Whalesbook
Basically, company ka EBITDA margin 20.6% raha, jo pichle quarter se 232 basis points zyada hai. Revenue sequential basis par 5.2% badhkar ₹4,450 Crore ho gaya. Aur agar pichle saal se compare karein, toh rupee terms mein revenue 30% bada hai.
Ab yeh ₹612 Crore ka profit kaise bana? Asli mein, isme ek 'one-off' gain hai – Cigniti merger se related ek deferred tax liability ko reverse kiya gaya tha, jisne results ko $20.3 million (around ₹170 Crore) boost diya. Agar yeh 'one-off' amount hata dein, toh normalized profit $47 million (around ₹390 Crore) banta hai.
Ab aate hain main point par – valuation! Coforge ka trailing P/E ratio lagbhag 47.98 hai. Yeh Nifty IT index ke 19.94 P/E se kaafi upar hai. Aur toh aur, TCS ka P/E 16.83, Infosys ka 15.90, aur HCL Technologies ka 18.65 hai. Matlab, Coforge apne bade competitors se lagbhag 2-3 guna zyada expensive hai!
Aur yeh sab tab ho raha hai jab stock pichle saal se lagbhag 23.19% gir chuka hai. Nifty IT index bhi 19% gira hai, lekin Coforge ka drop zyada hai. Investor ab soch rahe hain ki itna high P/E kaise sustain hoga, jab company earnings growth ke liye 'one-off' benefits par depend kar rahi hai.
Lekin company management FY27 ke liye kaafi confident hai. Unka kehna hai ki revenue growth acchi rahegi aur EBITDA margin 20.5% se upar jayega. Unka executable order book bhi $1.75 billion hai, jo pichle saal se 16.4% zyada hai.
Analysts ka bhi kehna hai ki 'Buy' karo, lekin average target price ₹1,165 hai, jo current levels se zyada upside nahi dikhata. Overall, market abhi IT sector mein recovery dekh raha hai, especially AI services ki wajah se.