CITI on Coforge :Sell, TP Rs 1750

Reported lower than expected growth at +10.9% qoq cc (Citi: +12.3%). EBIT margin of 16% (in line with Citi). Forward looking indicators – (a) Organic headcount ~9% yoy; (b) TTM order inflow - $2.9b; executable order book +45.4% yoy (bumped up by Encora significantly); (c) Management comments – FY27 margin guidance raised to 16% (vs 15.5%) with 4Q exit at 17%; industry leader in revenue growth Organic executable orderbook growth yoy & cash conversion (OCF/EBITDA) trends need to be monitored

COFORGE LIMITED

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