Information Technology · NSE: INFY · BSE: 500209
Infosys: how the business works
Infosys builds and runs software for large companies, mostly in North America and Europe; FY26 revenue was ₹178,650 crore.
Infosys Limited · Bengaluru, Karnataka · Founded 1981
Last updated · Reviewed by Cityfort Research on
- Revenue, FY26
- ₹178,650 cr
- Net profit to shareholders, FY26
- ₹29,440 cr
- Active clients, Sep 2026
- 2,060
- Employees, Sep 2026
- 332,542
- Promoter holding, Sep 2026
- 13.90%
01 · The business in one line
What does Infosys do?
Big companies pay Infosys to build and run software; staff costs take ₹52 of every ₹100, and ₹16 is profit.
- In FY26, clients in North America gave 56.1% of revenue and Europe 32.2%. Financial-services firms were the largest industry group, at 27.9%.
- Most of the work is done offshore, away from client sites: 77.4% of staff effort in Q2 FY27.
02 · What it sells
What does Infosys sell?
IT services and consulting
Building, upgrading and running clients' software and IT systems, plus technology advice. ₹46,938 crore, about 95% of revenue, in Q2 FY27.
Its own software products and platforms
Finacle (core banking software), Edge Suite, Panaya, Stater (a mortgage platform) and McCamish (an insurance platform). ₹2,306 crore, about 4.7% of revenue, in Q2 FY27.
Think of it like this
Like an IT department that large companies hire from outside, paying by the person or by the project.
What it does
- Does: Builds, upgrades and runs software and IT systems for 2,060 active clients (Sep 2026).
- Does: Bills for staff time and for fixed-price projects; fixed-price work was 54% of FY26 revenue.
- Does: Sells some software it owns, such as Finacle for banks.
What it does not do
- Does not: Does not sell to consumers; its clients are companies and some public bodies.
- Does not: Does not earn much in India: Indian clients gave 2.9% of FY26 revenue.
- Does not: Does not make hardware such as computers or phones.
Source: Board meeting outcome and audited results, Q2 FY27 (quarter ended 30 Sep 2026): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements; Business Responsibility and Sustainability Report FY26 (inside Integrated Annual Report FY26, as filed 29 May 2026)
03 · Who pays it
Who pays Infosys?
Financial-services firms
28%
of revenue
Banks, insurers and other financial companies.
Manufacturers
16%
of revenue
Manufacturing companies.
Energy, utilities, resources and services firms
13%
of revenue
Energy, utility, natural-resource and services companies.
Retail, consumer-goods and logistics firms
13%
of revenue
Retailers, consumer-goods makers and logistics companies.
Telecom and media firms
12%
of revenue
Telecom operators, telecom-equipment makers and media companies.
Technology, healthcare and other clients
17%
of revenue
Hi-tech firms (7.8%), drug and healthcare companies (6.9%), and clients in India, Japan, China and public services (2.7%).
- Financial-services firms28%
- Manufacturers16%
- Energy, utilities, resources and services firms13%
- Retail, consumer-goods and logistics firms13%
- Telecom and media firms12%
- Technology, healthcare and other clients17%
How spread out the customers are
Infosys does not name or quantify its largest client. In Q2 FY27 its top 5 clients gave 12.2% of revenue and its top 10 gave 19.8%. It had 2,060 active clients.
- Top 5 customers
- 12%
- Top 10 customers
- 20%
Source: Integrated Annual Report FY26 (revised filing; incl. consolidated Ind AS financial statements); Board meeting outcome and audited results, Q2 FY27 (quarter ended 30 Sep 2026): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements
04 · How the money flows · FY26
How does money flow through Infosys?
Money in
- Revenue from operations₹178,650 cr
- Other income₹4,322 cr
The company
Infosys
₹182,972 cr came in
Money out
- Employee costs₹95,094 cr
- Subcontractors₹15,421 cr
- Software packages and other bought-in items₹15,722 cr
- Travel, communication, consultancy and other costs₹10,133 cr
- Depreciation₹4,902 cr
- Lease interest, tax and a one-off Labour Codes charge₹12,226 cr
- Profit after tax (₹29,440 crore to Infosys shareholders, ₹34 crore to minority partners)₹29,474 cr
- In FY26 clients paid Infosys ₹178,650 crore. It also earned ₹4,322 crore of other income.
- Pay for its staff took the biggest share: ₹95,094 crore.
- Subcontractors, software packages, travel and other running costs took another ₹41,276 crore.
- Depreciation, lease interest and tax took ₹15,839 crore. A one-off charge for India's new Labour Codes took ₹1,289 crore.
- The ₹29,474 crore left was profit. Of it, ₹29,440 crore belonged to Infosys shareholders.
Source: Integrated Annual Report FY26 (revised filing; incl. consolidated Ind AS financial statements)
05 · Where the money goes · FY26
Where does ₹100 of Infosys' money go?
Infosys · FY26
Receipt for every ₹100
| Employees | ₹52.0 |
|---|---|
| Subcontractors | ₹8.4 |
| Software packages and bought-in items | ₹8.6 |
| Travel, communication and other costs | ₹5.5 |
| Depreciation | ₹2.7 |
| Lease interest, tax and one-off charge | ₹6.7 |
| Kept as profit | ₹16.1 |
| Total | ₹100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly ₹100 because of rounding.
Source: Integrated Annual Report FY26 (revised filing; incl. consolidated Ind AS financial statements)
06 · What it needs to run
What does Infosys need to run?
