How did Infosys (INFY) perform financially in Q1 FY27?

Infosys reported Q1 FY27 revenue of $5,082 million , up 2.8% year on year in USD, with operating profit of $1,072 million and an operating margin of 21.1% . Net profit after non-controlling interests was $819 million , and basic EPS was $0.20 .

What guidance did Infosys (INFY) give for FY27 revenue and margins?

Infosys revised FY27 revenue growth guidance to 1.5%-3.0% in constant currency, down from 1.5%-3.5%. The company maintained its operating margin guidance at 20%-22% , balancing wage hikes and AI investments with efficiency programs such as Project Maximus and currency tailwinds.

How significant is AI in Infosys (INFY) revenue and deal wins?

AI services contributed 8.2% of Infosys’ Q1 FY27 revenue and have grown at double-digit rates quarter-on-quarter for several quarters. Large deal TCV was $3.6 billion , with 61% net new, and management highlighted strong pipelines across six defined AI value pools.

What CEO succession plan did Infosys (INFY) announce?

Infosys’ board appointed long-time executive Ashiss Dash as CEO-designate to succeed Salil Parekh when Parekh’s term ends on March 31, 2027 . Dash will receive CEO coaching and be mentored by Parekh from October 1, 2026, before becoming CEO on April 1, 2027 .

How strong were Infosys (INFY) cash flows and balance sheet in Q1 FY27?

Free cash flow in Q1 FY27 was $955 million , representing 116.5% of net profit, and consolidated cash and investments totaled $3,916 million at June 30, 2026. The company described its balance sheet as strong and debt-free after returning over $1 billion via dividends.

What were Infosys (INFY) key operating metrics like utilization and headcount?

Infosys reported total employees of 328,062 at June 30, 2026, with voluntary IT services attrition of 13.0% (last twelve months). Utilization excluding trainees was 84.9% , up from 83.0% in the prior quarter, and onsite effort was 22.8% of total delivery.

How did Infosys (INFY) grow across currencies in Q1 FY27?

In Q1 FY27, Infosys’ revenue was $5,082 million (up 2.8% year on year in USD) and ₹48,211 crore (up 14.0% year on year in INR). Constant-currency revenue growth was 2.4% year on year and 1.0% sequentially.

Infosys names new CEO, posts Q1 FY27 AI growth

Exhibit 99.1

IFRS – USD Press Release

AI Revenues at 8.2% in Q1; Resilient Operating Margin of 21.1%

Strong Large Deal Wins at $3.6 Billion with 61% Net New; Robust Free Cash Flow of $0.96 Billion

FY 27 Revenue Guidance Revised to 1.5%-3.0%, Margin guidance Retained at 20%-22%

Bengaluru, India – July 23, 2026: Infosys (NSE, BSE, NYSE: INFY), a global leader in AI-first business consulting and technology services, delivered $5,082 million in Q1 revenues, year on year growth of 2.4% and sequential growth of 1.0% in constant currency. Operating margin was at 21.1%, sequential increase of 0.2%. EPS growth was 14.9% year on year in rupee terms. TCV of large deal wins was $3.6 billion, with 61% net new.

“AI momentum is now rapidly converting into revenue, which demonstrates how Infosys’ differentiated enterprise AI value proposition is translating into consistent market share gains. Strong large deal wins, powered by Infosys Topaz, reinforce client confidence in our ability to be the strategic partner of choice for AI transformation driving tangible business value”, said Salil Parekh, CEO and MD. “With strategic partnerships established with all leading AI companies, we are bringing the power of the innovation ecosystem to help clients accelerate operational productivity and unlock growth opportunities. We remain committed to reskilling our employee base across levels and this sustained focus has positioned Infosys as a frontier organization with deep expertise accelerating AI journeys for some of the largest enterprises the world over”, he added.

Guidance for FY27:

·	Revenue growth of 1.5%-3.0% in constant currency
·	Operating margin of 20%-22%

Key highlights :

For the quarter ended June 30, 2026

· Revenues in CC terms grew by 2.4% YoY and by 1.0% QoQ

· Reported revenues at $5,082 million, growth of 2.8% YoY and 0.8% QoQ

· Operating margin at 21.1%, increase of 0.3% YoY and 0.2% QoQ

· Basic EPS at $0.20; increase of 3.7% YoY

· FCF at $955 million; FCF conversion at 116.5% of net profit

“Our resilient margins of 21.1% and consistent strong cash generation reflect the strength of our business model, disciplined execution and continued focus on operational excellence in a challenging business environment”, said Jayesh Sanghrajka, CFO. “We are accelerating investments in AI, talent, and platforms to drive future growth and remain committed to improving productivity, expanding operating leverage and maintaining the financial flexibility needed to capitalize on emerging opportunities while delivering sustainable shareholder value”, he added.

Client Wins & Testimonials

·

Infosys renewed its long-standing collaboration with Mercedes-Benz Group AG, moving one of the automotive sector’s largest hybrid cloud and data center operations to an AI-led operating model. As part of the extended engagement, Infosys will embed AIOps and agentic AI across the IT landscape, powered by Infosys Topaz and Infosys Cobalt, to further enhance reliability, efficiency and innovation. Bobi Milosevic-Lican, Vice President Tech Infrastructure & Operations Mercedes-Benz AG, said, “Infosys has been a trusted collaborator in supporting our global IT infrastructure and managing complex enterprise technology environments at scale. As we continue to modernize our technology landscape and advance towards an AI-enabled operating model, we value Infosys’ deep technology expertise, strong delivery capabilities and ability to drive innovation across large and complex operations. This helps ensure that our infrastructure not only runs reliably today but is positioned to power our ongoing transformation journey.”

·

Infosys collaborated with Nokia to strengthen product engineering capabilities and accelerate innovation across its network portfolio. Kal De, SVP, Core Networks, Mobile Infrastructure Group, Nokia, said, "Nokia and Infosys's strategic partnership focuses on strengthening product engineering across Nokia's core networks portfolio. The collaboration provides access to specialized engineering expertise, helping Nokia accelerate product evolution, improve execution efficiency, and dynamically respond to new market requirements."

·

Infosys collaborated with Bendigo Bank to help build a future-ready bank. This 7-year collaboration will allow accelerated innovation and simplification to deliver better experiences for Bendigo Bank’s 2.9 million customers. Richard Fennell, Chief Executive Officer, Bendigo Bank, said, “Partnerships are fundamental to how Bendigo Bank innovates, and with this access to Infosys’ global capabilities, software engineering and AI talent, our Bank has significantly greater capacity to drive innovation.

·

Infosys expanded its strategic collaboration with DNB Bank ASA to modernize financial crime operations. Elin Sandnes, COO and Group Executive Vice President Technology & Services, DNB, said, “Protecting customers and the integrity of the financial system requires us to continuously raise the bar on detection and investigation. By working closely with Infosys and leveraging NICE Actimize’s X Sight Enterprise platform, we are enhancing our ability to detect, investigate, and prevent complex financial crime more effectively, while supporting our long-term digital transformation and regulatory compliance objectives.”

·

Infosys collaborated with Sentara to unlock AI value and scale enterprise AI adoption in healthcare services. Jamisson Fowler, SVP and Chief Digital Officer, Sentara, said, “As we continue to advance our digital strategy, working with Infosys enables us to take a thoughtful and scalable approach to AI adoption across the enterprise. This collaboration helps ensure AI is deployed in ways that genuinely improve how our hospital teams work supporting efficiency, care delivery and the communities we serve while remaining secure, compliant and patient centered.”

·

Infosys expanded collaboration with GlobalFoundries to accelerate AI-driven transformation of IT operations. Vishal Mehra, Chief Information Officer, GlobalFoundries, said, “The renewed collaboration marks a significant step forward in GF’s journey to modernize IT operations and achieve higher levels of efficiency, resilience and user experience. As a leading global semiconductor manufacturer, we are committed to advancing our digital transformation to drive greater reliability and value. Collaborating with Infosys will help us equip our teams with next generation capabilities to accelerate this transformation journey.”

·

Infosys collaborated with Spark New Zealand to accelerate AI-led transformation across its technology delivery and digital operations. Penny White, General Manager, Business Technology Services, Spark, said, “Our long-standing collaboration with Infosys continues to play a critical role in modernizing how we design, build and operate our technology. By leveraging Infosys Topaz, we are embedding cloud and AI-driven capabilities into our day-to-day operations, enabling greater efficiency, scale and agility as we transform our technology delivery model and deliver more seamless digital experiences for our customers.”

·

Infosys collaborated with Cox Communications to modernize its technology operations and enhance the digital experience for its customers. Mark Lawson, Chief Technology, Digital and AI Officer, Cox Communications, said, "Infosys has been instrumental in helping Cox deliver impactful digital transformation, with AI supporting key parts of that journey. By combining deep engineering expertise with a strong understanding of our business, they have helped us create seamless customer experiences, improve operational efficiency, and accelerate business outcomes. We value their partnership and commitment to innovation.”

·

Infosys is selected by Ventura Foods as a partner for its enterprise transformation leveraging Oracle Fusion Cloud, and Infosys Topaz for its AI-first value chain strategy. The program will establish a unified digital foundation across finance, human resources, supply chain, product lifecycle management, and the oil value chain, enabling faster innovation, improved resilience, and sustainable growth. Kiran Vankamamidi, Ventura Foods' Chief Information Officer, said, “Infosys’ deep transformation expertise, industry knowledge, and AI-led approach will help Ventura Foods transform into an intelligent, connected enterprise – empowering our teams with speed, insight and simplicity to deliver the customer experience that fuels our growth."

·

Infosys Finacle collaborated with Sterling Bank of Asia to enhance employee and customer experience, improve banking services, and reduce operational complexity. Cecilio Paul D. San Pedro, President and Chief Executive Officer, Sterling Bank of Asia, said, “At Sterling Bank of Asia, we aim to integrate forward thinking solutions into our operations to better serve the Philippine market. Achieving this requires us to continuously respond to fast evolving customer expectations, the accelerating pace of digital innovation, and an increasingly complex regulatory landscape. Modernizing our technology foundation for both core and digital banking is essential to realizing our goals. With Infosys Finacle, we have a trusted transformation partner and a next generation banking platform that will equip us to meet the dynamic requirements of our business, our customers, and the wider regulatory environment.”

·

Infosys Finacle and Bank of Sydney announced the successful go-live of Finacle Digital Banking Suite for Bank of Sydney in Australia, powered by Finacle Software-as-a-Service on Amazon Web Services (AWS) cloud. Geoff Wenborn, COO, Bank of Sydney said, “This marks a significant milestone in the bank's digital transformation journey. 'With the go live of the Infosys Finacle platform Bank of Sydney has gained a future-ready digital foundation to support growth, scalability and innovation for evolving customer expectations, while simplifying our IT landscape for a more agile operating environment.”

·

Infosys collaborated with OpenAI to accelerate enterprise AI transformation and unlock AI value at scale. Denise Dresser, Chief Revenue Officer, OpenAI, said, “Codex is becoming a powerful workspace for managing agents across software development and business workflows. As enterprises move quickly to put Codex to work, we’re working with leading partners like Infosys to help more organizations move from early usage to repeatable deployment. Infosys's deep expertise in large-scale software transformation enables enterprises to deploy Codex across areas like legacy code modernization, code review automation, vulnerability detection, and application development, while extending its impact to the systems and workflows where knowledge work gets done. We will work together to bring Codex to organizations worldwide.”

·

Infosys collaborated with Harness to Unlock AI Value for enterprise transformation and modernization programs. Jyoti Bansal, Co-founder and Chief Executive Officer, Harness, said, “As AI accelerates code generation, the real challenge for enterprises is ensuring that innovation reaches production safely and efficiently. This creates what we call the AI Velocity Paradox: development speeds up, but downstream processes like testing, security, compliance, and deployment struggle to keep pace – introducing new risk and complexity. By bringing Harness’s intelligent delivery platform together with Infosys’ deep enterprise expertise, we’re helping organizations deliver AI-driven software innovation with greater speed, predictability, and control.”

Recognitions & Awards

Brand & Corporate

·

Won multiple awards at the 2026 Asia Executive Survey by Extel and ranked among the Top 3 overall in three categories: Best CFO, Best IR Program, and Best ESG Program

·

Ranked #1 on LinkedIn Top Companies in India for 2026

·

Awarded the Bronze Stevie® Award for Innovation in Investor Relations

·

Infosys BPM awarded the Global CSR, Sustainability & ESG Awards 2026 for the ‘Best Skill Development Programme of the Year’

·

Infosys BPM awarded HR Distinction Awards 2026 for the ‘Best Resourcing Strategy

AI and Cloud Services

·

Recognized as a Leader in the Gartner Magic Quadrant for Cloud ERP Services

·

Featured as a Leader in Everest Group Google Cloud Services PEAK Matrix® Assessment 2026

·

Featured as a Leader in Oracle Cloud Applications Services PEAK Matrix® Assessment 2026

·

Recognized as a Leader by HFS Horizons for Data Modernization and AI, 2026

·

Infosys BPM Awarded the Hackett Innovation Awards 2026 for the ‘Order-to-Cash: Agentic AI in Finance’ initiative

·

Awarded the HPE Networking (Aruba) Partner of the year 2026

Key Digital Services

·

Featured as a Leader in Everest Group Marketing Transformation Services PEAK Matrix® Assessment 2026

·

Featured as a Leader in Everest Group Healthcare Payer Digital Services PEAK Matrix® Assessment 2026

·

Recognized as a Leader by HFS Horizons for SAP S/4HANA Transformation Services, 2026

·

Recognized as a Leader by HFS Horizons for Global Capability Centers (GCC) Services, 2026

·

Featured as a Leader in PAC Radar Global Leaders in Quality Engineering in 2026

Industry & Solutions

·

Recognized as a Leader by HFS Horizons for Financial Crime Compliance (FCC) in Financial Services, 2026

·

Awarded by NelsonHall for Transforming Wealth and Asset Management Services

·

Ranked as the number one IT services provider for banking in Europe and financial services in Nordics by Whitelane Research

·

Infosys Finacle rated as a Leader in The Forrester Wave™: Digital Banking Engagement Platforms, Q2 2026 report

·

Infosys Finacle ranked as a Leader across 22 categories by IBS Intelligence (IBSi) in its Annual Sales League Table (SLT) 2026 report

·

Infosys Finacle received the MEA Finance Banking Technology Awards 2026 in three categories: 'Best Core Banking Technology Implementation' with Emirates Investment Bank; 'Best Open Banking & API Implementation' with Zand; and 'Best Open Banking and API Solutions Provider'

·

Awarded the HPE GSI Financial Services Partner of the year 2026

Read more about our Awards & Recognitions here.

About Infosys

Infosys (NSE, BSE, NYSE: INFY) is a global leader in AI first business consulting and technology services. Over 325,000 of our people work to amplify human potential and create the next opportunity for people, businesses, and communities. As navigators of enterprise transformation, we enable businesses in 59 countries to unlock AI value at scale. With over four decades of experience in managing the systems and workings of global enterprises, we accelerate business transformation through our AI-first value framework, deep domain expertise, and our unique ability to orchestrate innovations from our AI-native partner ecosystem. Infosys is recognized as the fastest growing IT services brand globally, committed to being a well-governed, environmentally sustainable partner for our clients where deep talent expertise, in an inclusive workplace, help them navigate their next.

Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

.

Safe Harbor

Certain statements in this release, including those concerning our future events, future growth prospects, our future financial or operating performance and our offerings and collaborations, are “forward looking statements” intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. These forward-looking statements are subject to substantial known and unknown risks, uncertainties and other factors, that could cause actual results or outcomes to differ materially from those implied by such forward-looking statements. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid work model, economic uncertainties and geo-political situations, technological disruptions and innovations such as artificial intelligence, the complex and evolving regulatory landscape including immigration regulation changes, particularly in the United States, our Environmental, Social, Governance (“ESG”) vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources, our corporate actions including acquisitions, cybersecurity matters, the outcome of pending litigation and the US government investigation, and the effect of current and future tariffs. These and additional factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2026. These filings are available at https://www.sec.gov/. In light of these and other uncertainties, you should not conclude that the results or outcomes referred to in any of the forward-looking statements will be achieved. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Contact

Investor Relations

Sandeep Mahindroo

+91 80 3980 1018

Sandeep_Mahindroo@infosys.com

Media Relations

Rishi Basu

+91 80 4156 3998

Rajarshi.Basu@infosys.com

Chad Darwin

+1 323 422 3815

Chad.darwin@infosys.com

Infosys Limited and subsidiaries

Extracted from the Condensed Consolidated Balance Sheet under IFRS as at:

(In $ million)

Particulars	June 30, 2026	March 31, 2026
ASSETS
Current assets
Cash and cash equivalents	2,287	2,341
Current investments	837	1,365
Trade receivables	3,569	3,715
Unbilled revenue	1,759	1,633
Other current assets	1,953	1,858
Total current assets	10,405	10,912
Non-current assets
Property, plant and equipment and Right-of-use assets	2,066	2,057
Goodwill and other Intangible assets	2,042	1,576
Non-current investments	924	942
Unbilled revenue	207	183
Other non-current assets	715	776
Total non-current assets	5,954	5,534
Total assets	16,359	16,446
LIABILITIES AND EQUITY
Current liabilities
Trade payables	463	500
Unearned revenue	1,222	1,248
Employee benefit obligations	388	372
Other current liabilities and provisions	3,515	3,396
Total current liabilities	5,588	5,516
Non-current liabilities
Lease liabilities	563	634
Other non-current liabilities	534	456
Total non-current liabilities	1,097	1,090
Total liabilities	6,685	6,606
Total equity attributable to equity holders of the company	9,619	9,786
Non-controlling interests	55	54
Total equity	9,674	9,840
Total liabilities and equity	16,359	16,446

Extracted from the Condensed Consolidated Statement of Comprehensive Income under IFRS for:

(In $ million except per equity share data)

Particulars	3 months ended June 30, 2026	3 months ended June 30, 2025
Revenues	5,082	4,941
Cost of sales	3,482	3,416
Gross profit	1,600	1,525
Operating expenses:
Selling and marketing expenses	270	258
Administrative expenses	258	239
Total operating expenses	528	497
Operating profit	1,072	1,028
Other income, net of finance cost	91	110
Profit before income taxes	1,163	1,138
Income tax expense	343	329
Net profit (before non-controlling interests)	820	809
Net profit (after non-controlling interests)	819	809
Basic EPS ($)	0.20	0.20
Diluted EPS ($)	0.20	0.19

NOTES:

a)

The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter ended June 30, 2026, which have been taken on record at the Board meeting held on July 23, 2026.

b)

Revenue growth in reported currency includes the impact of currency fluctuations. Additionally, we calculate constant currency (CC) growth by comparing current period revenues in respective local currencies converted to US$ using prior period exchange rates and comparing the same to our prior period reported revenues.

c)

A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com.

Exhibit 99.2

IFRS – INR Press Release

AI Revenues at 8.2% in Q1; Resilient Operating Margin of 21.1%

Strong Large Deal Wins at $3.6 Billion with 61% Net New; Robust Free Cash Flow of $0.96 Billion

FY 27 Revenue Guidance Revised to 1.5%-3.0%, Margin guidance Retained at 20%-22%

Bengaluru, India – July 23, 2026: Infosys (NSE, BSE, NYSE: INFY), a global leader in AI-first business consulting and technology services, delivered $5,082 million in Q1 revenues, year on year growth of 2.4% and sequential growth of 1.0% in constant currency. Operating margin was at 21.1%, sequential increase of 0.2%. EPS growth was 14.9% year on year in rupee terms. TCV of large deal wins was $3.6 billion, with 61% net new.

“AI momentum is now rapidly converting into revenue, which demonstrates how Infosys’ differentiated enterprise AI value proposition is translating into consistent market share gains. Strong large deal wins, powered by Infosys Topaz, reinforce client confidence in our ability to be the strategic partner of choice for AI transformation driving tangible business value”, said Salil Parekh, CEO and MD. “With strategic partnerships established with all leading AI companies, we are bringing the power of the innovation ecosystem to help clients accelerate operational productivity and unlock growth opportunities. We remain committed to reskilling our employee base across levels and this sustained focus has positioned Infosys as a frontier organization with deep expertise accelerating AI journeys for some of the largest enterprises the world over”, he added.

Guidance for FY27:

·

Revenue growth of 1.5%-3.0% in constant currency

·

Operating margin of 20%-22%

Key highlights:

For the quarter ended June 30, 2026

· Revenues in CC terms grew by 2.4% YoY and by 1.0% QoQ

· Reported revenues at ₹48,211 crore, growth of 14.0% YoY and 3.9% QoQ

· Operating margin at 21.1%, increase of 0.3% YoY and 0.2% QoQ

· Basic EPS at ₹19.19; increase of 14.9% YoY

· FCF at ₹9,051 crore; FCF conversion at 116.4% of net profit

“Our resilient margins of 21.1% and consistent strong cash generation reflect the strength of our business model, disciplined execution and continued focus on operational excellence in a challenging business environment”, said Jayesh Sanghrajka, CFO. “We are accelerating investments in AI, talent, and platforms to drive future growth and remain committed to improving productivity, expanding operating leverage and maintaining the financial flexibility needed to capitalize on emerging opportunities while delivering sustainable shareholder value”, he added.

Client Wins & Testimonials

·

Infosys renewed its long-standing collaboration with Mercedes-Benz Group AG, moving one of the automotive sector’s largest hybrid cloud and data center operations to an AI-led operating model. As part of the extended engagement, Infosys will embed AIOps and agentic AI across the IT landscape, powered by Infosys Topaz and Infosys Cobalt, to further enhance reliability, efficiency and innovation. Bobi Milosevic-Lican, Vice President Tech Infrastructure & Operations Mercedes-Benz AG, said, “Infosys has been a trusted collaborator in supporting our global IT infrastructure and managing complex enterprise technology environments at scale. As we continue to modernize our technology landscape and advance towards an AI-enabled operating model, we value Infosys’ deep technology expertise, strong delivery capabilities and ability to drive innovation across large and complex operations. This helps ensure that our infrastructure not only runs reliably today but is positioned to power our ongoing transformation journey.”

·

Infosys collaborated with Nokia to strengthen product engineering capabilities and accelerate innovation across its network portfolio. Kal De, SVP, Core Networks, Mobile Infrastructure Group, Nokia, said, "Nokia and Infosys's strategic partnership focuses on strengthening product engineering across Nokia's core networks portfolio. The collaboration provides access to specialized engineering expertise, helping Nokia accelerate product evolution, improve execution efficiency, and dynamically respond to new market requirements."

·

Infosys collaborated with Bendigo Bank to help build a future-ready bank. This 7-year collaboration will allow accelerated innovation and simplification to deliver better experiences for Bendigo Bank’s 2.9 million customers. Richard Fennell, Chief Executive Officer, Bendigo Bank, said, “Partnerships are fundamental to how Bendigo Bank innovates, and with this access to Infosys’ global capabilities, software engineering and AI talent, our Bank has significantly greater capacity to drive innovation.

·

Infosys expanded its strategic collaboration with DNB Bank ASA to modernize financial crime operations. Elin Sandnes, COO and Group Executive Vice President Technology & Services, DNB, said, “Protecting customers and the integrity of the financial system requires us to continuously raise the bar on detection and investigation. By working closely with Infosys and leveraging NICE Actimize’s X Sight Enterprise platform, we are enhancing our ability to detect, investigate, and prevent complex financial crime more effectively, while supporting our long-term digital transformation and regulatory compliance objectives.”

·

Infosys collaborated with Sentara to unlock AI value and scale enterprise AI adoption in healthcare services. Jamisson Fowler, SVP and Chief Digital Officer, Sentara, said, “As we continue to advance our digital strategy, working with Infosys enables us to take a thoughtful and scalable approach to AI adoption across the enterprise. This collaboration helps ensure AI is deployed in ways that genuinely improve how our hospital teams work supporting efficiency, care delivery and the communities we serve while remaining secure, compliant and patient centered.”

·

Infosys expanded collaboration with GlobalFoundries to accelerate AI-driven transformation of IT operations. Vishal Mehra, Chief Information Officer, GlobalFoundries, said, “The renewed collaboration marks a significant step forward in GF’s journey to modernize IT operations and achieve higher levels of efficiency, resilience and user experience. As a leading global semiconductor manufacturer, we are committed to advancing our digital transformation to drive greater reliability and value. Collaborating with Infosys will help us equip our teams with next generation capabilities to accelerate this transformation journey.”

·

Infosys collaborated with Spark New Zealand to accelerate AI-led transformation across its technology delivery and digital operations. Penny White, General Manager, Business Technology Services, Spark, said, “Our long-standing collaboration with Infosys continues to play a critical role in modernizing how we design, build and operate our technology. By leveraging Infosys Topaz, we are embedding cloud and AI-driven capabilities into our day-to-day operations, enabling greater efficiency, scale and agility as we transform our technology delivery model and deliver more seamless digital experiences for our customers.”

·

Infosys collaborated with Cox Communications to modernize its technology operations and enhance the digital experience for its customers. Mark Lawson, Chief Technology, Digital and AI Officer, Cox Communications, said, "Infosys has been instrumental in helping Cox deliver impactful digital transformation, with AI supporting key parts of that journey. By combining deep engineering expertise with a strong understanding of our business, they have helped us create seamless customer experiences, improve operational efficiency, and accelerate business outcomes. We value their partnership and commitment to innovation.”

·

Infosys is selected by Ventura Foods as a partner for its enterprise transformation leveraging Oracle Fusion Cloud, and Infosys Topaz for its AI-first value chain strategy. The program will establish a unified digital foundation across finance, human resources, supply chain, product lifecycle management, and the oil value chain, enabling faster innovation, improved resilience, and sustainable growth. Kiran Vankamamidi, Ventura Foods' Chief Information Officer, said, “Infosys’ deep transformation expertise, industry knowledge, and AI-led approach will help Ventura Foods transform into an intelligent, connected enterprise – empowering our teams with speed, insight and simplicity to deliver the customer experience that fuels our growth."

·

Infosys Finacle collaborated with Sterling Bank of Asia to enhance employee and customer experience, improve banking services, and reduce operational complexity. Cecilio Paul D. San Pedro, President and Chief Executive Officer, Sterling Bank of Asia, said, “At Sterling Bank of Asia, we aim to integrate forward thinking solutions into our operations to better serve the Philippine market. Achieving this requires us to continuously respond to fast evolving customer expectations, the accelerating pace of digital innovation, and an increasingly complex regulatory landscape. Modernizing our technology foundation for both core and digital banking is essential to realizing our goals. With Infosys Finacle, we have a trusted transformation partner and a next generation banking platform that will equip us to meet the dynamic requirements of our business, our customers, and the wider regulatory environment.”

·

Infosys Finacle and Bank of Sydney announced the successful go-live of Finacle Digital Banking Suite for Bank of Sydney in Australia, powered by Finacle Software-as-a-Service on Amazon Web Services (AWS) cloud. Geoff Wenborn, COO, Bank of Sydney said, “This marks a significant milestone in the bank's digital transformation journey. 'With the go live of the Infosys Finacle platform Bank of Sydney has gained a future-ready digital foundation to support growth, scalability and innovation for evolving customer expectations, while simplifying our IT landscape for a more agile operating environment.”

·

Infosys collaborated with OpenAI to accelerate enterprise AI transformation and unlock AI value at scale. Denise Dresser, Chief Revenue Officer, OpenAI, said, “Codex is becoming a powerful workspace for managing agents across software development and business workflows. As enterprises move quickly to put Codex to work, we’re working with leading partners like Infosys to help more organizations move from early usage to repeatable deployment. Infosys's deep expertise in large-scale software transformation enables enterprises to deploy Codex across areas like legacy code modernization, code review automation, vulnerability detection, and application development, while extending its impact to the systems and workflows where knowledge work gets done. We will work together to bring Codex to organizations worldwide.”

·

Infosys collaborated with Harness to Unlock AI Value for enterprise transformation and modernization programs. Jyoti Bansal, Co-founder and Chief Executive Officer, Harness, said, “As AI accelerates code generation, the real challenge for enterprises is ensuring that innovation reaches production safely and efficiently. This creates what we call the AI Velocity Paradox: development speeds up, but downstream processes like testing, security, compliance, and deployment struggle to keep pace – introducing new risk and complexity. By bringing Harness’s intelligent delivery platform together with Infosys’ deep enterprise expertise, we’re helping organizations deliver AI-driven software innovation with greater speed, predictability, and control.”

