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Why Zensar offers margin of safety despite its outperformance

We expect Zensar’s valuation discount to mid-cap players to gradually narrow

September 08, 2021 / 03:36 PM IST
Why Zensar offers margin of safety despite its outperformance

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

We have been betting on the turnaround of Zensar (CMP: Rs 437 Market Cap: Rs 9,873 crore) — the mid-sized IT company from the RPG stable — for a while. Our last recommendation, at the price of Rs 293, has worked well with huge outperformance over both Nifty and the IT index. Despite the strong run, the stock has a long road to catch up as the turnaround fully plays out. Signs of a turnaround … After contracting in all the...

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