Coforge: Investor day takeaways: Aspires to reach $5bn revenue by FY30, sustain organic growth momentum with peer leading margins

Research evidence excerpt

Coforge: Investor day takeaways: Aspires to reach $5bn revenue by FY30, sustain organic growth momentum with peer leading margins

J P M O R G A N Asia Pacific Equity Research

17 June 2026

Coforge

Investor day takeaways: Aspires to reach $5bn revenue Overweight

by FY30, sustain organic growth momentum with peer COFO.NS, COFORGE IN

leading margins Price (15 Jun 26):Rs1,402.50

Price Target (Mar-27):Rs1,800.00

Key takeaways from Coforge’s Investor Day were: 1) Coforge expects revenues Head of APAC Telecoms and India

to grow from $2.5bn (pro-forma incl Encora) in FY26 to $5bn by FY30 ($4.3bn TMT Research

organic), assuming an indicative acquisition of $500mn over the next 3-4 years. 2) Ankur Rudra, CFA AC

While management expects an organic revenue growth rate for FY26-30E to be (65) 6801-3237

similar to the FY18-26 period, the above math implies a ~15% CAGR. 3) Major ankur.rudra@jpmorgan.com

growth drivers should be across scaling up key accounts, scaling up big bets, J.P. Morgan Securities Singapore Private Limited

partnership-led growth in addition to M&A. 4) Coforge has pivoted its engineering Bhavik Mehta, CFA AC

strategy from AI-assisted (human engineers working with AI as co-pilots) to AI- (91-22) 6157-3871

bhavik.mehta@jpmchase.com

led (humans and agents working together in Mod Squads along with FDEs). 5) J.P. Morgan India Private Limited, J.P. Morgan

Management maintained its standalone EBITDA and EBIT margin guidance of Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

20.5% and16.5% respectively. 6) Management re-iterated FCF to PAT conversion

Harshit Sharma

of over 100% in FY27. 7) Capital allocation will be focussed towards investing in

(91-22) 6157-5879

client partnerships, followed by M&A, debt repayment and dividends.