FY26 turmoil hits India's small IT firms with mixed results
FY26 was a rollercoaster for small Indian IT companies (those making under $1 billion).
While Sasken Technologies almost doubled its revenue to $125.5 million, Birlasoft had its toughest year in six years, dropping 6% to $597.5 million thanks to slow deal wins and less demand from manufacturing clients.
Cyient DET also saw revenue fall for the second year in a row, and both Mastek and Zensar managed only modest growth of 3.1%, much lower than last year.
Zensar overtakes Birlasoft, Sasken crosses $100 million
Zensar Technologies climbed past Birlasoft to become India's 15th-largest IT firm, boosted by banking deals and a big $210 million transformation contract.
Sasken moved into the $100 million-plus bracket after buying Borqs International, which added a big chunk to its numbers.
Overall, changing client needs, especially around AI, and tough market conditions are shaking up who's winning among smaller tech players right now.