Bengaluru, Aug. 26 -- India's mid-sized information technology (IT) services firms are growing revenues from banks and financial institutions - the market that built the IT industry - faster than their larger rivals.

According to a Mint analysis of company financials between FY20 and FY26, revenue from managing IT needs of financial institutions has grown at a compounded annual growth rate (CAGR) of 9-23% for four mid-cap firms. For the top five large cap companies, revenue from BFSI (banking, financial services and insurance) firms grew at a CAGR of 5-8% over the same period.

Two companies - Coforge and Persistent Systems - have seen their revenue from the BFSI segment more than double to $776 million from $261 million, and to $572 mil...