The top IT outsourcing companies in India are the Indian-headquartered, stock-exchange-listed firms that run software development, application maintenance, infrastructure management, engineering services and technology-enabled business processes for clients. This list ranks 50 of them by consolidated revenue for the fiscal year to March 2026 (FY2026), as reported in their results filings with BSE and NSE.
The ranking is led by Tata Consultancy Services, which reported FY2026 revenue of ₹2,67,021 crore, followed by Infosys, HCLTech, Wipro and Tech Mahindra. Together the five largest firms account for ₹7,25,250 crore, or 77% of the ₹9,46,096 crore combined revenue of all 50 companies listed here, a concentration that shapes pricing, hiring and deal competition across the sector.
Every revenue figure is stated in Indian rupees (crore; one crore is ten million) and drawn from the company's own filed results or results release. The list covers IT services, engineering and R&D services, infrastructure and system integration, and technology-enabled business process management; companies whose revenue comes mainly from licensed software products are excluded.
Contents
- Overview
- Market context
- How the ranking was built
- Methodology
- The list
- Full ranking table
- By country and segment
- Notable changes in 2026
- Alternatives by use case
- Frequently asked questions
- See also
At a glance
-
TC Tata Consultancy Services (TCS)
— Very large enterprise outsourcing programmes
-
Infosys
— Consulting-led transformation and large application estates
-
H HCLTech
— Combined IT, engineering and software-product needs
-
Wipro
— Large IT services and AI platform programmes
-
Tech Mahindra
— IT and IT-enabled services for diversified enterprises
-
LTM (formerly LTIMindtree)
— Enterprise application and ERP programmes
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Coforge
— AI-led engineering, data and cloud programmes
-
M Mphasis
— Cloud and cognitive services programmes
-
PS Persistent Systems
— AI-led digital engineering and modernisation
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Hexaware Technologies
— AI-based digital and technology services
-
LT L&T Technology Services
— Outsourced product and process engineering
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SS Sonata Software
— Outcome-based modernisation projects
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Firstsource Solutions
— Banking, healthcare and media process outsourcing
-
C Cyient
— Aerospace, rail and utilities engineering
-
Sagility India
— US health insurers outsourcing claims and member services
-
KPIT Technologies
— Carmakers and tier-one suppliers
-
BB Black Box
— Network, data centre and workplace infrastructure
-
ZT Zensar Technologies
— Application and infrastructure management
-
TT Tata Technologies
— Outsourced product development
-
B Birlasoft
— Software development for BFSI, life sciences and manufacturing
-
Hinduja Global Solutions (HGS)
— Business process management
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eClerx Services
— Analytics and automation-heavy operations
-
TE Tata Elxsi
— Transportation, media and healthcare design work
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Mastek
— Legacy modernisation and data warehousing
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Inventurus Knowledge Solutions (IKS Health)
— US physician enterprises
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Happiest Minds Technologies
— Digital product engineering for mid-market clients
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DG Datamatics Global Services
— Combined technology and process outsourcing
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R Systems International
— Technology, AI and analytics services
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Dynacons Systems & Solutions
— Bank and public-sector infrastructure projects
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AS Aurionpro Solutions
— Transaction banking and transit systems
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KT Kellton Tech Solutions
— SAP and cloud projects for mid-sized companies
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AT Axiscades Technologies
— Aerospace and defence engineering outsourcing
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ST Sasken Technologies
— Semiconductor, automotive and telecom R&D
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Expleo Solutions
— Software validation for banks and insurers
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LA LatentView Analytics
— Outsourced analytics and data engineering
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Saksoft
— Mid-tier companies in the US and UK
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Protean eGov Technologies
— Government and public digital infrastructure
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TT Trigyn Technologies
— IT staffing and consulting engagements
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AD Allied Digital Services
— Infrastructure, cloud and cybersecurity services
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Orient Technologies
— Indian enterprises outsourcing IT infrastructure
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3I 3i Infotech
— Infrastructure and back-office services for financial firms
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Ceinsys Tech
— Enterprise geospatial and engineering services
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Moschip Technologies
— Outsourced chip design and verification
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Onward Technologies
— Industrial equipment engineering
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InfoBeans Technologies
— Outsourced software development
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Mindteck
— Embedded systems projects
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ST Silver Touch Technologies
— Enterprise and government IT solutions
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Genesys International
— Mapping and digital twin projects
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Xchanging Solutions
— IT and IT-enabled services
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Ksolves India
— Salesforce, Odoo and big-data projects
Overview
IT outsourcing is the practice of contracting an external firm to build, run or support technology that an organisation would otherwise handle in-house. Indian firms are closely associated with the offshore delivery model, in which most of the work is done by engineers in India while a smaller team works at or near the client's site. The term covers several kinds of work that are often bought separately: application development and maintenance, infrastructure and cloud management, testing, engineering and R&D services for product makers, and business process management delivered on technology platforms.
The category overlaps with several adjacent ones. IT consulting firms advise on strategy and architecture but may not run systems afterwards; software development companies typically build discrete products or applications on a project basis; BPO companies and call center outsourcing companies handle business processes and customer contact rather than technology itself; offshore software development companies is a wider term that also includes firms headquartered outside India with Indian delivery centres. This list is limited to companies headquartered in India and listed on BSE or NSE, so multinational firms with large Indian delivery operations are not included, and neither are unlisted Indian firms that do not publish audited results through the exchanges.
Segments covered
The 50 companies fall into four groups. Broad IT services firms (TCS, Infosys, HCLTech, Wipro and most of the mid-tier) sell across application, infrastructure and consulting work. Engineering and R&D specialists (L&T Technology Services, KPIT, Tata Technologies, Tata Elxsi, Cyient and smaller firms such as Moschip and Onward) design products for manufacturers and chipmakers. Business process management firms (Firstsource, Sagility, HGS, eClerx, IKS Health and Datamatics) run technology-enabled operations. Infrastructure and system integration firms (Black Box, Dynacons, Allied Digital, Orient Technologies, Aurionpro and Protean) build and operate networks, data centres and public digital platforms.
Market context
The Indian IT outsourcing industry is highly concentrated. On the figures used in this ranking, TCS alone reported more revenue than the 45 companies ranked sixth to fiftieth combined, and the top ten account for ₹8,28,019 crore, or 88% of the total. Below the top five, revenue drops sharply: the sixth-largest company, LTM, reported ₹42,308 crore, and no other company reached ₹20,000 crore.
Growth in FY2026 was uneven. Among the largest firms, Wipro reported 4.0% growth in rupee gross revenue but a 0.3% decline in its US-dollar IT services revenue, and a 1.6% decline in constant currency, which shows how much of the rupee growth came from currency movements rather than volume. Mid-tier firms grew faster: Coforge's FY2026 revenue rose about 36% and Persistent's about 24% on the compiled filing figures. Several companies reported lower revenue than in FY2025, including Cyient, Birlasoft, HGS, 3i Infotech and Mindteck.
Consolidation and corporate events
Coforge completed its acquisition of Encora on 23 April 2026, describing the combined company as a US$2.5 billion firm with more than 45,000 professionals; Encora is consolidated from 1 May 2026, so the deal affects FY2027 rather than FY2026 revenue. LTIMindtree adopted the brand name LTM, announced in a February 2026 press release, and its website lists an offer to acquire Randstad's technology services business in Europe and Australia. Wipro's board approved a buyback of up to ₹15,000 crore on 16 April 2026. Artificial intelligence features in nearly every company's positioning: Wipro, for instance, described a shift towards a services-as-software model.
