Stock COFORGE COFORGE LIMITED
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Financials Coforge Limited

Equities

COFORGE

INE591G01017

IT Services & Consulting

End-of-day quote NSE India S.E.
Other stock markets
 06:00:00 2024-04-28 pm EDT 		5-day change 1st Jan Change
5,184 INR -1.27% Intraday chart for Coforge Limited +1.29% -17.38%
Apr. 22 Coforge Limited Announces Board Changes CI
Apr. 03 Unisys Names Chief Human Resources Officer MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 81,916 71,728 177,351 271,520 232,992 320,492 - -
Enterprise Value (EV) 1 71,240 60,178 166,393 273,051 230,587 314,492 308,539 300,551
P/E ratio 20.5 x 16.2 x 39.9 x 41.8 x 34.2 x 36.8 x 27.8 x 22.8 x
Yield - 2.7% 0.44% 1.17% 1.68% 1.58% 1.9% 2.17%
Capitalization / Revenue 2.23 x 1.71 x 3.8 x 4.22 x 2.91 x 3.47 x 3.03 x 2.62 x
EV / Revenue 1.94 x 1.44 x 3.57 x 4.25 x 2.88 x 3.4 x 2.91 x 2.45 x
EV / EBITDA 11 x 8.08 x 21.2 x 22.6 x 17.4 x 20.4 x 16.5 x 13.6 x
EV / FCF 18.6 x 32.6 x 24.3 x 44.7 x 29.1 x 40.7 x 31.4 x 24.1 x
FCF Yield 5.37% 3.07% 4.11% 2.24% 3.44% 2.46% 3.19% 4.15%
Price to Book 3.9 x 2.99 x 7.19 x 9.93 x 7.7 x 9.1 x 7.76 x 6.4 x
Nbr of stocks (in thousands) 61,784 62,495 60,592 60,913 61,087 61,821 - -
Reference price 2 1,326 1,148 2,927 4,458 3,814 5,184 5,184 5,184
Announcement Date 5/4/19 5/5/20 5/6/21 5/12/22 4/27/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 36,762 41,839 46,628 64,320 80,146 92,419 105,850 122,510
EBITDA 1 6,452 7,448 7,865 12,056 13,250 15,447 18,729 22,135
EBIT 1 5,204 5,718 6,029 8,882 10,665 12,243 15,331 18,421
Operating Margin 14.16% 13.67% 12.93% 13.81% 13.31% 13.25% 14.48% 15.04%
Earnings before Tax (EBT) 1 5,624 5,954 5,962 8,615 9,512 11,353 15,096 18,252
Net income 1 4,033 4,440 4,556 6,617 6,938 8,718 11,433 13,857
Net margin 10.97% 10.61% 9.77% 10.29% 8.66% 9.43% 10.8% 11.31%
EPS 2 64.73 70.97 73.29 106.5 111.5 141.0 186.4 227.2
Free Cash Flow 1 3,824 1,846 6,841 6,115 7,923 7,735 9,839 12,460
FCF margin 10.4% 4.41% 14.67% 9.51% 9.89% 8.37% 9.3% 10.17%
FCF Conversion (EBITDA) 59.27% 24.79% 86.98% 50.72% 59.8% 50.08% 52.53% 56.29%
FCF Conversion (Net income) 94.82% 41.58% 150.15% 92.41% 114.2% 88.73% 86.06% 89.92%
Dividend per Share 2 - 31.00 13.00 52.00 64.00 81.72 98.36 112.5
Announcement Date 5/4/19 5/5/20 5/6/21 5/12/22 4/27/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 11,906 12,615 14,616 15,694 16,581 17,429 18,294 19,594 20,558 21,700 22,210 22,989 23,374 23,971 -
EBITDA 1 2,009 2,122 2,359 2,923 3,226 3,549 3,012 3,596 3,615 3,273 3,316 3,858 4,093 4,538 -
EBIT 1 1,548 1,673 1,676 2,325 2,660 2,709 2,288 2,982 2,991 2,556 2,394 3,097 3,294 3,723 3,455
Operating Margin 13% 13.26% 11.47% 14.81% 16.04% 15.54% 12.51% 15.22% 14.55% 11.78% 10.78% 13.47% 14.09% 15.53% -
Earnings before Tax (EBT) - - - 2,061 2,332 2,590 2,212 2,680 3,074 1,546 - 2,973 3,167 3,534 -
Net income 1 1,220 1,330 1,236 1,467 1,837 2,077 1,497 2,011 2,282 1,148 1,653 2,303 2,432 2,749 -
Net margin 10.25% 10.54% 8.46% 9.35% 11.08% 11.92% 8.18% 10.26% 11.1% 5.29% 7.44% 10.02% 10.41% 11.47% -
EPS 2 - - 19.94 23.65 29.58 33.45 24.14 32.41 36.69 18.45 26.54 36.49 39.62 44.13 31.05
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 1/28/21 5/6/21 7/28/21 10/25/21 1/27/22 5/12/22 7/22/22 10/20/22 1/20/23 4/27/23 7/20/23 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - 1,531 - - - -
Net Cash position 1 10,676 11,550 10,958 - 2,405 6,000 11,953 19,941
Leverage (Debt/EBITDA) - - - 0.127 x - - - -
Free Cash Flow 1 3,824 1,846 6,841 6,115 7,923 7,735 9,839 12,460
ROE (net income / shareholders' equity) 21% 19.9% 18.7% 25.5% 23.9% 26% 28.9% 29.6%
ROA (Net income/ Total Assets) 14.6% 14.1% - 15.6% 13% 18.1% 20.8% 22.7%
Assets 1 27,718 31,566 - 42,288 53,189 48,097 54,943 61,042
Book Value Per Share 2 340.0 383.0 407.0 449.0 496.0 570.0 668.0 810.0
Cash Flow per Share 2 - - - - 153.0 229.0 231.0 282.0
Capex 1 703 2,087 782 1,541 1,582 2,899 2,935 3,215
Capex / Sales 1.91% 4.99% 1.68% 2.4% 1.97% 3.14% 2.77% 2.62%
Announcement Date 5/4/19 5/5/20 5/6/21 5/12/22 4/27/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Coforge Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
28
Last Close Price
5,184 INR
Average target price
6,478 INR
Spread / Average Target
+24.96%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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