olivLaw · US equity research
Infosys Limited INFY
Services-Computer Programming Services · SIC 7371 · Vertical: Services-Computer Programming Services (SIC 7371)
Infosys provides AI-first business consulting and technology services that help organizations unlock AI value at scale. The company reported revenue of 20158 million USD for fiscal 2026, and its AI-first framework remains its main growth driver over the medium term.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Infosys Limited (INFY) stock was 12.24 USD (+2.60% on the day), with market capitalisation 49.6 bn USD, P/E 16.1 on diluted EPS of 0.76 USD over the last 12 months, dividend yield 4.75%, beta 0.64, 52-week range 10.49–20.22 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.6
- neutral
- Bollinger (20, 2)
- 10.71 – 13.37
- in the upper half of the band · %B 0.58 · band width 22.1%
- SMA 50 / 200
- 11.54 / 12.80
- mixed trend
- MACD (12, 26, 9)
- 0.26 / 0.29
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.8% | −1.1% | +14.9 pp | — |
| 3 months | −1.9% | −0.5% | −1.5 pp | — |
| 6 months | −3.2% | +4.4% | −7.6 pp | — |
| Year to date | −31.3% | +12.3% | −43.6 pp | — |
| 1 year | −24.9% | +13.5% | −38.5 pp | −42.9% |
| 3 years | −26.6% | +76.4% | −103.0 pp | −43.3% |
| 5 years | −46.3% | +63.7% | −110.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 11 percentile of its own 9-quarter history (min 14.9, median 23.6, max 35.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.9 bn | 11.8 bn | 12.8 bn | 13.6 bn | 16.3 bn | 18.2 bn | 18.6 bn | 19.3 bn |
| Revenue YoY | +7.2% | +7.9% | +8.3% | +6.1% | +20.3% | +11.7% | +1.9% | +3.9% |
| Net income | 2.5 bn | 2.2 bn | 2.3 bn | 2.6 bn | 3.0 bn | 3.0 bn | 3.2 bn | 3.2 bn |
| Net income YoY | +16.2% | −11.5% | +6.0% | +12.1% | +13.4% | +0.6% | +6.2% | −0.3% |
| Diluted EPS | 0.55 | 0.51 | 0.55 | 0.61 | 0.70 | 0.71 | 0.76 | 0.76 |
| Diluted EPS YoY | +17.0% | −7.3% | +7.8% | +10.9% | +14.8% | +1.4% | +7.0% | 0.0% |
| net % | 22.7% | 18.6% | 18.2% | 19.3% | 18.2% | 16.4% | 17.1% | 16.4% |
| Free cash flow | 1.9 bn | 1.9 bn | 2.1 bn | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Mar 2025
- Cash
- 2.9 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 11.3 bn USD
- Total assets
- 17.4 bn USD
- Debt / equity
- unavailable
- Current ratio
- 2.27x
- ROE
- 28.9%
- ROA
- 18.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 12.8 bn | 13.6 bn | 16.3 bn | 18.2 bn | 18.6 bn | 19.3 bn | SEC (XBRL)· 01 Jul 2025verified |
| Cost of revenue | 8.6 bn | 8.8 bn | 11.0 bn | 12.7 bn | 13.0 bn | 13.4 bn | SEC (XBRL)· 01 Jul 2025verified |
| Gross profit | 4.2 bn | 4.7 bn | 5.3 bn | 5.5 bn | 5.6 bn | 5.9 bn | SEC (XBRL)· 01 Jul 2025verified |
| Research & development | 117.0 m | 127.0 m | 124.0 m | 129.0 m | 135.0 m | 153.0 m | SEC (XBRL)· 01 Jul 2025verified |
| Operating income | 2.7 bn | 3.3 bn | 3.8 bn | 3.8 bn | 3.8 bn | 4.1 bn | SEC (XBRL)· 01 Jul 2025verified |
| Depreciation & amortisation | 407.0 m | 441.0 m | 466.0 m | 524.0 m | 565.0 m | 569.0 m | SEC (XBRL)· 01 Jul 2025verified |
| EBITDA | 3.1 bn ≈ | 3.8 bn ≈ | 4.2 bn ≈ | 4.3 bn ≈ | 4.4 bn ≈ | 4.6 bn ≈ | SEC (XBRL)· 01 Jul 2025derived |
