Another quarter goes by, and mid-sized IT firms are once again outshining the traditional heavyweights. Persistent Systems, Coforge, Mphasis, LTTS, and even Tech Mahindra are doing what the Big Four—TCS, Infosys, Wipro, and HCLTech—can’t seem to manage: deliver growth backed by real AI traction.
Just like in Q4 FY25, the pattern in Q1 FY26 is unmistakable. The midcaps are no longer trying to catch up—they’re pulling ahead.
Take Persistent Systems, for instance. The company reported ₹3,333 crore in revenue this quarter, up…
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