Cloud revenue growth has witnessed slowdown in the last two quarters due to completion of a large project. The back-fill will happen gradually with new deal wins, go-lives and growth in subscription revenue. Partnership with Capgemini, IBM and Microsoft (Azure) looks promising but large deal wins are still not coming. We expect revenue CAGR of 10% over FY19-22E (cloud CAGR of 16%). We maintain our positive stance on Majesco based on (1) Rising adoption of third-party software by insurers, (2) Solid partnerships, (3) Continued deal wins, and (4) Cloud traction. The risk to our thesis includes slowdown in cloud deal wins, prolonged sales cycle and deterioration in US/Europe macros. We maintain BUY on Majesco despite poor 2QFY20. Revenue fall was led by cloud (completion of large implementation) but the fall in EBIT margin was lower than expected. The order backlog remains robust and cloud deal wins are healthy. We cut FY20/21E USD revenue est. by 4.1/5.4% to factor in 2Q miss. Our TP of Rs 677 implies EV/rev multiple of 2.0x on Sep FY21 rev.