How much revenue growth does INFY expect in FY27?

Infosys revised FY27 revenue-growth guidance to 1%-2% year over year in constant currency, from 1.5%-3%, and retained operating-margin guidance of 20%-22%.

Why did INFY announce a ₹26 interim dividend?

Executives said the dividend follows the capital allocation policy to return 85% of free cash flow over five years through dividends and buybacks, with a progressively increasing dividend. The prior year's final dividend was ₹25 per share.

Infosys cuts FY27 constant-currency growth to 1%-2%

Exhibit 99.1

IFRS USD Press Release

Differentiated AI strategy and a sharp focus on value unlock propels 29% sequential growth in AI revenues

Robust Q2 large deal TCV at $5.2 billion with 62% net new; lays solid foundation for future growth

FY 27 revenue guidance revised to 1%-2% and margin guidance retained at 20%-22%

Bengaluru, India – October 23, 2026: Infosys (NSE, BSE, NYSE: INFY), a global leader in AI-first business consulting and technology services, delivered $5,145 million in Q2 revenues, year on year growth of 1.5% and sequential growth of 1.2% in constant currency. Operating margin was stable at 21.0%. EPS growth was 8.7% year on year in rupee terms. TCV of large deal wins was $5.2 billion, with 62% net new.

H1 revenues grew at 1.9% year on year in constant currency. Operating margin for H1 was at 21.0%.

“We had strong large deals of $5.2 billion, including a mega deal of over $2 billion, reinforcing our position as a trusted partner in the marketplace when clients embark on large and complex transformation programs. Our AI revenue was at 10.5% and grew 29% quarter-on-quarter. As enterprises move to AI adoption at scale, the strong growth in AI revenues is a recognition of our differentiated market positioning and client confidence,” said Salil Parekh, CEO and MD. “We are advising some of the largest global enterprise on their AI strategy and continue to invest in deep domain and technology capabilities to bring new ideas and an integrated ecosystem to help businesses unlock AI value at scale,” he added.

Guidance for FY 27:

·

Revenue growth of 1%-2% in constant currency

·

Operating margin of 20%-22%

Key highlights:

For the quarter ended September 30, 2026

For the six months ended September 30, 2026

· Revenues in CC terms grew by 1.5% YoY and 1.2% QoQ

· Reported revenues at $5,145 million, growth of 1.3% YoY

· Operating margin was stable at 21.0%

· Basic EPS at $0.20, decline of 0.3% YoY

· FCF at $928 million, decline of 15.7% YoY; FCF conversion at 113.3% of net profit

· Revenues in CC terms grew by 1.9% YoY

· Reported revenues at $10,227 million, growth of 2.1% YoY

· Operating margin was stable at 21.0%

· Basic EPS at $0.40, growth of 1.7% YoY

· FCF at $1,883 million, decline of 5.1% YoY; FCF conversion at 114.9% of net profit

“We delivered operating margins of 21.0% in Q2 amidst heightened volatility. Focus on cost and operational efficiency measures while making the required investments, have led to stable margins,” said Jayesh Sanghrajka, CFO. “Free cash flow of $928 million, representing 113.3% of net profit, underscores the financial strength of the business. The Board has announced an interim dividend of rupee symbol 26 per share, an increase of 13% from last year,” he added.

Client Wins & Testimonials

·

Infosys collaborated with Mondelez International to drive its supply chain transformation through AI-enabled decision-making, data standardization, and intelligent enterprise workflows. Sanjay Gurbaxani, Global Vice President, Digital Supply Chain, Mondelez International, said, “From digitally connected supply chain to standardizing data and enabling more informed decision-making, the opportunity lies in bringing together people, processes, data, and technology to deliver meaningful business outcomes. As AI evolves towards agentic AI, the potential extends beyond generating insights to enable more autonomous, responsive, and intelligent workflows. The real value comes from embedding intelligence into everyday business decisions, rethinking established processes, and scaling solutions across the enterprise. With Infosys we are building a compelling solution where technology, aligned with business priorities, can become a catalyst for operational excellence and long-term impact.”

·

Infosys entered a ten-year strategic agreement with Crocs, Inc. to accelerate its IT transformation and support scalable global growth. Tom Britt, Chief Information Officer, Crocs, Inc. said, "As our organization reimagines its IT landscape, we sought a collaborator who could combine deep domain expertise with a commitment to innovation and operational excellence. By leveraging Infosys’ proven delivery frameworks and advanced automation capabilities, we will optimize operations, reduce costs and scale responsibly—while driving continuous improvement and building a foundation for sustainable growth and digital resilience that positions Crocs, Inc. for the future."

·

Infosys collaborated with Knorr-Bremse to accelerate its AI-enabled enterprise transformation. Satheeskaran Navaratnam, Chief Digital Officer & VP Transformation & Governance IT, Knorr-Bremse, said, “At Knorr-Bremse, we are building a future-ready technology foundation that supports innovation and long-term value creation. Our Tech4Value program is central to this journey, helping us create a more agile, efficient, and scalable IT environment across the organization. By working with Infosys, we aim to make our technology estate as optimized and reliable as the systems we build for our customers, ensuring that every layer of our infrastructure is equipped to support the pace of change our business demands.”

·

Infosys expanded collaboration with Metsä Group to drive AI-led transformation of its IT landscape. Kristiina Lammila, Chief Information Officer of Metsä Group, said, “This engagement marks a new chapter in Metsä's long-standing collaboration with Infosys, as we simplify and transform our IT sourcing model to meet the efficiency demands of today's business environment. We are confident in our joint ability to deliver on these targets and accelerate the transformation of Metsä's IT, powered by AI.”

·

Infosys collaborated with NTN Corporation to drive its digital growth with seamless SAP cloud adoption. Kenji Kitazato, Head - ICT Strategy Department, NTN Corporation, said, “This migration to SAP Commerce Cloud powered by Infosys has streamlined our IT operations, improved agility, and laid a strong foundation for future digital growth. This transformation enables us to utilize this new foundation and further promote the use of digital technology.”

·

Infosys collaborated with Telia to drive AI-powered transformation across its network and cybersecurity operations. Hein Müskens, Group CIO, Telia, said, "Infosys' proven expertise in AI, automation, and telecom transformation made them the ideal partner for this initiative. Leveraging Infosys Topaz and deep industry knowledge, we look forward to accelerating the modernization of our network and cybersecurity operations, enhancing efficiency and agility, and strengthening our foundation for future innovation."

·

Infosys collaborated with KnitWell Group to develop an AI-powered platform for its customer engagement. Jaap van Riel, CTO, KnitWell Group, said, “Our relationship with our customers truly comes to life in our stores. That’s why we partnered with Infosys to build the Engage platform and help our store associates reach customers in a more efficient and engaging way. Once we identified the opportunity, Infosys was quick to develop a solution and approach. From there, we engineered and built Engage together, and we’ve seen great results.”

·

Infosys Finacle was selected by Investec to drive its digital banking transformation through the Finacle SaaS platform on Microsoft Azure. Lyndon Subroyen, Global Head of Digital and Technology for Investec Group, said, “Our partnership with Infosys Finacle and Microsoft Azure marks a step change in our digital transformation journey. We are building a stronger digital foundation that allows us to scale with our clients, deliver a more seamless and personalized experience, and operate with greater precision. Digital is no longer a layer that supports the business, it is integral to how we grow, deepen client relationships, and improve our efficiency.”

Recognitions & Awards

Brand & Corporate

·

Recognized as one of India's Best Employers Among Nation-Builders by Great Place to Work® for the sixth year in a row.

·

Recognized across four Avtar & Seramount indices, including Hall of Fame – Best Companies for Women India 2026; Exemplar in the Most Inclusive Companies Index India 2026; Top 10 Best Companies for Workplace Wellness (BCWW); and Top 10 Best Companies for ESG (BCESG).

·

Received three Brandon Hall Group™ 2026 HCM Excellence Awards® for Best Corporate Learning University; Best Senior Manager Development Program; and Best Sourcing and Assessment Strategy.

