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Infosys Margin Trend — Quarter by Quarter

Infosys's EBITDA margin moved from 20.8% in Q1 FY26 to 20.9% in Q4 FY26 across 4 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

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.