People
332,542 employees on 30 Sep 2026. Voluntary attrition (staff who chose to leave) was 12.7% over 12 months.
Delivery centres and offices
57 offices in India and 233 abroad (Infosys Ltd alone, FY26). In Q2 FY27, 77.4% of staff effort was offshore, away from client sites.
Contracted work
Work already contracted but not yet delivered was ₹130,017 crore on 31 Mar 2026. A year earlier it was ₹104,785 crore.
Its own software
Finacle, Edge Suite, Panaya, Stater and McCamish brought in ₹2,306 crore in Q2 FY27.
Source: Board meeting outcome and audited results, Q2 FY27 (quarter ended 30 Sep 2026): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements; Business Responsibility and Sustainability Report FY26 (inside Integrated Annual Report FY26, as filed 29 May 2026); Integrated Annual Report FY26 (revised filing; incl. consolidated Ind AS financial statements)
07 · Why it makes money
Why does Infosys make money?
Staff time and projects sold to clients abroad; staff pay is the biggest cost
Infosys bills for staff time or for fixed-price projects, and staff costs take about ₹52 of every ₹100. North American and European clients gave 88.2% of FY26 revenue. So currency moves change rupee revenue: FY26 revenue grew 9.6% in rupees and 3.1% in constant currency, the company said.
EBITDA per ₹100 of revenue
₹25.9₹22.9
FY22 to FY26
- Large clients sign multi-year IT contracts
- Infosys staffs the work, mostly from offshore centres
- Clients in North America and Europe pay most of the revenue
- Staff pay is the biggest cost, about ₹52 of every ₹100
- What is left funds dividends, buybacks and acquisitions
- Some cash buys firms that add skills, such as Optimum in healthcare
↺ Step 6 feeds back into step 1.
Source: Integrated Annual Report FY23; Integrated Annual Report FY26 (revised filing; incl. consolidated Ind AS financial statements)
08 · Business segments · FY26
Which businesses make up Infosys?
Financial Services
28%Banks, insurers and other financial firms. Segment profit before shared costs was 25.4% of its FY26 revenue.
Revenue ₹49,908 cr
Manufacturing
16%Manufacturing companies. Segment profit before shared costs was 22.2% of its FY26 revenue.
Revenue ₹29,078 cr
Energy, Utilities, Resources and Services
13%Energy, utility, natural-resource and services companies. Segment profit before shared costs was 25.1% of its FY26 revenue.
Revenue ₹23,818 cr
Retail
13%Retailers, consumer-goods makers and logistics firms. Segment profit before shared costs was 30.7% of its FY26 revenue.
Revenue ₹23,077 cr
Communication
12%Telecom operators, telecom-equipment makers and media companies. Segment profit before shared costs was 17.7% of its FY26 revenue.
Revenue ₹21,765 cr
Hi-Tech
8%Technology companies. Segment profit before shared costs was 23.2% of its FY26 revenue.
Revenue ₹13,928 cr
Life Sciences
7%Drug, medical and healthcare companies. Segment profit before shared costs was 19.9% of its FY26 revenue.
Revenue ₹12,267 cr
Others
3%Clients in India, Japan and China, and public-services work. Segment profit before shared costs was 14.9% of its FY26 revenue.
Revenue ₹4,809 cr
How the mix changed
- Financial Services
- Manufacturing
- Energy, Utilities, Resources and Services
- Retail
- Communication
- Hi-Tech
- Life Sciences
- Others
Revenue by segment, FY22 to FY26.
₹ crore · Source: Integrated Annual Report FY23; Integrated Annual Report FY24; Integrated Annual Report FY25 and 1 more
See the numbers
Source: Integrated Annual Report FY26 (revised filing; incl. consolidated Ind AS financial statements)
09 · Where it sells · FY26
Where does Infosys sell?
- North America56%
- Europe32%
- Rest of the world9%
- India3%
Source: Integrated Annual Report FY26 (revised filing; incl. consolidated Ind AS financial statements)
10 · Competitors and what protects it
Who does Infosys compete with?
Tata Consultancy Services Ltd
NSE: TCS
Sells IT services, consulting and business solutions to large enterprises across similar industries; FY26 consolidated revenue ₹267,021 crore.
HCL Technologies Ltd
NSE: HCLTECH
Sells IT and business services, engineering R&D services and its own software products; FY26 consolidated revenue ₹130,144 crore.
Wipro Ltd
NSE: WIPRO
Sells IT and IT-enabled services, including consulting, application development and systems integration; FY26 consolidated revenue ₹92,624 crore.
Tech Mahindra Ltd
NSE: TECHM
Sells IT consulting, systems integration and business process services worldwide; FY26 consolidated revenue ₹56,815 crore.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Long client relationships and contracted work4 of 5
42 clients each paid Infosys over US$100 million in the 12 months to Sep 2026. Contracted work not yet delivered was ₹130,017 crore on 31 Mar 2026.
- Scale of delivery4 of 5
Infosys had 332,542 employees on 30 Sep 2026. 77.4% of their effort was offshore, away from client sites.
- Cash and no borrowings5 of 5
No borrowings and ₹35,151 crore of cash and liquid investments on 31 Mar 2026.
- Own software products2 of 5
Products and platforms such as Finacle were ₹2,306 crore, about 4.7% of revenue, in Q2 FY27. The rest is services.
