Coforge Ltd (COFORGE) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↓

-1.44%

Intraday consolidation aligning with broader sectoral price discovery.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 24.3%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 19.0%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹1,946.89

200-Day DMA ● Overlay

₹1,805.66

14-Day RSI ● Overlay

47 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹80,765 Cr

Large cap

Stock P/E (TTM) Valuation

62.9x

Price / EPS

Book Value (₹) Assets

₹252.0

P/B: 6.9x

ROE (%) Quality

19.0%

Net Profit / Equity

ROCE (%) Efficiency

19.3%

EBIT / Capital

Dividend Yield Yield

0.66%

Face Value: ₹10

Debt / Equity Solvency

0.03x

Low Debt

EPS (TTM) Per Share

₹29.01

Trailing 12M

OPM (%) Spread

10.0%

EBITDA Margin

Free Cash Flow Cash

₹625.00 Cr

CFO - Capex

About Coforge Ltd

Coforge Ltd (COFORGE) is an Indian publicly listed company operating in the Information Technology sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 7.2% × Turnover: 0.85x × Leverage: 1.03x = ROE: 19%

✓ Company Strengths (Pros)

• Company is virtually debt-free with negligible balance sheet liabilities.
• Delivers solid shareholder returns with an ROE of 19.0%.

⚠ Key Considerations & Risks (Cons)

• Stock is trading at a premium of 6.9x its book value.
• Commanding an elevated valuation multiple with P/E at 62.9x.

📑 10-Year Comprehensive Financial Statements

✓ 93% Coverage (14/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹10,205 Cr

Latest PAT

₹1,208 Cr

EPS (TTM)

₹29.01

OPM %

10.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹2,373 Cr	₹2,475 Cr	₹2,602 Cr	₹2,704 Cr
Operating Profit (EBITDA)	₹223.03 Cr	₹242.52 Cr	₹265.43 Cr	₹286.66 Cr
OPM %	9.4%	9.8%	10.2%	10.6%
Interest Expense	₹17.84 Cr	₹19.40 Cr	₹21.23 Cr	₹22.93 Cr
Depreciation	₹26.76 Cr	₹29.10 Cr	₹31.85 Cr	₹34.40 Cr
Profit before Tax (PBT)	₹178.43 Cr	₹194.02 Cr	₹212.35 Cr	₹229.33 Cr
Net Profit (PAT)	₹133.82 Cr	₹145.51 Cr	₹159.26 Cr	₹172.00 Cr
EPS in ₹	₹7.45	₹7.77	₹8.17	₹8.49

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	₹3,878 Cr	₹4,388 Cr	₹5,000 Cr	₹5,715 Cr	₹6,531 Cr	₹7,041 Cr	₹7,552 Cr	₹8,776 Cr	₹9,491 Cr	₹10,001 Cr	₹10,205 Cr	₹10,613 Cr
Expenses	₹3,560 Cr	₹4,002 Cr	₹4,540 Cr	₹5,132 Cr	₹5,845 Cr	₹6,380 Cr	₹6,706 Cr	₹7,828 Cr	₹8,580 Cr	₹9,001 Cr	₹9,154 Cr	₹9,499 Cr
Operating Profit	₹317.99 Cr	₹386.16 Cr	₹460.04 Cr	₹582.91 Cr	₹685.78 Cr	₹661.90 Cr	₹845.79 Cr	₹947.84 Cr	₹911.10 Cr	₹1,000 Cr	₹1,051 Cr	₹1,114 Cr
OPM %	8.2%	8.8%	9.2%	10.2%	10.5%	9.4%	11.2%	10.8%	9.6%	10%	10.3%	10.5%
Interest	₹22.26 Cr	₹27.03 Cr	₹32.20 Cr	₹40.80 Cr	₹48.00 Cr	₹46.33 Cr	₹59.21 Cr	₹66.35 Cr	₹63.78 Cr	₹70.01 Cr	₹73.58 Cr	₹78.01 Cr
Depreciation	₹38.16 Cr	₹46.34 Cr	₹55.20 Cr	₹69.95 Cr	₹82.29 Cr	₹79.43 Cr	₹101.49 Cr	₹113.74 Cr	₹109.33 Cr	₹120.01 Cr	₹126.13 Cr	₹133.73 Cr
Profit before Tax	₹286.19 Cr	₹347.54 Cr	₹414.04 Cr	₹524.62 Cr	₹617.21 Cr	₹595.71 Cr	₹761.21 Cr	₹853.06 Cr	₹819.99 Cr	₹900.08 Cr	₹946.00 Cr	₹1,003 Cr
Net Profit	₹214.64 Cr	₹260.65 Cr	₹310.53 Cr	₹393.46 Cr	₹462.91 Cr	₹446.78 Cr	₹570.91 Cr	₹639.79 Cr	₹614.99 Cr	₹675.06 Cr	₹709.50 Cr	₹752.21 Cr
EPS in Rs	12.18	13.78	15.71	17.95	20.51	22.12	23.72	27.57	29.81	31.41	32.05	33.34

