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Coforge shares may rise another 30%, say analysts covering the stock after Q4 resultsOf the 38 analysts that have coverage on Coforge, 26 have a "buy" rating, four have a "hold" rating and eight have a "sell" rating.By Shloka Badkar   May 6, 2025, 9:41:54 AM IST (Published)3 Min ReadShares of Coforge Ltd. gained as much as 5% on Tuesday, May 6, after analysts projected potential upside of nearly 29% on the stock from its previous closing price, after its fourth quarter results.

Brokerage firm Antique has a "buy" rating on the stock with a price target of ₹9,650 per share. The stock ended Monday's trading session at ₹7,501 apiece.

Jefferies has maintained a "buy" rating on the stock but has increased its price target on Coforge by 14.5% from ₹7,860 apiece to ₹9,000 per share. This implies an upside potential of nearly 20% from its previous closing price.

Nuvama has a "buy" rating on the stock as well but the brokerage has marginally trimmed its price target on the stock to ₹9,400 per share from the previous ₹9,600 apiece.

Antique

The brokerage said Coforge reported decent fourth quarter results with a strong outlook for the financial year 2026.

Coforge reported a sequential revenue growth of 3.4% in constant currency terms, which was marginally higher than Antique's expectations of 3.2%, driven by its BFS and travel verticals, it said.

Despite the macro uncertainties, the company remains confident of its growth trajectory for FY26, supported by a strong order book, pipeline and synergy benefits, Antique said.

The company reported fresh orders of $2.1 billion in the fourth quarter in comparison to $501 million in the previous quarter and the last eight-quarter average of $451 million, Antique said.

The brokerage added that it has increased its earnings-per-share (EPS) forecast for FY26 and FY27 by 4% and 3%, while it has reduced its target price-to-earnings multiple to 36x from 37x on heightened risk to industry demand outlook.

Jefferies 

Jefferies said Coforge's sequential constant currency revenue growth of 3.4% was a key positive surprise. Its strong growth is likely to sustain, it said. The brokerage now expects a 23% EPS CAGR over FY26-28.

The company's consistent execution and strong growth outlook should support valuations, Jefferies added.

Nuvama

Nuvama said Coforge has a solid foundation for FY26 and beyond. It witnessed broad-based growth in the fourth quarter with highest-ever deal wins.

Coforge's management expects strong growth in FY26 with an uptick in margin, Nuvama said. The company reported a solid performance in the financial year 2025 and it continues to defy industry headwinds, the brokerage added.

Coforge's total contract value was super-strong, up 174% from the previous year, with the 12-month executable order book growing 48%, Nuvama said.

This lays the foundation for a strong FY26 and reaffirms the company's growth leadership in the sector, the brokerage added. Nuvama said it is tweaking its FY26 and FY27 EPS estimates by -2.6% and -2.5%, on divestment impact and lower other income. It said it continues to value Coforge at 35 times its FY27 price-to-earnings estimate.

Of the 38 analysts that have coverage on the stock, 26 have a "buy" rating, four have a "hold" rating and eight have a "sell" rating.

Shares of Coforge gained as much as 4.5% in early trading on Tuesday before cooling off from the highs. The stock currently trades 2.8% higher on Tuesday at ₹7,710. The stock has rallied 20% in the last one month.

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