Weak spot
Tied to client IT budgets in North America and Europe
These two regions gave 88.2% of FY26 revenue. Q2 FY27 revenue grew 1.5% in constant currency. Infosys lowered its FY27 growth guidance on 23 Jul and 23 Oct 2026.
Source: Tata Consultancy Services Ltd: Integrated Annual Report FY26 (competitor filing); Integrated Annual Report FY26 (revised filing; incl. consolidated Ind AS financial statements); HCL Technologies Ltd: Annual Report FY26 (competitor filing) and 4 more
11 · Where growth could come from
Where could Infosys' growth come from?
Management said on 23 Apr 2026 that it expected FY27 revenue to grow 1.5%–3.5% in constant currency. Constant currency means growth without the effect of exchange-rate moves. On 23 Jul 2026 it lowered the band to 1.5%–3.0%. The CFO cited lower spending by a large European client, deals Infosys chose not to pursue, and a shift offshore. The Q2 FY27 results release of 23 Oct 2026 lowered it again, to 1%–2%. Each time the company kept its 20%–22% operating-margin band. That margin is the company's own IFRS measure, after depreciation, so it differs from EBITDA on this page.
Large deals
WorkingUS$5.2 bn of large deals, Q2 FY27
Infosys reported large-deal wins (the total value of big new contracts) of US$14.9 billion in FY26. In Q2 FY27 they were US$5.2 billion, including one deal of over US$2 billion.
Status: Working, on track against what the company said.
AI work
Early10.5% of revenue, Q2 FY27 (company-defined)
Infosys reported AI work at 5.5% of revenue in Q3 FY26, 8.2% in Q1 FY27 and 10.5% in Q2 FY27. The company sets this definition itself; the figure is not audited.
Status: Early, too early to judge.
European clients
Working32.2% of revenue, FY26
Revenue from European clients rose from ₹30,129 crore in FY22 to ₹57,454 crore in FY26. In Q2 FY27 it grew 4.6% in constant currency, while North America fell 1.5%.
Status: Working, on track against what the company said.
Healthcare and insurance acquisitions
New₹4,171 cr for two US firms, Apr–May 2026
Infosys bought Stratus (insurance technology, ₹701 crore) and Optimum Healthcare IT (₹3,470 crore). In Jul 2026 the CFO said the FY27 band included about 1.7% from these two. Life Sciences grew 32.5% in constant currency in Q2 FY27, including Optimum.
Status: New, recently announced.
Hi-Tech and Retail clients
BehindHi-Tech −17.3%, Q2 FY27
In Q2 FY27, revenue from Hi-Tech clients fell 17.3% and from Retail clients 7.7%, both in constant currency.
Status: Behind, behind the company's own plan.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Source: Transcript: Q4 FY26 press conference and earnings call (23 Apr 2026); Board meeting outcome and audited results, Q4 FY26 and FY26 (quarter and year ended 31 Mar 2026): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements; Board meeting outcome and audited results, Q1 FY27 (quarter ended 30 Jun 2026): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements and 4 more
12 · The numbers · Consolidated · ₹ crore
How has Infosys done?
Revenue
₹178,650 crFY26
Revenue rose every year, to ₹178,650 crore in FY26; the company puts FY26 constant-currency growth at 3.1%.
₹ crore · Source: Integrated Annual Report FY23; Integrated Annual Report FY24; Integrated Annual Report FY25 and 12 more
See the numbers
Net profit
₹29,440 crFY26
Net profit to shareholders rose every year to ₹29,440 crore in FY26. Q3 FY26 includes a one-off ₹1,289 crore pre-tax charge, equal to 19% of that quarter's net profit.
₹ crore · Source: Integrated Annual Report FY23; Integrated Annual Report FY24; Integrated Annual Report FY25 and 1 more
See the numbers
Profit kept per ₹100 of revenue
₹16.5FY26
EBITDA per ₹100 of revenue fell from ₹25.9 in FY22 to ₹22.9 in FY26, or ₹23.7 before a one-off charge.
₹ of profit per ₹100 of revenue (net margin) · Source: Integrated Annual Report FY23; Integrated Annual Report FY24; Integrated Annual Report FY25 and 1 more
See the numbers
Free cash flow
₹31,259 crFY26
Free cash flow here is operating cash flow minus capex, ₹31,259 crore in FY26; Infosys' own measure differs (₹33,097 crore).
₹ crore · cash from operations minus spending on plants and equipment · Source: Integrated Annual Report FY23; Integrated Annual Report FY24; Integrated Annual Report FY25 and 1 more
See the numbers
See all yearly numbers
EBITDA = profit before interest, tax and wear-and-tear of assets. Financial year runs April to March (March year end). Net profit is the share belonging to the company's owners.
13 · Financial strength · 31 Mar 2026
How much debt does Infosys have?
- Total debt₹0 cr
- Cash and investments₹35,151 cr
- Net cash (cash minus debt)₹35,151 cr
- Net worth (shareholders' money)₹92,852 cr
- Debt to equity
- 0×
- ₹ of debt for every ₹1 of shareholders' money
- Contingent liabilities
- ₹3,117 cr
- possible future payments, e.g. disputed claims
- Infosys had no borrowings at the end of any year from FY22 to FY26.
- Lease liabilities (rent owed under leases) were ₹9,176 crore. They are not counted as debt here.