No independent market-size estimate is quoted here, because the research for this list relied on company filings; the combined revenue of the 50 listed firms is a lower bound for the industry, since it excludes multinational captives, global firms' Indian subsidiaries and unlisted companies.
How the ranking was built
Companies were selected if they are headquartered in India, are listed on BSE or NSE, and earn most of their revenue from outsourced technology services, engineering services, infrastructure services or technology-enabled business processes. Firms whose revenue is mainly from software licences or subscriptions, such as banking-software and document-management vendors, were excluded, as were Indian firms listed only abroad.
Ranking is strictly by revenue from operations for the latest full fiscal year, in Indian rupees crore. For most companies that is FY2026 (1 April 2025 to 31 March 2026). Hexaware Technologies and R Systems International report on a calendar-year basis, so their figures are for January–December 2025. Full details are in the methodology section below.
Methodology
Metric. Consolidated revenue from operations for the latest full fiscal year, in Indian rupees crore, as filed with BSE and NSE. No currency conversion was needed for ranking, because every company reports in rupees. US-dollar figures appear only where a company published them itself.
Sources. For TCS, the full-year figure is the company-reported ₹2,67,021 crore as summarised by Business Today on the day of the results. For Wipro, the figure is gross revenue of ₹926.2 billion from its IFRS results release of 16 April 2026; Wipro's Indian-GAAP figure may differ slightly but does not change its rank. For the other 48 companies, revenue was taken from the annual consolidated profit-and-loss statements compiled from exchange-filed results on Screener.in, each of which is cited in the entry.
Exceptions. Hexaware and R Systems use calendar-year 2025. Tata Elxsi and Ksolves are ranked on standalone revenue because a consolidated FY2026 figure was not available on the page consulted. Orient Technologies has no comparable FY2025 consolidated figure, so no growth rate is given. Cigniti Technologies was excluded because no FY2026 annual figure was published on the source consulted.
What is not ranked. Employee counts are shown only where a company or its results release stated one; they were not used for ranking. Founding years, headquarters and ownership are given only where they appeared on a source opened for this list. No figure in this list is estimated.
The list
1
TC
India's largest IT services exporter, part of the Tata Group
Best for: Very large enterprise outsourcing programmes
Tata Consultancy Services is the largest Indian IT services company by revenue. For the year to March 2026 it reported revenue of ₹2,67,021 crore, and its headcount stood at 584,519 when it published fourth-quarter results on 9 April 2026. Its scale makes it the reference point against which every other firm on this list is measured. Its revenue is about 1.5 times that of Infosys, the second-ranked company, and exceeds the combined revenue of the 45 companies ranked sixth to fiftieth on this list.
Services
- IT services
- Consulting
- Business solutions
- Revenue (FY2026)
- ₹2,67,021 crore
- Employees
- 584,519
- Listed on
- NSE, BSE
- Core services
- IT services; Consulting; Business solutions
2
Second-largest Indian IT services firm, listed in Mumbai and New York
Best for: Consulting-led transformation and large application estates
Infosys reported consolidated revenue of ₹1,78,650 crore for FY2026, up 9.6% from ₹1,62,990 crore a year earlier. The company describes itself as a provider of consulting, technology, outsourcing and next-generation digital services. Infosys is dual-listed in India and on the New York Stock Exchange and files an annual report on Form 20-F with the US Securities and Exchange Commission; its FY2026 20-F was filed on 15 June 2026. FY2026 net profit was ₹29,474 crore on the same compiled basis. It ranks 2nd of the 50 companies here, behind Tata Consultancy Services (TCS), with revenue equal to 66.9% of that of TCS. Its year-on-year revenue change ranks 32nd of the 47 companies for which a prior-year figure was available.
Services
- Consulting
- Technology services
- Outsourcing
- Next-generation digital services
- Revenue (FY2026)
- ₹1,78,650 crore
- Listed on
- NSE, BSE, NYSE (files Form 20-F with the SEC)
- Core services
- Consulting; Technology services; Outsourcing
3
H
IT services, engineering and software-products group
Best for: Combined IT, engineering and software-product needs
HCL Technologies reported consolidated FY2026 revenue of ₹1,30,144 crore, up 11.2% from ₹1,17,055 crore a year earlier. It has three lines of business: IT services, engineering and R&D services, and enterprise software products, the last of which sets it apart from most peers. Its company profile cites about 2.30 lakh employees and operations in more than 60 countries; the company listed on Indian exchanges through an IPO in 1999. FY2026 net profit was ₹16,652 crore on the same compiled basis. It ranks 3rd of the 50 companies here, behind Infosys, with revenue equal to 48.7% of that of TCS. Its year-on-year revenue change ranks 27th of the 47 companies for which a prior-year figure was available.
Services
- IT and infrastructure services
- Engineering and R&D services
- Enterprise software products
- Digital and cloud services
- Revenue (FY2026)
- ₹1,30,144 crore
- Employees
- about 230,000 (company profile)
- Listed on
- NSE, BSE (IPO 1999)
- Core services
- IT and infrastructure services; Engineering and R&D services; Enterprise software products
4
Bengaluru-based services group listed in India and New York
Best for: Large IT services and AI platform programmes
Wipro reported gross revenue of ₹926.2 billion (₹92,620 crore) for the year ended 31 March 2026 under IFRS, an increase of 4.0% year on year; IT services segment revenue was US$10,478.1 million, down 0.3%. Total bookings for the year were US$16.4 billion, of which large deals made up US$7.8 billion. On 16 April 2026 its board approved a share buyback of up to ₹15,000 crore at ₹250 per share, and the company said it was pivoting towards a services-as-software model through a new AI Native Business and Platforms unit. Wipro cites over 230,000 employees and business partners across 65 countries. It ranks 4th of the 50 companies here, behind HCLTech, with revenue equal to 34.7% of that of TCS.
Services
- IT services and consulting
- Cloud and infrastructure
- AI platforms (Wipro Intelligence)
- Revenue (FY2026)
- ₹92,620 crore
- Employees
- over 230,000 employees and business partners
- Headquarters
- Bengaluru, India
- Listed on
- NYSE (WIT), BSE (507685), NSE (WIPRO)
- Core services
- IT services and consulting; Cloud and infrastructure; AI platforms (Wipro Intelligence)
5
Mahindra Group's IT services and IT-enabled services arm
Best for: IT and IT-enabled services for diversified enterprises
Tech Mahindra reported consolidated FY2026 revenue of ₹56,815 crore, up 7.2% from ₹52,988 crore a year earlier. The company is a subsidiary of the Mahindra Group and provides IT services, IT-enabled services and application development to a diversified corporate client base. FY2026 net profit was ₹4,806 crore on the same compiled basis. It ranks 5th of the 50 companies here, behind Wipro, with revenue equal to 21.3% of that of TCS. Its year-on-year revenue change ranks 36th of the 47 companies for which a prior-year figure was available.
