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Infosys Q2 FY27 results: net profit up 6.3% to ₹7,838 crore, revenue up 10.7%
Infosys Limited reported Q2 FY27 consolidated revenue of ₹49,244 crore, up 10.7% from Q2 FY26, with net profit of ₹7,838 crore and basic EPS of ₹19.32. Revenue rose 2.1% from Q1 FY27, while EBITDA margin remained at 23.7%. On the earnings call, management lowered FY27 constant-currency revenue-growth guidance to 1%-2% and maintained operating-margin guidance at 20%-22%.
Key points
- Consolidated revenue was ₹49,244 crore, up ₹4,754 crore or 10.7% from Q2 FY26 and ₹1,033 crore or 2.1% from Q1 FY27.
- EBITDA was ₹11,689 crore, up ₹1,154 crore or 11.0% year on year, while the margin remained at 23.7%.
- Net profit was ₹7,838 crore, up ₹463 crore or 6.3% from Q2 FY26 and ₹63 crore or 0.8% from Q1 FY27; basic EPS was ₹19.32.
- In H1 FY27, revenue rose 12.3% to ₹97,454 crore and net profit increased 9.2% to ₹15,613 crore.
- Management lowered FY27 constant-currency revenue-growth guidance to 1%-2% from 1.5%-3% and retained operating-margin guidance of 20%-22%.
How did Infosys perform in Q2 FY27?
Infosys reported consolidated revenue of ₹49,244 crore for Q2 FY27, up ₹4,754 crore or 10.7% from Q2 FY26 and ₹1,033 crore or 2.1% from Q1 FY27. EBITDA was ₹11,689 crore, up ₹1,154 crore or 11.0% year on year, while EBITDA margin was unchanged at 23.7% in both comparisons.
Net profit was ₹7,838 crore, compared with ₹7,375 crore in Q2 FY26 and ₹7,775 crore in Q1 FY27. Basic EPS was ₹19.32, against ₹17.76 a year earlier and ₹19.19 in the previous quarter. On the standalone basis, revenue was ₹40,719 crore and net profit was ₹7,893 crore.
Profit before tax was ₹11,063 crore in Q2 FY27, up ₹834 crore or 8.2% from Q2 FY26 and ₹35 crore or 0.3% from Q1 FY27. The net profit margin was 15.9%, compared with 16.6% a year earlier and 16.1% in the previous quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 49,244 | 48,211 | 44,490 | +10.7% | +2.1% |
| Other income | 848 | 984 | 982 | −13.6% | −13.8% |
| Total expenses | 39,029 | 38,167 | 35,243 | +10.7% | +2.3% |
| EBITDA | 11,689 | 11,409 | 10,535 | +11.0% | +2.5% |
| EBITDA margin | 23.7% | 23.7% | 23.7% | +0.0 pp | +0.0 pp |
| Profit before tax | 11,063 | 11,028 | 10,229 | +8.2% | +0.3% |
| Tax | 3,225 | 3,253 | 2,854 | +13.0% | −0.9% |
| Net profit | 7,838 | 7,775 | 7,375 | +6.3% | +0.8% |
| EPS (₹) | 19.32 | 19.19 | 17.76 | +8.8% | +0.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Infosys' costs and profit?
Total expenses were ₹39,029 crore, up ₹3,786 crore or 10.7% from Q2 FY26 and ₹862 crore or 2.3% from Q1 FY27. Employee cost rose ₹2,045 crore or 8.7% year on year to ₹25,483 crore, while other expenses increased ₹1,555 crore or 14.8% to ₹12,072 crore.
Depreciation was ₹1,359 crore, up ₹177 crore or 15.0% from Q2 FY26, and finance costs were ₹115 crore, up ₹9 crore or 8.5%. There was no exceptional item in the quarter. Other income fell ₹134 crore or 13.6% to ₹848 crore, while tax expense rose ₹371 crore or 13.0% to ₹3,225 crore.