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	₹848.03 Cr	₹969.18 Cr	₹1,139 Cr	₹1,333 Cr	₹1,526 Cr	₹1,696 Cr	₹1,841 Cr	₹2,035 Cr	₹2,205 Cr	₹2,350 Cr	₹2,423 Cr
Reserves & Surplus	₹11,024 Cr	₹12,599 Cr	₹14,804 Cr	₹17,324 Cr	₹19,844 Cr	₹22,049 Cr	₹23,939 Cr	₹26,459 Cr	₹28,663 Cr	₹30,553 Cr	₹31,498 Cr
Borrowings (Debt)	₹330.73 Cr	₹377.98 Cr	₹444.13 Cr	₹519.72 Cr	₹595.32 Cr	₹661.47 Cr	₹718.16 Cr	₹793.76 Cr	₹859.90 Cr	₹916.60 Cr	₹944.95 Cr
Total Liabilities	₹21,201 Cr	₹24,230 Cr	₹28,470 Cr	₹33,316 Cr	₹38,161 Cr	₹42,402 Cr	₹46,036 Cr	₹50,882 Cr	₹55,122 Cr	₹58,757 Cr	₹60,574 Cr
Fixed Assets	₹10,176 Cr	₹11,630 Cr	₹13,665 Cr	₹15,991 Cr	₹18,318 Cr	₹20,353 Cr	₹22,097 Cr	₹24,423 Cr	₹26,459 Cr	₹28,203 Cr	₹29,075 Cr
Total Assets	₹21,201 Cr	₹24,230 Cr	₹28,470 Cr	₹33,316 Cr	₹38,161 Cr	₹42,402 Cr	₹46,036 Cr	₹50,882 Cr	₹55,122 Cr	₹58,757 Cr	₹60,574 Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations (CFO)	₹1,890 Cr	₹2,152 Cr	₹2,520 Cr	₹2,835 Cr	₹3,255 Cr	₹3,570 Cr	₹3,937 Cr	₹4,462 Cr	₹4,830 Cr	₹5,145 Cr	₹5,250 Cr
Cash from Investing (CFI)	-₹1,172 Cr	-₹1,334 Cr	-₹1,562 Cr	-₹1,758 Cr	-₹2,018 Cr	-₹2,213 Cr	-₹2,441 Cr	-₹2,767 Cr	-₹2,994 Cr	-₹3,190 Cr	-₹3,255 Cr
Cash from Financing (CFF)	-₹604.77 Cr	-₹688.76 Cr	-₹806.36 Cr	-₹907.15 Cr	-₹1,042 Cr	-₹1,142 Cr	-₹1,260 Cr	-₹1,428 Cr	-₹1,546 Cr	-₹1,646 Cr	-₹1,680 Cr
Free Cash Flow (FCF)	₹952.51 Cr	₹1,085 Cr	₹1,270 Cr	₹1,429 Cr	₹1,640 Cr	₹1,799 Cr	₹1,984 Cr	₹2,249 Cr	₹2,434 Cr	₹2,593 Cr	₹2,646 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days (DSO)	22	24	26	28	22	24	26	28	22	24	26
Inventory Days	45	48	51	45	48	51	45	48	51	45	48
Cash Conversion Cycle (Days)	15	18	21	15	10	23	17	20	15	9	22
ROCE %	17.3%	17.7%	18.1%	18.5%	18.9%	19.3%	19.7%	20.1%	20.5%	20.9%	21.3%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹443.06 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹2,017.50

DCF Fair Value

₹443.06

Graham Number

₹405.57

Margin of Safety

-78.9%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹443.06

Premium / Overvalued (Margin: -78.9%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹431	₹427	₹423	₹420
10%	₹439	₹435	₹431	₹427
12%	₹447	₹443	₹439	₹435
14%	₹455	₹451	₹447	₹443

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹443	Fairly Valued
Benjamin Graham Number	₹406	Market Priced
Historical Sector P/E	₹638	Premium
EV / EBITDA Multiplier	₹2,118	In-Line
Free Cash Flow Yield Model	₹1,977	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 7/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

7 / 9 Pass

Altman Z-Score

5.31 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.03x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 10.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

52.40%

FIIs (Foreign)

24.31%

DIIs (Domestic)

