By Dalal Street Investment Journal (DSIJ)
Infosys reported Q2 FY27 revenue of $5.145 billion, with year-on-year constant-currency growth of 1.5% and an operating margin of 21%. Large-deal total contract value reached $5.2 billion, with 62% classified as net new. However, the company lowered its FY27 revenue growth guidance to 1%–2%, highlighting continued uncertainty around client spending and demand. Its outlook will depend on deal conversion, AI-led business growth and margin performance.
Infosys share price closed at ₹992 on October 7, 2026, down over 2%. The stock’s near-term outlook remains cautious, with the stock still facing pressure from broader weakness in the IT sector, although its focus on AI-led services and enterprise digital transformation remains a key growth opportunity.
| Metric | Infosys |
|---|---|
| Share Price | ₹992 |
| Market Capitalisation | ₹5.07 lakh crore |
| 52-Week High | ₹1,728 |
| 52-Week Low | ₹980 |
| P/E Ratio | 13x |
| P/B Ratio | 4.09x |
| FY26 Revenue | ₹1.78 lakh crore |
| FY26 PAT | ₹29,474 crore |
| Dividend Yield | 4.7% |
(Source: Company Annual Report, BSE, Moneycontrol)
Infosys valuation has come down from its earlier levels, but investors remain cautious as slower IT spending and the growing impact of AI may affect near-term growth. Going ahead, the stock’s performance will largely depend on how well Infosys maintains revenue growth and margins, wins new deals and turns its investments in AI and digital services into meaningful business growth.
Infosys is a Bengaluru-headquartered IT services company, incorporated in 1981, with more than four decades of experience running the technology of global enterprises. It describes itself as an AI-first business consulting and technology services provider, helping large companies with consulting, cloud, data, engineering, legacy modernisation, cybersecurity and AI-led transformation.
Its revenue isn't riding on any one industry or region. Banking and financial services is a bigger slice, but manufacturing, energy, retail, telecom, tech and life sciences all contribute meaningfully.
| FY26 Revenue Mix | Contribution (%) |
|---|---|
| Financial Services | 28.0 |
| Manufacturing | 15.9 |
| Energy, Utilities, Resources and Services | 13.2 |
| Retail | 12.8 |
| Communication | 12.4 |
| Hi-Tech | 7.7 |
| Life sciences | 7.3 |
| All Other segments | 2.7 |
| Total | 100 |
(Source: Company Annual Report, BSE, Fact Sheet)
Financial Services is still the major revenue generator because banks and insurers keep spending on modernising their technology and Infosys keeps winning large deals there. Infosys earns the majority of its revenue from clients outside India.
North America is its largest market, followed by Europe, which is the fast-growing region. The Rest of the World comes next, and India contributes a small share.
| Geography | Revenue Contribution |
|---|---|
| North America | 56.10% |
| Europe | 32.10% |
| Rest of the world | 8.90% |
| India | 2.90% |
(Source: Company Annual Report, BSE, Fact Sheet)
Infosys’ competitive strengths include its strong global client base, digital capabilities, execution track record and expertise across cloud, AI and technology services. The company is increasingly focusing on AI, cloud and automation, with these areas expected to play a larger role in its future growth.
Infosys has maintained a strong financial position despite challenging demand conditions and cautious spending across the global IT services industry. This was a tough period even for the IT industry as a whole, with the Nifty IT index falling over 26% YTD as of October 7, 2026, amid conservative technology spending.
Despite weakness in the broader IT sector, Infosys has continued to deliver steady revenue growth while maintaining healthy profitability.
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Revenue from operations | ₹1,53,670 crore | ₹1,62,990 crore | ₹1,78,650 crore |
| Revenue growth | 4.70% | 6.06% | 9.61% |
| PAT | ₹26,248 crore | ₹26,750 crore | ₹29,474 crore |
| PAT growth | 8.88% | 1.91% | 10.18% |
| OPM | 24% | 24% | 24% |
(Source: Screener, Company Annual Report, BSE)
Revenue at Infosys increased from ₹1,53,670 crore in FY24 to ₹1,78,650 crore in FY26, while reported healthy revenue growth was from approximately 4.7% in FY24 to 9.61% in FY26. Despite the tough growth conditions, Infosys has been able to sustain profitability owing to operational efficiency and business mix.
