The Tool Desk
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The choice is not simply “which company grew fastest.” Growth must be weighed against the price already reflected in the stock, EBIT-margin direction, bookings, client concentration, balance-sheet strength and capital returns. The valuation figures below are estimates dated 2 July 2025, not live market prices.
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What makes a good Coforge alternative?
Coforge is a mid-cap Indian IT-services company with a relatively strong recent growth profile. Its investor-relations material lists more than 45,000 professionals across 33 countries and 54 global delivery centers in its current FY26 key statistics. That scale gives investors exposure to global technology spending without the market-cap size of the largest Indian providers.
An alternative should therefore be judged on five questions:
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- Organic constant-currency growth and bookings: Are revenue and new-deal wins broad-based, or dependent on acquisitions and a few large contracts?
- EBIT margin and direction: Is profitability expanding, stable or being sacrificed to win growth?
- Valuation versus expected growth: Does the P/E or EV/EBITDA multiple leave room for slower execution?
- Vertical and client concentration: How exposed is the company to one industry, geography or major account?
- Scale, balance sheet and capital returns: Can it fund hiring and acquisitions while returning cash to shareholders?
Using those tests, Persistent Systems and LTIMindtree are the most direct higher-growth comparisons in the evidence available here. TCS, Infosys and HCLTech are better suited to investors who prioritize scale and diversification over maximum near-term growth.
Growth and valuation snapshot
Mint’s 2025 comparison reported the following FY25 revenue-growth rates. Elara Securities’ table dated 2 July 2025 supplied FY26E P/E estimates. Because the periods and dates differ, these figures should be used as a comparison snapshot rather than a current price target.
| Company | FY25 revenue growth | FY26E P/E (Elara, 2 July 2025) | How it fits an alternative portfolio |
|---|---|---|---|
| Coforge | 31.5% (Mint, 2025) | 49.8x | Reference point: high growth with a premium multiple |
| Persistent Systems | 18.8% (Mint, 2025) | 52.3x | Closest high-growth peer, but the highest multiple in this set |
| LTIMindtree | Not stated in the cited Mint comparison | 30.6x | Mid-cap scale with stronger momentum than the largest peers in sector coverage |
| Mphasis | Not stated | 28.0x | Valuation and execution comparator rather than an established faster-growth choice |
| Hexaware Technologies | 13.7% (Mint, 2025) | Not stated | Focused mid-tier comparison; check listing, liquidity and current valuation |
| TCS | 3.78% (Mint, 2025) | 24.7x | Large-cap scale and diversification |
| Infosys | 3.85% (Mint, 2025) | 24.4x | Large-cap alternative with a lower multiple than the high-growth names |
| HCLTech | 4.3% (Mint, 2025) | 25.5x | Large-cap diversification and established delivery footprint |
| Wipro | Not stated | 22.4x | Lower-multiple large-cap; reassess turnaround execution using current filings |
| Tech Mahindra | Not stated | 25.7x | Large-cap turnaround and execution comparison |
The central valuation message is clear: Persistent and Coforge were priced at roughly 52.3 times and 49.8 times expected FY26 earnings in that dated estimate, compared with 30.6 times for LTIMindtree, 28.0 times for Mphasis and roughly 22.4–25.7 times for the named large-cap comparators. A lower multiple does not automatically mean a bargain; it may reflect slower growth, weaker margins or unresolved execution problems.
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Persistent is the strongest like-for-like growth alternative in the reviewed FY25 evidence. Mint reported 18.8% revenue growth for FY25, well above the 3.78% reported for TCS, 3.85% for Infosys and 4.3% for HCLTech. Financial Express also grouped Persistent with Coforge and LTIMindtree as companies reporting significant FY25 wins and growth while several major peers were more subdued.
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The trade-off is valuation. Elara’s 2 July 2025 FY26E P/E for Persistent was 52.3x, higher than Coforge’s 49.8x. That premium means the market was already discounting substantial future expansion. If growth, margins or bookings slow, a high-multiple stock can fall even when earnings continue to rise.
