Coforge Limited

BSE

COFORGE

Stock

Yield per half year: +5.22%
Dividend yield: 0.6798%
Sector: Technology

Reporting Coforge Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹			46.65										46.65	0.00
Revenue, bln ₹			28.02	29.91	36.76	41.84	46.63	64.32	80.15	90.09	120.51	90.09	80.34	20.91
Net profit, bln ₹			2.5	2.8	4.03	4.44	4.56	6.62	6.94	8.08	8.12	8.08	6.86	12.23
EV, bln ₹			46.98							343.9		343.9	195.44	170.56
EBIT, bln ₹	2.58	3.55	3.6	5.37	6.92	5.42	5.95	8.92	10.36			10.36	7.51	8.41
EBITDA, bln ₹						7.8	7.9	11.5	12.9			12.9	10.03	13.40
OIBDA ₹							9.42	13.8	16.19				13.14	19.78
Book value, bln ₹			16.87	17.74	20.72	23.97	24.66	27.33	30.83	36.27	63.79	36.27	36.58	20.93
FCF, bln ₹						2.24	6.84	6.12	7.92	6.38	6.23	6.38	6.70	-1.85
Operating Cash Flow, bln ₹			4.72	3.88	4.53	2.97	7.62	7.66	9.51	9.03	12.37	9.03	9.24	10.17
Operating profit, bln ₹			3.38	3.78	5.2	5.45	6.08	8.92	10.22	11.5	12.66	11.5	9.88	15.80
Operating expenses, bln ₹			24.42	26.11	31.51	36.32	40.55	55.4	69.92	78.59	107.85	78.59	70.46	21.61
CAPEX, bln ₹			0.873	0.888	0.703	0.725	0.782	1.54	1.58	2.66	6.14	2.66	2.54	51.01

	2017Q3	2017Q4	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Capitalization, bln ₹		56.56																			56.56	0.00
Revenue, bln ₹											20.56	21.7	22.21	22.76	23.23	23.59	24.01	30.62	33.18	32.69	28.82	6.74
Net profit, bln ₹											2.28	1.15	1.65	1.81	2.38	2.24	1.33	2.02	2.16	2.61	2.07	3.10
EV, bln ₹		50.12							215.03	206.99	238.76			320.14		343.9					264.96	9.85
EBIT, bln ₹	0.88	0.998	2.02	2.1	2.04	1.59	2.03				2.97	2.37		2.73							2.34	11.42
EBITDA, bln ₹								3.32	3.03	3.51	3.91	2.46	3.22								3.23	1.22
Book value, bln ₹							21.65	27.33	27.33	28.28	30.6	30.83		33.27		36.27		59.79		63.79	44.79	15.65
Operating Cash Flow, bln ₹			0.541		3.09																1.82	138.99
Operating profit, bln ₹											2.97	2.24	2.3	2.64	3.14	3.27	2.91	2.88	3.16	4.51	3.35	6.64
Operating expenses, bln ₹											17.59	19.46	19.91	20.13	20.09	20.31	21.1	27.75	30.02	28.19	25.47	6.78
CAPEX, bln ₹			0.426		0.725																0.5755	30.46