·

Received The Asset Corporate Sustainability Leadership Awards 2026 in four categories – Platinum Award; Best in Transition; Best Initiative in Environmental Responsibility for the Infosys Agroforestry Program; and Best Investor Relations Team.

·

Infosys BPM honored with multiple Tata Institute of Social Sciences LeapVault CLO Awards India for Best Skill Development Initiative, Best Corporate University, and Best Diversity & Inclusion Training Program.

·

Infosys BPM won the 17^th CSR Summit & Awards 2026 for Best Skill Development Initiative.

AI and Cloud Services

·

Rated as a Leader in the Gartner® Magic Quadrant™ for Public Cloud Optimization and Transformation Services.

·

Recognized as a Leader in the IDC MarketScape: Worldwide Cloud Professional Services in the AI Era 2026 Vendor Assessment.

·

Positioned as a Leader among the top providers in the Everest Group Microsoft Azure Services PEAK Matrix® Assessment 2026.

·

Positioned as a Leader in the Everest Group Quality Engineering (QE) Services for AI Applications and Systems PEAK Matrix® Assessment 2026.

·

Featured as a Leader in the NelsonHall NEAT Evaluation for AI-Enabled Cloud Infrastructure Management Services.

·

Recognized as a Leader in the 2026 Constellation ShortList™ for AI Services.

·

Recognized as a Leader on the 2026 Constellation ShortList™ for Public Cloud Transformation Services.

·

Recognized as a Leader in the 2026 Constellation ShortList™ for Artificial Intelligence and Machine Learning Best-of-Breed Platforms.

·

Recognized as a Leader in the 2026 Constellation ShortList™ for Decision Intelligence Platforms.

Key Digital Services

·

Rated as a Leader in The Forrester Wave™: Infrastructure Outsourcing Services, Q3 2026.

·

Recognized as a Leader in the IDC MarketScape: Worldwide ServiceNow Implementation Services 2026 Vendor Assessment.

·

Recognized as a Leader in the IDC MarketScape: Worldwide Oracle Implementation Services 2026 Vendor Assessment.

·

Recognized as a Leader in the IDC MarketScape: Worldwide Digital Workplace Services 2026 Vendor Assessment.

·

Positioned as a Leader in the Everest Group Digital Workplace Services (DWS) PEAK Matrix® Assessment 2026: North America.

·

Positioned as a Leader in the Everest Group Digital Workplace Services (DWS) PEAK Matrix® Assessment 2026: Europe.

·

Positioned as a Leader in the Everest Group Retail Digital Services PEAK Matrix® Assessment 2026.

·

Positioned as a Leader in the Everest Group GCC Setup Capabilities in India PEAK Matrix® Assessment 2026.

·

Recognized as a Leader in the 2026 Constellation ShortList™ for AI-Native Global Capability Center (GCC) Services.

·

Rated as a Leader in HFS Horizons: Customer Experience Services, 2026.

·

Featured as a Leader in the NelsonHall NEAT Evaluation for Salesforce Services 2026.

·

Featured as a Leader in the NelsonHall NEAT Evaluation for SAP Ecosystem Services.

·

Infosys BPM received the Avasant Digital Masters: Technology and Process Transformation Leaders Award at Avasant Partner Connect 2026.

·

Infosys BPM received three GSA UK Awards 2026 for Service Provider of the Year (Large); Business Services Programme of the Year with Microsoft; and Collaboration Programme of the Year with Lloyd’s Register.

Industry & Solutions

·

Recognized as a Leader in the IDC MarketScape: Worldwide AI-Driven Professional Services for Oil and Gas Companies 2026 Vendor Assessment.

·

Recognized as a Leader in the IDC MarketScape: Worldwide AI-Driven Digital Strategy and Consulting Services for Oil and Gas Companies 2026 Vendor Assessment.

·

Positioned as a Leader in the Everest Group Pharmaceutical R&D IT Services PEAK Matrix® Assessment 2026.

·

Positioned as a Leader in the Everest Group Life and Annuity (L&A) Insurance IT Services PEAK Matrix® Assessment 2026.

·

Infosys Finacle recognized as a Leader in the IDC MarketScape: Worldwide Trade Finance Systems 2026 Vendor Assessment.

·

Infosys Finacle rated as a Leader in the 2026 Gartner® Magic Quadrant™ for Retail Core Banking Systems in Europe.

·

Infosys Finacle received Global BankTech Awards 2026 by the Digital Banker 2026 in three categories: Outstanding Trade Finance Solution by a Vendor; Best Liquidity Management Solutions Provider by a Vendor; and Best Treasury Management Solutions Provider by a Vendor.

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 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	September 30, 2026		March 31, 2026
ASSETS
Current assets
Cash and cash equivalents	2,541	2,341
Current investments	1,436	1,365
Trade receivables	3,634	3,715
Unbilled revenue	1,733	1,633
Other current assets	1,691	1,858
Total current assets	11,035	10,912
Non-current assets
Property, plant and equipment and Right-of-use assets	2,069	2,057
Goodwill and other Intangible assets	2,013	1,576
Non-current investments	875	942
Unbilled revenue	224	183
Other non-current assets	844	776
Total non-current assets	6,025	5,534
Total assets	17,060	16,446
LIABILITIES AND EQUITY
Current liabilities
Trade payables	469	500
Unearned revenue	1,234	1,248
Employee benefit obligations	370	372
Other current liabilities and provisions	3,517	3,396
Total current liabilities	5,590	5,516
Non-current liabilities
Lease liabilities	516	634
Other non-current liabilities	565	456
Total non-current liabilities	1,081	1,090
Total liabilities	6,671	6,606
Total equity attributable to equity holders of the company	10,333	9,786
Non-controlling interests	56	54
Total equity	10,389	9,840
Total liabilities and equity	17,060	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 September 30, 2026	3 months ended September 30, 2025	6 months ended September 30, 2026	6 months ended September 30, 2025
Revenues	5,145	5,076	10,227	10,018
Cost of sales	3,547	3,516	7,028	6,933
Gross profit	1,598	1,560	3,199	3,085
Operating expenses:
Selling and marketing expenses	260	254	531	512
Administrative expenses	259	241	517	480
Total operating expenses	519	495	1,048	992
Operating profit	1,079	1,065	2,151	2,093
Other income, net of finance cost	77	100	168	210
Profit before income taxes	1,156	1,165	2,319	2,303
Income tax expense	337	325	680	654
Net profit (before non-controlling interest)	819	840	1,639	1,649
Net profit (after non-controlling interest)	817	839	1,637	1,647
Basic EPS ($)	0.20	0.20	0.40	0.40
Diluted EPS ($)	0.20	0.20	0.40	0.40

NOTES:

a)

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

d)

As the quarter and six months ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarter might not always add up to the six months ended figures reported in this statement.

Exhibit 99.2

IFRS – INR Press Release

Differentiated AI strategy and a sharp focus on value unlock propels 29% sequential growth in AI revenues

Robust Q2 large deal TCV at $5.2 billion with 62% net new; lays solid foundation for future growth

FY 27 revenue guidance revised to 1%-2% and margin guidance retained at 20%-22%

Bengaluru, India – October 23, 2026: Infosys (NSE, BSE, NYSE: INFY), a global leader in AI-first business consulting and technology services, delivered $5,145 million in Q2 revenues, year on year growth of 1.5% and sequential growth of 1.2% in constant currency. Operating margin was stable at 21.0%. EPS growth was 8.7% year on year in rupee terms. TCV of large deal wins was $5.2 billion, with 62% net new.

H1 revenues grew at 1.9% year on year in constant currency. Operating margin for H1 was at 21.0%.

