COFORGE

Coforge share price & financials

Price
₹1,463.3
Market cap
₹77.3k Cr
Sector
Information Technology
Calls analysed
6
Latest concall · Q1 FY27 · call held 28 Jul 2026

Coforge Limited Q1 FY27

Consolidated Revenue 592.2 million +49%Profit After Tax — +110%EPS ₹13.3

What went well

  • Consolidated revenue stood at US$592.2 million, reflecting a 49% YoY growth.
  • Consolidated EBIT margin reached 16.0% in Q1 FY27, a significant expansion of 414 bps YoY, surpassing the FY27 guidance of 15.5%.
  • The next 12-month executable order book hit an all-time high of US$2.23 billion, marking a 44.2% YoY increase from US$1.55 billion.

What to watch

  • The company incurred hedge losses of US$10 million and a Mark-to-Market (MTM) loss of US$14 million on outstanding hedges, impacting current quarter earnings.
  • The Rest of the World segment contracted 22.0% in constant currency, reflecting the impact of planned portfolio exits (data center and India government business).
Read the full call →

What Coforge Limited does

Coforge is an AI-native IT and engineering services company that designs, builds and modernizes technology systems for enterprise clients, combining AI agents with a specialized human workforce organized into hybrid 'mod squad' delivery pods. It earns by delivering cloud and infrastructure management, business process management, intelligent automation, data and integration, and software engineering services, billed on a mix of subscription and outcome-based pricing alongside traditional time-and-materials contracts. The company operates through global delivery centers spanning multiple countries and serves clients concentrated in banking and financial services, insurance, travel/transportation/hospitality, healthcare and hi-tech, and overseas government verticals. It has grown through acquisitions such as Cigniti Technologies and Encora to expand its digital assurance and AI capabilities.

Segments

  • Banking and Financial Services
  • Insurance
  • Travel, Transportation and Hospitality
  • Healthcare & HiTech
  • Government Overseas
Total headcount
35,777
Global delivery centers
33
Countries with delivery operations
25
Geographic presence
North America, South America, Europe, Middle East, India, Asia-Pacific and Australia
Clients with $1 million+ annual revenue
245
AI and data practitioners
11,000+
Founded 1992Headquarters Gurugram, Haryana, IndiaEmployees 35,777 (Q4 FY26 (March 2026)) Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 6 delivered 1 missed 8 open
  • Reported EBIT Margin delivered said Q4 FY25 Promised: deliver 14% reported EBIT in FY 2026 itself. Q1 FY27: Promise timeline complete. Final status is achieved.
  • Minority Interest went quiet said Q4 FY26 Promised: Going forward, you will see minority interest come down from INR 53 crores to INR 54 crores in one quarter to almost INR 9 crores... from Q1 onwards Q1 FY27: No mention of the minority interest figure in the Q1 FY27 earnings call or materials.
  • FCF to PAT Ratio revised up said Q1 FY26 Promised: on a sustained basis, you should expect free cash flow to PAT at around 70% to 80% going forward. Q1 FY27: Promise superseded by new target (fy27-fcf-to-pat-100pct). Final status is revised_up.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 50.5%, net profit down 43.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,326 1,433 1,870 2,046 1,981 +49%2,486 +73%2,658 +42%3,080 +51%
EBITDA108 87 198 183 184 +70%272 +213%261 +32%351 +92%
Net profit230 106 144 360 332 +44%118 +11%553 +284%205 −43%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +4.4% 1Y

₹1.0k₹1.2k₹1.4k₹1.6k₹1.8k₹2.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 24 Oct 2025Q2 FY26 — 26 Dec 2025Q3 FY26 — 23 Jan 2026Q4 FY26 — 5 May 2026Q1 FY27 — 28 Jul 2026

1Y: ₹1,768.6 on 10 Sept 2025 → ₹1,846.5. High ₹2,014.6 (28 Aug 2026), low ₹1,073.9 (17 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+10.3%
28 Jul
Q4 FY26
+1.5%
5 May
Q3 FY26
−3.0%
23 Jan
Q2 FY26
+0.3%
24 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 9.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 9.8%.

Year endingFY23FY24FY25FY26
Revenue₹7.0k Cr₹4.8k Cr₹5.8k Cr₹9.2k Cr
Operating profit₹1.1k Cr₹510 Cr₹467 Cr₹900 Cr
Operating margin15.5%10.5%8.0%9.8%
Interest₹74 Cr₹73 Cr₹54 Cr₹70 Cr
Depreciation₹216 Cr₹127 Cr₹180 Cr₹283 Cr
Net profit₹870 Cr₹992 Cr₹561 Cr₹1.4k Cr
Net margin12.5%20.5%9.6%14.9%
ROCE34.0%34.0%13.0%19.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹61 Cr₹61 Cr₹61 Cr₹62 Cr₹67 Cr₹67 Cr
Reserves₹1.7k Cr₹2.1k Cr₹2.6k Cr₹3.3k Cr₹6.8k Cr₹8.4k Cr
Borrowings₹16 Cr₹353 Cr₹395 Cr₹415 Cr₹972 Cr₹244 Cr
Other liabilities₹428 Cr₹682 Cr₹768 Cr₹758 Cr₹5.7k Cr₹2.9k Cr
Total liabilities₹2.3k Cr₹3.2k Cr₹3.8k Cr₹4.5k Cr₹13.6k Cr₹11.6k Cr
Fixed assets₹383 Cr₹394 Cr₹436 Cr₹448 Cr₹7.1k Cr₹3.8k Cr
Capital work in progress₹0 Cr₹9 Cr₹2 Cr₹20 Cr₹17 Cr₹1 Cr
Investments₹855 Cr₹1.8k Cr₹1.8k Cr₹2.2k Cr₹41 Cr₹2.4k Cr
Other assets₹1.0k Cr₹1.0k Cr₹1.5k Cr₹1.8k Cr₹6.4k Cr₹5.3k Cr
Total assets₹2.3k Cr₹3.2k Cr₹3.8k Cr₹4.5k Cr₹13.6k Cr₹11.6k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +22.82 pp while FIIs trimmed −13.11 pp. The shareholder count grew 83% to 3,40,980.

