Large Deal TCV (FY26)
$15B
+24% YoY
Full-year large deal total contract value, with 55% net new.
INFY
Other
15 Apr 2026
Infy Ltd — Q4 FY26
Infosys reported Q4 FY26 revenue growth of 4.1% YoY in constant currency, with full-year growth of 3.1%.
✓ Verified against BSE filing
2-Min Summary
Infosys reported Q4 FY26 revenue growth of 4.1% YoY in constant currency, with full-year growth of 3.1%. Large deal TCV reached $15 billion for FY26, up 24% YoY, with Q4 at $3.2 billion. Operating margin was 20.9%, down 30bps sequentially due to acquisition amortization and compensation costs, partly offset by currency and Project Maximus benefits. Management guided FY27 revenue growth of 1.5%-3.5% CC and operating margin of 20%-22%, citing AI services momentum but also headwinds from a European manufacturing client ramp-down and onsite mix shift. Key risks include competitive intensity driving productivity pass-throughs and macro uncertainty delaying discretionary spending.
Key Numbers
Large Deal TCV (Q4)
$3.2B
N/A
Quarterly large deal signings, including 19 deals.
Voluntary Attrition
12.6%
-1.5pp YoY
Annualized voluntary attrition rate, reflecting improved retention.
Utilization (excl. trainees)
83%
N/A
Q4 utilization rate, with full-year at 84.4%.
Management Guidance
FY27 Revenue Growth 1.5%-3.5% CC
Constant currency revenue growth guidance for FY27, including contributions from recent acquisition Status but excluding others.
revenueFY27 Operating Margin 20%-22%
Operating margin guidance for FY27, with headwinds from wage hikes, productivity pass-throughs, and AI investments offset by Project Maximus.
marginsFresher Hiring ~20,000 in FY27
Plan to onboard approximately 20,000 college graduates in FY27, similar to FY26, with flexibility based on demand.
growthEffective Tax Rate 29%-32% for FY27
Expected effective tax rate range for FY27, reflecting normal operations.
otherKey Risks
Productivity Pass-Throughs from AI
Competitive intensity may force Infosys to pass AI-driven productivity gains to clients, compressing revenue growth.
high · analyst_questionEuropean Manufacturing Client Ramp-Down
A large European manufacturing client is reducing spend due to macro challenges and Infosys' decision to walk away from a low-return deal, impacting FY27 growth by 75-100bps.
medium · management_commentaryOnsite Mix Shift Impacting Revenue
Continued reduction in onsite mix (40-50bps exit trajectory) will lower reported revenue growth, partly offset by offshore benefits.
medium · management_commentaryMacro Uncertainty and Tariff Risks
Geopolitical conflicts and trade policy shifts could delay client decision-making and discretionary spending, especially in manufacturing and retail.
medium · management_commentaryNotable Quotes
We see a large addressable market for AI services across six areas: AI strategy and engineering, data process, legacy modernization, physical AI and trust.
The competitive intensity in the market has gone up and the productivity will get passed back to the client.
We have not seen in one or two quarters the change that you referenced. Though what we are seeing is a competitive intensity is pretty high.