Highlights

• Nomura calls Coforge its “top pick in mid-cap IT services” on solution-led strategy.
• Brokerages note disciplined execution and expanding deal pipeline as key drivers.
• Management says no plans to enter new verticals/geographies over next 3–5 years.

Recent remarks from brokers like Nomura, Emkay, Nuvama and Motilal Oswal highlight their sustained confidence in Coforge Ltd (NSE:COFORGE) — especially following the company’s recent Investor Day. Nomura described Coforge as its “top pick in the mid-cap India IT services sector,” attributing its preference to the company’s shift toward a solution-led sales approach rather than volume-driven staffing models. The firm points to a strategic focus on execution quality, targeting large deals in service lines such as ServiceNow and expansion across geographies such as ANZ.

According to broker commentary, Coforge’s growth plan rests on four pillars: executing large projects, proactively structuring deals, scaling existing client accounts, and using acquisitions to access new clients. Crucially, the management has clarified that there will be no addition of new verticals or geographies in the next 3–5 years. The company has also indicated it does not plan further investments in its data-centre business and expects no one-offs in its reported profits. This clarity, some analysts suggest, could assuage concerns around past volatility.

In addition, the management’s intention to grow its presence beyond its traditional travel vertical — especially into BFS, insurance, healthcare and public services, with a sharper focus in U.S. healthcare — is viewed favourably by some brokers. This broadened sectoral push, combined with the commitment to disciplined financial reporting, has underpinned renewed analyst confidence in Coforge even amid mixed global tech spending patterns.

While these reassessments reflect optimism among many brokerage houses, the broader IT-services industry remains sensitive to global demand cycles and currency fluctuations — factors outside Coforge’s control.

Shares of COFORGE traded at 1,866.30 INR at the time of writing on 09 December 2025.

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