Coforge Ltd (COFORGE IN) Buy: Investor day highlights

研报英文原文证据摘录

Coforge Ltd (COFORGE IN) Buy: Investor day highlights

17 June 2026

Coforge Ltd (COFORGE IN) EquitiesIT Services

Buy: Investor day highlights India

◆ Coforge believes AI to be a net tailwind for its business and has

set FY30e revenue target at USD5bn; inclusive of a large M&A MAINTAIN BUY

◆ Management is committed to FY27e EBIT margin of 16.5%

TARGET PRICE (INR) PREVIOUS TARGET (INR)

and FCF/PAT of +100% with growth picking up from 2QFY27

1710.00 1710.00

◆ Coforge retains growth leadership in tech services and now with

SHARE PRICE (INR) UPSIDE/DOWNSIDE

better margin/FCF outlook; retain Buy with TP of INR1,710

1464.80 +16.7%

(as of 16 Jun 2026)

Coforge hosted its investor day on 16 June. Here are key highlights from the event:

MARKET DATACoforge aspires for USD5bn in revenues by FY30e: Coforge aspires to replicate its

Market cap (INRm) 648,425 Free float 70%

success over FY17-26 and is targeting to maintain an organic growth rate of 15% over Market cap (USDm) 6,846 BBG COFORGE IN

FY26-30e on the expanded revenue base (i.e. inclusive of recently acquired Encora). To 3m ADTV (USDm) 56 RIC COFO.NS

achieve FY30e targets, Coforge’s next big bet is to scale up in BFS, Travel, Healthcare, FINANCIALS AND RATIOS (INR)

ServiceNow ecosystem, and AI services. Furthermore, management indicated the Year to 03/2026a 03/2027e 03/2028e 03/2029e

company may need to make another scaled acquisition (+USD500m) about FY28e, to HSBC EPS 46.40 58.63 68.47 79.95

HSBC EPS (prev) 46.40 58.63 68.47 79.95

meet the ambitious target. Coforge has a strong M&A track record and has successfully Change (%) 0.0 0.0 0.0 0.0

scaled businesses from its past acquisitions: Incessant (2017), Whishworks (2019), SLK Consensus EPS 42.49 56.44 67.09 77.84

PE (x) 31.6 25.0 21.4 18.3

Global (2021), and Cigniti (2024).