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Short answer: Coforge has the strongest operating momentum, Persistent Systems offers the best balance of growth and profitability in the disclosed figures, and Mphasis is the steadier, slower-growing choice. That is an operating-quality ranking, not a guaranteed share-price ranking. A defensible decision also needs the three stocks’ prices and valuation multiples from the same date, plus your time horizon and tolerance for execution risk.
The comparison below uses FY26 results and the latest FY27 updates supplied by each company. Coforge’s FY26 revenue grew 29.2% in US-dollar terms and its Q1 FY27 signed next-twelve-month order book reached USD 2.23 billion. Persistent grew 17.4% in FY26 with a 15.6% EBIT margin. Mphasis grew 6.7%, maintained a 15.3% operating margin and generated more than USD 2.1 billion of annual net-new TCV. The numbers point to three different investment theses rather than one universally superior stock.
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The decision in one view
| Investor priority | Best fit from the disclosed operating data | Why | Main trade-off |
|---|---|---|---|
| Fastest current growth and order visibility | Coforge | 29.2% FY26 USD revenue growth, 33% USD growth in Q1 FY27 and a USD 2.23 billion signed next-twelve-month order book | Integration, hiring, discretionary-spending and valuation risk |
| Balanced quality growth | Persistent Systems | 17.4% FY26 growth with a 15.6% EBIT margin and substantial Q4 contract bookings | The premium paid for growth must be justified by cash conversion and price |
| Steadier execution and domain depth | Mphasis | 15.3% operating margin, more than USD 2.1 billion of annual net-new TCV and a clearly defined financial-services franchise | Only 6.7% FY26 growth and high exposure to banking and insurance budgets |
These labels describe the businesses at the reported dates. They do not establish which share will deliver the highest return. Returns depend on the price paid, future growth, cash generation and changes in the valuation multiple.
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The companies do not present every metric on an identical basis. Coforge highlights EBITDA and EBIT margins, Persistent reports EBIT margin, and Mphasis uses operating margin. Order measures also differ: Coforge reports a signed next-twelve-month executable order book, Persistent reports total contract value (TCV) and annual contract value (ACV), and Mphasis reports annual net-new TCV. A larger number in one column is therefore not automatically comparable with a larger number in another.
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FY26 refers to the companies’ fiscal year ending in 2026. Dollar growth removes much of the distortion caused by Indian-rupee movements, while rupee revenue and profit figures show the amount reported in Indian statutory accounts. Where a company gives both, the currency and period are identified below.
Side-by-side financial snapshot
| Measure | Coforge | Persistent Systems | Mphasis |
|---|---|---|---|
| FY26 revenue | INR 164,207 million (USD 1,870 million) | USD 1,654.4 million; INR 147,484.5 million | USD 1,796 million |
| FY26 revenue growth | 29.2% in USD; 35.9% in INR | 17.4% year over year in USD | 6.7% year over year in USD |
| FY26 profitability | 18.6% EBITDA margin; 14.4% EBIT margin | 15.6% EBIT margin | 15.3% operating margin |
| FY26 profit data | EBITDA USD 347 million, up 68.2% in USD | PAT INR 18,651.2 million | EPS before exceptional items INR 99.2 |
| Latest growth update | Q1 FY27 revenue USD 592.2 million, up 33% in USD | Q2 FY27 revenue USD 487.6 million, up 20.0% year over year | FY27 target: high-single-digit to low-double-digit growth |
| Order visibility | USD 2.23 billion signed next-twelve-month order book in Q1 FY27, up 44% year over year | Q4 FY26 TCV USD 600.8 million; ACV USD 445.1 million | Annual net-new TCV above USD 2.1 billion, up 68% |
Margin definitions matter when comparing the table. Coforge’s 18.6% EBITDA is not equivalent to Persistent’s 15.6% EBIT or Mphasis’s 15.3% operating margin. The closer like-for-like comparison is EBIT or operating profit, where the reported figures are in a relatively tight 14.4% to 15.6% range despite the large difference in growth.
