We cannot compare TCS / Infy with 8k miles as 8k miles is boutique / niche firm which focuses only on cloud related services. Companies are currently rapidly moving to cloud as it reduces risk as well as head counts for them. So it terms of growth, we cannot compare TCS like giants valuations (which has 100 of offerings and cloud is just one of them) with 8k miles as 8k miles offers only cloud products and services that can go through re-ratings with just few big client additions.
Agree with you on the margin of safety. Usually big firms will be hesitant to work with small IT firms as it will put them as risk. So they will go with companies like persistent, Infy etc. So whether 8k can get into a big league with considerable Fortune 1000/500 companies will determine whether it deserves rich valuations.
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