---
title: "Buy Zensar; target of Rs 1000: Motilal Oswal"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/273822619.md"
description: "Motilal Oswal recommends buying Zensar with a target price of Rs 1000. In Q3 FY26, Zensar's revenue fell 1.3% QoQ, while MCS grew 3.4%. The company reported a deal TCV of USD180m, with an EBIT margin of 16.0%. Adjusted PAT was INR2,191m, exceeding estimates. The outlook suggests EBITDA margins of 15.9%/16.2% for FY26/FY27, with a PAT CAGR of ~10% over FY26–28E. The target price is based on a 26x FY28E EPS valuation."
datetime: "2026-01-27T09:39:42.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/273822619.md)
  - [en](https://longbridge.com/en/news/273822619.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/273822619.md)
---

# Buy Zensar; target of Rs 1000: Motilal Oswal

**Motilal Oswal's research report on Zensar**

Zensar (ZENT)’s 3QFY26 revenue declined 1.3% QoQ CC (vs. our est. of a 1.7% CC decline). MCS grew 3.4% QoQ CC, while TMT/HLS dipped 8.7%/2.3% QoQ CC. Deal TCV: Bookings came in at USD180m (up 14% QoQ/down 12% YoY), and the book-to-bill was 1.1x. EBIT margin was 16.0% (est. 14.3%), up 240bp QoQ. Adj. PAT of INR2,191m (up 20.3% QoQ/37.2% YoY) was above our estimate of INR1,798m. The adj. PAT excluded a one-time impact of costs related to labor codes amounting to INR254m.

**Outlook**

We expect EBITDA margins of 15.9%/16.2% for FY26/FY27, translating into a PAT CAGR of ~10% over FY26–28E. Our TP of INR 1,000 is premised on 26x FY28E EPS. We reiterate our BUY rating on the stock.

**For all recommendations report, click here**

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Zensar\_27012026\_Motilal Oswal

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