Tushar WAVHAL

Associate
(91) 22 4161 1544
tushar.wavhal@incredresearch.com
Executive Summary

Valuation
Company Industry Sector Rating MktCap
(US$bn)
Price Target
Price
Up/
down (%)
CORE EPS EPS Growth (%) PER (x) P/Bk (x) EV/EBITDA (x) Yield (%) ROAE (%)
FY24 FY25F FY26F FY25F FY26F FY25F FY26F FY25F FY26F FY25F FY25F FY25F
Coforge Limited IT Services Technology REDUCE 6.4 8,261 4,431 (46.4)% 129.5 170.0 195.0 31.3% 14.7% 48.59 42.36 13.43 12.48 28.85 1.13% 29.5%
L&T Infotech IT Services Technology HOLD 0.0 0 5,251 0.0% 185.1 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Mindtree Ltd IT Services Technology ADD 0.0 0 3,699 0.0% 134.0 0.0 0.0 0.0% 0.0% 0.00 0.00 0.00 0.00 0.00 0.00% 0.0%
Sonata Software IT Services Technology HOLD 1.8 561 826 47.2% 17.5 21.7 27.3 24.0% 26.1% 25.89 20.53 8.98 7.51 15.92 2.12% 37.6%
Tata Elxsi Ltd Technology - Overall Technology REDUCE 4.4 6,154 6,064 (1.5)% 127.2 138.4 162.1 8.8% 17.1% 44.45 37.96 13.36 11.66 31.05 1.30% 32.1%
Wipro IT Services Technology HOLD 36.1 298 466 56.3% 20.4 22.7 25.1 11.0% 10.9% 13.15 11.87 2.03 1.96 7.14 6.14% 15.8%

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