Coforge Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹90,601 Cr
- P/E
- 47.25
- ROE
- 21.41%
- PEG
- 1.45
- Price to sales
- 4.96
- Debt to equity
- 0.08
- 52W high / low
- ₹2,045 / ₹1,074
- Sales growth (5Y)
- 28.60%
- EBITDA margin
- 18.63%
- Net profit margin
- 11.65%
- Sales (last year)
- ₹18,195 Cr
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.
Guidance scorecard · Q2 FY27 call
What Coforge Ltd's management guided
and where it ranks in IT - Software
IT - Software
RevenueQ2 FY27 call
10–20%- Coforge expects to sustain best-in-class robust growth, continuing to be the industry growth leader for the third consecutive year.
- Q2 FY2027 saw 10.9% consolidated growth in CC terms, with organic sequential growth at 3.8%.
- The order intake exceeded $1 billion in Q2, marking the highest number of large deals (eight) ever signed in a quarter.
- The next 12-month executable order book reached an all-time high of $2.4 billion, up 45% year-on-year.
- From Q3 onwards, Encora’s growth is expected to mirror Coforge's organic growth, with immediate ramp-ups in deal execution.
2 more points from Coforge Ltd's call on revenue
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MarginsQ2 FY27 call
Up 2%+See what Coforge Ltd said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- Coforge is making significant capital investments in building AI-driven capabilities, specifically focusing on four AI initiatives including Momentuum Blue, a forward deployed engineer (FDE) factory operating onsite with high investment to sustain it.
- The company continues investing aggressively in technology infusion across all functions, including delivery operations and G&A, which helps optimize costs and support growth without increasing headcount.
- Investments are also underway for legal entity rationalization and tax consultancy, facilitating contract novation mainly for the Encora acquisition integration.
2 more points from Coforge Ltd's call on capex
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FundraisingQ2 FY27 call
See what Coforge Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
Rising- Coforge's next 12-month executable order book reached an all-time high of $2.4 billion in Q2 FY2027, marking a 45% increase.
- Order intake for Q2 exceeded $1 billion, growing 51% quarter-on-quarter and 102% year-on-year.
- Eight large deals were signed in the quarter, the highest in the company's history for a quarter.
- These large deals are broad-based across geographies and industries, including BFSI, public sector, high-tech, and retail.
- In Q3, Coforge expects to sign eight or more large deals again, indicating robust future order momentum.
2 more points from Coforge Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in IT - Software
on management's own guidance
- Strong growth2
- Strong growth1
- CapitalNumbersGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
IT - Software companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹569 Cr | 34.7 | |
| 2 | 40%+ | Flat | ₹336 Cr | 7.3 | |
