LTIMindtree, Persistent trip IT giants in Q3 revenue race

Both IT services firms faced significant margin pressure due to India’s new labour codes

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Persistent Systems is eyeing more business from data modernization projects at hospitals and banks.

Two of the country’s mid-sized information technology (IT) services companies, LTIMindtree Ltd and Persistent Systems Ltd, beat analyst expectations, mirroring the performance of the big five IT services companies during the October-December 2025 quarter.

However, both LTIMindtree and Persistent Systems have guided for much faster growth in the current January-March 2026 period, in contrast to the caution outlined by their larger peers. The country’s ninth-largest information technology (IT) services company ended October-December 2025 with $422.5 million in revenue, up 4.01% sequentially and 17.3% on a yearly basis. More than a third of this growth came from banks and financial institutions.

On the other hand, larger peer LTIMindtree ended last quarter with $1.2 billion, up 2.4% on a quarterly basis and 6.1% from a year ago. Unlike Persistent, three-fourths of its growth was led by manufacturing companies, which make up a fifth of its total business.