| Interest expense | 24.0 m | 26.0 m | 27.0 m | 35.0 m | 56.0 m | 49.0 m | SEC (XBRL)· 01 Jul 2025verified |
| Pre-tax income | 3.1 bn | 3.6 bn | 4.0 bn | 4.1 bn | 4.3 bn | 4.4 bn | SEC (XBRL)· 01 Jul 2025verified |
| Income tax | 757.0 m | 973.0 m | 1.1 bn | 1.1 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 01 Jul 2025verified |
| Net income | 2.3 bn | 2.6 bn | 3.0 bn | 3.0 bn | 3.2 bn | 3.2 bn | SEC (XBRL)· 01 Jul 2025verified |
| Diluted EPS | 0.55 | 0.61 | 0.70 | 0.71 | 0.76 | 0.76 | SEC (XBRL)· 01 Jul 2025verified |
| Weighted average diluted shares | 4.3 bn | 4.3 bn | 4.2 bn | 4.2 bn | 4.1 bn | 4.2 bn | SEC (XBRL)· 01 Jul 2025verified |
| Dividend per share | 0.32 | 0.29 | 0.40 | 0.41 | 0.43 | 0.58 | SEC (XBRL)· 01 Jul 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.5 bn | 3.4 bn | 2.3 bn | 1.5 bn | 1.8 bn | 2.9 bn | SEC (XBRL)· 01 Jul 2025verified |
| Current assets | 7.2 bn | 8.3 bn | 8.9 bn | 8.6 bn | 10.7 bn | 11.4 bn | SEC (XBRL)· 01 Jul 2025verified |
| Property, plant & equipment, net | 1.8 bn | 1.9 bn | 1.8 bn | 1.7 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 01 Jul 2025verified |
| Goodwill | 699.0 m | 832.0 m | 817.0 m | 882.0 m | 875.0 m | 1.2 bn | SEC (XBRL)· 01 Jul 2025verified |
| Intangibles (excl. goodwill) | 251.0 m | 283.0 m | 225.0 m | 213.0 m | 167.0 m | 323.0 m | SEC (XBRL)· 01 Jul 2025verified |
| Total assets | 12.3 bn | 14.8 bn | 15.6 bn | 15.3 bn | 16.5 bn | 17.4 bn | SEC (XBRL)· 01 Jul 2025verified |
| Accounts payable | — | 362.0 m | 545.0 m | 470.0 m | 474.0 m | 487.0 m | SEC (XBRL)· 01 Jul 2025verified |
| Current liabilities | 2.8 bn | 3.3 bn | 4.4 bn | 4.8 bn | 4.7 bn | 5.0 bn | SEC (XBRL)· 01 Jul 2025verified |
| Total liabilities | 3.6 bn | 4.3 bn | 5.6 bn | 6.1 bn | 5.9 bn | 6.2 bn | SEC (XBRL)· 01 Jul 2025verified |
| Equity | 8.7 bn | 10.5 bn | 10.0 bn | 9.2 bn | 10.6 bn | 11.3 bn | SEC (XBRL)· 01 Jul 2025verified |
| Shares outstanding at year end | 4.3 bn | 4.3 bn | 4.2 bn | 4.1 bn | 4.2 bn | 4.2 bn | SEC (XBRL)· 01 Jul 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.6 bn | 3.3 bn | 3.3 bn | 2.9 bn | 3.1 bn | 4.4 bn | SEC (XBRL)· 01 Jul 2025verified |
| Capex | 465.0 m | — | — | — | — | — | SEC (XBRL)· 29 May 2020verified |
| Free cash flow | 2.1 bn ≈ | — | — | — | — | — | SEC (XBRL)· 29 May 2020derived |
| Investing cash flow | -242.0 m | -1.1 bn | -1.0 bn | -218.0 m | -708.0 m | -361.0 m | SEC (XBRL)· 01 Jul 2025verified |
| Financing cash flow | -2.5 bn | -1.3 bn | -3.3 bn | -3.3 bn | -2.1 bn | -2.9 bn | SEC (XBRL)· 01 Jul 2025verified |
| Dividends paid | 1.4 bn | 1.2 bn | 1.7 bn | 1.7 bn | 1.8 bn | 2.4 bn | SEC (XBRL)· 01 Jul 2025verified |
| Share repurchases | 1.1 bn | — | 1.5 bn | 1.4 bn | — | — | SEC (XBRL)· 15 Jun 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 55.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 49.6 bn USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
55% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 55.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 30.5% | 0 (on a fixed band) | 19% |
| EBIT margin · Quality | 21.1% | 87 (vs peers) | 15% |
