Macro uncertainty and tariff impact
Persistent tariff and geopolitical uncertainty are delaying client discretionary spending and elongating decision cycles.
INFY / Q1-FY26 / risks
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Infy · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
H2 seasonality and demand weakness
Management expects H1 to be stronger than H2 due to normal seasonality, implying potential growth deceleration.
AI-driven productivity may cap pricing
Productivity gains from AI are shared with clients, potentially limiting margin expansion and revenue per employee.
Vendor consolidation may intensify competition
As clients consolidate vendors, competition with larger peers could pressure margins and win rates.