@aashish2137, Majesco cannot be categorized as IT services company. It is predominantly, an IT Products company focusing in the Insurance space. It is in the initial phase of life-cycle presently, investing heavily in development of products. As you can read above, almost 14% of sales are spent on products R&D in FY16.
Pls go thru the detailed Indianivesh report (link given above) to understand the business, valuation and projections.
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