Coforge financials and balance sheet

NSE: COFORGEBSE: 532541IT - SoftwareMid Cap

Formerly NIIT Technologies

₹1,900.50₹8.30 (0.43%)BSE ₹1,900.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,908.80.

52-week range of traded prices to 23 Oct 2026

₹1,008.10Low, 17 Mar 2026₹2,021.20High, 31 Aug 2026

Next results date: the board meets on 23 Oct 2026 to consider: financial results.

Market cap: ₹84,199 Cr200th largest listed
P/E: 48.1
P/E without one-offs: 42.0
P/B: Mergernew accounts awaited
Dividend yield: 0.63%
Volume, NSE: 35,41,63643.9% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Coforge annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 4.0% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2025, the company's revenue for that year, ₹12,051 Cr, differs from its quarters added, ₹12,191 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue16,403
Materials and goods−6.5
Employee costs−9,216
Other expenses−4,244
Operating profit2,936
Depreciation−682
Other income+73
One-off items−226
Finance costs−169
Profit before tax1,933
Tax−258
Discontinued businesses+70
Net profit1,745

What the company owns

Plant, investments and other assets₹9,812 Cr
Receivables₹3,970 Cr
Cash and bank₹1,099 Cr

What pays for it: net worth and liabilities

Net worth₹9,681 Cr
Other liabilities₹4,801 Cr
Borrowings₹400 Cr

Coforge business segments, year to Mar 2025

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Coforge segment results by quarter

Revenue by segment

₹12,051 CrTotal

America₹6,609 Cr54.8% of total
Europe,Middle East and Africa₹4,053 Cr33.6% of total
Asia Pacific₹859 Cr7.1% of total
India₹530 Cr4.4% of total

Profit by segment

America₹1,110 Cr58.8% of total
Europe,Middle East and Africa₹710 Cr37.6% of total
Asia Pacific₹68 Cr3.6% of total

Segment results by year

Consolidated from the year to Mar 2023, standalone before, ₹ crore, years to March.

America
Revenue, ₹ crore
1,795
2,004
2,224
6,609
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25
Profit, ₹ crore
0
0
0
1,110
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25
Europe,Middle East and Africa
Revenue, ₹ crore
1,223
1,564
1,718
4,053
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25
Profit, ₹ crore
0
0
0
710
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25
Asia Pacific
Revenue, ₹ crore
358
382
404
859
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25
Profit, ₹ crore
0
0
0
68
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25
India
Revenue, ₹ crore
301
234
318
530
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25
Profit, ₹ crore
0
0
0
−56
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Revenue of all businesses	3,676	4,184	4,663	–	–	–	12,051
Company revenue, as in its results	3,676	4,184	4,663	3,313	8,015	–	12,051
Revenue	1,795	2,004	2,224	–	–	–	6,609
Revenue growth	–	11.7%	11.0%	–	–	–	–
Profit	0	0	0	–	–	–	1,110
Margin	0.0%	0.0%	0.0%	–	–	–	16.8%
Revenue	1,223	1,564	1,718	–	–	–	4,053
Revenue growth	–	27.9%	9.9%	–	–	–	–
Profit	0	0	0	–	–	–	710
Margin	0.0%	0.0%	0.0%	–	–	–	17.5%
Revenue	358	382	404	–	–	–	859
Revenue growth	–	6.7%	5.7%	–	–	–	–
Profit	0	0	0	–	–	–	68
Margin	0.0%	0.0%	0.0%	–	–	–	7.9%
Revenue	301	234	318	–	–	–	530
Revenue growth	–	−22.1%	35.5%	–	–	–	–
Profit	0	0	0	–	–	–	−56
Margin	0.0%	0.0%	0.0%	–	–	–	−10.6%