| FCF margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 5.7% | 23 (on a fixed band) | 31% |
| Revenue growth (YoY) · Growth | 3.9% | 48 (vs peers) | 15% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.3x | 86 (on a fixed band) | 12% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.9% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial86/100 · 1/2 factors with a value
- Growth31/100 · 2/2 factors with a value
- Quality39/100 · 2/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INFOSYS LIMITED (INFY). Latest full fiscal year: 2025; data up to 2025-03-31.
Figures computed from the financial statements: revenue 19.3 bn USD in 2025; YoY growth 3.9%; net margin 16.4%; ROE 29.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 55.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 21.1%
- Current ratio: 2.3x
- Shareholder yield (distributions): 4.9%
What contradicts it
- Gross margin: 30.5%
- Revenue CAGR 3Y: 5.7%
Not assessed (insufficient data or a ratio without meaning): FCF margin, Net debt / EBITDA, EV/Sales, FCF yield.
Versus the vertical median
Services-Computer Programming Services (SIC 7371) · same industry (4-digit SIC) · compared with 32 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| INFYInfosys Limited | 49.6 bn | 16.1 | 29.0% | 16.4% | +3.9% | −25% / −27% |
| ZSZscaler Inc | 36.6 bn | — | -2.9% | -1.9% | +25.4% | −11% / +14% |
| CTSHCognizant Technology Solutions Corporation | 29.4 bn | 12.0 | 17.4% | 11.8% | +7.0% | −15% / −7% |
| VRSNVerisign Inc | 28.5 bn | 33.6 | — | 49.1% | +6.4% | +26% / +50% |
| WITWipro Limited | 22.7 bn | 15.4 | 16.4% | 14.7% | −3.2% | −21% / −11% |
| EPAMEpam Systems, Inc. | 7.1 bn | 18.6 | 11.2% | 7.2% | +15.4% | −27% / −47% |
| DOCSDoximity, Inc. | 6.2 bn | 40.9 | 17.2% | 25.5% | +13.1% | −33% / +49% |
| DOXAmdocs Limited | 4.9 bn | 10.3 | 14.1% | 9.9% | +2.4% | −43% / −48% |
| RGTIRigetti Computing, Inc. | 3.7 bn | — | -43.8% | -1,787.4% | −34.3% | −56% / +958% |
| FORTYFormula Systems (1985) Ltd. | 1.8 bn | 23.4 | 12.2% | 2.9% | +5.2% | −20% / +96% |
| MGRTMega Fortune Co Ltd | 1.6 bn | 698.9 | 21.1% | 16.1% | +233.3% | +1,864% / unavailable |
| PERIPerion Network Ltd. | 446.8 m | — | -1.1% | -1.8% | −11.7% | +12% / −59% |
| MFImF International Limited | 367.8 m | 36.4 | 3.9% | 232.8% | +29.4% | −68% / unavailable |
| IAInnovative Solutions And Support, Inc. | 353.7 m | 18.8 | 28.5% | 20.5% | +78.6% | +103% / +167% |
| GDEVGDEV Inc. | 176.1 m | 2.6 | — | 17.1% | −3.9% | −44% / −57% |
| ATGLAlpha Technology Group Ltd | 146.5 m | — | -184.7% | -952.0% | −40.2% | −61% / −39% |
| MLGOMicroAlgo Inc. | 135.7 m | 1.2 | 7.6% | 30.2% | −20.3% | −61% / −100% |
| MWCMicware Co., Ltd. | 82.0 m | 8.1 | 20.0% | 7.3% | unavailable | unavailable / unavailable |
| PDCPerpetuals.com Ltd | 74.9 m | — | -75.8% | -1,069.9% | −47.0% | −61% / −13% |
| CINTCI&T Inc | 73.8 m | 10.3 | 13.8% | 8.3% | +11.5% | −31% / −40% |
| CYCUCycurion, Inc. | 65.1 m | — | -76.7% | -98.0% | −14.8% | −91% / unavailable |
| XTIAXti Aerospace, Inc. | 37.7 m | — | — | -89.6% | +602.4% | −40% / −100% |
| MNDOMind Cti Ltd | 18.3 m | 6.9 | 11.0% | 13.4% | −9.3% | −24% / −53% |
