Mastek, Persistent Systems, KPIT Technologies, and Mphasis are mid-sized Indian IT companies operating in different niches within the broader IT and digital transformation landscape. While all four cater to global enterprises, they differentiate themselves through their business models, clientele, and growth strategies. In this analysis, we’ll compare these companies based on their business segments, revenue streams, profitability, growth potential, risks, and investment appeal.
Mastek specializes in enterprise digital transformation, with a focus on government, healthcare, retail, and financial services. The company provides cloud migration, digital commerce, and data analytics solutions. A key differentiator is its strong presence in the UK’s public sector, particularly with the National Health Service (NHS) and other government agencies.
Persistent Systems is a product engineering and digital services company with a strong focus on software, banking, and healthcare. The company partners with cloud providers (AWS, Azure, Google Cloud) and software vendors to help enterprises modernize their technology stacks. Persistent’s strength lies in R&D-driven product development and IT services for ISVs (Independent Software Vendors).
KPIT Technologies is a pure-play automotive software and engineering company, specializing in autonomous, electric, and connected vehicles. Unlike the others in this comparison, KPIT focuses entirely on the automobile industry, providing solutions in embedded systems, AI, and vehicle diagnostics.
Mphasis focuses on BFSI (Banking, Financial Services, and Insurance), cloud, AI, and digital transformation. The company is known for its deep partnerships with large financial institutions and enterprises. A major advantage for Mphasis is its strong relationship with Blackstone (its former majority owner), which brings in valuable deal flows.
| Company | Market Cap (₹ Cr.) | Revenue (₹ Cr.) | Net Profit (₹ Cr.) | 5-Year CAGR (Revenue) | P/E Ratio | ROE (%) |
|---|---|---|---|---|---|---|
| Mastek | ~7,500 | ~3,000 | ~450 | ~12% | ~25x | ~18% |
| Persistent | ~48,000 | ~10,500 | ~1,500 | ~23% | ~40x | ~20% |
| KPIT | ~34,000 | ~4,300 | ~650 | ~30% | ~70x | ~24% |
| Mphasis | ~38,000 | ~14,000 | ~1,750 | ~12% | ~28x | ~18% |
✅ Strong UK government contracts, providing revenue stability
✅ Expertise in Oracle cloud & ERP transformation
✅ Expanding presence in North America, growing through acquisitions
✅ Strong relationships with cloud & SaaS vendors (AWS, Microsoft, Google)
✅ High-growth product engineering & digital transformation focus
✅ Diversified revenue streams across BFSI, healthcare, and software sectors
✅ Niche automotive software specialization, benefiting from EV and autonomous vehicle growth
✅ Long-term partnerships with global automakers
✅ High R&D investment, keeping it ahead in mobility solutions
✅ Strong BFSI focus, securing long-term banking and insurance contracts
✅ Strong Blackstone legacy, giving access to large financial deals
✅ AI and cloud-driven digital transformation solutions
| Company | Key Risks |
|---|---|
| Mastek | High UK dependency; competition in ERP/cloud |
| Persistent | High dependence on ISVs; margin pressure from cloud deals |
| KPIT | Dependence on auto industry; cyclical demand risk |
| Mphasis | BFSI sector slowdown; exposure to US banking crises |
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