{"id":320376,"date":"2026-10-21T13:33:17","date_gmt":"2026-10-21T08:03:17","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=320376"},"modified":"2026-10-21T13:33:17","modified_gmt":"2026-10-21T08:03:17","slug":"travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/","title":{"rendered":"3 Travel Technology, AI-Led Services and Process Automation Software Stocks With a Strong Future Roadmap: Coforge, Mphasis and Newgen Software Technologies"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Coforge, Mphasis and Newgen Software Technologies: ROE of 16.3% to 18.7% and FY22 to FY26 revenue CAGR of 7.5% to 26.3%. Prices as of 20 Oct 2026.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">The three mid-cap IT stocks to watch are Coforge, Mphasis and Newgen Software Technologies. Their return on equity ranges from 16.3% to 18.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.5% to 26.3%. Newgen Software Technologies has the highest return on equity at 18.7%, while Coforge has the fastest revenue growth at 26.3% a year. Prices are based on the 20 October 2026 close, and this article is educational, not investment advice.<\/p>\n<\/div>\n<p>Mid-cap IT stocks give investors exposure to technology demand through companies that are large enough to win big contracts and focused enough to stay agile. Coforge, Mphasis and Newgen Software Technologies cover a digital engineering firm with strength in travel and financial services, an AI-led services provider and a process automation software company.<\/p>\n<p>This list covers three mid-cap IT stocks with complete current figures: Coforge, Mphasis and Newgen Software Technologies. Every figure comes from the latest reported financials and the 20 October 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#What_Are_Mid-cap_IT_Stocks\" title=\"What Are Mid-cap IT Stocks?\">What Are Mid-cap IT Stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#Mid-cap_IT_Stocks_at_a_Glance\" title=\"Mid-cap IT Stocks at a Glance\">Mid-cap IT Stocks at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#Why_Do_Mid-cap_IT_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Mid-cap IT Stocks Have a Strong Roadmap in India?\">Why Do Mid-cap IT Stocks Have a Strong Roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#Why_Coforge_Features_Among_These_Mid-cap_IT_Stocks\" title=\"Why Coforge Features Among These Mid-cap IT Stocks\">Why Coforge Features Among These Mid-cap IT Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#Why_Mphasis_Features_Among_These_Mid-cap_IT_Stocks\" title=\"Why Mphasis Features Among These Mid-cap IT Stocks\">Why Mphasis Features Among These Mid-cap IT Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#Why_Newgen_Software_Technologies_Features_Among_These_Mid-cap_IT_Stocks\" title=\"Why Newgen Software Technologies Features Among These Mid-cap IT Stocks\">Why Newgen Software Technologies Features Among These Mid-cap IT Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#Coforge_vs_Mphasis_vs_Newgen_Software_Technologies_on_Key_Financials\" title=\"Coforge vs Mphasis vs Newgen Software Technologies on Key Financials\">Coforge vs Mphasis vs Newgen Software Technologies on Key Financials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#Key_Risks_to_Check_Before_Investing_in_Mid-cap_IT_Stocks\" title=\"Key Risks to Check Before Investing in Mid-cap IT Stocks\">Key Risks to Check Before Investing in Mid-cap IT Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#Final_Thoughts_on_Mid-cap_IT_Stocks\" title=\"Final Thoughts on Mid-cap IT Stocks\">Final Thoughts on Mid-cap IT Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#What_are_mid-cap_IT_stocks\" title=\"What are mid-cap IT stocks?\">What are mid-cap IT stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#Which_mid-cap_IT_stocks_are_covered_in_this_list\" title=\"Which mid-cap IT stocks are covered in this list?\">Which mid-cap IT stocks are covered in this list?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#Why_do_mid-cap_IT_stocks_have_a_strong_future_roadmap_in_India\" title=\"Why do mid-cap IT stocks have a strong future roadmap in India?\">Why do mid-cap IT stocks have a strong future roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#How_has_Coforge_performed_financially\" title=\"How has Coforge performed financially?\">How has Coforge performed financially?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#How_has_Mphasis_performed_financially\" title=\"How has Mphasis performed financially?\">How has Mphasis performed financially?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#How_has_Newgen_Software_Technologies_performed_financially\" title=\"How has Newgen Software Technologies performed financially?\">How has Newgen Software Technologies performed financially?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#What_risks_should_investors_check_before_buying_mid-cap_IT_stocks\" title=\"What risks should investors check before buying mid-cap IT stocks?\">What risks should investors check before buying mid-cap IT stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/travel-technology-ai-led-services-and-process-automation-software-stocks-roadmap-milestone-list\/#Is_this_list_of_mid-cap_IT_stocks_investment_advice\" title=\"Is this list of mid-cap IT stocks investment advice?