Coforge Ltd.

COFORGEInformation Technology filings

We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.

Earnings calls

29 transcript(s)/analyst meet(s) served; 26 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 29 documents here); elsewhere sentences render unattributed.

Kind	Date	Period	Served
TRANSCRIPT	20210803	2021-06-30	yes
TRANSCRIPT	20211027	2021-09-30	yes
TRANSCRIPT	20220201	2021-12-31	yes
COVER_LETTER	20220512	2022-03-31	no
COVER_LETTER	20220519	2022-03-31	no
COVER_LETTER	20220729	2022-06-30	no
COVER_LETTER	20221025	2022-09-30	no
COVER_LETTER	20230203	2022-12-31	no
COVER_LETTER	20230502	2023-03-31	no
COVER_LETTER	20230727	2023-06-30	no
COVER_LETTER	20231019	2023-09-30	no
COVER_LETTER	20240122	2023-12-31	no
COVER_LETTER	20240125	2023-12-31	no
COVER_LETTER	20240509	2024-03-31	no
COVER_LETTER	20240723	2024-06-30	no
COVER_LETTER	20240730	2024-06-30	no
COVER_LETTER	20241031	2024-09-30	no
COVER_LETTER	20250123	2024-12-31	no
COVER_LETTER	20250130	2024-12-31	no
COVER_LETTER	20250505	2025-03-31	no
COVER_LETTER	20250513	2025-03-31	no
COVER_LETTER	20250724	2025-06-30	no
COVER_LETTER	20250731	2025-06-30	no
COVER_LETTER	20251024	2025-09-30	no
COVER_LETTER	20251031	2025-09-30	no
COVER_LETTER	20260505	2026-03-31	no
COVER_LETTER	20260512	2026-03-31	no
COVER_LETTER	20260728	2026-06-30	no
COVER_LETTER	20260729	2026-06-30	no

COFORGE

files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.

Identity


Statement division	general
Scope served	consolidated
Panels on this page	4

Market

The closes are adjusted for every split and bonus on record inside the period this series covers, and each adjustment is checked against the price move on its ex-date.


Last close	1,785.90
52-week range	1073.9 – 2014.6
Return 1M	-5.65%
Return 3M	19.63%
Return 1Y	10.02%
Return 3Y	68.93%
Return 5Y	58.07%
Market capitalisation	not shown — we could not confirm it
Shares outstanding	not shown — we could not confirm it
P/E	not shown — we could not confirm it
P/B	not shown — we could not confirm it
EV/EBITDA	not shown — we could not confirm it

Latest quarter filed — period ending 2026-06-30

In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.


Revenue from operations	5,528.00
Other income	27.00
Total income	5,554.00
Cost of materials consumed	0.00
Purchases of stock-in-trade	0.00
Changes in inventories	0.00
Employee benefit expense	3,125.00
Finance costs	87.00

Ownership — 2026-06-30, and the change from 2026-06-03

Holder	Per cent	Change
promoter and promoter group	not disclosed	—
institutions foreign	0.24	-0.00
institutions domestic	0.43	-0.00
mutual funds	0.30	0.00
public	1.00	0.00

Documents on file

Class	Most recent	On file
COVER_LETTER	2026-06-30	26
TRANSCRIPT	2021-12-31	3

Financial statements

Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.

