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Infosys — Q3 FY26
Infosys delivered a strong Q3 FY26 with constant currency revenue growth of 1.7% YoY and adjusted operating margin of 21.2%, expanding 20 bps sequentially.
bullish
high
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Infosys delivered a strong Q3 FY26 with constant currency revenue growth of 1.7% YoY and adjusted operating margin of 21.2%, expanding 20 bps sequentially. Large deal TCV was robust at $4.8 billion with 57% net new, including a $1.6B NHS deal. The company raised FY26 revenue guidance to 3%-3.5% (from 2%-3%), while maintaining margin guidance of 20%-22%. Growth was driven by Financial Services and Energy/Utilities, where discretionary spending is returning and AI adoption is accelerating. Management sees FY27 growth acceleration in these two verticals. AI momentum is strong with 4,600 projects and 500 agents built. Risks include tariff uncertainties impacting Manufacturing and Retail, and potential compression in legacy services due to AI-led productivity.
इन्फोसिस ने तीसरी तिमाही में अच्छा प्रदर्शन किया। पिछले साल की तुलना में कमाई 1.7% बढ़ी। कंपनी का मुनाफा 21.2% रहा, जो पिछली तिमाही से थोड़ा बेहतर है। बड़े सौदों का कुल मूल्य 4.8 अरब डॉलर रहा, जिसमें 57% नए ग्राहकों से आए। एक बड़ा सौदा 1.6 अरब डॉलर का NHS (ब्रिटेन की स्वास्थ्य सेवा) के साथ हुआ। कंपनी ने इस साल की कमाई वृद्धि का अनुमान 3% से 3.5% कर दिया है, जबकि पहले 2% से 3% था। मुनाफा 20% से 22% के बीच रहने का अनुमान है। बैंकिंग और ऊर्जा क्षेत्रों में खर्च बढ़ रहा है और AI का उपयोग तेजी से हो रहा है। कंपनी ने 4,600 AI प्रोजेक्ट और 500 AI एजेंट बनाए हैं। जोखिमों में टैरिफ (आयात शुल्क) से मैन्युफैक्चरिंग और रिटेल पर असर, और AI के कारण पुरानी सेवाओं में कमी शामिल है।
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Tariff uncertainties impacting Manufacturing and Retail
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Large Deal TCV
$4.8B
+57% net new
Total large deal TCV for nine months exceeded full-year FY25.
AI Projects
4,600
N/A
Infosys is working on 4,600 AI projects across clients.
Headcount
337,000
+5,000 QoQ
Net headcount increased by 5,000 in Q3.
Attrition (LTM)
N/A
-2% QoQ
Attrition declined sequentially and year-on-year.
What Changed vs Last Quarter
NEW
Growth acceleration in Financial Services and EURS in FY27
Management expects growth in Financial Services and Energy, Utilities, Resources, and Services verticals to accelerate in FY27 over FY26.
UPDATED
FY26 revenue growth guidance raised to 3%-3.5% CC
Infosys raised its constant currency revenue growth guidance for FY26 from 2%-3% to 3%-3.5%.
UPDATED
FY26 operating margin guidance maintained at 20%-22%
Operating margin guidance remains unchanged at 20%-22% for FY26.
DROPPED
Mega deal with NHS worth $1.6B to ramp up this fiscal year
100% net new deal announced post-Q2; expected to contribute to H2 revenue.
DROPPED
Versant JV expected to close this fiscal year
Pending regulatory approvals; last year revenue AUD 210M; not included in guidance.
NEW RISK
Tariff uncertainties impacting Manufacturing and Retail
Manufacturing and Retail/CPG verticals are impacted by tariff uncertainties, delaying client decisions and pressuring discretionary spend.
NEW RISK
AI-led productivity compressing legacy services
AI-driven productivity benefits may compress legacy service revenues, though management sees net positive from new AI opportunities.
NEW RISK
Potential contract attrition from Daimler
Analyst raised concerns about press reports of Daimler moving away; management noted current contracts valid till Dec 2026 but did not provide specifics.
RISK GONE
Macro uncertainty and tariff risks
Geopolitical tensions and tariff uncertainties are causing elongated decision cycles and pressure on discretionary spending, especially in retail and manufacturing.
RISK GONE
H1B visa fee hike impact on delivery model
Analyst raised concern about visa cost increases; management acknowledged potential model shift but provided no specific quantification of margin impact.
RISK GONE
AI deflationary pressure on revenue growth
Analyst questioned whether AI-driven productivity gains could compress revenue; management noted cost reduction focus but did not quantify net impact.
RISK GONE
Seasonal H2 softness
Lower working days, furloughs, and calendar effects expected to impact H2 growth; guidance reflects this but could be worse if macro deteriorates.
🤫 Topics management stopped discussing
Mentioned in Q1 FY26, Q2 FY26, Q4 FY25
Geopolitical tensions and tariff uncertainties are causing elongated decision cycles and pressure on discretionary spending, especially in retail and manufacturing.
Mentioned in Q1 FY25, Q2 FY25
Outside financial services, discretionary spending remains constrained, with retail, high-tech, and telecom still focused on cost takeouts, delaying broader demand recovery.
Mentioned in Q2 FY25, Q3 FY25
Infosys plans to hire over 15,000 freshers in FY25 and over 20,000 in FY26.
Mentioned in Q2 FY25, Q3 FY25
CFO Jayesh Sanghrajka confirmed that compensation increases will create margin headwinds in Q4 and Q1, though exact impact not quantified.
Fast read
Guidance and risk preview
Infosys raised its constant currency revenue growth guidance for FY26 from 2%-3% to 3%-3.5%.
Manufacturing and Retail/CPG verticals are impacted by tariff uncertainties, delaying client decisions and pressuring discretionary spend.
View Risks →