LTIMindtree wins its largest-ever deal; sources peg size at $580 million

Indian IT services company LTIMindtree announced on Monday that it had won its largest-ever deal, with two sources aware of the matter pegging the size at $580 million.

The sixth largest software services exporter in India said the deal was with a leading global media and entertainment company, but did not disclose the name of the client.

The company did not immediately respond to a request for comment on the size of the deal or the name of the client.

The deal comes at a time when India's $283-billion IT sector is facing macroeconomic uncertainties, tariff-related risks and changes in U.S. immigration policy. India's IT companies will report their numbers for the September quarter starting Thursday, and analysts expect muted results.

LTIMindtree had also announced its now second-largest deal of $450 million in May, which sources said was with U.S. agribusiness giant Archer-Daniels-Midland.

The company's shares closed 3% higher on Monday, marking their biggest daily jump in nearly five months.

LTIMindtree said it will play a role in the client's efforts "to streamline operations and modernise delivery models, incorporating automation, process optimisation, and vendor consolidation".

HFS Research CEO Phil Fersht said mid-cap companies such as LTIMindtree, Coforge and Mphasis are showing momentum in large deal wins as "they're faster and more flexible in shaping AI-led value propositions".

"While the large caps are still optimising legacy portfolios, these mid-caps are winning new logos and expanding into outcome-based, AI-powered deals," he added.