Quarterly results, as filed

Line	2022-06-30	2022-09-30	2022-12-31	2023-03-31	2023-06-30	2023-09-30	2023-12-31	2024-03-31	2024-06-30	2024-09-30	2024-12-31	2025-06-30	2025-09-30	2025-12-31	2026-03-31	2026-06-30
Revenue from operations	1,829.00	1,959.00	2,056.00	2,170.00	2,221.00	2,276.00	2,323.00	2,358.00	2,401.00	3,062.00	3,318.00	3,689.00	3,986.00	4,188.00	4,450.00	5,528.00
Other income	14.00	14.00	32.00	3.00	16.00	9.00	15.00	10.00	25.00	56.00	60.00	19.00	38.00	14.00	22.00	27.00
Total income	1,843.00	1,973.00	2,088.00	2,173.00	2,237.00	2,285.00	2,338.00	2,368.00	2,426.00	3,119.00	3,378.00	3,707.00	4,024.00	4,202.00	4,472.00	5,554.00
Cost of materials consumed	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Purchases of stock-in-trade	39.00	5.00	7.00	4.00	4.00	4.00	1.00	1.00	2.00	3.00	2.00	1.00	2.00	2.00	1.00	0.00
Changes in inventories	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Employee benefit expense	1,100.00	1,172.00	1,198.00	1,358.00	1,375.00	1,419.00	1,346.00	1,367.00	1,422.00	1,911.00	1,988.00	2,215.00	2,272.00	2,331.00	2,398.00	3,125.00
Finance costs	18.00	21.00	22.00	20.00	22.00	32.00	35.00	37.00	32.00	30.00	32.00	46.00	41.00	42.00	40.00	87.00
Depreciation and amortisation	63.00	61.00	62.00	72.00	76.00	77.00	81.00	85.00	82.00	124.00	127.00	159.00	172.00	171.00	180.00	241.00
Other expenses	403.00	445.00	491.00	512.00	536.00	512.00	582.00	605.00	683.00	736.00	885.00	895.00	979.00	1,125.00	1,176.00	1,345.00
Total expenses	1,622.00	1,705.00	1,780.00	1,966.00	2,013.00	2,044.00	2,044.00	2,094.00	2,222.00	2,805.00	3,034.00	3,317.00	3,466.00	3,670.00	3,794.00	4,797.00
Profit before exceptional items and tax	221.00	268.00	307.00	207.00	224.00	241.00	294.00	274.00	205.00	314.00	343.00	390.00	558.00	532.00	679.00	757.00
Exceptional items	0.00	0.00	0.00	-52.00	0.00	0.00	0.00	12.00	0.00	0.00	0.00	-25.00	0.00	-148.00	-54.00	-55.00
Profit before tax	221.00	268.00	307.00	155.00	224.00	241.00	294.00	286.00	205.00	314.00	343.00	365.00	558.00	384.00	625.00	702.00
Current tax	59.00	67.00	78.00	46.00	68.00	75.00	43.00	63.00	81.00	101.00	104.00	114.00	144.00	133.00	112.00	196.00
Deferred tax	-10.00	-19.00	-6.00	-8.00	-19.00	-22.00	9.00	-7.00	-16.00	-21.00	-16.00	-35.00	-11.00	-45.00	-153.00	-26.00
Tax expense	49.00	47.00	72.00	38.00	48.00	53.00	52.00	56.00	65.00	80.00	87.00	79.00	133.00	88.00	-41.00	170.00
Profit for the period	172.00	221.00	236.00	117.00	176.00	188.00	243.00	229.00	139.00	234.00	256.00	356.00	425.00	297.00	666.00	532.00
Profit attributable to owners	150.00	201.00	295.00	115.00	165.00	0.00	256.00	224.00	133.00	202.00	216.00	349.00	376.00	250.00	572.00	519.00
Profit attributable to non-controlling interests	22.00	20.00	10.00	2.00	10.00	0.00	5.00	6.00	6.00	31.00	40.00	40.00	50.00	46.00	61.00	13.00
Other comprehensive income	-31.00	-34.00	70.00	27.00	18.00	0.00	18.00	8.00	-2.00	14.00	-7.00	33.00	4.00	20.00	-33.00	142.00
Total comprehensive income	141.00	187.00	306.00	143.00	194.00	188.00	261.00	237.00	137.00	248.00	249.00	389.00	430.00	317.00	633.00	674.00
Earnings per share, basic	24.57	33.00	37.41	18.80	27.06	29.59	38.63	36.21	20.93	30.32	32.26	9.47	11.21	7.45	18.23	12.34
Earnings per share, diluted	24.14	32.41	36.69	18.45	26.54	28.98	38.06	35.90	20.78	30.14	31.94	9.38	11.07	7.38	18.10	12.28

