Coforge Limited (COFORGE) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Coforge Limited stock ₹1,770, price ₹2,047, that is 13.5% below the price, quality 60 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range ₹640.47 – ₹2,099 · fair‑value band ₹901.12 – ₹2,212 · the ₹2,047 price screens above the ₹1,770 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Coforge Limited provides information technology (IT) and IT-enabled services in India, the Americas, Europe, the Middle East and Africa, India, and the Asia Pacific.
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The company offers Artificial intelligence services and platforms; and AI (artificial intelligence) and ML (machine learning) services, including predictive analytics, model risk management, and recommendation engine; intelligent automation solutions, such as enterprise and intelligent process automation, and smart application; data analytics solutions, such as data migration, cloud data engineering, master and meta data management, data quality management, data governance, self-service BI, descriptive and customer analytics, and workforce analytics; process consulting services.
It also provides engineering services, such as digital and product engineering, legacy modernization, agile transformation, and enterprise integration; quality engineering services, including enterprise package assurance, data and intelligence, digital quality engineering, quality engineering lifecycle automation, and advisory; and in application development and maintenance, managed services, cloud computing, and business process outsourcing services.
It serves banking and financial, travel, transportation, hospitality, insurance, healthcare, life science, retail, consumer goods, public sector, energy, and utilities industries.
The company has a strategic partnership with Solstice Innovations, Inc. to develop agentic AI-led adoption of modern core insurancemtechnology for P&C insurers. The company was formerly known as NIIT Technologies Limited and changed its name to Coforge Limited in August 2020.
Coforge Limited was incorporated in 1992 and is based in Gautam Buddha Nagar, India.
Stock analysis
Coforge Limited (COFORGE) currently trades at ₹2,047, while our model-based Fair Value estimate is ₹1,770, 14% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹1,062 per share, and 0 of the 26 models we run sit above the ₹2,047 price.
Bear case: the Economic Profit group reads lowest at ₹461.68, and 26 of the 26 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ₹901.12 (bear) to ₹2,212 (bull), the price of ₹2,047 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Coforge Limited reported revenue of ₹164B in FY2026 versus ₹64.3B in FY2022, a compound +26.4%/yr. Reported net income was ₹15.6B in FY2026, compounding +23.8%/yr from FY2022.
Key figures
Market cap ₹906B (≈ $9.7B) Mid · P/E ratio 40.2 · P/S ratio 4.51 · EPS (TTM) ₹50.97 · Dividend yield 0.0% · Net margin 9.7% · Return on equity 13.4% · Return on assets (EBIT) 41.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 60 out of 100 (medium confidence).
What moves the price
The share trades about 2% below its 52-week high and 90% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at 20% fair-value upside, at −14%, COFORGE screens richer than that median.
Fair Value models
Bear₹901.12Fair Value ₹1,770Bull₹2,212
Price ₹2,047 · Downside -13.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹31.14 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF₹338.03₹529.06₹1,01377
Growth DCF₹323.53₹563.26₹964.7876
EPV₹407.11₹460.33₹504.8174
All 26 models by family
DCF Models
FCF DCF₹338.03₹529.06₹1,01377
Owner Earnings₹302.33₹590.35₹1,11672
5Y Revenue Exit₹458.97₹881.78₹1,62969
5Y EBITDA Exit₹719.44₹1,454₹2,67271
5Y P/E Exit₹597.56₹1,251₹2,08768
10Y Revenue Exit₹395.11₹820.35₹1,41064
10Y EBITDA Exit₹578.96₹1,259₹2,50364
10Y P/E Exit₹500.62₹1,054₹1,99560
Earnings-Based
Graham-Dodd₹238.78₹1,594₹2,23363
Lynch FV₹466.28₹666.12₹865.9561
PEG = 1.0₹466.28₹666.12₹865.9557
EPV₹407.11₹460.33₹504.8174
Dividend Discount
Gordon GGM₹2.73₹4.97₹6.8968
DDM Multi-Stage₹2.73₹4.52₹5.3067
Multiples
P/E Multiple₹737.40₹983.20₹1,22963
P/S Multiple₹447.71₹596.94₹746.1858
P/B Multiple₹408.95₹545.26₹681.5855
EV/EBIT₹969.04₹1,289₹1,60966
EV/EBITDA₹936.66₹1,246₹1,55667
EV/Revenue₹494.05₹702.19₹910.3453
Asset-Based
NCAV (Graham)₹8.37₹12.69₹15.8654
Growth DCF
Growth DCF₹323.53₹563.26₹964.7876
Rev-Margin DCF₹458.97₹901.66₹1,55170
Economic Profit
Residual Income₹210.01₹281.84₹467.1873
ROIC Compounder₹479.31₹641.51₹850.8872
Growth Earnings
Growth-Adj P/E₹743.44₹1,062₹1,38167
The fair value above starts from this blend and is adjusted for a year distorted by one-off effects.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+36.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+28.6%
Start year 2021 (pandemic). Over 10 years: +19.8% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.6%
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What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+20.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.9%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.25.9% vs 19.0%, picking up
Profit margin 2005 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.12% → 14%
2026 sits 90% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+37.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+20.0%
Yearly sales growth analysts expect, extended to five years.
