Motilal Oswal Reaffirms Buy on Coforge With Rs 2,240 Target on Large-Deal Momentum

MOFSL reiterates Buy, calls the stock a top pick, and values Coforge at 38x FY27E EPS with a Rs 2,240 target that implies about 29% upside. Management targets at least 20 deals above $20 million in FY26, with five closed so far and a ~40–45% win rate on proactive proposals. Coforge guides to roughly 14% EBIT margin for FY26 after one-offs, with utilization expected to improve and subcontracting to trend lower. Cross-selling from the Cigniti acquisition is progressing, and the Sabre win has opened new avenues in the travel vertical. Free cash flow growth trails peers due to capacity builds and acquisitions, while headcount scales by about 1,000 net additions per quarter.