Coforge: the growth and order-book leader
What the FY26 results show
Coforge reported FY26 revenue of INR 164,207 million, equivalent to USD 1.87 billion, with growth of 35.9% in rupees and 29.2% in dollars. EBITDA increased 68.2% in dollar terms to USD 347 million. EBITDA margin was 18.6%, while EBIT margin expanded to 14.4%.
The company’s investor-relations profile describes an AI-native engineering-services business with more than 45,000 professionals across 33 countries and 54 delivery centers. The same FY26 statistics list 35,777 headcount, so the two figures should not be treated as interchangeable; they may use different definitions or reporting scopes. FY26 statistics also show USD 2.26 billion of order intake and 21 large deals.
Why the Q1 FY27 update changes the discussion
Q1 FY27 revenue was INR 55,277 million, or USD 592.2 million, up 49% in rupees and 33% in dollars. EBITDA margin rose to 20.3%, EBIT margin to 16.0%, and profit after tax increased 110% in rupees. The signed next-twelve-month order book was USD 2.23 billion, 44% higher than a year earlier.
That order-book figure is the clearest evidence of near-term visibility among the three companies, but it is not the same as recognized revenue. It still has to be staffed, delivered and converted on schedule. A long order book can contain work with different start dates, margins, cancellation terms and timing of revenue recognition.
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What could sustain the lead
- Large deal wins and a rising executable order book can support revenue for several quarters if conversion remains on schedule.
- The move from an FY26 18.6% EBITDA margin to 20.3% in Q1 FY27 suggests operating leverage, at least in the reported quarter.
- Management said it expects robust FY27 revenue growth and plans to deliver consolidated EBITDA above 20.5% in FY27.
- The company’s engineering, cloud and AI positioning may capture spending that is less dependent on traditional application maintenance.
Risks specific to Coforge
The speed of growth raises the execution bar. Investors need to see whether the Encora integration, rapid hiring and delivery-center expansion can preserve margins rather than merely add low-margin capacity. Discretionary enterprise technology budgets could weaken, and foreign-exchange movements can change reported rupee and dollar results. The key operating test is whether the USD 2.23 billion order book converts into revenue without a material fall in margin or a rise in working capital.
Persistent Systems: the balanced compounder candidate
Growth with a solid margin base
Persistent’s audited FY26 revenue was USD 1,654.4 million, up 17.4% year over year. Rupee revenue was INR 147,484.5 million. EBIT was INR 23,034.7 million, giving a 15.6% EBIT margin, and PAT was INR 18,651.2 million.
The growth rate is materially above Mphasis’s FY26 rate, while the EBIT margin is slightly higher than Mphasis’s operating margin and Coforge’s FY26 EBIT margin. Because the companies use different labels and accounting presentations, the figures indicate a strong margin profile rather than a precise ranking to the decimal place.
Reading the order metrics
Persistent reported Q4 FY26 order booking of USD 600.8 million in TCV and USD 445.1 million in ACV. TCV captures the total contracted value over the life of a deal; ACV annualizes the expected yearly value. ACV is therefore the more useful indicator for the pace of recurring annual revenue, while TCV shows the breadth of the contract commitment. Neither is a promise that the entire amount will be recognized immediately.
The company’s current investor portal records Q2 FY27 revenue of USD 487.6 million, up 20.0% year over year. That update supports the view that growth remained healthy after FY26, although it does not by itself prove that the higher pace is durable.
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- Revenue growth is faster than Mphasis’s while profitability remains above 15% on the reported EBIT measure.
- The combination of product engineering, cloud and modernization work can diversify demand beyond a single industry, provided client and vertical data continue to support that conclusion.
- A full-year dividend of INR 40 per share provides a visible capital-return component, although the dividend yield depends on the share price.
What must be checked
Persistent’s balanced profile is attractive only if cash conversion keeps pace with accounting profit and if the valuation does not already assume years of elevated growth. Integration, wage inflation, currency movements and client-budget cuts can pressure margins even when headline revenue remains positive. Investors should compare operating cash flow, receivables and free cash flow with PAT before paying a growth-company multiple.
