INFY
Infosys share price & financials
- Price
- ₹1,051.4
- Market cap
- ₹4.6L Cr
- Sector
- Information Technology
- Calls analysed
- 8
Infosys Q1 FY27
What went well
- Q1 revenue growth at 2.4% Y-on-Y and 1% Q-on-Q in constant currency terms, despite one-time client decision impact.
- AI services revenue reached 8.2% of overall revenue, demonstrating strong double-digit Q-on-Q growth over several quarters.
- Large deal wins were robust at $3.6 billion, with 61% being net new, indicating healthy demand.
What to watch
- Revenue growth guidance revised downwards to 1.5% to 3% Y-on-Y in constant currency terms from a previously higher expectation.
- Q1 revenue growth was lower than expectations due to a one-off 50 bps impact from a program termination by an EURS client and softer volumes.
What Infosys does
Infosys is a global technology services and consulting company established in India in 1981, with offices across six continents. It earns revenue by delivering software development, maintenance, engineering, cloud and business-process services to enterprise clients across industries including financial services, manufacturing, retail, communications and energy. Its services are increasingly built around its Infosys Topaz AI platform suite and Cobalt cloud offerings, delivered by a workforce of over 328,000 people to 1,869 active clients.
Segments
- Financial Services
- Manufacturing
- Communication, Media & Technology
- Energy, Utilities, Resources & Services
- Retail, CPG & Logistics
- Life Sciences
- Total employees
- Over 328,000
- Active clients
- 1,869
- Geographic footprint
- Offices across six continents
- Pre-built AI agents on Topaz Fabric
- 600+
- Innovation Living Labs
- 14 Infosys + 39 client Living Labs
- Patents filed (FY25 to Jan FY26)
- 155
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 5 delivered 4 missed 7 open- FY25 Operating Margin delivered said Q2 FY25 Promised: 20%-22% Q1 FY27: Target period passed; previously achieved.
- FY25 Revenue Growth (Constant Currency) missed said Q2 FY25 Promised: 4.5%-5% Q1 FY27: Target period passed; previously missed.
- FY27 Revenue Growth (Constant Currency) revised down said Q4 FY26 Promised: 1.5% to 3.5% Q1 FY27: Guidance revised down to 1.5% to 3% due to macro uncertainty and a one-off client program termination.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 13.3%, net profit up 18.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 34,257 | 34,915 | 34,136 | 35,275 | 36,907 +8% | 37,996 +9% | 38,641 +13% | 39,957 +13% |
| EBITDA | 8,401 | 8,554 | 8,379 | 8,446 | 8,848 +5% | 9,170 +7% | 9,548 +14% | 9,961 +18% |
| Net profit | 6,813 | 6,358 | 6,628 | 6,114 | 7,759 +14% | 7,363 +16% | 7,975 +20% | 7,249 +19% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −32.3% 1Y
1Y: ₹1,532.6 on 10 Sept 2025 → ₹1,037.7. High ₹1,689.8 (16 Jan 2026), low ₹985.3 (1 Jul 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.4%
- 23 Jul
- Q4 FY26
- −2.2%
- 23 Apr
- Q3 FY26
- +0.1%
- 14 Jan
- Q2 FY26
- −0.2%
- 16 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 0.5% a year over 3 years, FY23 to FY26. Operating margin held at 24.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹146.8k Cr | ₹128.9k Cr | ₹136.6k Cr | ₹148.8k Cr |