Annual results, as filed

Line	2019-03-31	2020-03-31	2021-03-31	2022-03-31	2023-03-31	2024-03-31	2025-03-31	2026-03-31
Revenue from operations	3,676.00	4,184.00	4,663.00	6,432.00	8,015.00	9,179.00	12,051.00	16,403.00
Other income	54.00	68.00	33.00	52.00	62.00	50.00	165.00	73.00
Total income	3,730.00	4,252.00	4,695.00	6,484.00	8,076.00	9,229.00	12,215.00	16,476.00
Cost of materials consumed	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Purchases of stock-in-trade	29.00	84.00	194.00	172.00	55.00	9.00	10.00	6.00
Changes in inventories	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Employee benefit expense	2,153.00	2,530.00	2,816.00	3,835.00	4,828.00	5,507.00	7,224.00	9,216.00
Finance costs	9.00	16.00	14.00	65.00	81.00	126.00	135.00	169.00
Depreciation and amortisation	125.00	173.00	184.00	227.00	258.00	319.00	428.00	682.00
Other expenses	845.00	846.00	874.00	1,323.00	1,851.00	2,235.00	3,123.00	4,244.00
Total expenses	3,162.00	3,649.00	4,081.00	5,622.00	7,073.00	8,196.00	10,919.00	14,317.00
Profit before exceptional items and tax	568.00	602.00	614.00	862.00	1,004.00	1,033.00	1,296.00	2,159.00
Exceptional items	-6.00	-7.00	-18.00	0.00	-52.00	12.00	0.00	-226.00
Profit before tax	562.00	595.00	596.00	862.00	951.00	1,045.00	1,296.00	1,933.00
Current tax	139.00	155.00	161.00	177.00	249.00	249.00	403.00	502.00
Deferred tax	2.00	-27.00	-31.00	-31.00	-43.00	-40.00	-71.00	-244.00
Tax expense	140.00	128.00	130.00	147.00	206.00	209.00	333.00	258.00
Profit for the period	422.00	468.00	466.00	715.00	745.00	836.00	936.00	1,745.00
Profit attributable to owners	403.00	444.00	456.00	662.00	694.00	808.00	812.00	1,566.00
Profit attributable to non-controlling interests	19.00	24.00	10.00	53.00	51.00	28.00	124.00	203.00
Other comprehensive income	25.00	10.00	55.00	26.00	32.00	45.00	42.00	25.00
Total comprehensive income	447.00	478.00	521.00	741.00	777.00	880.00	978.00	1,769.00
Earnings per share, basic	65.49	71.39	74.68	109.02	113.77	131.56	123.01	46.44
Earnings per share, diluted	64.73	70.97	73.29	106.52	111.53	129.59	122.03	45.90

Balance sheet, as filed

Line	2022-09-30	2023-03-31	2023-09-30	2024-03-31	2024-09-30	2025-03-31	2025-09-30	2026-03-31
Total assets	5,350.00	5,683.00	6,085.00	6,108.00	12,127.00	12,491.00	13,590.00	14,881.00
Non-current assets	2,742.00	3,054.00	3,285.00	3,505.00	7,228.00	7,729.00	9,075.00	8,976.00
Current assets	2,608.00	2,630.00	2,799.00	2,602.00	4,873.00	4,351.00	4,516.00	5,906.00
Property, plant and equipment	439.00	682.00	728.00	447.00	508.00	768.00	1,242.00	942.00
Capital work-in-progress	9.00	5.00	6.00	23.00	19.00	2.00	17.00	3.00
Goodwill	1,056.00	1,166.00	1,165.00	1,174.00	3,784.00	3,843.00	4,113.00	4,167.00
Other intangible assets	589.00	463.00	437.00	732.00	1,580.00	1,485.00	1,736.00	1,344.00
Inventories	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Trade receivables	1,696.00	1,613.00	2,129.00	1,804.00	232.00	2,577.00	3,152.00	3,970.00
Cash and cash equivalents	377.00	570.00	326.00	321.00	2,397.00	796.00	518.00	1,094.00
Total equity and liabilities	5,350.00	5,683.00	6,085.00	6,108.00	12,127.00	12,491.00	13,590.00	14,881.00
Equity	2,918.00	3,170.00	3,428.00	3,727.00	7,984.00	8,329.00	8,922.00	9,681.00
Equity share capital	61.00	61.00	62.00	62.00	67.00	67.00	67.00	67.00
Other equity	2,767.00	3,021.00	3,266.00	3,565.00	5,912.00	6,312.00	6,828.00	9,470.00
Total liabilities	2,432.00	2,514.00	2,657.00	2,381.00	4,142.00	4,162.00	4,668.00	5,201.00
Non-current liabilities	739.00	774.00	823.00	849.00	737.00	1,382.00	1,790.00	1,531.00
Current liabilities	1,693.00	1,739.00	1,834.00	1,532.00	3,406.00	2,738.00	2,877.00	3,669.00
Borrowings, non-current	337.00	338.00	339.00	340.00	0.00	7.00	139.00	117.00
Borrowings, current	247.00	0.00	604.00	97.00	718.00	694.00	469.00	283.00
Trade payables	571.00	648.00	675.00	806.00	888.00	988.00	1,226.00	0.00