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Mphasis: steadier execution with financial-services concentration
Lower growth, stable profitability
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. Management said it delivered more than twice the industry growth implied by its initial FY26 guidance while keeping margins inside its 14.75% to 15.75% target band.
For FY27, management targeted high-single-digit to low-double-digit growth and retained the 14.75% to 15.75% margin band. It also targeted operating-cash-flow-to-net-income conversion of 80%. That 80% is a management target, not a reported FY26 result, so it should be monitored rather than treated as achieved.
Order generation and AI pipeline
Annual net-new TCV exceeded USD 2.1 billion, up 68%. Mphasis said 69% of its pipeline was AI-led. Net-new TCV measures newly won contract value; it does not mean the full USD 2.1 billion becomes FY27 revenue. Timing, scope changes and client decisions determine conversion.
Direct business and BFS exposure
Direct business represented 98.6% of Q4 FY26 revenue. Direct revenue grew 9.2% year over year in constant-currency terms, and direct banking, financial-services and insurance (BFS) revenue grew 17.4%. The direct-client mix can support pricing, domain depth and closer customer relationships, but concentration also makes results sensitive to financial-sector technology budgets, regulation, credit conditions and bank consolidation.
Mphasis is therefore not simply a low-growth version of the other two companies. It offers a more defined specialization and a potentially steadier execution profile, but investors must be comfortable with the sector concentration and with slower recent compounding.
Order visibility: which backlog is most useful?
| Company | Reported measure | What it tells you | What it does not tell you |
|---|---|---|---|
| Coforge | USD 2.23 billion signed next-twelve-month order book in Q1 FY27, up 44% year over year | Contracted work expected to be executable over the next 12 months | Exact quarterly revenue timing, final margin or cancellation risk |
| Persistent Systems | Q4 FY26 TCV USD 600.8 million; ACV USD 445.1 million | Life-of-contract value and annualized value of the quarter’s bookings | Total backlog available at year-end or immediate revenue conversion |
| Mphasis | Annual net-new TCV above USD 2.1 billion, up 68% | Scale and growth of newly won contracts during the year | How much is incremental to the next 12 months or when it will be recognized |
On the evidence available, Coforge has the strongest explicitly quantified near-term backlog. Persistent provides useful quarterly booking detail but not a directly equivalent next-twelve-month number in the supplied figures. Mphasis’s TCV growth is impressive, yet its measure is annual net-new awards rather than a stated executable backlog. Treat these as complementary signals, not a league table with identical definitions.
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Business mix and concentration
Coforge
Coforge’s international delivery footprint and engineering-services positioning imply geographic and service breadth, but the supplied disclosures do not provide a single customer, vertical or geography concentration percentage that can be compared directly with Mphasis’s BFS data. Monitor large-deal dependence and discretionary enterprise spending.
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Persistent Systems
The supplied FY26 figures establish growth, EBIT and bookings but do not give a comparable concentration percentage. Investors should obtain the latest vertical, geography and top-client shares before assuming that Persistent is broadly diversified.
Mphasis
The 98.6% direct-business share and 17.4% direct BFS growth are explicit. Direct relationships can improve economics and visibility, while the heavy financial-services orientation increases sensitivity to bank and insurer technology cycles. A diversified investor should size the position with that concentration in mind.
Cash conversion and capital allocation
Cash conversion is the bridge between reported profit and money available for reinvestment, dividends or buybacks. The supplied disclosures give one explicit forward benchmark: Mphasis’s FY27 target for operating cash flow to equal 80% of net income. It is a useful hurdle, but the target is not proof of delivery.
No date-matched operating-cash-flow, free-cash-flow or free-cash-flow-yield figures are established here for Coforge or Persistent. Persistent’s INR 40 per-share full-year dividend is confirmed, but a yield cannot be calculated without a share price on a specified date. Do not infer superior cash economics from revenue growth or EBIT margin alone; check receivables, contract assets, capital expenditure, exceptional items and working-capital movements in each annual report.
