With the IT services industry in the throes of transition from traditional to digital solutions, we believe tier-II companies will outpace larger incumbents given a limited drag from legacy revenues and a more level playing field as deal sizes shrink and clients increasingly pick IT vendors for their agile solutions rather than scale of operations. We estimate a 13.2%/20.5% US$ revenue/EBIT CAGR for mid-tier players over FY18-FY21 vs. 9.9%/12.6% for the tier-I bracket. LTI, HEXW and MPHL are our top mid-cap picks; TCS is our only frontline BUY. Click here for the full report....