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Coforge: Investor day takeaways: Aspires to reach $5bn revenue by FY30, sustain organic growth momentum with peer leading margins
研报英文原文证据摘录
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.
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