Sharekhan's research report on Coforge
Post moderation in revenue growth in FY25, the Company’s organic business is expected to regain strong growth trajectory in FY26. Margin uptick to be supported by lower ESOP costs, higher offshoring and lower SG&A costs. Clarity on disruption from Gen AI on Cigniti’s testing business post transition to be vital.
Outlook
We upgrade Coforge to Buy with revised price target (PT) of Rs. 8,480 (valued at 40x Sept26E EPS). At CMP, the stock trades at 48.2/36.5/30.2x its FY25/26/27E EPS.
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