IT's mid order set to hit it out of the park for 2nd year

India’s mid-tier information technology (IT) firms are expected to outpace the sector’s giants for the second year running in fiscal year 2026 (FY26), posting faster growth, stronger margins, and healthier order books.

- Jas Bardia

While India’s $283 billion IT industry braces for a muted second half, companies ranked six to ten have sustained their momentum.

LTIMindtree Ltd, Coforge Ltd, Mphasis Ltd, Persistent Systems Ltd, and Hexaware Technologies Ltd ended the first half with revenues of $2.3 billion, $904 million, $882 million, $796 million, and $777 million, respectively, translating into annual growth of 5%, 36.8%, 6.1%, 18.1%, and 7%. All five grew faster during the period than they did a year earlier. They beat their own performance a year ago, as well many of their larger peers.

In contrast, among large-caps, only Infosys Ltd and HCL Technologies Ltd managed higher growth in the first half, with revenue up 4.26% and 5.98% respectively. Tech Mahindra Ltd’s growth was flat, while Tata Consultancy Services (TCS) and Wipro Ltd both reported declines.

The strong performance of mid-sized tech service providers has come despite visa uncertainties in the US, the largest market for India’s IT services companies, and headwinds from artificial intelligence (AI)-led pricing deflation and subdued demand for IT modernization contracts.