Zensar's key vertical (~53% of rev) Hi-Tech and Manufacturing are exposed to macro uncertainity and can get impacted if trade war risk accelerate. BSFI is doing well led by ramp-up of large deals in Insurance. Retail performace has been disappointing and is taking longer than expected to recover. Overall the growth engine will have near term challenges and will recover with large deal wins. Deal pipeline is healthy at USD 1bn and ~52% of the pipeline are large deals (TCV >USD 5mn). Margin recovery is slow but will recover gradually with growth. We build 11/16/15% Revenue/EBIT/PAT CAGR over FY19-22E. We maintain our positive view based on (1) High exposure to Digital, (2) Robust deal pipeline, (3) Scope for margin expansion and (4) Reasonable valuation. Risks include delay in decision making, trade wars and deterioration of US/Europe macro environment. We maintain BUY on Zensar despite muted performance in 2QFY20. Deal pipeline remains strong but TCV wins have slowed down due to macro uncertainty. Margin recovery is slower than expected and Retail weakness is weighing on growth. We cut FY21E Rev/EPS by 3.7/5.4% and reduce P/E multiple to 12x from 14x. Our TP of Rs 240 is based on 12x Sep-21E EPS.