Debasis Mohapatra
Bengaluru, 26 May 2025
Top Indian IT firms were able to sustain their margin profile in FY25 despite a tepid demand environment. Most of them witnessed an increase in margin while some saw a dip owing to investment in new areas. Notably, FY25 didn’t see much headcount addition, which is the biggest cost centre for companies.
Here is a snapshot:
Margins of top Indian IT firms:
| Company Name | Operating Margin FY25 | YoY Rise/Fall |
| TCS | 24.3% | 30 basis points ↓ |
| Infosys | 21.1% | 50 basis points ↑ |
| HCLTech | 18.3% | 10 basis points ↑ |
| Wipro | 17.1% | 100 basis points ↑ |
| Tech Mahindra | 9.7% | 360 basis points ↑ |
| LTIMindtree | 14.5% | 120 basis points ↓ |
| Mphasis | 15.3% | 20 basis points ↑ |
| Coforge | 18% | Flat |
| L&T Technology Services (LTTS) | 14.9% | 220 basis points ↓ |
(Source: Company filings, & Investor Presentations)