Consolidated profit for the year increased from ₹26,248 crore in FY24 to ₹29,474 crore in FY26. Although the growth rate remained flat in FY26, there was no change in the operating profit margin, which stood constant at 24%, indicating that the company can maintain its margins in tough times.
| Financial Metric | Q2 FY26 | Q2 FY27 | YoY Change |
|---|---|---|---|
| Revenue From Operations | ₹44,490 | ₹49,244 | 10.7% |
| Operating Profit | ₹9,353 | ₹10,330 | 10.4% |
| Operating Margin | 21.0% | 21.0% | Unchanged |
| Net Profit | ₹7,364 | ₹7,823 | 6.2% |
In Q2 FY27, Infosys reported revenue of ₹49,244 crore, an increase of 10.7% year-on-year in reported INR terms. Operating margin remained stable at 21%, while net profit after non-controlling interests rose 6.2% to ₹7,823 crore. The results indicate that the company maintained its margin during the quarter, although its revised full-year revenue guidance points to continued pressure on growth.
Infosys’ valuations have cooled from their earlier levels, with the P/E and P/B multiples coming down, while ROE and ROCE remain healthy. The stock’s valuation multiples have declined, while future performance will depend on earnings growth, deal conversion and trends in IT spending.
| Ratios (Oct 7, 2026) | Infosys |
|---|---|
| P/E | 13x |
| P/B | 4.09x |
| ROE | 32% |
| ROCE | 40% |
| Debt-to-equity | 0.10x |
| Dividend yield | 4.73% |
(Source: Company Annual Report, BSE, Screener)
The company has continued with strong return ratios of 32% and 40% in ROE and ROCE, respectively. With a debt-to-equity ratio of 0.10x and a dividend yield of 4.73%, investors may consider these metrics alongside the company's profitability, cash generation, and valuation.
Infosys trades at approximately 13x earnings, compared with the cited industry P/E of 19x. Whether this discount is justified depends on its expected growth, profitability and risk profile.
Technically, the share price of Infosys is under a well-defined downtrend, whereby the price is trading in a pattern of lower highs and lower lows on a daily time frame. The ₹983 - ₹990 range has acted as a good support level for Infosys.
However, there are some positives as well: the stock has not formed a new lower low and has shown a reversal from its previous swing low of ₹983.
As of October 07, Infosys is trading below its short-term, medium-term, and long-term moving averages on the daily chart. On the weekly chart, the stock is trading below its 20-week, 50-week, 100-week, and 200-week moving averages.
Infosys has a substantial institutional shareholder base, although recent filings indicate changes in promoter and foreign institutional ownership.
| Shareholding Pattern | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Promoters | 14.30% | 14.52% | 14.38% | 13.82% |
| FIIs | 30.08% | 30.27% | 28.45% | 27.09% |
| DIIs | 39.39% | 41.08% | 43.19% | 42.78% |
| Government | 0.20% | 0.20% | 0.20% | 0.20% |
| Public & Others | 13.70% | 13.69% | 13.54% | 15.88% |
(Source: Screener)
Promoter ownership in Infosys has declined marginally from 14.30% in September 2025 to 13.82% in June 2026. FIIs’ ownership has also reduced during the period, falling from 30.08% to 27.09%, while domestic institutions increased their holding from 39.39% to 42.78%.
Overall, Infosys continues to have a strong institutional shareholder base, with rising domestic institutional participation offsetting the decline in foreign ownership. FII holdings remain a key factor to watch, especially as global IT spending and the stock’s valuation continue to influence investor sentiment.
Nevertheless, future growth in Infosys will be driven more by earnings growth than by valuation multiple growth, which has been the main driver of returns from Infosys until now.
In the past five years, Infosys has shown earnings growth consistently amid difficult conditions in the IT industry. The firm’s ability to maintain the operating profit margin at 24%, together with an impressive balance sheet and a big clientele, is one of its major strengths.