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Cash, bln ₹				0.001	0.008	0.7	3.27	8	4.47	5.7	3.21	7.96	3.21	5.87	-0.10
Short-Term Investments ₹				3.16	3.73	4.13	0.96	0.23	0.39	0.275	0.114	2.87	0.114	0.7758	65.67
Long-Term Investments ₹	0	0.1293												0.1293	0.00
Accounts Receivable ₹				5.33	6.57	7.13	9.28	10.68	13.89	16.13	18.04	25.77	18.04	16.90	19.26
Total Current Assets ₹				14.61	16.18	19.14	21.51	20.94	22.21	26.06	26.03	47.62	26.03	28.57	17.86
Net assets, bln ₹		4.5	5.08	4.8	4.51	4.21	4.81	4.52	6.01	6.87			6.87	5.28	10.29
Assets, bln ₹				24.46	26.7	28.73	34.4	35.13	49.54	56.83	61.08	124.91	61.08	65.50	28.88
Short-Term Debt ₹	0.0914	0.0861	0.104	0.114			0.302	0.007	0.18		0.967	6.94	0.967	1.68	87.18
Long-Term Debt ₹				0.213	0.178	0.097	0.043	0.003	3.37	3.38	3.4	0.067	3.4	2.04	86.12
Liabilities, bln ₹				7.59	8.96	8.01	10.43	10.47	21.23	25.14	23.81	41.62	23.81	24.45	31.79
Net debt, bln ₹							-2.26	-7.99	-0.923		1.15	-0.951	1.15	-2.1948	-15.90
Debt, bln ₹	0.1432	0.1338	0.167	0.327			1.01	0.01	3.55		4.37	7.01	4.37	3.19	47.33
Interest Income ₹			0.123	0.111	0.264	0.432	0.578	0.109	0.11	0.157				0.2772	-18.33
Interest Expense, bln ₹							0.119	0.099	0.609	0.806	1.26	1.35	1.26	0.8248	68.63
Net interest income, bln ₹				0.032	-0.03	0.048	-0.062	-0.034	-0.54	-0.806			0.157	-0.2788	-275.80
Goodwill ₹	1.49	1.38	2.03	1.85	2.43	2.45	4.09	4.23	10.71	11.67				6.63	36.64
Cost of production, bln ₹				0.696	0.846	0.871	2.08	29.84	39.92	48.83	54.01	72.34	54.01	48.99	19.38
Inventory ₹	0.0523	0.0851	0.003	0.003	0.003									0.0293	-43.54

	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Cash, bln ₹											3.78	4.47	3.35	3.77	4.09	5.7		3.26		3.21		14.94		7.96	7.01	6.91
Short-Term Investments ₹							5.27		0.96		2.85	0.39		1.53		0.275		0.422		0.114		3.07		2.87	1.35	59.85
Long-Term Investments ₹				0.215																					0.2150	0.00
Accounts Receivable ₹											9.05	13.89	13.43	16.96	15.15	17.67		21.29		18.04		23.97		25.77	21.35	7.84
Total Current Assets ₹											17.13	22.21	19.69	26.08	14.55	26.06		27.99		26.03		48.98		47.62	35.34	12.81
Net assets, bln ₹								4.9	4.81	4.67	4.63	22.21	19.69	26.08	14.55	6.87		7.35							14.91	-17.89
Assets, bln ₹											30.84	49.54	52.01	53.5	37.7	56.83		60.85		61.08		121.27		124.91	84.99	17.06
Short-Term Debt ₹		0.114	0.118	0.192	0.233							0.18		2.47				6.04		0.967		7.18		6.94	4.72	22.95
Long-Term Debt ₹									0.048	0.028		3.37	6.02	3.37	5.61	3.38		3.39		3.4				0.067	3.17	-58.75
Liabilities, bln ₹											9.19	21.23	23.75	24.32	7.1	25.14		26.57		23.81		41.42		41.62	31.71	10.61
Net debt, bln ₹													2.67	2.07	1.52			6.17		1.15				-0.951	1.99	-185.59
Debt, bln ₹	0.224	0.188	0.236	0.384	0.466									5.84				9.43		4.37				7.01	5.42	71.98
Interest Income ₹						0.031	0.044	0.026	0.054	0.037															0.0384	3.60
Interest Expense, bln ₹															0.215	0.195	0.221	0.319	0.346	0.319	0.325	0.304	0.325	0.393	0.3332	4.26
Net interest income, bln ₹										-0.037	-0.04	-0.073	-0.184	-0.212	-0.215	-0.195	-0.221	-0.319	-0.346						-0.2592	9.98
Goodwill ₹		1.85		2.39			4.08		4.09		4.1	10.71		10.56		11.67		11.65							9.74	23.23
Cost of production, bln ₹															12.05	13.63	13.79	14.23	13.47	17.42	14.24	19.14	19.9	19.06	17.95	1.82
Inventory ₹		0.003		0.006																					0.0045	41.42

