Healthy margin expansion of ~400bps over two years has led to re-rating of the stock. But now, with limited margin levers available, focus will shift back to growth, which is under pressure (+4.2% in FY19, second lowest in Tier-1 IT). Slowing growth in Enterprise, challenges in Manufacturing and BFSI is adding to the worries. Also, sustainability of Telecom growth is questionable considering macro concerns. Overall, we expect USD revenue CAGR of 7.2% over FY19-21E led by Telecom/Enterprise CAGR of 8/7%. Growth and margin challenges will lead to 5.4% earnings CAGR over FY19-21E. TechM trades at a P/E of 15.6x FY20E, which is expensive considering inferior growth metrics, thus we downgrade it to SELL. Risk to our thesis includes better than expected macros in US/Europe, uptick in 5G spending and INR depreciation. We downgrade Tech Mahindra to SELL (from BUY), post weak 4QFY19. Slowdown in Enterprise segment and peaking margins are a cause of concern. Growth metrics remain weak (+5.4% earnings CAGR) with inferior business mix vs. peers (Telecom dependency). We cut earnings est. by ~4% and multiple to 12x (vs 15x earlier) to arrive at a TP of Rs 652 (~15% downside from CMP).