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Coforge quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 6 May	Mar 2021Filed 6 May	Mar 2022Filed 12 May	Mar 2023Filed 28 Apr	Mar 2024Filed 3 May	Mar 2025Filed 1 Jul	Mar 2026Filed 5 May
Revenue from operations	2,802	2,991	3,676	4,184	4,663	6,432	8,015	9,179	12,051	16,403
	2,325	2,490	3,028	3,461	3,883	5,330	6,734	7,751	10,357	13,467
Materials and goods bought	14	32	29	84	194	172	55	9	10	7
Employee costs	1,651	1,760	2,153	2,530	2,816	3,835	4,828	5,507	7,224	9,216
Other expenses	660	698	845	846	874	1,323	1,851	2,235	3,123	4,244
Operating profit before depreciation	477	501	649	723	780	1,102	1,281	1,428	1,694	2,936
Operating margin	17.0%	16.8%	17.6%	17.3%	16.7%	17.1%	16.0%	15.6%	14.1%	17.9%
Materials, % of revenue	0.5%	1.1%	0.8%	2.0%	4.1%	2.7%	0.7%	0.1%	0.1%	0.0%
Employee costs, % of revenue	58.9%	58.8%	58.6%	60.5%	60.4%	59.6%	60.2%	60.0%	59.9%	56.2%
Other expenses, % of revenue	23.6%	23.3%	23.0%	20.2%	18.7%	20.6%	23.1%	24.3%	25.9%	25.9%
Depreciation and amortisation	128	127	125	173	184	227	259	319	428	682
Operating profit after depreciation	349	374	524	550	596	875	1,022	1,109	1,266	2,254
Other income	27	39	54	68	33	52	62	50	165	73
Finance costs	3	9	9	16	14	65	81	126	135	169
Profit before one-off items and tax	373	404	568	603	614	862	1,004	1,033	1,296	2,159
One-off items	−22	0	−6	−7	−18	0	−52	12	0	−226
Profit before tax	351	404	562	595	596	862	951	1,045	1,296	1,933
	78	95	140	128	130	147	206	209	333	258
Current tax	92	108	139	155	161	177	249	249	403	502
Deferred tax	−14	−14	2	−27	−31	−31	−43	−40	−71	−244
Profit from discontinued businesses	–	–	–	–	–	–	–	–	−27	70
	250	309	422	468	466	715	745	836	936	1,745
Belonging to the company's shareholders	250	280	403	444	456	662	694	808	812	1,541
Belonging to outside owners of subsidiaries	–	–	19	24	10	53	51	28	124	203
Other comprehensive income	–	–	25	10	55	27	32	45	42	25
Total comprehensive income	–	–	447	478	521	741	777	880	978	1,769
Net margin	8.9%	10.3%	11.5%	11.2%	10.0%	11.1%	9.3%	9.1%	7.8%	10.6%

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 4 May	Mar 2020Filed 6 May	Mar 2021Filed 6 May	Mar 2022Filed 12 May	Mar 2023Filed 28 Apr	Mar 2024Filed 3 May	Mar 2025Filed 1 Jul	Mar 2026Filed 5 May
	2,080	2,397	2,466	2,831	3,170	3,727	8,329	9,681
	2,072	2,397	2,466	2,733	3,083	3,627	6,379	9,538
Share capital	62	63	61	61	61	62	67	67
Reserves	2,011	2,334	2,406	2,672	3,021	3,565	6,312	9,470
Belonging to outside owners of subsidiaries	8	–	–	98	87	100	1,950	143
	10	5	1	490	338	437	701	400
Repayable after a year	10	5	1	430	338	340	7	117
Repayable within a year	0	0	0	59	0	97	694	283
	583	794	843	1,179	1,739	1,532	2,738	3,669
Trade payables	165	263	340	616	648	806	988	0
Other financial liabilities	159	241	120	240	819	295	552	719
Other liabilities	0	257	361	232	272	333	504	2,591
Provisions	33	33	23	32	0	0	0	0
Tax owed	227	–	–	0	0	–	0	76
	177	249	205	944	774	849	1,382	1,531
Other financial liabilities	54	125	55	291	211	257	639	1,195
Other liabilities	1	–	18	5	134	143	333	184
Provisions	73	59	70	105	0	0	0	0
Deferred tax	40	40	30	77	58	47	218	35
Trade payables	0	21	33	36	33	63	184	0
Liabilities going with businesses held for sale	33	–	–	–	–	–	43	–
	2,873	3,440	3,513	4,954	5,683	6,108	12,491	14,881
Held for sale or for a demerger	114	–	–	118	–	–	411	–
	960	1,289	1,384	2,734	3,054	3,505	7,729	8,976
Plant in use, after depreciation	419	401	390	593	682	447	768	943
Plant being built	1	0	0	9	5	23	2	3
Intangible assets	155	269	208	403	463	732	1,485	1,344
Goodwill	245	409	423	1,071	1,167	1,174	3,843	4,167
Intangible assets being developed	–	–	–	8	0	0	0	0
Investments	0	0	0	0	0	0	0	98
Other financial assets	24	65	183	42	48	59	89	306
Deferred tax	103	130	155	274	376	558	547	687
Trade receivables	5	–	–	169	177	146	391	848
Other assets	8	14	25	165	136	365	603	580
	1,799	2,151	2,130	2,103	2,630	2,603	4,351	5,906
Trade receivables	588	857	890	1,389	1,613	1,804	2,577	3,970
Cash and cash equivalents	508	820	800	447	570	321	796	1,094
Other bank balances	50	84	12	7	9	14	88	6
Current investments	365	14	12	0	0	0	146	0
Other financial assets	155	243	272	66	170	18	296	12
Tax paid in advance	20	41	36	0	23	0	0	0
Other assets	114	94	108	193	245	446	449	825
Net debt	−913	−912	−824	36	−241	101	−328	−700

