Coforge's Mega Deal Wins, Acquisitions Drives Dolat Capital's ‘Accumulate’ Upgrade, Revises Target Price

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Dolat Capital Report

We view Coforge Ltd.’s deal-win as impressive, showcasing ability to secure large contracts and build trust for mega deals. With five acquisitions within a year (Cigniti, Opt ML, Xceltrait, and now Rythmos and TMLabs) Coforge is well placed to meet its $2 billion target by FY’27E.

We have upgraded FY26E/FY27E revenue estimate by 6.5%/7.2%, but merger and acquisition, deal execution and transition-related expenses may mildly lower earnings estimates.

Overall earnings remain largely unchanged or adj. by 1% for FY26E/FY27E. Given correction and an enhanced growth outlook, we upgrade our rating to ‘Accumulate’ with a revised target price of Rs 8,400 (valued at 35 times on FY27E earnings).

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