1QF27 First Cut: Ahead of expectations

研报英文原文证据摘录

1QF27 First Cut: Ahead of expectations

Update

July 28, 2026 01:34 AM GMT

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

Equity Analyst

1QF27 First Cut: Ahead of Sulabh.Govila@morganstanley.comGaurav Rateria +91 22 6118-2249

Gaurav.Rateria@morganstanley.com +91 22 6118-2237

expectations Shreshtha Chopra

Research Associate

Shreshtha.Chopra@morganstanley.com +91 22 6118-2227

AlphaSignals Earnings Reaction Sakshi Rana

Strengthens our thesis Modest upside Modest revision higher Sakshi.Rana@morganstanley.com +91 22 6118-1002

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Coforge reported revenue grew 22.3% qoq in constant currency (cc) terms, vs. our

estimate of +21%. Organically, Coforge delivered growth of 1.1% qoq in cc terms vs

MSe of 0.2%. Order inflow at US$691mn in 1Q was towards the top end of the Coforge Ltd (COFO.NS, COFORGE IS)

range of ~US$500-700mn seen in the past few quarters, but includes benefit from India Technology | India

Encora. Four large deals were signed in 1Q. Stock Rating Overweight

Industry View In-Line

Price target Rs1,700.00

Adj EBIT margin (16%) beat MSe by 36bps (15.6%). EBIT was ahead of MSe by 2.5%. Up/downside to price target (%) 15

Shr price, close (Jul 24, 2026) Rs1,484.70

One-off adjustments in 1Q included acquisition and integration costs (Encora), legal 52-Week Range Rs1,989.70-1,008.10

Sh out, dil, curr (mn) 677

expenses for a cyber security litigation issue, forex gain arising from the devaluation Mkt cap, curr (mn) Rs1,004,884

of the Bolivian currency and a provision for customer receivables after the EV, curr (mn) Rs1,007,016

Avg daily trading value (mn) Rs4,327

customer's bankruptcy filing.