| 3 | CapitalNumbers | 20–40% | Up 2%+ | ₹181 Cr | 9.2 |
| 4 | 20–40% | Up 2%+ | ₹159 Cr | 11.5 | |
| 5 | 20–40% | Up 0–2% | ₹1,826 Cr | 28.5 | |
| 6 | 20–40% | Flat | ₹4,341 Cr | 84.7 |
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Pro shows every company guiding 40%+ revenue growth →Full IT - Software rankingFinancials of Coforge Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Coforge Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FIIs + | 34.04% | 35.00% | 41.43% | 42.09% | 42.55% | 40.21% | 37.42% | 34.09% | 34.53% | 30.66% | 24.31% | 24.75% |
| DIIs + | 55.02% | 54.29% | 47.29% | 48.15% | 47.86% | 49.93% | 52.32% | 54.87% | 53.67% | 56.18% | 42.62% | 43.79% |
| Public + | 10.95% | 10.69% | 11.28% | 9.75% | 9.58% | 9.86% | 10.25% | 11.03% | 11.80% | 13.16% | 33.07% | 31.47% |
| No. of Shareholders | 1,17,844 | 1,26,739 | 1,63,357 | 1,37,768 | 1,37,170 | 1,44,175 | 1,85,865 | 2,23,492 | 2,43,366 | 2,93,510 | 3,40,980 | 3,12,271 |
Financials of Coforge Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,276 | 2,323 | 2,318 | 2,357 | 3,026 | 3,258 | 3,422 | 3,704 | 4,016 | 4,232 | 4,450 | 5,528 | 6,171 |
| Expenses + | 1,935 | 1,928 | 1,929 | 2,048 | 2,603 | 2,823 | 2,895 | 3,127 | 3,257 | 3,508 | 3,574 | 4,470 | 4,948 |
| Operating Profit | 341 | 395 | 390 | 309 | 423 | 435 | 527 | 577 | 759 | 723 | 876 | 1,058 | 1,223 |
| OPM % | 15% | 17% | 17% | 13% | 14% | 13% | 15% | 16% | 19% | 17% | 20% | 19% | 20% |
| Other Income + | 9 | 15 | 14 | 6 | 42 | 56 | 33 | 64 | 12 | -127 | -32 | -28 | -31 |
| Interest | 32 | 35 | 37 | 32 | 30 | 32 | 40 | 46 | 41 | 42 | 40 | 87 | 108 |
| Depreciation | 77 | 81 | 79 | 72 | 114 | 116 | 125 | 159 | 172 | 171 | 180 | 241 | 285 |
| Profit before tax | 241 | 294 | 288 | 211 | 320 | 343 | 395 | 436 | 558 | 384 | 625 | 702 | 799 |
| Tax % | 22% | 18% | 20% | 34% | 27% | 25% | 22% | 18% | 24% | 23% | -7% | 24% | 24% |
| Net Profit + | 188 | 243 | 229 | 139 | 234 | 256 | 307 | 356 | 425 | 297 | 666 | 532 | 605 |
| EPS in Rs | 5.88 | 7.71 | 7.24 | 3.99 | 6.06 | 6.45 | 7.81 | 9.49 | 11.23 | 7.47 | 18.23 | 11.71 | 13.27 |
Financials of Coforge Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,372 | 2,688 | 2,802 | 2,991 | 3,676 | 4,184 | 4,663 | 6,432 | 8,015 | 9,009 | 12,073 | 16,403 | 20,380 |
| Expenses + | 2,036 | 2,214 | 2,322 | 2,489 | 3,026 | 3,459 | 3,882 | 5,330 | 6,733 | 7,562 | 10,380 | 13,467 | 16,499 |
| Operating Profit | 337 | 474 | 480 | 502 | 650 | 725 | 781 | 1,102 | 1,282 | 1,447 | 1,694 | 2,936 | 3,881 |
| OPM % | 14% | 18% | 17% | 17% | 18% | 17% | 17% | 17% | 16% | 16% | 14% | 18% | 19% |
| Other Income + | -64 | 20 | 4 | 38 | 46 | 59 | 13 | 52 | 8 | 32 | 137 | -83 | -218 |
| Interest | 6 | 8 | 6 | 9 | 9 | 16 | 14 | 65 | 81 | 126 | 135 | 169 | 276 |
| Depreciation | 92 | 121 | 128 | 127 | 125 | 173 | 184 | 227 | 258 | 297 | 428 | 682 | 877 |
| Profit before tax | 176 | 365 | 351 | 404 | 562 | 595 | 596 | 862 | 951 | 1,056 | 1,269 | 2,003 | 2,510 |
| Tax % | 31% | 21% | 22% | 24% | 25% | 21% | 22% | 17% | 22% | 21% | 26% | 13% | |
