Coforge narrowly beats Mphasis to become India's 7th-largest IT firm
Coforge just edged past Mphasis to become India's seventh-biggest IT services company by revenue this quarter.
With $442 million in Q1 FY26 earnings (up 9.6%), Coforge pulled ahead of Mphasis, which made $437 million.
This marks the fifth time in less than two years that mid-sized Indian IT firms have swapped spots—showing just how competitive the industry is right now.
Major wins boost Coforge's growth
What's behind Coforge's leap? Major wins, like a $1.56 billion software deal with US-based Sabre and picking up a majority stake in Cigniti Technologies last May, fueled significant growth.
CEO Sudhir Singh has played a huge role here, nearly quadrupling the company's share price since 2017.
Mphasis loses FedEx as a client
Even with these gains, it wasn't all smooth sailing—Coforge reported negative free cash flow of $21.5 million this quarter, though its operating margin was largely flat at 13.1%.
Meanwhile, Mphasis took a hit after losing FedEx as a client (which made up 8% of their income).
The race among mid-cap IT companies is heating up as they try to catch up with bigger names like TCS and Infosys.