Top 12 Mid-Tier Indian IT Services Firms to Hit USD 12 Billion in FY26
The top 12 mid-tier IT services companies in India are set to generate a combined annual revenue of USD 12 billion by the second quarter of Fiscal Year 2026. This projection signals a significant increase of about USD 1 billion over the last four quarters.
The impressive growth is a testament to the resilience and adaptability of these mid-market players, who are outpacing even the tier-I companies in several critical areas. Coforge, Persistent Systems, Mphasis, and Sonata Software are among the leading names in this segment.
Persistent Systems' FY25 revenue grew by a substantial 18.8% year-on-year to reach USD 1.40 billion. Similarly, Sonata Software's FY25 revenue increased by 15.5% to USD 1.20 billion. Coforge's FY25 revenue growth was even more impressive, surging by 31.2% to USD 1.47 billion. Mphasis, too, saw a 4.6% growth in constant currency to INR 142.2 billion.
Despite the strong performance, only five of these companies have achieved the coveted USD 1 billion annual run rate. However, collectively, they delivered USD 3 billion in Q1 FY26 revenue, growing by 1.3% quarter-on-quarter and 11.9% year-on-year.
While the projected USD 12 billion annual revenue is a significant milestone, it is unclear which specific companies among the top 12 mid-sized IT services providers will reach more than $500 million in monthly total contract value by Q2 FY26. Further company-specific reporting is needed to determine this. Nevertheless, the overall growth and resilience demonstrated by these mid-market IT services companies are clear indicators of their strong performance and potential for future growth.
Read also:
- Web3 social arcade extends Pixelverse's tap-to-earn feature beyond Telegram to Base and Farcaster platforms.
- Thriving once more: recovery of the gaming sector's downfall
- FKS Inspections Uncover Wage, Security, and Employment Violations in Hotel and Catering Industry
- Specialist Banks Top AUTOHAUS Bankenmonitor 2025 in Customer Satisfaction
