What is the Infosys Q2 FY27 results filing?
On 23 Oct 2026, Infosys sent its results for July to September 2026 to BSE, NSE and the New York Stock Exchange.[S1] This guide walks through that one filing, part by part.
The filing is a single PDF of nearly 200 pages. Most readers need only a handful of them, and this guide names those pages.
What are the parts, and in what order?
The PDF stacks several documents one after another. The page numbers below are PDF pages, as your PDF reader counts them.[S1]
- The cover letter to the exchanges (pages 1–2): what the board approved.
- The fact sheet (pages 3–6): operating numbers such as clients, staff and cash.
- The auditor's reports on the results (from page 7): what the auditor checked and concluded.
- The results statement in the exchange format (from page 18): the table the listing rules ask for.
- The press releases (from page 25 in rupees, from page 33 in US dollars): the company's own summary.
- The full condensed financial statements, each with its own auditor's report (from page 41).
What does the cover letter say?
In the filing · PDF page 1
Interim dividend ₹26 per equity share; record date 3 Nov 2026; payout date 11 Nov 2026[S1]
A dividend declared in the middle of the year is called an interim dividend. The record date decides who receives it: shareholders on the company's register that day. The payout date is when the money is paid.
The letter also lists what else the board approved. Here that included audited results under Indian accounting standards (Ind AS) and the international standard (IFRS).[S1]
What does the press release lead with?
The press release is the company's own summary. Management writes it, so it opens with the points management wants to stress.
In the filing · PDF page 25
Reported revenues ₹49,244 crore, growth of 10.7% YoY[S1]
Revenue is the money from the company's main business in the quarter. "YoY" means year on year: compared with July to September 2025.
In the filing · PDF page 25
Revenues in CC terms grew 1.5% YoY and 1.2% QoQ[S1]
CC means constant currency, explained in the next section. "QoQ" means quarter on quarter: compared with April to June 2026.
In the filing · PDF page 25
Guidance for FY 27 Revenue growth of 1%-2% in constant currency; operating margin of 20%-22%[S1]
Guidance is the range management expects for the full year. It is a statement, not a result. Read it as "the company said on 23 Oct 2026 that it expects this". Then compare it with what is reported after March 2027.
Why do rupee growth and constant-currency growth differ?
Most of Infosys's revenue comes from clients outside India: North America and Europe brought in 87.1% this quarter.[S1] When the rupee weakens, the same foreign revenue turns into more rupees.
Constant-currency growth removes that effect. The filing explains the method: revenue is converted at the earlier period's exchange rates, then compared.[S1]
In this quarter, clients in India brought in 2.8% of Infosys's revenue.[S1] That is why currency moves show up so clearly in its rupee numbers.
Which operating margin is this?
In the filing · PDF page 5 (fact sheet, IFRS, US dollars)
Operating margin % 21.0[S1]
Infosys works out operating margin as operating profit divided by revenue. Its operating profit is counted after depreciation, the yearly wear and tear of computers and buildings.
Cityfort stock pages show the EBITDA margin instead. It is counted before depreciation, and it covers the full year, not one quarter. The Infosys stock page shows its full-year EBITDA margin 22.9% (FY26).
So the two figures differ in period as well as in costs. In Q2 FY27, depreciation was ₹1,359 crore, about 2.8% of revenue.[S1] That is the cost an EBITDA margin leaves out.
Both numbers can be right at the same time. When two margins differ, first check which costs each one subtracts.
Where are the audited numbers?
The press release copies numbers from the statements. The full audited statements sit further back in the PDF.[S1]
The consolidated profit and loss statement under Ind AS is on PDF page 162. "Consolidated" means Infosys plus all the companies it owns.
In the filing · PDF page 162
Revenue from operations ₹49,244 crore[S1]
The same number as the press release. When a summary and the audited statement agree, you can rely on the summary for that line.
In the filing · PDF page 162
Employee benefit expenses ₹25,483 crore[S1]
Salaries and benefits for staff. For an IT services company this is the biggest cost: a little over half of revenue in this quarter.
In the filing · PDF page 162
Profit attributable to owners of the Company ₹7,823 crore[S1]
The profit that belongs to Infosys shareholders. A small slice belongs to outside shareholders in a few subsidiaries, so it is shown separately.
In the filing · PDF page 162
Earnings per equity share, basic ₹19.32[S1]
Earnings per share (EPS) is the owners' profit divided by the average number of shares. It lets you follow profit per share even when the share count changes.
What did the auditor say?
In the filing · PDF page 7
Independent auditor's report on audit of quarterly and half yearly consolidated financial results Deloitte Haskins & Sells LLP[S1]
The auditor says it audited the quarter's results and that they give a "true and fair view". It added no qualification. A qualification is a formal exception, where the auditor disagrees with something in the numbers.
The report also names the rule behind the filing: Regulation 33 of SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.[S1]
SEBI's listing rules let a company file quarterly results audited or unaudited. Unaudited results must carry a limited review by the statutory auditor, a lighter check than an audit.[S2]
Infosys had this quarter fully audited, and the report says so in its first line.[S1]
What does the fact sheet add?
The fact sheet holds numbers that are not in the accounts. They describe the business: clients, staff and cash.[S1]
In the filing · PDF page 3
Client contribution to revenues: Top 5 clients 12.2%[S1]
The five biggest clients together paid this share of revenue in the quarter. The lower it is, the less one client's decision moves the total.
In the filing · PDF page 3
Days sales outstanding 64[S1]
Roughly how many days of sales are still waiting to be collected from clients. The footnote says it uses the last twelve months of revenue.
In the filing · PDF page 4
Voluntary Attrition % (LTM - IT Services) 12.7%[S1]
The share of staff who chose to leave over the last twelve months (LTM). People are the main input of an IT services firm, so this number is reported every quarter.
In the filing · PDF page 4
FCF US$928 million[S1]
Free cash flow. The footnote defines it as cash from operations minus capital spending, and calls it a "non-IFRS measure". That means the company calculates it; it is not a line in the audited statements.
Which headline numbers are the company's own measures?
Some headline numbers are not accounting lines at all. Large deal TCV (total contract value) of $5.2 billion and AI at 10.5% of revenue are company measures.[S1]
They can be useful, but no accounting standard defines them. Read the definition before comparing them with another company's figures.
Where do you find a filing like this?
A listed company must file quarterly results within 45 days of the quarter's end. The year's final quarter is the exception: audited annual results are due within 60 days of the year's end.[S2]
Results filings appear on the BSE and NSE websites, under each company's announcements. Infosys titled this one "Outcome of the Board meeting".[S1]
Cityfort's Infosys stock page uses its quarterly filings for the charts in "How has Infosys done?". For a different kind of results document, see how to read an investor presentation.