| Net Profit + | 122 | 287 | 272 | 309 | 422 | 468 | 466 | 715 | 745 | 836 | 936 | 1,745 | 2,100 |
| EPS in Rs | 3.74 | 8.83 | 8.15 | 9.12 | 13.06 | 14.21 | 15.04 | 21.73 | 22.72 | 26.14 | 24.29 | 46.33 | 50.68 |
| Dividend Payout % | 51% | 23% | 31% | 33% | 0% | 44% | 17% | 48% | 56% | 58% | 16% | 34% |
Financials of Coforge Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 61 | 61 | 61 | 62 | 62 | 62 | 61 | 61 | 61 | 62 | 67 | 67 | 89 |
| Reserves | 1,296 | 1,511 | 1,625 | 1,712 | 2,010 | 2,334 | 2,406 | 2,672 | 3,021 | 3,565 | 6,312 | 9,470 | 22,273 |
| Borrowings + | 9 | 10 | 25 | 22 | 14 | 35 | 83 | 490 | 562 | 726 | 1,070 | 728 | 6,026 |
| Other Liabilities + | 611 | 702 | 695 | 828 | 748 | 968 | 935 | 1,655 | 1,980 | 1,708 | 4,823 | 4,581 | 6,392 |
| Total Liabilities | 1,977 | 2,285 | 2,407 | 2,624 | 2,834 | 3,400 | 3,484 | 4,878 | 5,625 | 6,061 | 12,272 | 14,846 | 34,780 |
| Fixed Assets + | 558 | 903 | 848 | 879 | 819 | 1,079 | 1,021 | 2,067 | 2,312 | 2,353 | 6,096 | 6,760 | 23,592 |
| CWIP | 120 | 17 | 0 | 1 | 1 | 0 | 0 | 17 | 5 | 23 | 2 | 3 | 5 |
| Investments | 55 | 75 | 316 | 365 | 365 | 14 | 12 | 0 | 0 | 0 | 146 | 0 | 6 |
| Other Assets + | 1,243 | 1,291 | 1,244 | 1,379 | 1,649 | 2,307 | 2,451 | 2,794 | 3,309 | 3,685 | 6,028 | 8,083 | 11,177 |
| Total Assets | 1,977 | 2,285 | 2,407 | 2,624 | 2,834 | 3,400 | 3,484 | 4,878 | 5,625 | 6,061 | 12,272 | 14,846 | 34,780 |
Financials of Coforge Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 258 | 360 | 472 | 382 | 453 | 297 | 762 | 766 | 950 | 903 | 1,237 | 1,792 |
| Cash from Investing Activity + | -184 | -223 | -343 | -248 | -237 | 136 | -86 | -963 | -269 | -265 | -2,438 | -400 |
| Cash from Financing Activity + | -66 | -73 | -67 | -74 | -106 | -133 | -696 | -156 | -558 | -887 | 1,675 | -1,094 |
| Net Cash Flow | 7 | 64 | 62 | 60 | 109 | 300 | -20 | -353 | 123 | -249 | 474 | 298 |
| Free Cash Flow | 71 | 200 | 387 | 294 | 385 | 227 | 687 | 618 | 797 | 644 | 680 | 1,197 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 104% | 97% | 120% | 98% | 88% | 66% | 119% | 93% | 96% | 88% | 96% | 76% |
Financials of Coforge Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 93 | 80 | 61 | 71 | 58 | 75 | 84 | 79 | 73 | 73 | 78 | 88 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 93 | 80 | 61 | 71 | 58 | 75 | 84 | 79 | 73 | 73 | 78 | 88 |
| Working Capital Days | 48 | 64 | 38 | 30 | 37 | 38 | 33 | 33 | 13 | 30 | 18 | 25 |
| ROCE % | 19% | 25% | 23% | 23% | 30% | 27% | 25% | 32% | 31% | 29% | 20% | 24% |
Guidance history
How Coforge Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 10–20% | Up 2%+ | Planned | — | Rising |
| Q1 FY27 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
83 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +13.1% | 71% |
| Last 6 months | +71.0% | 94% |
| Last 3 months | +18.8% | 88% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Coforge Ltd: 0.4 × 71 + 0.4 × 94 + 0.2 × 88 = 83.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
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