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Short answer: Coforge has the strongest operating momentum, Persistent Systems offers the best balance of growth and profitability in the reported figures, and Mphasis is the steadier but slower-growing choice. That is an operating-quality ranking, not a guaranteed investment-return ranking. A final buy decision requires date-matched share prices, P/E or EV/EBITDA, free-cash-flow yield, balance-sheet data and your holding period; those valuation inputs are not established in the available results.
The comparison in one view
The three companies are all Indian-listed IT-services businesses, but their current profiles are different. Coforge is accelerating fastest and has built unusually large near-term order visibility. Persistent Systems is growing materially faster than Mphasis while maintaining a 15% plus EBIT margin. Mphasis is expanding more slowly, yet it has a large flow of new contract value, a tightly focused financial-services franchise and a clearly stated cash-conversion target.
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| Company | FY26 revenue and growth | Reported profitability | Order visibility | Important mix or operating fact |
|---|---|---|---|---|
| Coforge | INR 164,207 million (USD 1,870 million); up 35.9% in INR and 29.2% in USD | 18.6% EBITDA margin; 14.4% EBIT margin | USD 1.75 billion next-twelve-month executable order book in FY26; USD 2.23 billion signed next-twelve-month order book in Q1 FY27, up 44% year over year | More than 45,000 professionals across 33 countries and 54 delivery centers in the current company description; FY26 investor-relations statistics list 35,777 headcount |
| Persistent Systems | USD 1,654.4 million; up 17.4% year over year | INR 23,034.7 million EBIT; 15.6% EBIT margin; PAT INR 18,651.2 million | Q4 FY26 TCV of USD 600.8 million and ACV of USD 445.1 million | Q2 FY27 revenue was USD 487.6 million, up 20.0% year over year, according to the investor portal |
| Mphasis | USD 1,796 million; up 6.7% year over year | 15.3% operating margin; EPS before exceptional items INR 99.2 | More than USD 2.1 billion of annual net-new TCV in FY26, up 68% | Direct business was 98.6% of Q4 FY26 revenue; direct BFS revenue grew 17.4% year over year |
The margin labels are not identical: Coforge’s headline figure is EBITDA, Persistent reports EBIT, and Mphasis reports operating margin. Treating them as interchangeable would overstate the precision of the comparison. Revenue figures are also presented in both US dollars and Indian rupees, so currency movements affect reported growth.
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Coforge: the growth leader, with the highest execution burden
Coforge reported FY26 revenue of INR 164,207 million, equivalent to USD 1.87 billion. Growth was 35.9% in rupee terms and 29.2% in dollar terms. EBITDA increased 68.2% in dollar terms to USD 347 million, and the FY26 EBITDA margin was 18.6%; EBIT margin was 14.4%. The company’s FY26 investor-relations statistics also list USD 2.26 billion of order intake and 21 large deals.
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The next quarter showed further acceleration. Q1 FY27 revenue was INR 55,277 million (USD 592.2 million), up 49% in INR and 33% in USD. EBITDA margin reached 20.3%, EBIT margin was 16.0%, and profit after tax rose 110% in INR. The signed next-twelve-month order book was USD 2.23 billion, 44% higher than a year earlier. These figures explain why Coforge ranks first for current operating momentum.
Management said, “We expect to deliver robust revenue growth in FY27 and plan to deliver an EBITDA of more than 20.5% on a consolidated basis in FY27.” That is a forward objective, not a completed result. Investors should test whether hiring, delivery capacity and the conversion of signed work can sustain that margin while revenue scales.
Order visibility and risks at Coforge
Coforge’s executable order book and signed next-twelve-month book are useful because they indicate work that management expects to convert into revenue relatively soon. They do not guarantee the exact timing, profitability or cash collection of every contract. A large book can also raise delivery risk if staffing and subcontracting costs rise faster than billing.
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The key execution questions are the integration of Encora, the economics of rapid hiring and the sensitivity of discretionary enterprise-IT projects to foreign-exchange and client-budget changes. The available disclosures do not provide a post-Encora integration scorecard or a separate cash-conversion figure, so those items require verification in subsequent filings. Coforge’s current profile suits an investor who accepts a higher execution and valuation risk in exchange for the strongest reported growth.
Persistent Systems: the balanced quality-growth case
Persistent’s audited FY26 revenue was USD 1,654.4 million, up 17.4% year over year. In rupees, revenue was INR 147,484.5 million. EBIT was INR 23,034.7 million, producing a 15.6% EBIT margin, while PAT was INR 18,651.2 million. This is slower than Coforge’s FY26 expansion but comfortably ahead of Mphasis’s cited growth, with a margin profile that remains above 15% on the company’s EBIT measure.
Its Q4 FY26 order booking was USD 600.8 million in total contract value and USD 445.1 million in annual contract value. TCV captures the contractual value over the full term; ACV normalizes that value to one year. The difference matters: a high TCV does not mean the same amount will be recognized as revenue in the next four quarters.
