Coforge: First Take: Organic revenue and margin beat

研报英文原文证据摘录

Coforge: First Take: Organic revenue and margin beat

J P M O R G A N Asia Pacific Equity Research

28 July 2026

Coforge Overweight

COFO.NS, COFORGE IN

First Take: Organic revenue and margin beat Price (27 Jul 26):Rs1,528.40

Price Target (Jun-27):Rs1,800.00

Our First Take: Coforge’s print was slightly behind JPMe but ahead of consensus on

revenues, up 22.3% CC QQ. The Organic business beat at 1% QQ vs. flat

expectations; excluding exited businesses, revenues were up 5% QQ suggesting

strong underlying momentum. Signings were solid at $691m, up 6.5% QQ. Margins

were ahead of JPMe/Street by 70/40bps overall. The primary disappointment was an

earnings miss due to FX and finance costs. The print suggests Coforge can sustain

>10% CC YY organic growth in FY27 while improving margins with strong cash Head of APAC Telecoms and India

conversion. We expect the stock to react positively. Stay OW. TMT Research

Ankur Rudra, CFA AC

Key Positives (65) 6801-3237

ankur.rudra@jpmorgan.com

• Overall revenues grew 22.3% CC QQ vs JPMe at 23.5% with organic business J.P. Morgan Securities Singapore Private Limited

AC up 1% CC QQ vs JPMe/guidance flat Bhavik Mehta, CFA

• Organic growth excluding exited businesses up 5.2% QQ (91-22) 6157-3871

bhavik.mehta@jpmchase.com

• Growth was broad based across Healthcare (up 12% Q/Q), Insurance (5%), J.P. Morgan India Private Limited, J.P. Morgan

BFS (3%) and Travel (2%). Tower,Registration:Santacruz(E),INH000001873,Mumbai (91-22)- 400098,6157-3000.SEBI

• Margins surprised at 16% EBIT, 70/40bps ahead of consensus/JPMe with Harshit Sharma

organic margins at 16.7% up 10bps QQ. (91-22) 6157-5879

harshit.sharma@jpmchase.com

• Cash conversion (FCF/PAT) stayed strong at 95% J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI