Investor Day takeaways: Ambitious targets laid out for FY30

研报英文原文证据摘录

Investor Day takeaways: Ambitious targets laid out for FY30

Global Research

16 June 2026ab

Coforge Ltd Equities

IndiaInvestor Day takeaways: Ambitious targets laid

out for FY30 Diversified Technology Services

12-month rating Neutral

12m price target Rs1,505.00Recent growth trajectory to continue

We attended Coforge's Investor Day wherein management highlighted the non-linear

growth in enterprise AI spend and its impact on services demand. Management expects Price (16 Jun 2026) Rs1,464.55

the post AI outsourced IT spend to grow 40-50% over the next 3-5 years, a key tailwind RIC: COFO.BO BBG: COFORGE IB

for Coforge's growth. Company stated 1) scaling up key accounts; 2) scaling up big bets;

3) partner-led growth; and 4) acquisitions to drive growth. Revenue of US$2.5bn in Trading data and key metrics

FY26 is likely to grow to US$5bn by FY30 (CAGR of 19%) including inorganic. Within 52-wk range Rs1,977.10-1,073.85

this, management expects verticals like healthcare & hitech and government outside Market cap. Rs490b/US$5.18b

India to grow 17-18% followed by insurance and travel at 14% and BFSI at 12%. Shares o/s 334m (ORD)

Free float 65%

Margin expansion led by operational discipline; capital allocation to prioritize Avg. daily volume ('000) 3,812

growth Avg. daily value (m) Rs4,920.6

Management highlighted that recent actions including the exit of loss-making and low- Common s/h equity (03/26E) Rs95.4b

margin businesses (including a ~US$50m India government business and AdvantageGo) P/BV (03/26E) 5.2x

have improved profitability and working capital efficiency. At the same time, AI-led Net debt to EBITDA (03/26E) NM

productivity initiatives have reduced G&A costs by ~25–30% and lifted revenue per

employee to ~US$72K, despite pricing pressure in the market.