Infosys Limited (INFY)
₹1,161.20 +4.61% last close, 16 Oct
Q2 FY27 results
📅 Next results: 23 Oct 2026 (board meeting)Infosys Limited's board meets on 23 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q4 FY26, Infosys' revenue was ₹46,402 Cr (+13.4% year on year, +2.0% on the previous quarter), and net profit ₹8,509 Cr (+21.0% year on year); the operating margin was 24.1%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹46,402 | +13.4% | +2.0% |
| Operating profit | ₹11,167 | +30.2% | +33.7% |
| Net profit | ₹8,509 | +21.0% | +27.9% |
| EPS (₹) | 20.96 | +23.4% | +29.6% |
| Operating margin | 24.1% | — | — |
INFY delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.79% of the INFY shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.6%. That is close to its usual level. It traded 2.3 times its average daily volume. In INFY futures, open interest fell 1.54% while the futures price rose 4.79%: short covering (shorts closing out).
Delivery in the last 5 sessions: 58.6% · 54.2% · 54.8% · 49.2% · 54.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Infosys Limited's philanthropic arm, Infosys Foundation, announced that its Springboard Livelihood Program has enabled over 2.5 lakh job offers across India. This represents the halfway mark toward the foundation's target of enabling 5 lakh (half a million) job opportunities by 2030. The placement metrics include more than 1.17 lakh offers for graduates, over 96,000 for undergraduates, and over 1.25 lakh for women. As this is a corporate social responsibility (CSR) milestone, it carries no direct financial or operational impact on Infosys' commercial performance.
- Enabled over 2.5 lakh job offers across India, marking 50% of the 5 lakh goal by 2030
- Over 1.17 lakh job offers enabled for graduates and over 96,000 for undergraduates
- Over 1.25 lakh job offers enabled for women and over 1,000 for Persons with Disabilities (PwD)
- Delivered via a network of 20 implementation partners including ICT Academy and Nirmaan Organization
The United States Department of Labor has announced the suspension of new and pending applications under the Permanent Labor Certification (PERM) program for certain companies, including Infosys. The company stated that it does not anticipate this suspension to have a material impact on its operations, citing ongoing investments in local US workforce hubs. Given that the US accounts for approximately 58% of Infosys's revenue (TTM revenue: ₹1,78,650 crore), regulatory immigration scrutiny remains a key operational area to monitor.
- U.S. Department of Labor suspended new and pending PERM program applications for Infosys on October 9, 2026
- Company stated it does not anticipate a material impact on its organization from the suspension
- Filing noted ongoing reliance on US local workforce and technology innovation hubs
- United States represents approximately 58% of the company's revenue base as per profile context
Infosys announced a strategic research collaboration with Columbia University to establish the Infosys Topaz - Columbia University Enterprise AI Center. Located at Infosys' One World Trade Center office in New York City, the center will focus on three key themes: AI-first experiences, responsible and sustainable AI, and AI for marketing. Financial commitments or commercial contract values were not disclosed in the filing. While enhancing Infosys' brand and R&D capabilities within its Topaz platform, it has no immediate quantifiable impact on its TTM revenue of ₹178,650 Cr.
- Launched the Infosys Topaz - Columbia University Enterprise AI Center led by Columbia Engineering.
- R&D center to be located at Infosys' One World Trade Center office in New York City.
- Collaboration focuses on 3 research pillars: AI-First Experiences, Responsible and Sustainable AI, and AI for Marketing.
- Commercial value and capital outlay details were not disclosed.
Infosys has announced an extension of its strategic collaboration with ABN AMRO Bank to accelerate the Dutch bank's AI-driven transformation. Under the renewal, Infosys will deploy its AI suite, Infosys Topaz, alongside application development, testing, and IT modernization services. The financial terms, contract duration, and total contract value were not disclosed in the filing. While reaffirming European client retention, the immediate financial impact cannot be calculated against Infosys's TTM revenue of ₹1,78,650 crore.
- Extended strategic collaboration announced on September 30, 2026, with ABN AMRO Bank.
- Services span application development, testing, core modernization, and enterprise deployment of Infosys Topaz.
- Contract value, duration, and financial milestones were not disclosed in the filing.
- Company operates across 59 countries with a global workforce exceeding 325,000 employees.
Infosys has approved the allotment of 44,116 equity shares of face value Rs 5 each pursuant to the exercise of Restricted Stock Units (RSUs) by eligible employees. The allotment includes 10,925 shares under the 2015 Incentive Compensation Plan and 33,191 shares under the 2019 Expanded Stock Ownership Program. Following this allotment, the company's total issued and subscribed share capital increases marginally to Rs 20,29,13,82,890 across 4,05,82,76,578 shares. Given Infosys's equity base of over 405 crore shares, the dilution is negligible (around 0.001%).
