Choice Equity Broking's report on Coforge
We believe, COFORGE to stay ahead of the curve in delivering services by embedding AI early across its offerings. It will also leverage its proprietary IP and platforms like, Code Insight AI, BlueSwan and Forgex to infuse GenAI and intelligent automation led delivery. The company continues to build on its large-deal momentum, signing 5 large deals during the quarter, with size of deals showing a steady rise. These underpins management’s confidence in sustaining robust growth over the coming years, supported by both organic and inorganic initiatives. Accordingly, we revise our estimates upward and now expect Revenue/EBIT/PAT to grow at a CAGR of 21.7%/26.4%/38.6% over FY25–FY28E.
Outlook
Taking the average of FY27E and FY28E EPS at INR 57.6 and maintaining a P/E multiple of 35x, we arrive at a revised target price of INR 2,015 (earlier INR 1,930), reaffirming our BUY rating.
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