Zensar's organic growth has improved (+11.5% in FY19) led by robust deal wins. Total TCV for the quarter stood at USD 250mn (+25% QoQ) and USD 750mn in FY19 (vs USD 600mn in FY18). The deal pipe-line is healthy at USD 1bn, ~60% of the pipeline is large deals (TCV >USD 10mn). We believe growth will continue in FY20/21E led by Digital traction, ramp-up in deals won and healthy pipe-line. EBITDA margin will recover gradually to 12.7/13.5% in FY20/21E led by better mix. We maintain our positive view on Zensar based on (1) Focus on POC led Digital sales, (2) Robust deal wins and (3) Growth visibility in core business. We build 12/18/18% Revenue/EBITDA/PAT CAGR over FY19-21E. Zensar trades at ~10% discount to Tier-2 average P/E multiple with second highest FY19-21E EPS CAGR. Risks include delay in ramp-up of large deals, onsite wage inflation and deterioration in deal wins. We maintain BUY on Zensar post better than expected 4QFY19. Growth in TCV (+25% YoY) and robust deal pipeline of ~USD 1bn provides growth visibility. Our TP is Rs 305 implying 16x FY21E EPS. Zensar is one of our Top picks in Tier-2 IT.