- Revenue (FY2026)
- ₹56,815 crore
- Parent group
- Mahindra Group
- Core services
- Application development; IT-enabled services; Digital transformation
6
L&T group IT services firm, rebranded from LTIMindtree in 2026
Best for: Enterprise application and ERP programmes
LTM, the company previously known as LTIMindtree, reported consolidated FY2026 revenue of ₹42,308 crore, up 11.3% from ₹38,008 crore a year earlier. The exchange-listed entity traces back to Larsen & Toubro Infotech, which merged with Mindtree; the company's website now announces that "LTIMindtree is now LTM" and links to a February 2026 press release on the new brand identity. Its homepage also lists a Saudi joint venture with Aramco Digital and an offer to acquire Randstad's technology services business in Europe and Australia. Services span application development, enterprise solutions, infrastructure, testing, analytics and AI. It ranks 6th of the 50 companies here, behind Tech Mahindra, with revenue equal to 15.8% of that of TCS.
Services
- Application development and maintenance
- Enterprise solutions
- Infrastructure management
- Testing, analytics and AI
- Revenue (FY2026)
- ₹42,308 crore
- Former name
- LTIMindtree; earlier Larsen & Toubro Infotech
- Parent group
- Larsen & Toubro group
- Core services
- Application development and maintenance; Enterprise solutions; Infrastructure management
7
Fast-growing mid-tier firm that closed the Encora deal in 2026
Best for: AI-led engineering, data and cloud programmes
Coforge reported consolidated FY2026 revenue of ₹16,403 crore, up 35.9% from ₹12,073 crore a year earlier, the fastest growth among the large mid-tier firms on this list. On 23 April 2026 it announced the closure of its acquisition of Encora, which it said creates a US$2.5 billion firm with more than 45,000 professionals; Encora's results are consolidated from 1 May 2026, so the deal is not reflected in the FY2026 figure. Coforge funded part of the transaction with a US$550 million three-year loan and cancelled a planned share placement. Encora adds nearshore delivery in Latin America. It ranks 7th of the 50 companies here, behind LTM (formerly LTIMindtree), with revenue equal to 6.1% of that of TCS.
Services
- Digital transformation
- AI-led engineering
- Data and cloud services
- End-to-end software solutions
- Revenue (FY2026)
- ₹16,403 crore
- Employees
- 45,000+ (company release, April 2026)
- Former name
- NIIT Technologies
- Core services
- Digital transformation; AI-led engineering; Data and cloud services
8
M
Blackstone-promoted cloud and cognitive services firm
Best for: Cloud and cognitive services programmes
Mphasis reported consolidated FY2026 revenue of ₹15,880 crore, up 11.6% from ₹14,230 crore a year earlier. The company positions itself as a cloud and cognitive services provider. Its ownership history is unusual among Indian IT firms: Electronic Data Systems (EDS) acquired Mphasis in June 2006, the holding later sat with HP, and Blackstone acquired HP's stake and continues as the promoter. FY2026 net profit was ₹1,863 crore on the same compiled basis. It ranks 8th of the 50 companies here, behind Coforge, with revenue equal to 5.9% of that of TCS. Its year-on-year revenue change ranks 25th of the 47 companies for which a prior-year figure was available.
Services
- Cloud services
- Cognitive services
- Revenue (FY2026)
- ₹15,880 crore
- Promoter
- Blackstone
- Core services
- Cloud services; Cognitive services
9
PS
Engineering-led digital services firm
Best for: AI-led digital engineering and modernisation
Persistent Systems reported consolidated FY2026 revenue of ₹14,748 crore, up 23.5% from ₹11,939 crore a year earlier. The company describes itself as a global digital services and solutions provider focused on AI-led, platform-driven digital engineering and enterprise modernisation. Its growth rate over FY2026 was among the highest of the firms ranked in the top ten. It ranks 9th of the 50 companies here, behind Mphasis, with revenue equal to 5.5% of that of TCS. Its year-on-year revenue change ranks 8th of the 47 companies for which a prior-year figure was available.
Services
- Digital engineering
- Enterprise modernisation
- Platform and product engineering
- AI-led services
- Revenue (FY2026)
- ₹14,748 crore
- Core services
- Digital engineering; Enterprise modernisation; Platform and product engineering
10
AI-focused digital services firm reporting on a calendar year
Best for: AI-based digital and technology services
Hexaware Technologies reports on a calendar-year basis; consolidated revenue for the year to December 2025 was ₹13,430 crore, up 12.2% from ₹11,974 crore a year earlier. Incorporated in 1992, it describes itself as a global digital and technology services company with artificial intelligence at its core. Promoters held 74.30% of the shares according to the latest shareholding pattern shown on the compiled filing page. It ranks 10th of the 50 companies here, behind Persistent Systems, with revenue equal to 5.0% of that of TCS. Its year-on-year revenue change ranks 24th of the 47 companies for which a prior-year figure was available.
Services
- AI-based digital solutions
- Technology services
- Revenue (CY2025 (Jan–Dec))
- ₹13,430 crore
- Founded
- 1992 (incorporated)
- Promoter holding
- 74.30%
- Core services
- AI-based digital solutions; Technology services
11
LT
Largest listed Indian engineering R&D services firm
Best for: Outsourced product and process engineering
L&T Technology Services (LTTS) reported consolidated FY2026 revenue of ₹10,996 crore, up 14.0% from ₹9,642 crore a year earlier. A subsidiary of Larsen & Toubro, it is an engineering and technology services company providing design, development, testing and maintenance services across products and processes. Its Tech segment, focused on engineering-led product and platform work, accounted for about 33% of revenue in FY2026, up from about 30% a year earlier. LTTS is the largest pure-play engineering R&D services company on the list. It ranks 11th of the 50 companies here, behind Hexaware Technologies, with revenue equal to 4.1% of that of TCS. Its year-on-year revenue change ranks 19th of the 47 companies for which a prior-year figure was available.
Services
- Engineering design and development
- Product testing and maintenance
- Process engineering
- Software-defined product engineering
- Revenue (FY2026)
- ₹10,996 crore
- Parent group
- Larsen & Toubro
- Core services
- Engineering design and development; Product testing and maintenance; Process engineering
12
SS
Modernisation services firm built around its Platformation framework
Best for: Outcome-based modernisation projects
Sonata Software reported consolidated FY2026 revenue of ₹10,701 crore, up 5.4% from ₹10,157 crore a year earlier. The company provides IT services and solutions to clients in the United States, Europe, the Middle East, Australia and India and markets a proprietary Platformation framework for outcome-based modernisation. It ranks 12th of the 50 companies here, behind L&T Technology Services, with revenue equal to 4.0% of that of TCS. Its year-on-year revenue change ranks 41st of the 47 companies for which a prior-year figure was available.
Services
- Modernisation services
- Platformation framework
- Revenue (FY2026)
- ₹10,701 crore
- Core services
- Modernisation services; Platformation framework
13
RP-Sanjiv Goenka Group's process outsourcing company
Best for: Banking, healthcare and media process outsourcing
Firstsource Solutions reported consolidated FY2026 revenue of ₹9,556 crore, up 19.7% from ₹7,980 crore a year earlier. Part of the RP-Sanjiv Goenka Group, it is a business process management company serving banking, healthcare, communications and media clients. Firstsource is included because process outsourcing delivered on technology platforms is a large part of the Indian outsourcing industry; buyers looking only for software work should treat it as a BPM specialist rather than an IT services vendor. It is the largest BPM-focused company in this ranking. It ranks 13th of the 50 companies here, behind Sonata Software, with revenue equal to 3.6% of that of TCS. Its year-on-year revenue change ranks 13th of the 47 companies for which a prior-year figure was available.