FIIs
24.3%
DIIs
42.6%
Public
33.1%

Since Jun 2025

  • Public +22.82 pp
  • FIIs −13.11 pp
  • DIIs −9.70 pp

How it drifted, 12 quarters

Over this window the public went from 11.3% to 33.1% — +21.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: FIIs 34.4%, DIIs 54.3%, Public 11.3%.Dec '23: FIIs 34.0%, DIIs 55.0%, Public 10.9%.Mar '24: FIIs 35.0%, DIIs 54.3%, Public 10.7%.Jun '24: FIIs 41.4%, DIIs 47.3%, Public 11.3%.Sep '24: FIIs 42.1%, DIIs 48.1%, Public 9.8%.Dec '24: FIIs 42.5%, DIIs 47.9%, Public 9.6%.Mar '25: FIIs 40.2%, DIIs 49.9%, Public 9.9%.Jun '25: FIIs 37.4%, DIIs 52.3%, Public 10.3%.Sep '25: FIIs 34.1%, DIIs 54.9%, Public 11.0%.Dec '25: FIIs 34.5%, DIIs 53.7%, Public 11.8%.Mar '26: FIIs 30.7%, DIIs 56.2%, Public 13.2%.Jun '26: FIIs 24.3%, DIIs 42.6%, Public 33.1%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 12 holders trimming and 6 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Coforge Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ai Altius Parent (Cayman) Limited 12.85%newly disclosed
Encora Holdco Limited 8.33%newly disclosed
Motilal Oswal Midcap Fund Mutual fund5.04%−3.17 pp
HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund4.33%−1.53 pp
Life Insurance Corporation Of India Insurer3.56%−1.09 pp
SBI Equity Hybrid Fund Mutual fund2.62%newly disclosed
DSP Midcap Fund Mutual fund2.55%−1.50 pp
ICICI Prudential Technology Fund Mutual fund2.48%−0.88 pp
Government Pension Fund Global Sovereign2.42%−1.07 pp
UTI-Flexi Cap Fund Mutual fund1.95%−0.84 pp
HDFC Life Insurance Co Ltd Insurer1.67%−0.63 pp
SBI Life Insurance Co. Ltd Insurer1.65%+0.09 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in COFORGE

Filings to Aug 2026

6 new, 12 added, 9 trimmed, 0 sold out — net −0.77 L shares (−0.3%).

Held by funds
₹5.7k Cr
41 schemes
Biggest holder
SBI Aggressive Hybrid Fund
₹1.8k Cr · 2.0% of that fund
SchemeHoldingLast month
SBI Aggressive Hybrid Fund SBI Mutual Fund₹1.8k Cr−8.75 L
SBI Flexicap Fund SBI Mutual Fund₹690 Crheld
SBI MultiCap Fund SBI Mutual Fund₹421 Crheld
Nippon India ETF Nifty IT Nippon India Mutual Fund₹267 Cr−0.38 L
SBI Technology Opportunities Fund SBI Mutual Fund₹238 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹238 Crheld
Nippon India Vision Large & Mid Cap Fund Nippon India Mutual Fund₹210 Crheld
HDFC Multi Cap Fund HDFC Mutual Fund₹207 Cr−1.62 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

12 added, 9 trimmed — net −76,668 shares (−0.3%)

Funds are sitting on
+0%
vs est. average cost
Held by funds
₹5.7k Cr
41 schemes · ≈ 5.5% of the company
Biggest holder
SBI Aggressive Hybrid Fund
₹1.8k Cr · 2.0% of that fund
Longest holder
Nippon India ETF Nifty IT
6y 1m · since Aug '20

Shares held by these funds −8%

Aug '23 2.89 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹1846, this stock must grow earnings at 43% every year for 7 years. Our analysis caps realistic growth at ~5%. At that growth it is worth ₹274 — downside of 85%.

Growth the price implies
42.9% a year
for 7 years, fading to 4%
It has actually compounded at
6.2% a year
net profit, FY23–FY26 · EPS 5.0%
The gap
0.4 pp
-85% downside if it only repeats history
Price today ₹1,846.5 Value at the reference growth ₹274.39

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Coforge Limited

Guides on how to read this kind of business and the numbers that matter.