuation Relative
55. [Quick Heal Technologies Ltd](https://www.sectoralpha.in/stocks/quick-heal-technologies-ltd) QUICKHEAL · turning · Most evidence points down · 80% evidence 22.9 out of 100 Growth Capital Valuation Relative
56. Orient Technologies Ltd ORIENTTECH · quiet · Most evidence points down · 76% evidence 21.2 out of 100 Growth Capital Valuation Relative
57. [Covance Softsol Ltd](https://www.sectoralpha.in/stocks/covance-softsol-ltd) Too little evidence to rank firmly · 31% evidence 62.9 out of 100 Growth Capital Valuation Relative
58. [Exato Technologies Ltd](https://www.sectoralpha.in/stocks/exato-technologies-ltd) losing its lead · Too little evidence to rank firmly · 43% evidence 59.2 out of 100 Growth Capital Valuation Relative
59. [TAC Infosec Ltd](https://www.sectoralpha.in/stocks/tac-infosec-ltd) TAC · quiet · Too little evidence to rank firmly · 48% evidence 58.5 out of 100 Growth Capital Valuation Relative
60. [Veefin Solutions Ltd](https://www.sectoralpha.in/stocks/veefin-solutions-ltd) VEEFIN · basing · Too little evidence to rank firmly · 43% evidence 54.2 out of 100 Growth Capital Valuation Relative
61. [Kody Technolab Ltd](https://www.sectoralpha.in/stocks/kody-technolab-ltd) KODYTECH · leader · Too little evidence to rank firmly · 35% evidence 53.5 out of 100 Growth Capital Valuation Relative
62. [Optivalue Tek Consulting Ltd](https://www.sectoralpha.in/stocks/optivalue-tek-consulting-ltd) OPTIVALUE · Too little evidence to rank firmly · 32% evidence 51.4 out of 100 Growth Capital Valuation Relative
63. [Workmates Core2cloud Solution Ltd](https://www.sectoralpha.in/stocks/workmates-core2cloud-solution-ltd) Too little evidence to rank firmly · 26% evidence 51.3 out of 100 Growth Capital Valuation Relative
64. [Trident Techlabs Ltd](https://www.sectoralpha.in/stocks/trident-techlabs-ltd) TECHLABS · Too little evidence to rank firmly · 27% evidence 47.5 out of 100 Growth Capital Valuation Relative
65. [ERP Soft Systems Ltd](https://www.sectoralpha.in/stocks/erp-soft-systems-ltd) Too little evidence to rank firmly · 36% evidence 46.7 out of 100 Growth Capital Valuation Relative
66. [Sancode Technologies Ltd](https://www.sectoralpha.in/stocks/sancode-technologies-ltd) Too little evidence to rank firmly · 35% evidence 46.5 out of 100 Growth Capital Valuation Relative
67. [63 Moons Technologies Ltd](https://www.sectoralpha.in/stocks/63-moons-technologies-ltd) 63MOONS · leader · Too little evidence to rank firmly · 46% evidence 45.6 out of 100 Growth Capital Valuation Relative
68. [XT Global Infotech Ltd](https://www.sectoralpha.in/stocks/xt-global-infotech-ltd) XTGLOBAL · Too little evidence to rank firmly · 40% evidence 45.4 out of 100 Growth Capital Valuation Relative
69. [IDream Film Infrastructure Company Ltd](https://www.sectoralpha.in/stocks/idream-film-infrastructure-company-ltd) quiet · Too little evidence to rank firmly · 42% evidence 34.9 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [IT - Software](https://www.sectoralpha.in/sectors/it-software), all 69 compared on one page. ## Which companies are close to Coforge in size? Coforge is the 7th largest of 68 IT - Software companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Wipro, Tech Mahindra and LTM. Just below it: Mphasis, Hexaware Technologies and IDream Film Infrastructure Company. ### IT - Software companies close in size

