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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹44,490 Cr
verified against source
Revenue YoY
2.9%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Infosys delivered a strong Q2 FY26 with constant currency revenue growth of 2.9% YoY and sequential operating margin expansion of 20 bps to 21%. Large deal TCV was robust at $3.1 billion with 67% net new, and a subsequent $1.6 billion mega deal was announced. Growth was driven by financial services and manufacturing, while AI-related projects (2,500+ generative AI, 200+ agentic) are scaling. Management raised FY26 revenue guidance to 2-3% CC, maintaining margin guidance of 20-22%. Key risk: persistent macro uncertainty and tariff-related headwinds could elongate decision cycles and pressure discretionary spending.
Colored figures show movement against the previous available record.
Guidance to track
- Revised from previous range; reflects strong H1 performance and includes seasonal H2 softness.
- Margin guidance unchanged despite revenue guidance revision; Project Maximus and cost levers support.
- 100% net new deal announced post-Q2; expected to contribute to H2 revenue.
- Pending regulatory approvals; last year revenue AUD 210M; not included in guidance.
Risks flagged
- Geopolitical tensions and tariff uncertainties are causing elongated decision cycles and pressure on discretionary spending, especially in retail and manufacturing.
- Analyst raised concern about visa cost increases; management acknowledged potential model shift but provided no specific quantification of margin impact.
- Analyst questioned whether AI-driven productivity gains could compress revenue; management noted cost reduction focus but did not quantify net impact.
- Lower working days, furloughs, and calendar effects expected to impact H2 growth; guidance reflects this but could be worse if macro deteriorates.
Key quotes
- We had a strong performance in Q2 with increased market share gains.
- Our client interactions show strong focus on deploying AI across the enterprise for growth and on cost-efficiency programs.
- We are delivering more than 2,500 generative AI and AI projects and 200+ agentic AI projects for our clients.
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