- Allotment of 44,116 equity shares of face value Rs 5 each
- 10,925 shares issued under the 2015 Incentive Compensation Plan
- 33,191 shares issued under the Expanded Stock Ownership Program 2019
- Total issued share capital stands revised to Rs 20,29,13,82,890 across 4,05,82,76,578 equity shares
Infosys has inaugurated a new Software Development Block (SDB-2) measuring 330,000 sq. ft. at its campus in Super Corridor, Indore. The existing Indore center already employs over 3,300 personnel catering to clients across BFSI, Retail, Life Sciences, and Manufacturing. The expansion targets talent access in Central India and scales capabilities in AI, cloud, machine learning, and cybersecurity. Total capex investment for the block was not disclosed.
- Inaugurated a new 330,000-sq. ft. Software Development Block (SDB-2) in Indore
- Indore facility currently houses more than 3,300 employees
- Company employs over 325,000 people globally across 59 countries
- Financial capex and incremental seat additions were not disclosed
Infosys Foundation, the CSR and philanthropic arm of Infosys Limited, inaugurated a cardio-obstetric outpatient unit and catheterization laboratory at Rajiv Gandhi Government General Hospital (RGGGH), run by Madras Medical College (MMC) in Chennai. As part of this broader healthcare initiative, the Foundation has provided a grant of over ₹31 crore to bolster MMC's cardio-obstetric facilities and support research registries. Relative to Infosys's TTM revenue of ₹178,650 crore, this CSR expenditure is negligible (<0.02%) and represents standard philanthropic activity. Consequently, there is no direct impact on the company's operational earnings or revenue outlook.
- Infosys Foundation has provided a grant of over ₹31 crore to Madras Medical College (MMC).
- Inaugurated an exclusive cardio-obstetric outpatient unit and catheterization laboratory at RGGGH, Chennai on September 9, 2026.
- Supports MMC's National Pregnancy and Cardiac Diseases (NPAC) study and the Tamil Nadu Pregnancy and Heart Disease Registry (TNPHDR).
- Follows previous support including the inauguration of a specialized high-risk antenatal facility in August 2024.
Infosys Limited has scheduled participation in the 'GS India IT Services & GCC Trip 2026' investor conference on September 10, 2026, in Bengaluru. The meeting will be attended by Chief Technology Officer Mohammed Rafee Tarafdar and Head of Investor Relations Sandeep Mahindroo. This is a routine institutional investor interaction intimation under SEBI Listing Regulations. No unpublished price-sensitive information or material corporate development was disclosed in the filing.
- Conference scheduled for September 10, 2026 in Bengaluru
- Event: GS India IT Services & GCC Trip 2026 (Group meeting)
- Represented by CTO Mohammed Rafee Tarafdar and IR Head Sandeep Mahindroo
Infosys Limited has completed the voluntary liquidation of two step-down wholly owned subsidiaries: Guidevision UK Limited (effective September 1, 2026) and In-tech Automotive Engineering Beijing Co., Ltd (effective September 2, 2026). As of March 31, 2026, Guidevision UK had zero operational revenue and a net worth of ₹2.83 Cr, while the Beijing entity contributed ₹10.52 Cr in revenue and ₹1.23 Cr in net worth. Combined, these entities represented ~0.00% of Infosys's FY26 TTM revenue of ₹178,650 Cr and net worth of ₹80,874 Cr. The transaction is part of routine corporate entity rationalization with negligible financial impact.
- Guidevision UK Limited voluntarily liquidated effective September 1, 2026 (FY26 revenue: Nil, Net Worth: ₹2.83 Cr)
- In-tech Automotive Engineering Beijing Co., Ltd liquidated effective September 2, 2026 (FY26 revenue: ₹10.52 Cr, Net Worth: ₹1.23 Cr)
- Combined FY26 revenue of liquidated units was ₹10.52 Cr (~0.00% of Infosys TTM revenue of ₹178,650 Cr)
- Combined net worth of liquidated units stood at ₹4.06 Cr (~0.005% of Infosys net worth of ₹80,874 Cr)
Infosys Limited has notified stock exchanges regarding upcoming management participation in investor conferences. CFO Jayesh Sanghrajka and IR Head Sandeep Mahindroo will attend the J.P. Morgan India IT C-Suite Fireside Chat virtually on September 07, 2026. Additionally, Investor Relations representatives will participate in group and one-on-one sessions at the UBS India Summit in Mumbai on September 11, 2026. This is a routine regulatory intimation of investor outreach.
