Motilal Oswal's research report onCoforge
Coforge has seen two independent directors exit within four days. NonExecutive Independent Chairman Mr. O. P. Bhatt resigned with immediate effect on 8th Sep’26, followed by Independent Director and NRC Chairperson Mr. D. K. Singh on 11th Sep’26. The trigger was an internal audit of the Board Evaluation Exercise, which identified gaps in the way the evaluation findings were circulated and presented to the board. The board has since appointed Mr. Vivek Sharma as interim Chairman. The internal audit, conducted by KPMG as part of its audit plan, found that the reports were routed only to Mr. Bhatt and Mr. Singh, while key findings were not included in the presentations made to the board, such as the Chairman’s own performance category receiving the lowest rating in the exercise. Coforge has stated that the reports were withheld from other board members, including independent directors, on Mr. Bhatt’s instructions.
We continue to value Coforge at 29x FY28E EPS with a TP of INR2,200, implying 19% upside. Reiterate our BUY rating.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latestBusiness News,Sensex, andNiftyupdates. ObtainPersonal Financeinsights, tax queries, and expert opinions onMoneycontrolor download theMoneycontrol Appto stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.