Where Do India’s Top 6 IT Companies Get Their Revenue?
| Company | FY26 Revenue | BFSI (Banking) | Telecom & Media | Mfg & ER&D | Retail & CPG | Health, Tech & Others |
|---|---|---|---|---|---|---|
| TCS | ₹2,67,021 Cr | 32.0% | 5.8% | 8.8% | 15.5% | 37.9% |
| Infosys | ₹1,78,650 Cr | 27.7% | 11.8% | 15.5% | 13.0% | 32.0% |
| HCLTech | ₹1,30,144 Cr | 21.5% | 12.6% | 18.6% | 9.7% | 37.6% |
| Wipro | ₹92,624 Cr | 34.2% | 15.8% | 16.8% | 18.5% | 14.7% |
| Tech Mahindra | ₹56,815 Cr | 16.6% | 33.4% | 18.1% | 8.2% | 23.7% |
| LTIMindtree | ₹42,308 Cr | 35.2% | 22.2% | 20.0% | 15.6% | 7.0% |
While Banking (28%–35%) is the main revenue engine for most large IT firms, Tech Mahindra gets a third of its revenue from Telecom (33.4%) and only 16.6% from Banking.
SOURCE: COMPANY FY26 ANNUAL & SEGMENT DISCLOSURES
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How Dependent Is Each IT Firm on the US vs. Europe & RoW?
| Company | FY26 Revenue | Americas | Europe | India & Rest of World |
|---|---|---|---|---|
| TCS | ₹2,67,021 Cr | 48.6% | 32.8% | 18.6% |
| Infosys | ₹1,78,650 Cr | 57.0% | 31.5% | 11.5% |
| HCLTech | ₹1,30,144 Cr | 56.3% | 27.8% | 15.9% |
| Wipro | ₹92,624 Cr | 62.0% | 27.5% | 10.5% |
| Tech Mahindra | ₹56,815 Cr | 49.7% | 26.0% | 24.3% |
| LTIMindtree | ₹42,308 Cr | 72.5% | 15.1% | 12.4% |
LTIMindtree (72.5%) and Wipro (62.0%) are the most reliant on the US, while Tech Mahindra gets nearly a quarter of its revenue (24.3%) from India and Rest-of-World markets.
SOURCE: COMPANY FY26 GEOGRAPHIC SEGMENT DISCLOSURES
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