We maintain BUY with a TP of Rs 731 (upside of 47%) assigning EV/rev multiple of 2.0x on Sep-20 revenues. Majesco delivered mixed performance in 2QFY19, revenue growth was soft while margin expansion was heartening. Revenue grew 1.5% QoQ to USD 34.0mn (vs our est. USD 34.6mn) led by cloud traction (+9.4% QoQ, 39% of rev). Strong growth in cloud subscription (+29.1% QoQ, 12% of rev) is offsetting the impact of legacy shrinkage (-7% YoY).