Management said the revised revenue outlook reflected softer volumes, competitive intensity, pricing pressure and weaker discretionary demand in Retail and Hi-Tech. It also identified H2 compensation increases, continued pricing pressure, acquisition amortisation and deal ramp-up as margin headwinds, partly offset by Project Maximus.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 25,483 | 23,438 | +2,045 | +8.7% |
| Finance costs | 115 | 106 | +9 | +8.5% |
| Depreciation | 1,359 | 1,182 | +177 | +15.0% |
| Other expenses | 12,072 | 10,517 | +1,555 | +14.8% |
| Total expenses | 39,029 | 35,243 | +3,786 | +10.7% |
| Other income | 848 | 982 | −134 | −13.6% |
| Tax | 3,225 | 2,854 | +371 | +13.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹97,454 crore, up ₹10,685 crore or 12.3% from H1 FY26, while total income rose ₹10,493 crore or 11.8% to ₹99,286 crore.
Profit before tax increased ₹2,121 crore or 10.6% to ₹22,091 crore. Net profit was ₹15,613 crore, up ₹1,313 crore or 9.2% from H1 FY26, and basic EPS increased by ₹4.04 or 11.7% to ₹38.51.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 97,454 | 86,769 | +12.3% |
| Profit before tax | 22,091 | 19,970 | +10.6% |
| Net profit | 15,613 | 14,300 | +9.2% |
| EPS (₹) | 38.51 | 34.47 | +11.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
For H1 FY27, operating cash flow was ₹18,958 crore, compared with ₹17,511 crore in H1 FY26. Investing cash flow was negative ₹4,017 crore against negative ₹132 crore, while financing cash flow was negative ₹12,816 crore against negative ₹10,687 crore. Capital expenditure was ₹1,585 crore, up from ₹1,352 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,63,480 | 1,55,967 |
| Total equity | 99,543 | 93,297 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 24,350 | 22,201 |
| Inventories | 0 | 0 |
| Trade receivables | 34,821 | 35,234 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 18,958 | 17,511 |
| Cash from investing | −4,017 | −132 |
| Cash from financing | −12,816 | −10,687 |
| Capital expenditure | 1,585 | 1,352 |
Source: Company's results filing (XBRL).
How has Infosys done over the last 8 quarters?
Revenue increased year on year in each of the last eight quarters and reached ₹49,244 crore in Q2 FY27, the highest point in the reported series. The preceding low was ₹40,925 crore in Q4 FY25, while revenue reached ₹48,211 crore in Q1 FY27 before rising in the latest quarter.
Net profit fluctuated within a narrower range than revenue. It bottomed at ₹6,666 crore in Q3 FY26, reached ₹8,509 crore in Q4 FY26 and stood at ₹7,838 crore in Q2 FY27. Profit had risen year on year in each of the last three quarters.
EBITDA margin peaked at 24.2% in Q3 FY25 and bottomed at 23.4% in Q3 FY26. It was 24.1% in Q4 FY26 and 23.7% in both Q1 FY27 and Q2 FY27, indicating that the margin was unchanged from the previous quarter.
Which businesses drove the quarter?
Life Sciences reported revenue of ₹4,145 crore, up 44.8% from ₹2,863 crore in the year-ago quarter, with EBIT of ₹631 crore and an EBIT margin of 15.2%. Communication revenue rose 14.0% to ₹6,150 crore from ₹5,397 crore, while EBIT increased to ₹1,146 crore from ₹1,017 crore.
Manufacturing revenue increased 7.7% to ₹7,913 crore from ₹7,347 crore, but EBIT fell to ₹1,694 crore from ₹1,752 crore. Its EBIT margin was 21.4%. Revenue from All other segments rose 1.2% to ₹1,291 crore, while EBIT fell to ₹86 crore from ₹184 crore.
Financial Services reported revenue of ₹13,774 crore and EBIT of ₹3,644 crore, with an EBIT margin of 26.5%. Energy Utilities Resources and services reported revenue of ₹6,975 crore and EBIT of ₹1,986 crore, while Retails reported revenue of ₹5,664 crore and EBIT of ₹1,707 crore. The filing did not provide year-ago comparisons for these three segments.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Fiancial Services | 13,774 | 3,644 | 26.5% | |
| Manufacturing | 7,913 | +7.7% | 1,694 | 21.4% |
| Energy Utilities Resources and services | 6,975 | 1,986 | 28.5% | |
| Retails | 5,664 | 1,707 | 30.1% | |
| Communication | 6,150 | +14.0% | 1,146 | 18.6% |
| Life sciences | 4,145 | +44.8% | 631 | 15.2% |
| Hi Tech | 3,332 | 795 | 23.9% | |
| All other segments | 1,291 | +1.2% | 86 | 6.7% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
Infosys filed information setting 3 November 2026 as the record date for the company’s dividend. The same-day filing excerpt did not provide details of the dividend amount, a fund raise or any appointment.
