Large clients keep Indian IT firms afloat

grew faster at 3.14%.

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Still, the Noida-based company grew the fastest of the five largest IT companies in the September quarter and also in fiscal year 2025 (FY25). This suggests broad-based growth and lower reliance on top accounts.

"This indicates that HCL’s growth is coming from new logos and mid-tier clients rather than incremental expansion within existing large relationships,” said Phil Fersht, chief executive of HFS Research. “It suggests the firm is diversifying revenue and winning new business outside its traditional big accounts, potentially improving portfolio balance and reducing dependency risk.”

Tata Consultancy Services Ltd does not share revenue from top accounts. None of the companies discloses business from individual clients, but JP Morgan and Microsoft are counted among the top customers.