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Mid-sized Indian IT-services firm focused on BFSI, insurance, travel and public-sector digital projects.
Mid-sized Indian IT-services firm focused on BFSI, insurance, travel and public-sector digital projects.
Charges for engineering time and on fixed-price projects, mostly for clients outside India in insurance, banking and travel, where long contracts to run and extend core systems make revenue steady. Renamed from NIIT Technologies in 2020.
In one line: A niche, BFSI/insurance-focused Indian Genpact.
Moat: narrow (switching costs, process know-how, customer qualification). Deep vertical (insurance/travel) platform expertise creates sticky, hard-to-replace client relationships.
Headquarters: Noida, India · Founded: 1992 · Employees: 35,777
Size Coforge (COFORGE.NS) is an India Information Technology company (Information Technology Services) with a market value of $9.71B, the 125th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,076 on 6 Nov 2026.
Performance Over six months the shares gained 61.5%, against +15.9% for the median peer and 0.0% for the India market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 41.2% over the last twelve months (peer median +17.4%); the operating margin is 15.5% (peer median 8.8%).
Valuation It trades at 35.2× forward earnings against a peer median of 21.8× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 35% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.5 points below its cost of capital (14.3% WACC).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹203B | ₹164B | ₹121B | ₹90.4B | ₹80.4B |
| Revenue growth | — | +36% | +34% | +12% | — |
| Gross profit | ₹49.5B | ₹34.0B | ₹23.8B | ₹25.6B | ₹23.7B |
| EBITDA | ₹40.3B | ₹30.3B | ₹17.4B | ₹14.9B | ₹13.2B |
| Net income | ₹19.7B | ₹15.6B | ₹8.12B | ₹8.08B | ₹6.94B |
| Free cash flow | n/a | ₹9.58B | ₹5.50B | ₹5.44B | ₹7.25B |
| Capital expenditure | n/a | ₹7.42B | ₹6.14B | ₹2.65B | ₹1.58B |
| Total debt | ₹60.3B | ₹7.28B | ₹10.7B | ₹7.26B | ₹5.62B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Coforge COFORGE.NS | $9.71B | +62% | +41% | 16% | 35.2× | 34.6% |
| Persistent Systems PERSISTENT.NS | $10.6B | +21% | +27% | 16% | 43.9× | 37.4% |
| Mphasis MPHASIS.NS | $5.15B | +15% | +14% | 15% | 22.4× | 28.7% |
| Firstsource Solutions FSL.NS | $2.16B | +25% | +20% | 12% | 22.0× | 20.3% |
| ExlService EXLS | $6.51B | +39% | +16% | 14% | 17.0× | 9.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | COFORGE.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.9% | +0.6% | 5th highest of 21 |
| 6-month return | +61.5% | +15.9% | highest of 21 |
| Distance from 52-week high | -2.4% | -22.2% | highest of 21 |
| Revenue growth (TTM) | +41.2% | +17.4% | 2nd highest of 21 |
| Operating margin | 15.5% | 8.8% | 5th highest of 21 |
| Forward P/E | 35.2× | 21.8× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 34.6% | 8.3% | 3rd most demanding of 16 |
| Growth delivered (Del g) | +28.6% | +11.1% | 2nd highest of 16 |
| Hurdle (Req g minus delivered) | +6.0 pp | -2.4 pp | 7th most demanding of 16 |
| ROIC minus cost of capital | -5.5 pp | +2.3 pp | 5th lowest of 21 |
| EV / EBITDA | 23.8× | 16.5× | 6th most expensive of 13 |
| Net debt / EBITDA | 1.0× | -0.3× | 6th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Coforge COFORGE.NS | India | $9.71B | +62% | +41% | 16% | 35.2× | 34.6% | +28.6% |
| Persistent Systems PERSISTENT.NS | India | $10.6B | +21% | +27% | 16% | 43.9× | 37.4% | +28.6% |
| Otsuka 4768.T | Japan | $8.63B | +24% | +9% | 7% | 20.1× | -5.6% | +9.6% |
| Indra Sistemas IDR.MC | Spain | $11.2B | +12% | +28% | 10% | 19.7× | 4.2% | +12.4% |
| EPAM Systems EPAM | United States | $8.22B | +61% | +11% | 10% | 11.3× | 9.4% | +15.5% |
| AppFolio APPF | United States | $8.18B | +39% | +20% | 19% | 28.9× | 18.5% | +25.1% |
| Ruijie Networks 301165.SZ | China | $11.7B | +6% | +30% | 5% | 48.3× | n/a | n/a |
| Samsung Sds 018260.KS | South Korea | $12.4B | +31% | +2% | 5% | 24.9× | 13.0% | +4.8% |
| iflytek 002230.SZ | China | $13.2B | -20% | +11% | -4% | 106.3× | n/a | n/a |
| Guidewire Software GWRE | United States | $13.3B | +17% | +23% | 10% | 38.5× | 39.4% | +14.7% |
| Viavi Solutions VIAV | United States | $7.00B | -44% | +40% | 11% | 14.0× | 32.7% | +4.8% |
| Bentley Systems BSY | United States | $13.5B | +36% | +13% | 24% | 31.4× | 22.8% | +13.4% |
| CACI International CACI | United States | $13.6B | +27% | +10% | 10% | 17.6× | 7.3% | +9.6% |
| Xometry XMTR | United States | $6.63B | +44% | +37% | -2% | 91.0× | n/a | n/a |
| Suzhou Centec Communications 688702.SS | China | $6.58B | -45% | +32% | -18% | 5,922.0× | n/a | n/a |
| Temenos TEMN.SW | Switzerland | $6.51B | +10% | +30% | 27% | 21.8× | 8.3% | +1.7% |
| Computacenter CCC.L | United Kingdom | $6.48B | +15% | +54% | 3% | 16.4× | 7.9% | +11.1% |
| RIOT RIOT | United States | $6.27B | -31% | +6% | -84% | n/a | n/a | n/a |
| Science Applications International SAIC | United States | $6.13B | +56% | -1% | 8% | 14.3× | -4.6% | +0.6% |
| NICE Ltd. Sponsored ADR NICE | United States | $5.87B | +4% | +8% | 17% | 7.8× | -0.7% | +12.3% |
| Ingram Micro INGM | United States | $5.85B | -6% | +15% | 2% | 6.8× | 2.9% | +1.4% |