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1. At a Glance
Infosys reported consolidated revenue of ₹48,211 crore for the quarter ended June 30, 2026, up 14.0% from ₹42,279 crore a year earlier and 3.9% above the ₹46,402 crore of the March quarter. Operating profit came in at ₹11,409 crore against ₹9,943 crore a year ago, with operating margin at 24%. Net profit was ₹7,769 crore versus ₹6,921 crore in the June 2025 quarter, and against ₹8,501 crore in the immediately preceding March quarter. EPS for the quarter was ₹19.15.
The board approved these results on July 23, 2026 and, in the same meeting, appointed Ashiss Kumar Dash as Chief Executive Officer designate, with the MD and CEO role taking effect from April 1, 2027. Deloitte Haskins & Sells LLP issued unmodified audit opinions on both the standalone and consolidated results for the quarter.
For the full year to March 2026, revenue was ₹1,78,650 crore and net profit ₹29,440 crore. Crisil reaffirmed its AAA/Stable and A1+ ratings on June 26, 2026, noting FY26 growth of 9.6% in rupee terms but around 3.1% in constant currency, and that the rupee reported figure was primarily supported by currency movement.
The market currently pays 14.0 times earnings for all of this, against an industry P/E of 21.2. Where that gap comes from — and what management said about volumes versus pricing — is the more interesting part of the story.
2. Introduction
Infosys provides consulting, technology, outsourcing and next-generation digital services, and is the second-largest information technology company in India behind TCS. Its offerings split broadly into digital services — customer experience, AI-based analytics and big data, digital product and IoT engineering, legacy modernisation, cloud migration and cyber-security implementation — and core services covering application development and management, independent validation, product engineering, infrastructure management and enterprise application support.
The past eighteen months have been unusually eventful for a company whose reputation rests on being predictable. In November 2025 the company ran a ₹18,000 crore buyback of up to 10 crore shares at ₹1,800 apiece via the tender route, with a higher entitlement for small shareholders; 10,00,00,000 shares were extinguished on December 4, 2025, taking the outstanding count to 4,05,46,24,409. That same December, Infosys McCamish settled US class actions for $17.5 million, approved by the court on December 18, 2025.
In March 2026 the company announced two acquisitions — Optimum Healthcare IT for up to $465 million and Stratus for up to $95 million — with closings expected in Q1 FY2027. Stratus entities were acquired on April 21, 2026 and the Optimum entities on May 4, with completion announced May 5. In the same month of March, Infosys broke ground on a 350,000 sq. ft. Mohali campus seating roughly 3,000 employees, and disclosed an expected cumulative tax refund of ₹1,745 crore across assessment years from 2013-14 to 2021-22.
Then on April 30, 2026 the board appointed Nitin Paranjpe as Vice Chairman and approved a promoter reclassification. And in July, a CEO designate. For a company that spent a decade being described as steady, the calendar has been busy.
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3. Business Model: WTF Do They Even Do?
Infosys sells the skilled hours of roughly 328,594 people, and it is remarkably good at it.
The revenue splits by vertical: financial services around 28%, manufacturing about 17%, energy/utilities/resources around 13%, retail about 13%, communication about 12%, hi-tech around 7%, life sciences and healthcare around 7%. Geographically it is a North American company with a European hedge — North America 56%, Europe 33%, rest of world 9%, and India, the country whose engineering colleges supply the workforce, contributes 3%. The homeland is the factory floor, not the showroom.
Beyond bodies-on-projects, there is a genuine product shelf: Finacle, McCamish, Panaya, Meridian, Helix, Equinox, Wingspan, EdgeVerve, Stater. Infosys BPM contributes around 5.5% of revenues and EdgeVerve around 2.5%. Subsidiary-wise the group runs to more than 120 consolidated entities, spanning a Bulgarian EOOD, an Argentine S.R.L., a Thai services arm, and something called Infosys Green Forum.
The AI positioning is where the brochure gets loud. The company reports 12,000-plus AI assets, 150-plus pre-trained models, 10-plus AI platforms, 4,600-plus AI and GenAI projects, 28 million-plus lines of AI-generated code and 500-plus AI agents, all under the Topaz Fabric banner. It works with 90% of its top 200 clients on AI-led value creation and is a preferred AI partner for 15 of the top 25 banking and EURS clients. Management put more than 30,000 developers on GitHub Copilot and states that over 90% of employees have been skilled on AI platforms.
Delivery economics remain the old religion: onsite effort 23%, offshore 77%, utilisation excluding trainees 84%. Whatever the platform names, the arithmetic that has funded Bengaluru
