Despite strong domain expertise in the automotive vertical (~52% of rev), growth prospects have been dented by project delays, particularly in the JLR portfolio (~18% of rev). Part relief is likely from (1) Driving greater annuity/large deals (sales incentives), (2) IP-revenue, (3) Geo expansion, (4) Automotive vertical adjacencies, (5) Momentum in Healthcare, and (6) Account mining (currently sub-scale). We have factored 9/6% USD rev/EPS growth over FY19-21E. We reckon that the valuation drift (23x to 16x P/E) over the past year is unlikely to reverse soon, with limited growth visibility (lower project duration vs. peers), near-term growth challenges (automotive vertical) and margins normalizing. We assign a Fair Value of Rs 945, at 18x FY21E EPS (25% discount to its historical valuations and 10% discount to LTTS). Tata Elxsi (TELX) is an integrated design and engineering services company (USD 230mn rev) with Automotive, Broadcast & Communication being key verticals. TELX growth decelerated in FY19 to 9% CC following 21/15% CC in FY17/18, margin moderated from its 1Q peak. We recently hosted investor meetings with TELX management. TELX is a high quality ER&D; services franchise facing industry headwinds. Despite slowdown in global automotive R&D;, industry opportunities include (1) Shifts within R&D; allocation, (2) Underpenetrated ER&D; outsourcing market (vs. IT services), (3) Fragmented vendor-base and scale differential vs. large peers (5 to 7.5x vs. TELX).