When Persistent fits
- You want a growth-oriented mid-cap and accept substantial valuation risk.
- You are willing to monitor quarterly bookings, organic constant-currency growth and EBIT-margin movement.
- You can tolerate sharper drawdowns than typically associated with large-cap IT stocks.
What to verify before buying
- Whether recent growth is organic and broad across clients and verticals.
- Whether the premium P/E is supported by sustained earnings upgrades rather than one strong year.
- Cash conversion, employee-cost trends and the contribution of acquisitions.
LTIMindtree: a middle ground between growth and scale
LTIMindtree is a mid-cap alternative with broader scale than most smaller peers. Sector coverage cited by Mint placed it among companies sustaining stronger momentum than TCS and Infosys in FY26. Elara’s FY26E P/E estimate was 30.6x, materially below the 49.8x estimate for Coforge and the 52.3x estimate for Persistent.
That lower multiple can make LTIMindtree appear cheaper on the dated snapshot, but “cheaper” is only meaningful after checking the denominator. Investors should compare the latest earnings outlook, margin trajectory and order pipeline. If LTIMindtree’s growth is slower or less durable, its lower P/E may be justified rather than mispricing.
When LTIMindtree fits
- You want more growth potential than the largest IT firms without paying the extreme multiple attached to Persistent or Coforge in the cited estimate.
- You prefer a company with greater operating scale than a small mid-cap specialist.
- You are prepared to assess integration, leadership and execution after changes in the sector environment.
Mphasis: a valuation-led comparison
Mphasis had a FY26E P/E of 28.0x in Elara’s table, below LTIMindtree, Persistent and Coforge. The available evidence does not establish that Mphasis would grow faster than those companies, so it should be treated as a valuation and execution comparison rather than an automatic high-growth replacement.
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The key question is whether its earnings outlook can improve enough to justify a re-rating. Examine current large-deal wins, client concentration, banking and financial-services exposure, margin performance and free-cash-flow conversion. A lower entry multiple helps only if earnings are stable or improving.
Hexaware Technologies: focused mid-tier exposure
Mint reported 13.7% FY25 revenue growth for Hexaware, below Persistent’s 18.8% and Coforge’s 31.5% in the same comparison. Hexaware is still relevant for investors building a focused mid-cap basket because it sits closer to Coforge’s operating scale than the largest diversified providers.
Before comparing it with listed peers, confirm the current listing status, trading liquidity, ownership structure and valuation. Those practical factors can materially change portfolio risk, especially for investors who may need to exit during a market sell-off.
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TCS, Infosys and HCLTech: scale and diversification alternatives
The large-cap trio reported much slower FY25 growth in Mint’s comparison than Coforge or Persistent: 3.78% for TCS, 3.85% for Infosys and 4.3% for HCLTech. Their attraction is not maximum growth; it is the combination of broad client bases, deep delivery networks, stronger diversification and the ability to absorb large enterprise programs.
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Elara’s FY26E P/E estimates were 24.7x for TCS, 24.4x for Infosys and 25.5x for HCLTech. Those multiples were roughly half the estimates for Persistent and Coforge. Such a discount can provide valuation support, but it can also signal that investors expect modest growth. A stock can remain inexpensive if revenue stagnates for several years.
TCS
TCS is the scale-first option in this group. Evaluate whether large-account spending, discretionary technology demand and deal conversion are improving before paying for a recovery that has not appeared in reported numbers.
Infosys
Infosys combines large-cap diversification with a valuation close to TCS in the cited estimate. The decision turns on current guidance, bookings, margins and cash returns rather than the P/E alone.
HCLTech
HCLTech had the highest FY25 growth of the three at 4.3% and a 25.5x FY26E P/E in Elara’s table. Check whether that relative advantage is continuing in the latest filings.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Wipro and Tech Mahindra: lower-multiple or turnaround cases
Elara estimated FY26E P/E at 22.4x for Wipro and 25.7x for Tech Mahindra. These figures make them useful large-cap comparators, but the available evidence does not show a superior current growth rate. Treat both as execution-sensitive cases and use newer company filings to assess whether revenue stabilization, margin recovery and deal wins are actually occurring.