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Coforge has the most visible integration question because management must absorb Encora while expanding headcount and delivery capacity at an unusually rapid pace. The evidence to watch is post-integration revenue retention, employee attrition, utilization, cross-selling, operating margin and cash conversion.
Persistent and Mphasis also face the ordinary execution risks of a services business—staffing, wage increases, currency volatility, project overruns and client delays—but the supplied figures do not identify a comparable acquisition program or quantify its effect. Avoid assuming that the absence of a highlighted integration issue means there is no execution risk.
Valuation: the missing piece in a “which stock is better?” call
Current P/E, EV/EBITDA and free-cash-flow yields are not established by the supplied, date-matched evidence. Without them, no one can honestly state which stock offers the best risk-adjusted return at today’s price. A superior business can be a poor investment when its valuation already discounts exceptional growth; a slower business can outperform when expectations are low.
A practical valuation checklist
- Record each share price and market capitalization on the same date.
- Use the latest diluted trailing and forward EPS to calculate P/E, noting exceptional items.
- Calculate EV/EBITDA with the same definition of debt, leases and cash for all three companies.
- Compare free-cash-flow yield after checking whether working-capital movements are sustainable.
- Relate the multiple to a realistic three- to five-year revenue and margin scenario, not just the latest growth rate.
- Run a downside case in which growth slows, margins revert toward the recent range and the valuation multiple contracts.
For Coforge, the question is whether 29.2% FY26 dollar growth, 33% Q1 FY27 growth and a USD 2.23 billion signed order book can justify a premium after integration and conversion risks. For Persistent, ask whether 17.4% growth and a 15.6% EBIT margin support the price after allowing for normalization. For Mphasis, test whether a lower multiple compensates for 6.7% recent growth and BFS concentration, while its TCV and FY27 targets provide a credible reacceleration path.
Decision framework by investor type
| If your priority is… | Lean toward | Evidence to verify before buying |
|---|---|---|
| Maximum operating momentum | Coforge | Order-book conversion, Encora integration, hiring productivity, margin durability and valuation |
| Growth without the highest disclosed execution intensity | Persistent Systems | Free-cash-flow conversion, client concentration, booking-to-revenue conversion and valuation |
| More predictable margins and a defined BFS franchise | Mphasis | 80% cash-conversion target, BFS budget resilience, direct-client retention and evidence of growth acceleration |
| Lowest valuation risk | Not determinable from the supplied data | Obtain same-date P/E, EV/EBITDA, free-cash-flow yield and net-cash or net-debt figures |
What to monitor each quarter
- Revenue versus order intake: Are bookings converting at the expected pace, or is the backlog aging?
- Margin quality: Is margin expansion coming from durable productivity or temporary utilization, currency and subcontractor effects?
- Cash conversion: Does operating cash flow track PAT after receivables and contract assets?
- People metrics: Can hiring, attrition and utilization support growth without eroding profitability?
- Client and vertical mix: Is concentration increasing, especially in financial services for Mphasis?
- Large-deal dependence: Are a few wins carrying the growth rate, and are renewals keeping pace?
- Guidance credibility: Does management meet or reset its growth and margin targets?
- Valuation: Has the share price moved faster than earnings and free cash flow?
Final assessment
Coforge is the operating-momentum leader: its FY26 and Q1 FY27 growth rates, margin improvement and signed order book are the strongest in the disclosed set. Persistent Systems is the balance choice, pairing materially faster growth than Mphasis with a 15.6% EBIT margin and meaningful contract bookings. Mphasis is the steadier, slower-growth option, supported by stable margins, strong net-new TCV and deep direct BFS relationships.
For a long-term investor, the correct purchase is the one whose valuation leaves room for the risks in that thesis. Until same-date market multiples, free-cash-flow data and net-cash or net-debt positions are added, the evidence supports a business ranking—Coforge for growth, Persistent for balance, Mphasis for steadier execution—but not a definitive risk-adjusted return winner.
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