Huge shift has happened from on-premise to cloud model for the past two years. Cloud is now ~40% of revenue and de-growth in legacy (~20% of rev) has started to stabilize. The MetLife cloud platform is in its last stages of implementation and will fetch minimum subscription revenue post go-live. Scaling of subscription revenue is the key for margin expansion. The partnership with Capgemini for L&A and Group life is a very positive development and can bring large deals on the table. We expect USD revenue CAGR of 17% over FY19-21E will be driven by cloud CAGR of 36% and stable legacy. We maintain our positive stance on Majesco based on (1) Rising adoption of third-party software by insurers, (2) IBM & Capgemini partnership, (3) Improving deal wins, and (4) ramp-up in cloud revenues. Risk to our thesis includes slowdown in deal wins, increase in R&D and SG&A investments, and global slowdown. We maintain BUY on Majesco following an inline 4QFY19. The order backlog of USD 97mn (+13.5% QoQ) is healthy and partnership with Capgemini reaffirms Majescos product capability. Our TP of Rs 715 (upside of 43%) implies EV/rev multiple of 2.0x on FY21 rev.