While the rest of Indian IT continues to talk about the “AI opportunity,” Coforge is busy converting it into numbers. In a quarter where large-cap peers made flashy AI announcements but muted performance and mid-tier rivals hedged their bets, Coforge posted one of the industry’s cleanest performances — a 31% year-on-year revenue surge and its ninth straight year of unbroken growth.
For the September quarter, the Noida-based company reported revenue of ₹3,986 crore, up 8.1% sequentially and 31% year-on-year. Profit after tax jumped 86% from last year to ₹376 crore.
Sudhir Singh, Coforge’s CEO, didn’t downplay it. “This is a landscape characterised by technological confusion and nascent protocols,” he told analysts during the post earnings call.
“For the next 18 to 24 months, the market will be flooded with competing standards and tools. In this immature ecosystem, our clients need assistance across two different axes — understanding their industry problems and understanding how AI works and critically, how it does not work.”
Coforge’s conviction stood out because it was based on delivery, not projection. The company signed five large deals worth $514 million in Q2, taking its first-half total to 10, compared to 14 for the entire previous fiscal year. Its executable order book now stands at $1.63 billion, up 26.7% year-on-year.
The company’s $1.56 billion mega deal with Sabre, a Texas-based travel tech firm, is ramping up, feeding its travel and hospitality vertical that now makes up a quarter of its business. Banks contribute another quarter. Together, these two segments are driving the growth.
All About AI
But Coforge’s outperformance isn’t just about deal volume. It’s about how the company is using AI to turn hype into measurable impact. In an earlier interaction with AIM, Vikrant Karnik, EVP for digital, data, cloud, and AI, called this “stripping away the fat” — removing layers of underperformance in Indian IT that were previously hidden by scale.
“AI is exposing who is actually adding value,” Karnik said. “It’s about speed, decisiveness, and delivering measurable outcomes. Some experiments will fail, but the winners will be those who double down quickly on the ones that work.”
Coforge’s internal engine for this shift is AgentSphere, a catalog of over 100 AI agents built to solve specific industry problems in BFSI, travel, and healthcare. It’s an operational tool that automates workflows, cuts downtime, and accelerates delivery.
The company also launched Forge-X, an AI delivery platform that shortens app modernisation cycles.
This execution-first AI philosophy explains why Coforge has moved from the tenth to the seventh spot in Indian IT within a year, outpacing larger rivals like Tech Mahindra and Wipro in terms of percentage growth.
Compare this to Persistent Systems, which also delivered a strong Q2 but in its own quiet, methodical style. Persistent reported ₹471 crore in net profit, up 45% year-on-year, with revenue rising 23.6%. It marked the company’s 22nd consecutive quarter of growth — a record in the industry.
Persistent’s CEO Sandeep Kalra isn’t making grand AI promises either. “The macro remains interesting and keeps going through its own challenges,” he said after the results. “People are getting used to working in that environment.”
The firm’s approach is grounded in domain focus and platform execution. Its proprietary tools like SASVA 3.0 are built for client outcomes, not AI marketing slides.
As Greyhound Research’s Sanchit Vir Gogia put it, “Persistent’s growth is a case study in staying power. It doesn’t need to call itself an AI company to prove it’s using AI.”
The contrast between Coforge and Persistent is instructive. Persistent is the model of consistency — measured, focused, profitable. Coforge is the outlier — fast-moving, bold, and increasingly vocal about AI as a revenue driver. Both, however, share one thing missing in the top five: conviction backed by delivery.
Mid Tier on Rise Again
LTIMindtree also posted decent results, reporting $1.18 billion in revenue, up 2.3% sequentially and 10% year-on-year. Its profit grew about 10%. But despite this stability, LTIMindtree’s growth looks routine next to Coforge’s acceleration. For mid-tier IT, growth above 25% year-on-year in this environment is rare.
Mphasis, which will announce results on October 30, is taking a different route — using AI arbitrage to fight bigger rivals. In an earlier conversation, its chief solutions officer, Ramanathan Srikumar, said, “We started playing with LLMs when it was not in the popular lexicon.”
The company has embedded AI agents into workflows through two platforms — NeoCrux for software development and NeoZeta for legacy modernisation.
More than 68% of Mphasis’ record $760 million contract wins in the June quarter were AI-led. “For us, it’s not cannibalisation because we didn’t have a huge ‘run’ business,” Srikumar said. “AI is helping us open new opportunities rather than replace existing ones.”
Mphasis is funding its AI work by redeploying margins, not stretching profits — a pragmatic approach that mirrors Coforge’s belief that AI must be self-sustaining, not marketing-driven.
Together, these three firms — Coforge, Persistent, and Mphasis — represent what’s working in Indian IT today: execution over excitement. They aren’t building AI empires; they’re building revenue.
Meanwhile, the top five are still navigating macroeconomic conditions. Tata Consultancy Services, Infosys, HCLTech, Wipro, and Tech Mahindra reported sequential growth between 0.6% and 2.7% last quarter. None see a clear demand revival in the second half of the year.
Even global peers aren’t immune to the slowdown. Capgemini reported €5.39 billion in revenue for Q3 2025, up just 2.9% at constant currency. The company called it a “better than expected” quarter, crediting its AI-led transformation work and new agentic AI capabilities after completing the WNS acquisition.
CEO Aiman Ezzat said clients are still spending cautiously, focusing on efficiency and optimisation rather than new growth programs.
Coforge’s results are a reality check for them all. When Singh says AI is a “clear tailwind for firms that understand the domain and know how to apply the technology,” it’s a shot across the bow at peers who see AI as a branding exercise.
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