| CHGAChange Agents Corporation | 17.8 m | — | -606.9% | -643.1% | +6.2% | −97% / −99% |
| RDNWRideNow Group, Inc. | 11.7 m | — | — | -0.8% | −10.5% | +7% / −9% |
1- and 3-year price returns: for INFY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.50 Total return -35% · Per year -35% | 13.26 Total return 13% · Per year 13% | 19.96 Total return 69% · Per year 69% |
| 3 years | 7.46 Total return -27% · Per year -10% | 14.82 Total return 37% · Per year 11% | 24.47 Total return 121% · Per year 30% |
| 5 years | 7.42 Total return -20% · Per year -4% | 16.57 Total return 64% · Per year 10% | 30.01 Total return 184% · Per year 23% |
- Exit P/E± 3.71
- Net margin± 2.59
- Annual revenue growth± 2.10
- Annual dilution± 0.22
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 Jun 2026; since then the company filed 6-K (28 Oct 2026), 6-K (23 Oct 2026), 6-K (13 Oct 2026), 6-K (28 Jul 2026), 6-K (23 Jul 2026).
In brief
Infosys provides AI-first business consulting and technology services that help organizations unlock AI value at scale. The company reported revenue of 20158 million USD for fiscal 2026, and its AI-first framework remains its main growth driver over the medium term.
SWOT
Strengths
- The company has over four decades of experience and a documented AI-first offering built on its value framework and proprietary platforms. Relationships with over 50 AI partners and with most top clients are a visible advantage.
- Consulting rankings recognition and a global presence in more than 50 countries reinforce the brand. The distributed agile delivery model is described as a differentiator.
- The Project Maximus efficiency program aims to improve margins through value-based pricing, optimization and automation. This could support results over the medium term.
Weaknesses
- Revenue growth was moderate over the period analyzed, and net profit grew more slowly than revenue. Dependence on the North American market remains high.
- Reported operating margin fell in fiscal 2026 compared with the prior year. The impact of Indian labour legislation added a significant accounting burden.
- A workforce-based and project-based model may make revenue sensitive to cuts in client budgets.
Opportunities
- The AI-first services market could become a new source of revenue if client demand materializes as estimated by the company.
- Modernizing legacy systems with AI agents and rebuilding SAP platforms could generate long-term projects.
- Expansion into areas such as physical AI, data for AI and AI trust could open new client categories.
Threats
- New players entering specialized technology niches could reduce the company's market share in certain segments.
- Geopolitical uncertainties and shifts in economic policy could delay client investment decisions.
- AI automation could reduce demand for traditional development work, which could put pressure on service prices.
Risks
- Geographic concentrationhigh
The North American market has a dominant share of revenues, so a slowdown there could affect overall results.
- Margin pressurehigh
Reported operating margin declined in fiscal 2026, and additional costs from Indian labour legislation could weigh on profitability.