Services
- Business process management
- Healthcare operations
- Banking and financial services operations
- Communications and media support
- Revenue (FY2026)
- ₹9,556 crore
- Parent group
- RP-Sanjiv Goenka Group
- Core services
- Business process management; Healthcare operations; Banking and financial services operations
14
C
Hyderabad engineering and geospatial services firm
Best for: Aerospace, rail and utilities engineering
Cyient reported consolidated FY2026 revenue of ₹7,268 crore, down 1.2% from ₹7,360 crore a year earlier, making it one of few firms in the top twenty whose revenue fell. Established in 1991 in Hyderabad as Infotech Enterprises, it offers engineering, manufacturing, geospatial, network and operations management services. Its Digital, Engineering and Technology segment made up 79% of FY2025 revenue, down from 85% in FY2023. It ranks 14th of the 50 companies here, behind Firstsource Solutions, with revenue equal to 2.7% of that of TCS. Its year-on-year revenue change ranks 44th of the 47 companies for which a prior-year figure was available.
Services
- Engineering services
- Manufacturing and geospatial services
- Network and operations management
- Data analytics
- Revenue (FY2026)
- ₹7,268 crore
- Founded
- 1991, Hyderabad
- Former name
- Infotech Enterprises
- Core services
- Engineering services; Manufacturing and geospatial services; Network and operations management
15
US healthcare payer and provider operations specialist
Best for: US health insurers outsourcing claims and member services
Sagility India reported consolidated FY2026 revenue of ₹7,193 crore, up 29.1% from ₹5,570 crore a year earlier. Headquartered in Bengaluru, it provides healthcare-focused, technology-enabled services to US-based payers and providers and serves only US customers. The listed company was incorporated in July 2021 as Berkmeer India and later renamed. It ranks 15th of the 50 companies here, behind Cyient, with revenue equal to 2.7% of that of TCS. Its year-on-year revenue change ranks 5th of the 47 companies for which a prior-year figure was available.
Services
- Payer operations
- Provider revenue-cycle services
- Technology-enabled healthcare services
- Revenue (FY2026)
- ₹7,193 crore
- Headquarters
- Bengaluru, India
- Founded
- July 2021 (incorporated as Berkmeer India)
- Core services
- Payer operations; Provider revenue-cycle services; Technology-enabled healthcare services
16
Transportation engineering engineering specialist
Best for: Carmakers and tier-one suppliers
KPIT Technologies reported consolidated FY2026 revenue of ₹6,455 crore, up 10.5% from ₹5,842 crore a year earlier. The company specialises in software for the automotive and mobility industry, including software-defined vehicles and embedded software, and lists more than 13,000 employees with development centres in Europe, the United States, Japan, China, Thailand and India. Unlike most firms here, it serves one industry almost exclusively, so its revenue tracks carmakers' spending on vehicle software rather than general enterprise IT budgets. It ranks 16th of the 50 companies here, behind Sagility India, with revenue equal to 2.4% of that of TCS. Its year-on-year revenue change ranks 30th of the 47 companies for which a prior-year figure was available.
Services
- Software-defined vehicle engineering
- Embedded software
- AI and digital solutions for mobility
- Revenue (FY2026)
- ₹6,455 crore
- Employees
- 13,000+ (company profile)
- Core services
- Software-defined vehicle engineering; Embedded software; AI and digital solutions for mobility
17
BB
Essar-controlled network and data centre integrator
Best for: Network, data centre and workplace infrastructure
Black Box reported consolidated FY2026 revenue of ₹6,322 crore, up 5.9% from ₹5,967 crore a year earlier. The listed company was incorporated in 1986 by Tata Telecom to manufacture telecommunications equipment, later became AGC Networks, and now describes itself as an information and communication technology solutions provider and integrator. The Essar Group held about 70% as of March 2026. Black Box is an infrastructure-led outsourcer: much of its work involves designing, building and supporting networks and data centres rather than application development. It ranks 17th of the 50 companies here, behind KPIT Technologies, with revenue equal to 2.4% of that of TCS. Its year-on-year revenue change ranks 39th of the 47 companies for which a prior-year figure was available.
Services
- ICT solutions integration
- Data centre and network infrastructure
- Digital workplace
- Managed services
- Revenue (FY2026)
- ₹6,322 crore
- Founded
- 1986 (incorporated by Tata Telecom)
- Former name
- AGC Networks
- Majority owner
- Essar Group (about 70%)
- Core services
- ICT solutions integration; Data centre and network infrastructure; Digital workplace
18
ZT
RPG Group's Pune-based services company
Best for: Application and infrastructure management
Zensar Technologies reported consolidated FY2026 revenue of ₹5,687 crore, up 7.7% from ₹5,281 crore a year earlier. Based in Pune, it is part of the Mumbai-based RPG Group and reports two segments, application management services and infrastructure management services. It sits in the band of mid-sized firms, with Birlasoft and Mastek, that compete for contracts too small for the top five to prioritise. It ranks 18th of the 50 companies here, behind Black Box, with revenue equal to 2.1% of that of TCS. Its year-on-year revenue change ranks 35th of the 47 companies for which a prior-year figure was available.
Services
- Application management services
- Infrastructure management services
- Revenue (FY2026)
- ₹5,687 crore
- Headquarters
- Pune, India
- Parent group
- RPG Group
- Core services
- Application management services; Infrastructure management services
19
TT
Engineering services and digital solutions company
Best for: Outsourced product development
Tata Technologies reported consolidated FY2026 revenue of ₹5,506 crore, up 6.5% from ₹5,168 crore a year earlier. Incorporated in 1994, it is a global engineering services company offering product development and digital solutions; services, mainly engineering R&D, made up about 77% of revenue and technology solutions about 23%. It ranks 19th of the 50 companies here, behind Zensar Technologies, with revenue equal to 2.1% of that of TCS. Its year-on-year revenue change ranks 38th of the 47 companies for which a prior-year figure was available.
Services
- Engineering R&D services
- Product development
- Digital enterprise solutions
- Technology solutions
- Revenue (FY2026)
- ₹5,506 crore
- Founded
- 1994 (incorporated)
- Core services
- Engineering R&D services; Product development; Digital enterprise solutions
20
B
CK Birla Group's software and IT consulting firm
Best for: Software development for BFSI, life sciences and manufacturing
Birlasoft reported consolidated FY2026 revenue of ₹5,310 crore, down 1.2% from ₹5,375 crore a year earlier. Part of the CK Birla Group and with its registered office in Pune, it provides software development and IT consulting, mainly to banking, insurance, life sciences, energy and utilities, and manufacturing clients. The FY2026 decline makes it one of a handful of mid-sized firms whose revenue shrank during the year. It ranks 20th of the 50 companies here, behind Tata Technologies, with revenue equal to 2.0% of that of TCS. Its year-on-year revenue change ranks 43rd of the 47 companies for which a prior-year figure was available.
- Revenue (FY2026)
- ₹5,310 crore
- Headquarters
- Pune, India (registered office)
- Parent group
- CK Birla Group
- Core services
- Application development; IT consulting
21
Hinduja Group customer experience outsourcer
Best for: Business process management
Hinduja Global Solutions reported consolidated FY2026 revenue of ₹4,307 crore, down 2.2% from ₹4,404 crore a year earlier. Part of the Hinduja Group, it is engaged in business process management and also runs a digital media platform business. It ranks 21st of the 50 companies here, behind Birlasoft, with revenue equal to 1.6% of that of TCS. Its year-on-year revenue change ranks 45th of the 47 companies for which a prior-year figure was available. In absolute terms, FY2026 revenue was ₹97 crore lower than in the previous year.