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The investor portal records Q2 FY27 revenue of USD 487.6 million, up 20.0% year over year. Persistent also declared a full-year dividend of INR 40 per share for FY26. The combination of double-digit growth, a 15.6% EBIT margin and continuing order activity supports the description of Persistent as the most balanced compounder in this three-stock set.
What could disrupt the Persistent thesis
Persistent still faces the standard services risks: delayed client decisions, wage inflation, currency movements and integration demands from acquisitions. The cited disclosures do not establish a comparable free-cash-flow conversion ratio or a current valuation multiple. A quality-growth business can produce poor shareholder returns if investors pay too much for that quality, so the operating case must be checked against the price at the time of purchase.
Mphasis: steadier execution, slower compounding
Mphasis reported FY26 revenue of USD 1,796 million, up 6.7% year over year. Operating margin was 15.3%, and EPS before exceptional items rose to INR 99.2. Those results place Mphasis behind Coforge and Persistent on recent growth, but the margin stayed within a relatively narrow range.
The company generated more than USD 2.1 billion of annual net-new TCV in FY26, up 68%. It said 69% of the pipeline was AI-led, delivered more than twice the industry growth implied by its initial FY26 guidance and kept margins within its 14.75%-15.75% target band. For FY27, management targeted high-single-digit to low-double-digit growth, a 14.75%-15.75% margin band and operating-cash-flow-to-net-income conversion of 80%. The 80% figure is a management target for FY27, not a reported FY26 conversion outcome.
Business concentration at Mphasis
Direct business represented 98.6% of Q4 FY26 revenue. Direct revenue grew 9.2% year over year in constant-currency terms, while direct banking, financial services and insurance revenue grew 17.4%. This concentration can be an advantage: deep knowledge of regulated financial processes can support repeat work, specialized talent and pricing power. It is also a risk because technology budgets, credit conditions and regulation in financial services can affect a large portion of the business at the same time.
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Mphasis is therefore a fit for an investor who values steadier operating execution and a visible financial-services franchise, and who is willing to accept slower recent revenue compounding than the other two companies.
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How the three businesses compare on the issues that matter
Revenue growth
On the reported FY26 numbers, Coforge leads decisively at 29.2% growth in US dollars. Persistent follows at 17.4%, while Mphasis grew 6.7%. Coforge’s Q1 FY27 dollar growth of 33% shows that the lead was not limited to the full-year comparison. Persistent’s Q2 FY27 growth of 20% indicates continued acceleration relative to its FY26 rate. Mphasis’s forward objective of high-single-digit to low-double-digit growth implies improvement, but it remains a target rather than an achieved rate.
Growth quality matters as much as the headline percentage. Check whether expansion comes from durable client relationships and repeatable offerings or from a small number of large contracts, acquisitions or favorable currency translation. The reported figures alone do not separate those effects completely.
Margins and operating leverage
Coforge has the highest disclosed EBITDA margin at 18.6% for FY26 and reached 20.3% in Q1 FY27. Its 14.4% FY26 EBIT margin is the more comparable measure against Persistent’s 15.6% EBIT margin. Mphasis’s 15.3% operating margin is close to Persistent’s reported EBIT margin, although accounting definitions can differ. Coforge’s stated FY27 goal of EBITDA above 20.5% would represent further expansion if achieved.
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Order visibility: executable book, ACV and TCV are different
Coforge provides the clearest near-term visibility in the supplied figures through its USD 2.23 billion signed next-twelve-month order book. Persistent’s USD 600.8 million Q4 TCV and USD 445.1 million ACV show strong booking activity but cover contracts with different durations. Mphasis’s more than USD 2.1 billion annual net-new TCV measures newly signed contract value over a year, not a twelve-month revenue backlog.
For all three, ask four follow-up questions: what percentage is already staffed, when can it be recognized as revenue, what gross margin was assumed, and how concentrated are the largest contracts? Order metrics are leading indicators, not substitutes for revenue and cash-flow statements.
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Business concentration
Mphasis discloses the clearest concentration signal in the supplied material: 98.6% of Q4 FY26 revenue came from direct business, with BFS direct revenue growing 17.4%. Domain specialization can improve execution, but it increases sensitivity to financial-sector technology spending and regulation.
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Cash conversion
Cash conversion is the largest unresolved operating comparison. Mphasis stated an FY27 objective of converting 80% of net income into operating cash flow. The supplied Coforge and Persistent figures do not include a matching conversion ratio. Investors should calculate operating cash flow divided by net income over several years, then examine receivables, unbilled revenue, contract assets, lease payments and acquisition-related cash costs. One strong quarter is not evidence of a durable conversion rate.
Acquisition execution
Coforge’s Encora integration is the explicit execution test in this comparison. Rapid hiring and integration can add capability and revenue, but they can also pressure utilization, subcontracting expense and margins before synergies appear. The available results do not quantify integration synergies or post-deal cash returns.
