NSE/COFORGE

COFORGECoforge Ltd

Information Technology · NSE

₹1,316.8+0.27%

52-wk low52-WEEK RANGE52-wk high

₹1,073.9+22.6% from low ·-84.7% from high₹8,630.5

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

COFORGE-79.18% · 1Y

Range high ₹8,699Range low ₹1,008.1Latest ₹1,316.8252 bars · daily-close · NSE bhavcopy + 10Y history

Information TechnologyInformation Technology ServicesMidcapLow Risk

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite38/100

Performance

Low

Hasn't fared well — amongst the weak performers.

· 52w return -5.1% — underperformer
· Below 200-DMA (-19.3%) — downtrend

Valuation

High

Looks expensive vs the sector.

· P/E 38.9 — 48% above sector median 26.2

Growth

High

Growing faster than the broader market.

· Revenue YoY +31.3% — strong top-line
· 3Y revenue CAGR +23.3% — consistent compounder

Profitability

Medium

Average profitability vs peers.

· ROE 16.3%
· Net margin 6.7% — thin margins

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeC(58/100)

Durability

A+

91/100

Financially resilient — strong quality + solvency profile.

Show 4 drivers

Piotroski F-score8/9 (89pt)
Altman Z" score4.35 (100pt)
Debt/Equity0.11 (100pt)
ROE16.3% (65pt)

Valuation

35/100

Trading at a premium — growth must keep delivering to justify.

Show 4 drivers

P/E vs sector (38.9 / 26.2)148% (31pt)
P/B6.33 (40pt)
Dividend yield1.22% (31pt)
EV/EBITDA20.6 (39pt)

Momentum

49/100

Momentum is muted; trend is unclear or rolling over.

Show 5 drivers

52w change-5.1% (39pt)
DMA-trend alignmentsideways (50pt)
RSI (14)64.0 (91pt)
Price vs 200-DMA-19.6% (21pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)38.89

OVERVALUED

CheapestP/E 38.9 at 94th %ile — pricier than 94% of peers.Most expensive

P/B6.33

OVERVALUED

CheapestP/B 6.33 at 83th %ile of sector.Most expensive

EV/EBITDA20.63

OVERVALUED

Monthly seasonality

Avg monthly return over 10 years · historical — not a forecast

Best: Apr +40.48% · Worst: Feb -4.90%

Jan

+3.3%

40% win

Feb

-4.9%

40% win

Mar

-3.3%

50% win

Apr

+40.5%

60% win

May

+7.5%

70% win

Jun

-4.2%

Monthly return distribution

Distribution of 120 monthly returns

Mean

+5.19%

Median

+1.97%

Std dev

34.60%

Best

+350.4%

Worst

-77.5%

% positive

56%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 4

Lean balance sheet (D/E 0.11)
Low leverage means earnings are less sensitive to rate cycles
Consistent top-line growth (23.3% 3Y CAGR)
Sustained revenue compounding is rare and hard to fake
Financial quality score 8/9
Piotroski ≥7 historically associated with outperformance
Bankruptcy risk low (Altman Z″ 4.35)
Z″ above 2.60 sits squarely in the 'safe' zone

WEAKNESSES · 1

Premium to sector on P/E (+48%)
P/E 38.9 vs Information Technology median 26.2

OPPORTUNITIES · 1

29% upside to consensus target (₹1678)
31 analysts see fair value materially higher

THREATS · 0

No immediate threats from the data

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+0.3%

+7.6%

+20.8%

-20.0%

-17.7%

-79.7%

+20.5%

+20.1%

10Y

+29.5%

Fundamentals

VALUATION

Market cap

₹43,694 Cr

P/E (TTM)

38.9

P/E (fwd)

23.5

next 12m

P/B

6.33

EV/EBITDA

20.6

Book value

₹205.67

per share

PROFITABILITY · QUALITY

ROE

16.3%

ROCE

—

Net margin

6.7%

Op margin

13.4%

Gross margin

41.6%

D/E

0.11

GROWTH · MARKET

Rev YoY

+31.3%

Profit YoY

+0.5%

Div yield

1.22%

Payout

46.6%

52w change

-5.1%

Beta

0.13

defensive

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 5

+Forward P/E materially below trailing (23.5x vs 38.9x)Street expects earnings growth that compresses the multiple — positive surprise cushion
+Revenue growing at +31.3% YoYGrowth-category territory — implies market-share gains or market expansion
+3-year revenue CAGR of 23.3%Sustained multi-year growth — not a one-quarter flash
+Nearly debt-free (D/E 0.11)Low financial risk — funds growth from internal accruals, resilient in downturns
++29% upside to analyst consensus target31 analysts average target of ₹1678 vs current ₹1301

CONS · 1

−Trades at a premium to sector on P/EP/E 38.9 vs Information Technology median 26.2 — priced for more growth than peers

Sector-relative context

Information Technology · 18 peers

P/E (TTM)

This stock

38.89

Sector median

26.23

Rank 17/18 (11th %ile)

ROE

This stock

16.3%

Sector median

19.8%

Rank 11/18 (44th %ile)

P/B

This stock

6.33

Sector median

5.38

Rank 15/18 (22th %ile)

Quality score · Piotroski F-score

8 / 9

Strong quality — passes most F-score checks

✓Profitable (positive net income)· Most basic check — company makes money
✓Positive return on assets· Assets generate returns
✓Positive operating cash flow· Profits are backed by real cash, not accruals
✓Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✓Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✓ROA improved YoY· Getting more productive with the asset base
✓Operating margin expanded YoY· Pricing power or cost discipline
✗

Forensic score · Altman Z″ (emerging markets)

Bankruptcy-risk predictor · 1995 Altman emerging-market revision

SAFE4.35

Z″ = 4.35 — well inside the SAFE zone. Low bankruptcy risk signal across liquidity, profitability and solvency inputs.

