Nomura on Coforge : Buy, TP Rs 2300

Aiming for higher margins; Strong deal wins set stage for continued robust growth ahead 2QFY27 revenue grew 3.8% q-q in constant currency (cc) terms (organic vs expectation of +4%). Encora numbers were consolidated for entire quarter. EBIT margin at 16% was inline with estimates & FCF was at USD53.8mn (89% of PAT).

COFORGE LIMITED

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