\">Is this list of mid-cap IT stocks investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Mid-cap_IT_Stocks\"><\/span><strong>What Are Mid-cap IT Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Mid-cap IT stocks are listed technology companies of moderate size that offer software services, digital engineering or their own platforms. Their results depend on deal wins, client spending and the share of recurring revenue.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Mid-cap_IT_Stocks_at_a_Glance\"><\/span><strong>Mid-cap IT Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CMP (Rs)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Market Cap (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Industry P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">ROE (%)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">D\/E<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/coforge\/coforge-ltd-share-price-today\">Coforge<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,925<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">85,024<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">44.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.5<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.08<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/mphasis\/mphasis-ltd-share-price-today\">Mphasis<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,500<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">47,695<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">25.0<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.5<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.24<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/newgen\/newgen-software-technologies-ltd-share-price-today\">Newgen Software Technologies<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">479.1<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6,835<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">21.8<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.5<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.7<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.02<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>On valuation, all three trade at a P\/E above their industry P\/E, which reflects the growth the market already expects from them. Readers comparing mid-cap IT stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Mid-cap_IT_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Mid-cap IT Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Mid-cap IT stocks have a strong roadmap in India because businesses worldwide are investing in cloud, data and automation, and mid-size firms are winning a larger share of these programmes.<\/p>\n<ul>\n<li><strong>Digital spending.<\/strong> Banks, insurers and travel firms are modernising systems and customer channels.<\/li>\n<li><strong>Deal momentum.<\/strong> Large multi-year contracts give revenue visibility.<\/li>\n<li><strong>Platform revenue.<\/strong> Software products add recurring licence and subscription income.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_Coforge_Features_Among_These_Mid-cap_IT_Stocks\"><\/span><strong>Why Coforge Features Among These Mid-cap IT Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the mid-cap IT stocks on this list, Coforge is a global IT services company that offers digital engineering, cloud, data and application services to clients in travel, banking, insurance and other industries.<\/p>\n<p>Revenue rose from Rs 6,484 crore in FY22 to Rs 16,476 crore in FY26, a compound annual growth rate of 26.3%. Net profit grew from Rs 715 crore in FY22 to Rs 1,674 crore in FY26, which works out to a compound annual growth rate of 23.7%.<\/p>\n<p>In the June 2026 quarter, revenue grew 49.2% year on year to Rs 5,554 crore, while net profit rose 49.2% to Rs 532 crore. The company has a return on equity of 16.3%, a debt to equity ratio of 0.08 and a market capitalisation of Rs 85,024 crore. The stock trades at a P\/E of 44.3, above the industry P\/E of 17.5.<\/p>\n<p><strong>Roadmap:<\/strong> The company focuses on large, long-running deals in sectors where it has deep domain strength. A rising share of cloud and data work and the acquisition of a leading digital services business have strengthened its pipeline.<\/p>\n<p><strong>What to watch:<\/strong> Check the order intake and the pace of large deal conversion.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Mphasis_Features_Among_These_Mid-cap_IT_Stocks\"><\/span><strong>Why Mphasis Features Among These Mid-cap IT Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the mid-size technology shares on this list, Mphasis is a Bengaluru-based IT services company that provides applications, cloud, data and consulting services to clients in banking, insurance and technology, especially in the United States.<\/p>\n<p>In the June 2026 quarter, revenue grew 17.1% year on year to Rs 4,467 crore, while net profit rose 10.8% to Rs 490 crore. Revenue rose from Rs 12,122 crore in FY22 to Rs 16,206 crore in FY26, a compound annual growth rate of 7.5%.<\/p>\n<p>Net profit grew from Rs 1,431 crore in FY22 to Rs 1,863 crore in FY26, which works out to a compound annual growth rate of 6.8%. The company has a return on equity of 17.3%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 47,695 crore. The stock trades at a P\/E of 25.0, above the industry P\/E of 17.5.