The revenue jump in 2027 (+50.8%) comes with 32% more shares (acquisition or merger paid in stock). Per share it is about +14.1%. The comparison above is unreliable in such a year.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +32.0% a year for the price and +15.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (9 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Acquisition-driven scale and large deal wins provide growth momentum yet the business shows limited distinct advantages with thin public data and typical mid-tier margins.
Main risk: Rivals such as Persistent Systems, Mphasis and Hexaware in the hotly contested mid-tier Indian IT services segment could win customers or push down pricing on digital engineering and managed services deals.
Bull case: By deepening domain expertise in travel, banking and insurance while scaling its AI platforms and agent-orchestration offerings, Coforge could capture more outcome-based deals and offset any pricing pressure from rivals.
Bear case: If mid-tier competitors win larger transformation deals and US clients cut spending amid economic or regulatory headwinds while legal costs from data incidents mount, Coforge could see slower organic growth and sustained margin compression.
Coforge posted sharp revenue and profit growth in its latest quarter, driven largely by the full contribution from the Encora acquisition alongside a record number of large deals signed. The order book expanded notably and margin guidance was lifted, yet organic sequential growth remained more measured. Our models currently see the stock as overvalued. Can the combination of acquired scale and fresh large deals sustain outperformance, or will underlying organic momentum prove the real test?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Information Technology Services · 479 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−14.8% · Below median
Profitability
Return on equity (12 months)13.4% · Above median
Return on assets10.5% · Top 25%
Net margin (12 months)9.7% · Top 25%
Operating margin (12 months)16.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)54.8% · Top 25%
Dividend yield (12 months)0.0% · Bottom 25%
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Information Technology Services median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Coforge Limited Fair Value". https://www.fairvalue-calculator.com/stock/COFORGE
Frequently asked questions
Is Coforge Limited (COFORGE) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of ₹1,770 versus a price of ₹2,047, about 14% lower (overvalued).
What is the fair value of COFORGE?
Our model-based fair value for Coforge Limited is ₹1,770 (as of Nov 8, 2026), built from audited fundamentals. The current price: ₹2,047.
What is the quality score of COFORGE?
Coforge Limited has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Coforge Limited (COFORGE)?
Our model-based price target is the fair value of ₹1,770 (as of Nov 8, 2026) from 26 valuation models. Cautious scenario ₹901.12, optimistic scenario ₹2,212. It is a calculation from audited fundamentals, not an analyst target.
What is the Coforge Limited stock forecast for 2026?
Our models put fair value at ₹1,770, about 14% lower versus a price of ₹2,047 (overvalued). Cautious scenario ₹901.12, optimistic scenario ₹2,212. The calculation is refreshed regularly with new filings.
What is the revenue of Coforge Limited (COFORGE)?
Coforge Limited reported trailing-twelve-month revenue of about ₹204B (latest available figure, as of Nov 8, 2026).
Does Coforge Limited pay a dividend?
Coforge Limited currently shows a dividend yield of 0.02% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Coforge Limited (COFORGE)?
Coforge Limited has a dividend yield of 0.0%.
What growth is priced into Coforge Limited (COFORGE)?
For today's price to be fair in a discounted-cash-flow model, Coforge Limited would have to grow free cash flow by +37.5 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +28.6 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of COFORGE use?