What did Infosys' management say?
Management said Q2 revenue grew 1.5% year on year and 1.2% sequentially in constant currency. It lowered FY27 constant-currency revenue-growth guidance to 1%-2% from 1.5%-3%, citing softer volumes, competitive intensity, productivity demands and weakness in Retail and Hi-Tech discretionary spending.
AI revenue reached 10.5% of total revenue and grew 29% sequentially, compared with 8.2% of revenue in the preceding quarter. Management said large-deal total contract value was $5.2 bn for Q2, including a net-new deal worth over $2 bn for seven years that is expected to add over 1% revenue growth in FY28.
Management maintained FY27 operating-margin guidance at 20%-22% and gave an effective tax-rate outlook of 29%-30%. It identified client discretionary spending, geopolitical tension, inflation, interest rates, tariffs, AI productivity sharing and competitive pricing as risks to the outlook.
CEO and Managing Director Salil Parekh said, “We will only take on the contracts where it meets our economic guidelines.” He also described AI and mega deals as long-term opportunities. CFO Jayesh Sanghrajka said, “At this point in time, for the year, we are very confident of the guidance that we have given.”
How did Infosys shares react?
Infosys shares rose 0.5% within five minutes and 1.8% within 15 minutes after the filing, before the reaction-day close recorded a 0.6% gain from the pre-results close. By the next day’s close, the stock was up 0.8% from that close; by the fifth day, it was up 0.3%.
The industry median gain was 0.6% on the reaction day, 1.0% by the next day and 1.1% by the fifth day. Infosys therefore matched the industry on the reaction day, trailed it by 0.2 percentage points on the next day and by 0.8 percentage points on the fifth day.
Earlier reaction-day moves included a 1.3% fall on 23 July 2026, a 6.3% fall on 23 April 2026 and a 5.0% rise on 14 January 2026. The stock had also fallen 2.0% on 16 October 2025 and 5.3% on 16 January 2025.
| After the filing | Stock | Computers - Software & Consulting median |
|---|---|---|
| 5 minutes | +0.5% | |
| 15 minutes | +1.8% | |
| 30 minutes | +1.1% | |
| Reaction day | +0.6% | +0.6% |
| Next day | +0.8% | +1.0% |
| 5 days | +0.3% | +1.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 23 July 2026 | −1.3% |
| 23 April 2026 | −6.3% |
| 14 January 2026 | +5.0% |
| 16 October 2025 | −2.0% |
| 1 July 2025 | +0.4% |
| 17 April 2025 | +1.5% |
| 16 January 2025 | −5.3% |
| 17 October 2024 | −4.5% |
Source: MarketPing price-reaction measurement.
How did other Computers - Software & Consulting companies do?
Thirty-three Computers - Software & Consulting companies were compared for the quarter, with a median revenue growth of 13.6%. Ten peers grew slower than Infosys, while 23 peers grew faster than Infosys.
Of the 32 peers for which profit was compared, 20 reported higher profit. The peer comparison was recorded as of 4 November 2026.
| Infosys revenue growth (YoY) | +10.7% |
|---|---|
| Median of 33 other Computers - Software & Consulting companies | +13.6% |
| Companies with slower revenue growth than Infosys | 10 of 33 |
| Companies with faster revenue growth than Infosys | 23 of 33 |
| Companies whose net profit rose | 20 of 32 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Infosys' revenue in Q2 FY27?
Revenue from operations was ₹49,244 crore, up 10.7% from ₹44,490 crore in Q2 FY26 (consolidated).
Did Infosys make a profit in Q2 FY27?
Yes. Net profit was ₹7,838 crore, against a net profit of ₹7,375 crore in Q2 FY26.
What was Infosys' EPS in Q2 FY27?
Basic earnings per share were ₹19.32, against ₹17.76 in Q2 FY26.
How did Infosys shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.6% from the previous close; the median Computers - Software & Consulting stock moved +0.6%.
When did Infosys announce its Q2 FY27 results?
On 23 October 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 23 October 2026) · PDF
- The earnings call (28 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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