- Cash and liquid investments = cash (₹22,201 crore) plus short-term investments (₹12,950 crore). Infosys' own 'cash and investments' also counts longer-term investments. It was ₹43,075 crore on 31 Mar 2026 and ₹45,232 crore on 30 Sep 2026.
- Net worth = equity belonging to Infosys shareholders. It was ₹95,818 crore a year earlier. In FY26 the buyback and dividends paid out ₹36,711 crore.
- Contingent liabilities (claims the company disputes) were ₹3,117 crore, including ₹1,964 crore of income-tax claims.
- The FY26 annual report lists credit ratings of CRISIL AAA, S&P A and Moody's Baa1, each with a stable outlook. It says none changed during FY26.
Source: Integrated Annual Report FY26 (revised filing; incl. consolidated Ind AS financial statements); Board meeting outcome and audited results, Q2 FY27 (quarter ended 30 Sep 2026): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements
14 · Who owns it · Q2 FY27
Who owns Infosys?
- Promoters (founders or parent company)13.9%
- Foreign institutions (FII)27.4%
- Indian institutions (DII)42.9%
- Public and others15.8%
Promoter pledge
No promoter shares were pledged in Q2 FY27.
How ownership changed
* Pledged = share of the promoters' own holding reported as pledged. In older filings this can include shares “otherwise encumbered”; the governance flags say when.
Source: Shareholding pattern as on 30 Sep 2026 (NSE XBRL); Shareholding pattern as on 30 Jun 2026 (NSE XBRL); Shareholding pattern as on 31 Mar 2026 (NSE XBRL) and 9 more
15 · What it does with profit
What does Infosys do with its profit?
Dividend per share
₹48.00FY26
Dividend paid for each share, by financial year.
₹ per share · Source: Integrated Annual Report FY22; Integrated Annual Report FY23; Integrated Annual Report FY24 and 2 more
See the numbers
Buyback · 4 Dec 2025
Bought back and cancelled 10 crore shares at ₹1,800 each, approved by the board on 11 Sep 2025. Cash paid, including costs and tax, was ₹18,058 crore.
₹18,000 cr
Source: Board outcome 11 Sep 2025: buyback of up to 10 crore shares at ₹1,800 (₹18,000 crore); Post-buyback public announcement: 10 crore shares bought back at ₹1,800; extinguished 4 Dec 2025; Integrated Annual Report FY26 (revised filing; incl. consolidated Ind AS financial statements)
16 · Who runs it
Who runs Infosys, and did they deliver?
Nandan M. Nilekani
Chairman (non-executive) · since 2017
Co-founder and part of the promoter group. Chairman since 24 Aug 2017; he chose not to take pay, the FY26 annual report says.
Salil Parekh
CEO and Managing Director · since 2018
In the role since 2 Jan 2018. His current term ends on 31 Mar 2027.
Ashiss Kumar Dash
CEO Designate · since 2026
Appointed 23 Jul 2026. The board intends to make him CEO and MD from 1 Apr 2027, subject to statutory requirements. He earlier headed the energy, utilities, resources and services (SURE) segment.
Jayesh Sanghrajka
Chief Financial Officer · since 2024
CFO from 1 Apr 2024.
Nitin Paranjpe
Vice Chairman (independent director) · since 2026
Independent director since 1 Jan 2024; Vice Chairman from 30 Apr 2026.
What they said, and what happened
1 missed · 3 delivered · 3 too early to tell
Said on 16 Jan 2025
FY25 revenue growth of 4.5%–5.0% in constant currency (the band was 3%–4% in Jul 2024).
MissedWhat happened
FY25 growth was 4.2% in constant currency: below the final band, above the first one.
Said on 14 Jan 2026
FY26 revenue growth of 3.0%–3.5% in constant currency (the first band, in Apr 2025, was 0%–3%).
DeliveredWhat happened
FY26 growth was 3.1% in constant currency.
Said on 17 Apr 2025
FY26 operating margin of 20%–22%.
DeliveredWhat happened
FY26 operating margin was 20.3% as reported, or 21.0% before the Labour Codes charge.
Said on 11 Sep 2025
Buy back up to 10 crore shares at ₹1,800 each, ₹18,000 crore in all.
DeliveredWhat happened
10 crore shares were bought back and cancelled on 4 Dec 2025.
Said on 23 Apr 2026
FY27 revenue growth of 1.5%–3.5% in constant currency.
Too early to tellWhat happened
Lowered to 1.5%–3.0% on 23 Jul 2026 and to 1%–2% on 23 Oct 2026. Growth in the first half of FY27 was 1.9%.
Said on 23 Apr 2026
FY27 operating margin of 20%–22%.
Too early to tellWhat happened
Operating margin for the first half of FY27 was 21.0%.
Said on 13 Aug 2025
Buy 75% of Versent Group from Telstra in Australia, for up to AUD 233 million.
Too early to tellWhat happened
Still awaiting regulatory approvals on 30 Sep 2026.
Source: Integrated Annual Report FY26 (revised filing; incl. consolidated Ind AS financial statements); Board outcome 23 Jul 2026: Ashiss Kumar Dash appointed CEO Designate; intention to appoint him CEO & MD from 1 Apr 2027; Appointment of Mitrankur Majumdar as Segment Head, SURE (senior management personnel) and 14 more
17 · Governance signals
What do Infosys' governance filings show?
- Auditor
- Deloitte Haskins & Sells LLP
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- Infosys' promoter group is 24 individuals from the founders' families; it includes no promoter companies. The FY26 related-party note lists mainly subsidiaries and key managers. This page does not list related-party amounts.