<\/p>\n<p><strong>Roadmap:<\/strong> The company has stressed an AI-led approach and strengthened its sales relationships with large clients. A broad client base in financial services provides recurring revenue, and its investments in cloud and data skills support growth.<\/p>\n<p><strong>What to watch:<\/strong> Monitor deal wins and client spending trends in banking and financial services.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Newgen_Software_Technologies_Features_Among_These_Mid-cap_IT_Stocks\"><\/span><strong>Why Newgen Software Technologies Features Among These Mid-cap IT Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the three companies on this list, Newgen Software Technologies, based in Delhi, offers low-code platforms for content management, process automation and customer engagement to banks, insurers and governments.<\/p>\n<p>The company has a return on equity of 18.7%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 6,835 crore. The stock trades at a P\/E of 21.8, above the industry P\/E of 17.5.<\/p>\n<p>Revenue rose from Rs 809 crore in FY22 to Rs 1,641 crore in FY26, a compound annual growth rate of 19.4%. Net profit grew from Rs 164 crore in FY22 to Rs 301 crore in FY26, which works out to a compound annual growth rate of 16.3%. In the June 2026 quarter, revenue grew 12.3% year on year to Rs 393 crore, while net profit rose 26.3% to Rs 62.8 crore.<\/p>\n<p><strong>Roadmap:<\/strong> Digital transformation at banks and public sector organisations, plus new artificial intelligence features on its platform, widen its addressable market. A growing share of recurring licence and cloud revenue improves predictability.<\/p>\n<p><strong>What to watch:<\/strong> Monitor deal wins in the banking sector and the growth of recurring revenue.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Coforge_vs_Mphasis_vs_Newgen_Software_Technologies_on_Key_Financials\"><\/span><strong>Coforge vs Mphasis vs Newgen Software Technologies on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below sets the three mid-cap IT stocks side by side on revenue, profit and margin, using reported figures.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY22 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Revenue CAGR (FY22-FY26)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Net Profit (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Net Margin<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Coforge<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6,484<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16,476<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">26.3%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,674<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">10.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Mphasis<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12,122<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16,206<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7.5%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,863<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">11.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Newgen Software Technologies<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">809<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,641<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19.4%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">301<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Newgen Software Technologies posts the highest return on equity in this group at 18.7%. Coforge combines the largest FY26 revenue at Rs 16,476 crore with the fastest revenue growth, a 26.3% compound annual rate. A useful habit with mid-cap IT stocks is to check each new quarterly result against the capacity plans the company described earlier.<\/p>\n<p>The June 2026 quarter, the latest reported, gives a fresh read on momentum:<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Q1 FY26 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Q1 FY27 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Year-on-Year Growth<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Coforge<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,723<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5,554<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">49.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Mphasis<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,813<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,467<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Newgen Software Technologies<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">350<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">393<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12.3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_to_Check_Before_Investing_in_Mid-cap_IT_Stocks\"><\/span><strong>Key Risks to Check Before Investing in Mid-cap IT Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Every theme carries risks that deserve a check before any decision. For these mid-cap IT stocks, the main points are: Long-term mid-size technology shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.<\/p>\n<ul>\n<li><strong>Client budgets.<\/strong> Technology spending in the United States and Europe can change with economic conditions.<\/li>\n<li><strong>Currency moves.<\/strong> Export revenue is sensitive to the rupee and dollar exchange rate.