Jefferies maintains its Buy rating on Newgen Software with a target price of ₹1,500, following positive takeaways from the company’s annual meet. Management highlighted strong growth prospects, particularly in India and the Middle East, with increased efforts to capture US market share, especially among mid-large tier banks.
A recent ₹325 million purchase order from the RBI underscores Newgen’s growing relevance in the financial sector, potentially opening doors for similar deals with other Indian banks. Jefferies remains constructive on Newgen’s growth outlook, expecting continued traction across geographies.
The company is focusing on strengthening its digital transformation offerings, which aligns with the rising demand for automation and workflow solutions across BFSI and healthcare industries.