- Credit rating
- CRISIL AAA (Stable), 31 Mar 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
regulatory · 23 Jul 2025
US Department of Justice investigation
Since its Q1 FY26 results (23 Jul 2025), Infosys has disclosed a DOJ investigation. It concerns how Infosys classified certain H-1B visa-recipient employees in immigration documents. Infosys says it is in discussions with the DOJ. It says it is unable to predict the outcome.
regulatory · 10 Oct 2026
US Department of Labor PERM suspension
Infosys said the US Department of Labor had suspended new and pending PERM applications of certain companies, including Infosys. PERM is the US Permanent Labor Certification program. Infosys made the statement on 10 Oct 2026. Infosys said it does not anticipate a material impact.
regulatory · 31 Jul 2024
GST notices
On 31 Jul 2024 Infosys said Karnataka GST authorities had issued a ₹32,403 crore pre-show cause notice. It concerned expenses of overseas branches from Jul 2017 to Mar 2022. The Directorate General of GST Intelligence (DGGI) issued a pre-show cause notice on the same matter. Infosys said GST is not applicable on these expenses. On 1 Aug 2024 Infosys said the state notice had been withdrawn. On 3 Aug 2024 it said the DGGI had closed proceedings for FY2017-18, a ₹3,898 crore portion. Later periods were not part of that closure. In Aug 2025 the DGGI issued a ₹414.88 crore show cause notice, excluding interest and penalties. It alleged that GST refunds claimed by Infosys were erroneous. Infosys filed a writ petition in the Karnataka High Court challenging the notice. Infosys said there was no tax demand as of 9 Oct 2025.
regulatory · 22 Dec 2025
McCamish (Infosys subsidiary) South Dakota consent order
On 22 Dec 2025 Infosys McCamish Systems, a subsidiary, entered a consent order with the South Dakota Division of Insurance. The regulator had expressed concerns about possible violations of state law after the 2023 breach. McCamish paid a US$30,000 penalty under the order, which says it is not an admission of violation.
other · 30 Apr 2026
Two promoter-group members moved to public
Shreyas Shibulal and Bhairavi Madhusudhan Shibulal asked to be reclassified from promoter group to public. The board approved this on 30 Apr 2026. The exchanges gave no-objection on 11 May 2026. Their 22,822,500 shares left the promoter count in the Jun 2026 pattern.
Source: Integrated Annual Report FY26 (revised filing; incl. consolidated Ind AS financial statements); Shareholding pattern as on 30 Sep 2026 (NSE XBRL); Board meeting outcome and audited results, Q1 FY26 (quarter ended 30 Jun 2025): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements and 12 more
18 · What the market paid · price as of 30 Jun 2026
What did the market pay for Infosys on 30 Jun 2026?
Price as of 30 Jun 2026 (shown for education; prices change daily).
Price as of 30 Jun 2026 (data at least 3 months old, shown for education): ₹1,000.40 on NSE. On 405.8 crore shares, including those behind ADRs, the market value was ₹405,920 crore. P/E divides the price by FY26 earnings per share (₹71.58). P/B divides it by shareholders' equity per share at 31 Mar 2026. EV/EBITDA compares the value of the whole business, after adjusting for cash, with FY26 EBITDA. FY26 dividends of ₹48 a share were 4.8% of that price.
- Share price
- ₹1,000.40
- Market value (market cap)
- ₹405,920 cr
- P/E
- 14×
- P/B
- 4.4×
- EV/EBITDA
- 9.1×
Source: NSE equity bhavcopy, 30 Jun 2026; NSE security-wise historical price data, INFY, 29 Jun to 3 Jul 2026; Shareholding pattern as on 30 Jun 2026 (NSE XBRL) and 1 more
19 · What could go wrong
What could go wrong for Infosys?
- Demand
Low revenue growth
Revenue grew 1.5% in constant currency in Q2 FY27. Infosys lowered its FY27 growth guidance from 1.5%–3.5% (23 Apr 2026) to 1%–2% (23 Oct 2026).
Watch Q3 FY27 constant-currency growth against the 1%–2% band.
- Currency
Currency moves
Exports were 97.4% of Infosys Ltd's own FY26 turnover. In Q2 FY27, revenue rose 10.7% in rupees but 1.5% in constant currency, the company said. A stronger rupee would lower rupee revenue.
Watch The gap between rupee growth and constant-currency growth each quarter.
- Regulation
US government actions on visas and work permits
Infosys has disclosed the US Department of Justice is investigating how it classified certain H-1B visa-recipient employees in immigration documents. Infosys says it cannot predict the outcome. On 10 Oct 2026 Infosys said the US Department of Labor had suspended new and pending PERM applications. These included its own. Infosys said it does not anticipate a material impact.
Watch Updates on both matters in quarterly filings.
- Legal
Tax notices
GST authorities issued notices in 2024 (₹32,403 crore, partly closed) and 2025 (₹414.88 crore, challenged in court). Infosys disputes both. Separately, claims the company disputes, mostly income tax, were ₹3,117 crore at 31 Mar 2026.
Watch Any filing on the remaining 2024 GST notice periods or the Karnataka High Court petition.
- Concentration
Reliance on North America and large clients
North American clients gave 56.1% of FY26 revenue. The top 10 clients gave 19.8% in Q2 FY27. In Jul 2026 the CFO said two things took slightly over 1% off the FY27 band. They were lower spending by a large European manufacturing client and Infosys' choice not to pursue some deals.