<\/li>\n<li><strong>Talent costs.<\/strong> Wage inflation and attrition can affect margins.<\/li>\n<\/ul>\n<p>Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Use the Univest Stock Screener<\/a><\/strong> to filter mid-cap IT stocks by market capitalisation, P\/E, ROE and growth, and build your own shortlist.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Thoughts_on_Mid-cap_IT_Stocks\"><\/span><strong>Final Thoughts on Mid-cap IT Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Mid-cap IT stocks suit investors who follow deal pipelines, client mix and margin trends. Coforge, Mphasis and Newgen Software Technologies each offer a different way to participate in global technology spending. Based on the 20 October 2026 close, Coforge trades at Rs 1,925, Mphasis at Rs 2,500 and Newgen Software Technologies at Rs 479.1.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track mid-cap IT stocks, set price alerts and get research-backed stock ideas.<\/em><\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"What_are_mid-cap_IT_stocks\"><\/span><strong>What are mid-cap IT stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Mid-cap IT stocks are listed technology companies of moderate size that offer software services, digital engineering or their own platforms. Their results depend on deal wins, client spending and the share of recurring revenue. This list looks at three of them, Coforge, Mphasis and Newgen Software Technologies, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_mid-cap_IT_stocks_are_covered_in_this_list\"><\/span><strong>Which mid-cap IT stocks are covered in this list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This list covers Coforge, Mphasis and Newgen Software Technologies. Based on the 20 October 2026 close, Coforge traded at Rs 1,925, Mphasis at Rs 2,500 and Newgen Software Technologies at Rs 479.1. Their return on equity ranges from 16.3% to 18.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.5% to 26.3%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_do_mid-cap_IT_stocks_have_a_strong_future_roadmap_in_India\"><\/span><strong>Why do mid-cap IT stocks have a strong future roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Mid-cap IT stocks have a strong roadmap in India because businesses worldwide are investing in cloud, data and automation, and mid-size firms are winning a larger share of these programmes. The main drivers are as follows. Digital spending. Banks, insurers and travel firms are modernising systems and customer channels. Deal momentum. Large multi-year contracts give revenue visibility. Platform revenue. Software products add recurring licence and subscription income. Together these factors give the companies on this list a visible path for growth over the coming years.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Coforge_performed_financially\"><\/span><strong>How has Coforge performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 6,484 crore in FY22 to Rs 16,476 crore in FY26, a compound annual growth rate of 26.3%. Net profit grew from Rs 715 crore in FY22 to Rs 1,674 crore in FY26, which works out to a compound annual growth rate of 23.7%. In the June 2026 quarter, revenue grew 49.2% year on year to Rs 5,554 crore, while net profit rose 49.2% to Rs 532 crore. The company has a return on equity of 16.3%, a debt to equity ratio of 0.08 and a market capitalisation of Rs 85,024 crore. The stock trades at a P\/E of 44.3, above the industry P\/E of 17.5. Looking ahead, the company focuses on large, long-running deals in sectors where it has deep domain strength. A rising share of cloud and data work and the acquisition of a leading digital services business have strengthened its pipeline.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Mphasis_performed_financially\"><\/span><strong>How has Mphasis performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 12,122 crore in FY22 to Rs 16,206 crore in FY26, a compound annual growth rate of 7.5%. Net profit grew from Rs 1,431 crore in FY22 to Rs 1,863 crore in FY26, which works out to a compound annual growth rate of 6.8%. In the June 2026 quarter, revenue grew 17.1% year on year to Rs 4,467 crore, while net profit rose 10.8% to Rs 490 crore. The company has a return on equity of 17.3%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 47,695 crore. The stock trades at a P\/E of 25.0, above the industry P\/E of 17.5. Looking ahead, the company has stressed an AI-led approach and strengthened its sales relationships with large clients. A broad client base in financial services provides recurring revenue, and its investments in cloud and data skills support growth.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Newgen_Software_Technologies_performed_financially\"><\/span><strong>How has Newgen Software Technologies performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 809 crore in FY22 to Rs 1,641 crore in FY26, a compound annual growth rate of 19.4%. Net profit grew from Rs 164 crore in FY22 to Rs 301 crore in FY26, which works out to a compound annual growth rate of 16.3%. In the June 2026 quarter, revenue grew 12.3% year on year to Rs 393 crore, while net profit rose 26.3% to Rs 62.8 crore. The company has a return on equity of 18.7%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 6,835 crore. The stock trades at a P\/E of 21.8, above the industry P\/E of 17.5. Looking ahead, digital transformation at banks and public sector organisations, plus new artificial intelligence features on its platform, widen its addressable market. A growing share of recurring licence and cloud revenue improves predictability.