- Cannibalization of the traditional modelmedium
AI automation could reduce the volume of billable work on classic projects, and the company may need to offset this with new services.
- Intense competitionmedium
New players in specialized niches could reduce prices and market share, especially in smaller and mid-sized projects.
- Macroeconomic and geopolitical uncertaintylow
Trade policies and international tensions could delay client investments, which could slow demand.
Investment thesis
What would need to be true (bull case)
- If the AI-first opportunity materializes as estimated, the company could accelerate revenue growth beyond the pace of recent years.
- Relationships with almost all top clients in an AI process and a structured value framework could strengthen its position as a preferred partner.
- The efficiency program and automation could improve margins if one-off labour legislation costs do not recur.
What would break the thesis
- If AI automation reduces billable traditional work faster than expected, legacy revenue could fall more than estimated.
- Reported operating margin declined in fiscal 2026, and cost pressure could continue if efficiency gains do not offset it.
- If new players win share in specialized segments, the company could lose projects and may have to cut prices.
What to watch
- Trend of adjusted operating margin versus reported margin after Indian labour code effectsQ1 2027
- Share of revenues from AI-first services compared with AI-augmented servicesnext 10-K
- Development of North American revenues, the company's largest market2027
- Progress of the Project Maximus program and its margin targetsfiscal 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 Jun 2026; since then the company filed 6-K (28 Oct 2026), 6-K (23 Oct 2026), 6-K (13 Oct 2026), 6-K (28 Jul 2026), 6-K (23 Jul 2026).
The business
Infosys Limited, founded in 1981 and headquartered in Bengaluru, provides business consulting and technology services to enterprises worldwide. According to its Form 20-F for the fiscal year ended March 31, 2026, its strategy centers on an AI-first value framework that organizes opportunities into six value pools. The company describes its role as navigator for clients on their journey to an AI-first future.
Revenue grew from 16311 million USD in fiscal 2022 to 20158 million USD in fiscal 2026, a compound annualized growth rate of 5.4%. Reported operating margin was 20.3% in fiscal 2026, while the adjusted non-IFRS operating margin was 21.0%. Employees at the end of fiscal 2026 numbered 328594.
Activities are organized into industry business units including financial services and insurance, retail and consumer goods, communications and media, energy and utilities, manufacturing, high-tech and healthcare. Solutions are split between AI-first services such as Innovate, Assure and Modernize, and AI-augmented services such as application management and cloud services. Infosys Topaz Fabric and Infosys Topaz AI Next support delivery of these services.
Segments
Geography
In fiscal 2026 North America generated 56.1% of revenues, Europe 32.1%, the rest of the world 8.9%, and India 2.9%. Dependence on the North American market is therefore dominant, so economic developments in the US matter greatly for results.
Consulting and enterprise services
Infosys Consulting, the consulting arm, operates in more than 50 countries and combines strategy with execution. The SAP practice, powered by Infosys Topaz, covers migration to SAP S/4HANA Cloud and managed services, and the company works with over 50 partners in its AI ecosystem.
Market context
The industry is going through a shift in operating model, from deterministic applications toward AI-native systems built on agents and continuous learning. Pressure on traditional IT services is rising, and clients are restructuring costs and processes. The company argues that its early lead in AI positions it well to benefit from these trends.
Trends
- Shift to AI-native systemsmixed
Companies are moving from application-centric stacks to platforms with intelligent agents and orchestration layers. For Infosys this shift could open new services, but it could also reduce the value of traditional code development work.
- Reallocation of client budgetsmixed
Clients are reducing costs, raising resilience and seeking personalized experiences, which may favor AI projects. At the same time discretionary spending on traditional services remains under pressure, which could limit growth in legacy businesses.
- Lower interest rates and geopolitical uncertaintytailwind
Fiscal 2026 brought lower interest rates and stable economic sentiment, but policy changes and geopolitical uncertainties weighed on the sector. If this climate persists, demand for services could remain moderate.