Watch Top-10 client share and North America growth in each quarterly fact sheet.
- Technology
AI changing how IT work is bought
Infosys bills mostly for staff effort and projects; staff costs were ₹52 of every ₹100 in FY26. Infosys lists "technological disruptions and innovations such as artificial intelligence" among factors that could change its results.
Watch Company-reported AI share of revenue next to overall constant-currency growth.
- Execution
Acquisitions
Goodwill is the extra paid for acquired firms above their asset value. It rose from ₹6,195 crore in Mar 2022 to ₹14,864 crore in Sep 2026. The 75% Versent deal, agreed in Aug 2025, still awaited regulatory approvals on 30 Sep 2026.
Watch Revenue from Optimum and Stratus, and any goodwill write-down.
- Governance
Leadership and auditor changes in 2027
Salil Parekh's term ends on 31 Mar 2027. The board intends Ashiss Kumar Dash to take over on 1 Apr 2027. Deloitte Haskins & Sells' second five-year audit term ends at the 2027 AGM, so a change of auditor is due.
Watch The CEO handover and the auditor appointment at the 2027 AGM.
Source: Board meeting outcome and audited results, Q2 FY27 (quarter ended 30 Sep 2026): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements; Transcript: Q4 FY26 press conference and earnings call (23 Apr 2026); Board meeting outcome and audited results, Q4 FY26 and FY26 (quarter and year ended 31 Mar 2026): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements and 12 more
20 · How it got here
How did Infosys get here?
1981
Milestone
Started in Pune
Incorporated in Pune as Infosys Consultants Private Limited. Infosys says it started with US$250 of capital.
1993
Milestone
Listed in India
IPO in February 1993 at ₹95 a share; listed on Indian stock exchanges in June 1993.
1999
Milestone
Listed in the US
Listed American Depositary Shares on NASDAQ on 11 Mar 1999; they moved to the NYSE in fiscal 2013.
2017
Milestone
Co-founder returns as Chairman
Nandan M. Nilekani became Chairman on 24 Aug 2017.
2018
Milestone
Salil Parekh becomes CEO
Salil Parekh took over as CEO and MD on 2 Jan 2018.
2024
Milestone
German engineering acquisition
Bought in-tech, a German engineering R&D services firm, for EUR 356 million (₹3,228 crore), completed on 17 Jul 2024.
2025
Milestone
₹18,000 crore buyback
Bought back 10 crore shares at ₹1,800 each; the shares were cancelled on 4 Dec 2025.
2026
Milestone
US healthcare and insurance acquisitions
Bought Stratus (insurance technology) in Apr 2026 and Optimum Healthcare IT in May 2026, for ₹4,171 crore together.
2026
Milestone
CEO succession announced
On 23 Jul 2026 the board named Ashiss Kumar Dash CEO Designate. It intends to make him CEO and MD from 1 Apr 2027.
Source: Integrated Annual Report FY26 (revised filing; incl. consolidated Ind AS financial statements); Integrated Annual Report FY25; Board outcome 11 Sep 2025: buyback of up to 10 crore shares at ₹1,800 (₹18,000 crore) and 3 more
21 · Both sides
What do supporters and critics point to?
What supporters point to
- Infosys had no borrowings and ₹35,151 crore of cash and liquid investments on 31 Mar 2026.
- Net profit to shareholders rose every year from FY22 to FY26, reaching ₹29,440 crore.
- Infosys reported large-deal wins of US$14.9 billion in FY26 and US$5.2 billion in Q2 FY27.
- Company-reported AI work rose from 5.5% of revenue in Q3 FY26 to 10.5% in Q2 FY27.
- In FY26 Infosys paid ₹36,711 crore to shareholders through dividends and a buyback.
What critics point to
- Infosys lowered its FY27 growth guidance from 1.5%–3.5% (23 Apr 2026) to 1.5%–3.0% (23 Jul) and 1%–2% (23 Oct 2026).
- Revenue grew 1.5% in constant currency in Q2 FY27; Hi-Tech fell 17.3% and Retail 7.7%.
- FY26 revenue rose 9.6% in rupees but 3.1% in constant currency, the company reported.
- EBITDA per ₹100 of revenue fell from ₹25.9 in FY22 to ₹22.9 in FY26.
- Goodwill from acquisitions rose from ₹6,195 crore in Mar 2022 to ₹14,864 crore in Sep 2026.
22 · What to watch next
What should you watch next at Infosys?
Next event
Q3 FY27 results (expected; date not yet announced)
14 Jan 2027
Expected, based on last year's date
Growth against the lowered guidance
On 23 Oct 2026 Infosys said it expected FY27 revenue growth of 1%–2% in constant currency. First-half growth was 1.9%. Q3 FY27 results will show the next quarter.
CEO handover on 1 Apr 2027
The board intends to appoint Ashiss Kumar Dash CEO and MD from 1 Apr 2027, when Salil Parekh's term ends.
AI share and large deals
Infosys reported AI work at 10.5% of revenue and US$5.2 billion of large deals in Q2 FY27. Both are company-defined figures.
23 · Key facts
Key facts about Infosys
- What does Infosys do?
- Infosys Ltd is a Bengaluru-based IT services company. Infosys builds, upgrades and runs software and IT systems for large companies. It also sells some software of its own, such as Finacle for banks. In FY26, 56.1% of Infosys' revenue came from clients in North America.