“We had strong large deals of $5.2 billion, including a mega deal of over $2 billion, reinforcing our position as a trusted partner in the marketplace when clients embark on large and complex transformation programs. Our AI revenue was at 10.5% and grew 29% quarter-on-quarter. As enterprises move to AI adoption at scale, the strong growth in AI revenues is a recognition of our differentiated market positioning and client confidence,” said Salil Parekh, CEO and MD. “We are advising some of the largest global enterprise on their AI strategy and continue to invest in deep domain and technology capabilities to bring new ideas and an integrated ecosystem to help businesses unlock AI value at scale,” he added.

Guidance for FY 27:

·

Revenue growth of 1%-2% in constant currency

·

Operating margin of 20%-22%

Key highlights:

For the quarter ended September 30, 2026

For the six months ended September 30, 2026

· Revenues in CC terms grew by 1.5% YoY and 1.2% QoQ

· Reported revenues at ₹49,244 crore, growth of 10.7% YoY

· Operating margin was stable at 21.0%

· Basic EPS at ₹19.32, growth of 8.7% YoY

· FCF at ₹8,898 crore, decline of 8.1% YoY; FCF conversion at 113.5% of net profit

· Revenues in CC terms grew by 1.9% YoY

· Reported revenues at ₹97,454 crore, growth of 12.3% YoY

· Operating margin was stable at 21.0%

· Basic EPS at ₹38.51, growth of 11.7% YoY

· FCF at ₹17,949 crore, growth of 4.3% YoY; FCF conversion at 115.0% of net profit

“We delivered operating margins of 21.0% in Q2 amidst heightened volatility. Focus on cost and operational efficiency measures while making the required investments, have led to stable margins,” said Jayesh Sanghrajka, CFO. “Free cash flow of $928 million, representing 113.3% of net profit, underscores the financial strength of the business. The Board has announced an interim dividend of rupee symbol 26 per share, an increase of 13% from last year,” he added.

Client Wins & Testimonials

·

Infosys collaborated with Mondelez International to drive its supply chain transformation through AI-enabled decision-making, data standardization, and intelligent enterprise workflows. Sanjay Gurbaxani, Global Vice President, Digital Supply Chain, Mondelez International, said, “From digitally connected supply chain to standardizing data and enabling more informed decision-making, the opportunity lies in bringing together people, processes, data, and technology to deliver meaningful business outcomes. As AI evolves towards agentic AI, the potential extends beyond generating insights to enable more autonomous, responsive, and intelligent workflows. The real value comes from embedding intelligence into everyday business decisions, rethinking established processes, and scaling solutions across the enterprise. With Infosys we are building a compelling solution where technology, aligned with business priorities, can become a catalyst for operational excellence and long-term impact.”

·

Infosys entered a ten-year strategic agreement with Crocs, Inc. to accelerate its IT transformation and support scalable global growth. Tom Britt, Chief Information Officer, Crocs, Inc. said, "As our organization reimagines its IT landscape, we sought a collaborator who could combine deep domain expertise with a commitment to innovation and operational excellence. By leveraging Infosys’ proven delivery frameworks and advanced automation capabilities, we will optimize operations, reduce costs and scale responsibly—while driving continuous improvement and building a foundation for sustainable growth and digital resilience that positions Crocs, Inc. for the future."

·

Infosys collaborated with Knorr-Bremse to accelerate its AI-enabled enterprise transformation. Satheeskaran Navaratnam, Chief Digital Officer & VP Transformation & Governance IT, Knorr-Bremse, said, “At Knorr-Bremse, we are building a future-ready technology foundation that supports innovation and long-term value creation. Our Tech4Value program is central to this journey, helping us create a more agile, efficient, and scalable IT environment across the organization. By working with Infosys, we aim to make our technology estate as optimized and reliable as the systems we build for our customers, ensuring that every layer of our infrastructure is equipped to support the pace of change our business demands.”

·

Infosys expanded collaboration with Metsä Group to drive AI-led transformation of its IT landscape. Kristiina Lammila, Chief Information Officer of Metsä Group, said, “This engagement marks a new chapter in Metsä's long-standing collaboration with Infosys, as we simplify and transform our IT sourcing model to meet the efficiency demands of today's business environment. We are confident in our joint ability to deliver on these targets and accelerate the transformation of Metsä's IT, powered by AI.”

·

Infosys collaborated with NTN Corporation to drive its digital growth with seamless SAP cloud adoption. Kenji Kitazato, Head - ICT Strategy Department, NTN Corporation, said, “This migration to SAP Commerce Cloud powered by Infosys has streamlined our IT operations, improved agility, and laid a strong foundation for future digital growth. This transformation enables us to utilize this new foundation and further promote the use of digital technology.”

·

Infosys collaborated with Telia to drive AI-powered transformation across its network and cybersecurity operations. Hein Müskens, Group CIO, Telia, said, "Infosys' proven expertise in AI, automation, and telecom transformation made them the ideal partner for this initiative. Leveraging Infosys Topaz and deep industry knowledge, we look forward to accelerating the modernization of our network and cybersecurity operations, enhancing efficiency and agility, and strengthening our foundation for future innovation."

·

Infosys collaborated with KnitWell Group to develop an AI-powered platform for its customer engagement. Jaap van Riel, CTO, KnitWell Group, said, “Our relationship with our customers truly comes to life in our stores. That’s why we partnered with Infosys to build the Engage platform and help our store associates reach customers in a more efficient and engaging way. Once we identified the opportunity, Infosys was quick to develop a solution and approach. From there, we engineered and built Engage together, and we’ve seen great results.”

·

Infosys Finacle was selected by Investec to drive its digital banking transformation through the Finacle SaaS platform on Microsoft Azure. Lyndon Subroyen, Global Head of Digital and Technology for Investec Group, said, “Our partnership with Infosys Finacle and Microsoft Azure marks a step change in our digital transformation journey. We are building a stronger digital foundation that allows us to scale with our clients, deliver a more seamless and personalized experience, and operate with greater precision. Digital is no longer a layer that supports the business, it is integral to how we grow, deepen client relationships, and improve our efficiency.”

Recognitions & Awards

Brand & Corporate

·

Recognized as one of India's Best Employers Among Nation-Builders by Great Place to Work® for the sixth year in a row.

·

Recognized across four Avtar & Seramount indices, including Hall of Fame – Best Companies for Women India 2026; Exemplar in the Most Inclusive Companies Index India 2026; Top 10 Best Companies for Workplace Wellness (BCWW); and Top 10 Best Companies for ESG (BCESG).

·

Received three Brandon Hall Group™ 2026 HCM Excellence Awards® for Best Corporate Learning University; Best Senior Manager Development Program; and Best Sourcing and Assessment Strategy.

·

Received The Asset Corporate Sustainability Leadership Awards 2026 in four categories – Platinum Award; Best in Transition; Best Initiative in Environmental Responsibility for the Infosys Agroforestry Program; and Best Investor Relations Team.

·

Infosys BPM honored with multiple Tata Institute of Social Sciences LeapVault CLO Awards India for Best Skill Development Initiative, Best Corporate University, and Best Diversity & Inclusion Training Program.

·

Infosys BPM won the 17^th CSR Summit & Awards 2026 for Best Skill Development Initiative.

AI and Cloud Services

·

Rated as a Leader in the Gartner® Magic Quadrant™ for Public Cloud Optimization and Transformation Services.

·

Recognized as a Leader in the IDC MarketScape: Worldwide Cloud Professional Services in the AI Era 2026 Vendor Assessment.

·

Positioned as a Leader among the top providers in the Everest Group Microsoft Azure Services PEAK Matrix® Assessment 2026.

·

Positioned as a Leader in the Everest Group Quality Engineering (QE) Services for AI Applications and Systems PEAK Matrix® Assessment 2026.

·

Featured as a Leader in the NelsonHall NEAT Evaluation for AI-Enabled Cloud Infrastructure Management Services.

·

Recognized as a Leader in the 2026 Constellation ShortList™ for AI Services.

·

Recognized as a Leader on the 2026 Constellation ShortList™ for Public Cloud Transformation Services.

·

Recognized as a Leader in the 2026 Constellation ShortList™ for Artificial Intelligence and Machine Learning Best-of-Breed Platforms.