Cash flow, as filed

Line	2022-09-30	2023-03-31	2023-09-30	2024-03-31	2024-09-30	2025-03-31	2025-09-30	2026-03-31
Net cash from operating activities	109.00	950.00	6.00	903.00	285.00	1,237.00	787.00	1,792.00
Net cash from investing activities	-128.00	-272.00	-177.00	-248.00	-1,104.00	-2,448.00	-553.00	-435.00
Net cash from financing activities	-49.00	-558.00	-64.00	-887.00	2,059.00	1,675.00	-504.00	-1,094.00
Purchase of property, plant and equipment	89.00	158.00	182.00	266.00	237.00	614.00	654.00	742.00
Net increase in cash	-70.00	123.00	-244.00	-249.00	1,172.00	474.00	-278.00	298.00
con:CFO.BEFORE_TAX	236.00	1,230.00	153.00	1,270.00	452.00	1,633.00	1,086.00	2,106.00
con:INTEREST_RECEIVED.OPERATING	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:INTEREST_PAID.OPERATING	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-158.00
con:DIVIDENDS_RECEIVED.OPERATING	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-33.00
con:TAX_PAID.OPERATING	127.00	280.00	146.00	366.00	167.00	396.00	229.00	438.00
con:CF_OTHER.OPERATING	0.00	0.00	0.00	0.00	0.00	0.00	-70.00	0.00
con:INVESTMENTS_PURCHASED	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:INVESTMENTS_SOLD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:PPE_DISPOSALS	0.00	4.00	3.00	6.00	29.00	57.00	5.00	147.00
con:CF_INVESTING.SUBSIDIARIES_SOLD	0.00	0.00	0.00	0.00	0.00	0.00	316.00	300.00
con:CF_INVESTING.SUBSIDIARIES_ACQUIRED	42.00	122.00	0.00	0.00	961.00	2,081.00	320.00	321.00
con:CF_INVESTING.JV_SOLD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:CF_INVESTING.JV_ACQUIRED	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Who owns it

The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.

Holder	2023-12-31	2024-03-31	2024-05-28	2024-06-30	2024-09-30	2024-12-31	2025-03-31	2025-06-30	2025-09-30	2025-12-31	2026-03-31	2026-04-23	2026-06-03	2026-06-30
Promoter and promoter group	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—	—
Domestic institutions	55.02	54.30	48.12	47.30	48.16	47.86	49.94	52.33	0.55	0.54	0.56	0.44	0.43	0.43
Mutual funds	—	—	—	—	—	—	—	37.90	0.39	0.39	0.40	0.32	0.30	0.30
Insurance companies	11.28	11.81	11.66	11.49	12.06	11.45	12.25	13.51	0.15	0.14	0.14	0.11	0.11	0.10
Foreign institutions	34.04	35.00	40.38	41.43	42.09	42.55	40.21	37.42	0.34	0.35	0.31	0.23	0.25	0.24
Government	—	—	—	—	—	—	—	—	—	0.00	—	—	—	—
Public	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	1.00	1.00	1.00	1.00	1.00	1.00
Non-institutional	10.94	10.70	11.50	11.27	9.75	9.59	9.85	10.25	0.11	0.12	0.13	0.32	0.33	0.33
Shares outstanding	61752442	61820992	66690557	66693778	66693778	66859385	66878856	334425995	334596060	335041808	335810937	429647126	442671546	442690811

Related parties

Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.