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_risks_should_investors_check_before_buying_mid-cap_IT_stocks\"><\/span><strong>What risks should investors check before buying mid-cap IT stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Investors should check a few risks before buying mid-cap IT stocks. Client budgets. Technology spending in the United States and Europe can change with economic conditions. Currency moves. Export revenue is sensitive to the rupee and dollar exchange rate. Talent costs. Wage inflation and attrition can affect margins. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_list_of_mid-cap_IT_stocks_investment_advice\"><\/span><strong>Is this list of mid-cap IT stocks investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. This article is educational and uses publicly available data as of the 20 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What are mid-cap IT stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Mid-cap IT stocks are listed technology companies of moderate size that offer software services, digital engineering or their own platforms. Their results depend on deal wins, client spending and the share of recurring revenue. This list looks at three of them, Coforge, Mphasis and Newgen Software Technologies, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.\"}},{\"@type\":\"Question\",\"name\":\"Which mid-cap IT stocks are covered in this list?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"This list covers Coforge, Mphasis and Newgen Software Technologies. Based on the 20 October 2026 close, Coforge traded at Rs 1,925, Mphasis at Rs 2,500 and Newgen Software Technologies at Rs 479.1. Their return on equity ranges from 16.3% to 18.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 7.5% to 26.3%.\"}},{\"@type\":\"Question\",\"name\":\"Why do mid-cap IT stocks have a strong future roadmap in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Mid-cap IT stocks have a strong roadmap in India because businesses worldwide are investing in cloud, data and automation, and mid-size firms are winning a larger share of these programmes. The main drivers are as follows. Digital spending. Banks, insurers and travel firms are modernising systems and customer channels. Deal momentum. Large multi-year contracts give revenue visibility. Platform revenue. Software products add recurring licence and subscription income. Together these factors give the companies on this list a visible path for growth over the coming years.\"}},{\"@type\":\"Question\",\"name\":\"How has Coforge performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 6,484 crore in FY22 to Rs 16,476 crore in FY26, a compound annual growth rate of 26.3%. Net profit grew from Rs 715 crore in FY22 to Rs 1,674 crore in FY26, which works out to a compound annual growth rate of 23.7%. In the June 2026 quarter, revenue grew 49.2% year on year to Rs 5,554 crore, while net profit rose 49.2% to Rs 532 crore. The company has a return on equity of 16.3%, a debt to equity ratio of 0.08 and a market capitalisation of Rs 85,024 crore. The stock trades at a P\/E of 44.3, above the industry P\/E of 17.5. Looking ahead, the company focuses on large, long-running deals in sectors where it has deep domain strength. A rising share of cloud and data work and the acquisition of a leading digital services business have strengthened its pipeline.\"}},{\"@type\":\"Question\",\"name\":\"How has Mphasis performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 12,122 crore in FY22 to Rs 16,206 crore in FY26, a compound annual growth rate of 7.5%. Net profit grew from Rs 1,431 crore in FY22 to Rs 1,863 crore in FY26, which works out to a compound annual growth rate of 6.8%. In the June 2026 quarter, revenue grew 17.1% year on year to Rs 4,467 crore, while net profit rose 10.8% to Rs 490 crore. The company has a return on equity of 17.3%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 47,695 crore. The stock trades at a P\/E of 25.0, above the industry P\/E of 17.5. Looking ahead, the company has stressed an AI-led approach and strengthened its sales relationships with large clients. 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Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mid-cap IT Stocks with a strong future roadmap: Coforge, Mphasis and Newgen Software Technologies. Compare price, valuation, return on equity and revenue growth as of 20 October 2026.<\/p>\n","protected":false},"author":34,"featured_media":320374,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[3803,804,5257,13987,7925,13945,13988],"class_list":["post-320376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-best-stocks","tag-coforge","tag-mid-cap-it-stocks","tag-mid-size-technology-shares","tag-mphasis","tag-newgen-software-technologies","tag-software-services-stocks"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["320374"],"rank_math_title":["Mid-Cap IT Stocks With a Strong Roadmap"],"rank_math_description":["Compare 3 mid-cap IT stocks with a strong future roadmap on CMP, market cap, P\/E, ROE and revenue growth. 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