Coforge: From Mid-Tier Player to IT Growth Leader

Coforge has steadily emerged as one of the strongest players in India’s mid-tier IT services segment, competing closely with Persistent, Mphasis, and Hexaware. Once seen as a secondary player, the company now ranks eighth among Indian IT firms, just behind LTI Mindtree and Mphasis.

In FY25, Coforge reported revenues of $1.44 billion, nearly at par with Persistent’s $1.53 billion. Mphasis stood slightly ahead at $1.68 billion, while LTI Mindtree led the mid-tier space with $4.5 billion in revenues.

What sets Coforge apart is its growth trajectory. While larger IT firms struggle with low single-digit growth due to global economic challenges, Coforge and Persistent have consistently delivered double-digit growth. Their success comes from focusing on specialised services rather than trying to compete with industry giants on scale.

Analysts point to three main reasons for Coforge’s rise:

• Hyperspecialisation in core verticals like BFSI, travel, hospitality, and public enterprises.
• Domain-led market approach, supported by early investments in platforms and IP-driven solutions.
• Bold deal-making, in contrast to the cautious approach of bigger IT players.

Coforge has also built strong credibility with its proprietary tools and accelerators, giving it an edge in competitive deals. This strategy has boosted investor trust—reflected in its stock price, which has surged from ₹400 five years ago to over ₹16,000 in August 2025.

Coforge’s journey shows that in today’s IT market, specialisation matters more than scale. By narrowing its focus to a few high-value industries, combining deep domain expertise with quick execution, and investing early in IP-led platforms, the company has turned agility into a growth engine.

Key Takeaways for Other Firms

• Specialise, don’t generalise – Depth in a few sectors creates more value than spreading across too many industries.
• Invest in IP and platforms – Proprietary solutions build credibility and pricing power in competitive markets.
• Be bold in deal-making – Mid-tier firms can win big by taking calculated risks instead of playing it safe.
• Leverage client trust – Long-term relationships can be a springboard for upselling and cross-selling services.
• Stay agile – Quick decision-making and faster execution often beat scale and bureaucracy.
• Balance growth with profitability – Pursue growth aggressively, but ensure margins are protected.
• Double down on emerging technologies – Early bets on AI, automation, and cloud create differentiation.
• Focus on talent depth – Domain expertise and client-facing specialists matter more than large bench strength.

In short, Coforge has proven that focused expertise and agility can drive sustained growth—a model mid-tier IT companies can replicate to succeed in a crowded market.

Let’s build a business that grows even when you take a breath.

— Ishleen Kaur Business Coach for IT Agencies & SaaS Founders Creator of the SCORE‑B™ Framework Helping service businesses 3X revenue in 6 months — without burnout.

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