Noida’s IT Revenue Scorecard: 10 Tech Giants Reveal a Surprisingly Strong June Quarter

Noida’s technology industry has entered FY27 with a mixed but generally encouraging financial picture. The April–June 2026 quarter shows that large technology companies with major operations in Noida and Greater Noida are benefiting from artificial intelligence, cloud transformation, enterprise digitisation, digital payments, software subscriptions and large international contracts. At the same time, the numbers also show that growth is not uniform across the sector, with some companies experiencing sequential pressure on revenue or profitability.

Among the biggest technology names associated with the Noida region, HCLTech remains the clear revenue leader. The company reported Q1 FY27 revenue of approximately ₹34,579 crore, representing growth of about 13.9% year-on-year in reported currency. In dollar terms, revenue reached $3.65 billion, while constant-currency growth was 2.6%. One of the strongest signals from the quarter was HCLTech’s record new deal bookings of around $2.4 billion. Its advanced AI business also grew strongly, with AI-related revenue increasing 62.1% year-on-year. The company has also announced plans to invest up to ₹3,500 crore in AI-focused data-centre infrastructure, indicating that AI is becoming an important future revenue driver.

The second major growth story is Coforge, which delivered one of the strongest performances among technology companies connected with Greater Noida. Coforge reported Q1 FY27 revenue of ₹5,527.7 crore, up an impressive 49% year-on-year in rupee terms. EBITDA increased 74%, while profit after tax jumped 110%. Its next-12-month signed order book reached $2.23 billion, showing that the revenue increase was supported by strong future demand rather than only currency movements. The company's AI-native engineering strategy and large international technology programmes are important reasons behind the acceleration.

Tech Mahindra also delivered a strong June quarter. Its Q1 FY27 consolidated revenue reached ₹15,712 crore, up 17.7% year-on-year and 4.2% sequentially. EBIT increased 53.3% to ₹2,264 crore, while profit after tax rose 28.4% to ₹1,465 crore. New deal wins reached $1.078 billion, up more than 33% year-on-year. Manufacturing was particularly supportive, while communications remained comparatively slower. The result indicates that stronger deal momentum and improved margins are helping the company recover from the slower growth environment seen previously.

Paytm delivered another notable improvement. Its Q1 FY27 operating revenue rose 28% year-on-year to ₹2,448 crore, while profit after tax increased 79% to ₹220 crore. Quarterly EBITDA reached a record ₹203 crore, with the EBITDA margin improving to 8% from 4% a year earlier. The improvement was supported by growth across merchant and consumer businesses, stronger financial-services monetisation and operating leverage from technology and AI.

IndiaMART also expanded during the quarter. Its consolidated Q1 FY27 revenue increased 11% year-on-year to ₹414 crore, while net profit rose 12% to ₹172 crore. Cash generation remained strong, with cash and investments reaching ₹3,553 crore. The company's marketplace model continues to benefit from digital adoption among small and medium businesses, making recurring subscription and deferred revenue an important part of its financial profile.

Newgen Software reported Q1 FY27 revenue of approximately ₹357 crore, an 11% year-on-year increase, while profit after tax climbed 26% to ₹63 crore. Its annuity revenue increased 14% to ₹254 crore and subscription revenue grew 21%, demonstrating that recurring software income is becoming an increasingly important growth engine. However, revenue declined sequentially from the March quarter, showing that quarterly comparisons can remain volatile even when annual growth is healthy.

Birlasoft recorded Q1 FY27 revenue of around ₹1,379 crore, compared with ₹1,349 crore in the previous quarter. Year-on-year revenue growth was around 7.4% in dollar terms, while profitability was weaker sequentially. The company is focusing heavily on AI-related opportunities and enterprise transformation, but the quarter demonstrates that higher revenue does not automatically translate into higher profit.

Info Edge, the technology group behind platforms including Naukri and other digital businesses, also showed positive operating momentum. Its Q1 FY27 standalone billings increased about 14.4% year-on-year to ₹737 crore, helped by recruitment and real-estate businesses. Recruitment billings reached ₹552.7 crore, while 99acres billings increased to ₹110.1 crore. This suggests that hiring activity and online real-estate demand remained supportive during the quarter.

Other technology companies with substantial Noida-region operations, including Newgen, RateGain and other specialised software businesses, continue to benefit from the shift toward SaaS, automation, AI and digital platforms. The exact ranking can change depending on whether revenue, headquarters, major office presence or technology-sector classification is used.

Overall, the June 2026 quarter suggests that Noida’s technology ecosystem is not experiencing a broad revenue slowdown. The strongest companies are gaining from AI adoption, large transformation contracts, cloud services, digital platforms and recurring software revenue. HCLTech's record deal pipeline and AI expansion, Coforge's exceptional 49% revenue growth, Tech Mahindra's double-digit expansion and Paytm's improving profitability all point toward stronger technology spending in selected areas.

However, the quarter also highlights an important distinction: revenue growth is increasingly dependent on where technology spending is happening. Companies exposed to AI, cloud, cybersecurity, enterprise modernisation and digital platforms are generally seeing stronger demand, while businesses dependent on slower discretionary technology spending can experience pressure. Currency movements are another factor for companies earning most of their revenue internationally, as a weaker rupee can increase reported rupee revenue even when underlying constant-currency growth is more moderate.

For Noida, this is significant because the region has developed into one of India's largest technology and corporate employment hubs. The combination of HCLTech's scale, Coforge's rapid expansion, Tech Mahindra's recovery, Paytm's digital-finance growth and the expanding software ecosystem suggests that the city's technology economy remains closely connected to the next phase of India's digital transformation. The June quarter therefore provides a useful signal: Noida's IT sector is growing, but the biggest gains are increasingly coming from AI-led services, recurring digital revenue and high-value technology contracts rather than traditional outsourcing alone.