Share

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS	12.91		47.38	64.74	71.02	73.61	108.63	113.56	130.7	121.43	130.7	109.59	10.53
Share price		646.3	1149.45	1589.85	2706.05	5889.15	3885.1	6275.3	9660.65	1792.6	1792.6	5500.56	-21.17
Number of shares, mln		90.11			62.49	60.59	60.91	61.1	61.82	66.88	61.82	62.26	2.00
FCF/share					35.91	112.9	100.39	129.68	103.19	93.11	103.19	107.85	-3.78

	2017Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
EPS			24.14	32.41	36.69	18.79	26.54	29.41	38.06	36.19	30.32	39.06		34.61	5.84
Share price		4807.39	3840.1	3602.9	3847.07	4096.12	4272.51	5072.19	5493.44			8020.9	1792.6	4930.33	-15.95
Number of shares, mln	90.11													90.11	0.00

	Average for 5 quarters	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %				14.83	15.79	19.46	18.53	18.47	25.45	23.86	24.09	16.23	24.09	13.95	21.62	-2.55
ROA, %				10.23	10.5	14.04	12.91	12.97	15.63	13.04	13.71	8.73	13.71	8.84	12.82	-7.61
ROIC, %	21.31	13.08	21.59	18.84			20.53	31.24	32.88		32.13		32.13	17.56	27.12	11.27
ROS, %				8.93	9.37	10.97	10.61	9.77	10.29	8.66	8.97	8.97	8.97	11.70	9.33	-1.69
ROCE, %			22.29	21.37	30.28	33.38	22.63	24.14	23.62	26.26		27.79	27.79	5.33	24.89	4.19
EBIT margin							12.96	12.77	13.86	12.92		11.5	11.5	2.84	12.80	-2.36
EBITDA margin							18.65	16.94	17.87	16.1		14.32	14.32	16.21	16.78	-5.15
Net margin				8.93	9.37	10.97	10.61	9.77	10.29	8.66	8.97	6.74	8.97	11.71	8.89	-7.16
Operational efficiency, %				12.07	12.63	14.15	13.01	13.04	13.86	12.75	12.76	12.76	12.76	13.63	13.03	-0.43

	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %					5.58	7.6	5.48	7.11	7.46	3.98		6.03		7.05		5.56		5.92			13.95	5.71	8.26
ROA, %					3.91	4.19	2.88	3.76	6.05	2.43		3.08		3.67		2.22		2.12			8.84	2.70	-2.69
ROS, %											7.44	7.95	10.24	9.48	5.55	6.6	6.49	7.99	8.97	8.97	11.70	7.80	6.33
ROCE, %	8.76	8.84	8.52	7.86	9.35				9.71	6.38		6.98							27.79	27.79	5.33	15.73	23.41
EBIT margin												11.98							11.5	11.5	2.84	11.66	-1.35
EBITDA margin						19.03	16.54	17.89	19.03	11.33	14.5								14.32	14.32	16.21	14.70	-5.53
Net margin									11.1	5.29	7.44	7.95	10.24	9.48	5.55	6.6	6.49	7.99			11.71	7.22	-3.36
Operational efficiency, %											10.37	11.59	13.52	13.87	12.13	9.39	9.53	13.78	12.76	12.76	13.63	11.64	6.33

Coefficients

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E			18.65	14.59	37.18	40.57	6.72	42.42	66.7	42.42	41.34	38.72	12.40
P/BV			2.77	2.7	6.87	9.48	1.47	9.2	6.5	9.2	4.92	6.70	-1.10
P/S			1.66	1.55	3.63	4.17	0.582	3.8	4.49	3.8	3.47	3.33	4.34
P/FCF							0	0	0	0	17.76
E/P			0.0536				0	0	0	0	0.05	0.0536	0.00
EV/EBIT								33.21	33.21	33.21	-22.84	33.21	0.00
EV/S			1.68				0	3.82	3.82	3.82	2.60	3.11	31.50
EV/FCF								53.91	53.91	53.91	18.76	53.91	0.00
Debt/EBITDA				0.1292	0.0013	0.3084	0	0.3384	0.3384	0.3384	0.56	0.2231	21.24
Netdebt/Ebitda				-0.2892	-1.01	-0.0803	0	0.0894	0.0894	0.0894	1.33	-0.2401	-179.07
Debt/Ratio	0.0068	0.0072	0.0134	0.0293	0.000285	0.0716	0	0.0715	0.0715	0.0715	0.07	0.0488	19.53
Debt/Equity	0.0099	0.0106	0.0194	0.0421	0.000405	0.1297	0	0.1204	0.6388	0.6388	0.76	0.1863	72.27
Debt/Net Income	0.1173	0.0619	0.1307	0.227	0.0022	0.5357	0	0.5403	0.5403	0.5403	1.03	0.3691	18.94
PEG									0.9893	0.9893	40.66	0.9893	0.00
Beta							1.93	-8.42	11.7	11.7	5.09	1.74	82.34
Altman Index							2.03	5.68	5.66	5.66	3.66	4.46	40.75