Is LTIMindtree cheaper than Coforge?
On Elara Securities’ dated 2 July 2025 estimates, yes: LTIMindtree was at 30.6x FY26E earnings versus 49.8x for Coforge. That is a difference of 19.2 P/E points. However, the comparison is not a live quote and does not by itself prove that LTIMindtree offers better value. Compare the latest consensus earnings, organic growth, EBIT margins, bookings and balance-sheet metrics before acting.
Should you buy Persistent or Coforge?
The cited FY25 growth numbers favor Coforge, at 31.5% versus Persistent’s 18.8%. The valuation snapshot, however, priced both at exceptionally high levels: 49.8x for Coforge and 52.3x for Persistent on FY26E earnings. The decision therefore depends on which company can sustain growth and convert it into cash and expanding margins.
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- Choose a Persistent-led thesis only if its growth runway justifies paying a multiple even higher than Coforge’s dated estimate.
- Choose neither immediately if the latest results show slowing demand but valuations have not reset.
A practical selection process
- Set the role in your portfolio. Decide whether you need a high-growth mid-cap, a diversified core holding or a lower-multiple turnaround.
- Refresh the numbers. Replace the July 2025 estimates with the latest exchange filings, investor presentations and market prices.
- Check organic growth. Separate constant-currency growth from acquisitions, currency benefit and one-off projects.
- Read the order book. Review total contract value, deal duration, conversion into revenue and concentration among the largest wins.
- Test profitability. Track EBIT margin, subcontracting, wage inflation, utilization and whether management is guiding to expansion or contraction.
- Measure concentration. Identify dependence on a single client, vertical, geography or discretionary-spending cycle.
- Compare cash generation. Reconcile reported profit with operating cash flow, free cash flow, receivables and capitalized costs.
- Stress-test valuation. Model what happens if growth is several points lower or the P/E returns to the sector’s large-cap range.
- Set a review trigger. Define in advance what would make you reduce the position: missed bookings, margin deterioration, client loss, rising debt or a broken thesis.
Risks specific to Indian IT-services stocks
- Discretionary technology spending: Clients can delay modernization and consulting projects when economic conditions weaken.
- Currency movements: Rupee appreciation can reduce reported revenue and profit from overseas contracts; depreciation can have the opposite effect.
- Wage inflation and utilization: Hiring ahead of demand can compress margins, while under-hiring can limit growth.
- Visa and geopolitical conditions: Immigration rules, trade restrictions and regional conflict can raise delivery costs or delay projects.
- AI-led productivity changes: Automation may improve delivery efficiency but can also alter demand, pricing and headcount requirements.
- Client concentration: Losing one major account can affect a mid-cap provider more than a diversified large-cap.
- Multiple compression: High-growth stocks can de-rate sharply if growth slows, even when absolute earnings remain positive.
What to verify before placing an order
Use the latest exchange disclosures, annual and quarterly filings, investor presentations and conference-call commentary. Confirm the current P/E and EV/EBITDA using the same forward earnings period for every company, then check return on equity, debt, operating cash flow and dividend or buyback policy. The Elara figures are estimates from 2 July 2025, while Mint’s growth figures describe FY25; neither should be treated as a current quote or forecast.
Indian investors should also check that their broker and demat provider is properly registered with SEBI, understand brokerage and statutory charges, and review liquidity before buying a mid-cap stock. Diversification across companies does not remove the common risks affecting the Indian and global technology-spending cycle.
Bottom line
Persistent Systems is the clearest higher-growth alternative in the available FY25 comparison, but its 52.3x FY26E P/E was even richer than Coforge’s 49.8x. LTIMindtree offers a more moderate 30.6x estimate and a useful balance between mid-cap growth and scale. Mphasis and Hexaware belong in a focused mid-cap comparison, while TCS, Infosys and HCLTech are the stronger choices when diversification and scale matter more than rapid expansion. Wipro and Tech Mahindra require evidence of turnaround progress. Update every multiple and growth assumption with the latest filings before investing.
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