- Virtual participation in J.P. Morgan India IT C-Suite Fireside Chat scheduled for September 07, 2026
- CFO Jayesh Sanghrajka and IR Head Sandeep Mahindroo attending the September 07 session
- Participation in UBS India Summit 2026 in Mumbai scheduled for September 11, 2026
- Group and one-on-one meetings to be conducted by the Investor Relations team on September 11
Infosys Limited has informed the exchanges regarding upcoming investor interactions. Key management representatives including CFO Jayesh Sanghrajka will participate in a Non-Deal Roadshow in Mumbai on August 31 and September 01, 2026. Additionally, Chief Delivery Officer Satish H.C. and CTO Mohammed Rafee Tarafdar will attend the BofA India IT Virtual Call Series on September 02, 2026. This is a standard administrative intimation under SEBI disclosure regulations.
- Non-Deal Roadshow scheduled for August 31 & September 01, 2026 in Mumbai with CFO Jayesh Sanghrajka and the IR team
- Participation in BofA India IT Virtual Call Series on September 02, 2026
- Delivery leadership represented by Chief Delivery Officer Satish H.C. and CTO Mohammed Rafee Tarafdar at the virtual series
- Filing is a routine procedural compliance update submitted under exchange disclosure norms
Infosys has informed the stock exchanges regarding participation in upcoming investor events between August 31 and September 02, 2026. The management team, including CFO Jayesh Sanghrajka, will participate in a Non-Deal Roadshow (NDR) in Mumbai on August 31 and September 01, 2026. Additionally, Chief Delivery Officer Satish H.C. and CTO Mohammed Rafee Tarafdar will attend the BofA India IT Virtual Call Series on September 02, 2026. This is a routine administrative disclosure of investor interactions.
- Non-Deal Roadshow scheduled for August 31 & September 01, 2026 in Mumbai featuring group and one-on-one meetings
- BofA India IT Virtual Call Series scheduled for September 02, 2026 with group interactions
- Key participants include CFO Jayesh Sanghrajka, CDO Satish H.C., and CTO Mohammed Rafee Tarafdar
Infosys Limited has allotted 1,75,865 equity shares of face value ₹5 each pursuant to the exercise of Restricted Stock Units (RSUs) by eligible employees. The allotment includes 18,228 shares under the 2015 Incentive Compensation Plan and 1,57,637 shares under the Expanded Stock Ownership Program 2019. Following this allotment, the company's total issued and subscribed share capital increases to ₹20,29,11,62,310, represented by 4,05,82,32,462 equity shares. The equity dilution resulting from this allotment is negligible at approximately 0.004% of total outstanding shares.
- Allotted 1,75,865 equity shares of face value ₹5 each pursuant to RSU exercises.
- Allotment comprises 18,228 shares under 2015 Plan and 1,57,637 shares under 2019 Plan.
- Issued and subscribed share capital increased to ₹20,29,11,62,310 (4,05,82,32,462 shares).
- Board resolution approved the allotment effective August 24, 2026.
Infosys Limited has appointed Mitrankur (Mit) Majumdar as Segment Head for Services, Utilities, Resources and Energy ('SURE') and designated him as Senior Management Personnel effective August 24, 2026. Majumdar brings over 30 years of industry experience and previously served as Global Head of Services at Infosys. The outgoing SURE Segment Head, Ashiss Kumar Dash, is transitioning his responsibilities to focus on external training and transition activities as CEO designate.
- Mitrankur Majumdar appointed as Segment Head for SURE and Senior Management Personnel effective August 24, 2026
- Mitrankur Majumdar brings over 30 years of industry and technology leadership experience
- Ashiss Kumar Dash transitions from SURE segment head to focus on activities as CEO designate
- Infosys generated TTM revenue of ₹178,650 Cr and TTM PAT of ₹29,448 Cr
Infosys announced that its AI-amplified marketing suite, Infosys Aster, has been positioned as a Leader in Everest Group's Marketing Transformation Services PEAK Matrix Assessment 2026. The evaluation assessed 29 service providers globally on their vision, capabilities, and market impact. The report highlighted Infosys' proprietary IP, AI-first capabilities powered by Topaz, and its Adobe 360 partnership. For a company with TTM revenue of ₹1,78,650 Cr, this is a routine brand and marketing milestone with no immediate direct financial impact.