- How does Infosys make money?
- Infosys charges clients for its staff's time and for fixed-price projects; fixed-price contracts were 54% of FY26 revenue. In FY26 Infosys kept ₹29,440 crore as net profit for shareholders from ₹178,650 crore of revenue. Staff costs took about ₹52 of every ₹100 that came in.
- Who are Infosys' customers?
- Infosys had 2,060 active clients on 30 Sep 2026, mostly in North America and Europe. Financial-services firms gave 27.9% of Infosys' FY26 revenue, the largest industry group. Infosys' top 10 clients gave 19.8% of revenue in Q2 FY27.
- How big is Infosys?
- Infosys reported FY26 (April 2025 to March 2026) consolidated revenue of ₹178,650 crore. Infosys' net profit to shareholders was ₹29,440 crore. Infosys had 332,542 employees on 30 Sep 2026.
- Who owns Infosys?
- On 30 Sep 2026, the Infosys promoter group of founders and their families owned 13.90%, with no shares pledged. Indian institutions held 42.85%, including LIC at 11.80%. Foreign institutions held 27.44%. These filed figures leave out shares held behind US-listed ADRs. Counted on all shares, the promoter group held 12.73%.
- Does Infosys have debt?
- Infosys had no borrowings on 31 Mar 2026, and ₹35,151 crore in cash and liquid investments. Infosys also had ₹9,176 crore of lease liabilities, which is rent owed under leases.
- How did Infosys do in Q2 FY27?
- In Q2 FY27 (July to September 2026), Infosys' revenue rose 10.7% to ₹49,244 crore from Q2 FY26. Net profit to shareholders rose 6.2% to ₹7,823 crore. In constant currency, which removes exchange-rate effects, Infosys said revenue grew 1.5%.
- How much cash did Infosys return to shareholders in FY26?
- In FY26 Infosys paid ₹18,653 crore in dividends and ₹18,058 crore for a buyback of 10 crore shares. Infosys' FY26 dividends were ₹48 a share.
- Who runs Infosys?
- Salil Parekh has been Infosys' CEO and Managing Director since January 2018; his term ends on 31 Mar 2027. On 23 Jul 2026 the Infosys board named Ashiss Kumar Dash CEO Designate. The board said it intends to make him CEO and MD from 1 Apr 2027, subject to statutory requirements.
Source: Integrated Annual Report FY26 (revised filing; incl. consolidated Ind AS financial statements); Board meeting outcome and audited results, Q2 FY27 (quarter ended 30 Sep 2026): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements; Shareholding pattern as on 30 Sep 2026 (NSE XBRL) and 4 more
Terms on this page
- Capital expenditure (capex)
- Credit rating
- Customer concentration
- Dividend payout ratio
- EBITDA
- FII and DII holding
- Free cash flow
- Net debt
- Net profit
- Operating margin
Each explains the term in plain English, with the same number from other companies on Cityfort.
24 · Sources and changes
Where every number on this page comes from
Sources (60 documents)
- S1Integrated Annual Report FY26 (revised filing; incl. consolidated Ind AS financial statements) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 30 May 2026
- S2Integrated Annual Report FY25 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 2 Jun 2025
- S3Integrated Annual Report FY24 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 3 Jun 2024
- S4Integrated Annual Report FY23 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 2 Jun 2023
- S5Integrated Annual Report FY22 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 6 Sep 2022
- S6Board meeting outcome and audited results, Q2 FY27 (quarter ended 30 Sep 2026): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 23 Oct 2026
- S7Board meeting outcome and audited results, Q1 FY27 (quarter ended 30 Jun 2026): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 23 Jul 2026
- S8Board meeting outcome and audited results, Q4 FY26 and FY26 (quarter and year ended 31 Mar 2026): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 23 Apr 2026
- S9Board meeting outcome and audited results, Q3 FY26 (quarter ended 31 Dec 2025): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 14 Jan 2026
- S11Board meeting outcome and audited results, Q1 FY26 (quarter ended 30 Jun 2025): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 23 Jul 2025
- S12Board meeting outcome and audited results, Q4 FY25 and FY25 (quarter and year ended 31 Mar 2025): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 17 Apr 2025
- S13Board meeting outcome and audited results, Q3 FY25 (quarter ended 31 Dec 2024): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 16 Jan 2025
- S15Board meeting outcome and audited results, Q1 FY25 (quarter ended 30 Jun 2024): SEBI results, fact sheet, press releases, condensed Ind AS and IFRS statements · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 18 Jul 2024
- S16Consolidated financial results XBRL (Ind AS, filed with NSE), Q2 FY27 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 23 Oct 2026
- S17Consolidated financial results XBRL (Ind AS, filed with NSE), Q1 FY27 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 23 Jul 2026
- S18Consolidated financial results XBRL (Ind AS, filed with NSE), Q4 FY26 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 23 Apr 2026
- S19Consolidated financial results XBRL (Ind AS, filed with NSE), Q3 FY26 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 14 Jan 2026
- S20Consolidated financial results XBRL (Ind AS, filed with NSE), Q2 FY26 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 16 Oct 2025
- S21Consolidated financial results XBRL (Ind AS, filed with NSE), Q1 FY26 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 23 Jul 2025
- S22Consolidated financial results XBRL (Ind AS, filed with NSE), Q4 FY25 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 17 Apr 2025
- S23Consolidated financial results XBRL (Ind AS, filed with NSE), Q3 FY25 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 16 Jan 2025
