Coforge Ltd Q3 FY26 – ₹4,188 Cr Revenue, 55.5% PAT Growth, EPS Annualised ~₹37.6: When Mid-Cap IT Decides to Bench the Giants

1. At a Glance – Blink and You’ll Miss the Plot Twist

Coforge is that kid in the IT class who never topped boards like TCS or Infosys, but quietly cracked CAT and now earns more than everyone at the reunion. As of Q3 FY26, the company sits at a market cap of ₹54,934 Cr, trading at ₹1,636, down ~4% over three months (because markets panic faster than relatives at a wedding buffet).

The latest quarter delivered ₹4,188 Cr in revenue (+28.5% YoY) and ₹297 Cr in PAT (+55.5% YoY). Operating margins stood at 17%, holding steady despite acquisition chaos, ESOP dilution, and AI buzzwords flying around like free conference goodies.

Return ratios remain respectable for a services firm in growth mode: ROCE 20.3%, ROE 16%, and Debt/Equity at 0.14—not zero, but also not “bank manager calling every Friday.”

The stock trades at ~43.7x earnings, which screams “expensive” until you remember revenue CAGR is ~23% over 3 years and TTM profit growth is 58%.

So the real question: is this a disciplined compounder loading itself with acquisitions, or an IT wedding where dowry negotiations just started? Let’s dig.

2. Introduction – From NIIT Tech to “No Longer Ignored IT”

Coforge began life as NIIT Technologies, a name that sounded more like an entrance exam than a serious IT company. The rebranding wasn’t cosmetic—it was existential. Post-2019, ownership changes (Hulst B.V. exit by 2023) left Coforge with zero promoter holding, a rarity in Indian IT.

What followed was interesting: instead of collapsing into governance chaos, the firm went institutionally owned, with FIIs and DIIs treating it like a professional, incentive-driven asset rather than a family heirloom.

The company positioned itself away from vanilla ADM and into digital transformation, cloud, data, BFS, insurance, and travel tech—industries where legacy systems age like milk.

Fast forward