- Evaluated and ranked as a Leader among 29 service providers by Everest Group in 2026
- Recognized for AI-amplified marketing suite Infosys Aster, powered by Infosys Topaz AI offerings
- Highlights strengths in agentic commerce capabilities and Adobe-led marketing transformation proposition
- Infosys generated ₹1,78,650 Cr in TTM revenue with no specific contract values disclosed in the filing
Financial Performance
Revenue Growth by Segment
In FY2025, revenue grew 6.1% (4.2% CC). Segment growth: Manufacturing (11.2%), Financial Services (5.2%), Retail (13.5%), Communication (11.7%), Energy/Utilities (13.3%), Hi-tech (8.0%), Life Sciences (7.3%), and Others (3.0%). In Q2 FY2026, Financial Services and Manufacturing both grew >5% YoY in CC terms.
Geographic Revenue Split
North America (US) contributes ~58% and Europe contributes ~30% of total revenue. In Q2 FY2026, Europe grew >5% YoY in constant currency terms.
Profitability Margins
FY2025 operating margin was 24.4% (up 50 bps from 23.9% in FY2024). H1 FY2026 gross margin was 30.8% (flat YoY). Q2 FY2026 operating margin was 21% (up 20 bps sequentially). FY2026 operating margin guidance is set at 20-22%.
EBITDA Margin
FY2024 EBITDA margin was 23.9% (moderated by 90 bps). Medium-term EBITDA margin is expected to be 24-26% driven by cost optimization and moderated attrition.
Capital Expenditure
Not disclosed in absolute INR Cr for future plans; however, the company maintained a strong net worth of Rs 93,369 Cr and surplus cash of Rs 51,027 Cr as of March 31, 2025.
Credit Rating & Borrowing
Rated by CRISIL Ratings. Total debt as of March 31, 2025, was Rs 8,227 Cr, which is entirely attributed to lease financing. Surplus cash stood at Rs 51,027 Cr.
Operational Drivers
Raw Materials
Not applicable for IT services; primary cost driver is human capital (employee compensation).
Raw Material Costs
Sales & Marketing (S&M) costs grew 12.8% YoY in H1 FY2026. Employee compensation is a primary headwind, partially offset by Project Maximus (cost optimization).
Manufacturing Efficiency
Employee utilization (excluding trainees) remained stable at 85% in Q2 FY2026. Onsite mix reduced by 40 bps in Q2 FY2026.
Strategic Growth
Expected Growth Rate
2-3%
Growth Strategy
Growth is driven by large deal wins ($11.6 bn in FY2025; $3.1 bn in Q2 FY2026), a mega deal worth $1.6 bn announced post-Q2, and leadership in enterprise AI transformation. Strategic acquisitions like the Versent JV in Australia and cost optimization via Project Maximus are key levers.
Products & Services
IT services, enterprise AI transformation programs, digital services, cloud services, and forward-deployed engineering capabilities.
Brand Portfolio
Infosys, Project Maximus (internal program), Versent (JV).
New Products/Services
Enterprise AI transformation programs and forward-deployed engineering services; 12,000 freshers onboarded in H1 FY2026 to support new service delivery.
Market Expansion
Expansion in the Australian market through the Versent JV; growth in Europe (>5% YoY CC in Q2 FY2026).
Market Share & Ranking
Company reported 'increased market share gains' in Q2 FY2026; ranking not specified but described as a leading market position.
Strategic Alliances
Joint venture with Versent in Australia.
External Factors
Industry Trends
Revival in discretionary spending and AI-driven transformation are key trends; industry saw muted growth of 1.4% CC in FY2024.
Competitive Landscape
Intense competition in the global IT industry from both established and emerging players.
Macro Economic Sensitivity
High sensitivity to US and European markets which contribute 88% of revenue; growth is constrained by global inflation and macroeconomic uncertainties.
Consumer Behavior
Clients are shifting focus toward deploying AI for both growth and cost efficiency programs.
Geopolitical Risks
Geo-political situations and evolving regulatory landscapes (including immigration) are cited as material risks.
Regulatory & Governance
Industry Regulations
Subject to the Securities Litigation Reform Act of 1995 and complex evolving regulatory landscapes including immigration changes.
Environmental Compliance
Zero reported material data breaches in FY2025; targeting landfill-free certification for 7 campuses by FY2026.
Legal Contingencies
Pending litigations are disclosed in Standalone Financial Statements (Note 2.23); provisions made for material foreseeable losses (Note 2.16).
Risk Analysis
Key Uncertainties
Macroeconomic headwinds in key markets (US/Europe), technological disruptions (AI/GenAI), and talent retention (attrition at 14.3%).
Geographic Concentration Risk
88% of revenue is concentrated in the US (58%) and Europe (30%).
Technology Obsolescence Risk
High risk from AI and Generative AI; company is mitigating this by scaling forward-deployed engineers and AI transformation programs.
Credit & Counterparty Risk
Strong financial risk profile with net worth of Rs 93,369 Cr and surplus cash of Rs 51,027 Cr as of March 2025.
