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Swing Capital

Coforge Ltd

NSE: COFORGE BSE: 532541IT / Software

Coforge is an IT services company providing end-to-end software solutions and services. . It is among the top-20 Indian software exporters. Prominent global customers include British Airways, the ING group, SEI Investments, Sabre, and SITA. Over the years, Coforge has set up subsidiaries in the US, Singapore, Australia, UK, Germany and Thailand, mainly to market and mobilise projects for the software division. The company has business partnerships with large IT companies across the world.

₹1,336
52W: ₹1008 — ₹1994
PE 37.6 · Book ₹252 · +430% vs book
Market Cap₹57,397 Cr
Stock P/E37.6Price to Earnings
ROCE21.7%Return on Capital
ROE21.5%Return on Equity
Div. Yield1.19%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 44.6% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 51.1%

Weaknesses

  • −Tax rate seems low
  • −Earnings include an other income of Rs.774 Cr.

Shareholding Pattern

Promoters0%
FIIs23.32%
DIIs44.42%
Public32.26%
CategorySep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Apr 2026
Promoters0%0%0%0%0%0%0%0%
FIIs42.09%42.55%▲0.540.21%▼2.337.42%▼2.834.09%▼3.334.53%▲0.430.66%▼3.923.32%▼7.3
DIIs48.15%47.86%▼0.349.93%▲2.152.32%▲2.454.87%▲2.553.67%▼1.256.18%▲2.544.42%▼11.8
Public9.75%9.58%▼0.29.86%▲0.310.25%▲0.411.03%▲0.811.8%▲0.813.16%▲1.432.26%▲19.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,2651,2251,2101,3261,4331,8701,7721,9812,4862,658
Expenses1,0921,0661,1361,2181,3461,6721,6741,7972,2132,397
Operating Profit173159741088719898184272261
OPM %14%13%6%8%6%11%6%9%11%10%
Net Profit41029481230106144151332118553
EPS ₹13.289.512.436.883.174.324.519.933.5316.46

AI Insights

Revenue Trend

Mar 2026 revenue at ₹9,572Cr, up 72.3% YoY. OPM at 11%.

Debt Position

Borrowings at ₹244Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 44.42% (-9.86pp change). FIIs: 23.32% (-11.05pp change). Promoters hold 0%.

Margin & Efficiency

ROCE improving from 18% (Mar 2015) to 22% (Mar 2026). Working capital days: 20.

Valuation

PE 37.6x with 21.7% ROCE. Price is 430% above book value of ₹252. Dividend yield: 1.19%.

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