2025-05-06-Bernstein-科福吉有限公司（COFORGE.IN）_Coforge_2025财年第四季度增长冠军_顶级中小盘IT选择_20页_396kb

报告摘要

Coforge Limited Summary

Core Content

Coforge Limited is a leading player in the SMID IT sector, showing consistent growth and strong operational performance. The company reported robust financial results for Q4FY25, with notable revenue and margin improvements.

Main Points

Revenue Growth: Coforge delivered a +3.4% QoQ CC and +15.5% YoY organic revenue growth, significantly outperforming expectations. This growth was primarily driven by the BFSI (+11.6% QoQ) and Travel (+5.5% QoQ) verticals.
Order Book and Deal Wins: The company's order intake for Q4FY25 reached $2.126 Bn, a +324% QoQ and +175% YoY increase. This included 5 large deals, with the Sabre deal being the largest at $1.5 Bn. The ACV (executable order book) was at $1.505 Bn, up 48% YoY.
Margin Expansion: EBIT margins expanded 110 bps QoQ to 12.9%, and EBITDA margins increased 130 bps QoQ to 16.9%. Management guided for EBIT margin of 14% and EBITDA margin of 18% for FY27. ESOP costs have decreased to 1.8% of revenue by Q4FY25.
Growth by Verticals:
- BFSI and Transport showed strong growth.
- Insurance and Others saw declines.
- TTH vertical grew +50.3% YoY.
- Others (excluding India) grew +32.4% YoY.
Growth by Geography:
- ROW led with +33.8% QoQ growth.
- Americas and EMEA showed declines of -2.4% and -1.1% QoQ, respectively.
- Americas grew +58.7% YoY, followed by ROW (+48.8%) and EMEA (+16.8%).
Revenue Mix:
- Onsite revenue increased to 46.6% in Q4FY25.
- Fixed price contracts rose to 46.4% of revenue.
- Client additions reached 10 in Q4FY25, with repeat business at 93.5%.
Client Concentration:
- Revenue from top 5 clients was 18.0%, up 180 bps QoQ.
- Revenue from top 10 clients was 27.7%, down 230 bps QoY.
- The number of active clients increased to 239.
Headcount and Utilization:
- Headcount stood at 33,497, with a net addition of 403 in Q4FY25.
- Utilization reached 82.0%, up from 81.3% in Q3FY25.
Profitability:
- Net income was INR 2.6 Bn, showing +21.2% QoQ and +16.8% YoY growth.
- EPS for the quarter was INR 39.02, up +21.0% QoQ and +7.8% YoY.
- Operating cashflow was $73.8 Mn, and the company is expected to be net cash positive in FY26.
Valuation:
- The price target is INR 8,630, with an upside of 15% from the close price of INR 7,496.50.
- The company is valued at 34x LTM Dec'26 EPS on a NTM P/E basis.
Investment Implication:
- Outperform rating is maintained, with a top SMID IT pick.

Key Information

Rating: Outperform
Price Target: INR 8,630
Upside: 15%
52-Week Range: 10,027 / 4,287.25
Market Cap (INR) (M): 501,357
EV (INR) (M): 514,322
Dividend Yield: 1.0%
Reported EPS:
- F24A: 131.56
- F25E: 128.10
- F26E: 208.68
Adjusted P/E:
- F24A: 57.0
- F25E: 58.5
- F26E: 35.9
EBITDA Margin: 16.9% (up 130 bps QoQ)
EBIT Margin: 12.9% (up 110 bps QoQ)
Deal Wins: $2.126 Bn, including the $1.5 Bn Sabre deal
Cigniti Acquisition: Included in the financials, contributing to growth
Valuation Premium: SMID IT names are maintaining valuation premiums over large caps
Valuation Metrics:
- EV/FCF: 79.9 (F24A), 35.5 (F25E), 30.4 (F26E)
- EV/Sales: 5.6 (F24A), 4.2 (F25E), 3.3 (F26E)
- EV/EBITDA: 34.0 (F24A), 25.4 (F25E), 18.9 (F26E)

Additional Information

Ratings Definitions:
- Outperform: Stock will outpace the market index by more than 15 pp
- Market-Perform: Stock will perform in line with the market index to within +/-15 pp
- Underperform: Stock will trail the performance of the market index by more than 15 pp
Ratings Distribution:
- Outperform: 51.76% (Bernstein Brand)
- Market-Perform: 34.96% (Bernstein Brand)
- Neutral: 17.31% (Autonomous Brand)
- Underperform: 13.28% (Bernstein Brand)
Legal Disclosures:
- The report is prepared by various legal entities across different regions.
- Analysts are not compensated based on investment banking revenue.
- The report is intended for professional investors only and not for retail investors.
Disclaimer:
- The document includes disclosure of conflicts of interest.
- The content is not subject to FINRA's independence and disclosure standards for retail investors.
- The legal entity employing the analysts is determined by the country code of their phone number.