New Delhi, Aug. 27 -- The midcap IT segment produced the clearest earnings divergence of any India technology cohort in Q1 FY27, with Persistent Systems and Coforge logging revenue growth that made their tier-1 rivals look cautious while LTIMindtree's demand recovery ran later than its own management had guided.

engineering services specialists and cloud-native delivery firms are taking wallet share from traditional application maintenance work, and the midcap companies built around those disciplines grew two to three times faster than TCS, Infosys, and Wipro on a constant-currency basis.

Persistent Systems reported Q1 FY27 revenue of Rs 3,071 crore, up 38.4% year-on-year, marking it the fastest-growing company of meaningful scale in In...