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 6 May	Mar 2022Filed 12 May	Mar 2023Filed 28 Apr	Mar 2024Filed 3 May	Mar 2025Filed 1 Jul	Mar 2026Filed 5 May
	762	766	951	903	1,237	1,792
	927	972	1,231	1,270	1,633	2,106
	111	−143	−96	−303	−269	−662
Receivables	−69	−315	−213	−167	−743	−1,552
Payables	79	215	18	173	168	610
Other working capital	102	−43	100	−309	306	280
Tax paid	−168	−265	−280	−366	−396	−439
Interest paid	8	61	0	0	0	158
Capital spending	78	154	158	266	614	743
Free cash flow	684	612	792	638	623	1,049
	−235	−956	−272	−248	−2,448	−435
Plant and property sold	3	7	5	6	57	147
Companies bought	−169	−856	−122	0	−2,081	−321
Interest received	7	2	4	12	71	26
	−553	−156	−558	−887	1,675	−1,094
Borrowings raised	0	358	−18	97	604	198
Borrowings repaid	−31	−6	0	0	−372	−515
Interest paid	−8	−27	−71	−106	−144	−117
Lease payments	−31	0	−42	0	−87	−105
Dividends paid	69	375	429	478	510	543
Shares bought back	417	0	0	0	0	0
Shares issued	2	5	2	1	2,202	0
Net change in cash	−26	−347	121	−231	464	263

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Coforge dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 6 May	Mar 2021Filed 6 May	Mar 2022Filed 12 May	Mar 2023Filed 28 Apr	Mar 2024Filed 3 May	Mar 2025Filed 1 Jul	Mar 2026Filed 5 May
	₹8.16	₹9.13	₹13.10	₹14.28	₹14.94	₹21.80	₹22.75	₹26.31	₹24.60	₹46.44
As stated that year	₹40.80	₹45.63	₹65.49	₹71.39	₹74.68	₹109.02	₹113.77	₹131.56	₹123.01	₹46.44
	₹8.14	₹9.07	₹12.95	₹14.19	₹14.66	₹21.30	₹22.31	₹25.92	₹24.40	₹45.90
As stated that year	₹40.71	₹45.34	₹64.73	₹70.97	₹73.29	₹106.52	₹111.53	₹129.59	₹122.00	₹45.90
	₹2.50	₹3.00	–	₹6.20	₹2.60	₹10.40	₹12.80	₹15.20	₹15.20	₹12.00
As declared that year	₹12.50	₹15.00	–	₹31.00	₹13.00	₹52.00	₹64.00	₹76.00	₹76.00	₹12.00
	–	–	₹67.06	₹76.69	₹81.39	₹89.76	₹100.90	₹117.37	₹190.71	₹283.86
On that year's share count	–	–	₹335.32	₹383.44	₹406.95	₹448.78	₹504.50	₹586.83	₹953.54	₹283.86
Dividend payout	30.7%	32.9%	–	43.6%	17.3%	47.9%	56.4%	58.1%	62.6%	26.2%
Shareholder yield	–	–	–	–	2.7%	1.4%	1.8%	1.4%	−3.1%	1.5%
Market cap at the year end (₹ crore)	2,673	5,314	8,172	7,171	17,734	27,138	23,290	33,979	54,218	37,347

