Financials Coforge Limited

Equities

COFORGE

INE591G01025

IT Services & Consulting

End-of-day quote NSE India S.E. Other stock markets 18/05/2026			5-day change	1st Jan Change
1,348.10 ^INR	+5.15%		-1.97%	-18.94%

05-07	Indian IT firm Mphasis sues Coforge in US court over alleged employee hiring, access to client data	RE
05-06	Indian IT firm Mphasis sues Coforge in US court over alleged employee hiring, access to client data	RE

Projected Income Statement: Coforge Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	46,628	64,320	80,146	91,790	120,507	164,027	235,477	272,134
Change	-	37.94%	24.61%	14.53%	31.29%	36.11%	43.56%	15.57%
EBITDA ¹	7,865	12,056	13,250	14,675	18,312	30,464	47,052	53,950
Change	-	53.29%	9.9%	10.75%	24.78%	66.36%	54.45%	14.66%
EBIT ¹	6,029	8,882	10,665	11,489	14,036	23,645	35,937	41,762
Change	-	47.32%	20.07%	7.73%	22.17%	68.46%	51.98%	16.21%
Interest Paid ¹	-	-650	-806	-1,256	-1,347	-1,686	-3,219	-3,443
Earnings before Tax (EBT) ¹	5,962	8,615	9,512	10,449	12,961	19,328	32,571	39,151
Change	-	44.5%	10.41%	9.85%	24.04%	49.12%	68.52%	20.2%
Net income ¹	4,556	6,617	6,938	8,080	8,121	15,557	23,936	29,000
Change	-	45.24%	4.85%	16.46%	0.51%	91.57%	53.86%	21.15%
Announcement Date	06/05/21	12/05/22	27/04/23	02/05/24	05/05/25	05/05/26	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	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	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	10,570	11,537	11,906	12,615	14,616	15,694	16,581	17,429	18,294	19,594	20,558	21,700	22,210	22,762	23,233	23,585	24,008	30,623	33,182	34,099	36,886	40,860	42,298	44,654	51,559	57,080	59,290	61,763
Change	-	9.15%	3.2%	5.95%	15.86%	7.38%	5.65%	5.11%	4.96%	7.11%	4.92%	5.56%	2.35%	2.49%	2.07%	1.52%	1.79%	27.55%	8.36%	2.76%	8.17%	10.77%	3.52%	5.57%	15.47%	10.71%	3.87%	4.17%
EBITDA ¹	1,806	2,172	2,009	2,122	2,359	2,923	3,226	3,549	3,012	3,596	3,615	3,273	3,316	3,474	4,012	4,038	3,134	4,551	5,028	5,484	5,941	7,252	7,416	8,435	10,455	11,422	11,888	12,499
Change	-	20.27%	-7.5%	5.62%	11.17%	23.91%	10.37%	10.01%	-15.13%	19.39%	0.53%	-9.46%	1.31%	4.76%	15.49%	0.65%	-22.39%	45.21%	10.48%	9.07%	8.33%	22.07%	2.26%	13.74%	23.95%	9.25%	4.07%	5.14%
EBIT ¹	1,341	1,588	1,548	1,673	1,676	2,325	2,660	2,709	2,288	2,982	2,991	2,556	2,394	2,702	3,201	3,192	2,319	3,308	3,760	4,230	4,349	5,612	5,591	6,618	8,120	8,807	9,192	9,712
Change	-	18.42%	-2.52%	8.07%	0.18%	38.72%	14.41%	1.84%	-15.54%	30.33%	0.3%	-14.54%	-6.34%	12.87%	18.47%	-0.28%	-27.35%	42.65%	13.66%	12.5%	2.81%	29.04%	-0.37%	18.38%	22.69%	8.47%	4.37%	5.66%
Charge d'intérêts ¹	-37	-	-	-	-	-	-183	-183	-	-	-	-195	-	-	-346	-370	-325	-304	-325	-	-462	-464	-410	-417	-838	-1,054	-1,078	-1,103
Earnings before Tax (EBT) ¹	1,089	1,525	-	-	-	2,061	2,332	2,590	2,212	2,680	3,074	1,546	-	2,407	2,944	2,856	2,047	3,135	3,433	3,933	3,654	5,163	5,366	6,186	7,959	7,777	8,403	8,926
Change	-	40.04%	-	-	-	-	13.15%	11.06%	-14.59%	21.16%	14.7%	-49.71%	-	-	22.31%	-2.99%	-28.33%	53.15%	9.51%	14.56%	-7.09%	41.3%	3.93%	15.29%	28.66%	-2.29%	8.05%	6.22%