Recognitions & Awards

·

Brand & Corporate

·

Won multiple awards at the 2026 Asia Executive Survey by Extel and ranked among the Top 3 overall in three categories: Best CFO, Best IR Program, and Best ESG Program

·

Ranked #1 on LinkedIn Top Companies in India for 2026

·

Awarded the Bronze Stevie® Award for Innovation in Investor Relations

·

Infosys BPM awarded the Global CSR, Sustainability & ESG Awards 2026 for the ‘Best Skill Development Programme of the Year’

·

Infosys BPM awarded HR Distinction Awards 2026 for the ‘Best Resourcing Strategy

·

AI and Cloud Services

·

Recognized as a Leader in the Gartner Magic Quadrant for Cloud ERP Services

·

Featured as a Leader in Everest Group Google Cloud Services PEAK Matrix® Assessment 2026

·

Featured as a Leader in Oracle Cloud Applications Services PEAK Matrix® Assessment 2026

·

Recognized as a Leader by HFS Horizons for Data Modernization and AI, 2026

·

Infosys BPM Awarded the Hackett Innovation Awards 2026 for the ‘Order-to-Cash: Agentic AI in Finance’ initiative

·

Awarded the HPE Networking (Aruba) Partner of the year 2026

·

Key Digital Services

·

Featured as a Leader in Everest Group Marketing Transformation Services PEAK Matrix® Assessment 2026

·

Featured as a Leader in Everest Group Healthcare Payer Digital Services PEAK Matrix® Assessment 2026

·

Recognized as a Leader by HFS Horizons for SAP S/4HANA Transformation Services, 2026

·

Recognized as a Leader by HFS Horizons for Global Capability Centers (GCC) Services, 2026

·

Featured as a Leader in PAC Radar Global Leaders in Quality Engineering in 2026

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Industry & Solutions

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Recognized as a Leader by HFS Horizons for Financial Crime Compliance (FCC) in Financial Services, 2026

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Awarded by NelsonHall for Transforming Wealth and Asset Management Services

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Ranked as the number one IT services provider for banking in Europe and financial services in Nordics by Whitelane Research

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Infosys Finacle rated as a Leader in The Forrester Wave™: Digital Banking Engagement Platforms, Q2 2026 report

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Infosys Finacle ranked as a Leader across 22 categories by IBS Intelligence (IBSi) in its Annual Sales League Table (SLT) 2026 report

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Infosys Finacle received the MEA Finance Banking Technology Awards 2026 in three categories: 'Best Core Banking Technology Implementation' with Emirates Investment Bank; 'Best Open Banking & API Implementation' with Zand; and 'Best Open Banking and API Solutions Provider'

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Awarded the HPE GSI Financial Services Partner of the year 2026

Read more about our Awards & Recognitions here.

About Infosys

Infosys (NSE, BSE, NYSE: INFY) is a global leader in AI first business consulting and technology services. Over 325,000 of our people work to amplify human potential and create the next opportunity for people, businesses, and communities. As navigators of enterprise transformation, we enable businesses in 59 countries to unlock AI value at scale. With over four decades of experience in managing the systems and workings of global enterprises, we accelerate business transformation through our AI-first value framework, deep domain expertise, and our unique ability to orchestrate innovations from our AI-native partner ecosystem. Infosys is recognized as the fastest growing IT services brand globally, committed to being a well-governed, environmentally sustainable partner for our clients where deep talent expertise, in an inclusive workplace, help them navigate their next.

Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

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Safe Harbor

Certain statements in this release, including those concerning our future events, future growth prospects, our future financial or operating performance and our offerings and collaborations, are “forward looking statements” intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. These forward-looking statements are subject to substantial known and unknown risks, uncertainties and other factors, that could cause actual results or outcomes to differ materially from those implied by such forward-looking statements. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid work model, economic uncertainties and geo-political situations, technological disruptions and innovations such as artificial intelligence, the complex and evolving regulatory landscape including immigration regulation changes, particularly in the United States, our Environmental, Social, Governance (“ESG”) vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources, our corporate actions including acquisitions, cybersecurity matters, the outcome of pending litigation and the US government investigation, and the effect of current and future tariffs. These and additional factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2026. These filings are available at https://www.sec.gov/. In light of these and other uncertainties, you should not conclude that the results or outcomes referred to in any of the forward-looking statements will be achieved. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Contact

Investor Relations

Sandeep Mahindroo

+91 80 3980 1018

Sandeep_Mahindroo@infosys.com

Media Relations

Rishi Basu

+91 80 4156 3998

Rajarshi.Basu@infosys.com

Chad Darwin

+1 323 422 3815

Chad.darwin@infosys.com

Infosys Limited and Subsidiaries

Extracted from the Condensed Consolidated Balance Sheet under IFRS as at:

(In ₹ crore)

Particulars	June 30, 2026	March 31, 2026
ASSETS
Current assets
Cash and cash equivalents	21,645	22,201
Current investments	7,924	12,950
Trade receivables	33,781	35,234
Unbilled revenue	16,649	15,483
Other current assets	18,495	17,621
Total current assets	98,494	103,489
Non-current assets
Property, plant and equipment and Right-of-use assets	19,554	19,508
Goodwill and other Intangible assets	19,329	14,942
Non-current investments	8,743	8,930
Unbilled revenue	1,965	1,738
Other non-current assets	6,773	7,360
Total non-current assets	56,364	52,478
Total assets	154,858	155,967
LIABILITIES AND EQUITY
Current liabilities
Trade payables	4,387	4,744
Unearned revenue	11,571	11,838
Employee benefit obligations	3,668	3,524
Other current liabilities and provisions	33,285	32,216
Total current liabilities	52,911	52,322
Non-current liabilities
Lease liabilities	5,330	6,016
Other non-current liabilities	5,061	4,332
Total non-current liabilities	10,391	10,348
Total liabilities	63,302	62,670
Total equity attributable to equity holders of the company	91,107	92,852
Non-controlling interests	449	445
Total equity	91,556	93,297
Total liabilities and equity	154,858	155,967

Extracted from the Condensed Consolidated Statement of Comprehensive Income under IFRS for:

(In ₹ crore except per equity share data)

Particulars	3 months ended June 30, 2026	3 months ended June 30, 2025
Revenues	48,211	42,279
Cost of sales	33,033	29,224
Gross profit	15,178	13,055
Operating expenses:
Selling and marketing expenses	2,568	2,208
Administrative expenses	2,447	2,044
Total operating expenses	5,015	4,252
Operating profit	10,163	8,803
Other income, net of finance cost	865	937
Profit before income taxes	11,028	9,740
Income tax expense	3,253	2,816
Net profit (before non-controlling interests)	7,775	6,924
Net profit (after non-controlling interests)	7,769	6,921
Basic EPS (₹)	19.19	16.70
Diluted EPS (₹)	19.17	16.68

NOTES:

a)

The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter ended June 30, 2026, which have been taken on record at the Board meeting held on July 23, 2026.

b)

Revenue growth in reported currency includes the impact of currency fluctuations. Additionally, we calculate constant currency (CC) growth by comparing current period revenues in respective local currencies converted to US$ using prior period exchange rates and comparing the same to our prior period reported revenues.

c)

A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com.

Exhibit 99.3
Press Conference

"Infosys Limited

Q1 FY27 Media Conference Call"

July 23, 2026

CORPORATE PARTICIPANTS:

Nandan Nilekani

Co-Founder and Chairman of the Board

Salil Parekh

Chief Executive Officer and Managing Director

Jayesh Sanghrajka

Chief Financial Officer

Rishi Basu

AVP and Global Head - Corporate Communications

journalists

Ritu Singh

CNBC TV18

Reshab Shaw

Moneycontrol

Mansee Dave

ET Now

Shilpa Phadnis

The Times of India

Avik Das

Business Standard

Haripriya Suresh

Reuters

Beena Parmar

The Economic Times

Sanjana B.

The Hindu BusinessLine

Uma Kannan

Deccan Herald

Rohit Chintapali

Businessworld

Poulomi Chatterjee

The Financial Express

Jas Bardia

The Mint

Rukmini Rao

Fortune India

Rishi Basu

A very good evening, everyone and thank you for joining Infosys' first quarter financial results. My name is Rishi. And on behalf of Infosys, I would like to welcome all of you today. I would first like to invite our Chairman, Mr. Nandan Nilekani and our Chief Executive Officer, Mr. Salil Parekh for an important announcement which will then be followed by our business updates. Kindly note, Nandan will not be taking any questions. Sirs, over to you.

Nandan Nilekani

Thank you, Rishi and it is great to be here with all of you. I thought I would take this opportunity to make an important announcement. As you know, Salil has been CEO of Infosys for almost 10 years. He came, I do not know how many of you were here 10 years back, but he came at a time when things were slightly unstable. And he brought in calmness, focus, took the company from $10 bn to $20 bn, completely did the transformation for the digital era and started the AI differentiation and implementation. Salil’s term comes to an end on March 31, 2027.

Infosys has been looking at his succession. And today, I am delighted to tell you that the Board has appointed his successor, our new CEO, who will take over on April 1, 2027. He is from Infosys. He has been somebody who is a true-blue Infoscion. He has worked in Infosys for 31 years. He has worked in every part of Infosys, be it in delivery, be it in sales, be it in account management, starting a new DC in Bhubaneswar, everything. And he is someone who I think everybody likes, respects, is an uncomplicated guy who focuses on what needs to be done. His name is Ashiss Dash. So Ashiss is based out of L.A. He has been there for some time. He will move back to India and in the next 2-3 months, he will do some CEO coaching and then from October 1, Salil will take him on as his mentee and prepare him for the role, so that he can take on this role of managing a complex $20 bn company in a very transformational time.

So, I just wanted to let you know that Ashiss will be the new CEO and I would now like to request Salil to say a few words about Ashiss.

Salil Parekh

Thanks, Nandan. So first welcome, everyone. This is an incredible time for us, as Nandan shared, I have known Dash for a very long time working closely with him, a huge congratulations to him and in making sure everything he does works well into the future. He has had an amazing portfolio, the way he has built it, the way he has crafted it in terms of the clients he has worked with, in terms of the people he has worked with.

And there is a tremendous set of opportunities from that on to the overall company, the learnings from that as we apply to the overall company. Ashiss Dash, also a very collaborative individual working well with all of the various components within Infosys and having been here for a long time, has made sure he has learned everything and also understood how all different parts of the company work. So huge, huge congratulations to him and looking forward to working with him as we do the transition over the next few months.

Rishi Basu

I now invite Jayesh to join Salil on stage to commence the quarter updates. As always, for this section, I will request one question from each media house. But with that, let me invite Salil for his remarks. Over to you, Salil.

Salil Parekh

Thanks, Rishi, and thanks Nandan. So good afternoon, everyone. Thank you for being here.

Our revenue growth for Q1 was at 2.4% Y-on-Y and 1% Q-on-Q in constant currency terms. We had a one-time revenue impact of a client decision during the quarter. Our AI services revenue was 8.2% of overall revenue in Q1. Our large deals, $3.6 bn at 61% net new, operating margin at 21.1%, free cash flow at $955 mn. Earnings per share were up 15% Y-on-Y in rupee terms.

We saw a strong acceleration in our AI work, as I shared earlier, with AI revenues at 8.2%. This is growing at double-digit Q-on-Q for the last several quarters. With this momentum, we see long-term relevance of our services for our clients, which are all driven through AI. From our delivery team, over 80,000 employees are working on coding tools such as Claude Code or Codex or several others for our clients, for our work inside. We see strong traction across the six areas of new growth that we see in AI, our Hexagon for AI strategy.

We see client work, for example in building agents for processes, work on data, modernization and using coding tools. We are building a team of frontier engineers to support our client work. Our plan is to have 6,000 Frontier Engineers over the next few years. We have built a platform, Topaz Fabric that enables our clients to get the benefits of AI while keeping the sovereignty of their own data within their company.

Our clients are able to work with any foundation model, closed, open-weight or on the cloud on their own servers. Our clients are able to optimize token cost, which has become very critical now to make sure its appropriate for the type of work they are doing and not out of hand.

Overall, we continue to see the macro environment remaining uncertain. With our Q1 results and a view for the rest of the financial year, we are changing our revenue growth guidance to 1.5% to 3% Y-on-Y growth in constant currency terms. Our operating margin guidance remains the same at 20% to 22% operating margin.

Thank you. And with that, let's open it up for questions.

Rishi Basu

Thank you, Salil. We will now open the floor for questions. The first question is from Ritu Singh from CNBC TV18.

Ritu Singh

Thank you very much. I know you have asked for one question. But if I may, Salil, you have given us a big news in this quarter. To begin with, since you speak about how you brought in and Mr. Nilekani spoke about how you brought in calmness at a time when the company was going through quite a bit.

Even now you are speaking of this global uncertainty because of which you have had to, again, pull down your guidance as well. Why decide to leave at a time like now, instead of perhaps looking at an extension? I wanted to understand. And with the new CEO coming in, any mandate for the new CEO that you could highlight for us more clearly? And perhaps that is something the investors would also want to know?

And then on the earnings, of course, the reason for this revision downwards, if you could give us a little more colour on what you are seeing in the environment, where is the weakness? Where is momentum picking up?

Some of your competitors like Tech M have been talking about irrational competitive pricing. Wipro has also spoken about that a bit. So what are you seeing in the environment? And with a 1% kind of growth in the first quarter, do we assume the second half will be meaningfully better if you were to reach that upper end of the 3% guidance you are speaking about?

And just on AI, if you could update us how the revenue is moving? Is it proceeding as per what your expectations were? Any updates you could share on that front as well, as far as revenue contribution from AI is concerned?

Salil Parekh

So let me start with the first one.

I think you had that question collectively for some time now. We have the answer. As I look at it, I am really delighted with the role I have played here. We have taken the business, as Nandan said from $10 bn to $20 bn. It is working very well, the digital transformation and now the AI transformation is launched. So, I am really delighted that it is working well with our clients and with an incredible team that we have inside. So that is what I would like to say on the first one.

On the second, I think what we are seeing is an environment, where a little bit sort of combining the third piece as well, AI services is growing extremely well, double-digit growth, if you look at it like Q-on-Q, if you look at it over several quarters in the past. We see that those 6 areas that we have identified like the process, the agents, the data, the engineering, all of those are working extremely well with our clients. So we are now looking at revenue growth in each of those areas.

Our pipeline is even larger than the 8%, which is the revenue today. So we see good traction in that. Therefore, we feel there is a good long-term relevance of our services to our clients because this is going to continue to grow as we look out into the future.

Now the question on the guidance, we had a one-time impact that I shared with a client decision. There are factors related to what is going on in the macro environment, which we talked about. There are factors related to the volumes in the quarter. But we look at the large deal number, $3.6 bn, 61% net new, so we see a lot of support in that. I think there are 5 (Editor’s comment) of those deals which are consolidation deals that we have been the beneficiary in, as an example. There are 3 (Editor’s comment) deals which are just under the $500 mn range. So just like a mega deal. So we see really good traction. The pipeline there is looking good.

So all that when we balance, we decided to look at our guidance in a different way. The upper end of the guidance was really based on if the macro was improving, we now see the macro, it may improve, but not at the level that we were thinking initially. And so that is how we really constructed the guidance. But we have tremendous view that this is a good place for Infosys to operate, with AI the way it is looking and all of the work that we are doing on large deals gives us continued traction.

Ritu Singh

[Inaudible]. The question of why you didn’t decide to stay on and what the mandates are and you know better. If you could clarify all of those points?

Salil Parekh

So there I think, as I shared earlier, my sense is, I have been fortunate to have a tremendous opportunity and what we have done in Infosys over the last many years and having taken the business from about $10 bn to $20 bn. So it is been an incredible journey. And that with the team we have and with the client work we have done, that is been a fantastic outcome.

On the mandate, I think as AI strategy is put together, and Dash has been part of that, our thinking is the strategy we want to execute on. Of course, there will be some things which we will look at in terms of fine-tuning but that is a natural course of evolution. But the strategy is very well in place to make sure that it goes into the next phase, making sure the partnerships we have with the various models, the Topaz Fabric that we built. Today on AI, it is important that clients see that their own data remains sovereign to them. And the way we built Topaz Fabric, it allows the clients to do that no matter which model they are using. And that is a very big differentiator we have. For example, in AI, the token cost that will be an important factor we think in the future.

And we have built Topaz Fabric in a way that, depending on the task you are using the foundation model for, it will use the right model. So you do not have to pay for the most simple task like an expensive token cost and so on. So we think we are in good position in that.

In terms of second half, first half, I think we have the guidance for the full year. We expect the normal seasonality that will come. We are not expecting anything unusual there.

Ritu Singh

Competitive pricing in the market that some of your peers have spoken about?

Salil Parekh

Yes. So maybe they are seeing that, you should check with them.

Rishi Basu

Thanks Ritu. The next question is from Reshab Shaw from Moneycontrol.

Reshab Shaw

Salil, if you could tell us your biggest achievement and what will you miss the most and what is next coming for you? On the quarterly performance, how has been the TCV conversion because that is a worry that investors have? And the third question is, two of your peers have highlighted that AI revenue is slightly lumpy and it could be 1 or 2 quarters post which you will have to go and get those deals again. So is that something that Infosys is also seeing?

Salil Parekh

So let me start with the second one, I will come back to the first.

On TCV conversion, we see a pretty good way of converting now. What tends to happen is like, when you have a consolidation deal, the conversion comes a little bit quicker. When you have a transformation deal, it is a little bit spread out, but that is the normal sort of conversion we see. We do not see that it has suddenly changed like in the last quarter or a couple of quarters or so on.

On the AI revenue, I think it is moving so quickly that it is a bit up and down on a quarter-by-quarter basis. So our thought is, that is why we are saying like look at over the last several quarters, we see that double-digit type of growth Q-on-Q.

And we will see sometimes it could be a little bit faster but it is growing nonetheless, meaning if you look at the secular trend, we see that is pretty strong, and that gives us a view that long term, there is a relevance of what we are doing on AI for the clients.

For me, I think, I am very focused on what we have to do here at Infosys. We have a lot of things to get done. I want to make sure we remain in the leadership position. We win in the market, we are leading in AI and I get a smooth transition done. So that is really my focus. And after that, I will see what else happens.

Rishi Basu

Thanks, Reshabh. The next question is from Mansee Dave from ET Now.

Mansee Dave

Hello, good afternoon, Salil and Jayesh. Nice talking to you. Salil, my questions are on client spending, large deals and competitive positioning. So talking about the client spending, client budgets remain selective across industries. Have you started seeing any improvement in discretionary technology spending? Or are enterprises still prioritizing cost optimization over transformation? Talking about the large deals, Infosys has maintained a healthy large deal pipeline. So how confident are you that these deals will convert into faster revenue growth?

Also, every global IT company today is talking about AI. What would you say is Infosys' biggest competitive advantage in this AI-led technology cycle? And please start with this one, which moment during your tenure best reflects the values and culture of Infosys? Thank you.

Salil Parekh

Okay. There were a few, so I will start the first was a conversion of the TCV discussion. We see that the large deals, we see a good traction of those values over the last few quarters have been strong, this quarter was pretty good. We see the pipeline to be pretty good on the large deals, and we feel there is a benefit of the consolidation that we are seeing in some of the large deals, which is definitely helping us as we go through it.

The conversion, whether it is faster or slower, I think it is at the same type of a level and we will convert those into revenue with 61% net new, it already looks pretty strong in terms of the net new work, which we will see. And obviously, the renewals are going pretty okay as well.

On AI, I think there is a huge differentiation that I find from what we are working on. First, we have a very clear AI strategy with the 6 areas of focus. We are investing in it. We have actually taken and Jayesh has shared in the past, he will share also today, we have invested in building out AI capability.

We have, as I shared earlier, 8% revenue, growing double-digit Q-on-Q over the last several quarters. We have a good pipeline in that area. Then you look at some of the stats, we have 80,000 people working on the tools today for client work. It is not just training and so on.

Then what we built with Infosys Topaz Fabric, I feel is very differentiated because it allows clients to maintain control of their data, maintain control of what they want to do with the AI and still use the different models, and lower cost. We have a harness through which they can leverage what they want to achieve with the foundation model. So that is a significant move up in terms of differentiation that we have seen here.

I think in terms of values, my sense has always been Infosys has incredible values and it has really been sort of a privilege to be associated with that and learn from it and contribute to it. So, in many ways, it is a great, fortunate thing that could happen in the way that it has happened.

Rishi Basu

Thank you. The next question is from Shilpa Phadnis from The Times of India.

Shilpa Phadnis

Can you please give us some colour on how your GCC portfolio is doing because some of your peers who are slightly late starters, are catching up. They are already looking at $1 bn in revenue run rate. So I just wanted to understand from you, how it is doing? I mean is there a milestone that you have touched?

And secondly, there is also a concern with Vanguard and Daimler and a lot of other companies are chipping into the space. They are setting up their own GCCs. How much of that compression are you seeing in the market?

Salil Parekh

So, in GCC, in fact, my sense is you might have seen that we launched an AI GCC concept some time ago. We had a client event a few months ago, where all the leading GCCs of the country, their leadership teams were here in Bangalore on our campus, and we did a 1-day session sharing with them what the latest developments were in overall and also in the AI GCC. So, our traction on GCC is looking very strong.

We do not externally share the milestone, but our revenue growth is good. Our work with them is good. In the GCC, there is always a life cycle. So, there are some which are expanding well. And there are some in the past where they have exited and we have sometimes participated in that and so on. And that continues, but the overall GCC like work both within the GCC and like the work we are doing with them, I think both are growing well.

Shilpa Phadnis

I have two questions, sir. When do you think AI-led revenues will be material enough to offset productivity-led compression that customers are seeing in the market?

Salil Parekh

I think, my sense is the AI-led revenues are extremely significant at 8% already. And if you look at the growth trajectory and if we execute on that well and the growth trajectory continues, we can see now long-term relevance of AI revenues to our clients from what we are doing.

The productivity will also continue. But I think it is both of those things because when we share our strategy and that Hexagon, we had outlined a $300 bn market opportunity, addressable market, so that is all new revenue. And also the productivity will happen, but the significance, I think already we can start to see here.

Jayesh Sanghrajka

And if I can just add, if you look at when we launched our Hexagon in February of this year, our AI revenue for Q3 was 5.5% of our revenue. Today, it is already at 8.2%. So, it is growing at a very fast double-digit over double-digit growth. And at that pace, it is already becoming a growth engine in a way. So that it is becoming a long-term play in the way.

Shilpa Phadnis

This is not reclassification in any format?

Jayesh Sanghrajka

No.

Shilpa Phadnis

One last thing, sir. On the status of hikes, Infosys has not called that out yet. So where are you on that? And secondly, also on Forward Deployed Engineers, there is a lot of talk in the tech ecosystem about this. But how difficult is it for a services company to sort of plug FDEs into the existing workflows? There are several challenges that companies are facing.

Salil Parekh

Let me start with the second one. We will come back to the first. On Frontier Engineers, we now have a very good plan, which has been put in place some time ago to scale that up. We have a lot of capability within Infosys, which are doing similar work. We are making sure that it works in the way that the Frontier Engineer needs to work with clients today. We have set the objective of 6,000 to make sure that the teams can work with different clients to make the impact.

We feel we have a good understanding of how that works because the capability is really the engineering plus the business context. And that is something that Infosys was good at, even before the AI wave of work had started. And we are making sure that becomes very much part of the future.

On the compensation increases, we will roll out our compensation increases in October and January in 2 parts and that is part of something internal that we have announced now.

Jayesh Sanghrajka

Yes, with most of the employees getting an increase in October and the senior employees will get it in January.

Rishi Basu

Thanks, Shilpa. The next question is from Avik Das from Business Standard.

Avik Das

Salil, good afternoon. Just 3 quick questions and one for Jayesh. You talked about how the macro perhaps has not improved over the last 3 months that you perhaps would have wanted to. Just wanted to understand, which are some of those parts of the macro that led you to first to increase it between 1.5% to 3.5%, now you sort of cut it down to 3%. So which are some of those areas which did not really work according to your expectations?

Number 2 is that, would Infy ever at all, at least in the near future, would you want the company to move into the AI infrastructure business, data center, something that HCL and TCS has already done?

And the last question is, what would you classify at least in your tenure as the most challenging period? Was it the COVID or is it the AI-led transformation for Infosys?

And Jayesh, one question on the margins. Once you obviously roll out the hikes and with the growth projections tapered now, do you think you would be able to maintain the 20% to 22% band at least for this year? Just wanted to know that. Thank you.

Salil Parekh

Let me start off on the first one. I think a little bit later, Jayesh can also add a bit of colour. I think on the macro, what we see in the environment, we have had a sense that the macro was settling down. So, we had a guidance where the upper end looked at maybe things would settle down in the second half. Things are a little bit more uneven.

But at the same time, it could easily stabilize over time. So, we have kept the option, and we always have that ability because tech spending, discretionary spending can also come back if that happens. So, we are sharing more what we see today as opposed to like a prediction of what is going to happen exactly in a certain timeframe.

On the data center piece, so in fact, we have internally reviewed what we want to do in terms of our balance sheet. We have had a discussion with the management team and also with our Board. And we have decided to not do anything in that space at this stage.

What was the third?

Rishi Basu

Margin.

Salil Parekh

I think my focus in that is, making sure that we are very much focused today on what we need to do for this part of the work that I have to finish. I am very much enjoying that, and we will come to that at the right time in terms of what was in terms of the tenure and so on.

On the margin, Jayesh will have it, but yes, we will hold the guidance.

Jayesh Sanghrajka

So at this point in time, we have given a guidance of 20% to 22%. If you look at our first quarter, we are at 21.1%, right? If you look at puts-and-takes of where we are, the currency will be a tailwind at least where we see today, Project Maximus is working well.

If you look at the last three-year period, we have been consistently able to hold or improve our margins despite investment in business, whether it is AI, whether it is talent or whether it is sales and marketing and we believe the project will continue to deliver value from pricing, from utilization, etc. So of course, we will have a headwind coming from the compensation in the second half of the year. But we are very confident at this point in time of the guidance band that we have given.

Rishi Basu

Thank you, Avik. The next question is from Haripriya Suresh from Reuters.

Haripriya Suresh

Good evening, gentlemen. One is I wanted to get some colour on each of the verticals as well within Financial Services, Retail has seen some sort of hit this quarter as well. Some of your peers have called out some percentage of AI deflation in their portfolio. I mean, obviously, there is growth coming from AI, but also existing portfolio see some sort of deflation. If there is any number, you can provide for that?

And also, is outcome-based pricing becoming a larger part of your portfolio? And are there certain deals that tend to see more outcome-based pricing than others? Is there any kind of quantification you could offer, that would be very helpful?

Salil Parekh

I will start on the industries. Jayesh will add a little bit. And then let me address the other one, which is on, what we see on the outcome-based pricing and the compression piece that you mentioned there.

On the industries, what we see right now is, for example, Financial Services, we see the growth in that part of our business will be higher than the average growth within the company.

In Energy, Utilities part of our business, we will see something similar. We still see, for example, in Retail, some constraints in terms of the growth that we are not yet seeing the pickup in that. And there might be other things that Jayesh will add.

On the compression, I said in the past, we do see that in some places across our portfolio, but we have not externally quantified that compression at this stage.

On Outcome-Based Pricing, we see clients have a stronger interest in that. But typically, it is not so much that it is become a large part of our activity, but there is definitely more discussions on it. And typically, when the investment needs are heavy for transformation, it becomes more part of that discussion. But it is not that we are like shifting massively to it, but there is definitely more discussion on it.

Haripriya Suresh

[Inaudible]

Salil Parekh

There is no particular type. It is more, I think, a function of other clients going through a transformation. And is there a need for some upfront investment, which can then translate into a transformation and then the outcome gives a benefit of that transformation.

Jayesh Sanghrajka

So just to add to what Salil was saying on segments. Financial Services and EURS, both we expect to deliver higher than the company average going forward or for the rest of the year.

Manufacturing, while we had an impact coming from one of the clients which we had called out last quarter as well, despite that Manufacturing has grown very well at close to 1.5% or slightly over 1.5% (Editor’s comment: CC growth 1%). So, I think that is commendable considering the headwind that the sector has seen.

Life Sciences, we will see benefit coming on the back of the acquisition in Healthcare and Life Sciences. So only two segments that continue to see challenges is Communication and Retail from that perspective.

And just to add on the outcome-based pricing, that is one of the specific tracks within Project Maximus as well. So, there is a leader at the organization level who is working with all the segments and driving outcome-based pricing and we have a very specific focus on that.

Rishi Basu

Thanks, Haripriya. The next question is from Beena Parmar from The Economic Times.

Beena Parmar

Just a bit on the consolidation deals, the six consolidation deals, which spaces are these in? And how many of these are large deals? And secondly, Infosys has lost some of the existing renewals, at least three in the know. What are the factors that led to that? What are your reasons?

On the guidance also, if you could just extend a little bit on the colour on why really the upper limit was reduced? Do you see macroeconomic environment further worsening or do you see that conversations have been a little different from last quarter? And secondly, are you still looking at acquisitions and investments and which spaces will these be in? And lastly, what next for Salil Parekh?

Salil Parekh

So on the first one, I think the consolidation deals, the ones I was referring to, are all in the large deals. So those are not the ones, we were only saying, like, within the large deal, we see those many consolidation deals. We are not specifying in which areas, but these are typically in the bigger industries that we operate in. And there are big companies who are looking to consolidate across partners. And that is where we have seen it. But we are not specifying where we see that.

Beena Parmar

You lost some renewals?

Salil Parekh

Yes. So, we do not comment on any specific deals in the environment, in any case. However, we are quite clear that our focus overall is to make sure that we are working with clients on projects and contracts that make economic sense to us. But no specific comment beyond that. We want to make sure that economically, it makes sense to us in some of these situations as well.

The guidance, I will also request Jayesh. I have also said a few things that he will add to it. What we see is given where we were in Q1, which is the outcome that we had with one of the delivery client decisions that I shared, we want to make sure that we have a guidance that reflects all of that.

And then looking at the changes, whether it is in volumes, whether it is in some level of pricing mix that is how we built the guidance. As we go through the year, we typically reduce the band as well, so instead of 2 points, it is now like a 1.5 point band as we go through the quarters. And that is how we built the guidance. Jayesh will add to it.

To your other question, I think for me really the attention is, on what we are driving through for this year, making sure that we continue to lead in AI, making sure that we continue to win market share and making sure that we have an absolutely smooth transition. I very much enjoy what I am doing, and I am sure once all of this is done, I will have time to focus on what is next.