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Coforge PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 4 May	Mar 2020Filed 6 May	Mar 2021Filed 6 May	Mar 2022Filed 12 May	Mar 2023Filed 28 Apr	Mar 2024Filed 3 May	Mar 2025Filed 1 Jul	Mar 2026Filed 5 May
Revenue growth	4.5%	6.8%	22.9%	13.8%	11.4%	37.9%	24.6%	14.5%	–	36.1%
Operating profit growth	0.6%	5.2%	29.4%	11.5%	7.8%	41.4%	16.2%	11.5%	–	73.4%
Net profit growth	−10.7%	23.4%	36.7%	10.8%	−0.3%	53.4%	4.3%	12.1%	12.0%	86.4%
Earnings per share growth	−11.0%	11.8%	43.5%	9.0%	4.6%	46.0%	4.4%	15.6%	−6.5%	88.8%
	–	–	19.5%	19.9%	18.7%	25.5%	23.9%	24.1%	16.2%	19.4%
	–	–	–	0.4 pts	−1.1 pts	6.7 pts	−1.6 pts	0.2 pts	−7.9 pts	3.1 pts
From the net margin	–	–	–	−0.6 pts	−1.6 pts	1.0 pts	−4.0 pts	0.4 pts	−5.6 pts	6.4 pts
From asset turnover	–	–	–	0.7 pts	0.2 pts	2.6 pts	−0.2 pts	0.8 pts	−3.1 pts	−1.7 pts
From borrowing	–	–	–	0.4 pts	0.2 pts	3.1 pts	2.6 pts	−1.0 pts	0.9 pts	−1.6 pts
Return on capital employed	–	–	25.1%	22.9%	24.2%	26.3%	29.1%	26.6%	14.0%	22.4%
Cash conversion	–	–	–	–	163.6%	107.1%	127.6%	108.1%	132.2%	102.7%
Interest cover	112.6	39.8	56.9	35.5	41.7	13.5	12.7	8.8	9.4	13.4
Debt to equity	–	–	0.00	0.00	0.00	0.17	0.11	0.12	0.08	0.04
Receivable days	–	–	58	75	70	79	73	72	78	88
Inventory days	–	–	0	0	0	0	0	0	0	0
Payable days	–	–	2,066	1,139	641	1,304	4,293	31,305	35,716	0
Cash conversion cycle, days	–	–	−2,007	−1,064	−571	−1,225	−4,220	−31,233	−35,638	88
Working capital days	–	–	29	38	36	30	14	33	39	32
Asset turnover	–	–	1.28	1.33	1.34	1.52	1.51	1.56	1.30	1.20
Assets per rupee of net worth	–	–	1.39	1.41	1.43	1.63	1.83	1.76	1.86	1.72
Sales per rupee of plant	–	–	8.77	10.43	11.95	10.85	11.75	20.53	15.69	17.40
Capital spending to depreciation	–	–	–	–	0.43	0.68	0.61	0.83	1.44	1.09
Plant being built, % of plant in use	–	–	0.3%	0.1%	0.1%	1.5%	0.7%	5.2%	0.3%	0.4%

Revenue growth and operating profit growth are left blank for the year to Mar 2025: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 11.3%
Cash from operations against operating profit: 61.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	19.9%	28.6%	27.0%
Profit growth, yearly rate	18.6%	27.6%	30.5%
Return on equity, average	–	21.8%	19.9%
Return on capital employed, average	–	23.7%	21.0%
Operating margin, average	16.6%	16.1%	15.8%
Net margin, average	10.0%	9.6%	9.2%
Asset turnover, average	–	1.42	1.35
Cash conversion cycle, days, average	–	−14,445	−22,261
Interest cover, average	34.4	11.5	10.5
Debt to equity, average	–	0.10	0.08

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	5,648	3,932	1,792
Cash from investing	−4,359	−3,131	−435
Cash from financing	−1,019	−305	−1,094
Capital spending	1,935	1,622	743
Dividends paid	2,334	1,531	543
Shares bought back	0	0	0
Shares issued for cash	2,209	2,202	0
Borrowings raised	–	898	198
Borrowings repaid	893	887	515

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	6	5	6	7	5
Altman Z-scorePublished threshold 1.1	–	–	9.15	8.40	8.28	5.64	5.31	5.98	5.37	5.96
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.80	−1.95	−2.57	−2.35	−2.09	−2.12
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.75	21.39	1.24	3.05	23.09	2.83
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.29	1.14	1.23	1.12
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	31.93	−7.59	18.26	−8.50	−2.70	11.58	17.94
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	2.12	0.81	−2.42	2.22	0.28	2.34	0.56
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	0.00	0.02	0.01	0.28	0.00	0.00
Effective tax ratePublished threshold 17.16 per cent	22.39	23.51	24.95	21.46	21.84	17.04	21.67	20.03	25.66	13.36
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−13.67	−7.77	−15.01	−4.88	−9.32

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
18 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Other	Stable	864
18 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Other		119

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.