Mid-Sized IT Firms Outperform the Big-Four in Q4 FY25

For years, the Indian IT story has centred around the dominance of the "Big Four"—TCS, Infosys, Wipro, and HCLTech. But that’s changing rapidly.  In FY25, it’s the mid-sized companies—Persistent Systems, Mphasis, LTIMindtree, L&T Technology Services, WNS, and even the slightly larger Tech Mahindra—that have emerged as the real growth engines of the industry. Persistent Systems, for instance, posted a staggering 25% year-on-year revenue growth for Q4 FY25, a figure that starkly contrasts with the Big Four’s lacklustre single-digit or negative growth outlook.  HCLTech barely managed to achieve a 1.2% revenue growth, while TCS and Wipro crawled to a 0.8% increase. Infosys, on the other hand, experienced a revenue dip of 4.2%. These four giants also project a