Reliance Securities has recommended Buy on Polaris Consulting and Services with target price of Rs 180.

Commenting on the investment rationale, the broking firm said, 'We continue to remain positive on Polaris as growth is expected ahead on new logo wins (24 new clients added in FY15 as compared to 11 additions in FY14) with focus on digital solutions and large pipeline (commensurate with management's outlook).

We also expect margins to start trending higher from the current levels.  Polaris to post revenue/EPS CAGR of 6.5%/15.6% over FY15-17E and we've factored EBITDA margin at 12.6%/14.4% for FY16E/17E.

We get valuation comfort from growth acceleration over FY15-17E (as compared to flat-to-negative growth in the prior 2 years period) and with higher payout. We have a Buy on the stock with target of Rs 180.'

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