Acquisitions, we are continuing to look at acquisitions. We have a good pipeline in that. We did the acquisition on Life Sciences, Healthcare. We did the acquisition on Insurance. We have other areas that we have an interest in. So, we have a view in geography that we are looking at some geographies where we could do more work, and those are good geographies. We could do more in some of the other industries as well. For example, we are not doing anything, but we have seen that there could be things we could do in Telco and Financial Services, a little bit more in Healthcare. There are areas that we could do, which are more service-line oriented. We think there is good traction in where AI can be leveraged into processes and agent building. But there is a pipeline and we will continue with the acquisitions.

Jayesh Sanghrajka

Just to add to what Salil was saying and I will come to guidance in a bit. On the consolidation deal of the six deals that we have won, it is a $700 mn of net new business that we have won. So, we have seen positive impact coming out of the consolidation deal and we have been on the positive side of the market share.

On the guidance, whatever happens in Q1 typically has a cascading impact on the whole year. While we will see benefit coming out of the acquisition that we completed in Q1, the one-off impact that we had in Q1, the softer-than-expected volume and price that we got in Q1 will have a cascading effect on the rest of the year in terms of guidance.

In terms of the large deal that we talked about with the European client where we decided to not bid beyond the point because it did not make commercial sense or economic sense as Salil said, that will have an additional impact in Q4 as the deal comes to a closure in December. So, that is also baked in our guidance.

And if you compare to last year, we have additional headwinds coming from the lower on-site mix, as I called out in the last quarter because of our conscious decision of derisking our business model. Deals that we lost in the last quarter from the same European manufacturing client and that impact, which was baked in the original guidance as well.

So, all of this cumulatively results in our guidance, there are multiple models that leads to the lower end and the upper end of the guidance and that is how the guidance is baked in.

Rishi Basu

Thank you. The next question is from Sanjana from The Hindu Business Line.

Sanjana B

Good evening, gentlemen. Just two questions. Coming to rupee depreciation, how much of a tailwind has that provided to your margins in Q1 or going ahead, how do you see that panning out? And the other one is, how is AI improving or what kind of impact does it have on your employee productivity? And how is this affecting the revenue per employee metric? Just these two questions. Thank you.

Salil Parekh

I will start on the second one and Jayesh will come on the first. So if you look at not this quarter, but the previous several quarters, we have had a good improvement in revenue productivity. We generally speaking, see overall that there is a benefit from that productivity coming.

Having said that, we are recruiting. We have recruited 20,000 college graduates last year. This year, we have a plan to recruit 20,000 college graduates. We have already done almost 4,000 in the first quarter. But equally, we see that there is a productivity benefit, that will continue to come through.

Then, of course, you also have pricing issues within the market, so those sometimes balance out. But if I look back, not this quarter with the previous several quarters, we have seen a continuous expansion of that.

Jayesh Sanghrajka

And on rupee depreciation, every 1% change in the currency or depreciation in dollar typically gives you anywhere between 15 to 17 bps on margin. But the important thing to note also is whenever dollar appreciates against rupee, it generally appreciates against most of the currency also. And we have roughly 45% of revenue coming from non-U.S. geography and that kind of offsets some part of the rupee depreciation benefit.

Rishi Basu

Thank you. The next question is from Uma Kannan from Deccan Herald.

Uma Kannan

Good evening gentlemen. With the rise in security incidents around autonomous AI agents and recent breach at model hosting platform, it is about OpenAI hack. How are you updating your approach to safety and security? Just adding on to it, using cross domain network, is it not a risk for your client database as AI tools will have full access to it? And also tell us about the guardrails you have put in place for AI systems?

Salil Parekh

So on the cyber, I think what we have done is, made sure that, for example, when there was a whole discussion some time ago with Mythos, we had worked with the previous model, OPUS 4.7, made sure that we got an understanding of some of the security protocols beyond that and build an approach that enabled our clients to have an understanding of the vulnerability and how to protect against it. And that is some work that we are doing with several clients.

So, our approach across cyber encompasses that, related to the point that you made. I think each client environment has to have that sort of a cyber defence built and we have a way to support our clients when we work with them on the cyber area beyond working just on the foundation model area.

Our own approach to cyber within the Infosys incorporates that as well. And then that translates to, when we do work for our clients through our security operation centers and so on. So that is broadly the approach we have.

Uma Kannan

So just one more question. You spoke about acquisition plans. One of your peers has invested in Indian AI firm. So do you have plans to invest especially in Indian AI firms?

Salil Parekh

So we, generally speaking, have a view on what we have, an innovation fund which invests in companies which are in very early stage and where we do not have essentially majority interest, we have a small minority interest in that, more from the perspective of seeing if that early or new technology can be deployed across our client base or can be leveraged in some way, so that is the way the innovation fund is working.

We have several investments into that over the past years, a lot into data and analytics, but now in many other technologies. So in that light, we will look at all opportunities that are there without specifically saying, yes or no to what you are suggesting. But in that broad context of the innovation fund, we will look at it.

Rishi Basu

Thanks Uma. Next question is from Rohit Chintapali from Businessworld.

Rohit Chintapali

Hi Salil. Give us an idea about the large deal TCV which was about $3.6 bn with 61% net new. How much of this pipeline was tied to Agentic AI and Infosys Topaz? And the second part of the question is, what is the typical time lag when it comes to converting this TCV signing, AI-led deals, the recognition of these AI deals?

Salil Parekh

So what has happened today with clients discussions is almost every discussion has some element of AI and of Topaz Fabric because Topaz Fabric is like a foundational thing. Many clients come use it here, experiment with it and are using it. And we use Topaz across all of the work we are doing. So it is not like what is the total TCV is for AI, but without AI, we are not able to participate because that is integral to the work that we are doing.

The conversion is the same in the sense of when the deals are signed, typically, depending on the type of deals if there are deals where we have some level of transfer, consolidation that ramp up pretty quickly and there are some deals which have a transformation and that activity starts and then the deals ramp up. So, it is not like one thing for all the deals, but it is the similar thing of what we have seen over the past several quarters, not like suddenly the TCV has come and the ramp-up has not happened for a long period and so on.

Rohit Chintapali

Also, on the transition, does this transition all about strategic continuity? How should investors kind of read into it? What do you want to see?

Salil Parekh

We have well-defined AI strategy today. We have looked at the Hexagon with the 6 areas of the addressable market. We are seeing good growth, the 8% of our revenue, the double-digit Q-on-Q growth. So that is the strategy we will continue with as we go through into the next phase. And then, of course, I will work with Dash very closely on the transition as well.

Rishi Basu

Thanks, Rohit. The next question is from Poulomi Chatterjee from Financial Express.

Poulomi Chatterjee

Good evening. Just a couple of questions. You mentioned just now that the new kinds of AI deals are also a mix of the more traditional ones and pure-play AI. How do you see the margins of the new buckets of AI deals essentially evolving?

And also, I am curious, Infosys had offerings for small language models, specialized models in banking and IT-Ops, how is the demand for these models? And has there been an uptick, especially since enterprises are moving more towards a more mixed model kind of?

Salil Parekh

Absolutely. I think that is exactly what we are seeing for the small language model for the banking is getting good traction. It is based on our Finacle product set. So, for a lot of the clients there, it is an easy way to leverage a small language model.in The parameter set is smaller, the cost of running it is smaller, the token usage is more efficient and so on. The same for the IT-Ops. So that is all part of scaling.

On the AI deals itself, we do not comment separately on the margin in terms of the quantitative value but we are quite comfortable with the margin we are seeing here.

Rishi Basu

Thank you. The next question is from Jas Bardia from Mint.

Jas Bardia

Good evening. So in response to a previous question, on the mandate for the new CEO Designate, you said there were some things that you would fine-tune. Could you just shed some more light on what these things would be?

Second, amid all this talk of rising data center demand and slowdown in mainframe modernization, are you seeing clients spend more on memory chips, GPU? And if yes, are you seeing that lead to some sort of a slowdown in the traditional infra management work?

If I may squeeze a third question in, when it comes to deals and the demand environment, are you seeing AI, kind of, make the market a little more competitive between the mid-caps and the large caps such as yourself?

Salil Parekh

So on the first one, let me say this. I think our AI strategy is well defined. We are focused on the 6 areas and that will continue. We see good traction in that, we see good growth in that. It is now becoming a large part of our revenue with 8%,and so that will continue and that is the driving part of it. The approach that we will take is always look at what is going on in the environment.

We see, for example, today, there is a tremendous attention to token cost. There is a tremendous attention to ensuring there is a sovereignty of data within a client environment. But the overall strategy remains the same. Those sorts of things, we will evolve as we go along.

Related to the infra environment, the costs, as you mentioned of memory chips and so on, I think in general, these are all areas, whether it is Infra, other areas where there is always a need for efficiency. And that is the overarching theme that we see, whether there are productivity improvements, a lot of our large deals look at cost and so on, and that is primarily the environment that we are in. Having said that, we are still seeing tremendous growth that I shared earlier in AI, which is absolutely the new things that we are driving towards.

Rishi Basu

There was a question on deals and demand environment.

Salil Parekh

We see a few companies where we compete given our client base. And those are the ones that we look at as an essential differentiator on AI that I shared earlier. Also on the quality of delivery and the depth of delivery which is massive and it is at least in my view, very difficult for too many or for any company to really match up with that.

Rishi Basu

Thank you, Jas. The next question is from Rukmini Rao from Fortune India.

Rukmini R

Thanks, Rishi. Salil, given that if you are looking at Microsoft, which recently launched their frontier company and Anthropic looking at Claude, with big tech getting into AI services space. Are they going to be competitors where probably you and your peers may someday become just vendors giving in your engineers, given that partnership that you have with many of them, where your training lakhs of people on these models, right? Will Indian IT companies end up becoming subcontractors at the end of the day, if these guys get into the game?

Two, if that happens, will that rob you from, say, the bigger opportunities that all of you have been talking about in the AI space that the massive opportunity that all of you think is going to be? But if the big boys get into this entire services space, is the future opportunity that you are talking about getting squeezed?

And second one, in conjuncture with all the problems in terms of the cybersecurity part of these LLM models, right? When large corporations are looking at their own agentic environment, given your conversations with clients, are large companies okay to be under the umbrella of just one ecosystem, let us say, just a Claude Enterprise kind of adoption, which we saw? I mean what happened with SaaS given the problems that is with these LLMs, will they ever be like an entire, let us say, Copilot environment in which any enterprise would be okay to work, or just an OpenAI environment given the cybersecurity problems that are cropping up at very nascent stage of the adoption? Thank you.

Salil Parekh

So on the first one, if there are companies that want to enter the services space, so that AI can be made to work, it is actually a huge positive for Infosys because that means that, what we do will continue to be done because that is what we do every day. Our job is to make AI work as services for clients. It now so happens that we have over 300,000 people doing that. We work with some 1,800 clients. So the scale, the context that we have with our clients is completely different. So to me, it is a huge positive. Of course, we are happy to work with other companies, partner with them. That goes on in many different ways across time. But the first big thing for me is, at least if someone new is entering services means there is a very good future for services that they can see and therefore we can see it.

On the Cyber, I think, absolutely, not just cyber actually, the data part also, so many large companies and clients want to be mindful of how they look at what is happening with their own data or even beyond that, what is the essence of the company, how they are making sure it just does not go outside and they lose some of their competitive differentiation.

So, one of the things we have done in Topaz Fabric is enabled the large company client to keep that within themselves. It is not even with us in that sense on Topaz Fabric is not with the foundation model company. So that allows them to keep what is essential for them with themselves. And that to me is a huge differentiator for us, and I think may become even more and more important as time goes on.

Rukmini Rao

Salil, just to clarify, when you say great opportunity, is it like, again, the whole subcontracting vendor kind of opportunity that you are talking about or probably the big contracts that Microsoft would end up winning if they are AI services company and you end up getting like a chunk of it and everybody else goes about the same way now, and then vendor consolidation deal coming in about 5 years later, is that what you say when you are saying that you are optimistic about the opportunity?

Salil Parekh

No, no. I am more looking at it like if someone with a few hundred people or a few thousand people can get excited about services. We with 300,000 people will be very excited about services.

Rukmini Rao

[Inaudible]

Salil Parekh

So my sense is like where we have understanding of our client and the context of that client. I think we are extremely well positioned in those places. I would say, better than maybe anyone else.

Rishi Basu

Thank you. With that, we come to the end of this press conference. We thank our friends from media. Thank you, Salil, and thank you, Jayesh. Before we conclude, please note that the archived webcast of the press conference will be available on the Infosys website and on our YouTube channel later today. Thank you and please join us for high tea outside.

Exhibit 99.4

Fact Sheet

A blue sign with white text

AI-generated content may be incorrect.

Revenue Growth- Q1 27

	Reported	CC
QoQ growth (%)	0.8%	1.0%
YoY growth (%)	2.8%	2.4%

Revenues by Business Segments

(in %)

	Quarter ended			YoY Growth
	Jun 30, 2026	Mar 31, 2026	Jun 30, 2025	Reported	CC
Financial services	27.9	28.0	27.9	2.9	2.4
Manufacturing	15.9	15.9	16.1	1.7	1.0
Energy, Utilities, Resources & Services	13.4	13.2	13.6	1.4	1.3
Retail	12.8	12.8	13.4	(1.5)	(1.8)
Communication	12.0	12.4	12.0	2.5	1.3
Hi-Tech	7.7	7.7	7.8	1.5	2.4
Life Sciences	8.0	7.3	6.5	26.3	24.0
Others	2.3	2.7	2.7	(12.6)	(9.9)
Total	100.0	100.0	100.0	2.8	2.4

Revenues by Client Geography

(in %)

	Quarter ended			YoY Growth
	Jun 30, 2026	Mar 31, 2026	Jun 30, 2025	Reported	CC
North America	56.4	55.7	56.5	2.7	3.2
Europe	32.1	32.6	31.5	4.8	2.8
Rest of the world	9.0	9.1	9.1	1.9	(1.6)
India	2.5	2.6	2.9	(12.0)	(4.2)
Total	100.0	100.0	100.0	2.8	2.4

Client Data

	Quarter ended
	Jun 30, 2026	Mar 31, 2026	Jun 30, 2025
Number of Clients
Active	2,027	1,965	1,861
Added during the period (gross)	155	111	93
Number of Million dollar clients^
1 Million dollar +	1,026	1,018	1,011
10 Million dollar +	333	328	317
50 Million dollar +	85	88	85
100 Million dollar +	41	41	41
Client contribution to revenues
Top 5 clients	12.1%	12.6%	13.2%
Top 10 clients	19.9%	20.2%	20.8%
Top 25 clients	33.9%	34.5%	35.2%
Days Sales Outstanding^	63	67	70

^LTM (Last twelve months) Revenues

#Revenue growth in reported currency includes the impact of currency fluctuations. Additionally, we calculate constant currency (CC) growth by comparing current period revenues in respective local currencies converted to US $ using prior period exchange rates and comparing the same to our prior period reported revenues.

Effort & Utilization – Consolidated IT Services

(in %)

	Quarter ended
	Jun 30, 2026	Mar 31, 2026	Jun 30, 2025
Effort
Onsite	22.8	22.8	23.6
Offshore	77.2	77.2	76.4
Utilization
Including trainees	82.1	79.7	82.7
Excluding trainees	84.9	83.0	85.2

Employee Metrics

(Nos.)

	Quarter ended
	Jun 30, 2026	Mar 31, 2026	Jun 30, 2025
Total employees	328,062	328,594	323,788
S/W professionals	310,039	310,887	306,706
Sales & Support	18,023	17,707	17,082
Voluntary Attrition % (LTM - IT Services)	13.0%	12.6%	14.4%
% of Women Employees	39.6%	39.5%	39.1%

Cash Metrics

In US $ million

	Quarter ended
	Jun 30, 2026	Mar 31, 2026	Jun 30, 2025
FCF⁽¹⁾⁽²⁾	955	833	884
Consolidated cash and investments⁽³⁾	3,916	4,542	5,271

In crore

	Quarter ended
	Jun 30, 2026	Mar 31, 2026	Jun 30, 2025
FCF⁽¹⁾⁽²⁾	9,051	7,711	7,533
Consolidated cash and investments⁽³⁾	37,065	43,075	45,204

⁽¹⁾

Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS (non-IFRS measure)

⁽²⁾

The free cash flow for Q4’26 includes cash payments made towards The Labour codes of $49Mn (452 crore).

⁽³⁾

Consolidated cash and investments comprise of cash and cash equivalents, current and non-current investments excluding investments in equity and preference shares, unquoted compulsorily convertible debentures and others

Consolidated statement of Comprehensive Income for three months ended,

(Extracted from IFRS Financial Statement)

In US $ million, except per equity share data

Particulars	Jun 30, 2026	Jun 30, 2025	Growth % YoY	Mar 31, 2026	Growth % QoQ
Revenues	5,082	4,941	2.8%	5,040	0.8%
Cost of sales	3,482	3,416	1.9%	3,485	-0.1%
Gross Profit	1,600	1,525	4.9%	1,555	2.9%
Operating Expenses:
Selling and marketing expenses	270	258	4.7%	256	5.5%
Administrative expenses	258	239	7.9%	244	5.7%
Total Operating Expenses	528	497	6.2%	500	5.6%
Operating Profit	1,072	1,028	4.3%	1,055	1.6%
Operating Margin %	21.1	20.8	0.3%	20.9	0.2%
Other Income, net of finance cost⁽¹⁾	91	110	-17.3%	113	-19.5%
Profit before income taxes	1,163	1,138	2.2%	1,168	-0.4%
Income tax expense⁽¹⁾	343	329	4.3%	248	38.3%
Net Profit (after non-controlling interests)	819	809	1.3%	919	-10.9%
Basic EPS ($)	0.20	0.20	3.7%	0.23	-10.9%
Diluted EPS ($)	0.20	0.19	3.8%	0.23	-10.9%
Dividend Per Share ($)	–	–	–	0.26	–

(1)

Includes interest income (pre-tax) of $41Mn and reversal of tax provisions amounting to $83Mn for Q4’26. This is on account of orders received under sections 250 and 254 of the Income Tax Act, 1961 for certain assessment years.

Consolidated statement of Comprehensive Income for three months ended,

(Extracted from IFRS Financial Statement)

In crore, except per equity share data

Particulars	Jun 30, 2026	Jun 30, 2025	Growth % YoY	Mar 31, 2026	Growth % QoQ
Revenues	48,211	42,279	14.0%	46,402	3.9%
Cost of sales	33,033	29,224	13.0%	32,058	3.0%
Gross Profit	15,178	13,055	16.3%	14,344	5.8%
Operating Expenses:
Selling and marketing expenses	2,568	2,208	16.3%	2,354	9.1%
Administrative expenses	2,447	2,044	19.7%	2,247	8.9%
Total Operating Expenses	5,015	4,252	17.9%	4,601	9.0%
Operating Profit	10,163	8,803	15.4%	9,743	4.3%
Operating Margin %	21.1	20.8	0.3%	21.0	0.1%
Other Income, net of finance cost⁽¹⁾	865	937	-7.7%	1,054	-17.9%
Profit before income taxes	11,028	9,740	13.2%	10,797	2.1%
Income tax expense⁽¹⁾	3,253	2,816	15.5%	2,288	42.2%
Net Profit (after non-controlling interests)	7,769	6,921	12.2%	8,501	-8.6%
Basic EPS ()	19.19	16.70	14.9%	21.01	-8.7%
Diluted EPS ()	19.17	16.68	14.9%	20.98	-8.6%
Dividend Per Share ()	–	–	–	25.00	–

⁽¹⁾

Includes interest income (pre-tax) of 381 crore and reversal of tax provisions amounting to 774 crore for Q4’26. This is on account of orders received under sections 250 and 254 of the Income Tax Act, 1961 for certain assessment years.

Exhibit 99.5
Press Conference

Infosys Limited

Q1 FY27 Earnings Conference Call

July 23, 2026

CORPORATE PARTICIPANTS:

Nandan Nilekani

Co-Founder and Chairman of the Board

Salil Parekh

Chief Executive Officer and Managing Director

Jayesh Sanghrajka

Chief Financial Officer

Sandeep Mahindroo

Financial Controller and Head Investor Relations

journalists

Kumar Rakesh

BNP Paribas

Jonathan Lee

Guggenheim Partners

Gaurav Rateria

Morgan Stanley

Abhishek Pathak

Motilal Oswal

Ankur Rudra

JP Morgan

Bryan Bergin

TD Cowen

Vibhor Singhal

Nuvama

Keith Bachman

BMO Capital

James Friedman

Susquehanna

Moderator

Ladies and gentlemen greetings and welcome to Infosys Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Sandeep Mahindroo. Thank you and over to Mr. Mahindroo.

Sandeep Mahindroo

Thank you everyone, and welcome to this earnings call to discuss Infosys Q1 FY27 financial results. Joining us on this call is Chairman of the Board, Mr. Nandan Nilekani, CEO Mr. Salil Parekh, CFO Mr. Jayesh Sanghrajka, along with other members of the leadership team.

We will start the call with some remarks by Nandan, followed by remarks by Salil and Jayesh on the performance. Subsequent to that, we will open up the call for questions with Salil and Jayesh. Kindly note that anything we say which refers to our future outlook is a forward-looking statement that must be read in conjunction with the risk that the company faces. A full statement and explanation of these risks is available in our filings with the SEC, which can be found on www.sec.gov.

I would now like to pass on the call to Nandan.

Nandan Nilekani

Thank you, Sandeep and it is really a pleasure to talk to all of you. I joined this call to make an important announcement. As you know, Salil has done a stellar job as the CEO for almost 10 years. And under his leadership, the company has grown from $10 bn to $20 bn. He has done the transition to the digital era and he has laid the foundation for a differentiated AI strategy, which will serve the company in good stead for many more years.

However, his term is coming to an end on March 31, 2027 and the Board has decided today to appoint a new CEO who is coming from inside Infosys, from within, an internal candidate. His name is Ashiss Dash.

Ashiss Dash has been in Infosys for more than 31 years. He joined as a software engineer from IIT Kharagpur and he has all-around experience of Infosys. He has worked in delivery for many years, he has worked on account management, he has been involved in starting a DC in Bhubaneswar, he has been in sales. And of course, he has been a Segment Head for many years running the EURS practice, which has many sub-verticals and he is an outstanding person. He is very good at his job, he is very collegial, He is very good and collaborative, he is accepted and liked by everybody in the company. He has quintessential Infosys values, at the same time, he is focused on the market and being able to get good deals, at good revenue and good margin.

And because of his technical background, he understands AI, what is happening in AI and that will help him in the future. So the Board has appointed Mr. Dash as the next CEO, Designate. He will work with Salil over the next few months. Next 2-3 months, he will focus on getting more coaching and training on being a CEO. And then for 6 months, he will work as a mentee under Salil's leadership, who will groom him for the complex job of managing a $20 bn company at a very transformational time. So we are all very excited by the choice. He has got a very good response internally and with customers. And you will get to see him in a few months, so you can maybe keep that in mind.

I will ask Salil to add a few words on Dash.

Salil Parekh

Thanks, Nandan. Good morning, good evening, everyone. It is an absolute pleasure for me to have Dash be the next CEO of the company. I have had the opportunity to work with him over the last several years. In my mind, he is a fantastic leader and very good with the people around. He has worked very closely with clients and built a portfolio which is, I think, quite strong and exceptional on the growth dimension and the way it is managed operationally and economically, so all of the ingredients which make for a successful business.

In addition to his leadership, Dash is a very good friend and I am delighted with this. Congratulations to him. I look forward to working with him over the course of the next few months, as Nandan mentioned, in the way we transition there. So look forward to all of that. And as Nandan said, you will get to meet Dash in the coming quarters as well.

Nandan Nilekani

So thank you, and I will excuse myself and Salil and Jayesh and the team will continue the quarterly call. Thank you very much.

Salil Parekh

Thanks Nandan. Good evening and good morning to everyone on the call. Thank you for joining us. Let me start off with the update for the business in this quarter.

Our revenue growth for Q1 was 2.4% Y-on-Y and 1% Q-on-Q in constant currency terms. We had a onetime revenue impact of a client decision during this quarter.

Our AI services revenue was 8.2% of overall revenue. Our large deals were $3.6 bn with a net new of 61%. Our operating margin was 21.1%. Free cash flow at $955 mn. And our earnings per share were higher by 15% in Q1, in rupee terms.

We saw a strong acceleration in our AI business, as I shared earlier, with AI revenues for the quarter at 8.2%. This is growing at double-digit Q-on-Q over the last several quarters.

With this momentum, we see long-term relevance of our services for our clients. From our delivery team, over 80,000 employees are working today on coding tools such as Claude Code or Codex for our clients and for some projects inside. We saw strong traction across the 6 areas of growth in our AI strategy, Hexagon. We see client work, for example, in building agents for processes, work on data, in AI, in modernization and of course, in coding tools.

For a health care company, we implemented AI agents to automate medicaid eligibility verification and operation support. The solution reduced eligibility verification time from about 6 to 8 days to approximately 4 minutes.

We are building a team of frontier engineers to support our client work. Our plan is to have 6,000 frontier engineers over the next few years.

We have built a platform, Topaz Fabric that allows our clients to get benefits of AI, while keeping the sovereignty of their data and company knowledge with themselves. Our clients are able to work with any foundation model closed, open weight, on cloud, on their server. Topaz Fabric provides a harness to a client to enable them to more fully deploy the benefits of the foundation models into their organization.

Our clients are also able to optimize their token cost by ensuring appropriate models are used for appropriate tasks. Overall, we see a good pipeline for AI services, and that gives us a good view for continued AI work with our clients.

Outside of that, we continue to see the macro-environment remaining uncertain. With our Q1 results and a view of the rest of the financial year, we have changed our revenue growth guidance to 1.5% to 3% Y-on-Y growth in constant currency terms. Our operating margin guidance remains the same at 20% to 22%. Thank you.

And with that, let me hand it over to Jayesh for his update.

Jayesh Sanghrajka

Thank you, Salil. Good morning, good evening everyone and thank you for joining the call today.

We entered FY27 against a backdrop of a dynamic and evolving business environment, which is reflected in lower-than expected volumes. Clients continue to prioritize investments in AI, modernization, cloud and productivity initiatives while remaining selective in discretionary spending. Our focus remains on disciplined execution supporting clients' transformation agenda and delivering sustainable financial performance.

Q1 revenues were at $5,082 mn, increase of 1% sequentially and 2.4% Y-on-Y in constant currency terms. Acquisitions contributed approximately 1.1% sequentially.

Our AI revenue momentum is very strong with AI revenues at 8.2% of our overall revenues, growing at a strong double-digit sequentially over the last many quarters. We are seeing strong traction across all 6 value pools with higher share of revenues coming from process AI, AI strategy and engineering and Data for AI.

Q1 revenue growth was lower than our expectations, mainly due to

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one-off 50 basis point impact on account of program termination by an EURS client during the quarter. This was not factored in the earlier guidance.

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Volumes were soft and weaker than expectations and also versus the historical Q1 trends

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Additionally, client expectation on productivity, along with high competitive intensity is resulting in softer increase in price versus our expectations.

Sequential revenue growth was also impacted by higher offshoring to derisk our business model, along with lower revenues from a European Manufacturing client, as I mentioned in the last earnings call.

Despite lower-than-expected growth, gross margins improved by 60 bps sequentially. Operating margin improved by 20 bps sequentially to 21.1%. Major components of the change are as below-

Tailwinds of

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70 bps from rupee depreciation,

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20 bps from Project Maximus,

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10 bps (Editor’s comment) net benefit due to amortization of costs on intangibles incurred in Q4, offset by impact of new acquisitions in Q1

Headwinds of

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50 bps from investment in AI sales and marketing,

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40 bps from onetime revenue impact arising out of program termination.

We also had onetime cost benefit of approximately 30 bps, which was offset by 20 bps due to increase in various other expenses.

Our tight focus on improving operational efficiency led to utilization, excluding trainees, improving by 1.9% to 84.9%.

Onsite mix, excluding new acquisitions, dropped by 30 bps, however including acquisitions, it remained flat. We expect Onsite mix excluding new acquisitions to reduce by 75 bps to 1% for the year.

DSO reduced by 4 days sequentially to 63. DSO, including unbilled net of unearned was 76 days versus 78 in Q4. Headcount reduced by 500 employees after adding over 2,000 employees from acquisitions.

Attrition increased slightly to 13% versus 12.6% sequentially, in-line with Q1 seasonality. We plan to give salary hikes to most of our employees effective October while the rest of the employees will be covered in January '27.

We expect effective tax rate for the year to be in the range of 29% to 30%.

EPS for the quarter stood at INR19.19, up approximately 15% year-on-year.

Q1 yield on cash investment balance was at 6.8%.

Our balance sheet continues to be strong and debt-free. Consolidated cash and cash equivalents were at $3.9 bn at the end of the quarter after returning more than $1 bn to the shareholders through dividends. Free cash flow was strong at $955 mn at 116.5% of net profit.

Large deal wins were strong at $3.6 bn with high net new of 61%, reflecting the relevance of our value proposition. Out of the 22 large deal won, we had three deals worth $400 mn each. We have been on the positive side of vendor consolidation with 20% of the total large deal TCV being from new vendor consolidation deals.

Vertical-wise, we won 5 deals in Financial Services and Communications, 4 in EURS, 3 in Manufacturing, 2 in Retail, 1 each in Life Science, HiTech and others. Region-wise, we signed 11 deals in North America, 8 in Europe and 3 in the Rest of the world.

Coming to Verticals;

In Financial Services, uncertainty and geopolitical instability is causing some client' hesitancy as spending patterns are taking a more cautious approach. Client priorities are centered on efficiency, productivity and modernization with discretionary spend being evaluated more carefully. We see momentum across banking, payments, capital markets and wealth management. AI adoption has been incremental additive with clients increasingly engaging us to support their AI journeys across strategy, platforms, engineering and operations. This is reflected in our strong deal wins this quarter with approximately $1 bn in large deal net new TCV. GCCs continue to expand and we are partnering with our clients both in setup and growth of GCCs.