| Operating profit | ₹35.1k Cr | ₹31.8k Cr | ₹33.5k Cr | ₹36.0k Cr |
| Operating margin | 23.9% | 24.6% | 24.5% | 24.2% |
| Interest | ₹284 Cr | ₹276 Cr | ₹221 Cr | ₹206 Cr |
| Depreciation | ₹4.2k Cr | ₹2.9k Cr | ₹2.6k Cr | ₹2.4k Cr |
| Net profit | ₹24.1k Cr | ₹27.2k Cr | ₹25.6k Cr | ₹29.2k Cr |
| Net margin | 16.4% | 21.1% | 18.7% | 19.6% |
| ROCE | 44.0% | 46.0% | 41.0% | 46.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2.1k Cr | ₹2.1k Cr | ₹2.1k Cr | ₹2.1k Cr | ₹2.1k Cr | ₹2.0k Cr |
| Reserves | ₹69.4k Cr | ₹67.2k Cr | ₹65.7k Cr | ₹79.1k Cr | ₹101.3k Cr | ₹78.8k Cr |
| Borrowings | ₹3.9k Cr | ₹3.8k Cr | ₹4.3k Cr | ₹3.8k Cr | ₹8.8k Cr | ₹3.7k Cr |
| Other liabilities | ₹18.0k Cr | ₹25.5k Cr | ₹28.5k Cr | ₹30.0k Cr | ₹48.3k Cr | ₹41.1k Cr |
| Total liabilities | ₹93.4k Cr | ₹98.5k Cr | ₹100.6k Cr | ₹115.0k Cr | ₹160.4k Cr | ₹125.7k Cr |
| Fixed assets | ₹14.6k Cr | ₹14.9k Cr | ₹15.4k Cr | ₹14.3k Cr | ₹32.7k Cr | ₹13.8k Cr |
| Capital work in progress | ₹906 Cr | ₹411 Cr | ₹275 Cr | ₹277 Cr | ₹1.1k Cr | ₹512 Cr |
| Investments | ₹24.2k Cr | ₹28.3k Cr | ₹28.2k Cr | ₹34.7k Cr | ₹23.5k Cr | ₹38.1k Cr |
| Other assets | ₹53.8k Cr | ₹54.9k Cr | ₹56.7k Cr | ₹65.7k Cr | ₹103.1k Cr | ₹73.3k Cr |
| Total assets | ₹93.4k Cr | ₹98.5k Cr | ₹100.6k Cr | ₹115.0k Cr | ₹160.4k Cr | ₹125.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −4.83 pp while DIIs added +3.39 pp. The shareholder count grew 15% to 29,58,297.
- Promoters
- 13.8%
- FIIs
- 27.1%
- DIIs
- 42.8%
- Government
- 0.2%
- Public
- 15.9%
- Others
- 0.2%
Since Jun 2025
- FIIs −4.83 pp
- DIIs +3.39 pp
- Public +2.26 pp
How it drifted, 12 quarters
Over this window DIIs went from 35.2% to 42.8% — +7.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 14.9%, FIIs 33.6%, DIIs 35.2%, Government 0.2%, Public 15.8%, Others 0.3%.Dec '23: Promoters 14.8%, FIIs 33.7%, DIIs 35.5%, Government 0.2%, Public 15.5%, Others 0.3%.Mar '24: Promoters 14.7%, FIIs 34.1%, DIIs 35.6%, Government 0.2%, Public 15.1%, Others 0.3%.Jun '24: Promoters 14.6%, FIIs 32.7%, DIIs 37.3%, Government 0.2%, Public 14.9%, Others 0.3%.Sep '24: Promoters 14.4%, FIIs 33.3%, DIIs 37.8%, Government 0.2%, Public 14.0%, Others 0.3%.Dec '24: Promoters 14.4%, FIIs 33.3%, DIIs 38.2%, Government 0.2%, Public 13.6%, Others 0.3%.Mar '25: Promoters 14.6%, FIIs 32.9%, DIIs 38.3%, Government 0.2%, Public 13.7%, Others 0.3%.Jun '25: Promoters 14.6%, FIIs 31.9%, DIIs 39.4%, Government 0.2%, Public 13.6%, Others 0.3%.Sep '25: Promoters 14.3%, FIIs 30.1%, DIIs 41.5%, Government 0.2%, Public 13.7%, Others 0.2%.Dec '25: Promoters 14.5%, FIIs 30.3%, DIIs 41.1%, Government 0.2%, Public 13.7%, Others 0.2%.Mar '26: Promoters 14.4%, FIIs 28.4%, DIIs 43.2%, Government 0.2%, Public 13.5%, Others 0.2%.Jun '26: Promoters 13.8%, FIIs 27.1%, DIIs 42.8%, Government 0.2%, Public 15.9%, Others 0.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Parag Parikh Mutual Fund Mutual fund newly disclosed 1.13% held
- National Pension System Trust Pension / PF +0.21 pp 3.20% held
- Life Insurance Corporation Of India - Ulif00220091 Insurer +0.19 pp 11.73% held
- ICICI Prudential Mutual Fund Mutual fund +0.18 pp 4.92% held
The same filing shows 3 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Infosys above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Life Insurance Corporation Of India - Ulif00220091 Insurer | 11.73% | +0.19 pp |