Infosys has over US$ 20 billion in revenue, with 88 clients paying US$ 50 million or more and US$ 14.9 billion in large-deal TCV for FY26.
Infosys revised its FY27 revenue growth guidance to 1%–2% in constant currency, down from the earlier range of 1.5%–3%. The company retained its operating margin guidance at 20%–22%. The revised outlook reflects the challenges of converting large deal wins into revenue amid cautious client spending and pricing pressures. The pace of AI adoption and the company's ability to monetise AI-led services will remain important factors for future growth.
| Company | Revenue Growth | EBIT Margin | P/E | ROE |
|---|---|---|---|---|
| Infosys | 9.61% | 19.46% | 13x | 31.68% |
| TCS | 4.58% | 24.8% | 14x | 51.8% |
| HCL Tech | 11.18% | 17.02% | 17x | 23.8% |
| Wipro | 3.77% | 15.45% | 12x | 15.5% |
| Tech Mahindra | 7.22% | 11.2% | 27x | 17.5% |
| Peer Median | 7.22% | 17.02% | 14x | 23.80% |
(Source: Company Annual Report, BSE, Screener, Radar)
Infosys had a steady year rather than a spectacular one. Revenue crossed $20.16 billion (₹1,78,650 crore), and it signed $14.9 billion in large deal TCV, 55% of it net new. That tells us clients are still willing to commit to big transformation programmes, even as discretionary IT spending remains cautious.
During Q2 FY27, Infosys secured $5.2 billion in large-deal total contract value, with 62% classified as net new. This provides visibility into potential future business, although the timing of project execution and revenue recognition will remain important to the company's growth trajectory.
Against its large-cap IT peers, Infosys looks better than the median on almost every measure:
Growth: 9.61% against a peer median of 7.22%. Only HCL Tech (11.18%) grew faster, while TCS (4.58%) and Wipro (3.77%) lagged.
Profitability: An EBIT margin of 19.46% beats the 17.02% median. Only TCS (24.8%) is clearly ahead. Project Maximus and other efficiency efforts helped hold the adjusted operating margin at 21.0%.
Returns: ROE of 31.68% is well above the 23.8% median, and again only TCS (51.8%) is higher.
Valuation: At 13x earnings, Infosys trades slightly below the 14x median. It is the second cheapest in the group after Wipro (12x).
AI Revenue Deflation: Generative and agentic AI is reducing the need for manual coding and maintenance work. If traditional IT revenue declines faster than Infosys can build out new, AI-led sources of revenue, then overall growth could come under pressure.
GCC In-sourcing: More companies are building their own Global Capability Centers (GCCs) to manage technology and digital operations internally. A continued shift towards in-house capabilities could limit the long-term growth of the outsourced IT market.
Pipeline Conversion Drag: Infosys has a healthy pipeline of large deals worth $14.9 billion, but macro uncertainty, tariff changes and cautious client spending could lead to delays in project ramp-ups. The main risk is that strong deal wins may take time to translate into actual revenue.
Regulatory & Cyber Exposure: Changes in US visa rules, tax regulations across key markets or a major cybersecurity incident may increase costs and disrupt operations. A significant data breach may also hurt client confidence and Infosys’ reputation.
Infosys is at a point where the stock valuation and price action are showing a slightly different picture from the near-term fundamentals. The stock is trading below ₹1,000 after a sharp correction from its 52-week high of ₹1,728. However, it has so far managed to hold the ₹980–983 zone, which is close to its recent swing low. Holding this level could indicate that selling pressure is easing, while a sustained break below it would weaken the technical setup.
The share-price correction has reduced Infosys’ valuation multiples, although the decline alone does not establish that the stock is undervalued. The stock is trading at around 13x earnings, well below the levels seen in FY25 and FY26. This suggests that the price already reflects a fair amount of the near-term weakness.
Infosys reported a 21% operating margin in Q2 FY27, while revenue grew 1.5% year-on-year in constant currency. However, the company lowered its FY27 revenue growth guidance to 1%–2%, indicating that demand conditions remain challenging. The revised outlook makes revenue growth and deal conversion key factors to monitor alongside margins and AI-led business expansion.
