New Delhi, Jan. 23 -- Defying seasonal weaknesses, mid-sized information technology (IT) outsourcers Coforge Ltd and Mphasis Ltd beat analyst expectations for the October-December 2025 quarter, mirroring the trend of their mid-sized peers.

On Friday, seventh-largest Coforge ended the third quarter with $478.2 million in revenue, up 3.5% sequentially and 23% on a yearly basis. As much as 90% of this growth came from retailers and manufacturers.

Eighth-largest Mphasis racked up $451.2 million in revenue in the quarter, up 1.35% sequentially and up 7.66% year-on-year. About three-fourths of its growth came from banks.

Analysts polled by Bloomberg expected Coforge and Mphasis to end the third quarter with $470 million and $449 million in r...