| ICICI Prudential Mutual Fund Mutual fund | 4.92% | +0.18 pp |
| SBI Mutual Fund Mutual fund | 4.37% | −0.29 pp |
| National Pension System Trust Pension / PF | 3.20% | +0.21 pp |
| Sudha Gopalakrishnan | 2.55% | unchanged |
| Nippon Life India Trustee Mutual fund | 2.20% | unchanged |
| HDFC Mutual Fund Mutual fund | 1.89% | −0.15 pp |
| UTI Mutual Fund Mutual fund | 1.73% | unchanged |
| Rohan Murty | 1.63% | unchanged |
| Vanguard Total International Stock Index Fund Global fund house | 1.33% | unchanged |
| SBI Life Insurance Co. Ltd Insurer | 1.31% | −0.10 pp |
| Vanguard Emerging Markets Stock Index Fund Global fund house | 1.26% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in INFY
Filings to Aug 2026
1 new, 18 added, 21 trimmed, 8 sold out — net −97.73 L shares (−3.0%).
- Held by funds
- ₹36.2k Cr
- 71 schemes
- Biggest holder
- SBI Nifty 50 ETF
- ₹7.7k Cr · 3.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Nifty 50 ETF SBI Mutual Fund | ₹7.7k Cr | +3.58 L | Aug '21 |
| SBI BSE Sensex ETF SBI Mutual Fund | ₹5.3k Cr | +4.62 L | Aug '21 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹2.4k Cr | +4.29 L | Jan '19 |
| SBI Large Cap Fund SBI Mutual Fund | ₹2.0k Cr | held | Aug '21 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹2.0k Cr | held | Sep '12 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹1.9k Cr | −20.00 L | Sep '12 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹1.7k Cr | −12.66 L | Dec '22 |
| SBI Aggressive Hybrid Fund SBI Mutual Fund | ₹1.5k Cr | held | Aug '21 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
18 added, 21 trimmed — net −97.73 L shares (−3.0%)
- Funds are sitting on
- -31%
- vs est. average cost
- Held by funds
- ₹36.2k Cr
- 71 schemes · ≈ 7.3% of the company
- Biggest holder
- SBI Nifty 50 ETF
- ₹7.7k Cr · 3.6% of that fund
- Longest holder
- Nippon India Large Cap Fund
- 14y · since Sep '12
Shares held by these funds +30%
Aug '23 32.61 cr shares Jul '26
What the price assumes
AttractiveTo justify its price of ₹1038, this stock must grow earnings at -2% every year for 5 years. Our analysis caps realistic growth at ~3%. At that growth it is worth ₹1333 — upside of 28%.
- Growth the price implies
- -1.8% a year
- for 5 years, fading to 5%
- It has actually compounded at
- Not enough history
- The gap
- -0.0 pp
- 28% downside if it only repeats history
Why this baseline, and what it is built on
Infosys has a generally good promise track record with more achieved/new promises than missed/ghosted. Management provides clear revenue growth guidance of 1.5% to 3.5% for FY27 in constant currency. While recent TTM sales growth has slowed to around 3.16%, the conservative estimate of 3.0% for g1 aligns with the higher end of this guidance, reflecting a cautious but trusting approach to management's forward view. The company maintains very low leverage, supporting a reasonable discount rate of 10%. A 5-year stage-1 growth period is appropriate for a large, established IT services firm, with a 3-year fade to a 5% terminal growth rate.
Through 2026-03-31
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Infosys
Guides on how to read this kind of business and the numbers that matter.