1. [Wipro Ltd](https://www.sectoralpha.in/stocks/wipro-ltd) ₹1,96,439 crore
2. [Tech Mahindra Ltd](https://www.sectoralpha.in/stocks/tech-mahindra-ltd) ₹1,75,535 crore
3. [LTM Ltd](https://www.sectoralpha.in/stocks/ltm-ltd) ₹1,25,583 crore
4. Coforge Ltd ₹90,606 crore
5. [Mphasis Ltd](https://www.sectoralpha.in/stocks/mphasis-ltd) ₹48,226 crore
6. [Hexaware Technologies Ltd](https://www.sectoralpha.in/stocks/hexaware-technologies-ltd) ₹30,661 crore
7. [IDream Film Infrastructure Company Ltd](https://www.sectoralpha.in/stocks/idream-film-infrastructure-company-ltd) ₹12,644 crore

[All 68 IT - Software companies, largest first](https://www.sectoralpha.in/sectors/it-software#all-companies)

### Companies close in size in other industries

1. [Lupin Ltd](https://www.sectoralpha.in/stocks/lupin-ltd) ₹91,962 crore · Pharma - Formulators
2. [JSW Energy Ltd](https://www.sectoralpha.in/stocks/jsw-energy-ltd) ₹91,738 crore · Power - Generation/Distribution
3. Coforge Ltd ₹90,606 crore
4. [Manipal Health Enterprises Ltd](https://www.sectoralpha.in/stocks/manipal-health-enterprises-ltd) ₹88,018 crore · Hospitals
5. [Oracle Financial Services Software Ltd](https://www.sectoralpha.in/stocks/oracle-financial-services-software-ltd) ₹87,093 crore · IT Product Companies

## What else do people ask about Coforge? ### What is Coforge's share price today? Coforge Ltd's share price is ₹2,060.00, +18.4% over the past year. The whole company is worth ₹91,271 Cr on the market. It is at its highest price of the past 52 weeks (range ₹1,089 to ₹2,060), 23.9% above its 200-day average. The price has been rising for 13 weeks (as of 4 November 2026). ### What were Coforge's latest quarterly results? Coforge Ltd reported revenue of ₹6,171 Cr and net profit of ₹605 Cr for the Sep 2026 quarter. Revenue rose 53.7% and profit rose 42.4% compared with a year earlier. Earnings per share were ₹13.27. The operating margin was 20.0%, 1.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Coforge's market cap? Coforge Ltd's market capitalisation is ₹91,271 Cr at a share price of ₹2,060.00. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Coforge performing? Coforge Ltd's share price has been rising for 13 weeks. In its latest quarter, revenue rose 53.7% and profit rose 42.4% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 31 weeks running (as of 4 November 2026). ### Will Coforge's share price go up? This page does not forecast Coforge Ltd's share price. What it shows instead: the share price is ₹2,060.00, and it has been rising for 13 weeks. Its P/E of 42.0× is higher than 67% of its own last 11 years (as of 4 November 2026). ### Does Coforge have too much debt? No, Coforge Ltd has little debt: its debt is 0.08× its equity, and its operating profit is 17 times its interest bill. FY26 borrowings were ₹728 Cr against equity of ₹9,537 Cr. So the returns on this page come from the business, not borrowed money (as of 4 November 2026). ### Where is Coforge in its business cycle? Coforge Ltd's FY26 operating margin was 18.0%, against a 13-year range of 14.0% to 18.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 20.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Coforge story? The main question: yearly earnings per share moved +90.7% while the share price moved +18.4%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Coforge a stock worth studying right now? What the numbers show: Coforge Ltd's earnings have grown faster than its share price. Earnings per share grew +90.7% in a year while the price moved +18.4%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Coforge share price forecast for 2026? What management itself guided: FY27 consolidated EBIT guidance raised from 15.5% to 16%, with Q4 exit at 17%. 3 changes in Coforge's own numbers look lasting: costs spread over more sales, a bigger order book and more business from existing customers. What would change the story: A full-year consolidated EBIT margin below the reaffirmed floor, accompanied by failure to deliver the promised cash conversion despite continued reported revenue growth, would break the thesis. ### Where does this page get Coforge's management information? From Coforge's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- 52 week high & low: https://www.sectoralpha.in/52-week-high-stocks-india
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- IT stocks: https://www.sectoralpha.in/sectors/it-stocks-india

This is research, not advice. We’re not SEBI-registered.