Coforge Ltd | Asia Pacific: Bucking the trend

Research evidence excerpt

Coforge Ltd | Asia Pacific: Bucking the trend

Idea

July 29, 2026 01:36 AM GMT

Morgan Stanley India Company Private Limited+MCoforge Ltd | Asia Pacific Sulabh Govila, CFA

Equity Analyst

Bucking the trend Sulabh.Govila@morganstanley.comGaurav Rateria +91 22 6118-2249

What’s Changed Gaurav.Rateria@morganstanley.com +91 22 6118-2237

Shreshtha Chopra

Coforge Ltd (COFO.NS) From To Research Associate

Price Target Rs1,700.00 Rs2,060.00 Shreshtha.Chopra@morganstanley.com +91 22 6118-2227

Sakshi Rana

4Q highlights: 1) beat on growth and margins, 2) very strong ResearchSakshi.Rana@morganstanley.comAssociate +91 22 6118-1002

growth visibility for F27 led by deal wins and pipeline, and 3)

Encora acquisition on track for cost synergies.

Key Takeaways

Management expects growth to be robust in 2Q and beyond. Coforge Ltd (COFO.NS, COFORGE IS)

It sees margins being sustained at a minimum, and likely expanding further. India Technology | India

Stock Rating Overweight

Industry View In-Line

Growth constrained environment, but Coforge seems to be bucking the trend: Price target Rs2,060.00

The sector is facing growth challenges driven by a confluence of macro and Up/downside to price target (%) 22

Shr price, close (Jul 28, 2026) Rs1,686.00

technology change factors. Coforge's management commentary, head-count 52-Week Range Rs1,989.70-1,008.10

additions, pipeline, and deal inflows all seem to suggest otherwise. Coforge added Sh out, dil, curr (mn) 677

Mkt cap, curr (mn) Rs1,141,130

3.6% qoq organic head-count in 1Q, which provides strong visibility for 2Q given that EV, curr (mn) Rs1,143,262

in three of the last four quarters, qoq revenue growth has been more than head- Avg daily trading value (mn) Rs4,344

count growth in the prior quarter.