Graphics: Yogesh Kumar / Mint

But it’s not a gloom and doom scenario for midsize firms. They, too, are expected to return to growth, albeit with a lag. Most of these companies have resumed hiring, after a lull of over a year. The five midsize companies mentioned above increased their employee base by 7.6% compared to the September quarter. This is higher than the 5.1% rise in the employee base of the top three firms.

Still, investors seem to be waiting for the recovery to get reflected in the results of these companies. The cumulative market cap of the five midsize firms has fallen by at least 5% since the results season began. The cumulative market cap of the top three firms, in comparison, is up around 2%.

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