TeamLease Services Ltd. (TEAM), India's largest organised flexi-staffer, is at the cusp of redefining its long-term growth trajectory with several favourable factors likely to play out over the next decade. Market leadership (5-7% share) with an established track record of operational excellence (associate-to-core employee ratio - 203x) gives it pole position to reap the benefits of the flexi-staffing industry's imminent formalisation. Entry in the high-margin IT staffing business will further aid profitability. We estimate operating profit to triple in the next three years, with margin expanding 85bps. A strong balance sheet (net cash-to-equity of 0.4x, strong cash conversion) and stable management strengthen TEAM's ability to expand...