Growth in Manufacturing continues to be impacted due to lower revenue from a large client. Clients remain cautious on discretionary spend and decision making is elongated, especially in European auto. The impact of tariffs, geopolitical uncertainty and energy cost is keeping budgets tightly controlled. While AI adoption is creating new opportunity areas, it is also raising productivity expectations from clients. We are getting better pricing on AI skills and consulting. We remain focused on supporting clients through digital, AI modernization and consolidation initiatives while balancing growth opportunities with disciplined deal selection and sustainable pricing.

EURS segment was impacted by one-off client termination, adjusted for which the growth was strong. Macroeconomic uncertainty continues to influence client spending patterns and decision-making timelines. Clients are driving business priorities, including cost optimization, operational resilience, productivity improvements and regulatory compliance. Generative AI is emerging as a strong growth catalyst, driving process re-imagination and productivity initiatives. Our partnerships with hyper-scalers and AI native companies is allowing us to experiment and ideate faster.

In Retail and CPG, consumer spend remains muted and budgets are tightly controlled due to geopolitics, inflation and tariffs. Spend is shifting towards AI modernization and productivity-led programs funded through operational efficiency and cost optimization. Clients are asking for AI-led productivity commitments leading to new pricing structures. We are leveraging our native knowledge of the clients' business processes and technology landscapes and augmenting it with AI. Large deal pipeline is healthy, but decision cycles are longer.

In Communications, operating environment remains challenging as clients continue to exercise discipline on discretionary spending and closely scrutinize investment decisions. AI is reshaping spending patterns, enterprises are increasingly prioritizing initiatives that deliver near-term gains. Telcom is undergoing significant transformation with consolidation and M&A with increased investments, especially for OEMs. We remain focused on aligning our offerings to these evolving client priorities and helping enterprise realize measurable business outcomes.

Considering lower-than-expected Q1 revenues and revised view of the rest of the year, we are revising our revenue guidance to 1.5% to 3%. This includes

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approximately 1.7% contribution from recently closed acquisitions of Optimum Healthcare and Stratus

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slightly over 1% impact from large a European Manufacturing client due to reduced client spend along with our conscious decision to not pursue certain deals that were not aligned to our return expectations

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approximately 0.75% to 1% impact from shift towards offshore.

Overall business environment continues to remain volatile. The lower end of the guidance assumes further deterioration in macro. Top end of the guidance assumes an improvement in macro, though lower than what we had assumed in April guidance. FS and EURS are expected to grow higher than the company average.

The underlying fundamentals of our business remain strong. We continue to see healthy client engagements leading to a robust pipeline.

We are taking decisive actions to capitalize on the opportunities ahead, especially on 6 identified AI value pools. Spending is shifting towards areas with clear business cases such as, AI-led Modernization, Cost Transformation, Cybersecurity, Cloud Optimization and Vendor Consolidation.

As we look at the rest of the year, we remain confident in our strategy, discipline in our investments and focus on delivering stronger performance. Margin guidance is maintained at 20% to 22%. This assumes headwind from wage hikes productivity pass-throughs, AI investments and 50 basis point impact from acquisitions of Optimum Healthcare and Stratus. These headwinds will be partly offset by initiatives under Project Maximus and currency benefits.

With that, we can open up for the questions. Thank you.

Moderator

Thank you very much. We will now begin with the question-and-answer session. First question is from the line of Kumar Rakesh from BNP Paribas. Please go ahead.

Kumar Rakesh

Hi, good evening and thank you for taking my question. My first question was a bit of a clarification around the guidance, especially the like-to-like guidance what we had given last quarter versus this quarter. If I am looking at the new guidance that is at the midpoint, suggesting 2.25% sort of growth, which I understand you indicated includes acquisition of about 1.7%. So that would imply an organic growth of about 0.5% or slightly higher than that versus 2.5%, which was in the last quarter. So, is that about 2 percentage point of cut at the midpoint in the guidance or am I reading that wrong?

Jayesh Sanghrajka

Hi, Kumar. So, the last quarter midpoint would be around 2.2%. In the guidance because, as you remember, we had said 20 bps was the Stratus which was already baked in, in the guidance, which was 1.5% to 3.5%.

Kumar Rakesh

Okay. Got that. So in that case, like-to-like this time, it would be about 0.8% sort of a number, excluding the incremental acquisition that we have baked in?

Jayesh Sanghrajka

Yes.

Kumar Rakesh

Got that. And looking into the second quarter, given some of the impact that we have seen in this quarter with lower-than-expected volume and one-time client-related decision as well, how much of that you are expecting that to flow into second quarter as well? And how you are looking at the demand environment and the growth momentum?

Jayesh Sanghrajka

So Kumar, as you know. typically, whatever happens in Q1, it will have a cascading effect in Q2. And especially if the volumes have been softer through the Q1, automatically, it will have some impact on Q2 and therefore, the rest of the year. That kind of largely explains the guidance change.

As I said earlier, the multiple reasons on the change in guidance is, first of all, one-off that we had in one of the EURS client, the volumes that were softer with the cascading effect, the ask of productivity from clients and increased competitiveness, competition in pricing that reflected in a lower-than-expected pricing this quarter, which will again have effect on the rest of the year.

And as I had called out at the beginning of the year, we expect our onsite mix to be lower by roughly around 0.75% to 1%, which will have impact on a year-to-year comparison, if you are doing. We had called out a European manufacturing client’s impact between 0.75% to 1% last time which is now clearly above 1% as we have progressed on certain other deals as well, so that is an additional headwind as well. So all of that is baked in, in the revised guidance.

Kumar Rakesh

Thanks a lot Jayesh for that. Just one clarification around the one time client decision which you spoke about, if you could give some context to that, that would be great. That is all from my side. Thank you.

Jayesh Sanghrajka

Thanks so much. So, this is with respect to a client, which has terminated a project in the EURS vertical.

Kumar Rakesh

Got it. Thank you.

Moderator

Thank you. Next question is from the line of Jonathan Lee from Guggenheim. Please go ahead.

Jonathan Lee

Great. Thanks for taking my question. You mentioned that softer volumes and pricing contributed to Q1 alongside the program termination and at the upper end of the prior guide assumed macro stabilization that is not materialized.

Can you walk us through how the quarter progressed relative to internal expectations, whether April, May and June trended differently when the program termination was communicated to you and whether decision-making velocity and discretionary spend deteriorated or stabilized through the quarter? And what have you seen in the first 2 weeks of July that may inform your shape of Q2?

Jayesh Sanghrajka

So Jonathan, sorry I was not very clear with the question, but from whatever I understood the question is, whether we saw the change through the quarter and the increase in volatility.

The softness that we saw in terms of volumes was through the quarter, the one-off impact that we saw was mainly on account of a client termination, which happened towards the end of the quarter. And the deal that we talked about, European client that was also towards the end of the quarter. So I think all of those factors reflected in the revised guidance, if that is what you are looking at.

Jonathan Lee

Thanks for that color. And given your commentary on pricing, particularly around the competition has been building for several quarters and Maximus explicitly includes value-based selling, why were pricing headwinds not more fully contemplated in the April outlook what has changed over the last three months? Is the pressure concentrated in specific verticals or deal types of renewals versus the new? And what gives you visibility that pricing may actually stabilize from here?

Jayesh Sanghrajka

Jonathan, we are not saying that we are not seeing a price increase. What I am saying here is, we have not seen as much price increase that we envisaged at the beginning of the year on the back of the AI productivity ask of the clients, plus the intensifying competitiveness in the market. But we are still seeing a net increase in the pricing.

Jonathan Lee

I appreciate that clarification.

Moderator

Thank you very much. Next question is from the line of Gaurav Rateria from Morgan Stanley. Please go ahead.

Gaurav Rateria

Hi, thank you for taking my question. My first question is on the multiple client-specific issues, one is the European automotive that we highlighted last quarter than this quarter on the EURS vertical. How should we think about all these like our completely disconnected issues and just happened to take place at the same time coincidentally or there are certain common links, which basically could be early renewals, competitive pricing, etc., going on because of the technology change?

So just trying to understand how much of it is led by underlying changes in technology happening and driving clients to take these decisions and creating competitiveness in the market or are they completely disconnected events?

Jayesh Sanghrajka

So Gaurav, there are two parts of the question, one is, the European manufacturing client that you talked about it, we knew certain part of the deals at the beginning of the year, which was in April, and there was additional deals that happened in Q1 of this year. Both of these were the deals where we decided not to pursue the deals beyond a certain point because it did not make economic sense for us, a commercial sense for ourselves, and that is the reason that has nothing to do with the client behaviour in terms of AI, etc..

The other deal is a contract where the client has terminated the contract for various reasons. Again, nothing to do with AI here. It is a termination of the contract and therefore, a reduction in revenue.

Gaurav Rateria

Got it. My second question is on your margin outlook. I know that you maintained your outlook on the band, but now that you have announced the wage hike for second half for the company as a whole. So there will be incremental headwinds around that. So just wanted to understand what would be some levers that will help you to offset these pressures in the second half? And would it be fair to say that our aspiration will be to just hold on the margin level compared to the last year and this year? Thank you.

Jayesh Sanghrajka

So Gaurav, at this point in time, we have given a guidance of 20% to 22% let me say that at the outset, we are very confident of that guidance. Of course, as I called out at the beginning of the year, we will have a headwind coming out from the acquisition that we have done in terms of amortization of intangibles and retention pay out to the founders or the management team, etc., of the acquired entities.

But we also have tailwinds coming from currency coming from Project Maximus. As you see this quarter also, we have got 20 bps of tailwinds from Project Maximus, 70 bps of currency, so all of those are tailwinds. As we look forward, as I said earlier as well in the call, we will have 0.75% to 1% reduction in onsite mix, so that is the tailwind. So all of those are tailwinds, puts-and-takes all of that put together, we are still very confident of maintaining our margin guidance.

Gaurav Rateria

Thank you. All the best.

Jayesh Sanghrajka

Thank you.

Moderator

Thank you. Next question is from the line of Abhishek from Motilal Oswal. Please go ahead.

Abhishek Pathak

Yes, hi. So, I think my question is on deal wins. It does look like we have had a pretty decent quarter on deal TCV, net new seems to be decently strong as well as compared to historical levels. But clearly, that is not kind of translating into guidance.

So how is the TCV versus ACV dynamic playing out? Are we seeing extended TCV or extended 10 years right now, which is leading to lower ACV or are we seeing sort of delayed ramp-ups, but clients are still committing to spends, that will be very helpful to understand with regards to the conversion of the deals that we are winning.

Jayesh Sanghrajka

So, Abhishek, if you look at the deal wins, typically the terms of the large deals have not gone up. They still remain between on an average between 3 to 5 years. Of course, when you look at some of the mega deals, the terms could be longer. But in the current year, we have most of the deals which are not mega deals. The deals that we signed, while most of them were less than $500 mn, we did have some deals between $400 mn to $500 mn, 3 of them.

What we also need to remember is, whenever the deal comes up for renewal, we always used to have the additional productivity ask from the client, which is how traditionally this industry has been.

On the back of AI, there is an additional deflation or the AI led deflation as we call it. So that is a headwind that is there. That is not only on the large deal portion, that is also there on the non-large deal portion. So that is what is getting offset by the net new business that we are seeing.

Abhishek Pathak

Understood. And could you quantify the deflation, if you can? I know it is so dynamic, but just a quantification about the deflation entails would be helpful. And lastly, how do we define AI-led revenues? Is this AI implementation or AI infused, just a broad sense of that will also be very helpful. Thanks. That is from my side.

Salil Parekh

Hi, this is Salil. On the AI, and I will come to the other one after that. I think what we are seeing on the AI revenues is, these are revenues which are coming from the strategic framework we described at the Investor Day, which are the 6 areas that we see new growth, the new addressable market of $300 bn. For example, process AI, for example, making AI engineering strategy work. For example, data, which is needed, the data layer for AI. And each of those 6 areas, we see a good growth. This revenue is 8.2%, growing double-digit Q-on-Q over the last several quarters. And that is the primary AI revenue.

Internally, we also look at AI revenue, which you referenced like infused, augmented or where AI is and part of an existing work stream that becomes more AI. But this specific one that we shared externally is, what we see from the AI strategy that we put together.

On the quantification, we do not quantify that compression part externally, but we acknowledge of course there is a compression and internally, we track it to see how that works. Now in many cases, when there is the compression, we typically, given the work we are doing with clients, have the opportunity to do more work in other areas. So the contract terms, scope, etc., gets redefined.

And in many cases, we see adjacent to that other pieces of work, not related to that, which come through. So it is not easy to simply say like-for-like in many cases, but they are definitely we see a compression.

Jayesh Sanghrajka

So Abhishek, just to add to what Salil was saying, the AI first revenue is everything that is around the Hexagon and AI augmented revenue is what we presented on the AI Day also. That is not part of this. While we track it internally, that is still not part of this.

So AI first is everything that we do in terms of Hexagon and the subservices that we called out at Hexagon. We have a very robust process inside the company of identifying these at a child / subproject level and tracking it and monitoring it. It is growing at a very strong double-digit growth.

Abhishek Pathak

Thank you. And that is all from my side. All the best.

Moderator

Thank you very much. Next question is from the line of Ankur Rudra from JP Morgan. Please go ahead.

Ankur Rudra

So my question was on the worsening demand environment from an AI productivity passthrough perspective. How secular is this across industries and geographies? And how often do clients ask for productivity increases in the middle of a contract as opposed to on renewal?

Salil Parekh

Hi. This is Salil. Ankur, I think, what we are seeing is, there is a demand for AI productivity, which is across most industries. Now if you look at where AI is most getting used, we probably see Telcos, we see Financial Services. We see even on Retail, Utilities, that is where their usage is pretty high, especially with the foundation models, the modernization, the coding tools.

On the productivity side, it is a broad coverage that we see. And it typically at least in the recent past has come up, as there is progress made by the AI foundation model companies or there is a perception that, that sort of a benefit can be achieved, the discussion starts. And of course, at the renewal time, it is definitely there. Sometimes it does come in between the timeframe of the contracts’ renewal as well.

Ankur Rudra

Okay. Thanks for clarifying that. I just wanted to sort of follow-up on AI revenues, which have been growing at a very high pace like you have been highlighting. If we think this out a few years, at what size of your overall portfolio do AI revenues have to be, so that you can overcome the AI deflation or the compression in the rest of the portfolio? any thoughts there?

Salil Parekh

So we do not have a view in that sense externally on what you are referencing. But I think if we are able to execute on this AI transformation, as we have done in the last few quarters, we get this momentum. It is not that difficult to see that in the coming few quarters, it will start to become more and more larger part of our overall revenue and that will drive the growth of the overall company.

If I go back to how we saw it, not that it is the same thing, but there is some lessons maybe on the digital, we saw that there was a way that at one stage, we were at 20% and then over a few years, we then went to 60% of our revenue becoming digital. So if that path becomes followed, we can see a big transformation and a long-term support to the view that what we are doing remains relevant in terms of services for our clients.

Now here, there are strong partnerships with the foundation model companies. There is extremely strong internal work on Topaz Fabric. We are building things where clients can use multi-model scenarios within our Topaz Fabric, where they can use different models for different types of work, so the token cost is optimized. We have an ability to provide a harness so that they can build what they want to build and keep the sovereignty of the data and like the knowledge of the company more within themselves.

So to me, all of that points to that, it is a nice growth area for the long term. And we are now looking at 8%. It is fairly sizable and we are looking at it becoming more and more sizable in the quarters to come.

Jayesh Sanghrajka

Ankur, just one additional data point I would want to add is, if you remember in February, we talked about our AI revenue, which was 5.5% for Q3. And in 2 quarters, it is already become 8.2%. So you can imagine the rate at which is growing and even if you look at a longer 5, 6-quarter view, it is growing at a strong double-digit and that gives us the confidence that this is becoming our growth engine.

Ankur Rudra

I appreciate it. Maybe just one clarification, Jayesh. Can you confirm that the program termination was fully absorbed in Q1 or will it have an impact in the second quarter also from a sequential basis?

Jayesh Sanghrajka

So Ankur, the program has been terminated. What we know has obviously been taken in Q1 at this point in time.

Ankur Rudra

So, no follow-through in Q2 in terms of that program specifically?

Jayesh Sanghrajka

Yes. What we know at this point in time has been considered in Q1.

Ankur Rudra

Okay. Thank you and best of luck.

Moderator

Thank you very much. Next question is from Bryan Bergin from TD Cowen. Please go ahead.

Bryan Bergin

Hi thank you. Good evening. And first Salil congrats to you and congrats to Ashiss Dash. My first question is on AI talent and in competition. I am curious what your view is on Hyperscalers like AWS, Microsoft recently announcing new investment in their own FTE practices. Just considering their historic use of the services channel around cloud deployment, they seem to be a bit more surprising and OpenAI or Anthropic doing it. So, what are your thoughts there?

And you have announced plans to add 6,000 Frontier Engineers, but it seems everyone is looking to add that base of talent. So, can you just talk about how you plan to navigate that elevated competition for top tier talent?

Salil Parekh

So first, thank you. I think, with other companies launching services companies to help large enterprises with making AI work. At a high level, I see that as a positive for Infosys because it reconfirms that what we do and now with the AI revenue growth that we are demonstrating, that we have sort of relevance, for the long term for our clients.

What I think works for us is we have over 300,000 employees. We have deep knowledge and context of the select clients that we work with and that becomes the way to really ensure that AI gets leveraged into that environment, which is typically quite complex.

We are also in a position where we are partnering with some of the companies you named and I have spoken with them as they have launched their programs. And the intent and the idea is really, in terms of scale, a few hundred or a couple of thousand is not going to be the same as 300,000 from Infosys. But there is a way to partner and make all of that work for the benefit of the client. That is how at least we are looking at it for now. And there are similar type of models existed, as you probably know well in the past, when there were software companies, which have their own small services businesses.

In terms of talent, first, we have already people within Infosys who are operating at the level of Frontier Engineers. And so, we have put together a program to bring all of that together to make them at the same type of a global level. Then we have training for the people that we will recruit and build out to be like that Frontier Engineers.

And then, of course, we will look externally but the primary method is recruitment in college training and taking internal people who are doing some of that type of work and making sure they are fully deployed into the Frontier Engineer work.

So, we feel that we have a decent start to it. It is not that we are going to, tomorrow morning, recruit 6,000 from the outside. But equally, we also have, as has been always the case with Infosys, the approach of training the people from ground up, so building out that skillset, which is slightly longer, and that is why I have said, it is over a few years. We want to build it out and make sure that we support our clients in that.

Bryan Bergin

Okay. That is clear. My follow-up on AI productivity, can you just give us a sense of how much of your existing backlog has been re-priced under the higher levels of market productivity? I am trying to understand how long the company may face outsized compression, as you renew the installed base of work where there was not any meaningful GenAI-driven efficiencies before?

Salil Parekh

So, as you can imagine, it is something we look at internally, but it is not something we share externally.

Bryan Bergin

Okay. Understood. Thank you.

Moderator

Thank you very much. Next question is from the line of Vibhor Singhal from Nuvama. Please go ahead.

Vibhor Singhal

Yes, hi. Thanks for taking my questions. Just two questions from my side. One question, Salil, basically the overall environment in which we are operating, some of our peers have kind of called out, and I think it is kind of what is also the concept which is gaining traction is that, more and more belief that enterprises might not just basically look to deploy the premier large language models for their enterprise needs and they might be now going more towards more like customized small language models, the SLMs, the which can be basically cater to their own specific needs.

And to that extent, more and more deals and large deals specifically are all basically making their way into the market towards the players. Is that also that we are also seeing our conversation with the clients? Do we see some of those kind of deals on the horizon? And do you see that basically playing out over the next few quarters?

Salil Parekh

So, I think the way you describe it, what we are seeing it is, the large companies, large enterprises are becoming more sensitive to, what is the foundation model like best equipped for and for the various tasks and activities and processes that they have inside the company, which model should be used for which thing.

So like a company might think can we use, like a less parameter model, also less expensive model or like even an older version of some of the big company models for some task and the most recent one for like some very specific, let us say, high-end type of task, which needs it. So that optimization is going on. And that is where we think what we have built in Topaz Fabric, allows the company to do this in a very efficient way.

Then companies are also looking at, okay, I will use for the simpler task, a slightly older model or less expensive. Then let me also then look at the cost of token usage for that model. And even there, if there is a way for the same effectiveness, you can get a lower token cost approach in the model.

So this whole approach of this multi-model is critical for the task and the cost. At least we are seeing the large companies are being sensitive to that. And that is where what we have built and how we can work with them today, we are working in Fabric Topaz with 15 different models. So, let us say, you come as a large company, Global 100 and you want to do something, you do not even have to decide by looking at the task we will decide between the 15, where to put it and give you the most efficient outcome. So things like that will help the companies to do the things in a better way we feel.

Vibhor Singhal

Got it. So overall, this should basically, if I were to, let us say, take a top view of this, this would mean that there is an increasing level of customization that or, let us say, a specific requirement that each client would require rather than more of a standardization to begin with?

Salil Parekh

It depends also a little bit, like some companies might say, look, I want Model X. I want to build deep capability in that. Like company X will have three models. They can go with an older model in the company X. It is not like there is one answer, meaning people are all doing different things, but the flexibility exists today. So, depending on how the company wants to do it.

Vibhor Singhal

Got it. Just one last question on the margins front. So Jayesh, if I could just bother you on that? In FY26, we had the wage hike, which was spread over Q4 FY25 and Q1 FY26. So, we just probably had basically half of the impact of the wage hike in FY26. In FY27, we are able to give the wage hike in Q3 and Q4. So, the entire impact is going to be absorbed by in this year itself, plus we have the acquisition impact, which you called out in the call.

So, are we looking at more headwinds this year on the margins than FY26? I know we are in that same guided range of 20% to 22%, but vis-à-vis FY 26 are we looking at more headwinds than FY26?

Jayesh Sanghrajka

So Vibhor, if you look at FY26, we had a full year impact of the wage hike that we gave in January as well as in April. Of course, whatever we gave in January, the flow-through of that was for 3 quarters. But whatever we gave in April, the full year impact of that came in the year versus in FY27, we have only half year impact of whatever we will do in October and 1 quarter impact of what we will do in January.

So to that extent, the relative impact is going to be lower in FY27 versus FY26. And of course, there will be a 50 bps impact on account of the acquisitions that we have called out. But, if you look at the tailwinds that I called out, there is a currency tailwind, at least as we stand today versus the last year, the Project Maximus is still creating value.

We have seen pricing benefit, albeit little lesser than what we estimated at the beginning of the year. Utilization has gone up Q-on-Q significantly. Our Onsite mix is going to go down. So, I think there are puts-and-takes on both sides.

Vibhor Singhal

Got it, got it. Got the math. Thanks a lot for taking my questions and wish you all the best.

Jayesh Sanghrajka

Thank you.

Moderator

Thank you very much. Next question is from the line of Bachman from BMO Capital Markets. Please go ahead.

Keith Bachman

Good evening, good morning. I wanted to ask about your thoughts on headcount growth trends through FY27. And I am not looking for specifics, but just generalities. Is headcount going to grow, be flat, reduce as you look at the next 12 months? And even if you find on the next few years, how do you see the headcount growth in relation to revenue growth?

Salil Parekh

Hi, this is Salil. So first, what we saw in the last financial year as you know, is we recruited 20,000 college graduates for the full year. This year, we have a plan to recruit 20,000 college graduates. In the first quarter, we have recruited over 4,000 already.

Our plan is to continue to bring in talent, make them more and more AI well-versed and then have them work with our clients. What we are seeing with the 8% revenue of the AI is that to make many of these things work, it is a combination of foundation model, agents and people. Of course, there is more efficiency. So, the same amount of work can be done maybe with fewer people, but there is more work. So overall, at least right now, we are seeing that.

We do not have an exact external view on the end year headcount, but we continue to look at recruitment. We think it looks like headcount will be part of our future as our revenue grows as well.

Keith Bachman

Okay. And it will be interesting to see how, I understand the recruitment process. It will be interesting to see how your net headcount trends unfold. Can I go to the next question? You talked about 20% of your TCV was vendor consolidation deals. Could you provide some context on really the economics associated with those deals, what I mean by what was the leverage that enabled you to win those deals?

In particular, you talked about price was a little more aggressive this quarter. How are pricing trends, enabling you to win those deals? Just any kind of attributes that you could throw out such as was it more competitive or was price down, anything along those lines? That is, it for me. Many thanks.

Salil Parekh

I will start, and Jayesh will add a little bit more to it.

What we saw like in the reasons for winning a consolidation deal. Typically, what we are noticing is there is a complex tech environment, and the clients are seeing that what we have done for them over the past in terms of delivering value is very significant, more reliable and that is typically when we are the beneficiaries of the consolidation deals.

In terms of pricing for those specific deals there is always productivity benefits because that is in the nature of the discussion in this period. But the reason primarily for the wins are more about the depth of delivery, understanding of technology.

Jayesh Sanghrajka

Just to add to this, what Salil said, on an aggregate level, all of these consolidated deals came at a very healthy margins even when you compare to our overall large deals portfolio. As I said earlier, we will compete aggressively in the market, but we are not going to underwrite uneconomic productivity assumptions. And in those cases, we would prefer to not pursue those deals further when it does not make economic sense to us.

Keith Bachman

Okay, perfect. Many thanks.

Moderator

Thank you. Next question is from the line of Jamie Friedman from Susquehanna. Please go ahead.

James Friedman

Hi, good evening. Salil, well done piloting the company and Dash we look forward to working together. I had a bigger picture question back to the strategy Hexagon, I’ll be interested in your perspective on the supply side, what reskilling does that require?

And on the demand side, Salil, you mentioned what you are finding is resonating most obviously, is performing well. Is there anything though that needs to be adjusted? So, supply and demand question about the strategy and Hexagon? Thank you.

Salil Parekh

Thank you for that. On the supply side, first, we have taken a view, and I am sure you know that. We have not done any staff restructuring in the company, we have done essentially all reskilling. And that is a significant work for the company. But I think we see a benefit of that over time.

What we are seeing is and has another reason for doing the college graduate hiring because what we see from colleges up, people coming in with a lot more native understanding of the AI landscape and the toolset. And then training them on our Fabric and Topaz is the next step after that and also training them on our tools, which are pre-AI so that they have a sense of how software development works. So, we think we will be able to manage a lot of that supply side with the people we bring in.

But there are also specialized things where there will be some accelerations needed, a specific tool is very much in demand. And for that, of course, we have some recruitment, which is more lateral as well. Even there, we need a little bit of reskilling or training but not massive. There is good understanding. But that, of course, is in short supply. So, we will still rely more heavily on the bringing in from college training, which is by design is a longer duration process.

On the demand side, we are now tracking each of the 6 areas pretty granularly as Jayesh mentioned earlier. We have good traction on the process AI side, it is going pretty well. On the AI engineering, it is going pretty well, meaning in terms of scale, all of them are growing very fast, but those things are pretty scaled already. The data AI part is going pretty well. And so, the whole work of building agents, doing the coding, doing the modernization, doing the data, those things are really scaling up, meaning have a decent scale today and we think those will continue going pretty well.

James Friedman

Okay, thank you. So, I will jump back in the queue.

Moderator

Thank you very much. Ladies and gentlemen, we will take that as the last question. With this, I now hand the conference over to the management for closing comments.

Salil Parekh

Thank you. So first, thanks, everyone, for joining. A couple of points to summarize from my side. Overall in the quarter, we had neutral revenues, strong margins, strong free cash flow and very strong large deals. The more critical thing, our AI services revenue, 8.2%, growing across quarters, Q-on-Q, double digit and becoming more and more off-scale for us and showing us therefore, that there is a long-term relevance of what we are doing for our clients. And that gives us a tremendous benefit given the client connects that we have across the different industries and across the different markets. So, thank you all for joining in, and we will catch up at the next quarterly call.

Moderator

Thank you very much, members of the management. And ladies and gentlemen, on behalf of Infosys Limited, that concludes this conference call. Thank you all for joining us, and you may now disconnect your lines. Thank you.

Exhibit 99.6
Form of Release to Stock Exchanges

INDEPENDENT Auditor’s Report ON AUDIT OF QUARTERLY CONSOLIDATED FINANCIAL RESULTS

To The Board of Directors of INFOSYS Limited

Opinion

We have audited the accompanying statement of Consolidated Financial Results of INFOSYS LIMITED (the “Company”) and its subsidiaries (the Company and its subsidiaries together referred to as the “Group”) for the quarter ended June 30, 2026 (the “Statement”), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “LODR Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

(i)

includes the financial results of the subsidiaries as given in the Annexure to this report;

(ii)

is presented in accordance with the requirements of Regulation 33 of the LODR Regulations; and

(iii)

gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”) prescribed under section 133 of the Companies Act, 2013 (the “Act”) read with relevant rules issued thereunder and other accounting principles generally accepted in India of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group for the quarter ended June 30, 2026.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SA”s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in Auditor’s Responsibilities for audit of the consolidated financial results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the consolidated financial results for the quarter ended June 30, 2026 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management’s and Board of Directors’ Responsibilities for the Statement

The Statement, which includes the Consolidated Financial Results is the responsibility of the Company’s Board of Directors and has been approved by them for the issuance. The Statement has been compiled from the related audited interim condensed consolidated financial statements for the three months ended June 30, 2026. This responsibility includes the preparation and presentation of the Statement that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the LODR Regulations.

