- Coforge shares dropped 2.26% after Q2 revenue missed analyst expectations
- Q2 consolidated revenue rose 11.6% sequentially to Rs 6,170 crore
- Net profit increased 13.4% quarter-on-quarter to Rs 588.1 crore
Coforge Ltd. shares fell on Monday despite three brokerages raising their target prices after the IT services company reported its September-quarter results, as revenue came in below analyst expectations and organic growth remained muted.
The stock declined 2.26% to Rs 1,857.60 on the National Stock Exchange as of 9:20 a.m., compared with the previous close of Rs 1,900.50. Jefferies, Kotak Securities and JPMorgan raised their target prices, while Citi retained its Sell rating despite increasing its price target.
The decline came even as Jefferies, Kotak Securities, and JPMorgan raised their target prices following the company's September quarter performance.
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Coforge Q2 Results: Record Deal Wins, Higher Margin Guidance
Coforge reported an 11.6% sequential increase in consolidated revenue to Rs 6,170 crore for the September quarter; however, revenue fell short of analyst expectations. Net profit rose 13.4% quarter-on-quarter to Rs 588.1 crore.
The company secured eight large deals worth a combined $1.04 billion in total contract value, its highest-ever quarterly deal intake. Its executable order book for the next 12 months stood at $2.38 billion.
Also Read: Coforge Q2 Results: Profit Rises 13% To Rs 588 Crore As Margins Expand, Revenue Up 11% Sequentially
Brokerages Raise Coforge Target Prices
Jefferies raised its target price to Rs 2,230 from Rs 2,040 and retained its Buy rating. JPMorgan maintained Overweight and increased its target to Rs 2,150 from Rs 1,850, while Kotak Neo retained Buy and raised its fair value estimate to Rs 2,300 from Rs 2,000.
However, Citi maintained its Sell rating for the IT company but raised its target price to Rs 1,750 from Rs 1,670, citing weaker-than-expected revenue and muted organic growth.
Coforge Stock Price Performance
The stock has gained around 12.1% in the calendar year 2026 so far, and around 4.08% in the past month.
Currently, trading at a price-to-earnings multiple of 43.9x, with a total market cap of Rs 82,121.6 crore.
Also Read: Coforge Q2 Review: Brokerages Raise Targets As Record Deals Lift Margin Outlook
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