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Revenue
₹46,402 Cr
verified against source
Revenue YoY
4.1%
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 reported Q4 FY26 revenue growth of 4.1% YoY in constant currency, with full-year growth of 3.1%. Large deal TCV reached $15 billion for FY26, up 24% YoY, with Q4 at $3.2 billion. Operating margin was 20.9%, down 30bps sequentially due to acquisition amortization and compensation costs, partly offset by currency and Project Maximus benefits. Management guided FY27 revenue growth of 1.5%-3.5% CC and operating margin of 20%-22%, citing AI services momentum but also headwinds from a European manufacturing client ramp-down and onsite mix shift. Key risks include competitive intensity driving productivity pass-throughs and macro uncertainty delaying discretionary spending.
Colored figures show movement against the previous available record.
Guidance to track
- Constant currency revenue growth guidance for FY27, including contributions from recent acquisition Status but excluding others.
- Operating margin guidance for FY27, with headwinds from wage hikes, productivity pass-throughs, and AI investments offset by Project Maximus.
- Plan to onboard approximately 20,000 college graduates in FY27, similar to FY26, with flexibility based on demand.
- Expected effective tax rate range for FY27, reflecting normal operations.
Risks flagged
- Competitive intensity may force Infosys to pass AI-driven productivity gains to clients, compressing revenue growth.
- A large European manufacturing client is reducing spend due to macro challenges and Infosys' decision to walk away from a low-return deal, impacting FY27 growth by 75-100bps.
- Continued reduction in onsite mix (40-50bps exit trajectory) will lower reported revenue growth, partly offset by offshore benefits.
- Geopolitical conflicts and trade policy shifts could delay client decision-making and discretionary spending, especially in manufacturing and retail.
Key quotes
- We see a large addressable market for AI services across six areas: AI strategy and engineering, data process, legacy modernization, physical AI and trust.
- The competitive intensity in the market has gone up and the productivity will get passed back to the client.
- We have not seen in one or two quarters the change that you referenced. Though what we are seeing is a competitive intensity is pretty high.
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