Counterparty	Relationship	Type	Amount in the period	Transactions
Coforge Inc	wholly owned subsidiary	Any other transaction, Dividend received, Sale of go	15,316,000,000.00	3
Coforge UK Limited	wholly owned subsidiary	Any other transaction, Sale of goods or services	5,888,000,000.00	2
Fifth Third Bank	It is a shareholder in Coforge Bus	Sale of goods or services	1,627,000,000.00	1
Coforge FZ LLC	wholly owned subsidiary	Any other transaction, Sale of goods or services	832,000,000.00	2
Coforge Business Process Solutions Private Limited	Partially owned Subsidiary of Cofo	Any other transaction, Dividend received, Purchase o	828,000,000.00	4
Coforge AdvantageGo Ltd	step down wholly owned subsidiary	Any other transaction, Sale of goods or services	625,000,000.00	2
Coforge Technologies Australia Pty Ltd	step down wholly owned subsidiary	Any other transaction, Sale of goods or services	624,000,000.00	2
Coforge BPM Inc	step down wholly owned subsidiary	Any other transaction, Interest paid, Loan, Sale of	606,610,000.00	5
Coforge BPS America Inc	Partially owned Subsidiary of Cofo	Any other transaction, Sale of goods or services	455,000,000.00	2
Coforge DPA Private Limited	wholly owned subsidiary	Any other transaction, Purchase of goods or services	425,000,000.00	3
KMP	Key management personnel of entity	Any other transaction, Remuneration	373,950,000.00	2
Coforge Pte Ltd	wholly owned subsidiary	Any other transaction, Sale of goods or services	178,000,000.00	2
Coforge SF Private Limited	step down wholly owned subsidiary	Any other transaction, Purchase of goods or services	177,000,000.00	3
Coforge Limited, Thailand	step down wholly owned subsidiary	Any other transaction, Sale of goods or services	176,000,000.00	2
Cigniti Technologies Limited	Associate Company	Any other transaction	140,000,000.00	1

What management said

Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.

Date	Quarter
2022-02-01	Q3FY22	Read the call
2021-10-27	Q2FY22	Read the call
2021-08-03	Q1FY22	Read the call

Some earlier announcements under this heading are covering letters only — no transcript was attached.

What they said about it, quarter by quarter

Topic	Q1FY22	Q2FY22	Q3FY22
Capital allocation	BFSI is more than 50% of total revenues now, post-acquisition, are we happy with that kind of exposure or you think we need to diversify over time?	If you can just highlight the quantum of expenses that were related to the SLK acquisition in Q2, and the previous quarter Q1?	And what are going to be our acquisition costs next year?
Debt and cash	Across industries and across companies we understand that that growth is coming back from a low base, some amount of working capital is getting absorb…	—	—
Demand	First is sir, just wanted to understand how durable is this demand, any comments could be interesting?	So if you can just give us some color in terms of how's the demand shaping up there?	Do you also see that this high growth demand environment is going to be there for a longer period of time and it is not a short period of time the way…
Guidance	In terms of growth momentum that we see, I believe it's been a strong growth in this quarter, we are very well poised to actually cross the kind of gu…	Insurance and EMEA, we expect them to rebound and rebound very smartly and positively, in the second half.	Over the next two quarters, we had raised that guidance to at least 19% and subsequently to at least 22% organic constant currency growth.
Margin	So, just wanted to check if you could just quantify the margin bridge for us in this quarter.	The numbers have been depressed largely on account of licenses from AdvantageGo that were not realized in Q2.That revenue should come in in Q3 and tha…	In the last fiscal year, we delivered an adjusted EBITDA margin of 18%.
People	Moving on to your other question about margins, Vibhor, the wage impact during the quarter had an impact of between 200 to 250 bps. Utilization, you'l…	As I said, the number of college freshers that we are hiring this year is six times the number we took on even as recently as just two years back.	This quarter itself the headcount has gone up net on the technology services side by 7.5% sequentially.
Pricing	Third, your point around pricing improvements, being a lever is correct.	—	—
Revenue growth	We do not see any material headwinds to revenue growth.	Is there anything that we should be careful about because normalizing growth over here, your organic revenue growth could have been much higher becaus…	The revenue growth numbers that I called out, equally importantly, the EBITDA growth has come despite those assumptions not playing out.