Services
- Business process management
- Digital media platform
- Revenue (FY2026)
- ₹4,307 crore
- Parent group
- Hinduja Group
- Core services
- Business process management; Digital media platform
22
Analytics and process outsourcing for financial and digital clients
Best for: Analytics and automation-heavy operations
eClerx Services reported consolidated FY2026 revenue of ₹4,117 crore, up 22.3% from ₹3,366 crore a year earlier. Incorporated in 2000, it provides business process management, automation and analytics services; its customer operations segment covers analytics, technical operations support and digital care. Its FY2026 growth was among the strongest in the knowledge-process segment of this ranking. It ranks 22nd of the 50 companies here, behind Hinduja Global Solutions (HGS), with revenue equal to 1.5% of that of TCS. Its year-on-year revenue change ranks 9th of the 47 companies for which a prior-year figure was available.
Services
- Process management
- Automation
- Analytics
- Technical operations and digital care
- Revenue (FY2026)
- ₹4,117 crore
- Founded
- 2000 (incorporated)
- Core services
- Process management; Automation; Analytics
23
TE
Design and technology services specialist
Best for: Transportation, media and healthcare design work
Tata Elxsi reported standalone FY2026 revenue of ₹3,757 crore, compared with ₹3,729 crore a year earlier; the compiled filing page used for this ranking showed standalone rather than consolidated figures for the company. It describes itself as a provider of design and technology services across transportation, media and communications, and healthcare. Growth was nearly flat in FY2026. It ranks 23rd of the 50 companies here, behind eClerx Services, with revenue equal to 1.4% of that of TCS. Its year-on-year revenue change ranks 42nd of the 47 companies for which a prior-year figure was available.
Services
- Design and technology services
- Transportation engineering
- Media and communications engineering
- Healthcare engineering
- Revenue (FY2026, standalone)
- ₹3,757 crore
- Parent group
- Tata Group
- Core services
- Design and technology services; Transportation engineering; Media and communications engineering
24
Vertically focused enterprise technology firm
Best for: Legacy modernisation and data warehousing
Mastek reported consolidated FY2026 revenue of ₹3,699 crore, up 7.1% from ₹3,455 crore a year earlier. Established in 1982, it provides vertically focused enterprise technology solutions, including application development and maintenance, business intelligence, testing and legacy modernisation. It ranks 24th of the 50 companies here, behind Tata Elxsi, with revenue equal to 1.4% of that of TCS. Its year-on-year revenue change ranks 37th of the 47 companies for which a prior-year figure was available. In absolute terms, FY2026 revenue was ₹244 crore higher than in the previous year.
Services
- Application development and maintenance
- Business intelligence and data warehousing
- Testing and assurance
- Legacy modernisation
- Revenue (FY2026)
- ₹3,699 crore
- Founded
- 1982
- Core services
- Application development and maintenance; Business intelligence and data warehousing; Testing and assurance
25
Healthcare operations platform for US physician groups
Best for: US physician enterprises
Inventurus Knowledge Solutions, which trades as IKS Health, reported consolidated FY2026 revenue of ₹3,194 crore, up 19.9% from ₹2,664 crore a year earlier. Incorporated in 2006, it offers a care enablement platform to physician enterprises in the United States, Canada and Australia, with the US as its main market, and describes its pricing as a fee-for-value model. It ranks 25th of the 50 companies here, behind Mastek, with revenue equal to 1.2% of that of TCS. Its year-on-year revenue change ranks 12th of the 47 companies for which a prior-year figure was available.
Services
- Care enablement platform
- Physician practice operations
- Revenue (FY2026)
- ₹3,194 crore
- Founded
- 2006 (incorporated)
- Core services
- Care enablement platform; Physician practice operations
26
Young digital engineering firm
Best for: Digital product engineering for mid-market clients
Happiest Minds Technologies reported consolidated FY2026 revenue of ₹2,315 crore, up 12.3% from ₹2,061 crore a year earlier. Incorporated in 2011, it describes itself as a next-generation IT solutions and services company; its largest segment, product and digital engineering services, serves banking, edtech, healthcare, industrial, hi-tech and retail clients. It ranks 26th of the 50 companies here, behind Inventurus Knowledge Solutions (IKS Health), with revenue equal to 0.9% of that of TCS. Its year-on-year revenue change ranks 23rd of the 47 companies for which a prior-year figure was available.
Services
- Product and digital engineering services
- Services for BFSI, edtech and healthcare
- Services for industrial, hi-tech and retail clients
- Revenue (FY2026)
- ₹2,315 crore
- Founded
- 2011 (incorporated)
- Core services
- Product and digital engineering services; Services for BFSI, edtech and healthcare; Services for industrial, hi-tech and retail clients
27
DG
Mixed IT services and digital operations company
Best for: Combined technology and process outsourcing
Datamatics Global Services reported consolidated FY2026 revenue of ₹1,987 crore, up 15.3% from ₹1,723 crore a year earlier. The company describes itself as a digital technologies, digital operations and digital experiences company, offering AI-powered technology, business process management, engineering services and AI strategy consulting. Its mix of software development and process work places it between pure IT services firms and BPM specialists. It ranks 27th of the 50 companies here, behind Happiest Minds Technologies, with revenue equal to 0.7% of that of TCS. Its year-on-year revenue change ranks 17th of the 47 companies for which a prior-year figure was available.
Services
- Digital technologies
- Digital operations and BPM
- Customer experience
- Engineering services
- Revenue (FY2026)
- ₹1,987 crore
- Core services
- Digital technologies; Digital operations and BPM; Customer experience
28
Technology, AI and analytics services firm
Best for: Technology, AI and analytics services
R Systems International reports on a calendar-year basis; consolidated revenue for the year to December 2025 was ₹1,958 crore, up 12.4% from ₹1,742 crore a year earlier. It describes itself as a provider of technology, artificial intelligence, analytics and knowledge services. It ranks 28th of the 50 companies here, behind Datamatics Global Services, with revenue equal to 0.7% of that of TCS. Its year-on-year revenue change ranks 21st of the 47 companies for which a prior-year figure was available. In absolute terms, FY2026 revenue was ₹216 crore higher than in the previous year.
Services
- Technology services
- Artificial intelligence
- Analytics
- Knowledge services
- Revenue (CY2025 (Jan–Dec))
- ₹1,958 crore
- Core services
- Technology services; Artificial intelligence; Analytics
29
Mumbai system integrator for banks and government
Best for: Bank and public-sector infrastructure projects
Dynacons Systems & Solutions reported consolidated FY2026 revenue of ₹1,424 crore, up 12.4% from ₹1,267 crore a year earlier. The Mumbai-based company is a digital infrastructure and system integration business offering data centre and cloud, network and cybersecurity, digital workplace and managed services, mainly to banks, government and public-sector undertakings and large enterprises. It ranks 29th of the 50 companies here, behind R Systems International, with revenue equal to 0.5% of that of TCS. Its year-on-year revenue change ranks 22nd of the 47 companies for which a prior-year figure was available.