·

Recognized as a Leader in the 2026 Constellation ShortList™ for Decision Intelligence Platforms.

Key Digital Services

·

Rated as a Leader in The Forrester Wave™: Infrastructure Outsourcing Services, Q3 2026.

·

Recognized as a Leader in the IDC MarketScape: Worldwide ServiceNow Implementation Services 2026 Vendor Assessment.

·

Recognized as a Leader in the IDC MarketScape: Worldwide Oracle Implementation Services 2026 Vendor Assessment.

·

Recognized as a Leader in the IDC MarketScape: Worldwide Digital Workplace Services 2026 Vendor Assessment.

·

Positioned as a Leader in the Everest Group Digital Workplace Services (DWS) PEAK Matrix® Assessment 2026: North America.

·

Positioned as a Leader in the Everest Group Digital Workplace Services (DWS) PEAK Matrix® Assessment 2026: Europe.

·

Positioned as a Leader in the Everest Group Retail Digital Services PEAK Matrix® Assessment 2026.

·

Positioned as a Leader in the Everest Group GCC Setup Capabilities in India PEAK Matrix® Assessment 2026.

·

Recognized as a Leader in the 2026 Constellation ShortList™ for AI-Native Global Capability Center (GCC) Services.

·

Rated as a Leader in HFS Horizons: Customer Experience Services, 2026.

·

Featured as a Leader in the NelsonHall NEAT Evaluation for Salesforce Services 2026.

·

Featured as a Leader in the NelsonHall NEAT Evaluation for SAP Ecosystem Services.

·

Infosys BPM received the Avasant Digital Masters: Technology and Process Transformation Leaders Award at Avasant Partner Connect 2026.

·

Infosys BPM received three GSA UK Awards 2026 for Service Provider of the Year (Large); Business Services Programme of the Year with Microsoft; and Collaboration Programme of the Year with Lloyd’s Register.

Industry & Solutions

·

Recognized as a Leader in the IDC MarketScape: Worldwide AI-Driven Professional Services for Oil and Gas Companies 2026 Vendor Assessment.

·

Recognized as a Leader in the IDC MarketScape: Worldwide AI-Driven Digital Strategy and Consulting Services for Oil and Gas Companies 2026 Vendor Assessment.

·

Positioned as a Leader in the Everest Group Pharmaceutical R&D IT Services PEAK Matrix® Assessment 2026.

·

Positioned as a Leader in the Everest Group Life and Annuity (L&A) Insurance IT Services PEAK Matrix® Assessment 2026.

·

Infosys Finacle recognized as a Leader in the IDC MarketScape: Worldwide Trade Finance Systems 2026 Vendor Assessment.

·

Infosys Finacle rated as a Leader in the 2026 Gartner® Magic Quadrant™ for Retail Core Banking Systems in Europe.

·

Infosys Finacle received Global BankTech Awards 2026 by the Digital Banker 2026 in three categories: Outstanding Trade Finance Solution by a Vendor; Best Liquidity Management Solutions Provider by a Vendor; and Best Treasury Management Solutions Provider by a Vendor.

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 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	September 30, 2026		March 31, 2026
ASSETS
Current assets
Cash and cash equivalents	24,350	22,201
Current investments	13,761	12,950
Trade receivables	34,821	35,234
Unbilled revenue	16,609	15,483
Other current assets	16,210	17,621
Total current assets	105,751	103,489
Non-current assets
Property, plant and equipment and Right-of-use assets	19,820	19,508
Goodwill and other Intangible assets	19,289	14,942
Non-current investments	8,390	8,930
Unbilled revenue	2,146	1,738
Other non-current assets	8,084	7,360
Total non-current assets	57,729	52,478
Total assets	163,480	155,967
LIABILITIES AND EQUITY
Current liabilities
Trade payables	4,498	4,744
Unearned revenue	11,823	11,838
Employee benefit obligations	3,546	3,524
Other current liabilities and provisions	33,714	32,216
Total current liabilities	53,581	52,322
Non-current liabilities
Lease liabilities	4,942	6,016
Other non-current liabilities	5,414	4,332
Total non-current liabilities	10,356	10,348
Total liabilities	63,937	62,670
Total equity attributable to equity holders of the company	99,077	92,852
Non-controlling interests	466	445
Total equity	99,543	93,297
Total liabilities and equity	163,480	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 September 30, 2026	3 months ended September 30, 2025	6 months ended September 30, 2026	6 months ended September 30, 2025
Revenues	49,244	44,490	97,454	86,769
Cost of sales	33,943	30,800	66,975	60,025
Gross profit	15,301	13,690	30,479	26,744
Operating expenses:
Selling and marketing expenses	2,489	2,224	5,057	4,431
Administrative expenses	2,482	2,113	4,928	4,156
Total operating expenses	4,971	4,337	9,985	8,587
Operating profit	10,330	9,353	20,494	18,157
Other income, net of finance cost	733	876	1,597	1,813
Profit before income taxes	11,063	10,229	22,091	19,970
Income tax expense	3,225	2,854	6,478	5,670
Net profit (before non-controlling interest)	7,838	7,375	15,613	14,300
Net profit (after non-controlling interest)	7,823	7,364	15,592	14,285
Basic EPS (₹)	19.32	17.76	38.51	34.47
Diluted EPS (₹)	19.30	17.74	38.46	34.41

NOTES:

a)

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

d)

As the quarter and six months ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarter might not always add up to the six months ended figures reported in this statement.

Exhibit 99.3
Media Conference Call

Infosys Limited

Media Conference Call

October 23, 2026

CORPORATE PARTICIPANTS:

Salil Parekh

Chief Executive Officer and Managing Director

Jayesh Sanghrajka

Chief Financial Officer

Rishi Basu

Associate Vice President and Global Head - Corporate Communications

journalists

Meghna Sen

CNBC-TV18

Mansee Dave

ET Now

Chandra Srikanth

Moneycontrol

Haripriya Suresh

Reuters

Beena Parmar

The Economic Times

Shilpa Phadnis

The Times of India

Poulomi Chatterjee

Financial Express

Uma Kannan

Deccan Herald

Jas Bardia

Mint

Sanjana B

The Hindu BusinessLine

Rukmini Rao

Fortune India

Pooja Patil

Businessworld

Rishi Basu

A very good evening, everyone, and thank you for joining Infosys' Second Quarter Financial Results. My name is Rishi, and I would like to welcome all of you. One question. Okay.

With that, I am going to hand it over to Salil for his opening remarks. Over to you, Salil.

Salil Parekh

Thanks, Rishi. It is good to see that everyone listens to you so well. So good evening, and welcome, everyone. Thank you for joining us. Our revenue growth for Q2 was 1.5% YoY and 1.2% sequentially in constant currency terms. AI revenue was a standout at 10.5% of our revenue, growing at 29% sequentially. And last quarter, it was at 8.2%.

Large deals were another standout at $5.2 bn for the quarter. This includes two mega deals. One of these mega deals was for over $2 bn with a large international company for a period of seven years, and this is net new. This deal is expected to contribute over 1% revenue growth in the coming financial year.

The second mega deal was for $1 bn for a renewal. Our large deal pipeline is healthy and includes some other mega deals in this pipeline. Operating margin was stable at 21%. Free cash flow was strong at $928 mn for the quarter.

As enterprises adopt AI at scale, another quarter of strong growth in AI revenues is a recognition of our differentiated market positioning and client confidence. As an ecosystem integrator, we continue to work closely with the frontier model companies, both open-weight and closed models. Our deep investments in Topaz Fabric help our clients seamlessly navigate between models to ensure token optimization and value realization.

Infosys continues to gain market share, especially where economics of the program is aligned to the stakeholder interest. We remain the preferred AI strategy and deployment partner for our top clients. As AI remains central to enterprise transformation in the years ahead, Infosys is well positioned to help navigate this shift.

