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Motilal Oswal Report
Motilal Oswal has reiterated its ‘Buy' rating on Zensar Technologies Ltd., with a target price of Rs 640, implying a 31% upside from the current market price of Rs 488.
The brokerage remains constructive on the mid-tier IT firm, citing improving deal momentum, a differentiated AI strategy, and strong medium-term growth visibility supported by a large deal win.
With banking, financial services and insurance and manufacturing providing a relatively resilient base, this shall help Zensar achieve better growth.
The mega deal (~$10 million) provides better medium-term revenue visibility, though contribution will build gradually from Q2 and scale meaningfully only from Q3 FY27.
The brokerage has maintained its estimates for FY27/28 and expects Ebitda margins of 16.1%/16.2% in FY27/FY28.
Over FY26-28, this translates into an ~8.8% CAGR in INR revenue and ~4.4% CAGR in INR EPS.
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