The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Statement by the Directors of the Company, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities for audit of the Consolidated Financial Results for the quarter ended June 30, 2026

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the quarter ended June 30, 2026, as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

·

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

·

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls.

·

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.

·

Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the LODR Regulations.

·

Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

·

Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

·

Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the LODR Regulations to the extent applicable.

·

Obtain sufficient appropriate audit evidence regarding the Financial Information of the entities within the Group to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement of which we are the independent auditors.

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Statement.

We communicate with those charged with governance of the Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Place: Bengaluru

Date: July 23,2026

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm's Registration No. 117366W/W-100018)

Vikas Bagaria

Partner

(Membership No.060408)

UDIN:26060408JWYDVC7682

Annexure to Auditor’s Report

List of Entities:

1.

Infosys Technologies (China) Co. Limited

2.

Infosys Technologies S. de R. L. de C. V.

3.

Infosys Technologies (Sweden) AB

4.

Infosys Technologies (Shanghai) Company Limited

5.

Infosys Nova Holdings LLC.

6.

EdgeVerve Systems Limited

7.

Infosys Austria GmbH

8.

Infosys Chile SpA

9.

Infosys Arabia Limited (under liquidation)

10.

Infosys Consulting Ltda.

11.

Infosys Luxembourg S.a.r.l

12.

Infosys Public Services, Inc. USA

13.

Infosys BPM Limited

14.

Infosys (Czech Republic) Limited s.r.o.

15.

Infosys Poland Sp z.o.o

16.

Infosys McCamish Systems LLC

17.

Portland Group Pty Ltd

18.

Infosys BPO Americas LLC

19.

Infosys Consulting Holding AG

20.

Infosys Management Consulting Pty Limited

21.

Infosys Consulting AG

22.

Infosys Consulting GmbH

23.

Infosys Romania SRL

24.

Infosys Consulting SAS

25.

Infy Consulting Company Ltd.

26.

Infy Consulting B.V.

27.

Infosys Consulting S.R.L (Argentina) (formerly a majority owned and controlled subsidiary of Infosys Limited) became the majority owned and controlled subsidiary of Infosys Nova Holdings LLC with effect from January 28, 2026.

28.

Infosys Consulting (Belgium) NV

29.

Panaya Inc.

30.

Infosys Financial Services GmbH

31.

Panaya Ltd.

32.

Brilliant Basics Holdings Limited (under liquidation)

33.

Brilliant Basics Limited (under liquidation)

34.

Infosys Singapore Pte. Ltd.

35.

Infosys Middle East FZ LLC

36.

Fluido Oy

37.

Fluido Sweden AB

38.

Fluido Norway A/S

39.

Fluido Denmark A/S

40.

Fluido Slovakia s.r.o

41.

Infosys Compaz Pte. Ltd.

42.

Infosys South Africa (Pty) Ltd.

43.

HIPUS Co., Ltd.

44.

Stater N.V.

45.

Stater Nederland B.V.

46.

Stater XXL B.V.

47.

HypoCasso B.V.

48.

Simplus ANZ Pty Ltd.

49.

Simplus Australia Pty Ltd.

50.

Simplus Philippines, Inc.

51.

Infosys Fluido UK, Ltd.

52.

Infosys Fluido Ireland, Ltd.

53.

Infosys Limited Bulgaria EOOD

54.

Infosys BPM UK Limited

55.

GuideVision s.r.o

56.

GuideVision Deutschland GmbH

57.

GuideVision Suomi Oy

58.

GuideVision Magyarorszag Kft

59.

GuideVision Polska Sp. z.o.o

60.

Infosys Business Solutions LLC

61.

Infosys Germany GmbH (wholly-owned subsidiary of Infosys Singapore Pte Limited merged into Infosys Germany SE (formerly known as Blitz 24-893 SE) effective from September 24, 2025)

62.

GuideVision UK Ltd (under liquidation)

63.

Infosys Turkey Bilgi Teknolojileri Limited Sirketi

64.

Infosys Germany Holding Gmbh

65.

Infosys Automotive and Mobility GmbH & Co. KG

66.

Stater GmbH

67.

Infosys Green Forum

68.

Infosys (Malaysia) SDN. BHD.

69.

WongDoody GmbH

70.

WongDoody (Shanghai) Co. Limited

71.

WongDoody Limited (Taipei)

72.

Infosys Public Services Canada Inc.

73.

BASE life science A/S

74.

BASE life science AG

75.

BASE life science GmbH

76.

BASE life science Ltd.

77.

BASE life science S.A.S

78.

BASE life science S.r.l.

79.

Innovisor Inc.

80.

BASE life science Inc.

81.

BASE life science S.L.

82.

Panaya Germany GmbH

83.

Infosys Norway

84.

Idunn Information Technology Private Limited

85.

InSemi Technology Services Pvt. Ltd.

86.

Elbrus Labs Private Limited

87.

Infosys Services (Thailand) Limited

88.

Infy tech SAS

89.

in-tech GmbH

90.

in-tech Automotive Engineering SL

91.

ProIT

92.

in-tech Automotive Engineering de R.L. de C.V (liquidated effective May 07, 2025)

93.

Drivetech Fahrversuch GmbH

94.

Friedrich Wagner Holding Inc (under liquidation)

95.

in-tech engineering s.r.o

96.

in-tech engineering GmbH

97.

in-tech engineering services S.R.L (merged into ProIT with effect from November 30, 2025)

98.

in-tech Group Ltd.

99.

in-tech Group India Private Limited

100.

in-tech Automotive Engineering Shenyang Co.

101.

in-tech Automotive Engineering Bejing Co., Ltd.

102.

Infosys Employees Welfare Trust

103.

Infosys Employee Benefits Trust

104.

Infosys Science Foundation

105.

Infosys Expanded Stock Ownership Trust

106.

Infosys Germany SE (formerly known as Blitz 24-893 SE)

107.

Infosys Limited SPC

108.

Infosys BPM Netherlands B.V.

109.

Infosys Energy Consulting Services LLC, a wholly-owned subsidiary of Infosys Nova Holdings LLC was incorporated on April 16, 2025.

110.

Infosys Saudi Arabia LLC, a wholly-owned subsidiary of Infosys Limited was incorporated on April 21, 2025.

111.

Infosys Australia Technology Services Pty Ltd, a wholly-owned subsidiary of Infosys Singapore Pte. Limited was incorporated on April 23, 2025.

112.

MRE Consulting Ltd, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) with 98.21% partnership interest and Infosys Energy Consulting Services LLC (a wholly-owned subsidiary of Infosys Nova Holdings LLC) with 1.79% partnership interest on April 30, 2025.

113.

MRE Technology Services LLC (a wholly-owned subsidiary of MRE Consulting Ltd), acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) with 98.21% partnership interest and Infosys Energy Consulting Services LLC (a wholly-owned subsidiary of Infosys Nova Holdings LLC) with 1.79% partnership interest on April 30, 2025.

114.

The Missing Link Automation Pty Ltd, acquired by Infosys Australia Technology Services Pty Ltd, a wholly-owned subsidiary of Infosys Singapore Pte. Limited (a wholly-owned subsidiary of Infosys Limited) on April 30, 2025.

115.

The Missing Link Network Integration Pty Ltd, acquired by Infosys Australia Technology Services Pty Ltd, a wholly-owned subsidiary of Infosys Singapore Pte. Limited (a wholly-owned subsidiary of Infosys Limited) on April 30, 2025.

116.

The Missing Link Security Pty Ltd, acquired by Infosys Australia Technology Services Pty Ltd, a wholly-owned subsidiary of Infosys Singapore Pte. Limited (a wholly-owned subsidiary of Infosys Limited) on April 30, 2025.

117.

The Missing Link Security Ltd, (a wholly-owned subsidiary of The Missing Link Security Pty Ltd) acquired by Infosys Australia Technology Services Pty Ltd, a wholly-owned subsidiary of Infosys Singapore Pte. Limited (a wholly-owned subsidiary of Infosys Limited) on April 30, 2025.

118.

Infosys BPM Canada Inc, a wholly-owned subsidiary of Infosys BPM UK Limited was incorporated on July 28, 2025.

119.

Infosys Enterprise Business Services Pty Ltd, a wholly-owned subsidiary of Infosys Singapore Pte Ltd was incorporated on March 19, 2026.

120.

Stratus Canada Inc, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on April 21, 2026.

121.

Stratus Global (India) Pvt Ltd, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on April 21, 2026.

122.

Stratus Global LLC, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on April 21, 2026.

123.

Stratus Holdings International Inc., acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on April 21, 2026.

124.

Stratus Technology Services LLC, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on April 21, 2026.

125.

New Heritage Capital Fund III-B, LP, (acquired by Infosys Nova Holdings LLC on April 21, 2026.) It was subsequently liquidated on April 22, 2026.

126.

Optimum Achieve Holdings, Inc, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on May 4, 2026.

127.

Optimum Healthcare IT, LLC, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on May 4, 2026.

128.

TSC Companies, LLC, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on May 4, 2026.

129.

Optimum CAN Holdings LLC, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on May 4, 2026.

130.

Optimum Tech Services LLC, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on May 4, 2026.

131.

Optimum HIT Canada ULC, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on May 4, 2026.

132.

Optimum Healthcare IT Pty Ltd, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on May 4, 2026.

133.

3-102-936558 Sociedad De Responsabilidad Limitada, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on May 4, 2026.

INDEPENDENT Auditor’s Report ON THE AUDIT OF QUARTERLY STANDALONE FINANCIAL RESULTS

To The Board of Directors of INFOSYS Limited

Opinion

We have audited the accompanying statement of Standalone Financial Results of INFOSYS LIMITED (the “Company”) for the quarter ended June 30, 2026 (the “Statement”) being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “LODR Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the statement:

(i)

is presented in accordance with the requirements of Regulation 33 of the LODR Regulations; and

(ii)

gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”) prescribed under section 133 of the Companies Act, 2013 (the “Act”) read with relevant rules issued thereunder and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information of the Company for the quarter ended June 30, 2026.

Basis for Opinion

We conducted our audit of the Statement in accordance with the Standards on Auditing (“SA”s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in Auditor’s Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the quarter ended June 30, 2026 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management’s and Board of Directors’ Responsibilities for the Statement

The Statement, which includes the Standalone Financial Results is the responsibility of the Company’s Board of Directors and has been approved by them for the issuance. The Statement has been compiled from the related audited interim condensed standalone financial statements for the three months ended June 30, 2026. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter ended June 30, 2026 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in the Ind AS 34, prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the LODR Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statements that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company’s ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process of the Company.

Auditor’s Responsibilities for audit of the Standalone Financial Results for the quarter ended June 30, 2026

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

•

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.

•

Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the LODR Regulations.

•

Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

•

Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

•

Obtain sufficient appropriate audit evidence regarding the Statement to express an opinion on the Statement.

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Statement.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Place: Bengaluru

Date: July 23,2026

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm's Registration No. 117366W/W-100018)

Vikas Bagaria

Partner

(Membership No.060408)

UDIN:26060408XXMGNP1994

Infosys Limited

Regd. office: Electronics City,
Hosur Road,

Bengaluru – 560 100, India

CIN : L85110KA1981PLC013115

Website: www.infosys.com

email: investors@infosys.com

T: 91 80 2852 0261, F: 91 80 2852 0362

Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2026 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter ended June 30,	Quarter ended March 31,	Quarter ended June 30,	Year ended March 31,
	2026	2026	2025	2026
	Audited	Audited	Audited	Audited
Revenue from operations	48,211	46,402	42,279	178,650
Other income, net	984	1,159	1,042	4,322
Total Income	49,195	47,561	43,321	182,972
Expenses
Employee benefit expenses	25,287	24,688	22,847	95,094
Cost of technical sub-contractors	4,181	3,952	3,497	15,421
Travel expenses	701	532	516	2,097
Cost of software packages and others	4,421	3,969	3,746	15,722
Communication expenses	150	141	144	603
Consultancy and professional charges	603	661	464	2,090
Depreciation and amortisation expenses	1,246	1,424	1,140	4,902
Finance cost	119	105	105	416
Other expenses	1,459	1,292	1,122	5,343
Total expenses	38,167	36,764	33,581	141,688
Profit before exceptional item and tax	11,028	10,797	9,740	41,284
Exceptional item
Impact of Labour Codes	–	–	–	1,289
Profit before tax	11,028	10,797	9,740	39,995
Tax expense:
Current tax	3,356	2,664	3,053	11,767
Deferred tax	(103)	(376)	(237)	(1,246)
Profit for the period	7,775	8,509	6,924	29,474

Other comprehensive income

Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net	296	(236)	(70)	(288)
Equity instruments through other comprehensive income, net	60	374	35	397

Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net	49	(11)	6	(1)
Exchange differences on translation of foreign operations	(94)	1,021	1,019	3,256
Fair value changes on investments, net	60	(93)	123	(27)
Total other comprehensive income/(loss), net of tax	371	1,055	1,113	3,337

Total comprehensive income for the period	8,146	9,564	8,037	32,811

Profit attributable to:
Owners of the company	7,769	8,501	6,921	29,440
Non-controlling interests	6	8	3	34
	7,775	8,509	6,924	29,474

Total comprehensive income attributable to:
Owners of the company	8,142	9,546	8,024	32,750
Non-controlling interests	4	18	13	61
	8,146	9,564	8,037	32,811

Paid up share capital (par value 5/- each, fully paid)	2,025	2,024	2,074	2,024
Other equity *^#	90,828	90,828	93,745	90,828

Earnings per equity share (par value 5/- each)**
Basic (in per share)	19.19	21.01	16.70	71.58
Diluted (in per share)	19.17	20.98	16.68	71.46

*

Balances for the quarter ended June 30, 2026 and June 30, 2025 represent balances as per the audited Balance Sheet for the year ended March 31, 2026 and March 31, 2025, respectively as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015

**

EPS is not annualized for the quarter ended June 30, 2026, quarter ended March 31, 2026 and quarter ended June 30, 2025

^#

Excludes non-controlling interest

1. Notes

a) The audited interim condensed consolidated financial statements for the quarter ended June 30, 2026 have been taken on record by the Board of Directors at its meeting held on July 23, 2026. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. Those interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

b) Based on the recommendations of the Nomination and Remuneration Committee, the Board at its meeting held on July 23, 2026, approved and appointed, effective today, Ashiss Kumar Dash as the Chief Executive Officer Designate (“CEO Designate”) of the Company until March 31, 2027. Further, the Board approved its intention to appoint Ashiss Kumar Dash as the Chief Executive Officer and Managing Director of the Company with effect from April 1, 2027 upon fulfilment of all statutory requirements.

c) Nitin Paranjpe (DIN: 00045204) an Independent Director was appointed as Vice Chairman of the Company effective April 30, 2026.

d) Michael Nelson Gibbs (DIN: 08177291) an Independent Director of Infosys Limited, retired effective July 12, 2026, upon completion of his second term. The composition of the Board and its Committees continue to be in compliance with the requirements of applicable laws.

e) Update on acquisitions

i) On April 21, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired a 100% partnership interest in Stratus Global LLC, a leading insurance technology partner serving Property & Casualty insurers and Managing General Agents, headquartered in USA., for a purchase consideration including earnouts amounting to $74 million ( rupee symbol 697 crore). The total purchase consideration includes upfront cash consideration of $69 million (646 crore) and contingent consideration with an estimated fair value of $5 million (51 crore) as on the date of acquisition. Additionally, this acquisition has retention bonus and management incentives payable to the employees of the acquiree over three years, subject to their continuous employment with the Group and achievement of financial targets for the respective years.

ii) On May 4, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired 100% voting interests in Optimum Achieve Holdings Inc., a healthcare digital transformation and consulting firm headquartered in USA, along with its other subsidiaries including Optimum Healthcare IT, LLC, for a purchase consideration including earnouts amounting to $365 million ( rupee symbol 3,470 crore). The total purchase consideration includes upfront cash consideration of $299 million (2,844 crore) and contingent consideration with an estimated fair value of $66 million (626 crore) as on the date of acquisition. Additionally, this acquisition has retention bonus and management incentives payable to the employees of the acquiree over four years, subject to their continuous employment with the Group and achievement of financial targets for the respective years.

f) Stock grants

The Board, on July 23, 2026, based on the recommendations of the Nomination and Remuneration Committee approved the grant of 9,836 Restricted Stock Units (RSUs) under the 2015 Incentive Compensation Plan (2015 Plan) to eligible new hires. The grants made under the 2015 Plan would vest equally over a period of three years. The RSUs will be granted w.e.f August 1, 2026 and the exercise price will be equal to the par value of the share.

2. Information on dividends for the quarter ended June 30, 2026

For financial year 2026, the Board recommended a final dividend of rupee symbol 25/- (par value of 5/- each) per equity share. The same was approved by the shareholders in the Annual General Meeting (AGM) of the Company held on June 23, 2026 and paid on June 25, 2026.

(in )

Particulars	Quarter ended June 30,	Quarter ended March 31,	Quarter ended June 30,	Year ended March 31,
	2026	2026	2025	2026
Dividend per share (par value 5/- each)
Interim dividend	–	–	–	23.00
Final dividend	–	25.00	–	25.00

3. Segment reporting (Consolidated - Audited)

(in crore)

Particulars	Quarter ended June 30,	Quarter ended March 31,	Quarter ended June 30,	Year ended March 31,
	2026	2026	2025	2026
Revenue by business segment
Financial Services ⁽¹⁾	13,463	12,976	11,796	49,908
Manufacturing	7,668	7,358	6,804	29,078
Energy, Utilities, Resources and Services	6,452	6,114	5,742	23,818
Retail ⁽²⁾	6,172	5,958	5,651	23,077
Communication ⁽³⁾	5,791	5,752	5,097	21,765
Life Sciences ⁽⁴⁾	3,842	3,393	2,745	12,267
Hi-Tech	3,710	3,558	3,296	13,928
All other segments ⁽⁵⁾	1,113	1,293	1,148	4,809
Total	48,211	46,402	42,279	178,650
Less: Inter-segment revenue	–	–	–	–
Net revenue from operations	48,211	46,402	42,279	178,650
Segment Profit:
Financial Services ⁽¹⁾	3,662	3,410	2,973	12,678
Manufacturing	1,685	1,541	1,416	6,444
Energy, Utilities, Resources and Services	1,576	1,548	1,437	5,984
Retail ⁽²⁾	1,701	1,811	1,691	7,089
Communication ⁽³⁾	1,180	1,027	880	3,861
Life Sciences ⁽⁴⁾	619	659	554	2,444
Hi-Tech	911	930	768	3,228
All other segments ⁽⁵⁾	75	241	224	717
Total	11,409	11,167	9,943	42,445
Less: Other Unallocable expenditure*	1,246	1,424	1,140	6,191
Add: Unallocable other income	984	1,159	1,042	4,157
Less: Finance cost	119	105	105	416
Profit before tax and non-controlling interests	11,028	10,797	9,740	39,995

⁽¹⁾

Financial Services include enterprises in Financial Services and Insurance

⁽²⁾

Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics

⁽³⁾

Communication includes enterprises in Communication, Telecom OEM and Media

⁽⁴⁾

Life Sciences includes enterprises in Life sciences and Health care

⁽⁵⁾

All other segments include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services^.

*

Unallocable expense includes rupee symbol

1,289 crore towards impact of Labour Codes for the year ended March 31, 2026.

Notes on segment information

Business segments

Based on the "management approach" as required by Ind-AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments.

Segmental capital employed

Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

4. Audited financial results of Infosys Limited (Standalone Information)

(in crore)

Particulars	Quarter ended June 30,	Quarter ended March 31,	Quarter ended June 30,	Year ended March 31,
	2026	2026	2025	2026
	Audited	Audited	Audited	Audited
Revenue from operations	39,957	38,641	35,275	148,819
Profit before exceptional item and tax	10,161	9,956	8,660	39,903
Exceptional item - Impact of Labour Codes	–	–	–	1,146
Profit before tax	10,161	9,956	8,660	38,757
Profit for the period	7,249	7,975	6,114	29,211

The audited results of Infosys Limited for the above mentioned periods are available on our website, www.infosys.com and on the stock exchange website www.nseindia.com and www.bseindia.com. The information above has been extracted from the audited interim standalone financial statements as stated.

	By order of the Board for Infosys Limited

Bengaluru, India	Salil Parekh
July 23, 2026	Chief Executive Officer and Managing Director

The Board has also taken on record the consolidated results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2026, prepared as per International Financial Reporting Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows:

(in US$ million, except per equity share data)

Particulars	Quarter ended June 30,	Quarter ended March 31,	Quarter ended June 30,	Year ended March 31,
	2026	2026	2025	2026
	Audited	Audited	Audited	Audited
Revenues	5,082	5,040	4,941	20,158
Cost of sales	3,482	3,485	3,416	14,079
Gross profit	1,600	1,555	1,525	6,079
Operating expenses	528	500	497	1,994
Operating profit ^#	1,072	1,055	1,028	4,085
Other income, net	104	125	122	468
Finance cost	13	12	12	47
Profit before income taxes	1,163	1,168	1,138	4,506
Income tax expense	343	248	329	1,190
Net profit	820	920	809	3,316
Earnings per equity share*
Basic (in $ per share)	0.20	0.23	0.20	0.81
Diluted (in $ per share)	0.20	0.23	0.19	0.80
Total assets	16,359	16,446	17,447	16,446
Cash and cash equivalents and current investments	3,124	3,706	4,089	3,706

*

EPS is not annualized for the quarter ended June 30, 2026, quarter ended March 31, 2026 and quarter ended June 30, 2025.

^#

includes $143 million towards impact of Labour Codes for the year ended March 31, 2026.

Certain statements in this release, including those concerning our future events, future growth prospects, our future financial or operating performance and our offerings and collaborations, are “forward looking statements” intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. These forward-looking statements are subject to substantial known and unknown risks, uncertainties and other factors, that could cause actual results or outcomes to differ materially from those implied by such forward-looking statements. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid work model, economic uncertainties and geo-political situations, technological disruptions and innovations such as artificial intelligence, the complex and evolving regulatory landscape including immigration regulation changes, particularly in the United States, our Environmental, Social, Governance (“ESG”) vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources, our corporate actions including acquisitions, cybersecurity matters, the outcome of pending litigation and the US government investigation, and the effect of current and future tariffs. These and additional factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2026. These filings are available at www.sec.gov. In light of these and other uncertainties, you should not conclude that the results or outcomes referred to in any of the forward-looking statements will be achieved. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Infosys Limited

Regd. office: Electronics City,
Hosur Road,

Bengaluru – 560 100, India

CIN : L85110KA1981PLC013115

Website: www.infosys.com

email: investors@infosys.com

T: 91 80 2852 0261, F: 91 80 2852 0362

Statement of Audited results of Infosys Limited for the quarter ended June 30, 2026 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter ended June 30,	Quarter ended March 31,	Quarter ended June 30,	Year ended March 31,
	2026	2026	2025	2026
	Audited	Audited	Audited	Audited
Revenue from operations	39,957	38,641	35,275	148,819
Other income, net	874	1,063	882	6,491
Total income	40,831	39,704	36,157	155,310
Expenses
Employee benefit expenses	18,820	18,886	17,673	73,239
Cost of technical sub-contractors	6,035	5,780	5,208	22,388
Travel expenses	498	401	392	1,596
Cost of software packages and others	2,922	2,415	2,217	9,274
Communication expenses	101	96	99	419
Consultancy and professional charges	492	561	392	1,846
Depreciation and amortisation expense	613	601	613	2,394
Finance cost	61	54	55	207
Other expenses	1,128	954	848	4,044
Total expenses	30,670	29,748	27,497	115,407
Profit before exceptional item and tax	10,161	9,956	8,660	39,903
Exceptional item
Impact of Labour Codes	–	–	–	1,146
Profit before tax	10,161	9,956	8,660	38,757
Tax expense:
Current tax	3,041	2,119	2,761	10,459
Deferred tax	(129)	(138)	(215)	(913)
Profit for the period	7,249	7,975	6,114	29,211
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability / asset, net	275	(245)	(61)	(285)
Equity instruments through other comprehensive income, net	60	374	35	397

Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	49	(11)	6	(1)
Fair value changes on investments, net	59	(91)	122	(26)

Total other comprehensive income/ (loss), net of tax	443	27	102	85

Total comprehensive income for the period	7,692	8,002	6,216	29,296

Paid-up share capital (par value 5/- each fully paid)	2,028	2,027	2,077	2,027
Other Equity*	78,847	78,847	85,256	78,847
Earnings per equity share (par value 5 /- each)**
Basic (in per share)	17.87	19.67	14.72	70.87
Diluted (in per share)	17.86	19.65	14.70	70.78

*

Balances for the quarter ended June 30, 2026 and June 30, 2025 represent balances as per the audited Balance Sheet for the year ended March 31, 2026 and March 31, 2025, respectively as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015

**

EPS is not annualized for the quarter ended June 30, 2026, quarter ended March 31, 2026 and quarter ended June 30, 2025

1. Notes

a) The audited interim condensed standalone financial statements for the quarter ended June 30, 2026 have been taken on record by the Board of Directors at its meeting held on July 23, 2026. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed standalone financial statements. Those interim condensed standalone financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

b) Based on the recommendations of the Nomination and Remuneration Committee, the Board at its meeting held on July 23, 2026, approved and appointed, effective today, Ashiss Kumar Dash as the Chief Executive Officer Designate (“CEO Designate”) of the Company until March 31, 2027. Further, the Board approved its intention to appoint Ashiss Kumar Dash as the Chief Executive Officer and Managing Director of the Company with effect from April 1, 2027 upon fulfilment of all statutory requirements.

c) Nitin Paranjpe (DIN: 00045204) an Independent Director was appointed as Vice Chairman of the Company effective April 30, 2026.

d) Michael Nelson Gibbs (DIN: 08177291) an Independent Director of Infosys Limited, retired effective July 12, 2026, upon completion of his second term. The composition of the Board and its Committees continue to be in compliance with the requirements of applicable laws.

e) Stock grants

The Board, on July 23, 2026, based on the recommendations of the Nomination and Remuneration Committee approved the grant of 9,836 Restricted Stock Units (RSUs) under the 2015 Incentive Compensation Plan (2015 Plan) to eligible new hires. The grants made under the 2015 Plan would vest equally over a period of three years. The RSUs will be granted w.e.f August 1, 2026 and the exercise price will be equal to the par value of the share.

2. Information on dividends for the quarter ended June 30, 2026

For financial year 2026, the Board recommended a final dividend of rupee symbol 25/- (par value of 5/- each) per equity share. The same was approved by the shareholders in the Annual General Meeting (AGM) of the Company held on June 23, 2026 and paid on June 25, 2026.

(in )

Particulars	Quarter ended June 30,	Quarter ended March 31,	Quarter ended June 30,	Year ended March 31,
	2026	2026	2025	2026
Dividend per share (par value 5/- each)
Interim dividend	–	–	–	23.00
Final dividend	–	25.00	–	25.00

3. Segment Reporting

The Company publishes standalone financial statements along with the consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the audited interim consolidated financial statements. Accordingly, the segment information is given in the audited consolidated financial results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2026.