Based on our Q2 performance and revised outlook for rest of the year, our revenue growth guidance is 1% to 2% YoY in constant currency terms. Our operating margin guidance remains at 20% to 22% for the year.

Thank you. And with that, we can open it up for questions.

Rishi Basu

Thank you, Salil. We will now open the floor for questions. Joining Salil is Mr. Jayesh Sanghrajka, Chief Financial Officer, Infosys. The first question is from Meghna Sen from CNBC-TV18.

Meghna Sen

Thank you very much. My first question is on your guidance. So, you have narrowed both the lower and upper end. Could you help us understand why? Explain the margin performance, the benefit of rupee depreciation, any offset and loss due to deflation, etc.? And did your salary hike also impact your margins in the second half?

Third is, your AI revenue is 10.5% of your Q2 revenue. So how many deals won will have AI element? And with AI jitters globally, is there a change in business? And fourth, how are your December quarter furloughs shaping up versus last year and which sectors look the most vulnerable?

Salil Parekh

Okay. Let me start off with some of them, and Jayesh will also jump in with some of the other ones. So first, AI is really an incredible performance for us. It is 10.5% of our revenue, growing sequentially 29%. We had laid out the AI approach in the Hexagon with six different areas of focus.

And in this revenue mix, we see each of those areas growing well, especially things that we do where we are building agents, where we are doing legacy modernization, where we are doing process AI, where we are doing data AI. So those are growing exceptionally well, but all of them are doing well. And then we have the partner ecosystem with that. That is really gaining momentum.

I think in terms of the global AI our attention is really much more on the large enterprises with which we are working. So for them, this is starting to become more-and-more relevant. And with the investments we made and build the Topaz Fabric and the capabilities we have, plus all the training that we have done for all of our people, which many and more are certified now, ready to do work with different partners of the frontier companies, that is where we are getting the good traction with the enterprise clients.

I will spend a couple of minutes on the industries. I think what we see, and Jayesh will add more to that, we see really good strength on the Financial Services. We see good strength on Energy Utilities. We see good strength on the Manufacturing. And we see some weakness on the Retail and we see some weakness on the Hi-Tech. But it is a mix of all of those that we have put together in how we see this.

Jayesh Sanghrajka

So if you look at our guidance, our last guidance was 1.5% to 3%. We had clearly called out at 1.5%, we expect even more uncertainty. Our Q2 has been softer and our volume continues to remain softer. We have also seen pricing pressure on the back of competitive intensity and higher ask on productivity. So all that is baked in, in our revised guidance as we look forward.

On top of that, as Salil said, some of the sectors, we see softness, Retail, Hi-Tech, where the discretionary is lower than what we are expecting. So all of that is reflected in our guidance on the revenue and which is where it is 1% to 2% now.

Our margin continues to remain at 21%. I think it is a strong performance on the back of all the efforts that we have put in Project Maximus. If you look at last many years, we have been able to maintain margins despite investment in business, whether it is sales and marketing, whether it is AI-led investment, talent investments and all of that.

If you look at put-and-takes of this quarter, the margins have remained flat. We had 70 bps of impact on post-sale customer support, which is a delta between two quarters. Last quarter, we had a reversal. This quarter, it is an impact, so it is a difference in that. We had 20 bps coming from our acquisition, it is a one-month additional impact last quarter to only two months of impact, so one month additional on account of amortization, etc.

That was offset by tailwinds of currency, 40 bps coming from the currency, 20 bps coming from a higher calendar and working days and 20 bps from the Project Maximus. So that kind of sums up the margin walk.

As you look forward, the next half, which is H2, we will have impact coming from compensation, as you rightly said, so that will have a headwind. We will see continued intensity on pricing. So we will see that as a headwind. And we will continue working on Project Maximus to offset as much as possible from there.

Rishi Basu

Thank you. The next question is from Mansee Dave from ET Now.

Mansee Dave

Hi, good afternoon. So, starting with the guidance which is revised downward from 1.5% to 3% to 1% to 2% on a constant currency growth basis, how much is the weak demand and market pressure affecting? And what has changed in the demand environment plans ahead, if I may ask?

AI monetization. Well, the AI as a percentage of revenue for Infosys this time is quite strong and greetings to you all for that. AI is helping clients improve productivity, but it can also reduce traditional billable work. So is Infosys managing to monetize AI-led opportunities fast enough to offset pricing pressure at its traditional services business?

And lastly, hiring and productivity. So can hiring plans coexist with margin protection because there are plans to hire around 20,000 graduates in FY27, if I am not wrong. How do you balance investments in talent with margin discipline? Thank you.

Salil Parekh

So on the AI first, I think the AI revenues have been outstanding. As you pointed out, we have exceptional growth in that. And that shows really how we have put together the AI approach within Infosys, which is resonating with the clients and the six dimensions of the Hexagon in which each area that we are investing and scaling up in, and then the foundation that we have built on the Topaz Fabric that helps our clients.

So there we see many examples of projects that are going extremely well. These are scale projects. Even in the large deals that we referenced, almost all of them have some component. One or two of them have really full business transformation driven by AI as the fundamental element of the large deals.

And that large deals has been quite exceptional as well, which has helped us in a way to give support even for the next financial year with the expected revenue growth support that the large mega deal will provide.

In terms of guidance, we continue to see what Jayesh was sharing in terms of the competitive intensity. So there is the AI, which is giving us the growth. There is AI, which is also seeing the compression, and we continue to see that.

There is competitive intensity because of that, and we have been extremely clear that we will only take on the contracts where it meets our economic guidelines. And so with that in mind and all of the margin work that is been done in terms of the initiative, we have been able to keep our margin at this level. And that is what is reflected into our guidance where we see that competitive intensity and the changes that are going on.

Now the macro environment is also equally in a place where there is continuing different wars. There were some interest rate increases. There was also the 10-year yield, which is now neighbouring to 5%. And there is continuing element of tariffs, which creates a different type of an environment for the global economy and therefore, for the type of clients that we work with, which is essentially the Global 2000.

So all of those put together, we feel extremely good that the AI is going well, that the large deals are good. And then we also see the competitive intensity in the market.

On the hiring, so first, we had 4,000 net increase in the headcount, which is very strong, which shows that our continued confidence into the future. Second, we have 8,000 college graduates we hired in the quarter.

For the full year, our target remains clear at approximately 20,000, so around 20,000 like last year. And we have already done more than half in the first half of the year. So, we think this dynamic will continue in the way we scale. We are doing work, of course, in AI, the 10%, but we also do work in other areas. And all of those areas are growing. That is why the hiring looks pretty strong there. And then the productivity.

Jayesh Sanghrajka

So just to add to what Salil was also saying on hiring, it is a function of what is the attrition that you have, what is the utilization that you have and what is the demand in terms of volume that you see and the productivity benefit. We have, give or take, 13% attrition. That means roughly 45,000 people in a year, they leave us, and that needs to be backfilled either laterally or fresher. So, the fresher kind of makes up a little bit of that. We are working at 85% utilization, which is, in our mind, very optimum utilization. So, there is not much headroom left there from the optimization perspective.

And then there is a net new demand that you are seeing. And a fresher typically takes six to eight months by the time we train them and deploy them to the project. So, we do have to plan ahead of the time to make them, and that is the reflection that you are seeing today in the net headcount increases. One more point on the overall guidance perspective. I think our guidance for the year should be continued to be seen on the back of the fact that we did at the beginning of the year said we will have offshoring impact of 1%.

We are looking at higher offshoring through the year. We did call out an impact of large deals with a European manufacturing client, where we did not pursue the deal because it did not meet our return expectations. So, both of that put together impacted our overall growth guidance by 2% or continues to impact roughly that. And it should be always seen in that context.

Rishi Basu

Thank you. The next question is from Chandra Srikanth, Moneycontrol.

