NSE: INFY · BSE: 500209
INFOSYS LIMITED
Provides IT services, consulting, and digital transformation to global enterprises across eight industry verticals. In FY26, total revenue was ₹178,650 crore, with Financial Services the largest vertical at 27.9% of segment revenue (₹49,908 crore), followed by Manufacturing at 16.3%, Energy, Utilities, Resources and Services at 13.3%, Retail at 12.9%, and Communication at 12.2%. The business is people-driven: employee cost is the dominant input at 53.2% of revenue (₹95,094 crore), with other operating expenses at 23.1% and depreciation at 2.7%. On the demand side, AI-focused services (Topaz, Finacle, Cobalt platforms) reached 8.2% of revenue in Q1 FY27, up from 5.5% in Q3 FY26, supported by 80,000 employees using AI coding tools and a target of 6,000 Frontier Engineers in coming years. Q1 FY27 signed large-deal TCV of $3.6 billion at 61% net new, with vendor consolidation contributing about $700 million of net new business, while operating margin held at 21.1% and free cash flow came in at $955 million (116.5% of net profit). FY27 revenue growth guidance was set at 1.5-3% in constant currency and margin guidance at 20-22%, with acquisitions (Stratus Global, Optimum Healthcare IT) and a CEO transition from Salil Parekh to Ashiss Kumar Dash effective April 1, 2027 also disclosed during the quarter. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Financial Services (28%), Manufacturing (16%), Energy, Utilities, Resources and Services (13%), Retail (13%), Communication (12%), Hi-Tech (8%), Life Sciences (7%), All other segments (3%). People-driven, asset-light IT services and digital transformation exporter.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,21,641 | 1,46,767 | 1,53,670 | 1,62,990 | 1,78,650 |
| EBITDA (ex other income) | 31,491 | 35,130 | 36,425 | 39,236 | 40,991 |
| margin % | 25.9 | 23.9 | 23.7 | 24.1 | 22.9 |
| Owners' profit | 22,110 | 24,095 | 26,233 | 26,713 | 29,440 |
| EPS, as reported (₹) | 52.52 | 57.63 | 63.39 | 64.50 | 71.58 |
| ROE % · ROCE % | 29.2 · 36.0 | 31.8 · 38.8 | 29.7 · 36.8 | 27.8 · 35.9 | 31.6 · 39.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 23,885 | 22,467 | 25,210 | 35,694 | 33,986 |
| Capex | (2,161) | (2,579) | (2,201) | (2,237) | (2,727) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 40,986 | 41,764 | 40,925 | 42,279 | 44,490 | 45,479 | 46,402 | 48,211 |
| Profit before tax | 9,253 | 9,670 | 9,663 | 9,740 | 10,229 | 9,229 | 10,797 | 11,028 |
| Net profit | 6,516 | 6,822 | 7,038 | 6,924 | 7,375 | 6,666 | 8,509 | 7,775 |
| EPS (₹) | 15.71 | 16.43 | 16.98 | 16.70 | 17.76 | 16.17 | 21.01 | 19.19 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Financial Services | 49,909 | 27.9 |
| Manufacturing | 29,079 | 16.3 |
| Energy, Utilities, Resources and Services | 23,817 | 13.3 |
| Retail | 23,077 | 12.9 |
| Communication | 21,764 | 12.2 |
| Hi-Tech | 13,928 | 7.8 |
| Life Sciences | 12,268 | 6.9 |
| All other segments | 4,808 | 2.7 |
| Total, before eliminations | 1,78,650 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED ◆ | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.2 | 15.0 | 34 of 65 | 48% |
| P/B | 4.9 | 2.6 | 45 of 65 | 31% |
| ROCE | 38.6 | 14.2 | 4 of 76 | 96% |
| ROE | 31.6 | 11.5 | 4 of 64 | 95% |
| Debt / Equity | 0.0 | 0.0 | 1 of 65 | 67% |
| EBITDA margin | 25.7 | 18.4 | 14 of 65 | 80% |
| Revenue growth | 14.0 | 10.6 | 26 of 63 | 60% |
| Profit growth | 12.3 | 6.7 | 28 of 62 | 56% |
| Market cap | 455550 | 419 | 2 of 76 | 99% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Infosys cuts FY27 growth guidance as AI and large deals offset soft demand | investor communications | medium | — | — |
| 28 Oct 2026 · Infosys Finacle rolls out across all UNI branches in Canada | compliance | low | — | — |
| 27 Oct 2026 · Infosys schedules investor meetings in London and Edinburgh | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Infosys completes Syngenta global SAP transformation | compliance | low | — | — |
| 24 Oct 2026 · Infosys publishes audited Q2 FY27 results | compliance | minimal | — | — |
| 23 Oct 2026 · Auditors issue clean opinion on Infosys September 2026 results | compliance | minimal | — | — |
| 23 Oct 2026 · Dividend record date set for November 3, 2026 | corporate actions | high | — | — |
| 23 Oct 2026 · Infosys reports September 2026 results and declares interim dividend | results | high | — | — |
| 19 Oct 2026 · Infosys Q2 FY27 results scheduled for October 23, 2026 | compliance | low | — | — |
| 19 Oct 2026 · Infosys expands collaboration with Truist for India GCC | strategic transactions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.