Component	Ratio	Weight	Contribution
Working Capital / Total Assets (A)	0.115	×6.56	0.756
Retained Earnings / Total Assets (B)	0.452	×3.26	1.474
EBIT / Total Assets (C)	0.180	×6.72	1.209
Book Equity / Total Liabilities (D)	0.867	×1.05	0.911

Zones: Z″ ≥ 2.60 safe · 1.10–2.60 grey · < 1.10 distress. All four inputs derived from latest annual filing.

Analyst consensus

31 analysts · BUY

Target mean

₹1677.55

Target high

₹2405.00

Target low

₹1115.00

Upside vs today

+28.9%

Street consensus target is +28.9% vs current price. Consensus is a lagging sentiment read, not a forecast.

Company + balance sheet snapshot

Industry

Information Technology Services

Employees

25,620

Shares out

33.6

Revenue (TTM)

₹15,272 Cr

EBITDA

₹2,261 Cr

Total debt

₹972 Cr

Cash

₹571 Cr

Net debt

₹400 Cr

Quarterly results

Last 5 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q4
Revenue	3,026	3,258	3,269	3,689	4,188
Operating profit	309	319	463	393	559
OPM %	10.2%	9.8%	14.2%	10.7%	13.4%
Interest	30	32

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	6,432	8,015	9,009	12,051
Operating profit	892	1,036	1,163	1,279
OPM %	13.9%	12.9%	12.9%	10.6%
Interest	61	77	121	129

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
COFORGETHIS Coforge Limited	₹1,316.8	-81.0%	43,694	38.9	6.33	16.3%	0.11	+31.3%
INFY Infosys Limited	₹1,318.7	-9.1%	5,31,162	18.3	6.16	32.7%	0.10	+3.2%
HCLTECH HCL Technologies Limited	₹1,442.3	-2.7%	3,86,448	23.5	5.11	23.2%	0.10	+7.4%
LTIM LTIMindtree Ltd	—	—	1,33,516	28.1	5.64	21.0%	0.10	+11.6%
PERSISTENT Persistent Systems Limited	₹5,446.5	+11.1%	85,452	49.5	10.99	25.0%	0.06	+21.6%
OFSS Oracle Financial Services Software Limited	₹7,992.5	-1.7%	69,476	28.5	10.05	33.5%	0.01	+7.4%
MPHASIS MphasiS Limited	₹2,462.2	+3.4%	46,408	25.8	4.56	18.7%	0.24	+7.2%
LTTS L&T Technology Services Limited	₹3,490.1	-20.1%	36,665	29.2	5.92	—	0.10	+10.6%
KPITTECH KPIT Technologies Limited	₹747.8	-35.9%	19,904	27.8	6.08	—	0.16	+19.9%

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	10.79	10.87	+0.8%
-2q	11.03	11.07	+0.4%
-3q	12.27	7.88	-35.8%
-4q	8.46	7.73	-8.6%

Date	Amount
2026-01-30	₹4.00
2025-10-31	₹4.00
2025-07-31	₹4.00
2025-05-09	₹3.80
2025-01-30	₹3.80
2024-10-11	₹3.80
2024-08-02	₹3.80
2024-05-15	₹3.80
2024-02-05	₹3.80
2023-11-02	₹3.80
2023-08-03	₹3.80
2023-05-10	₹3.80
2023-02-03	₹3.80
2022-11-03	₹2.60
2022-08-03	₹2.60
2022-05-23	₹2.60
2022-02-07	₹2.60
2021-11-03	₹2.60
2021-08-09	₹2.60
2021-05-18	₹2.60

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	61	61	62	67
Reserves	2,240	2,508	2,937	3,297
Borrowings	490	562	726	1,070
Other liabilities	5	6	13	159
Total liabilities	4,954	5,683	6,108	12,491
Fixed assets	602	687	764	1,127
CWIP	9	5	24	3
Investments	1	0	—	11
Other assets	105	136	337	0
Total assets	4,954	5,683	6,108	12,491

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	766	951	903	1,237
CF Investing	-956	-272	-248	-2,448
CF Financing	-156	-558	-887	1,675
Net cash flow	-353	123	-249	474
Free cash flow	612	792	638	623

Metric	2025-FY	2024-FY	2023-FY	2022-FY
OPM %	10.6%	12.9%	12.9%	13.9%
Net margin %	6.7%	9.0%	8.7%	10.3%
ROE %	25.5%	29.0%	28.5%	28.8%
ROCE %	34.9%	34.7%	34.7%	33.1%
Debt / Equity	0.32	0.24	0.22	0.21
Interest coverage	11.0×	9.9×	13.4×	15.1×
Revenue growth YoY	+33.8%	+12.4%	+24.6%	—
Profit growth YoY	+0.5%	+16.5%	+4.9%	—

COFORGECoforge Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Peer comparison · Information Technology

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Stock scorecard

SWOT analysis

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Recent news

Ratios

Peer comparison · Information Technology