2025-06-16-花旗集团-考福吉（COFO）_考福吉（COFO.NS）模型更新_12页_635kb

Summary of Citi Research on Coforge (COFO.NS)

• Date: June 16, 2025
• Analyst Recommendation: Sell, unchanged from prior stance, with a revised target price of Rs1,715 (down from Rs1,432).
• Key Estimation Changes:
  • FY26E-27E estimates marginally revised due to exchange rate adjustments and operational parameters.
• Financial Highlights:
  • Current price: Rs1,811.50.
  • Expected net profit for FY25A: Rs8,107 million (down from Rs8,245 in 2024A).
  • EPS growth projected at -8.9% for FY25A, followed by strong gains in FY26E (+65.0%) and FY27E (+18.3%).
  • P/E ratio expected to decrease from 67.5x (2024A) to 38.0x (2027E).
• Valuation:
  • Target price based on 36x March 2027 EPS (compared to 34x September 2026).
  • Dividend yield forecasted at 1.2%.
• Outlook and Risks:
  • Upside risks include healthy demand outlook, higher billing rates, and INR depreciation.
  • Expected net margin improvement in later years (20.9% in 2026E vs. 6.6% in 2025A).
  • Share price return estimate: -5.3%.