Chandra Srikanth

Hi, Salil. Just wanted to get a sense on the guidance, but I do not know if it has been asked. Despite a healthy TCV, why did you sort of narrow the guidance band? And secondly, this week, there have been a lot of talk about cyber-attacks because of AI. And half of these cyber vulnerabilities are being uncovered by employees or by agents. I just want to know what opportunity does Infosys see there in terms of securing systems for enterprises, and what are the challenges going forward? Thank you.

Salil Parekh

I will start on the guidance. Jayesh will have something more to add on it. So what we are seeing in the business today is very strong growth on AI, which was at 10.5%, growing at 29% quarter-on-quarter and very strong large deals with one mega deal at over $2 bn, which is contributing to our growth also into the next financial year.

That is then combined with what we see in terms of the AI productivity and competitive intensity in the market, plus, as Jayesh shared, what we are seeing in terms of the offshore ratios, which are changing with the changes in the US, India dynamic, plus what we see in terms of the choices we are making where in the case of particular contracts, we are extremely careful to take the ones that meet our economic thresholds and guidelines.

So, putting all of that together is where we put the margin guidance. Our attention really is to build out at a faster and faster pace the AI activity, which is going very well with regard to the Hexagon strategy that we have developed in each of the six areas and making sure that we are participating in the large and mega deals, which are business transformation deals underpinned with AI.

That is the sort of deal that we won where it was something that our teams proactively identified and pursued and then the client selected us. So that is the sort of work that we want to focus on. We know there will continue to be the productivity challenges that will go on, but those will go through in some time period. The AI is here for a very long time where we want to build a very strong foundation in that.

On the cyber part, the first thing, we have a strong cyber business where we are already working with several of our clients in working to use some of the frontier model capabilities to ensure that we are helping them to protect against or helping build agents which will protect against. Some of the ones that have come out this week, we have some defences for which we are sharing with our clients. If you recall, two or three months ago, there was another week or so where there was a lot of this coming up with the new frontier model that had come out. And the same thing we had been working very closely with that lab.

The one model before that, it was already with us, and we had built out the cyber defence with that. So, it is a strong part of our business. It is something that we are looking to scale up even more. We did a small acquisition, you may know, in the cyber in Australia a few quarters ago, which is also building out very strongly because that is helping us to do things in an ethical way to make sure that we can unearth the vulnerability that the clients are seeing with the agents with this approach that we are taking. So, we see some good growth in both of those areas.

Chandra Srikanth

A follow-up, Salil. Would you draw parallels with what is happening with cyber with what happened during Y2K in terms of the opportunity this opens up for Indian IT service providers? Will they take up the work of finding vulnerabilities in existing systems? And can it potentially become a very big business model?

Salil Parekh

So, I think the cyber one is a huge opportunity for Infosys. But the capabilities have to be very strong. So we need to make sure we have built our own capabilities, which are both agent-based and human-based combined and working with different frontier models, because each frontier model is unearthing different things on the application layer, which needs to be addressed in a different way. You may have seen in the recent ones where some of the government sites had to be redone and so on. So those are things that we are working on, which our teams have an understanding of, and it is a large opportunity. So, we think this will continue to be a growth area for Infosys.

Rishi Basu

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

Haripriya Suresh

Hi. Good evening, gentlemen. One on AI revenues, I wanted to understand, I mean, obviously, it is on a low base, but it is growing fast, and you have said that it will be half in the next two to three years. How realistic do you see it because of how much deflation is in your traditional services business? How do you see that play out?

And also after the PERM suspension and the changes that have happened with H-1B, do you see an increase in talent retention and hiring costs in the US generally? I mean, over the next couple of years, it might not be immediate, but as it goes forward. And on Hi-Tech and Retail, what exactly happened? Because Hi-Tech this quarter, I mean YoY has seen quite a fall as well. What happened in those particular verticals? Thank you.

Salil Parekh

So on the AI, my sense is the growth, I think, is quite exceptional in the way the AI is building out. And we see that being sustained. Now, you are absolutely right, it is on a low base. And it is a small amount, and so there will be some volatility, but still growing very nicely over the coming quarters. But it is not like every quarter will be exactly like the previous. There will be some volatility in that, on a small base.

I think what we are seeing and what our attention is on is making sure that we fully deploy and leverage that opportunity for our clients. And so, building out, for example, if you look at the partnership network that we have, every frontier lab we are working closely with and they are working closely with us. We are also working with open-weight model companies.

In Topaz fabric, there are 15 different models a client can take advantage of. We can do token cost optimization and, of course, capability. Meaning, even the way we are doing, let us say, legacy modernization, is changing quite quickly from what it was even 12, 18 months ago to what it is today. So, all of that is moving at a rapid pace and that is our attention.

The second piece of the attention is really on these large transformation mega deals, which we feel we are quite well-positioned on, where clients are coming to us, it is more something that our teams are working with them jointly and uncovering. It is not like an RFP that someone is responding to, and making sure that is an AI transformation mega deal.

Then the continuing of the AI productivity that is impacting the revenue also goes on, and that will carry on through the different parts of our portfolio. But at the end, that is for a finite time. Once it is done, the productivity through the portfolio will be done.

So that’s something that we have looked at internally, but we are making sure that our focus on AI growth is where our attention remains. All of that being said, that gives us more and more confidence that the way we are looking at it for AI is where the clients are going for. And that AI transformation is where we will work more and more.

A majority of the employees that we have in the US are local hires. So, we had already taken some steps several years ago, which had brought us to this position. So, we feel we have a good like a ratio in terms of bringing people on and in terms of cost efficiency. So, we do not see a change in that. We will continue to grow that as that evolves. Having said that, in the recent quarters, we have also seen our ratios changed between onsite and offshore.

Rishi Basu

Hi-Tech and…

Salil Parekh

I will start on that, so we have seen different client situations both on the Retail and both on the Hi-Tech. Hi-Tech, specifically in one. We do not see this across all of our industries. So, for example, in Financial Services or Energy Utilities, or Manufacturing, we see really strong growth and discretionary growth. However, in these two industries, we have seen some impact.

Haripriya Suresh

Across markets?

Jayesh Sanghrajka

So, I mean, I think both Hi-Tech and Retail, like Salil said, we had some discretionary-related ramp downs and some client-specific slowdowns in a way. Retail also was impacted because of the third party, we had a larger third-party component in the previous quarters, which on a Q-on-Q, therefore, shows up as a negative. So those were the impacts on both of that. I think from a geography perspective, it has been broadly similar across the geography, at least Retail, Hi-Tech has been more specific to the US.

Salil Parekh

US.

Rishi Basu

Thank you. The next question is from Beena Parmar from The Economic Times.

Beena Parmar

Hi, Salil. Just a follow-up on the cyber incidents. You know, you have large set of clients which are Fortune 500 companies and also in the public sector space. What is the level of preparedness that Infosys or companies like yours have? And do you also see IT budgets increasing given that you said that you will plan to scale it up further?

Secondly, on the deal wins, the two mega deals were in which sectors? And since you, despite the healthy wins, you still lowered the guidance, does it mean that the AI deflation is still continuing to impact and, you know, when do you see that really going away?

In terms of the hiring, besides the wage hikes, I think, you are still seeing some impact on the margins. Are you seeing any increase in employee costs, given that the hiring is changing, and also looking at more specialized hiring and, you know, does that really lead to employee cost going up in the next, say, few quarters?

Salil Parekh

So, on the cyber, I think there it is more a question of building out the capabilities that we are driving to and scaling that up and so that demand will continue. We, like all organizations, are well prepared sort of both internally and in terms of supporting our clients. But what we sort of share with our clients is these are things that are happening new every day. So, it is not something you can predict of what is the likely outcome, but it is better to be more prepared or also build out in these specific vulnerabilities, agents and agent plus human which can address them, which is being done for many clients. It is more a question of building out that capability.

Beena Parmar

IT budgets, will you have…

Salil Parekh

So, the budgets of our clients will go up, but at the end, it is not like it will go up in one place. It is not that overall will go up disproportionate, overall, will go up as a normal sort of a rate, but not disproportionately because also they need to manage their own budgets in a careful way.