- S24Consolidated financial results XBRL (Ind AS, filed with NSE), Q2 FY25 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 17 Oct 2024
- S25Consolidated financial results XBRL (Ind AS, filed with NSE), Q1 FY25 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 18 Jul 2024
- S26Consolidated financial results XBRL (Ind AS, filed with NSE), Q4 FY24 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 19 Apr 2024
- S27Transcript: Q1 FY27 earnings call (23 Jul 2026) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 28 Jul 2026
- S28Transcript: Q4 FY26 press conference and earnings call (23 Apr 2026) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 27 Apr 2026
- S29Transcript: Q3 FY26 earnings call (14 Jan 2026) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 19 Jan 2026
- S32Transcript: Q4 FY25 earnings call (17 Apr 2025) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 22 Apr 2025
- S38Shareholding pattern as on 30 Sep 2026 (NSE XBRL) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 20 Oct 2026
- S39Shareholding pattern as on 30 Jun 2026 (NSE XBRL) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 15 Jul 2026
- S40Shareholding pattern as on 31 Mar 2026 (NSE XBRL) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 16 Apr 2026
- S41Shareholding pattern as on 31 Dec 2025 (NSE XBRL) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 18 Jan 2026
- S43Shareholding pattern as on 30 Sep 2025 (NSE XBRL) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 17 Oct 2025
- S44Shareholding pattern as on 30 Jun 2025 (NSE XBRL) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 21 Jul 2025
- S45Shareholding pattern as on 31 Mar 2025 (NSE XBRL) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 18 Apr 2025
- S46Shareholding pattern as on 31 Dec 2024 (NSE XBRL) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 20 Jan 2025
- S47Shareholding pattern as on 30 Sep 2024 (NSE XBRL) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 16 Oct 2024
- S48Shareholding pattern as on 30 Jun 2024 (NSE XBRL) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 18 Jul 2024
- S49Shareholding pattern as on 31 Mar 2024 (NSE XBRL) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 20 Apr 2024
- S50Shareholding pattern as on 31 Dec 2023 (NSE XBRL) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 18 Jan 2024
- S51Business Responsibility and Sustainability Report FY26 (inside Integrated Annual Report FY26, as filed 29 May 2026) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 29 May 2026
- S52NSE equity bhavcopy, 30 Jun 2026 · National Stock Exchange of India · Tier 1: company or exchange filing · 30 Jun 2026
- S53NSE security-wise historical price data, INFY, 29 Jun to 3 Jul 2026 · National Stock Exchange of India · Tier 1: company or exchange filing · 30 Jun 2026
- S56General update (10 Oct 2026) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 10 Oct 2026
- S57Appointment of Mitrankur Majumdar as Segment Head, SURE (senior management personnel) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 24 Aug 2026
- S58Board outcome 23 Jul 2026: Ashiss Kumar Dash appointed CEO Designate; intention to appoint him CEO & MD from 1 Apr 2027 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 23 Jul 2026
- S63Exchange no-objection letters for reclassification of Shreyas Shibulal and Bhairavi Madhusudhan Shibulal from promoter group to public · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 11 May 2026
- S66Board outcome 30 Apr 2026: Nitin Paranjpe appointed Vice Chairman; reclassification request of two promoter-group members approved · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 30 Apr 2026
- S75Update on McCamish cyber incident (Dec 2025) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 23 Dec 2025
- S78Post-buyback public announcement: 10 crore shares bought back at ₹1,800; extinguished 4 Dec 2025 · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 5 Dec 2025
- S82Company statement on DGGI show cause notice of ₹414.88 crore (GST refunds) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 9 Oct 2025
- S84Board outcome 11 Sep 2025: buyback of up to 10 crore shares at ₹1,800 (₹18,000 crore) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 11 Sep 2025
- S85Board approval to acquire 75% of Versent Group from Telstra (Australia) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 13 Aug 2025
- S102Further update on GST pre-show cause notice: DGGI closed proceedings for FY2017-18 (₹3,898 crore) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 3 Aug 2024
- S103Update: Karnataka State GST authorities withdrew pre-show cause notice; response directed to DGGI · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 1 Aug 2024
- S104Company statement on GST pre-show cause notice of ₹32,403 crore (Jul 2017 to Mar 2022, overseas branch expenses) · Infosys Ltd (filed with NSE/BSE; NSE archive copy) · Tier 1: company or exchange filing · 31 Jul 2024
- S105Tata Consultancy Services Ltd: Integrated Annual Report FY26 (competitor filing) · Tata Consultancy Services Ltd (NSE archive) · Tier 1: company or exchange filing · 15 May 2026
- S106HCL Technologies Ltd: Annual Report FY26 (competitor filing) · HCL Technologies Ltd (NSE archive) · Tier 1: company or exchange filing · 20 Jul 2026
- S107Wipro Ltd: Annual Report FY26 (competitor filing) · Wipro Ltd (NSE archive) · Tier 1: company or exchange filing · 22 Jun 2026
- S108Tech Mahindra Ltd: Integrated Annual Report FY26 (competitor filing) · Tech Mahindra Ltd (NSE archive) · Tier 1: company or exchange filing · 23 Jun 2026
Changes to this page (v1 · 25 Oct 2026)
- v1 · 25 Oct 2026First version. (first version)
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