JP Morgan maintained an overweight call on CoForge with a target price of ₹1,850 following a management meeting

Wed 30 Sep 2026

JP Morgan target price

1,850 rupees

FY27 EBIT margin guidance

15.5 percent

Expected EBIT margin range

20.5 to 21 percent

AI deflation impact estimate

15 to 30 percent

FCF to PAT conversion

100 percent

Heard on Live TV News Channel between 15:47:44 - 15:50:44 IST.

• Management reiterated near-term guidance of consolidated EBIT margins of at least 15.5% in FY27, with margins expected around 20.5% to 21%.
• CoForge remains on track for its strongest ever quarter for large deal signings in Q2 FY27.
• On AI, management expects so-called AI deflation to be a one-time impact of 15% to 30% over the next three years, with most of the portfolio already through that phase.
• Free cash flow to PAT conversion is expected to remain at 100%.

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