On the large deals and the guidance, I think the question on productivity and AI deflation impact. I think we continue to see that, as Jayesh and I mentioned earlier, which is really multiple effects. One is the effect of the AI productivity which our clients are seeing. One is the effect that Jayesh also mentioned about how the on-site mix is changing. Another is the effect of the competitive intensity and how we have been, I would say, disciplined in taking on contracts which meet our economic guidelines and profiles. So, all of that comes together in this environment that creates what you call the AI constraints or the AI productivity.

But the more critical element really is the growth of the AI, because that is a secular trend which is here and the way we are now seeing it, this is a very fast pace of growth. And even with some volatility, you are going to continue to see a very good pace of growth over the next several quarters.

Beena Parmar

Compensating for the revenue growth, right? So, the traditional services growth. So, I mean, how long do you see this really lasting?

Salil Parekh

So, we have some internal views on what the mix of these two will be. But it is not something where we are more focused on what the reduction is. We are really much more focused on where the growth is, because that is going to stay for a very long time. Whether this stays for a short time or a long time, we know that with that growth, over time, we will see the overall business in a much better shape.

Jayesh Sanghrajka

And if I can just add to what Salil was saying, while our large deals have been very strong, historically, we have been on an average signing $3 bn of large deals. So that was always there in the guidance that we baked in even earlier. The two mega deals that we signed, one of that was renewal, the other one is a net new. And the net new is only going to ramp up from later part of Q4. So, in this year, there is going to be a very minuscule amount of benefit that you will get from that deal. But the next year, as Salil said earlier, it will, you know, contribute over 1% in our revenue.

Rishi Basu

Thank you. Hiring and employee cost, yes.

Jayesh Sanghrajka

So, look, we hire across the pyramid. As we have said earlier, even we are hiring at the bottom of the pyramid, which is the freshers, and we are going to hire 20,000-plus employees over the year. So, we are very conscious about what we are hiring and hiring the right talent to meet the right requirement. And if you are hiring at a higher cost, automatically -- generally, it reflects in the pricing. So, from that perspective, we do not really see a margin impact.

If you see last many years -- last couple of years, we have been able to maintain our margin at 21% despite all the headwinds while investing in the business, whether it is sales and marketing, whether it is talent building, AI talent or technology investment that we have done. So, we have been able to offset all of that through very meticulous operational rigor.

Rishi Basu

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

Shilpa Phadnis

As much as Indian IT companies are denying any impact on PERM residency, if you can help us understand, will it trigger a fresh wave of attrition for you in your primary market, client market? Secondly, will your subcon expenses go up substantially on this? And my second question is around as much as AI is driving productivity, do you think this will also lead to margins being squeezed in your existing contracts?

Salil Parekh

So, on the first one, I think overall attrition number that Jayesh shared is lower this quarter than the previous quarter in the range of 12% to 13%. We do not see any real impact on the attrition from any of those activities. Neither do we see like a cost impact because we already have within the US, a mix where the majority of the people are local hires. And that is something that has been in motion for several years. So that is something that we feel good about how we can bring in more people and how we can maintain delivery excellence with our clients with that sort of a team. The second one?

Shilpa Phadnis

On margins?

Salil Parekh

Yes. On the margin, I think what we see is there is a tremendous sort of desire from clients to have the AI create a benefit in terms of productivity for their activities, for their work that we do with them. And we know that many of those things, based on the investments we made, we can make it real for our clients. So given the investments we made in things like Topaz Fabric, we can make those benefits real for the clients while maintaining, as we have done over the last several quarters, the margin profile without doing any other activity below the line and so on.

We are very much focused on making sure that the productivity benefit we derive from AI and that it matches to what the clients are asking. Now there are sometimes asks that are much higher than what we can derive from the AI productivity, which is where we say that it does’nt fit our economic profile. So we are much more disciplined about that.

Shilpa Phadnis

Last question. As much as you are doubling down on GCCs, how far are you from $1 bn milestones? And second, it involves a lot of upfront investments from your side; people, software, takeovers. So, if you can help us understand where you are on that journey?

Salil Parekh

GCCs is an incredible growth area. I think this current phase, we announced, I think, just last week, a very large financial services client publicly discussing our work we have done with them on the AI GCC. So there, what is happening is many GCCs have been being built for many years by different companies. And in the last two, three years, there has been an increased push of the AI infusion into the GCC itself.

And that is where we have built an even stronger specialization where we can help if you have built the GCC five, seven years ago to help you to transform it and if you are building it now to help you to create it with that AI inside it, because the recruitment is different, the training is different. The type of people are different, the pyramids are different. So, we have an ability to build and scale that up and which is why clients are working with us more and more where the GCC business is growing quite nicely for us.

Rishi Basu

Thank you, Shilpa. The next question is from Poulomi Chatterjee from the Financial Express.

Poulomi Chatterjee

Good evening. I am just curious, I mean, you have underlined the high competitive pressure when it comes to large deals. Do you have any intention of entering the mid-market? There is some of your peers who are already turning their focus to the segment. And also with regards to your FDE team, you had shared a target of 6,000. Like I am curious what is the progress on this? And what proportion of your hiring do these roles comprise of currently?

Salil Parekh

On the first one, we typically work with companies, enterprises, organizations, which have a huge need for some level of technology transformation. It so happens that many of them are large organizations because they have complex needs. But even today and even in the past, we have always worked with organizations which are not only large, which can also benefit from these activities, and that will continue. So there are several examples of that, which are long-standing clients of Infosys.

The predominant focus is large companies because they have that large need for the tech transformation. On the FDEs, the progress is strong. We are also building the internal with the training, and we are also going with the external with the recruitment and it is progressing along. What I think we had shared was the 6,000 was over the multiple years, and that is exactly how the planning is going right now.

Rishi Basu

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

Uma Kannan

Hi good evening. Salil, you did speak about cyber security, but mine is very specific. This is regarding eMudhra breach. You are using eMudhra solutions, if I am not wrong. I think so. Though eMudhra said the incident has no connection with its e-sign services, what kind of measures are you taking? Can you explain a bit more about it? And will you be migrating to other certified providers in the wake of this incident?

Salil Parekh

So there, I do not have any specific comments on it right now. I have to look into it a little bit more depth and come back to you.

Uma Kannan

Okay. So, this is with regards to North America and India market. It is kind of your revenue, if I look at in Q2, it has come down. Any specific reasons? And how H2 will be for you in FY27?

Jayesh Sanghrajka

So, if you look at India, this quarter, the revenue has actually gone up. And typically, there is a little bit of a seasonality because one of our contracts, you do get revenue. It is related to the returns, etc., that is being filed in the quarter. The US has been softer over the last few quarters, and that is pretty much of the industry phenomena. The Europe and the rest of the market has been stronger.

And when you look at the growth from that perspective, US generally has that. And then there are nuances, like we said earlier, one of the sectors, which is Hi-Tech slowdown was from a specific client in the US because the client was looking at ramping down, etc. So, all of that does impact geographies.

Uma Kannan

One more question. Last time, you said 80,000 employees are working on coding tools. I mean, what is it happening now? Like are there any increase in numbers?

Salil Parekh

Yes. So that number is increasing. Also, what we are doing is the certification numbers are going up, the people who are getting trained are going up. Our partnerships with the frontier model companies are going up. So, the large two frontier models plus new ones, which are both cloud and frontier models plus the open-weight model companies, all of that is expanding. We had given that as like one example, but those numbers are all growing in the terms of the work we are doing.

Rishi Basu

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

Jas Bardia

Hi. Good evening. Just a couple of questions. So, if I look at the Q2 guidance that the company has issued this quarter, if we look at the guidance issued during the second quarter, it is, I think, the weakest in seven years for the full year, that is. If I do the math, it points towards the fact that the company might grow at its lowest pace in at least three years in FY27. So, in the short term, considering there are furloughs in the second half, the mega deal ramps up next year and also that there is pricing competition for large deals.

