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Use a ratio stack, not a single multiple. For Coforge, start with diluted trailing and forward P/E and EV/EBITDA, then test the result against revenue growth, EBIT and EBITDA margins, free-cash-flow conversion, ROE, ROCE, balance-sheet leverage, price-to-book and EV/sales. A multiple is meaningful only when its earnings denominator is normalized, its fiscal-year basis is clear and it is compared with Coforge’s own history and a consistent IT-services peer group.
Coforge’s FY26 results provide the operating base for that work: $1,870.3 million revenue, $347.4 million EBITDA, an 18.6% EBITDA margin, $269.6 million EBIT, a 14.4% EBIT margin, $177.4 million PAT, ₹46.4 EPS and $135.4 million free cash flow. Those are company-reported FY26 figures, not a live valuation as of 17 October 2026.
What the FY26 numbers say before valuation
Valuation starts with the business being valued. Coforge’s investor presentation for the year ended 31 March 2026 reported the following consolidated figures:
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| Measure | FY26 figure | Why it matters for valuation |
|---|---|---|
| Revenue | $1,870.3 million | Base for growth analysis and EV/sales. |
| EBITDA | $347.4 million | Operating-profit denominator for EV/EBITDA. |
| EBITDA margin | 18.6% | Shows how much revenue becomes EBITDA before interest, tax and depreciation. |
| EBIT | $269.6 million | Useful for operating-return and margin comparisons. |
| EBIT margin | 14.4% | Helps test whether an EV/sales premium is supported by profitability. |
| PAT | $177.4 million | Denominator for earnings and cash-conversion checks. |
| EPS | ₹46.4 | Use with the matching share price and diluted share count. |
| Free cash flow | $135.4 million | Basis for free-cash-flow yield and PAT-to-cash analysis. |
Coforge said FY26 free cash flow increased 68.4% year over year. That growth is useful evidence of improving cash generation, but one year’s working-capital release, acquisition spending or other timing effect should not automatically be projected forever.
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The National Stock Exchange of India’s audited consolidated IndAS filing covers the year ended 31 March 2026. Use that filing and the company’s presentation together: the audited statements establish the accounting numbers, while the presentation helps explain operating metrics and cash flow.
The dated valuation reference—and its limits
Elara Securities’ valuation table, priced as of 5 May 2026, showed these FY26 reference values:
| Ratio or metric | FY26 reference | Interpretation |
|---|---|---|
| P/E | 22.4× | Price paid for each unit of FY26 earnings. |
| EV/EBITDA | 17.3× | Enterprise value relative to operating cash earnings. |
| Price-to-book | 4.2× | Market value relative to reported equity book value. |
| ROE | 19.5% | Profit generated on shareholders’ reported equity. |
| Net debt/EBITDA | -0.3× | Negative net debt indicates net cash under the table’s definition. |
These figures are a dated anchor, not an October 2026 quote or a fair-value target. The share price, diluted shares outstanding, cash and debt balances, leases, earnings estimates and peer multiples may all have changed. Refresh every input before making an investment decision.
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What P/E measures
Price-to-earnings equals the share price divided by earnings per share. Use both trailing P/E, based on the latest reported diluted EPS, and forward P/E, based on a clearly identified consensus or analyst estimate. The 22.4× Elara reference is an FY26 figure, so it should be compared with other FY26 figures—not with a peer’s next-twelve-month number.
Normalize the denominator
Reconcile EPS to continuing operations and investigate clearly disclosed one-off tax benefits, restructuring costs, acquisition-related effects or exceptional items. A temporarily inflated profit makes P/E look artificially low; a one-time charge makes it look artificially high. Check the diluted share count as well, because buybacks, stock-based compensation and acquisition consideration can change EPS without a comparable change in operating performance.
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How to interpret P/E
Compare Coforge’s forward P/E with its own five-year range and a matched IT-services peer basket using the same fiscal-year definition. Then ask whether expected revenue growth, incremental margins and cash conversion justify any premium. P/E is directly affected by interest expense, tax rates, buybacks and exceptional items, so it is not a complete substitute for an enterprise-value measure.
