Revival in Enterprise coupled with Telecom traction (large deal win and healthy pipeline) is supporting growth. Healthcare and Hi-Tech growth is likely to sustain, BFSI will recover gradually. Manufacturing will stabilise, pain related to Auto sector is behind. Highest TCV wins both Enterprise and Telecom is encouraging. We expect USD revenue CAGR of 8.6% over FY20-22E led by Telecom/Enterprise CAGR of 8.0/8.9%. TechM has recovered sharply in the last 3M (+19%) and trades at a P/E of 14.6x FY21E. We upgrade to BUY based on improving business traction coupled with margin expansion. The risks to our thesis include deterioration in US/Europe macros, global trade war, Brexit uncertainties and delay in 5G spend. We upgrade Tech Mahindra to BUY from NEU based on strong show in 2QFY20. Growth engine has revived with large deal win in Telecom and strong Enterprise TCV. We increase earnings est. for FY21/22E by 3.9/4.3% based on better visibility and margin recovery. We increase our P/E multiple to 15x vs. 12x earlier. Our TP now stands at Rs 850 based on 15x Sep-21E earnings.