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Today's prices ask more of Persistent Systems than of Coforge.
At current prices, buyers of Coforge are assuming about 14% growth against 28% in its own record; for Persistent Systems it is 15% against 23%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: both on discounted cash flow.
- Size: the two are worth roughly the same on the stock market.
- Record: On revenue the two have grown at much the same pace: Coforge compounded at about 24% a year (FY2018–FY2026) and Persistent Systems at about 23% (FY2019–FY2026).
- What to watch: deal wins at Coforge; revenue growth at Persistent Systems.
| Coforge | Persistent Systems | |
|---|---|---|
| Price | ₹2,028 | ₹6,003 |
| Market cap | ₹0.90L Cr | ₹0.95L Cr |
| P/E | 46.6 | 71.7 |
| P/B | 9.42 | 12.08 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
From NIIT Technologies to Coforge
Coforge was known as NIIT Technologies until 2020, when private-equity owner Baring renamed it. It provides IT services to banks, insurers and travel and transport companies, mainly in the US and Europe.
Software engineering from Pune
Persistent Systems was founded in Pune in 1990 by Anand Deshpande. It began as a product-engineering company building software for technology firms, and now provides digital engineering, cloud, data and AI services to banks, healthcare and technology companies.
02The records side by side
On revenue the two have grown at much the same pace: Coforge compounded at about 24% a year (FY2018–FY2026) and Persistent Systems at about 23% (FY2019–FY2026). By revenue the two are of broadly similar size. Coforge kept 10.6% of revenue as net profit in FY2026; Persistent Systems kept 12.6% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Coforge · Persistent Systems.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Deal winsLarge contracts sustain fast growth.
- Acquisition integrationBought companies need to grow profitably.
- Revenue growthLarge deal wins sustain growth well above the industry.
- MarginsHolding margins while growing fast is the key test.
05What could go wrong
- IntegrationAcquisitions can dilute margins.
- Client concentrationA few large clients matter a lot.
- Slowing growthA slowdown matters more for a company priced for growth.
- Client budgetsDiscretionary IT spending is cut first in a downturn.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Coforge or Persistent Systems better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Coforge trades at 46.6 times earnings and 9.42 times book value, and Persistent Systems at 71.7 times earnings and 12.08 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Coforge and Persistent Systems?
Coforge was known as NIIT Technologies until 2020, when private-equity owner Baring renamed it. Persistent Systems was founded in Pune in 1990 by Anand Deshpande.
Are Coforge and Persistent Systems valued the same way?
Yes — both on discounted cash flow, so their workings compare like for like.
What does today's price assume for Coforge and Persistent Systems?
Worked backwards from the share price, Coforge needs about 14% growth and Persistent Systems about 15% growth, against 28% and 23% in their own records.