Debasis Mohapatra
Bengaluru, 14 March 2026
Amid a sweeping AI wave, Indian mid-tier IT companies are facing pressure to accelerate revenue growth. Against this backdrop, it is important to understand the vertical contribution of revenue and geographical mix of mid-tier IT companies to have a fair view on their core operations.
Here is a snapshot:
Vertical contribution:
| Mid-tier IT Company | BFSI | Healthcare | Manufacturing & Consumer | Hi-tech & Services | Travel |
| Coforge | 48.4% | 6.9% | 6.9% | 7.4% | 18.4% |
| Persistent Systems | 31.6% | 27.3% | — | 41.1% | — |
| LTIM | 36.1% | 6.1% | 33.3% | 24.5% | — |
| Mphasis | 48.6% | 11.4% | — | 16.8% | 12.5% |
| Hexaware | 37.9% | 21% | 14.8% | 18.3% | 7.9% |
Note:
- Mphasis draws the highest revenue from BFSI vertical, followed by Coforge.
- Persistent Systems has a healthy healthcare portfolio with 27.3% coming from this vertical.
- LTIM draws 33.3% revenue from manufacturing & consumer, which is the highest among its peers under review.
- Hexaware has the most diversified revenue mix.
Geographical Revenue Mix:
| Mid-tier IT Company | Americas | Europe | Rest of World |
| Coforge | 53.9% | 34.7% | 11.3% |
| Persistent Systems | 80.8% | 8.1% | 11.1% |
| LTIM | 74.8% | 14.1% | 11.1% |
| Mphasis | 81.3% | 10.5% | 8.2% |
| Hexaware | 74% | 20% | 6.1% |
Note:
- Coforge has the most diversified revenue mix in terms of geographical contribution.
- Mphasis draws the highest revenue from Americas among its peers.
- Hexaware has a well-diverfied revenue mix with 20% revenue coming from Europe.
(Data Source: ICICI Securities)