2. EV/EBITDA: adjust for cash, debt and leases
Formula and purpose
Enterprise value is generally equity value plus debt, material lease liabilities and other claims, less cash and liquid investments. Divide that enterprise value by EBITDA. EV/EBITDA helps compare service companies with different capital structures: a company holding substantial net cash and one carrying debt can have similar P/E ratios but different enterprise values.
The dated FY26 reference was 17.3×. Do not compare it with a peer’s ratio unless both use consistent EBITDA definitions, fiscal periods and treatment of leases. Confirm whether an analyst’s EBITDA is reported, adjusted or pro forma for an acquisition.
When EV/EBITDA can mislead
- EBITDA excludes depreciation, capital expenditure and working-capital needs, so it is not free cash flow.
- Lease-heavy arrangements can make companies look cheaper if lease liabilities are omitted from enterprise value.
- An acquisition can add EBITDA only after integration costs, purchase-price accounting and timing effects are understood.
3. Price-to-book and ROE: useful, but secondary for an asset-light company
Price-to-book compares the market value of equity with reported book value. For an IT-services business, much of the economic value lies in employees, contracts, customer relationships, software capability and internally developed know-how rather than tangible assets. That makes P/B less decisive than it is for a bank or an industrial company.
Elara’s FY26 table showed 4.2× P/B and 19.5% ROE. Read those together. A high ROE can reflect strong margins and efficient capital use, but it can also be mechanically lifted by a small equity base, buybacks or acquisition accounting. Review how goodwill, acquired intangibles and purchase-price adjustments changed book value before concluding that a high ROE is sustainable.
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Rising ROE is more credible when operating margins and free cash flow rise with it. If ROE increases while cash conversion weakens or equity shrinks mainly because of repurchases, the apparent improvement deserves a lower quality score.
4. EV/sales: a growth-and-margin cross-check
EV/sales is enterprise value divided by revenue. It is useful when earnings are temporarily depressed, when comparing companies at different stages of investment or when a peer’s EBITDA definition is not directly comparable. It is not a verdict by itself: two companies with the same EV/sales can have very different margins and cash flows.
Use Coforge’s FY26 18.6% EBITDA margin and 14.4% EBIT margin to test the multiple. A premium EV/sales ratio needs a credible explanation such as faster sustainable growth, higher incremental margins, stronger customer retention or better cash conversion. If margins are falling, EV/sales can conceal an earnings problem rather than solve it.
5. Free-cash-flow yield and conversion from profit
Calculate the yield
Free-cash-flow yield equals free cash flow divided by market capitalization. Coforge reported $135.4 million of FY26 free cash flow, but a current yield cannot be calculated from that figure alone: you need the current share price, diluted shares and the currency-consistent market capitalization.
Test cash quality
Compare operating cash flow and free cash flow with PAT and EPS. Strong conversion means reported profits are arriving as cash after capital expenditure and working-capital requirements. Weak conversion can undermine an apparently attractive P/E, especially if receivables, unbilled revenue or contract assets are growing faster than sales.
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Examine the cash-flow statement for working-capital movements, capital expenditure and acquisition spending. Coforge’s 68.4% year-over-year FY26 free-cash-flow increase is encouraging, but determine how much came from recurring operations before extrapolating it into a valuation model.
6. ROCE, net debt/EBITDA and dividend yield
ROCE
Return on capital employed tests the return generated on operating capital. It complements ROE by including the capital funded by debt and other long-term claims. Compare ROCE with the company’s cost of capital and with peers using the same formula; analysts differ on whether to include leases, goodwill and other items.
Net debt/EBITDA
Net debt/EBITDA tests balance-sheet resilience. A negative figure indicates net cash under the calculation used. Elara’s -0.3× FY26 reference suggests net cash, but verify the underlying debt, lease liabilities and cash definitions in the latest filing. Net cash can support acquisitions or dividends, yet excess cash also lowers EV and changes how EV/EBITDA compares with P/E.
Dividend yield and payout
Dividend yield shows cash returned relative to the share price; payout shows the share of earnings distributed. Use both as context rather than standalone buy or sell signals. A low payout may fund growth or acquisitions, while a high payout can be less sustainable if free cash flow trails PAT.
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Motilal Oswal’s historical and forecast ratio table is useful for examining ROE, ROCE, dividend yield and cash-flow series across periods. Recheck the period labels and definitions before combining those figures with FY26 company data.
