Coforge Limited (COFORGE.NS) : juste valeur

Thèse ACCE

Coforge is an Indian IT services firm whose revenue is concentrated in banking, financial services and insurance, with a growing stake in travel and hospitality and in its Quadrant and Cigniti-backed digital engineering and testing practices. Its edge is domain depth in BFSI, where clients buy outcome-based transformation work from vendors who understand core banking and policy systems, and that tends to hold pricing better than generic staff augmentation. Near term, the main driver is the ramp of large multi-year deals and the pull-through of AI-led modernisation work into existing accounts. The reported 49.9% revenue growth is well above what most listed Indian peers print, but it is largely acquisition-assisted, so the organic run rate is the number to verify before underwriting it. At 39.1x trailing earnings and 26.6x forward, the market is already pricing in a sustained step-up in margins from a 16.0% operating margin, which makes the next two quarters of margin delivery the test that justifies a deeper look.