	By order of the Board for Infosys Limited

Bengaluru, India	Salil Parekh
July 23, 2026	Chief Executive Officer and Managing Director

Certain statements in this release, including those concerning our future events, future growth prospects, our future financial or operating performance and our offerings and collaborations, are “forward looking statements” intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. These forward-looking statements are subject to substantial known and unknown risks, uncertainties and other factors, that could cause actual results or outcomes to differ materially from those implied by such forward-looking statements. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid work model, economic uncertainties and geo-political situations, technological disruptions and innovations such as artificial intelligence, the complex and evolving regulatory landscape including immigration regulation changes, particularly in the United States, our Environmental, Social, Governance (“ESG”) vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources, our corporate actions including acquisitions, cybersecurity matters, the outcome of pending litigation and the US government investigation, and the effect of current and future tariffs. These and additional factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2026. These filings are available at www.sec.gov. In light of these and other uncertainties, you should not conclude that the results or outcomes referred to in any of the forward-looking statements will be achieved. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Infosys Limited

Regd. office: Electronics City,
Hosur Road,

Bengaluru – 560 100, India

CIN : L85110KA1981PLC013115

Website: www.infosys.com

email: investors@infosys.com

T: 91 80 2852 0261, F: 91 80 2852 0362

Extract of Consolidated Audited Financial Results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2026 prepared in compliance with the Indian Accounting Standards (Ind-AS)

( in crore, except per equity share data)

Particulars	Quarter ended June 30,	Year ended March 31,	Quarter ended June 30,
	2026	2026	2025
	Audited	Audited	Audited
Revenue from operations	48,211	178,650	42,279
Profit before exceptional item and tax	11,028	41,284	9,740
Exceptional item
Impact of Labour Codes	-	1,289	-
Profit before tax	11,028	39,995	9,740
Profit for the period	7,775	29,474	6,924
Total comprehensive income for the period (comprising profit for the period after tax and other comprehensive income after tax)	8,146	32,811	8,037

Profit attributable to:
Owners of the company	7,769	29,440	6,921
Non-controlling interests	6	34	3
	7,775	29,474	6,924

Total comprehensive income attributable to:
Owners of the company	8,142	32,750	8,024
Non-controlling interests	4	61	13
	8,146	32,811	8,037

Paid-up share capital (par value 5/- each fully paid)	2,025	2,024	2,074
Other equity *^#	90,828	90,828	93,745
Earnings per share (par value 5/- each)**
Basic (in per share)	19.19	71.58	16.70
Diluted (in per share)	19.17	71.46	16.68

*

Balances for the quarter ended June 30, 2026 and June 30, 2025 represent balances as per the audited Balance Sheet for the year ended March 31, 2026 and March 31, 2025, respectively as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015

**

EPS is not annualized for the quarter ended June 30, 2026 and quarter ended June 30, 2025

^#

Excludes non-controlling interest

1. Notes

a) The audited interim condensed consolidated financial statements for the quarter ended June 30, 2026 have been taken on record by the Board of Directors at its meeting held on July 23, 2026. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. Those interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

b) Based on the recommendations of the Nomination and Remuneration Committee, the Board at its meeting held on July 23, 2026, approved and appointed, effective today, Ashiss Kumar Dash as the Chief Executive Officer Designate (“CEO Designate”) of the Company until March 31, 2027. Further, the Board approved its intention to appoint Ashiss Kumar Dash as the Chief Executive Officer and Managing Director of the Company with effect from April 1, 2027 upon fulfilment of all statutory requirements.

c) Nitin Paranjpe (DIN: 00045204) an Independent Director was appointed as Vice Chairman of the Company effective April 30, 2026.

d) Michael Nelson Gibbs (DIN: 08177291) an Independent Director of Infosys Limited, retired effective July 12, 2026, upon completion of his second term. The composition of the Board and its Committees continue to be in compliance with the requirements of applicable laws.

e) Update on acquisitions

i) On April 21, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired a 100% partnership interest in Stratus Global LLC, a leading insurance technology partner serving Property & Casualty insurers and Managing General Agents, headquartered in USA., for a purchase consideration including earnouts amounting to $74 million ( rupee symbol 697 crore). The total purchase consideration includes upfront cash consideration of $69 million (646 crore) and contingent consideration with an estimated fair value of $5 million (51 crore) as on the date of acquisition. Additionally, this acquisition has retention bonus and management incentives payable to the employees of the acquiree over three years, subject to their continuous employment with the Group and achievement of financial targets for the respective years.

ii) On May 4, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired 100% voting interests in Optimum Achieve Holdings Inc., a healthcare digital transformation and consulting firm headquartered in USA, along with its other subsidiaries including Optimum Healthcare IT, LLC, for a purchase consideration including earnouts amounting to $365 million ( rupee symbol 3,470 crore). The total purchase consideration includes upfront cash consideration of $299 million (2,844 crore) and contingent consideration with an estimated fair value of $66 million (626 crore) as on the date of acquisition. Additionally, this acquisition has retention bonus and management incentives payable to the employees of the acquiree over four years, subject to their continuous employment with the Group and achievement of financial targets for the respective years.

f) Stock grants

The Board, on July 23, 2026, based on the recommendations of the Nomination and Remuneration Committee approved the grant of 9,836 Restricted Stock Units (RSUs) under the 2015 Incentive Compensation Plan (2015 Plan) to eligible new hires. The grants made under the 2015 Plan would vest equally over a period of three years. The RSUs will be granted w.e.f August 1, 2026 and the exercise price will be equal to the par value of the share.

2. Information on dividends for the quarter ended June 30, 2026

For financial year 2026, the Board recommended a final dividend of rupee symbol 25/- (par value of 5/- each) per equity share. The same was approved by the shareholders in the Annual General Meeting (AGM) of the Company held on June 23, 2026 and paid on June 25, 2026.

(in )

Particulars	Quarter ended June 30,	Year ended March 31,	Quarter ended June 30,
	2026	2026	2025
Dividend per share (par value 5/- each)
Interim dividend	–	23.00	–
Final dividend	–	25.00	–

3. Audited financial results of Infosys Limited (Standalone information)

(in crore)

Particulars	Quarter ended June 30,	Year ended March 31,	Quarter ended June 30,
	2026	2026	2025
	Audited	Audited	Audited
Revenue from operations	39,957	148,819	35,275
Profit before exceptional item and tax	10,161	39,903	8,660
Exceptional item - Impact of Labour Codes	–	1,146	–
Profit before tax	10,161	38,757	8,660
Profit for the period	7,249	29,211	6,114

The above is an extract of the detailed format of Quarterly audited financial results filed with Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Audited Financial Results are available on the Stock Exchange websites, www.nseindia.com and www.bseindia.com, and on the Company's website, www.infosys.com.

	By order of the Board
	for Infosys Limited

Bengaluru, India	Salil Parekh
July 23, 2026	Chief Executive Officer and Managing Director

Certain statements in this release, including those concerning our future events, future growth prospects, our future financial or operating performance and our offerings and collaborations, are “forward looking statements” intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. These forward-looking statements are subject to substantial known and unknown risks, uncertainties and other factors, that could cause actual results or outcomes to differ materially from those implied by such forward-looking statements. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid work model, economic uncertainties and geo-political situations, technological disruptions and innovations such as artificial intelligence, the complex and evolving regulatory landscape including immigration regulation changes, particularly in the United States, our Environmental, Social, Governance (“ESG”) vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources, our corporate actions including acquisitions, cybersecurity matters, the outcome of pending litigation and the US government investigation, and the effect of current and future tariffs. These and additional factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2026. These filings are available at www.sec.gov. In light of these and other uncertainties, you should not conclude that the results or outcomes referred to in any of the forward-looking statements will be achieved. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Exhibit 99.7
IFRS USD Earning Release

INDEPENDENT AUDITOR’S REPORT

TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED

Report on the Audit of the Interim Condensed Consolidated Financial Statements

Opinion

We have audited the accompanying interim condensed consolidated financial statements of INFOSYS LIMITED (the “Company”), and its subsidiaries (the Company and its subsidiaries together referred to as the “Group”), which comprise the Condensed Consolidated Balance Sheet as at June 30, 2026, the Condensed Consolidated Statement of Comprehensive Income, the Condensed Consolidated Statement of Changes in Equity, and the Condensed Consolidated Statement of Cash Flows for the three months ended on that date, and notes to the financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the “Interim Condensed Consolidated Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Interim Condensed Consolidated Financial Statements give a true and fair view in conformity with International Accounting Standard 34 “Interim Financial Reporting” (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”), of the consolidated state of affairs of the Group as at June 30, 2026, its consolidated profit and its consolidated other comprehensive income, its consolidated changes in equity and its consolidated cash flows for the three months ended on that date.

Basis for Opinion

We conducted our audit of the Interim Condensed Consolidated Financial Statements in accordance with the Standards on Auditing (“SAs”) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Interim Condensed Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the ICAI, and we have fulfilled our other ethical responsibilities in accordance with the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Interim Condensed Consolidated Financial Statements.

Responsibilities of Management and Board of Directors for the Interim Condensed Consolidated Financial Statements

The Company’s Board of Directors is responsible for the preparation and presentation of these Interim Condensed Consolidated Financial Statements that give a true and fair view of the consolidated financial position, consolidated financial performance, consolidated other comprehensive income, consolidated changes in equity and consolidated cash flows of the Group in accordance with IAS 34 as issued by the IASB. The respective Boards of Directors of the entities included in the Group are responsible for maintenance of the adequate accounting records for safeguarding assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective interim financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the Interim Condensed Consolidated Financial Statements by the Directors of the Company, as aforesaid.

In preparing the Interim Condensed Consolidated Financial Statements, the respective Boards of Directors of the entities included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intend to liquidate their respective entities or to cease operations, or have no realistic alternative but to do so.

The respective Boards of Directors of the entities included in the Group are also responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities for the Audit of the Interim Condensed Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the Interim Condensed Consolidated Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Interim Condensed Consolidated Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

·

Identify and assess the risks of material misstatement of the Interim Condensed Consolidated Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

·

Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of such controls.

·

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

·

Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Interim Condensed Consolidated Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

·

Evaluate the overall presentation, structure and content of the Interim Condensed Consolidated Financial Statements, including the disclosures, and whether the Interim Condensed Consolidated Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

·

Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group to express an opinion on the Interim Condensed Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the audit of financial statements of such entities included in the Interim Condensed Consolidated Financial Statements of which we are independent auditors.

Materiality is the magnitude of misstatements in the Interim Condensed Consolidated Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Interim Condensed Consolidated Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Interim Condensed Consolidated Financial Statements.

We communicate with those charged with governance of the Company and such other entities included in the Interim Condensed Consolidated Financial Statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm's Registration No. 117366W/W-100018)

Place: Bengaluru

Date: July 23, 2026

Vikas Bagaria

Partner

(Membership No.060408)

UDIN: 26060408GUNKRC8217

INFOSYS LIMITED AND SUBSIDIARIES

Condensed Consolidated Financial Statements under International Financial Reporting Standards (IFRS) in US Dollars for the three months ended June 30, 2026

Index

Condensed Consolidated Balance Sheet

Condensed Consolidated Statement of Comprehensive Income

Condensed Consolidated Statement of Changes in Equity

Condensed Consolidated Statement of Cash Flows

Overview and Notes to the Interim Condensed Consolidated Financial Statements

1. Overview

1.1 Company overview

1.2 Basis of preparation of financial statements

1.3 Basis of consolidation

1.4 Use of estimates and judgments

1.5 Critical accounting estimates and judgments

1.6 Recent accounting pronouncements

2. Notes to the Interim Condensed Consolidated Financial Statements

2.1 Cash and cash equivalents

2.2 Investments

2.3 Financial instruments

2.4 Prepayments and other assets

2.5 Other liabilities

2.6 Provisions and other contingencies

2.7 Property, plant and equipment

2.8 Leases

2.9 Goodwill and Intangible assets

2.10 Business combinations

2.11 Employees' Stock Option Plans (ESOP)

2.12 Income Taxes

2.13 Earnings per equity share

2.14 Related party transactions

2.15 Segment reporting

2.16 Revenue from Operations

2.17 Unbilled Revenue

2.18 Equity

2.19 Break-up of expenses and other income, net

Infosys Limited and subsidiaries

(Dollars in millions except equity share data)

Condensed Consolidated Balance Sheet as at	Note	June 30, 2026	March 31, 2026
ASSETS
Current assets
Cash and cash equivalents	2.1	2,287	2,341
Current investments	2.2	837	1,365
Trade receivables		3,569	3,715
Unbilled revenue	2.17	1,759	1,633
Prepayments and other current assets	2.4	1,718	1,656
Income tax assets	2.12	194	193
Derivative financial instruments	2.3	41	9
Total current assets		10,405	10,912
Non-current assets
Property, plant and equipment	2.7	1,420	1,406
Right-of-use assets	2.8	646	651
Goodwill	2.9	1,556	1,278
Intangible assets		486	298
Non-current investments	2.2	924	942
Unbilled revenue	2.17	207	183
Deferred income tax assets	2.12	227	239
Income tax assets	2.12	77	70
Other non-current assets	2.4	411	467
Total non-current assets		5,954	5,534
Total assets		16,359	16,446
LIABILITIES AND EQUITY
Current liabilities
Trade payables		463	500
Lease liabilities	2.8	360	333
Derivative financial instruments	2.3	5	63
Current income tax liabilities	2.12	732	594
Unearned revenue		1,222	1,248
Employee benefit obligations		388	372
Provisions	2.6	173	159
Other current liabilities	2.5	2,245	2,247
Total current liabilities		5,588	5,516
Non-current liabilities
Lease liabilities	2.8	563	634
Deferred income tax liabilities	2.12	211	177
Employee benefit obligations		12	12
Other non-current liabilities	2.5	311	267
Total non-current liabilities		1,097	1,090
Total liabilities		6,685	6,606
Equity
Share capital - 5 ($0.16) par value 4,800,000,000 (4,800,000,000) equity shares authorized, issued and outstanding 4,049,645,811 (4,046,940,812) equity shares fully paid up, net of 7,933,019 (8,650,911) treasury shares as at June 30, 2026 (March 31, 2026)	2.18	319	319
Share premium		468	462
Retained earnings		13,440	13,459
Cash flow hedge reserves		3	(2)
Other reserves		560	773
Capital redemption reserve		30	30
Other components of equity		(5,201)	(5,255)
Total equity attributable to equity holders of the Company		9,619	9,786
Non-controlling interests		55	54
Total equity		9,674	9,840
Total liabilities and equity		16,359	16,446

The accompanying notes form an integral part of the interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP

for and on behalf of the Board of Directors of Infosys Limited

Chartered Accountants

Firm’s Registration No:

117366W/ W-100018

Vikas Bagaria

Partner

Membership No. 060408

Nandan M. Nilekani

Chairman

Salil Parekh

Chief Executive Officer
and Managing Director

Bobby Parikh

Director

Bengaluru

July 23, 2026

Jayesh Sanghrajka

Chief Financial Officer

A.G.S. Manikantha

Company Secretary

Infosys Limited and subsidiaries

(Dollars in millions except equity share and per equity share data)

Condensed Consolidated Statement of Comprehensive Income for the	Note	Three months ended
		June 30, 2026	June 30, 2025
Revenues	2.16	5,082	4,941
Cost of sales	2.19	3,482	3,416
Gross profit		1,600	1,525
Operating expenses
Selling and marketing expenses	2.19	270	258
Administrative expenses	2.19	258	239
Total operating expenses		528	497
Operating profit		1,072	1,028
Other income, net	2.19	104	122
Finance cost		13	12
Profit before income taxes		1,163	1,138
Income tax expense	2.12	343	329
Net profit		820	809
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		31	(8)
Equity instruments through other comprehensive income, net		6	4
		37	(4)
Items that will be reclassified subsequently to profit or loss
Fair value changes on investments, net		6	14
Fair value changes on derivatives designated as cash flow hedge, net		5	1
Exchange differences on translation of foreign operations		11	80
		22	95
Total other comprehensive income/(loss), net of tax		59	91
Total comprehensive income		879	900
Profit attributable to:
Owners of the Company		819	809
Non-controlling interests		1	–
		820	809
Total comprehensive income attributable to:
Owners of the Company		878	899
Non-controlling interests		1	1
		879	900
Earnings per equity share
Basic ($)		0.20	0.20
Diluted ($)		0.20	0.19
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	2.13	4,047,692,701	4,143,971,592
Diluted (in shares)	2.13	4,052,877,757	4,150,497,004

The accompanying notes form an integral part of the interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP

for and on behalf of the Board of Directors of Infosys Limited

Chartered Accountants

Firm’s Registration No:

117366W/ W-100018

Vikas Bagaria

Partner

Membership No. 060408

Nandan M. Nilekani

Chairman

Salil Parekh

Chief Executive Officer
and Managing Director

Bobby Parikh

Director

Bengaluru

July 23, 2026

Jayesh Sanghrajka

Chief Financial Officer

A.G.S. Manikantha

Company Secretary

Infosys Limited and subsidiaries

Condensed Consolidated Statement of Changes in Equity

(Dollars in millions except equity share data)

	Number of Shares⁽¹⁾	Share capital	Share premium	Retained earnings	Other reserves⁽²⁾	Capital redemption reserve	Cash flow hedge reserve	Other components of equity	Total equity attributable to equity holders of the Company	Non-controlling interest	Total equity
Balance as at April 1, 2025	4,143,607,528	325	500	13,766	1,171	24	(2)	(4,579)	11,205	50	11,255
Changes in equity for three months ended June 30, 2025
Net profit	–	–	–	809	–	–	–	–	809	–	809
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	(8)	(8)	–	(8)
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	4	4	–	4
Fair value changes on derivatives designated as Cash flow hedge, net*	–	–	–	–	–	–	1	–	1	–	1
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	79	79	1	80
Fair value changes on investments, net*	–	–	–	–	–	–	–	14	14	–	14
Total comprehensive income for the period	–	–	–	809	–	–	1	89	899	1	900
Shares issued on exercise of employee stock options (Refer to note 2.11)	1,566,691	–	–	–	–	–	–	–	–	–	–
Employee stock compensation expense (Refer to note 2.11)	–	–	27	–	–	–	–	–	27	–	27
Financial liability under option arrangements	–	–	–	(1)	–	–	–	–	(1)	–	(1)
Changes in the controlling stake of a subsidiary	–	–	–	1	–	–	–	–	1	–	1
Transfer on account of options not exercised	–	–	(6)	6	–	–	–	–	–	–	–
Transferred from other reserves on utilization	–	–	–	14	(14)	–	–	–	–	–	–
Transferred from other reserves to retained earnings	–	–	–	230	(230)	–	–	–	–	–	–
Dividends^#	–	–	–	(1,062)	–	–	–	–	(1,062)	–	(1,062)
Balance as at June 30, 2025	4,145,174,219	325	521	13,763	927	24	(1)	(4,490)	11,069	51	11,120
Balance as at April 1, 2026	4,046,940,812	319	462	13,459	773	30	(2)	(5,255)	9,786	54	9,840
Changes in equity for three months ended June 30, 2026
Net profit	–	–	–	819	–	–	–	–	819	1	820
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	31	31	–	31
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	6	6	–	6
Fair value changes on derivatives designated as Cash flow hedge, net*	–	–	–	–	–	–	5	–	5	–	5
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	11	11	–	11
Fair value changes on investments, net*	–	–	–	–	–	–	–	6	6	–	6
Total comprehensive income for the period	–	–	–	819	–	–	5	54	878	1	879
Shares issued on exercise of employee stock options (Refer to note 2.11)	2,704,999	–	–	–	–	–	–	–	–	–	–
Employee stock compensation expense (Refer to note 2.11)	–	–	24	–	–	–	–	–	24	–	24
Transferred on account of options not exercised	–	–	(19)	19	–	–	–	–	–	–	–
Income tax benefit arising on exercise of stock options (Refer to note 2.12)	–	–	1	–	–	–	–	–	1	–	1
Transferred from other reserves on utilization	–	–	–	21	(21)	–	–	–	–	–	–
Transferred from other reserves to retained earnings	–	–	–	192	(192)	–	–	–	–	–	–
Dividends^#	–	–	–	(1,070)	–	–	–	–	(1,070)	–	(1,070)
Balance as at June 30, 2026	4,049,645,811	319	468	13,440	560	30	3	(5,201)	9,619	55	9,674

*

net of tax

#

net of treasury shares

⁽¹⁾

excludes treasury shares of 7,933,019 as at June 30, 2026, 8,650,911 as at April 1, 2026, 9,098,409 as at June 30, 2025 and 9,655,927 as at April 1, 2025 held by consolidated trust

⁽²⁾

Represents the Special Economic Zone Re-investment reserve created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act,1961. The reserve should be utilized by the Group for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA(2) of the Income Tax Act, 1961.

The accompanying notes form an integral part of the interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP

for and on behalf of the Board of Directors of Infosys Limited

Chartered Accountants

Firm’s Registration No:

117366W/ W-100018

Vikas Bagaria

Partner

Membership No. 060408

Nandan M. Nilekani

Chairman

Salil Parekh

Chief Executive Officer
and Managing Director

Bobby Parikh

Director

Bengaluru

July 23, 2026

Jayesh Sanghrajka

Chief Financial Officer

A.G.S. Manikantha

Company Secretary

Infosys Limited and subsidiaries

Condensed Consolidated Statement of Cash Flows

Accounting Policy

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Group are segregated. The Group considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

(Dollars in millions)

Particulars	Note	Three months ended
		June 30, 2026	June 30, 2025
Operating activities
Net Profit		820	809
Adjustments to reconcile net profit to net cash provided by operating activities
Depreciation and amortization		131	133
Interest and dividend income		(36)	(42)
Finance cost		13	12
Income tax expense	2.12	343	329
Exchange differences on translation of assets and liabilities, net		(3)	35
Impairment loss recognized/(reversed) under expected credit loss model		–	4
Stock compensation expense		24	28
Provision for post-sales client support and other provisions		(18)	(21)
Other adjustments		52	41
Changes in working capital
Trade receivables and unbilled revenue		88	(227)
Prepayments and other assets		14	83
Trade payables		(39)	(79)
Unearned revenue		(28)	2
Other liabilities and provisions		(102)	95
Cash generated from operations		1,259	1,202
Income taxes paid		(223)	(219)
Net cash generated by operating activities		1,036	983
Investing activities
Expenditure on property, plant and equipment and intangibles, net of sale proceeds	2.7	(81)	(99)
Deposits placed with Corporation		(49)	(46)
Redemption of deposits placed with Corporation		22	15
Interest and dividend received		14	36
Payment for acquisition of business, net of cash acquired	2.10	(340)	(75)
Payment of contingent consideration pertaining to acquisition of business		(1)	–
Other receipts		–	1
Payments to acquire Investments
Mutual funds units		(2,071)	(2,013)
Certificates of deposit		(178)	(319)
Quoted debt securities		(151)	(193)
Commercial paper		(141)	(17)
Other investments		(19)	(2)
Proceeds on sale of investments
Mutual funds units		2,260	1,839
Certificates of deposit		490	564
Quoted debt securities		131	350
Commercial paper		272	450
Net cash generated from investing activities		158	491
Financing activities
Payment of lease liabilities		(99)	(82)
Payment of dividends		(1,070)	(1,062)
Loan repayment of acquired entities	2.10	(85)	–
Other payments		(4)	(6)
Net cash used in financing activities		(1,258)	(1,150)
Net increase/(decrease) in cash and cash equivalents		(64)	324
Effect of exchange rate changes on cash and cash equivalents		10	17
Cash and cash equivalents at the beginning of the period	2.1	2,341	2,861
Cash and cash equivalents at the end of the period	2.1	2,287	3,202
Supplementary information:
Restricted cash balance	2.1	47	48

The accompanying notes form an integral part of the interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP

for and on behalf of the Board of Directors of Infosys Limited

Chartered Accountants

Firm’s Registration No:

117366W/ W-100018

Vikas Bagaria

Partner

Membership No. 060408

Nandan M. Nilekani

Chairman

Salil Parekh

Chief Executive Officer
and Managing Director

Bobby Parikh

Director

Bengaluru

July 23, 2026

Jayesh Sanghrajka

Chief Financial Officer

A.G.S. Manikantha

Company Secretary

INFOSYS LIMITED AND SUBSIDIARIES

Overview and Notes to the Interim Condensed Consolidated Financial Statements

1. Overview

1.1 Company overview

Infosys Limited ('the Company' or 'Infosys') provides AI-first business consulting and technology services, to enable organizations to unlock AI value at scale. With over four decades of experience in managing the systems and workings of global enterprises, Infosys accelerates business transformation through its AI-first value framework, deep domain expertise, and unique ability to orchestrate innovations from its AI-native partner ecosystem. Infosys’s strategy is to be the navigator for its clients as they ideate, plan and execute on their journey to an AI-first future.Infosys together with its subsidiaries and controlled trusts is herein after referred to as the "Group".

The Company is a public limited company incorporated and domiciled in India and has its registered office at Electronics City, Hosur Road, Bengaluru -560100, Karnataka, India. The Company has its primary listings on the Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE). The Company’s American Depositary Shares (ADS) representing equity shares are listed on the New York Stock Exchange (NYSE).

The Group's interim condensed consolidated financial statements are approved for issue by the Company's Board of Directors on July 23, 2026.

1.2 Basis of preparation of financial statements

The interim condensed consolidated financial statements have been prepared in compliance with IAS 34, Interim Financial Reporting as issued by International Accounting Standards Board, under the historical cost convention on accrual basis except for certain financial instruments which are measured at fair values and defined benefit liability/(asset) which is recognized at the present value of defined benefit obligation less fair value of plan assets. Accordingly, these interim condensed consolidated financial statements do not include all the information required for a complete set of financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the company’s Annual Report on Form 20-F for the year ended March 31, 2026. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The material accounting policy information used in preparation of the audited interim condensed consolidated financial statements have been discussed in the respective notes.

1.3 Basis of consolidation

Infosys consolidates entities which it owns or controls. The interim condensed consolidated financial statements comprise the financial statements of the company, its controlled trusts and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity's returns. Subsidiaries are consolidated from the date control commences until the date control ceases.

The financial statements of the Group companies are consolidated on a line-by-line basis and intra-group balances and transactions including unrealized gain / loss from such transactions are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the company, are excluded.

1.4 Use of estimates and judgments

The preparation of the Interim condensed consolidated financial statements in conformity with IFRS requires Management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note 1.5. Critical Accounting estimates and judgments could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgements are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim condensed consolidated financial statements.

1.5 Critical accounting estimates and judgments

a. Revenue recognition

The Group’s contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgement.

Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Group’s costs to fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

The Group uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-completion method requires the Group to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

b. Income taxes

The Group's two major tax jurisdictions are India and the United States, though the company also files tax returns in other overseas jurisdictions. Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions. In assessing the realizability of deferred income tax assets, The Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, Management believes that the group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. (Refer to Note 2.12)

c. Business combinations and intangible assets

Business combinations are accounted for using IFRS 3 (Revised), Business Combinations. IFRS 3 requires us to fair value identifiable intangible assets and contingent consideration to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. These valuations are conducted by external valuation experts. Estimates are required to be made in determining the value of contingent consideration, value of option arrangements and intangible assets. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by Management. (Refer to Note 2.10 and 2.9.2)

d. Property, plant and equipment

Property, plant and equipment represent a significant proportion of the asset base of the Group. The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Group's assets are determined by Management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. (Refer to note 2.7)

e. Impairment of Goodwill

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGUs) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGUs which benefit from the synergies of the acquisition and which represent the lowest level at which goodwill is monitored for internal management purposes. The recoverable amount of CGUs is determined based on higher of value-in-use and fair value less cost to sell. Key assumptions in the cash flow projections are prepared based on current economic conditions and comprises estimated long term growth rates, weighted average cost of capital and estimated operating margins. (Refer to Note 2.9.1)

1.6 Recent accounting pronouncements

New and revised IFRS Standards in issue but not yet effective:

IFRS 18 – Presentation and Disclosures in Financial Statements

On April 9, 2024, IASB has issued IFRS 18 – Presentation and Disclosures in Financial Statements that will replace IAS 1 Presentation of Financial Statements from its effective date. IFRS 18 introduces new requirements for information presented in the primary financial statements and disclosed in the notes. The new requirements are focused on the statement of profit or loss. IFRS 18 introduces three categories for income and expenses, that is, operating, investing and financing to improve the structure of the income statement. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, although early adoption is permitted. The Group is in the process of evaluating the impact of the amendment.

2. Notes to the Interim Condensed Consolidated Financial Statements

2.1 Cash and cash equivalents

Cash and cash equivalents consist of the following:

(Dollars in millions)

Particulars	As at
	June 30, 2026	March 31, 2026
Cash and bank deposits	2,287	2,341
Total Cash and cash equivalents	2,287	2,341

Cash and cash equivalents as at June 30, 2026 and March 31, 2026 include restricted cash and bank balances of $47 million and $44 million, respectively. The restrictions are primarily on account of bank balances held by irrevocable trusts controlled by the Company.

The deposits maintained by the Group with banks and financial institutions comprise of time deposits, which can be withdrawn by the Group at any point without prior notice or penalty on the principal.

2.2 Investments

The carrying value of the investments are as follows:

(Dollars in millions)

Particulars	As at
	June 30, 2026	March 31, 2026
(i) Current Investments
Amortized Cost
Quoted debt securities	18	11
Fair Value through other comprehensive income
Quoted Debt Securities	199	132
Certificates of deposits	551	844
Commercial Paper	–	127
Fair Value through profit or loss
Mutual fund units	69	251
Total current investments	837	1,365
(ii) Non-current Investments
Amortized Cost
Quoted debt securities	45	46
Fair Value through other comprehensive income
Quoted debt securities	747	790
Quoted equity securities	14	6
Unquoted equity and preference securities	67	66
Fair Value through profit or loss
Unquoted equity securities	3	–
Unquoted preference securities	12	6
Others⁽¹⁾	36	28
Total Non-current investments	924	942

Total investments	1,761	2,307
Investments carried at amortized cost	63	57
Investments carried at fair value through other comprehensive income	1,578	1,965
Investments carried at fair value through profit or loss	120	285

⁽¹⁾

Uncalled capital commitments outstanding as on June 30, 2026 and March 31, 2026 was $10 million, respectively.

Refer to note 2.3 for accounting policies on financial instruments.

Method of fair valuation:

(Dollars in millions)

Class of Investment	Method	Fair value as at
		June 30, 2026	March 31, 2026
Mutual fund units - carried at fair value through profit or loss	Quoted price	69	251
Quoted debt securities- carried at amortized cost	Quoted price and market observable inputs	65	59
Quoted debt securities- carried at fair value through other comprehensive income	Quoted price and market observable inputs	946	922
Commercial Paper - carried at fair value through other comprehensive income	Market observable inputs	–	127
Certificates of Deposit - carried at fair value through other comprehensive income	Market observable inputs	551	844
Unquoted equity and preference securities - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	15	6
Unquoted equity and preference securities - carried at fair value through other comprehensive income	Discounted cash flows method, Market multiples method, Option pricing model	67	66
Quoted equity securities - carried at fair value through other comprehensive income	Quoted price	14	6
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	36	28
Total		1,763	2,309

Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments.

2.3 Financial instruments

Accounting Policy

2.3.1 Initial recognition

The Group recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

2.3.2 Subsequent measurement

a. Non-derivative financial instruments

(i) Financial assets carried at amortized cost

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

(ii) Financial assets carried at fair value through other comprehensive income (FVOCI)

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group has made an irrevocable election for certain investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

(iii) Financial assets carried at fair value through profit or loss (FVTPL)

A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss.

(iv) Financial liabilities

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration and financial liability under option arrangements recognized in a business combination which are subsequently measured at fair value through profit or loss.

b. Derivative financial instruments

The Group holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank.

(i) Financial assets or financial liabilities, carried at fair value through profit or loss

This category includes derivative financial assets or liabilities which are not designated as hedges.