Services
- Data centre and cloud
- Network and cybersecurity
- Digital workplace
- Managed services
- Revenue (FY2026)
- ₹1,424 crore
- Headquarters
- Mumbai, India
- Listed on
- NSE (DSSL), BSE (532365)
- Core services
- Data centre and cloud; Network and cybersecurity; Digital workplace
30
AS
Banking software and smart infrastructure projects
Best for: Transaction banking and transit systems
Aurionpro Solutions reported consolidated FY2026 revenue of ₹1,411 crore, up 20.3% from ₹1,173 crore a year earlier. Established in 1997, it sells software products and consulting services mainly to banks in India and abroad, and also runs smart city, transit and cybersecurity projects; it reports two segments, Banking and Fintech, and Tech Innovation Group, and cites more than 400 clients in over 30 countries. Because part of its revenue comes from licensed products, it is less of a pure outsourcer than most companies at this revenue level. It ranks 30th of the 50 companies here, behind Dynacons Systems & Solutions, with revenue equal to 0.5% of that of TCS. Its year-on-year revenue change ranks 10th of the 47 companies for which a prior-year figure was available.
Services
- Transaction banking software and services
- Smart city and transit
- Cybersecurity
- Customer experience
- Revenue (FY2026)
- ₹1,411 crore
- Founded
- 1997
- Core services
- Transaction banking software and services; Smart city and transit; Cybersecurity
31
KT
Mid-market digital transformation firm
Best for: SAP and cloud projects for mid-sized companies
Kellton Tech Solutions reported consolidated FY2026 revenue of ₹1,217 crore, up 10.8% from ₹1,098 crore a year earlier. It offers digital transformation, ERP and other IT services across the United States, Europe, India and Asia-Pacific, and its company profile cites about 1,800 employees. Its areas of focus include AI and machine learning, cloud engineering and SAP modernisation. It ranks 31st of the 50 companies here, behind Aurionpro Solutions, with revenue equal to 0.5% of that of TCS. Its year-on-year revenue change ranks 28th of the 47 companies for which a prior-year figure was available.
Services
- Digital transformation
- ERP and SAP modernisation
- Cloud engineering
- AI and machine learning
- Revenue (FY2026)
- ₹1,217 crore
- Employees
- about 1,800 (company profile)
- Core services
- Digital transformation; ERP and SAP modernisation; Cloud engineering
32
AT
Aerospace and defence engineering company
Best for: Aerospace and defence engineering outsourcing
Axiscades Technologies reported consolidated FY2026 revenue of ₹1,159 crore, up 12.4% from ₹1,031 crore a year earlier. It describes itself as a technology solutions company focused on engineering solutions and services, and as an end-to-end aerospace and technology engineering and manufacturing company serving global original equipment manufacturers in aerospace, defence and other sectors. It ranks 32nd of the 50 companies here, behind Kellton Tech Solutions, with revenue equal to 0.4% of that of TCS. Its year-on-year revenue change ranks 20th of the 47 companies for which a prior-year figure was available.
Services
- Aerospace engineering
- Defence systems
- Engineering design services
- Aerospace manufacturing
- Revenue (FY2026)
- ₹1,159 crore
- Core services
- Aerospace engineering; Defence systems; Engineering design services
33
ST
Semiconductor and device engineering specialist
Best for: Semiconductor, automotive and telecom R&D
Sasken Technologies reported consolidated FY2026 revenue of ₹1,113 crore, roughly double the ₹551 crore of FY2025. Established in 1989, it specialises in product engineering and digital transformation, offering what it calls chip-to-cognition R&D services to semiconductor, automotive and telecom clients. The compiled figures do not explain the composition of the increase, which is set out in the company's own filings. It ranks 33rd of the 50 companies here, behind Axiscades Technologies, with revenue equal to 0.4% of that of TCS. Its year-on-year revenue change ranks 1st of the 47 companies for which a prior-year figure was available.
Services
- Product engineering
- Semiconductor services
- Transportation engineering
- Digital transformation
- Revenue (FY2026)
- ₹1,113 crore
- Founded
- 1989
- Core services
- Product engineering; Semiconductor services; Transportation engineering
34
Testing-led technology and engineering services firm
Best for: Software validation for banks and insurers
Expleo Solutions reported consolidated FY2026 revenue of ₹1,108 crore, up 8.1% from ₹1,025 crore a year earlier. The Indian-listed company describes itself as a technology, engineering and consulting services company and historically focused on software validation and verification for the banking, financial services and insurance industry. It is the only testing-led company in the ranking. It ranks 34th of the 50 companies here, behind Sasken Technologies, with revenue equal to 0.4% of that of TCS. Its year-on-year revenue change ranks 34th of the 47 companies for which a prior-year figure was available.
Services
- Software validation and verification
- Quality engineering
- Engineering services
- Consulting
- Revenue (FY2026)
- ₹1,108 crore
- Core services
- Software validation and verification; Quality engineering; Engineering services
35
LA
Pure-play data analytics services firm
Best for: Outsourced analytics and data engineering
LatentView Analytics reported consolidated FY2026 revenue of ₹1,060 crore, up 25.0% from ₹848 crore a year earlier. It provides data and analytics consulting, data engineering, business analytics and AI solutions to clients in technology, financial services, retail, consumer goods and industrials. LatentView is one of the few listed Indian firms that does analytics as its core business rather than as a practice inside a broader services company. It ranks 35th of the 50 companies here, behind Expleo Solutions, with revenue equal to 0.4% of that of TCS. Its year-on-year revenue change ranks 7th of the 47 companies for which a prior-year figure was available.
Services
- Data and analytics consulting
- Data engineering
- Business analytics and insights
- AI solutions
- Revenue (FY2026)
- ₹1,060 crore
- Core services
- Data and analytics consulting; Data engineering; Business analytics and insights
36
Mid-tier client specialist in data and information management
Best for: Mid-tier companies in the US and UK
Saksoft reported consolidated FY2026 revenue of ₹1,007 crore, up 14.0% from ₹883 crore a year earlier. Established in 1999 by Autar Krishna and his son Aditya Krishna, who is chairman and managing director, it provides business intelligence and information management solutions, mainly to mid-tier companies in the United States and the United Kingdom. It ranks 36th of the 50 companies here, behind LatentView Analytics, with revenue equal to 0.4% of that of TCS. Its year-on-year revenue change ranks 18th of the 47 companies for which a prior-year figure was available.
Services
- Business intelligence
- Information management
- Revenue (FY2026)
- ₹1,007 crore
- Founded
- 1999
- Core services
- Business intelligence; Information management
37
Operator of Indian e-governance platforms
Best for: Government and public digital infrastructure
Protean eGov Technologies reported consolidated FY2026 revenue of ₹998 crore, up 18.7% from ₹841 crore a year earlier. Incorporated in December 1995, it builds and operates citizen-centric, population-scale e-governance systems; tax services, including PAN card issuance and TIN facilitation, made up about half of FY2026 revenue. Protean is an outsourcer to the Indian government rather than to overseas enterprises, which makes it unusual on this list, and its revenue depends on fee-based mandates from public bodies. It ranks 37th of the 50 companies here, behind Saksoft, with revenue equal to 0.4% of that of TCS. Its year-on-year revenue change ranks 15th of the 47 companies for which a prior-year figure was available.