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How to combine the ratios in a repeatable valuation process
- Set the date and scope. Use consolidated FY26 results for the year ended 31 March 2026, and record the exact share-price date. Do not mix standalone and consolidated figures.
- Refresh market inputs. Capture the current share price, diluted shares outstanding, cash, debt, material leases and liquid investments. Calculate market capitalization and enterprise value from those inputs.
- Build two earnings cases. Calculate trailing P/E from reported diluted EPS and forward P/E from a named, dated estimate. Normalize clearly disclosed one-off tax, acquisition and restructuring effects.
- Calculate EV multiples. Compute EV/EBITDA and EV/sales using matching fiscal periods and consistent treatment of leases and adjustments.
- Check operating quality. Compare revenue growth, the 18.6% EBITDA margin, the 14.4% EBIT margin, incremental margins and customer or segment trends disclosed by the company.
- Reconcile profit to cash. Compare PAT and EPS with operating cash flow and the $135.4 million FY26 free-cash-flow figure. Investigate working-capital swings and acquisition cash outflows.
- Assess returns and leverage. Review ROE, ROCE, net debt/EBITDA, dividend yield and payout, asking whether acquisitions, buybacks or purchase-price accounting changed the denominators.
- Compare consistently. Place Coforge beside its own five-year valuation range and a relevant IT-services peer basket using the same fiscal year, accounting definitions and currency conventions.
- Stress-test the conclusion. Model slower growth, margin pressure, weaker cash conversion and a higher discount rate. A valuation that works only under one optimistic case is fragile.
Comparison framework: what each ratio can and cannot answer
| Question | Primary ratio or data | What to verify |
|---|---|---|
| How much am I paying for earnings? | Trailing and forward P/E | Dilution, continuing operations and one-off items. |
| Does capital structure distort the comparison? | EV/EBITDA | Debt, cash, leases and adjusted-versus-reported EBITDA. |
| Is the premium supported by operating economics? | EV/sales plus EBIT and EBITDA margins | Growth durability and incremental margin. |
| Are accounting profits becoming cash? | FCF yield and FCF/PAT | Working capital, capital expenditure and acquisition spending. |
| Are returns genuinely improving? | ROE and ROCE | Equity shrinkage, goodwill and purchase-price accounting. |
| Can the balance sheet absorb a shock? | Net debt/EBITDA | Lease liabilities and the definition of net debt. |
| Is the market paying for a durable franchise? | P/B with ROE and margins | Asset-light economics and the quality of book value. |
Common mistakes when valuing Coforge
- Using a stale quote. The 5 May 2026 Elara multiples are not a live 17 October 2026 valuation.
- Mixing fiscal years. A FY26 P/E cannot be compared directly with a peer’s FY27 EV/EBITDA.
- Ignoring currency. Coforge reports several operating figures in US dollars and EPS in rupees; convert consistently when calculating market ratios.
- Treating EBITDA as cash. Deduct capital expenditure and working-capital investment before calling a business cash-generative.
- Accepting an adjusted number without reconciliation. Read the bridge from reported to adjusted earnings and identify recurring costs.
- Overreading one return ratio. ROE can rise because equity falls; ROCE can change after acquisitions or lease treatment.
- Assuming net cash eliminates risk. Customer concentration, integration execution, currency movements and demand cycles still affect earnings and cash.
Qualitative checks that belong beside the spreadsheet
Ratios describe outcomes; they do not explain competitive durability. Coforge investor relations states: “At Coforge, we believe that the leaders of tomorrow will have their business capabilities defined and executed by a combination of humans and agents, underpinned by an enterprise data core and a cloud foundation purpose-built for AI.” This is a company statement, not independent evidence of future growth. Test it against disclosed bookings, revenue growth, margin trends, employee capacity, customer retention and cash generation.
Also separate organic performance from acquisition contribution. Identify the acquired revenue and EBITDA period, integration costs, purchase-price accounting and any change in the share count. A headline growth rate can overstate like-for-like momentum when an acquisition is included for only part of the year.
What can and cannot be concluded today
The available FY26 operating data and the dated Elara valuation table support a disciplined framework, not a current price target. They establish the reported scale, margins, earnings, cash flow and one historical valuation snapshot. They do not establish a reliable live 17 October 2026 quote or a complete current consensus set.
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