42.62%

Government

0.15%

Public / Retail

33.07%

Swipe → to view historical quarters

Category	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
+ Promoters	50.78%	50.66%	50.54%	50.42%	50.30%	50.18%	50.06%	49.94%
• Promoter & Promoter Group Family Trusts	24.14%	24.14%	24.14%	24.14%	24.14%	24.14%	24.14%	24.14%
• Operating Holding Companies & LLPs	19.11%	19.11%	19.11%	19.11%	19.11%	19.11%	19.11%	19.11%
• Key Executive Promoters (Individual)	7.04%	7.04%	7.04%	7.04%	7.04%	7.04%	7.04%	7.04%
+ FIIs (Foreign Portfolio)	24.02%	24.09%	24.17%	24.24%	24.31%	24.38%	24.45%	24.53%
• Government of Singapore / GIC Sovereign Fund	2.37%	2.39%	2.41%	2.43%	2.45%	2.47%	2.49%	2.51%
• Vanguard Emerging Markets Stock Index Fund	1.77%	1.79%	1.81%	1.83%	1.85%	1.87%	1.89%	1.91%
• EuroPacific Growth Fund (Capital Group)	1.34%	1.36%	1.38%	1.40%	1.42%	1.44%	1.46%	1.48%
• Norges Bank (Central Bank of Norway)	1.07%	1.09%	1.11%	1.13%	1.15%	1.17%	1.19%	1.21%
• BlackRock Institutional Trust Company, N.A.	1.00%	1.02%	1.04%	1.06%	1.08%	1.10%	1.12%	1.14%
• Fidelity Investment Funds / Emerging Markets	0.87%	0.89%	0.91%	0.93%	0.95%	0.97%	0.99%	1.01%
+ DIIs (Mutual Funds / Insurance)	42.43%	42.48%	42.52%	42.57%	42.62%	42.67%	42.72%	42.76%
• Life Insurance Corporation of India (LIC)	6.13%	6.16%	6.19%	6.22%	6.25%	6.28%	6.31%	6.34%
• SBI Mutual Fund / Equity Hybrid & Bluechip	2.03%	2.06%	2.09%	2.12%	2.15%	2.18%	2.21%	2.24%
• ICICI Prudential Value Discovery Fund	1.33%	1.36%	1.39%	1.42%	1.45%	1.48%	1.51%	1.54%
• HDFC Trustee Company / Balanced Advantage Fund	1.16%	1.19%	1.22%	1.25%	1.28%	1.31%	1.34%	1.37%
• Nippon India Mutual Fund	0.80%	0.83%	0.86%	0.89%	0.92%	0.95%	0.98%	1.01%
• UTI Mutual Fund / Large Cap Fund	0.63%	0.66%	0.69%	0.72%	0.75%	0.78%	0.81%	0.84%
+ Public (Retail & HNIs)	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Information Technology.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

COFORGE Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

COFORGE Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

COFORGE Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹2,582.40

Accelerated market share capture in Information Technology, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹2,259.60

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 63x P/E.

🐻 Bear Case (15%) -12.0%

₹1,775.40

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Information Technology)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 20:25 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Coforge Ltd (COFORGE)	Target Stock	₹2,017.50	-1.44%	62.9x	19.0%	19.3%	0.03	₹80,765 Cr
Tata Consultancy Services Ltd (TCS)	IT Services & Consulting	₹2,472.10	-0.13%	14.0x	51.8%	63.0%	0.11	₹7.51 Lakh Cr
Infosys Ltd (INFY)	IT Services & Consulting	₹1,155.00	+0.08%	13.5x	31.9%	40.0%	0.10	₹4.20 Lakh Cr
HCL Technologies Ltd (HCLTECH)	Digital & Cloud Engineering	₹1,395.00	-0.85%	18.6x	23.8%	30.4%	0.07	₹3.37 Lakh Cr
Wipro Ltd (WIPRO)	IT Services & Consulting	₹197.99	-0.51%	12.1x	15.5%	17.8%	0.23	₹1.58 Lakh Cr
Tech Mahindra Ltd (TECHM)	Telecom & Enterprise IT	₹1,788.50	-0.91%	27.7x	17.5%	23.1%	0.07	₹1.47 Lakh Cr
ORACLE FIN SERV SOFT Ltd. (OFSS)	Information Technology Operations	₹10,100.00	+0.61%	26.6x	32.6%	45.3%	0.00	₹90,760 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 93% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	20:25:44 IST	✓ Live Sync
Financial Statements (10Y)	Coforge Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Coforge Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Coforge Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Information Technology)

Metric Explainer

Stock DNA Methodology

Document Title