ConCallIQ
Go Pro
Home › Infosys › Margin Trend

Infosys Margin Trend — Quarter by Quarter

Infosys's EBITDA margin moved from 20.8% in Q1 FY24 to 20.9% in Q4 FY26 across 10 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2620.9%—
Q3 FY2621.2%+20 bps
Q2 FY2621.0%+20 bps
Q1 FY2620.8%-30 bps
Q3 FY2521.3%+20 bps
Q2 FY2521.1%—
Q4 FY2420.1%—
Q3 FY2420.5%-70 bps
Q2 FY2421.2%—
Q1 FY2420.8%—

What management said about ebitda margin

G

Q4 FY26 · FY27 Operating Margin 20%-22%

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

G

Q3 FY26 · FY26 operating margin guidance maintained at 20%-22%

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

G

Q2 FY26 · Operating margin guidance maintained at 20-22%

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

G

Q1 FY26 · Operating margin guidance maintained at 20%-22%

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

G

Q4 FY25 · FY26 operating margin guidance of 20%-22%

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

G

Q3 FY25 · Operating margin guidance maintained at 20%-22%

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

G

Q2 FY25 · Operating margin guidance maintained at 20%-22%

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

G

Q1 FY25 · FY25 operating margin guidance maintained at 20%-22%

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

G

Q4 FY24 · FY25 operating margin 20%-22%

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

G

Q4 FY24 · Medium-term margin expansion target

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

G

Q3 FY24 · FY24 operating margin guidance maintained at 20%-22%

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

G

Q3 FY24 · Medium-term margin optimism from Project Maximus

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