Coforge shares in focus as firm eyes $5 billion revenue by FY30. Why Nomura, others see up to 50% upside?

Coforge has set a target of reaching $5 billion in revenue by FY30, implying a revenue CAGR of around 19 percent between FY26 and FY30, with organic growth of nearly 15 percent. The company's order book has expanded to $1.75 billion, about 2.4 times FY22 levels, and more than 75 percent of its AI pilots have moved into production. Brokerages remain constructive, with Nomura reiterating Buy at a target of Rs 2,100 (43.3 percent upside) and Nuvama maintaining Buy at Rs 2,200 (50 percent upside), while JM Financial kept an Add rating with a Rs 1,600 target citing valuation at around 21x FY28E EPS.