Infosys Management Guidance Tracker

42 forward-looking guidance items tracked across 12 quarters.

Revenue

Q1 FY24FY24 revenue growth guidance revised to 1%-3.5% in constant currencyTracked

Lowered from 4%-7% due to discretionary spending cuts and delayed mega deal ramp-ups.

Q2 FY24FY24 revenue growth guidance revised to 1%-2.5% CCTracked

Infosys lowered its constant currency revenue growth guidance for FY24 from 1%-3.5% to 1%-2.5%, citing continued softness in discretionary spending and slower large deal ramp-ups.

Q3 FY24FY24 revenue growth guidance tightened to 1.5%-2% CCActive

Revised from previous 1%-2.5% range, reflecting Q3 performance and Q4 outlook.

Q4 FY24FY25 revenue growth 1%-3% CCTracked

Revenue growth guidance for FY25 is 1%-3% in constant currency, reflecting persistent discretionary weakness but benefit from large deal ramp-ups.

Q1 FY25FY25 revenue growth guidance raised to 3%-4% CCTracked

Infosys revised its full-year constant currency revenue growth guidance from 1%-3% to 3%-4%, reflecting strong Q1 performance and improved visibility.

Q2 FY25FY25 revenue growth guidance raised to 3.75%-4.5% CCTracked

Infosys revised its full-year constant currency revenue growth guidance upward from 3%-4% to 3.75%-4.5%, citing strong H1 performance and robust pipeline.

Q3 FY25FY25 revenue growth guidance raised to 4.5%-5% CCActive

Infosys revised its constant currency revenue growth guidance for FY25 to 4.5%-5%, up from previous 3.75%-4.5%.

Q4 FY25FY26 revenue growth guidance of 0%-3% in constant currencyTracked

Management expects revenue growth between 0% and 3% in constant currency for FY26, with bottom end assuming deterioration and top end steady improvement.

Q1 FY26FY26 revenue growth guidance revised to 1%-3% CCActive

Revised from 0%-3% to 1%-3% in constant currency, reflecting strong Q1 but persistent macro uncertainty.

Q2 FY26FY26 revenue growth guidance raised to 2-3% CCActive

Revised from previous range; reflects strong H1 performance and includes seasonal H2 softness.

Q3 FY26FY26 revenue growth guidance raised to 3%-3.5% CCActive

Infosys raised its constant currency revenue growth guidance for FY26 from 2%-3% to 3%-3.5%.

Q4 FY26FY27 Revenue Growth 1.5%-3.5% CCTracked

Constant currency revenue growth guidance for FY27, including contributions from recent acquisition Status but excluding others.

Margins

Q1 FY24Operating margin guidance maintained at 20%-22% for FY24Tracked

Margin guidance unchanged despite revenue headwinds, supported by cost optimization.

Q1 FY24Two-year margin expansion program launched across five pillarsTracked

Program includes pyramid efficiency, automation, portfolio improvement, indirect cost reduction, and value-based pricing.

Q2 FY24FY24 operating margin guidance maintained at 20%-22%Tracked

The company reaffirmed its operating margin guidance band of 20%-22% for FY24, supported by Project Maximus cost optimization initiatives.

Q2 FY24Project Maximus margin improvement over 18 monthsTracked

The margin improvement program, with 5 pillars and 20 tracks, is expected to deliver benefits over the next 18 months, with early gains from utilization and overhead optimization.

Q3 FY24FY24 operating margin guidance maintained at 20%-22%Active

Unchanged despite Q3 margin of 20.5%, with confidence from Project Maximus.

Q3 FY24Medium-term margin optimism from Project MaximusTracked

Multiple tracks including value-based selling, pyramid optimization, and GenAI expected to drive margin expansion over time.

Q4 FY24FY25 operating margin 20%-22%Tracked

Operating margin guidance for FY25 is 20%-22%, with headwinds from compensation and tailwinds from efficiency programs.

Q4 FY24Medium-term margin expansion targetTracked

Management aims to expand operating margins in the medium term through Project Maximus, including automation, GenAI, and pyramid optimization.