Net income ¹	799	1,207	1,220	1,330	1,236	1,467	1,837	2,077	1,497	2,011	2,282	1,148	1,653	1,810	2,380	2,237	1,332	2,022	2,155	2,612	3,174	3,710	3,619	4,537	5,400	5,722	6,032	6,450
Change	-	51.06%	1.08%	9.02%	-7.07%	18.69%	25.22%	13.06%	-27.92%	34.34%	13.48%	-49.69%	43.99%	9.5%	31.49%	-6.01%	-40.46%	51.8%	6.58%	21.21%	21.52%	16.89%	-2.45%	25.38%	19%	5.98%	5.4%	6.95%
Announcement Date	28/07/20	22/10/20	28/01/21	06/05/21	28/07/21	25/10/21	27/01/22	12/05/22	22/07/22	20/10/22	20/01/23	27/04/23	20/07/23	19/10/23	22/01/24	02/05/24	22/07/24	22/10/24	22/01/25	05/05/25	23/07/25	-	-	-	-	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Coforge Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-10,958	1,531	-2,405	1,014	-1,827	-6,995	-232	-20,044
Change	-	113.97%	-257.09%	142.16%	-280.18%	-282.87%	98.69%	-8,539.66%
Announcement Date	06/05/21	12/05/22	27/04/23	02/05/24	05/05/25	05/05/26	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Coforge Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	782	1,541	1,582	2,655	6,144	7,425	48,623	9,581
Change	-	97.06%	2.66%	67.83%	131.41%	20.85%	373.01%	-80.3%
Free Cash Flow (FCF) ¹	6,841	6,115	7,923	6,436	6,799	11,966	-28,475	28,173
Change	-	-10.61%	29.57%	-18.77%	5.64%	76%	-319.91%	198.94%
Announcement Date	06/05/21	12/05/22	27/04/23	02/05/24	05/05/25	05/05/26	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Coforge Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	16.87%	18.74%	16.53%	15.99%	15.2%	18.57%	19.98%	19.83%
EBIT Margin (%)	12.93%	13.81%	13.31%	12.52%	11.65%	14.42%	15.26%	15.35%
EBT Margin (%)	12.79%	13.39%	11.87%	11.38%	10.76%	11.78%	13.83%	14.39%
Net margin (%)	9.77%	10.29%	8.66%	8.8%	6.74%	9.48%	10.17%	10.66%
FCF margin (%)	14.67%	9.51%	9.89%	7.01%	5.64%	7.3%	-12.09%	10.35%
FCF / Net Income (%)	150.15%	92.41%	114.2%	79.65%	83.72%	76.92%	-118.96%	97.15%
Profitability
ROA	-	15.65%	13.04%	13.71%	8.73%	11.37%	12.8%	12.51%
ROE	18.74%	25.45%	23.86%	24.09%	16.23%	19.55%	16.57%	16.39%
Financial Health
Leverage (Debt/EBITDA)	-	0.13x	-	0.07x	-	-	-	-
Debt / Free cash flow	-	0.25x	-	0.16x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.68%	2.4%	1.97%	2.89%	5.1%	4.53%	20.65%	3.52%
CAPEX / EBITDA (%)	9.94%	12.78%	11.94%	18.09%	33.55%	24.37%	103.34%	17.76%
CAPEX / FCF (%)	11.43%	25.2%	19.97%	41.25%	90.37%	62.05%	-170.75%	34.01%
Items per share
Cash flow per share ¹	-	-	30.56	28.98	37.18	53.32	-	-
Change	-	-	-	-5.17%	28.3%	43.43%	-	-
Dividend per Share ¹	2.6	10.4	12.8	15.2	15.2	18.03	19.1	22.04
Change	-	300%	23.08%	18.75%	0%	18.65%	5.9%	15.39%
Book Value Per Share ¹	81.39	89.76	99.11	116.3	191.7	283.9	513.3	543.3
Change	-	10.28%	10.41%	17.38%	64.8%	48.06%	120.99%	5.85%
EPS ¹	14.66	21.3	22.31	25.92	24.41	45.9	57.53	69.17
Change	-	45.34%	4.7%	16.19%	-5.83%	88.07%	38.88%	20.22%
Nbr of stocks (in thousands)	302,962	304,566	305,435	309,105	334,394	429,647	429,647	429,647
Announcement Date	06/05/21	12/05/22	27/04/23	02/05/24	05/05/25	05/05/26	-	-