Persistent and Mphasis also face ordinary integration and delivery risks, yet no acquisition-specific outcome is established in the supplied disclosures. For any of the three, read purchase-price accounting, goodwill, retention commitments and segment margins before treating acquired growth as organic compounding.
Valuation determines whether a good business is a good stock
The operating ranking cannot answer which share offers the best risk-adjusted return today because no date-matched market-price source was retrieved. Current P/E, EV/EBITDA and free-cash-flow yields are therefore unresolved, as are the corresponding net-cash or net-debt adjustments.
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Before buying, record the share price and fiscal period on the same date, then calculate:
- Forward P/E: share price divided by an explicitly defined forward EPS estimate.
- EV/EBITDA: equity value plus debt and lease liabilities, less cash, divided by forward EBITDA.
- Free-cash-flow yield: normalized free cash flow divided by market capitalization; exclude one-off acquisition proceeds or unusually low working-capital investment.
- Growth-adjusted valuation: compare the premium paid with credible multi-year revenue, EBIT and cash-flow growth rather than a single exceptional year.
A premium for Coforge may be justified if its order conversion and margin expansion persist. Persistent’s premium, if one exists, should be supported by continued growth above Mphasis and reliable cash generation. Mphasis may appeal at a lower multiple, but a low multiple is not automatically attractive if growth remains near the lower end of management’s range or concentration risk rises.
Which stock fits which long-term investor?
Choose Coforge for maximum operating momentum
Coforge is the leading candidate for an investor whose primary objective is high growth and who can tolerate integration, delivery, currency and valuation volatility. The evidence to monitor is conversion of the USD 2.23 billion signed book, maintenance of the 20% plus EBITDA ambition and whether rapid expansion translates into cash rather than only reported profit.
Choose Persistent Systems for a balanced quality-growth thesis
Persistent is the middle path: 17.4% FY26 dollar growth, a 15.6% EBIT margin, rising Q2 FY27 growth and substantial Q4 contract bookings. It suits an investor who wants growth materially above Mphasis without relying entirely on Coforge’s more aggressive execution trajectory. The purchase still needs a valuation and cash-conversion check.
Choose Mphasis for steadier execution and financial-services depth
Mphasis fits an investor who prioritizes a stable margin band, strong annual net-new TCV and a specialized BFS and insurance franchise over the fastest possible compounding. Accept that FY26 growth was 6.7%, and test whether the FY27 high-single-digit to low-double-digit target and 80% cash-conversion objective are being delivered.
A practical checklist before buying
- Use the latest closing share price and the same reporting date for all three companies.
- Recalculate P/E, EV/EBITDA and free-cash-flow yield using consistent fiscal-year assumptions.
- Separate EBITDA, EBIT and operating-margin definitions; do not rank unlike measures as though they were identical.
- Reconcile order-book terms: Coforge’s next-twelve-month book, Persistent’s TCV and ACV, and Mphasis’s annual net-new TCV measure different things.
- Review three to five years of operating cash flow, receivables and contract assets, not just management’s latest target.
- Check the latest top-client, sector and geography disclosures, particularly Mphasis’s financial-services exposure.
- For Coforge, track Encora integration costs, utilization, subcontracting and margin progression.
- Stress-test a weaker discretionary-IT environment, adverse currency movement and delayed project starts.
- Match the stock to your time horizon and position size; a high-growth company can suffer larger drawdowns even when its long-term strategy remains intact.
Risks that could change the ranking
- Growth normalizes: If Coforge’s exceptional FY26 and Q1 FY27 growth slows sharply, Persistent could become the stronger growth-quality choice.
- Margin misses: Hiring, wage inflation or integration costs could prevent Coforge from reaching its FY27 EBITDA objective; similar delivery-cost pressure could affect Persistent and Mphasis.
- Order conversion disappoints: Signed TCV or backlog can be delayed, resized or cancelled and may carry lower margins than expected.
- Financial-sector weakness: Mphasis’s BFS and insurance concentration could amplify a downturn in those clients’ technology spending.
- Currency volatility: Because revenue is commonly reported in US dollars while costs are incurred across several currencies, exchange-rate movements can change reported growth and margins.
- Valuation compression: Even excellent operating results may produce poor returns if the entry multiple falls as interest rates, risk appetite or growth expectations change.
Bottom line
Coforge leads on operating momentum and near-term order visibility. Persistent Systems leads on balance between growth and reported profitability. Mphasis offers steadier execution, a strong financial-services franchise and meaningful contract wins, but slower recent growth. The better long-term stock is conditional: select Coforge when its premium is supported by durable order conversion and cash generation, Persistent when its quality-growth premium is reasonable, and Mphasis when stability and valuation compensate for slower compounding. Without current, date-matched valuation and cash-flow data, no honest comparison can declare one of the three the definitive buy at today’s price.
Quick Recap
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