Q1 FY25FY25 operating margin guidance maintained at 20%-22%Tracked

Despite headwinds from wage hikes and deal ramp-ups, management expects to sustain margins within the guided range through Project Maximus benefits.

Q2 FY25Operating margin guidance maintained at 20%-22%Tracked

Management maintained its full-year operating margin guidance of 20%-22%, with confidence despite wage hikes in Q4, supported by Project Maximus benefits.

Q3 FY25Operating margin guidance maintained at 20%-22%Active

The company kept its operating margin guidance unchanged at 20%-22% for FY25.

Q4 FY25FY26 operating margin guidance of 20%-22%Tracked

Operating margin expected to remain in the 20%-22% band, with an endeavor to improve from FY25's 21.1%.

Q1 FY26Operating margin guidance maintained at 20%-22%Tracked

Margin guidance unchanged; aspiration to improve margin YoY despite headwinds from compensation and deal ramp-ups.

Q2 FY26Operating margin guidance maintained at 20-22%Active

Margin guidance unchanged despite revenue guidance revision; Project Maximus and cost levers support.

Q3 FY26FY26 operating margin guidance maintained at 20%-22%Active

Operating margin guidance remains unchanged at 20%-22% for FY26.

Q4 FY26FY27 Operating Margin 20%-22%Tracked

Operating margin guidance for FY27, with headwinds from wage hikes, productivity pass-throughs, and AI investments offset by Project Maximus.

Growth

Q2 FY24Large deals to drive growth beyond FY24Tracked

Management indicated that the record large deal signings will support revenue acceleration in FY25, as ramp-ups are expected to materialize over the coming quarters.

Q4 FY24H1 stronger than H2 in FY25Tracked

Management expects normal seasonality with H1 stronger than H2, consistent with historical patterns.

Q1 FY25H1 FY25 expected to be better than H2Tracked

Management reiterated that first-half revenue growth is likely to outpace second-half, consistent with historical seasonality.

Q2 FY25Fresher hiring target of 15,000-20,000 for FY25Tracked

Infosys reiterated its plan to onboard 15,000-20,000 freshers at the group level in FY2025, with many already onboarded in H1.

Q3 FY25Fresher hiring of 15,000+ in FY25 and 20,000+ in FY26Tracked

Infosys plans to hire over 15,000 freshers in FY25 and over 20,000 in FY26.

Q4 FY25Plan to hire 20,000+ freshers in FY26Active

Infosys intends to hire over 20,000 campus recruits during FY26, consistent with prior year levels.

Q2 FY26Mega deal with NHS worth $1.6B to ramp up this fiscal yearActive

100% net new deal announced post-Q2; expected to contribute to H2 revenue.

Q3 FY26Growth acceleration in Financial Services and EURS in FY27Tracked

Management expects growth in Financial Services and Energy, Utilities, Resources, and Services verticals to accelerate in FY27 over FY26.

Q4 FY26Fresher Hiring ~20,000 in FY27Tracked

Plan to onboard approximately 20,000 college graduates in FY27, similar to FY26, with flexibility based on demand.

Other

Q2 FY25Wage hikes to be phased from January and AprilActive

Wage increases will be effective in two phases: part from January 2025 and the balance from April 2025, with no quantified impact disclosed.

Q3 FY25Wage hikes of 6%-8% in India rolled out in two phasesActive

Compensation increases of 6%-8% for India employees will be implemented in two phases: from Jan 1 and Apr 1, 2025.

Q1 FY26FY26 free cash flow expected above 100% of net profitTracked

Continued strong cash generation; 5th consecutive quarter of FCF >100% of net profit.

Q4 FY26Effective Tax Rate 29%-32% for FY27Tracked

Expected effective tax rate range for FY27, reflecting normal operations.

Expansion

Q2 FY26Versant JV expected to close this fiscal yearTracked

Pending regulatory approvals; last year revenue AUD 210M; not included in guidance.