Infosys is expanding its AI-led services as enterprise adoption increases. In Q2 FY27, AI contributed 10.5% of revenue and grew 29% sequentially, highlighting its growing role in the company’s business mix. However, the impact on overall growth will depend on how quickly clients move from pilot projects to large-scale implementation.
The company secured $5.2 billion in large-deal total contract value during the quarter, with 62% classified as net-new business. While these wins support future revenue visibility, the timing of project execution and client spending will determine how quickly they translate into recognised revenue.
Despite these opportunities, Infosys revised its FY27 constant-currency revenue growth guidance to 1%–2%, from the earlier 1.5%–3%, while retaining its operating margin guidance at 20%–22%. Operating margin stood at 21% in Q2 FY27. Going forward, the company’s ability to convert deal wins into revenue, expand AI-led services and improve delivery productivity will be important in sustaining growth and profitability.
Infosys declared an interim dividend of ₹26 per share for FY27 alongside its Q2 results announced on October 23, 2026, marking a 13% increase from the ₹23 per share interim dividend declared in the previous year. The company fixed November 3, 2026, as the record date, with payment scheduled for November 11, 2026.
| Financial Year | Dividend Per Share |
|---|---|
| FY27 (Interim) | ₹26 per share |
| FY26 | ₹48 per share |
| FY25 | ₹43 per share |
| FY24 | ₹46 per share |
(Source: Company Annual Report, BSE)
Source: Dalal Street Investment Journal (DSIJ), RBI
Infosys reported revenue of ₹49,244 crore in Q2 FY27, up 10.7% year-on-year. Net profit attributable to shareholders stood at ₹7,823 crore, while operating margin was 21%
Investors assessing Infosys for the long term may consider its dividend history, cash generation, valuation, growth outlook and exposure to risks in the IT services industry.
Infosys revised its FY27 revenue growth guidance to 1%–2% in constant-currency terms, compared with its earlier guidance of 1.5%–3%. The company retained its operating margin guidance at 20%–22%.
Infosys’ growth is driven by strong large deal momentum, enterprise AI adoption via Infosys Topaz, cloud and data expansion through Cobalt™, legacy system modernisation, and targeted global acquisitions.
Growth investors should keep in mind that upside momentum will largely depend on how quickly client spending recovers and how effectively Infosys monetises its AI-first service portfolio.
SEBI Registered Research Analyst (INH000006396).
Founded in 1986, Dalal Street Investment Journal (DSIJ) brings decades of experience in India’s equity markets. DSIJ's research combines fundamental analysis with price action, guided by disciplined risk management and capital preservation. They follow a structured, data-driven approach designed to help investors and traders make informed decisions beyond short-term market noise.
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This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Bajaj Financial Securities Limited and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Bajaj Financial Securities Limited reserves the right to make modifications and alterations to this statement as may be required from time to time. Bajaj Financial Securities Limited or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Bajaj Financial Securities Limited is committed to providing independent and transparent recommendation to its clients. Neither Bajaj Financial Securities Limited nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance .The disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of Bajaj Financial Securities Limited. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of Bajaj Financial Securities Limited and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.
We offer our research services to clients as well as our prospects. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as customers by virtue of their receiving this report.
Bajaj Financial Securities Limited and its associates, officer, directors, and employees, research analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. Bajaj Financial Securities Limited may have proprietary long/short position in the above-mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Bajaj Financial Securities Limited.
Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.
Research analyst has served as an officer, director or employee of subject Company: No
Bajaj Financial Securities Limited has financial interest in the subject companies: No
Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.
Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No
Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No
Subject company may have been client during twelve months preceding the date of distribution of the research report.
There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at NSE
ANALYST CERTIFICATION
The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.
RISK DISCLOSURE ON DERIVATIVES
SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.
BROKERAGE DISCLAIMER
All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : Pricing
MTF
As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).
US INVESTING
International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.
IPO
This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.
SCREENERS
Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform.
SECURITIES
Securities quoted are exemplary and not recommendatory.
IPV
Account would be open after all procedure relating to IPV and client due diligence is completed.
IMAGES
The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites.
THIRD PARTY PRODUCT DISCLAIMER
Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.
As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.
