Large Deal TCV
$4.8B
+57% net new
Total large deal TCV for nine months exceeded full-year FY25.
INFY
Other
12 Jan 2026
Infy Ltd — 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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
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.
Management Guidance
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%.
revenueFY26 operating margin guidance maintained at 20%-22%
Operating margin guidance remains unchanged at 20%-22% for FY26.
marginsGrowth 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.
growthKey Risks
Tariff uncertainties impacting Manufacturing and Retail
Manufacturing and Retail/CPG verticals are impacted by tariff uncertainties, delaying client decisions and pressuring discretionary spend.
high · management_commentaryAI-led productivity compressing legacy services
AI-driven productivity benefits may compress legacy service revenues, though management sees net positive from new AI opportunities.
medium · management_commentaryPotential 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.
medium · analyst_questionNotable Quotes
We are witnessing six AI-led value pools emerging that could unlock a large incremental opportunity for us.
Our adjusted operating margins increased by 20 basis points sequentially to 21.2%.
We are now a preferred AI partner for top 15 out of 25 banking clients.