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IDBI Capital Report
Shares of Coforge Ltd. may remain in focus after brokerage house IDBI Capital upgraded the stock to 'Buy' from 'Hold' and raised its target price to Rs 1,800, citing stronger-than-expected margin performance, robust order inflows, improving cash flow generation and increasing confidence in the integration of Encora.
The revised target price implies an upside potential of around 18% from the current market price.
The brokerage's optimism follows a strong Q1 FY27 performance. Coforge reported consolidated revenue of $592.2 million, up 33.3% YoY and 21.1% sequentially, driven by the Encora acquisition and healthy organic growth.
Excluding portfolio exits, organic growth stood at 5.2% QoQ in constant currency terms, significantly outperforming many peers in the IT services space.
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