Eyeing doubling of revenue by FY30E led by AI: Maintain Buy with unchanged TP of INR2,100

研报英文原文证据摘录

Eyeing doubling of revenue by FY30E led by AI: Maintain Buy with unchanged TP of INR2,100

Global Markets Research

Coforge COFO.NS COFORGE IN 16 June 2026

EQUITY: TECHNOLOGY

Eyeing doubling of revenue by FY30E led by AI RatingRemains Buy

Target price INR 2,100 RemainsMaintain Buy with unchanged TP of INR2,100

Closing price

16 June 2026 INR 1,465We attended the analyst day of Coforge held at Greater Noida on 16 June. Key takeaways are below :

Eyeing USD5bn of revenue by FY30E with significant tailwinds from AI

Implied upside +43.3%Coforge expects AI to be a net tailwind for outsourced digital IT spend increasing the market size by 40-

50% over the next 3-5 years. Sudhir Singh, CEO and executive director, noted four existing service

Market Cap (USD mn) 6,857.1

lines of digital product engineering, data and analytics, cloud modernisation, security have tailwinds

ADT (USD mn) 55.5

from AI demand while four new service lines -- data labelling, model development and deployment,

development of custom agents and advisory services – would create additional demand. Coforge

continues to work on its playbook of scaling accounts, scaling its big bets (focus areas), partner-led Relative performance chart

growth and acquisitions to double its revenue to USD5bn by FY30.

Disciplined financial rigour to continue

CFO, Saurabh Goyal, noted that a few key initiatives have helped it sustainably improve its financial

rigour and aim at sustainably higher margins. These include: 1) exiting loss-making and cash negative

business Advantage Go, 2) embedding AI in G&A to reduce costs by 25-30%, and 3) exiting India

government business (low margin). Coforge expects 16.5% EBIT margin in FY27E (vs 14.4% in FY26),