	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q3	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E					74.82	84.33	59.41	36.67	30.11	37.82	43.03	65.7	12.24	60.01			41.34	43.76	9.67
P/BV					3.23	9.48	7.52	7.02	7.75	8.29	9.16	9.2	1.17	6.5			4.92	6.86	-4.75
P/S					7.48	9.51	5.94	3.7	3.12	3.27	3.69	5.01	0.8964	4.77			3.47	3.53	7.84
E/P					0.0134												0.05	0.0134	0.00
EV/EBIT											117.44				33.21	33.21	-22.84	61.29	-34.36
EV/EBITDA							33.91	21.16	16.84								18.78	23.97	-20.81
EV/S					6.63						14.06	14.58			3.82	3.82	2.60	8.58	-10.44
EV/FCF															53.91	53.91	18.76	53.91	0.00
Debt/EBITDA															0.3384	0.3384	0.56	0.3384	0.00
Netdebt/Ebitda							0.8833	0.5913	0.3887						0.0894	0.0894	1.33	0.4084	-36.75
Debt/Ratio		0.0076	0.0097	0.0158	0.0185			0.1092			0.1549	0.0715		0.0561	0.0715	0.0715	0.07	0.0851	-14.33
Debt/Equity		0.0111	0.0141	0.0229	0.0266			0.2065			0.2833	0.1204		0.1098	0.6388	0.6388	0.76	0.3582	17.66
Debt/Net Income	0.359	0.1876	0.46	0.5714	0.6164						5.21	1.95		2.68	0.5403	0.5403	1.03	2.18	-36.44
PEG															0.9893	0.9893	40.66	0.9893	0.00
Beta														1.72	-5.47	11.7	5.09	2.65	89.48
Altman Index														5.68	5.66	5.66	3.66	5.67	-0.12

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Div. payout, bln	0.731	0.738	0.81	1.09	1.25	0.686	3.53	4.66	4.98		4.98		3.02	31.85
Dividend		12.5	15	1	12	39	58	15.2	15.2	3.8	15.2		26.24	-37.23
Dividend yield, %		2.41	1.41	0.7377	0.6536	0.9484	1.19	0.2463	0.2353	0.2083	0.6798	2.31	0.5657	-26.15
Dividends / profit, %		29.51	28.91	26.93	28.15	15.06	47.63	50.94	57.72	61.27	57.72	25.70	46.52	32.40
Dividend coverage ratio										1.62	1.62	11.73	1.62	0.00

	2019Q3	2020Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Div. payout, bln	0.002	1.47														0.7360	2611.09
Dividend			13	13	13	13	13	13	19	19	19	19				17.80	7.89
Dividend yield, %			0.264	0.2408	0.2704	0.3385	0.3608	0.3379	0.4639	0.4447	0.3746	0.3459			2.31	0.3934	0.47
Dividends / profit, %	0.1674	129.31													25.70	64.74	2679.32
Dividend coverage ratio													1.62	1.62	11.73	1.62	0.00

	Industry average	Average for 5 quarters	CAGR 5

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Other

IFRS

Reporting Annual

	2021	2022	2023	2024	2025	LTM	CAGR 5
CAPEX/Revenue, %	1.68	2.4	1.97	2.95	5.1	2.95	24.87
Staff, people			23 224	23 224			0.00

	CAGR 5

	CAGR 5