Our models discount Coforge Limited at 10.9 %: a base by market capitalisation (mid), damped by beta 0.33, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Coforge Limited that is +37.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has Coforge Limited (COFORGE) delivered so far?
Over the past 5 years revenue at Coforge Limited grew +28.6 % a year. The price currently implies free-cash-flow growth of +37.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Coforge Limited (COFORGE) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Coforge Limited (+37.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Coforge Limited (COFORGE)?
The free-cash-flow yield on the price is 1.40 %: that much free cash flow Coforge Limited produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Coforge Limited (COFORGE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Coforge Limited it is ₹1,770 per share (as of Nov 8, 2026), against a price of ₹2,047. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Coforge Limited stock overvalued or undervalued in 2026?
As of Nov 8, 2026, COFORGE trades above its calculated fair value: price ₹2,047, fair value ₹1,770, a gap of about −14% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of COFORGE?
No. The price is what the market pays today (₹2,047); the fair value is what the company's own numbers justify (₹1,770). For Coforge Limited the two are ₹277.24 per share apart. That gap is exactly why we show both numbers side by side.
How much is Coforge Limited worth?
The market values Coforge Limited at about ₹906B (market capitalisation, as of Nov 8, 2026). Per share that is ₹2,047; our models calculate a fair value of ₹1,770 per share.
What do the bullish and bearish scenarios say about COFORGE?
Our models span a range for Coforge Limited: cautious scenario ₹901.12, base ₹1,770, optimistic ₹2,212 per share (as of Nov 8, 2026, price ₹2,047). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of COFORGE?
Coforge Limited trades at a price-to-earnings ratio of 40.2 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,770 is built from several models across several years. Other multiples: P/B 9.6, P/S 4.5, EV/EBITDA 23.6.
How solid is the balance sheet of Coforge Limited (COFORGE)?
Balance-sheet figures for Coforge Limited (as of Nov 8, 2026): return on equity 13.4%, debt of 0.01 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is COFORGE from its 52-week high?
Coforge Limited trades at ₹2,047, about 2% below its 52-week high of ₹2,099 and 90% above the low of ₹1,077 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,770 is for.
Which stocks are comparable to Coforge Limited?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Coforge Limited stock attractive at the current price?
The data as of Nov 8, 2026: price ₹2,047, calculated fair value ₹1,770 (−14%), Quality Score 60/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of COFORGE calculated?
We run Coforge Limited through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ₹1,770 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Coforge Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Coforge Limited (COFORGE)?
The closing price on Nov 9, 2026 was ₹2,047. Our model-based fair value is ₹1,770, about 14% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Coforge Limited right now?
Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (₹901.12 to ₹2,212) leaves room in how you read the outcome.
Where does the earnings growth of Coforge Limited (COFORGE) come from?
Earnings per share at Coforge Limited grew +18.8 % a year from 2015 to 2026. Broken into its drivers: revenue per share +18.1 %, EBIT margin −2.5 %, tax rate +0.7 %, residual (interest, one-offs) +2.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Coforge Limited
How large is the market capitalisation of Coforge Limited (COFORGE)?
The market capitalisation of Coforge Limited is ₹906B (≈ $9.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Coforge Limited (COFORGE)?
The price-to-sales ratio of Coforge Limited is 4.51 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Coforge Limited (COFORGE)?
Earnings per share at Coforge Limited are ₹50.97 (price ÷ EPS = P/E 40.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Coforge Limited (COFORGE)?
The dividend yield of Coforge Limited is 0.0% (payout 0.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Coforge Limited (COFORGE)?
The net margin of Coforge Limited is 9.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Coforge Limited (COFORGE)?
The return on equity (ROE) of Coforge Limited is 13.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Coforge Limited (COFORGE)?
On an EBIT basis the return on assets of Coforge Limited is 41.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Coforge Limited (COFORGE)?
The operating margin of Coforge Limited is 16.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Coforge Limited (COFORGE)?
Revenue at Coforge Limited is growing +54.8% versus a year earlier (3y avg +27.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Coforge Limited (COFORGE)?
Earnings per share at Coforge Limited are growing +19.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Coforge Limited (COFORGE) hold?
Coforge Limited holds more cash than debt, ₹3.7B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Some data
Nov 8, 2026