Services
- Tax services (PAN and TIN)
- TIN facilitation
- Online PAN verification
- Population-scale e-governance systems
- Revenue (FY2026)
- ₹998 crore
- Founded
- December 1995 (incorporated)
- Listed on
- NSE (PROTEAN), BSE (544021)
- Core services
- Tax services (PAN and TIN); TIN facilitation; Online PAN verification
38
TT
IT staffing and project services company
Best for: IT staffing and consulting engagements
Trigyn Technologies reported consolidated FY2026 revenue of ₹976 crore, up 8.7% from ₹898 crore a year earlier. Incorporated in 1986, it offers IT solutions, staffing, consulting and software services, holds ISO and CMMI Level 5 certifications, and runs an offshore development centre in Mumbai; its US subsidiary is headquartered in Edison, New Jersey. It ranks 38th of the 50 companies here, behind Protean eGov Technologies, with revenue equal to 0.4% of that of TCS. Its year-on-year revenue change ranks 33rd of the 47 companies for which a prior-year figure was available.
Services
- IT staffing
- IT consulting
- Software services
- Revenue (FY2026)
- ₹976 crore
- Founded
- 1986 (incorporated)
- Core services
- IT staffing; IT consulting; Software services
39
AD
Infrastructure management and smart-city integrator
Best for: Infrastructure, cloud and cybersecurity services
Allied Digital Services reported consolidated FY2026 revenue of ₹968 crore, up 20.0% from ₹807 crore a year earlier. Incorporated in 1984 and based in Mumbai, it is an IT consulting and services provider with capabilities in cloud, cybersecurity, infrastructure management and smart and safe city projects, and it reports a presence in more than 70 countries through about 20 offices. It ranks 39th of the 50 companies here, behind Trigyn Technologies, with revenue equal to 0.4% of that of TCS. Its year-on-year revenue change ranks 11th of the 47 companies for which a prior-year figure was available.
Services
- Infrastructure management
- Cybersecurity
- Cloud services
- Smart and safe city projects
- Revenue (FY2026)
- ₹968 crore
- Founded
- 1984 (incorporated)
- Headquarters
- Mumbai, India
- Listed on
- NSE (ADSL), BSE (532875)
- Core services
- Infrastructure management; Cybersecurity; Cloud services
40
Mumbai infrastructure and managed services provider
Best for: Indian enterprises outsourcing IT infrastructure
Orient Technologies reported consolidated FY2026 revenue of ₹870 crore; the compiled filing page did not show a comparable consolidated figure for FY2025. Incorporated in July 1997 and based in Mumbai, it works in three verticals: IT infrastructure (data centre, end-user computing and security), IT-enabled services such as managed services, network operations and facility management, and cloud and data management focused on moving workloads to the cloud. It ranks 40th of the 50 companies here, behind Allied Digital Services, with revenue equal to 0.3% of that of TCS.
Services
- IT infrastructure
- IT-enabled and managed services
- Cloud and data management
- Network operations
- Revenue (FY2026)
- ₹870 crore
- Founded
- July 1997 (incorporated)
- Headquarters
- Mumbai, India
- Listed on
- NSE (ORIENTTECH), BSE (544235)
- Core services
- IT infrastructure; IT-enabled and managed services; Cloud and data management
41
3I
IT solutions and transaction services firm
Best for: Infrastructure and back-office services for financial firms
3i Infotech reported consolidated FY2026 revenue of ₹693 crore, down 4.5% from ₹726 crore a year earlier. Incorporated in 1993, it provides IT solutions, covering cloud computing, platform solutions, infrastructure management and application development, and transaction services covering back-office business process and knowledge process work. It ranks 41st of the 50 companies here, behind Orient Technologies, with revenue equal to 0.3% of that of TCS. Its year-on-year revenue change ranks 47th of the 47 companies for which a prior-year figure was available. In absolute terms, FY2026 revenue was ₹33 crore lower than in the previous year.
Services
- Cloud and infrastructure management
- Platform solutions
- Application development
- Transaction services (BPS/KPO)
- Revenue (FY2026)
- ₹693 crore
- Founded
- 1993 (incorporated)
- Core services
- Cloud and infrastructure management; Platform solutions; Application development
42
Geospatial and engineering services company
Best for: Enterprise geospatial and engineering services
Ceinsys Tech reported consolidated FY2026 revenue of ₹661 crore, up 58.1% from ₹418 crore a year earlier. Incorporated in 1998 and part of the Nagpur-based Meghe Group, it provides enterprise geospatial and engineering services and also sells software and electricity; its own description is a pure-play geospatial and technology solutions company. It ranks 42nd of the 50 companies here, behind 3i Infotech, with revenue equal to 0.2% of that of TCS. Its year-on-year revenue change ranks 2nd of the 47 companies for which a prior-year figure was available.
Services
- Enterprise geospatial services
- Engineering services
- Software
- Electricity sales (non-core)
- Revenue (FY2026)
- ₹661 crore
- Founded
- 1998 (incorporated)
- Listed on
- NSE (CEINSYS), BSE (538734)
- Parent group
- Meghe Group (Nagpur)
- Core services
- Enterprise geospatial services; Engineering services; Software
43
Hyderabad semiconductor design services firm
Best for: Outsourced chip design and verification
Moschip Technologies reported consolidated FY2026 revenue of ₹585 crore, up 25.3% from ₹467 crore a year earlier. Headquartered in Hyderabad, it is a semiconductor and system design company focused on turnkey ASICs and mixed-signal IP, offering digital and mixed-signal chip design from concept to production. It ranks 43rd of the 50 companies here, behind Ceinsys Tech, with revenue equal to 0.2% of that of TCS. Its year-on-year revenue change ranks 6th of the 47 companies for which a prior-year figure was available. In absolute terms, FY2026 revenue was ₹118 crore higher than in the previous year.
Services
- Turnkey ASIC design
- Mixed-signal IP
- Semiconductor design services
- Revenue (FY2026)
- ₹585 crore
- Headquarters
- Hyderabad, India
- Core services
- Turnkey ASIC design; Mixed-signal IP; Semiconductor design services
44
Engineering R&D services for industrial manufacturers
Best for: Industrial equipment engineering
Onward Technologies reported consolidated FY2026 revenue of ₹544 crore, up 10.8% from ₹491 crore a year earlier. Incorporated in 1991, it is a software outsourcing company specialising in digital and engineering R&D services for clients in transportation and mobility, industrial equipment, and healthcare and life sciences; it runs offshore delivery centres in India, operates in six countries and lists more than 2,800 employees. It ranks 44th of the 50 companies here, behind Moschip Technologies, with revenue equal to 0.2% of that of TCS. Its year-on-year revenue change ranks 29th of the 47 companies for which a prior-year figure was available.
Services
- Engineering R&D services
- Digital services
- Transportation and mobility engineering
- Healthcare and life sciences engineering
- Revenue (FY2026)
- ₹544 crore
- Employees
- 2,800+ (company profile)
- Founded
- 1991 (incorporated)
- Core services
- Engineering R&D services; Digital services; Transportation and mobility engineering
45
Software development services firm
Best for: Outsourced software development
InfoBeans Technologies reported consolidated FY2026 revenue of ₹514 crore, up 30.1% from ₹395 crore a year earlier. Incorporated in 2000, it is in the business of software development services. It ranks 45th of the 50 companies here, behind Onward Technologies, with revenue equal to 0.2% of that of TCS. Its year-on-year revenue change ranks 4th of the 47 companies for which a prior-year figure was available. In absolute terms, FY2026 revenue was ₹119 crore higher than in the previous year. The company is one of 26 firms in the IT services segment of this ranking.
