Buy Coforge Ltd For Target Rs. 2,400 by Motilal Oswal Financial Services Ltd
* We expect revenue to grow 6% QoQ in CC terms, driven by strong organic momentum and steady ramp-up of the Sabre deal.
* We expect 80bp expansion in reported EBIT margin. Margin would expand to 14%, driven by declining RSU costs, SG&A leverage and normalization of D&A.
* Management focuses on closing 20 large deals in FY26 (vs. 14 in FY25) and is confident about the supporting pipeline. Demand in BFS remains healthy, while growth in TTH is driven by the Sabre deal ramp-up.
* Key things to watch out for: Commentary on 2H execution, organic growth momentum, capex normalization, and margin expansion plans.
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