Buy Majesco; target of Rs 380: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Majesco

Majesco’s revenues increased 4.4% QoQ to Rs 276 crore in Q4FY20. A key highlight in the quarter was that the company’s IBM MetLife has gone live. We believe this has resulted in a sharp increase in cloud subscription revenues, up 7.2% QoQ, 47.3% YoY. This, coupled with a sharp rise in product revenues (up 7.8% QoQ, 28.7% YoY) led to a 160 bps QoQ increase in EBIT margins to 10.1% in Q4FY20.

Outlook

Hence, we stay positive on the stock and maintain BUY with a revised TP of Rs 380.

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