🔍 At a Glance
Coforge has done a full Dhoni-style reinvention — from NIIT Tech’s humble days to a PE of 73x, all while waving goodbye to its original promoter (NIIT Ltd) and onboarding big boys like Hulst BV, only for them to ghost us in 2023. Revenues have tripled in 5 years. Net profits? Doubled. So, where’s the catch? Hint: margins, debt, and valuation.
📊 5-Year Financial Performance (Consolidated)
| FY | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM % | EPS (₹) | ROCE % |
|---|---|---|---|---|---|
| 2021 | 4,663 | 466 | 17% | 15.04 | 25% |
| 2022 | 6,432 | 715 | 17% | 21.73 | 32% |
| 2023 | 8,015 | 745 | 16% | 22.72 | 31% |
| 2024 | 9,179 | 836 | 16% | 26.14 | 29% |
| 2025 | 12,051 | 936 | 14% | 24.29 | 21% |
🎯 Revenue CAGR: 26%
📉 Profit CAGR: 15%
📉 Margin Compression: 17% → 14%
📉 ROCE Tanked: From 32% to 21%
They’re growing topline like a
tech startup…
…and growing debt like a PSU.
🔧 Business Model Breakdown
- Core Vertical: IT services, custom software development
- Key Clients: British Airways, ING, SEI, Sabre, SITA
- Geography: 100% export-oriented, USD exposure heavy
- Revenue Mix (FY25 est.):
- BFSI – 32%
- Travel & Transport – 20%
- Healthcare – 18%
- Others – 30%
🔍 Zero India exposure = Great for USD hedging
❌ Also means domestic IT growth story = irrelevant here
📅 Quarterly Results – FY25
| Quarter | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM % | EPS (₹) |
|---|---|---|---|---|
| Q1 | 2,401 | 139 | 12% | 3.99 |
| Q2 | 3,062 | 234 | 13% | 6.06 |
| Q3 | 3,258 | 256 | 13% | 6.45 |
| Q4 | 3,410 | 307 | 15% | 7.81 |
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