Although the Group believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under IFRS 9, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per IFRS 9, is categorized as a financial asset or financial liability carried at fair value through profit or loss.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in net profit in the consolidated statement of comprehensive income when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the balance sheet date.

(ii) Cash flow hedge

Primarily the Group designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transaction. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the interim consolidated statement of comprehensive income. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedge reserve till the period the hedge was effective remains in cash flow hedge reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedge reserve is transferred to the net profit in the consolidated statement of comprehensive income upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedge reserve is reclassified to net profit in the interim condensed consolidated statement of comprehensive income.

2.3.3 Derecognition of financial instruments

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under IFRS 9. A financial liability (or a part of a financial liability) is derecognized from the group's balance sheet when the obligation specified in the contract is discharged or cancelled or expires.

2.3.4 Fair value of financial instruments

In determining the fair value of its financial instruments, the Group uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, option pricing model, market multiples, available quoted market prices and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized.

Refer to table ‘Financial instruments by category’ below for the disclosure on carrying value and fair value of financial assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date and which are not carried at fair value, the carrying amounts approximate fair value due to the short maturity of these instruments.

2.3.5 Impairment

The Group recognizes loss allowances using the expected credit loss (ECL) model for the financial assets and unbilled revenue which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled revenues with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL.The Group determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Group considers current and anticipated future economic conditions relating to industries the Group deals with and the countries where it operates. The amount of ECL (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recorded is recognized as an impairment loss or gain in interim condensed consolidated statement of comprehensive income.

Financial instruments by category

The carrying value and fair value of financial instruments by categories as at June 30, 2026 are as follows:

(Dollars in millions)

Particulars	Amortized cost	Financial assets / liabilities at fair value through profit or loss		Financial assets / liabilities at fair value through OCI		Total carrying value	Total fair value
		Designated upon initial recognition	Mandatory	Equity instruments designated upon initial recognition	Mandatory
Assets:
Cash and cash equivalents (Refer to note 2.1)	2,287	–	–	–	–	2,287	2,287
Investments (Refer to note 2.2)
Mutual fund units	–	–	69	–	–	69	69
Quoted debt securities	63	–	–	–	946	1,009	1,011⁽¹⁾
Certificates of deposit	–	–	–	–	551	551	551
Quoted equity securities	–	–	–	14	–	14	14
Unquoted equity and preference securities	–	15	–	67	–	82	82
Unquoted investment others	–	–	36	–	–	36	36
Trade receivables	3,569	–	–	–	–	3,569	3,569
Unbilled revenues (Refer to note 2.17)⁽³⁾	1,306	–	–	–	–	1,306	1,306
Prepayments and other assets (Refer to note 2.4)	780	–	–	–	–	780	778⁽²⁾
Derivative financial instruments	–	–	35	–	6	41	41
Total	8,005	15	140	81	1,503	9,744	9,744
Liabilities:
Trade payables	463	–	–	–	–	463	463
Lease liabilities (Refer to note 2.8)	923	–	–	–	–	923	923
Derivative financial instruments	–	–	5	–	–	5	5
Financial liability under option arrangements (Refer to note 2.5)	–	–	92	–	–	92	92
Other liabilities including contingent consideration (Refer to note 2.5)	1,943	–	83	–	–	2,026	2,026
Total	3,329	–	180	–	–	3,509	3,509

⁽¹⁾

On account of fair value changes including interest accrued

⁽²⁾

Excludes interest accrued on quoted debt securities carried at amortized cost of $2 million

⁽³⁾

Excludes unbilled revenue for contracts where the right to consideration is dependent on completion of contractual milestones

The carrying value and fair value of financial instruments by categories as at March 31, 2026 were as follows:

(Dollars in millions)

Particulars	Amortized cost	Financial assets / liabilities at fair value through profit or loss		Financial assets / liabilities at fair value through OCI		Total carrying value	Total fair value
		Designated upon initial recognition	Mandatory	Equity instruments designated upon initial recognition	Mandatory
Assets:
Cash and cash equivalents (Refer to note 2.1)	2,341	–	–	–	–	2,341	2,341
Investments (Refer to note 2.2)
Mutual fund units	–	–	251	–	–	251	251
Quoted debt securities	57	–	–	–	922	979	981⁽¹⁾
Certificates of deposit	–	–	–	–	844	844	844
Commercial Papers	–	–	–	–	127	127	127
Quoted equity securities	–	–	–	6	–	6	6
Unquoted equity and preference securities	–	6	–	66	–	72	72
Unquoted investments others	–	–	28	–	–	28	28
Trade receivables	3,715	–	–	–	–	3,715	3,715
Unbilled revenues (Refer to note 2.17)⁽³⁾	1,211	–	–	–	–	1,211	1,211
Prepayments and other assets (Refer to note 2.4)	774	–	–	–	–	774	772⁽²⁾
Derivative financial instruments	–	–	3	–	6	9	9
Total	8,098	6	282	72	1,899	10,357	10,357
Liabilities:
Trade payables	500	–	–	–	–	500	500
Lease liabilities (Refer to note 2.8)	967	–	–	–	–	967	967
Derivative financial instruments	–	–	57	–	6	63	63
Financial liability under option arrangements (Refer to note 2.5) (Refer to note 2.5)	–	–	93	–	–	93	93
Other liabilities including contingent consideration (Refer to note 2.5)	1,936	–	11	–	–	1,947	1,947
Total	3,403	–	161	–	6	3,570	3,570

⁽¹⁾

On account of fair value changes including interest accrued

⁽²⁾

Excludes interest accrued on quoted debt securities carried at amortized cost of $2 million

⁽³⁾

Excludes unbilled revenue for contracts where the right to consideration is dependent on completion of contractual milestones

For trade receivables, trade payables, other assets and payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

Fair value hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at June 30, 2026 is as follows:

(Dollars in millions)

Particulars	As at June 30, 2026	Fair value measurement at end of the reporting period using
		Level 1	Level 2	Level 3
Assets
Investments (Refer to note 2.2)
Investments in Mutual fund units	69	69	–	–
Investments in quoted debt securities	1,011	844	167	–
Investments in certificates of deposit	551	–	551	–
Investments in unquoted equity and preference securities	82	–	–	82
Investments in quoted equity securities	14	14	–	–
Investments in unquoted investments others	36	–	–	36
Others
Derivative financial instruments- gain	41	–	41	–
Liabilities
Derivative financial instruments - loss	5	–	5	–
Financial liability under option arrangements (Refer to note 2.5)⁽¹⁾	92	–	–	92
Liability towards contingent consideration (Refer to note 2.5)⁽²⁾	83	–	–	83

⁽¹⁾

Discount rate ranges from 9.5% to 14.5%

⁽²⁾

Discount rate ranges from 2.5% to 6%

During the three months ended June 30, 2026, quoted debt securities of $66 million were transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price and quoted debt securities of $122 million were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2026 is as follows:

(Dollars in millions)

Particulars	As at March 31, 2026	Fair value measurement at end of the reporting period using
		Level 1	Level 2	Level 3
Assets
Investments (Refer to note 2.2)
Investments in mutual fund units	251	251	–	–
Investments in quoted debt securities	981	898	83	–
Investments in unquoted equity and preference securities	72	–	–	72
Investments in certificates of deposit	844	–	844	–
Investments in commercial paper	127	–	127	–
Investments in quoted equity securities	6	6	–	–
Investments in unquoted investments others	28	–	–	28
Others
Derivative financial instruments- gain	9	–	9	–
Liabilities
Derivative financial instruments- loss	63	–	63	–
Financial liability under option arrangements (Refer to note 2.5)⁽¹⁾	93	–	–	93
Liability towards contingent consideration (Refer to note 2.5)⁽²⁾	11	–	–	11

⁽¹⁾

Discount rate ranges from 9.5% to 14.5%

⁽²⁾

Discount rate - 2.5% to 6%

During the year ended March 31, 2026, quoted debt securities of $10 million were transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price and quoted debt securities of $51 million were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

A one percentage point change in the unobservable inputs used in fair valuation of Level 3 assets and liabilities does not have a significant impact on the fair values of level 3 financial instruments.

Majority of investments of the Group are fair valued based on Level 1 or Level 2 inputs. These investments primarily include investment in mutual fund units, quoted debt securities, certificates of deposit, commercial paper, quoted bonds issued by government and quasi-government organizations. The Group invests after considering counterparty risks based on multiple criteria including Tier I Capital, Capital Adequacy Ratio, Credit Rating, Profitability, NPA levels and Deposit base of banks and financial institutions. These risks are monitored regularly as per Group’s risk management program.

2.4 Prepayments and other assets

Prepayments and other assets consist of the following:

(Dollars in millions)

Particulars	As at
	June 30, 2026	March 31, 2026
Current
Security deposits⁽¹⁾	8	8
Loans to employees⁽¹⁾	23	25
Prepaid expenses⁽²⁾	486	450
Interest accrued and not due⁽¹⁾	25	47
Withholding taxes and others⁽²⁾⁽⁴⁾	362	411
Advance payments to vendors for supply of goods⁽²⁾	57	50
Deposit with corporations⁽¹⁾⁽³⁾	361	334
Deferred contract cost
Cost of obtaining a contract⁽²⁾	31	30
Cost of fulfillment⁽²⁾	63	70
Other non financial assets ⁽²⁾	14	15
Net investment in lease⁽¹⁾	238	170
Other financial assets⁽¹⁾	50	46
Total Current prepayment and other assets	1,718	1,656
Non-current
Security deposits⁽¹⁾	33	30
Loans to employees⁽¹⁾	–	1
Prepaid expenses⁽²⁾	91	82
Deposit with corporations⁽¹⁾⁽³⁾	10	8
Defined benefit plan assets⁽²⁾	39	21
Deferred contract cost
Cost of obtaining a contract ⁽²⁾	49	52
Cost of fulfillment⁽²⁾	99	102
Withholding taxes and others⁽²⁾⁽⁴⁾	58	66
Net investment in lease⁽¹⁾	28	101
Other financial assets⁽¹⁾	4	4
Total Non- current prepayment and other assets	411	467
Total prepayment and other assets	2,129	2,123
⁽¹⁾ Financial assets carried at amortized cost	780	774

⁽²⁾

Non financial assets

⁽³⁾

Deposit with corporation represents amounts deposited to settle certain employee-related obligations as and when they arise during the normal course of business.

⁽⁴⁾

Withholding taxes and others primarily consist of input tax credits and VAT recoverable from tax authorities.

2.5 Other liabilities

Other liabilities comprise the following:

(Dollars in millions)

Particulars	As at
	June 30, 2026	March 31, 2026
Current
Accrued compensation to employees⁽¹⁾	541	622
Accrued expenses⁽¹⁾	1,076	1,021
Accrued defined benefit liability⁽³⁾	1	5
Withholding taxes and others⁽³⁾	395	409
Liabilities of controlled trusts⁽¹⁾	18	18
Liability towards contingent consideration⁽²⁾	38	8
Capital Creditors⁽¹⁾	20	30
Financial liability under option arrangements⁽²⁾⁽⁴⁾	79	80
Other non-financial liabilities⁽³⁾	1	1
Other financial liabilities⁽¹⁾	76	53
Total current other liabilities	2,245	2,247
Non-current
Accrued compensation to employees⁽¹⁾	2	1
Accrued expenses⁽¹⁾	197	182
Accrued defined benefit liability ⁽³⁾	32	50
Liability towards contingent consideration⁽²⁾	45	3
Financial liability under option arrangements⁽²⁾⁽⁴⁾	13	13
Other non-financial liabilities⁽³⁾	9	9
Other financial liabilities⁽¹⁾	13	9
Total non-current other liabilities	311	267
Total other liabilities	2,556	2,514
⁽¹⁾ Financial liability carried at amortized cost	1,943	1,936
⁽²⁾ Financial liability carried at fair value through profit or loss	175	104

⁽³⁾

Non financial liabilities

⁽⁴⁾

Represents liability related to options issued by the Group over the non-controlling interests in its subsidiaries.

Accrued expenses primarily relate to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building expenses, overseas travel expenses and office maintenance and cost of third party software and hardware.

2.6 Provisions and other contingencies

Accounting Policy

2.6.1 Provisions

A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The Group recognizes a reimbursement asset when, and only when, it is virtually certain that the reimbursement will be received if the Group settles the obligation.

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

a. Post sales client support

The Group provides its clients with a fixed-period post sales support on its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in cost of sales. The Group estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.

b. Onerous contracts

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established the Group recognizes any impairment loss on the assets associated with that contract.

Provision for post sales client support

(Dollars in millions)

Particulars	As at
	June 30, 2026	March 31, 2026
Post-sales client support	173	159
Total provisions	173	159

Provision for post sales client support majorly represents costs associated with providing post sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 year.

Provision for post sales client support is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

As at June 30, 2026 and March 31, 2026, claims against the Group, not acknowledged as debts, (excluding demands from income tax authorities- Refer to Note 2.12) amounted to $126 million ( rupee symbol 1,192 crore) and $122 million (1,153 crore), respectively.

Amount paid to statutory authorities against the claims (excluding demands from income tax authorities- Refer to Note 2.12) amounted to $3 million ( rupee symbol 31 crore) and $3 million (27 crore) as at June 30, 2026 and March 31, 2026 respectively.

2.6.2 Legal Proceedings

Government Investigation

The U.S. Department of Justice (“DOJ”) is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees working for one of its clients in immigration documents filed with certain U.S. government authorities. The Company is engaged in discussions with the DOJ regarding its ongoing investigation and continues its own inquiry regarding the matter. At this stage, the Company is unable to predict the outcome of this matter, including whether such outcome could have a material adverse effect on the Company’s business and results of operations.

Others

Apart from the foregoing, the Group is subject to legal proceedings and claims which have arisen in the ordinary course of business. The Group’s management reasonably expects that such ordinary course legal actions, when ultimately concluded and determined, will not have a material and adverse effect on the Group’s results of operations or financial condition.

2.7 Property, plant and equipment

Accounting Policy

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by the Management. The charge in respect of periodic depreciation is derived at after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The Group depreciates property, plant and equipment over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

Building	22-25 years
Plant and machinery⁽¹⁾	5 years
Computer equipment	3-5 years
Furniture and fixtures	5 years
Vehicles	5 years
Leasehold improvements	Lower of useful life of the asset or lease term

⁽¹⁾ Includes solar plant with a useful life of 25 years

Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year end. The useful lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date and the cost of assets not ready to use before such date are disclosed under ‘Capital work-in-progress’. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Group and the cost of the item can be measured reliably. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset.

Impairment

Property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in net profit in the interim condensed consolidated statement of comprehensive income is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in net profit in the consolidated statement of comprehensive income if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognized for the asset in prior years.

The changes in the carrying value of property, plant and equipment for the three months ended June 30, 2026 are as follows:

(Dollars in millions)

Particulars	Land	Buildings	Plant and machinery	Computer equipment	Furniture and fixtures	Vehicles	Total
Gross carrying value as at April 1, 2026	152	1,326	604	1,012	363	5	3,462
Additions	–	4	7	34	3	–	48
Additions - Business Combination (Refer to Note 2.10)	–	–	–	2	–	–	2
Deletions*	–	–	(3)	(27)	(7)	–	(37)
Translation difference	–	4	1	2	1	–	8
Gross carrying value as at June 30, 2026	152	1,334	609	1,023	360	5	3,483
Accumulated depreciation as at April 1, 2026	–	(618)	(486)	(721)	(299)	(4)	(2,128)
Depreciation	–	(13)	(10)	(31)	(6)	–	(60)
Accumulated depreciation on deletions*	–	–	3	27	7	–	37
Translation difference	–	(1)	(1)	(2)	(1)	–	(5)
Accumulated depreciation as at June 30, 2026	–	(632)	(494)	(727)	(299)	(4)	(2,156)
Capital work-in progress as at April 1, 2026							72
Carrying value as at April 1, 2026	152	708	118	291	64	1	1,406
Capital work-in progress as at June 30, 2026							93
Carrying value as at June 30, 2026	152	702	115	296	61	1	1,420

The changes in the carrying value of property, plant and equipment for the three months ended June 30, 2025 are as follows:

(Dollars in millions)

Particulars	Land	Buildings	Plant and machinery	Computer equipment	Furniture and fixtures	Vehicles	Total
Gross carrying value as at April 1, 2025	173	1,371	632	1,088	386	6	3,656
Additions	1	1	8	24	5	–	39
Additions - Business Combination	–	–	–	1	–	–	1
Deletions*	–	(1)	(2)	(31)	(1)	–	(35)
Translation difference	(1)	(2)	(1)	–	1	–	(3)
Gross carrying value as at June 30, 2025	173	1,369	637	1,082	391	6	3,658
Accumulated depreciation as at April 1, 2025	–	(627)	(511)	(820)	(315)	(5)	(2,278)
Depreciation	–	(13)	(9)	(32)	(7)	–	(61)
Accumulated depreciation on deletions*	–	–	1	30	1	–	32
Translation difference	–	2	1	1	(1)	–	3
Accumulated depreciation as at June 30, 2025	–	(638)	(518)	(821)	(322)	(5)	(2,304)
Capital work-in progress as at April 1, 2025							119
Carrying value as at April 1, 2025	173	744	121	268	71	1	1,497
Capital work-in progress as at June 30, 2025							130
Carrying value as at June 30, 2025	173	731	119	261	69	1	1,484

*

During the three months ended June 30, 2026, certain assets which were not in use, having a gross book value of $26 million (net book value: Nil), were retired. During the three months ended June 30, 2025, certain assets which were not in use, having a gross book value of $29 million (net book value: Nil), were retired.

The aggregate depreciation expense is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

Repairs and maintenance costs are recognized in the interim condensed consolidated statement of comprehensive income when incurred.

Consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 (“the Rules”), the Company was required to transfer its CSR capital assets installed prior to January 2021. Towards this the Company had incorporated a subsidiary ‘Infosys Green Forum’ (IGF) under Section 8 of the Companies Act, 2013. During the year ended March 31, 2022, the Company had completed the transfer of assets upon obtaining the required approvals from regulatory authorities, as applicable. During fiscal 2024, the application filed by IGF for regularization of the provisional registration was rejected and registration cancelled vide order dated March 26, 2024 by Income Tax Commissioner (Exemption). IGF had filed an appeal before Income Tax Appellate Tribunal (ITAT) against the order. During fiscal 2026, ITAT had upheld the order of Commissioner (Exemption) and dismissed the IGF’s appeals. IGF has filed an appeal before the Hon’ble High Court against the ITAT order.

The Group had contractual commitments for capital expenditure primarily comprising of commitments for infrastructure facilities and computer equipments aggregating to $134 million and $141 million as at June 30, 2026 and March 31, 2026, respectively.

2.8 Leases

Accounting Policy

The Group as a lessee

The Group’s lease asset classes primarily consist of leases for land, buildings and computers. The group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the group assesses whether: (1) the contract involves the use of an identified asset (2) the group has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the group has the right to direct the use of the asset.

At the date of commencement of the lease, the Group recognizes a right-of-use asset (“ROU”) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

As a lessee, the Group determines the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Group makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Group considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to Group’s operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right-of-use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right-of-use asset if the Group changes its assessment of whether it will exercise an extension or a termination option.Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

The Group as a lessor

Leases for which the Group is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

For finance lease, finance income is recognised over the lease term based on a pattern reflecting a constant periodic rate of return on the lessor’s net investment in the lease and for operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.

Following are the changes in the carrying value of right-of-use assets for the three months ended June 30, 2026:

(Dollars in millions)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as at April 1, 2026	58	342	3	248	651
Additions^*	–	11	–	49	60
Additions on Business Combinations (Refer to Note 2.10)	–	1	–	–	1
Deletions	–	(1)	–	(17)	(18)
Depreciation	–	(20)	–	(26)	(46)
Translation difference	–	–	–	(2)	(2)
Balance as at June 30, 2026	58	333	3	252	646

^*

Net of adjustments on account of modifications

Following are the changes in the carrying value of right-of-use assets for the three months ended June 30, 2025:

(Dollars in millions)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as at April 1, 2025	70	392	3	273	738
Additions^*	–	20	–	43	63
Deletions	–	(2)	–	(23)	(25)
Depreciation	–	(22)	–	(32)	(54)
Translation difference	–	4	–	13	17
Balance as at June 30, 2025	70	392	3	274	739

^*

Net of adjustments on account of modifications

The aggregate depreciation expense on ROU assets is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

The following is the break-up of current and non-current lease liabilities as of June 30, 2026 and March 31, 2026:

(Dollars in millions)

Particulars	As at
	June 30, 2026	March 31, 2026
Current lease liabilities	360	333
Non-current lease liabilities	563	634
Total	923	967

2.9 Goodwill and Intangible assets

2.9.1 Goodwill

Accounting Policy

Goodwill represents the purchase consideration in excess of the Group's interest in the net fair value of identifiable assets, liabilities and contingent liabilities of the acquired entity. When the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds the purchase consideration, the fair value of net assets acquired is reassessed and the bargain purchase gain is recognized immediately in the net profit in the interim condensed consolidated statement of comprehensive income. Goodwill is measured at cost less accumulated impairment losses.

Impairment

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGU) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGU’s which benefit from the synergies of the acquisition and which represents the lowest level at which goodwill is monitored for internal management purposes. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. Impairment occurs when the carrying amount of a CGU including the goodwill, exceeds the estimated recoverable amount of the CGU. The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use. Value-in-use is the present value of future cash flows expected to be derived from the CGU. Key assumptions in the cash flow projections are prepared based on current economic conditions and includes estimated long term growth rates, weighted average cost of capital and estimated operating margins.

Following is a summary of changes in the carrying amount of goodwill:

(Dollars in millions)

Particulars	As at
	June 30, 2026	March 31, 2026
Carrying value at the beginning	1,278	1,182
Goodwill on acquisitions (Refer to note 2.10)	283	52
Translation differences	(5)	44
Carrying value at the end	1,556	1,278

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the CGU or groups of CGUs, which benefit from the synergies of the acquisition. The Group internally reviews the goodwill for impairment at the operating segment level, after allocation of the goodwill to CGUs or groups of CGUs.

2.9.2 Intangible assets

Accounting Policy

Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry and known technological advances), and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Amortization methods and useful lives are reviewed periodically including at each financial year end.

Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibility of the project is demonstrated, future economic benefits are probable, the Group has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The costs which can be capitalized include the cost of material, direct labour, overhead costs that are directly attributable to prepare the asset for its intended use.

Impairment

Intangible assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the CGU to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in the net profit in the interim condensed consolidated statement of comprehensive income is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the net profit in the interim condensed consolidated statement of comprehensive income. if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization) had no impairment loss been recognized for the asset in prior years.

2.10 Business combinations

Accounting policy

Business combinations have been accounted for using the acquisition method under the provisions of IFRS 3 (Revised), Business Combinations.

The purchase price in an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition, which is the date on which control is transferred to the Group. The purchase price also includes the fair value of any contingent consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Contingent consideration is remeasured at fair value at each reporting date and changes in the fair value of the contingent consideration are recognized in the interim condensed Consolidated Statement of Comprehensive Income.

The interest of non-controlling shareholders is initially measured either at fair value or at the non-controlling interests’ proportionate share of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity of subsidiaries.

Business combinations between entities under common control is outside the scope of IFRS 3 (Revised), Business Combinations and is accounted for at carrying value of assets acquired and liabilities assumed.

The payments related to options issued by the Group over the non-controlling interests in its subsidiaries are accounted as financial liabilities and initially recognized at the estimated present value of gross obligations. Such options are subsequently measured at fair value in order to reflect the amount payable under the option at the date at which it becomes exercisable. In the event that the option expires unexercised, the liability is derecognized.

Acquisitions during the quarter ended June 30, 2026

Stratus Global LLC

On April 21, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired a 100% partnership interest in Stratus Global LLC, a leading insurance technology partner serving Property & Casualty insurers and Managing General Agents, headquartered in USA. The acquisition is expected to further strengthen Infosys’ leadership in the insurance sector and accelerate AI-powered digital and data transformation for global P&C insurance clients.

The provisional purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows:

(Dollars in million)

Component	Acquiree's carrying amount	Fair value adjustments	Purchase price allocated
Assets ⁽¹⁾	13	–	13
Liabilities	(12)	–	(12)
Loan	(17)	–	(17)
Intangible assets:
Customer related^#	–	17	17
Vendor relationship^#	–	17	17
Brand^#	–	2	2
Goodwill	–	–	54
Total purchase price			74

⁽¹⁾

Includes cash and cash equivalents acquired of $5 million.

^#

The estimated useful life is around 2 year to 6 years

The excess of the purchase consideration paid over the fair value of assets acquired has been attributed to goodwill. The primary items that generated this goodwill are the value of the acquired assembled workforce and estimated synergies, neither of which qualify as an intangible asset.

Goodwill is expected to be deductible for tax purposes.

The total purchase consideration of $74 million includes upfront cash consideration of $69 million and contingent consideration with an estimated fair value of $5 million as on the date of acquisition. The maximum contingent consideration payable for the acquisition is $7 million. At the acquisition date, the key inputs used in determination of the fair value of contingent consideration are the probabilities assigned towards achievement of financial targets and discount rate of 2.9%. The undiscounted value of contingent consideration as of June 30, 2026 was $6 million.

Additionally, this acquisition has retention bonus and management incentives payable to the employees of the acquiree over three years, subject to their continuous employment with the Group and achievement of financial targets for the respective years. Retention bonus and management incentives are recognized in employee benefit expenses in the interim condensed consolidated statement of comprehensive income over the period of service.

Fair value of trade receivables acquired is $2 million as of acquisition date.

Transaction costs that the Group incurs in connection with a business combination such as finder’s fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of $2 million related to the acquisition have been included under administrative expenses in the interim condensed consolidated statement of comprehensive income for the quarter ended June 30, 2026.

Optimum Achieve Holdings Inc.

On May 4, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired 100% voting interests in Optimum Achieve Holdings Inc., a healthcare digital transformation and consulting firm headquartered in USA, along with its other subsidiaries including Optimum Healthcare IT, LLC. This acquisition strengthens Infosys' capabilities in the Healthcare market.

The provisional purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows:

(Dollars in million)

Component	Acquiree's carrying amount	Fair value adjustments	Purchase price allocated
Assets ⁽¹⁾	117	–	117
Liabilities	(41)	–	(41)
Loan	(68)	–	(68)
Intangible assets:
Customer related^#	–	22	22
Vendor relationship^#	–	143	143
Brand^#	–	10	10
Deferred tax liabilities on intangible assets	–	(47)	(47)
Goodwill	–	–	229
Total purchase price			365

⁽¹⁾

Includes cash and cash equivalents acquired of $19 million.

^#

The estimated useful life is around 1 year to 8 years

The excess of the purchase consideration paid over the fair value of assets acquired has been attributed to goodwill. The primary items that generated this goodwill are the value of the acquired assembled workforce and estimated synergies, neither of which qualify as an intangible asset.

Goodwill is not tax deductible.

The total purchase consideration of $365 million includes upfront cash consideration of $299 million and contingent consideration with an estimated fair value of $66 million as on the date of acquisition. The maximum contingent consideration payable for the acquisition is $92 million. At the acquisition date, the key inputs used in determination of the fair value of contingent consideration are the probabilities assigned towards achievement of financial targets and discount rate of 2.9%. The undiscounted value of contingent consideration as of June 30, 2026 was $69 million.

Additionally, this acquisition has retention bonus and management incentives payable to the employees of the acquiree over four years, subject to their continuous employment with the Group and achievement of financial targets for the respective years. Retention bonus and management incentives are recognized in employee benefit expenses in the interim condensed consolidated statement of comprehensive income over the period of service.

Fair value of trade receivables acquired is $61 million as of acquisition date and as of June 30, 2026, the amounts are substantially collected.

Transaction costs that the Group incurs in connection with a business combination such as finder’s fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of $2 million related to the acquisition have been included under administrative expenses in the interim condensed consolidated statement of comprehensive income for the quarter ended June 30, 2026.

Proposed Acquisitions

On August 13, 2025, Infosys Singapore Pte. Ltd., a wholly owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 75% of the equity share capital in Telstra Purple Pty Ltd, including some of its subsidiaries (together known as Versent Group), Australia’s leading Digital Transformation Solutions Provider for a consideration including earn-outs and deferred consideration amounting up to AUD 233 million (approximately $152 million), excluding retention bonus and management incentives, subject to regulatory approvals and customary closing adjustments.

2.11 Employees' Stock Option Plans (ESOP)

Accounting Policy

The Group recognizes compensation expense relating to share-based payments in net profit based on estimated fair-values of the awards on the grant date. The estimated fair value of awards is recognized as an expense in net profit in the interim condensed consolidated statement of comprehensive income on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share premium.

Infosys Expanded Stock Ownership Program 2019 (the 2019 Plan)

On June 22, 2019 pursuant to approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 plan shall not exceed 50,000,000 equity shares. To implement the 2019 Plan, up to 45,000,000 equity shares may be issued by way of secondary acquisition of shares by Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

Further, on April 23, 2026, based on the recommendation of the Nomination and Remuneration Committee, the board approved the amendment to the 2019 Plan to extend the grant period by seven (7) years from the date of shareholder approval, thereby extending the validity of the Plan to a total period of ten (10) years from such approval and to amend the vesting parameters for grants there under and certain administrative amendments. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 23, 2026.

2015 Stock Incentive Compensation Plan (the 2015 Plan):

On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Plan. The maximum number of shares under the 2015 plan shall not exceed 24,038,883 equity shares (this includes 11,223,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years. The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.