- Margin pressureheadwind
Project Maximus aims to improve margins through value-based pricing, efficiency and automation. The company reports these efforts matter in a cost-pressure environment, but Indian labour code costs could affect results.
Competitive position
The source describes the traditional services market as intensely competitive, with rapid change and new players entering specialized technology niches. The company cites industry expertise, end-to-end capabilities, proprietary platforms and its global agile delivery model as differentiators. The source offers no quantitative comparison with competitors.
- Global IT services providers
The source mentions new players entering specialized technology niches without naming competing firms.
- Management consulting firms
Infosys Consulting competes with consulting firms, and the source cites rankings recognition without naming competitors.
- AI platform and cloud providers
The company partners with AI model developers and cloud providers, indicating a partnership relationship as well as a competitive area for clients.
- SAP and enterprise solution integrators
The SAP practice competes with other specialized integrators on S/4HANA migrations, without the source naming firms.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- AI slows growth for Infosys and keeps it afloat at the same timeThe Register · 28 Oct 2026 · EN
- Infosys Draws Four Downgrades in a Day on Weaker Sales OutlookBloomberg Markets · 27 Oct 2026 · EN
- For India's IT giants TCS and Infosys, AI both dents and supports growthNikkei Asia · 26 Oct 2026 · EN
- India's Infosys falls after cutting revenue growth guidance for fiscal 2027CNA (Channel NewsAsia) · 26 Oct 2026 · EN
- India's Infosys falls after revenue growth view cut flags AI, competitive pressuresCNA (Channel NewsAsia) · 26 Oct 2026 · EN
- India's Infosys falls after cutting revenue growth forecast for fiscal 2027CNA (Channel NewsAsia) · 26 Oct 2026 · EN
- India's Infosys beats second quarter revenue viewCNA (Channel NewsAsia) · 23 Oct 2026 · EN
- Infosys cuts forecast as AI spending shift deepens North America slowdownCNA (Channel NewsAsia) · 23 Oct 2026 · EN
- India's Infosys lowers annual revenue growth forecastCNA (Channel NewsAsia) · 23 Oct 2026 · EN
- LG CNS earns global recognition for AI-powered workplace servicesKorea Times — Business · 19 Oct 2026 · EN
- Tata Sons reviews AoA to meet Sebi listing normsSurge — GDELT DOC · 19 Oct 2026 · RO
- US stocks : US market ends down sharply ; worries about AI trade and high oil prices weighSurge — GDELT DOC · 16 Oct 2026 · RO
- Global Market : Japanese investors extend foreign bond selling streak to four weeksSurge — GDELT DOC · 16 Oct 2026 · RO
- Can Infrastructure Keep Pace With AI?Bloomberg Markets · 13 Oct 2026 · EN
- Chipmakers Under Pressure; Saudi Arabia Intercepts MissilesBloomberg Markets · 13 Oct 2026 · EN
- Indian IT Companies Are in Trump’s CrosshairsThe Diplomat (Asia geopolitics) · 13 Oct 2026 · EN
- India's Nilekani on India's Examination ReformsBloomberg Markets · 13 Oct 2026 · EN
- Nandan Nilekani: India Will Lead in Scaling AIBloomberg Markets · 13 Oct 2026 · EN
- Microsoft și Adobe, lovite de o decizie majoră a SUA. Guvernul acuză companiile că au abuzat de... - Business24.roSurge — Google News · 09 Oct 2026 · RO
- Administrația Trump restricționează accesul Microsoft la Green Card-uri pentru angajați: JD Vance acuză compania de abuzuri - Jurnal.mdSurge — Google News · 09 Oct 2026 · RO
SEC filings
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)23 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)28 Jul 2026
- Current report (foreign issuer)28 Jul 2026
- Current report (foreign issuer)23 Jul 2026
- Current report (foreign issuer)13 Jul 2026
- Current report (foreign issuer)25 Jun 2026
- Current report (foreign issuer)24 Jun 2026
- Annual report (foreign issuer)15 Jun 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / Infosys Limited · 15 Jun 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.