Services
- Software development services
- Revenue (FY2026)
- ₹514 crore
- Founded
- 2000 (incorporated)
- Core services
- Software development services
46
Small embedded and engineering services firm
Best for: Embedded systems projects
Mindteck reported consolidated FY2026 revenue of ₹407 crore, down 4.0% from ₹424 crore a year earlier. Incorporated in 1991, it works in engineering and IT services, focusing on embedded systems, enterprise applications, testing and professional services for Fortune 1000 companies, start-ups, universities and government bodies. Mindteck is one of the smaller engineering services firms on the list and one of the few whose revenue fell during FY2026. It ranks 46th of the 50 companies here, behind InfoBeans Technologies, with revenue equal to 0.2% of that of TCS. Its year-on-year revenue change ranks 46th of the 47 companies for which a prior-year figure was available.
Services
- Embedded systems
- Enterprise applications
- Testing
- Professional services
- Revenue (FY2026)
- ₹407 crore
- Founded
- 1991 (incorporated)
- Core services
- Embedded systems; Enterprise applications; Testing
47
ST
IT solutions provider for government and enterprise
Best for: Enterprise and government IT solutions
Silver Touch Technologies reported consolidated FY2026 revenue of ₹342 crore, up 18.8% from ₹288 crore a year earlier. Incorporated in 1995, it is an end-to-end IT solutions provider with expertise in cloud, analytics, robotics and other emerging technologies, serving enterprises and governments. It ranks 47th of the 50 companies here, behind Mindteck, with revenue equal to 0.1% of that of TCS. Its year-on-year revenue change ranks 14th of the 47 companies for which a prior-year figure was available. In absolute terms, FY2026 revenue was ₹54 crore higher than in the previous year.
Services
- IT solutions
- Digital transformation
- Cloud and analytics
- Government and enterprise projects
- Revenue (FY2026)
- ₹342 crore
- Founded
- 1995 (incorporated)
- Listed on
- NSE (SILVERTUC), BSE (543525)
- Core services
- IT solutions; Digital transformation; Cloud and analytics
48
Geospatial mapping services company
Best for: Mapping and digital twin projects
Genesys International reported consolidated FY2026 revenue of ₹328 crore, up 5.5% from ₹311 crore a year earlier. It provides end-to-end geospatial data capture, processing, analytics, platforms and APIs, including navigation and HD maps, street imagery and 3D digital twins, and reports a single GIS-based services segment. The company says it is shifting from project-based GIS services towards proprietary map content and recurring platform revenue, so over time it may become less of a services outsourcer. It ranks 48th of the 50 companies here, behind Silver Touch Technologies, with revenue equal to 0.1% of that of TCS. Its year-on-year revenue change ranks 40th of the 47 companies for which a prior-year figure was available.
Services
- Geospatial data capture and processing
- HD maps and navigation content
- 3D digital twins
- Platforms and APIs
- Revenue (FY2026)
- ₹328 crore
- Core services
- Geospatial data capture and processing; HD maps and navigation content; 3D digital twins
49
Small listed IT and IT-enabled services provider
Best for: IT and IT-enabled services
Xchanging Solutions reported consolidated FY2026 revenue of ₹203 crore, up 9.7% from ₹185 crore a year earlier. Incorporated in 2002, it is an information technology services provider offering software, hardware, IT-enabled and programming services in India and abroad; promoters hold 75% of the shares. It ranks 49th of the 50 companies here, behind Genesys International, with revenue equal to 0.1% of that of TCS. Its year-on-year revenue change ranks 31st of the 47 companies for which a prior-year figure was available. In absolute terms, FY2026 revenue was ₹18 crore higher than in the previous year.
Services
- IT services
- IT-enabled services
- Software and programming services
- Computer programming services
- Revenue (FY2026)
- ₹203 crore
- Founded
- 2002 (incorporated)
- Listed on
- NSE (XCHANGING), BSE (532616)
- Promoter holding
- 75%
- Core services
- IT services; IT-enabled services; Software and programming services
50
Small software development firm focused on open-source stacks
Best for: Salesforce, Odoo and big-data projects
Ksolves India reported standalone FY2026 revenue of ₹161 crore, up 17.5% from ₹137 crore a year earlier; the compiled filing page used for this ranking showed standalone figures. Incorporated in 2012, it is a CMMI Level 3 software development firm with expertise in big data, machine learning, Salesforce, Odoo, DevOps and penetration testing, and it reports having delivered more than 750 software projects. It ranks 50th of the 50 companies here, behind Xchanging Solutions, with revenue equal to 0.1% of that of TCS. Its year-on-year revenue change ranks 16th of the 47 companies for which a prior-year figure was available.
- Revenue (FY2026, standalone)
- ₹161 crore
- Founded
- 2012 (incorporated)
- Core services
- Big data and machine learning; Salesforce and Odoo implementation; DevOps
Frequently asked questions
Which is the largest IT outsourcing company in India?
Tata Consultancy Services is the largest. It reported FY2026 revenue of ₹2,67,021 crore and a headcount of 584,519 when it published results on 9 April 2026. Its revenue is larger than that of Infosys, the second-ranked firm, by close to ₹90,000 crore, and larger than the combined revenue of the 45 companies ranked sixth to fiftieth in this list.
What are the top 5 IT companies in India by revenue?
By FY2026 consolidated revenue, the top five are Tata Consultancy Services (₹2,67,021 crore), Infosys (₹1,78,650 crore), HCLTech (₹1,30,144 crore), Wipro (₹92,620 crore, IFRS gross revenue) and Tech Mahindra (₹56,815 crore). LTM, formerly LTIMindtree, is sixth with ₹42,308 crore. All six are listed on BSE and NSE.
Which Indian IT company grew fastest in FY2026?
Among the larger firms, Coforge grew fastest, with revenue rising from ₹12,073 crore to ₹16,403 crore, about 36%. Persistent Systems grew about 24%. Among smaller companies, Sasken roughly doubled its revenue to ₹1,113 crore and Ceinsys Tech grew about 58%; the composition of both increases is set out in the companies' own filings.
Are multinational IT firms with Indian delivery centres included?
No. The list is restricted to companies headquartered in India and listed on BSE or NSE. Foreign-headquartered IT services companies that employ large numbers of people in India, and the Indian subsidiaries of global firms, are excluded even when India is their main delivery base, because their audited results are not filed with the Indian exchanges as standalone listed companies.
What is the difference between IT outsourcing and BPO?
IT outsourcing covers technology work such as building and maintaining software, running infrastructure and testing. Business process outsourcing covers operational work, such as claims processing, billing or customer contact, that is delivered using technology. Several firms here, including Firstsource, Sagility and eClerx, are primarily process outsourcers and are included because their delivery depends heavily on technology platforms.
Why are Hexaware and R Systems ranked on 2025 figures?
Both companies use a January–December fiscal year, unlike most Indian firms, which use April–March. Their latest full fiscal year at the time of compilation was calendar 2025, so that year was used: ₹13,430 crore for Hexaware and ₹1,958 crore for R Systems. Both are marked CY2025 in the ranking table so that readers can see the different reporting period.
How is revenue reported by Indian IT companies?
Indian listed companies file quarterly and annual results with BSE and NSE in rupees under Indian Accounting Standards. Firms with US listings, such as Infosys and Wipro, also report under IFRS and file Form 20-F with the US Securities and Exchange Commission. Many also publish US-dollar revenue, the figure most clients and analysts use to compare growth.
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