The equity settled and cash settled RSUs and stock options would vest generally over a period of 4 years and shall be exercisable within the period as approved by the Nomination and Remuneration Committee (NARC). The exercise price of the RSUs will be equal to the par value of the shares and the exercise price of the stock options (ESOPs) would be the market price as on the date of grant.

Controlled trust holds 7,933,019 and 8,650,911 shares as at June 30, 2026 and March 31, 2026, respectively under the 2015 plan. Out of these shares, 200,000 equity shares each have been earmarked for welfare activities of the employees as at June 30, 2026 and March 31, 2026.

The following is the summary of grants during three months ended June 30, 2026 and June 30, 2025:

Particulars	Three months ended June 30,
	2026	2025
2015 Plan: RSU
Equity settled RSUs
Key Management Personnel (KMP)	353,274	277,077
Employees other than KMP	27,193	5,000
	380,467	282,077
2015 Plan: Employee Stock Options (ESOPs)
Equity settled RSUs
Key Management Personnel (KMP)	–	237,370
Employees other than KMP	–	5,412,790
	–	5,650,160
Cash settled RSUs
Key Management Personnel (KMP)	–	–
Employees other than KMP	–	108,180
	–	108,180
Total Grants under 2015 Plan	380,467	6,040,417
2019 Plan: RSU
Equity settled RSUs
Key Management Personnel (KMP)	84,617	66,366
Employees other than KMP	–	–
	84,617	66,366
Total Grants under 2019 Plan	84,617	66,366

Notes on grants to KMP:

CEO & MD

Under the 2015 plan:

The Board, on April 23, 2026, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2027. In accordance with such approval the following grants were made effective May 2, 2026.

-

294,043 performance-based RSUs (Annual performance equity grant) of fair value of rupee symbol

34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets.

-

16,923 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of rupee symbol

2 crore. These RSUs will vest in line with the employment agreement based on achievement of certain environment, social and governance milestones as determined by the Board.

-

42,308 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of rupee symbol

5 crore. These RSUs will vest in line with the employment agreement based on Company’s performance on cumulative relative TSR over the years and as determined by the Board.

Under the 2019 plan:

The Board, on April 23, 2026, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to rupee symbol 10 crore for fiscal 2027 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 84,617 performance based RSU’s were granted effective May 2, 2026.

The break-up of employee stock compensation expense is as follows:

(Dollars in millions)

Particulars	Three months ended June 30,
	2026	2025
Granted to:
KMP	2	2
Employees other than KMP	22	26
Total ⁽¹⁾	24	28
⁽¹⁾ Cash settled stock compensation expense included in the above	–	1

The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance based options and Monte Carlo simulation model is used for TSR based options.

The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected term and the risk free rate of interest. Expected volatility during the expected term of the options is based on historical volatility of the observed market prices of the Company's publicly traded equity shares during a period equivalent to the expected term of the options. Expected volatility of the comparative company have been modelled based on historical movements in the market prices of their publicly traded equity shares during a period equivalent to the expected term of the options. Correlation coefficient is calculated between each peer entity and the indices as a whole or between each entity in the peer group.

The fair value of each equity settled award is estimated on the date of grant using the following assumptions:

Particulars	For options granted in
	Fiscal 2027- Equity Shares-RSU	Fiscal 2027- ADS RSU	Fiscal 2026- Equity Shares-RSU	Fiscal 2026- Equity Shares-ESOP	Fiscal 2026- ADS-ESOP
Weighted average share price () / ($ ADS)	1,182	12.48	1,507	1,554	17.93
Exercise price ()/ ($ ADS)	5.00	0.10	5.00	1,554	17.93
Expected volatility (%)	26	28-33	24-25	25-28	26-30
Expected life of the option (years)	1-4	1-4	1-4	3-7	3-7
Expected dividends (%)	3-4	3-4	2-3	2-3	2-3
Risk-free interest rate (%)	6	4	6	6	4
Weighted average fair value as on grant date () / ($ ADS)	1,062	11.44	1,355	390	4.09

The expected life of the RSU/ESOP is estimated based on the vesting term and contractual term of the RSU/ESOP, as well as expected exercise behavior of the employee who receives the RSU/ESOP.

2.12 Income Taxes

Accounting policy

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the interim condensed consolidated statement of comprehensive income except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income taxes are not provided on the undistributed earnings of subsidiaries and branches where it is expected that the earnings of the subsidiary or branch will not be distributed in the foreseeable future.

The Group offsets current tax assets and current tax liabilities; deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The income tax provision for the interim period is made based on the best estimate of the annual average tax rate expected to be applicable for the full financial year. Tax benefits of deductions earned on exercise of employee share options in excess of compensation charged to income are credited to equity.

Income tax expense in the interim condensed consolidated statement of comprehensive income comprises:

(Dollars in million)

Particulars	Three months ended June 30,
	2026	2025
Current taxes
Domestic taxes	271	271
Foreign taxes	83	86
	354	357
Deferred taxes
Domestic taxes	(4)	(17)
Foreign taxes	(7)	(11)
	(11)	(28)
Income tax expense	343	329

Income tax expense for the three months ended June 30, 2026 and June 30,2025 includes provision (net of reversals) of $9 million and provisions (net of reversals) of $14 million, respectively. These provisions and reversals pertaining to prior periods are primarily on account of adjudication of certain disputed matters, upon filing of tax return and completion of assessments, across various jurisdictions

Deferred income tax for the three months ended June 30, 2026 and June 30, 2025 substantially relates to origination and reversal of temporary differences.

The Company’s Advanced Pricing Arrangement (APA) with the Internal Revenue Service (IRS) for US branch income tax expired in March 2021. The Company has applied for renewal of APA and currently the US taxable income is based on the Company’s best estimate determined based on the expected value method.

As at June 30, 2026, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $210 million ( rupee symbol 1,988 crore). As at March 31, 2026, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $207 million (1,964 crore). Amount paid to statutory authorities against the tax claims amounted to $287 million (2,717 crore) and $273 million (2,594 crore) as at June 30, 2026 and March 31, 2026 respectively. The claims against the Group primarily represent demands arising on completion of assessment proceedings under the Income Tax Act, 1961. These claims are on account of issues of disallowance of expenditure towards software being held as capital in nature, payments made to Associated Enterprises held as liable for withholding of taxes, among others. These matters are pending before various Income Tax Authorities and the Management including its tax advisors expect that its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Group's financial position and results of operations.

2.13 Earnings per equity share

Accounting Policy

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

2.14 Related party transactions

Refer Note 2.20 "Related party transactions" in the Company’s 2026 Annual Report on Form 20-F for the full names and other details of the Company's subsidiaries and controlled trusts.

Changes in Subsidiaries

During the three months ended June 30, 2026, the following are the changes in the subsidiaries:

-On April 21, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired 96% of the voting interests in Stratus Global LLC along with its subsidiaries, namely Stratus Technology Services LLC, Stratus Global (India) Private Limited and Stratus Holdings International Inc. along with its subsidiary Stratus Canada Inc. The remaining 4% voting interest in Stratus Global LLC was held by New Heritage Capital Fund III-B, LP, which was also acquired as part of the same acquisition. New Heritage Capital Fund III-B, LP was liquidated effective April 22, 2026, following which Infosys Nova Holdings LLC became the direct holder of 100% of the voting interests in Stratus Global LLC and its subsidiaries.

-On May 04, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired 100% of voting interests in Optimum Achieve Holdings Inc along with its subsidiary TSC Companies LLC along with its subsidiary Optimum Healthcare IT LLC along with its subsidiaries Optimum CAN Holdings LLC, Optimum Tech Services LLC, Optimum Healthcare IT Pty Ltd, 3-102-936558 Sociedad de Responsabilidad Limitada and Optimum HIT Canada ULC.

Changes in key management personnel

The following are the changes in the key management personnel:

-

Diane Enberg Jurgens was appointed as an Independent Director effective April 22, 2026

-

Nitin Paranjpe an Independent Director was appointed as the Vice Chairman effective April 30, 2026

-

Micheal Gibbs retired as an Independent Director effective July 12, 2026

Transactions with key management personnel

The table below describes the compensation to key management personnel which comprise directors and executive officers:

(Dollars in millions)

Particulars	Three months ended June 30,
	2026	2025
Salaries and other short term employee benefits to whole-time directors and executive officers⁽¹⁾⁽²⁾	3	3
Commission and other benefits to non-executive/ independent directors	1	1
Total	4	4

⁽¹⁾

Total employee stock compensation expense for the three months ended June 30, 2026 and June 30, 2025 includes a charge of $2 million and $2 million respectively, towards key management personnel. (Refer note 2.11).

⁽²⁾

Does not include post-employment benefits and other long-term benefits, based on actuarial valuation as these are done for the Company as a whole.

2.15 Segment reporting

IFRS 8 Operating Segments establishes standards for the way that public business enterprises report information about operating segments and related disclosures about products and services, geographic areas, and major customers. The Group's operations predominantly relate to providing end-to-end business solutions to enable clients to enhance business performance. The Chief Operating Decision Maker (CODM) evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the accounting policies.

Business segments of the Group are primarily enterprises in Financial Services and Insurance, enterprises in Manufacturing, enterprises in Retail, Consumer Packaged Goods and Logistics, enterprises in the Energy, Utilities, Resources and Services, enterprises in Communication, Telecom OEM and Media, enterprises in Hi-Tech, enterprises in Life Sciences and Healthcare and all other segments. The Financial services reportable segments has been aggregated to include the Financial Services operating segment and Finacle operating segment because of the similarity of the economic characteristics. All other segments represent the operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services.

Revenue and identifiable operating expenses in relation to segments are categorized based on items that are individually identifiable to that segment. Revenue for 'all other segments' represents revenue generated by Infosys Public Services and revenue generated from customers located in India, Japan and China and other enterprises in public service. Allocated expenses of segments include expenses incurred for rendering services from the Group's offshore software development centers and on-site expenses, which are categorized in relation to the associated efforts of the segment. Certain expenses such as depreciation and amortization, which form a significant component of total expenses, are not specifically allocable to specific segments as the underlying assets are used interchangeably. The Management believes that it is not practical to provide segment disclosures relating to those costs and expenses, and accordingly these expenses are separately disclosed as "unallocated" and adjusted against the total income of the Group.

Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

Business segment revenue information is collated based on individual customers invoiced or in relation to which the revenue is otherwise recognized.

Disclosure of revenue by geographic locations is given in note 2.16 Revenue from operations

2.15.1 Business segments

For the three months ended June 30, 2026 and June 30, 2025

(Dollars in millions)

Particulars	Financial Services⁽¹⁾	Manufacturing	Energy, Utilities, Resources and Services	Retail⁽²⁾	Communication⁽³⁾	Life Sciences⁽⁴⁾	Hi-Tech	All other segments⁽⁵⁾	Total
Revenue	1,419	809	680	651	610	405	391	117	5,082
	1,379	795	671	660	596	321	385	134	4,941
Identifiable operating expenses	758	494	378	346	378	269	232	77	2,932
	779	500	383	341	390	200	229	77	2,899
Allocated expenses	275	137	136	125	108	71	63	32	947
	253	130	120	122	103	56	66	31	881
Segment Profit	386	178	166	180	124	65	96	8	1,203
	347	165	168	197	103	65	90	26	1,161
Unallocable expenses									131
									133
Operating profit									1,072
									1,028
Other income, net									104
									122
Finance Cost									13
									12
Profit before income taxes									1,163
									1,138
Income tax expense									343
									329
Net profit									820
									809
Depreciation and amortization									131
									133
Non-cash expenses other than depreciation and amortization									–
									–

⁽¹⁾

Financial Services include enterprises in Financial Services and Insurance

⁽²⁾

Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics

⁽³⁾

Communication includes enterprises in Communication, Telecom OEM and Media

⁽⁴⁾

Life Sciences includes enterprises in Life sciences and Health care

⁽⁵⁾

Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services

2.15.2 Significant clients

No client individually accounted for more than 10% of the revenues for the three months ended June 30, 2026 and June 30, 2025, respectively.

2.16 Revenue from Operations

Accounting Policy:

The Group derives revenues primarily from IT services comprising software development and related services, cloud and infrastructure services, maintenance, consulting and package implementation, licensing of software products and platforms across the Group’s core and digital offerings (together called as “software related services”) and business process management services. Contracts with customers are either on a time-and-material, unit of work, fixed-price or on a fixed-timeframe basis.

Revenues from customer contracts are considered for recognition and measurement when the contract has been approved in writing, by the parties, to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. Revenue is recognized upon transfer of control of promised products or services (“performance obligations”) to customers in an amount that reflects the consideration the Group has received or expects to receive in exchange for these products or services (“transaction price”). When there is uncertainty as to collectability, revenue recognition is postponed until such uncertainty is resolved.

The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. The Group allocates the transaction price to each distinct performance obligation based on the relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In the absence of such evidence, the primary method used to estimate standalone selling price is the expected cost plus a margin, under which the Group estimates the cost of satisfying the performance obligation and then adds an appropriate margin based on similar services.

The Group’s contracts may include variable consideration including rebates, volume discounts and penalties. The Group includes variable consideration as part of transaction price when there is a basis to reasonably estimate the amount of the variable consideration and when it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

Revenue on time-and-material and unit of work based contracts, are recognized as the related services are performed. Fixed price maintenance revenue is recognized ratably either on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Group’s costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method. Efforts or costs expended are used to determine progress towards completion as there is a direct relationship between input and productivity. Progress towards completion is measured as the ratio of costs or efforts incurred to date (representing work performed) to the estimated total costs or efforts. Estimates of transaction price and total costs or efforts are continuously monitored over the term of the contracts and are recognized in net profit in the period when these estimates change or when the estimates are revised. Revenues and the estimated total costs or efforts are subject to revision as the contract progresses. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

The billing schedules agreed with customers include periodic performance based billing and / or milestone based progress billings. Revenues in excess of billing are classified as unbilled revenue while billing in excess of revenues are classified as contract liabilities (which we refer to as unearned revenues).

In arrangements for software development and related services and maintenance services, by applying the revenue recognition criteria for each distinct performance obligation, the arrangements with customers generally meet the criteria for considering software development and related services as distinct performance obligations. For allocating the transaction price, the Group measures the revenue in respect of each performance obligation of a contract at its relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In cases where the Group is unable to determine the standalone selling price, the Group uses the expected cost plus margin approach in estimating the standalone selling price. For software development and related services, the performance obligations are satisfied as and when the services are rendered since the customer generally obtains control of the work as it progresses.

Certain cloud and infrastructure services contracts include multiple elements which may be subject to other specific accounting guidance, such as leasing guidance. These contracts are accounted in accordance with such specific accounting guidance. In such arrangements where the Group is able to determine that hardware and services are distinct performance obligations, it allocates the consideration to these performance obligations on a relative standalone selling price basis. In the absence of standalone selling price, the Group uses the expected cost-plus margin approach in estimating the standalone selling price. When such arrangements are considered as a single performance obligation, revenue is recognized over the period and measure of progress is determined based on promise in the contract.

Revenue from licenses where the customer obtains a “right to use” the licenses is recognized at the time the license is made available to the customer. Revenue from licenses where the customer obtains a “right to access” is recognized over the access period.

Arrangements to deliver software products generally have three elements: license, implementation and Annual Technical Services (ATS).When implementation services are provided in conjunction with the licensing arrangement and the license and implementation have been identified as two distinct separate performance obligations, the transaction price for such contracts are allocated to each performance obligation of the contract based on their relative standalone selling prices. In the absence of standalone selling price for implementation, the Group uses the expected cost plus margin approach in estimating the standalone selling price. Where the license is required to be substantially customized as part of the implementation service the entire arrangement fee for license and implementation is considered to be a single performance obligation and the revenue is recognized using the percentage-of-completion method as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the performance obligations are satisfied. ATS revenue is recognized ratably on a straight-line basis over the period in which the services are rendered.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

A contract modification is a change in the scope or price or both of a contract that is approved by the parties to the contract. A contract modification that results in the addition of distinct performance obligations are accounted for either as a separate contract if the additional services are priced at the standalone selling price or as a termination of the existing contract and creation of a new contract if they are not priced at the standalone selling price. If the modification does not result in a distinct performance obligation, it is accounted for as part of the existing contract on a cumulative catch-up basis.

The incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had not been obtained) are recognized as an asset if the Group expects to recover them.

Certain eligible, nonrecurring costs (e.g. set-up or transition or transformation costs) that do not represent a separate performance obligation are recognized as an asset when such costs (a) relate directly to the contract; (b) generate or enhance resources of the Group that will be used in satisfying the performance obligation in the future; and (c) are expected to be recovered.

Catalized contract costs relating to upfront payments to customers are amortized to revenue and other capitalized costs are amortized to cost of sales over the respective contract life on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates. Capitalized costs are monitored regularly for impairment. Impairment losses are recorded when present value of projected remaining operating cash flows is not sufficient to recover the carrying amount of the capitalized costs.

The Group presents revenues net of indirect taxes in its interim Consolidated Statement of Comprehensive Income.

Revenues for the three months ended June 30, 2026 and June 30, 2025 is as follows:

(Dollars in millions)

Particulars	Three months ended June 30,
	2026	2025
Revenue from software services	4,836	4,714
Revenue from products and platforms	246	227
Total revenue from operations	5,082	4,941

Products & platforms

The Group also derives revenues from the sale of products and platforms like Finacle – core banking solution, Edge Suite of products, Panaya platform, Stater digital platform and Infosys McCamish – insurance platform.

Disaggregated revenue information

Revenue disaggregation by business segments has been included in segment information (Refer note 2.15). The table below presents disaggregated revenues from contracts with customers by geography and contract type. The Group believes that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors.

For the three months ended June 30, 2026 and June 30, 2025

(Dollars in millions)

Particulars	Three months ended June 30,
	2026	2025
Revenues by Geography^*
North America	2,864	2,789
Europe	1,634	1,559
India	125	142
Rest of the world	459	451
Total	5,082	4,941

^*

Geographical revenue is based on the domicile of customer^.

The percentage of revenues from fixed price contracts for each of three months ended June 30, 2026 and June 30, 2025 was 54% (in both the periods) respectively.

Trade Receivables and Contract Balances

The timing of revenue recognition, billings and cash collections results in receivables, unbilled revenue, and unearned revenue on the Group’s Consolidated Balance Sheet. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly or quarterly) or upon achievement of contractual milestones.

The Group’s receivables are rights to consideration that are unconditional. Unbilled revenues comprising revenues in excess of billings from time and material contracts and fixed price maintenance contracts are classified as financial asset when the right to consideration is unconditional and is due only after a passage of time.

Invoicing to the clients for other fixed price contracts is based on milestones as defined in the contract and therefore the timing of revenue recognition is different from the timing of invoicing to the customers. Therefore, unbilled revenues for other fixed price contracts (contract asset) are classified as non-financial asset because the right to consideration is dependent on completion of contractual milestones.

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivables and unbilled revenues are presented net of impairment in the consolidated balance sheet.

2.17 Unbilled Revenue

(Dollars in millions)

Particulars	As at
	June 30, 2026	March 31, 2026
Unbilled financial asset ⁽¹⁾	1,306	1,211
Unbilled non financial asset ⁽²⁾	660	605
Total	1,966	1,816

⁽¹⁾

Right to consideration is unconditional and is due only after a passage of time.

⁽²⁾

Right to consideration is dependent on completion of contractual milestones.

2.18 Equity

Accounting policy

Ordinary Shares

Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares, share options and buyback are recognized as a deduction from equity, net of any tax effects.

Treasury Shares

When any entity within the Group purchases the company's ordinary shares, the consideration paid including any directly attributable incremental cost is presented as a deduction from total equity, until they are cancelled, sold or reissued. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to/ from Share premium.

Share premium

The amount received in excess of the par value has been classified as share premium. Additionally, share-based compensation recognized in net profit in the interim condensed consolidated statement of comprehensive income is credited to share premium. Amounts have been utilized for bonus issue and share buyback from share premium account.

Retained earnings

Retained earnings represent the amount of accumulated earnings of the Group.

Other Reserves

The Special Economic Zone Re-investment reserve has been created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA (2) of the Income Tax Act, 1961.

Capital Redemption Reserve

In accordance with section 69 of the Indian Companies Act, 2013, the Company creates capital redemption reserve equal to the nominal value of the shares bought back as an appropriation from general reserve / retained earnings.

Cash flow hedge reserve

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. The cumulative gain or loss previously recognized in the cash flow hedge reserve is transferred to the net profit in the interim condensed consolidated Statement of Comprehensive Income upon the occurrence of the related forecasted transaction.

Other components of equity

Other components of equity include currency translation, re-measurement of net defined benefit liability/asset, fair value changes of equity instruments fair valued through other comprehensive income, changes on fair valuation of investments, net of taxes.

2.18.1 Voting

Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depositary Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

2.18.2 Liquidation

In the event of liquidation of the company, the holders of shares shall be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently, other than the amounts held by irrevocable controlled trusts. The amount distributed will be in proportion to the number of equity shares held by the shareholders. For irrevocable controlled trusts, the corpus would be settled in favor of the beneficiaries.

2.18.3 Share options

There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans.

2.18.4 Share capital and share premium

The Company has only one class of shares referred to as equity shares having a par value of rupee symbol 5/- each. 7,933,019 shares and 8,650,911 shares were held by controlled trust, as at June 30, 2026 and March 31, 2026, respectively.

2.18.5 Capital allocation policy

Effective fiscal 2025, the Company expects to continue its policy of returning approximately 85% of the free cash flow cumulatively over a 5-year period through a combination of semi-annual dividends and/or share buyback/ special dividends subject to applicable laws and requisite approvals, if any.

Under this policy, the Company expects to progressively increase its annual dividend per share (excluding special dividend if any).

Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS. Dividend and buyback include applicable taxes.

The Company’s objective when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, return capital to shareholders, issue new shares or buy back issued shares. As of June 30, 2026, the Company has only one class of equity shares and has no debt. Consequent to the above capital structure there are no externally imposed capital requirements.

Dividend

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company's Board of Directors. Income tax consequences of dividends on financial instruments classified as equity will be recognized according to where the entity originally recognized those past transactions or events that generated distributable profits.

The Company declares and pays dividends in Indian rupees. Companies are required to pay/distribute dividend after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates.

The amount of per share dividend recognized as distribution to equity shareholders is as follows:

Particulars	Three months ended June 30, 2026		Three months ended June 30, 2025
	in	in US Dollars	in	in US Dollars
Final dividend for fiscal 2026	25.00	0.26	–	–
Final dividend for fiscal 2025	–	–	22.00	0.26

The Board of Directors in their meeting held on April 23, 2026 recommended a final dividend of rupee symbol 25/- per equity share (approximately $0.26 per equity share) for the financial year ended March 31, 2026. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 23, 2026 which resulted in a net cash outflow of 10,123 crore ($1,070 million), excluding dividend paid on treasury shares. The final dividend was paid on June 25, 2026.

2.19 Break-up of expenses and other income, net

Accounting policy

Gratuity and Pensions

The Group provides for gratuity, a defined benefit retirement plan ('the Gratuity Plan') covering eligible employees majorly of Infosys and its Indian subsidiaries. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Group. The Company contributes Gratuity liabilities to the Infosys Limited Employees' Gratuity Fund Trust (the Trust). In case of Infosys BPM and EdgeVerve, contributions are made to the Infosys BPM Employees' Gratuity Fund Trust and EdgeVerve Systems Limited Employees' Gratuity Fund Trust, respectively. Trustees administer contributions made to the Trusts and contributions are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law.

The Group operates defined benefit pension plan in certain overseas jurisdictions, in accordance with the local laws. These plans are managed by third party fund managers. The plans provide for periodic payouts after retirement or for a lumpsum payment as set out in rules of each fund and includes death and disability benefits. The defined benefit plans require contributions which are based on a percentage of salary that varies depending on the age of the respective employees.

Liabilities with regard to these defined benefit plans are determined by actuarial valuation, performed by an external actuary, at each Balance Sheet date using the projected unit credit method. These defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate risk and market risk.

The Group recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability/(asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profits in the interim condensed consolidated statement of comprehensive income.

Superannuation

Certain employees of Infosys, Infosys BPM and EdgeVerve are participants in a defined contribution plan. The Group has no further obligations to the Plan beyond its monthly contributions which are periodically contributed to a trust fund, the corpus of which is invested with the Life Insurance Corporation of India.

Provident fund

Eligible employees of Infosys receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee and the company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary. The company contributes a portion of the contributions to the Infosys Limited Employees' Provident Fund Trust. The trust invests in specific designated instruments as permitted by Indian law. The remaining portion is contributed to the government administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the Government of India. The company has an obligation to make good the shortfall, if any, between the return from the investments of the Trust and the notified interest rate.

In respect of Indian subsidiaries, eligible employees receive benefits from a provident fund, which is a defined contribution plan. Both the eligible employee and the respective companies make monthly contributions to this provident fund plan equal to a specified percentage of the covered employee's salary. Amounts collected under the provident fund plan are deposited in a government administered provident fund. The companies have no further obligation to the plan beyond its monthly contributions.

Compensated absences

The Group has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an external actuary at each balance sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the balance sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

Other income, net

Other income is comprised primarily of interest income, dividend income, gain/loss on investment and exchange gain/loss on forward and options contracts and on translation of foreign currency assets and liabilities. Interest income is recognized using the effective interest method. Dividend income is recognized when the right to receive payment is established.

Foreign Currency

Functional currency and presentation currency

The functional currency of Infosys, its Indian subsidiaries and controlled trusts is the Indian rupee. The functional currencies for foreign subsidiaries are their respective local currencies. These financial statements are presented in U.S. dollars (rounded off to the nearest million) to facilitate the investors’ ability to evaluate Infosys’ performance and financial position in comparison to similar companies domiciled in other geographic locations.

Transactions and translations

Foreign-currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are recognized in the interim condensed Consolidated Statement of Comprehensive Income and reported within exchange gains/ (losses) on translation of assets and liabilities, net, except when deferred in Other Comprehensive Income as qualifying cash flow hedges. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. The related revenue and expense are recognized using the same exchange rate.

Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction.

The translation of financial statements of the foreign subsidiaries to the presentation currency is performed for assets and liabilities using the exchange rate in effect at the Balance Sheet date and for revenue, expense and cash-flow items using the average exchange rate for the respective periods. The gains or losses resulting from such translation are included in currency translation reserves under other components of equity. When a subsidiary is disposed off, in full, the relevant amount is transferred to net profit in the Statement of Comprehensive Income. However, when a change in the parent's ownership does not result in loss of control of a subsidiary, such changes are recorded through equity.

Other Comprehensive Income, net of taxes includes translation differences on non-monetary financial assets measured at fair value at the reporting date, such as equities classified as financial instruments and measured at fair value through other comprehensive income (FVOCI).

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rate in effect at the Balance Sheet date.

Government grants

The Group recognizes government grants only when there is reasonable assurance that the conditions attached to them shall be complied with, and the grants will be received. Government grants related to assets are treated as deferred income and are recognized in the net profit in the statement of comprehensive income on a systematic and rational basis over the useful life of the asset. Government grants related to revenue are recognized on a systematic basis in the statement of comprehensive income over the periods necessary to match them with the related costs which they are intended to compensate.

Operating Profits

Operating profit of the Group is computed considering the revenues, net of cost of sales, selling and marketing expenses and administrative expenses.

The table below provides details of break-up of expenses:

2.19.1 Cost of sales

(Dollars in millions)

Particulars	Three months ended June 30,
	2026	2025
Employee benefit costs	2,369	2,390
Depreciation and amortization	131	133
Travelling costs	49	38
Cost of technical sub-contractors	441	409
Cost of software packages for own use	87	74
Third party items bought for service delivery to clients	374	359
Consultancy and professional charges	4	1
Communication costs	8	8
Repairs and maintenance	15	17
Provision for post-sales client support and other provisions	(18)	(21)
Others	22	8
Total	3,482	3,416

2.19.2 Selling and marketing expenses

(Dollars in millions)

Particulars	Three months ended June 30,
	2026	2025
Employee benefit costs	200	188
Travelling costs	17	15
Branding and marketing	45	45
Consultancy and professional charges	3	6
Others	5	4
Total	270	258

2.19.3 Administrative expenses

(Dollars in millions)

Particulars	Three months ended June 30,
	2026	2025
Employee benefit costs	96	93
Consultancy and professional charges	56	47
Repairs and maintenance	32	31
Power and fuel	6	6
Communication costs	7	9
Travelling costs	8	7
Rates and taxes	8	10
Insurance charges	11	9
Commission to non-whole time directors	1	1
Impairment loss recognized/(reversed) under expected credit loss model	–	4
Contribution towards Corporate Social Responsibility	16	14
Others	17	8
Total	258	239

2.19.4 Other income, net:

Other income for the three months ended June 30, 2026 and June 30, 2025 is as follows:

(Dollars in millions)

Particulars	Three months ended June 30,
	2026	2025
Interest income on financial assets carried at amortized cost	34	57
Interest income on financial assets carried at fair value through other comprehensive income	34	39
Gain/(loss) on investments carried at fair value through profit or loss	7	9
Gain/(loss) on investments carried at amortized cost	–	3
Exchange gains / (losses) on forward and options contracts	43	(79)
Exchange gains / (losses) on translation of other assets and liabilities	(25)	87
Others	11	6
Total	104	122

for and on behalf of the Board of Directors of Infosys Limited

Nandan M. Nilekani

Chairman

Salil Parekh

Chief Executive Officer
and Managing Director

Bobby Parikh

Director

Bengaluru

Jayesh Sanghrajka

Chief Financial Officer

A.G.S. Manikantha

Company Secretary

July 23, 2026

Exhibit 99.8

IFRS INR Earning Release