Overview

• 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.