So, what is the company doing to sort of arrest this slowing growth? Second, with reference to your ambitions on the AI work in the next three years that Infosys expects to get, do you expect a lot of this AI spending to come from -- to be net new? Or do you expect it to come from existing IT budgets? If you can just throw a little more light on that? And second, in continuation to this question, what will the impact be on the company's margins?

Salil Parekh

So, on the first, I think what we are doing in terms of where the attention is in revenue and growth is focused essentially on what we are seeing as the large opportunity for AI services. We shared a few months ago that this opportunity is approximately $300 bn addressable market. We identified six broad areas. And then we started to make sure that we invest in building the capability, training our people and building the partnerships to make that whole ecosystem work, the foundation of which is Fabric.

Then that growth is now looking very good. So that part is moving quite well. What we are also seeing, as you pointed out, is that there is the AI productivity benefits that clients are looking at, and that is also impacting other parts of our business. So, we want to make sure that the first continues to grow well, and we continue to be the leaders with investment.

And the second, we want to make sure that we have the tools to support it because at the end, it is a finite process because once you finish with all the work that you are doing through productivity, it is done. And so that is important. But the real critical thing is where does the AI growth go, because that is where the leadership comes in terms of what the market and what the clients are looking for.

And so that is the way we are looking at it. We will see over time how this develops. The other point that we are focusing on is what you described the mega deals, the large deals because there, where we are doing business transformation, AI-led work, other consolidation, other cost work, that is work that gives us more support for the future in terms of the growth, which is what we shared that this mega deal will give us -- it is estimated to give us about 1% of growth next year.

So, there are two big dimensions, AI, which is a very long-term secular trend. The mega deals, which we have a unique positioning on because we believe with the business transformation and something which we can help craft that we are well positioned. And then, of course, there is the finite amount, which will go through in the productivity.

Jas Bardia

So the impact on margins?

Salil Parekh

On the margins, what I think we have done is the program that we started some years ago that Jayesh has led, which is working very well. That is part of the reason that we have maintained our margin. In fact, last year, I think we increased our margins from that. And there is a continuous attention upon making sure that we are taking contracts from clients which meet our economic guidelines.

So that has obviously an impact that we do not take every contract, but it also has the impact that our margins are better protected. And therefore, you see, I would say, fairly consistent margin over the last several quarters even as the industry has seen some wobbles. And we have a very strong cash flow generation machine, which has produced this quarter over $900 mn. So that is like more supporting of the fact that our margin is a real margin.

Rishi Basu

Thank you, Jas. The next question is from Sanjana from The Hindu Businessline.

Sanjana B

Good evening, gentlemen. Can you give us an update on the North America market? I think it has seen some softness during the quarter. Any factors to sort of explain this? And also, Jayesh, you mentioned that you are ramping up your offshore presence. Can you talk a little bit about that? Which countries are you exploring?

And recently, many smaller GCCs in India have shut shop because of issues related to scaling. Have you seen instances where a lot of these companies have come back to outsource their work to IT services companies like yourself? Thanks.

Salil Parekh

So, let me start with the second one and then the geography and margin, Jayesh will answer. On the GCCs, I think our approach has been to work with the GCCs to help them scale up, do a big AI transformation or build the new AI ones as they are coming online. There have been companies that, as you mentioned, are looking to do something different with their GCCs, and we are also in discussions with some of those where we can either help them or either we can take them and transform them. And those are ongoing discussions that are there.

Jayesh Sanghrajka

On the segments, if you look at North America, as I said earlier, there have been certain segments which were impacted because of the lower discretionary spend and the client-specific ramp downs that were mainly from North America, and therefore, you see a softness in North America. At the same time, other segments like Europe and rest of the world has done really well for us. So that is a balance there. In terms of offshoring, most of our offshoring is to India. We do use some of the nearshore locations at times Mexico, Canada, etc. But when we talk about offshoring, it is always towards India.

Rishi Basu

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

Rukmini Rao

Sure, thank you. Jayesh, one, if you are looking at the cost of technical subcontracting probably from H1 of last year to H1 of this year, it is about 15%, 16% or so increase. So, would it be fair if we are to look at the AI growth story at Infosys, would a lot of this be fair enough to sort of infer that it is from AI-related technical sub costs that are coming up?

Jayesh Sanghrajka

No. On the contrary, technical subcontractor as a percentage of revenue has remained in the range of 8.9% of the revenue for most of the year, last year as well as this year. So, it has been between 8% to 9% of the revenue, and we expect it to remain in the same range.

Rukmini Rao

But Jayesh, just to understand, if the subcontracting costs are going up and if this is related to AI kind of deals that you may require, what I wanted to understand is if you are actually training a lot of people on the AI side, where is this, you know, the need of expertise coming in from? And if Infosys has to fill this gap, would you be -- looking at probably an acquisition, which might be a lot more sensible if there is a long-term kind of engagement that you would be looking at?

Jayesh Sanghrajka

No. So look, subcontractors for us has been in this range for a long period of time. There are multiple reasons why it is because at times, you need certain skills in certain geography for a short period of time, right? At times, you need certain skills immediately by the time you ramp up the projects and -- or you hire the people, there is a lead time to hire people, but the client expects somebody to be on the project immediately. And then you get subcontractors, deploy them on the project.

And then over a period of time, once you hire somebody, you replace that. So that is a process that goes and it is a whole planning cycle that goes behind how and what kind of subcontractors need and where are they needed. And that is it. I do not think it is so much about only AI, which has led to the subcontractor. It has been there even a pre-AI days, our subcontractor has been between around 8% for a long period of time.

Rukmini Rao

Overall, Salil, if you have to look at future, do you see AI projects coming up in better margins for you given that one of your peers already said that AI projects are coming at a better margin for them. So just to understand how you stand.

Salil Parekh

So, I do not know about the other comment. But for us, the margin of the AI versus the non-AI, we are not externally sharing. However, the overall margin of the company is very high. And so you could see some people whose margins are low overall might have a different view.

Rishi Basu

Thank you, Rukmini. The next question is from Pooja Patil from Businessworld.

Pooja Patil

Good evening. There is definitely an AI-related revenue growth that we are seeing. But I wanted to understand that how much of this represents genuinely incremental business rather than existing services being reclassified or replaced by AI-led delivery. Also, is AI beginning to put pressure on the traditional billing and pricing models? And one more question with regard to dividend is that what factors determine this INR26 interim dividend, particularly with the company lowering its revenue growth? And how is Infosys balancing shareholder returns with investments in AI capabilities, acquisitions and talent?

Salil Parekh

I think what we see on that is that the AI revenue growth continues with a lot of strength. It is not something which is replacing what we have. There is a lot of new work that we are doing. For example, one of the areas among those six which are growing well is where we do work on modernizing a client's environment using AI capability. That is new work. It is not that that was something that we were doing in the past. And so the approach we have taken is the work has to fit into one of those six areas, and that is the work then that we share outside at this 10.5%, which is growing quite well.

Pooja Patil

The dividend one. What factors led to this much? And how is the company planning, especially with the lowering revenue growth?

Jayesh Sanghrajka

So, I think if you look at our capital allocation policy that we rolled out almost two years back, we had very clearly said that 85% of the free cash flow that we generate, we will return back to shareholders over a five-year period. It will be a combination of dividend and buyback. And within that, it will be a progressively increasing dividend. So, we have already committed what is the money that we will pay back to shareholders over a five-year period, right? And we are executing on that.

Last year's final dividend was INR25, and therefore, we have increased that from that to INR26 now. And we are just executing on that at this point in time. We have had a robust cash flow generation, as Salil said. So, all of that is reflecting in the increasing dividend that the Board has recommended.

Rishi Basu

Thank you. With that, we come to the end of this press conference. Thank you, our friends from media. Thank you, Salil. Thank you, Jayesh.

Before we conclude, please note that the archived webcast of this press conference will be available on the Infosys website and on our YouTube channel later today. Please join us for some high tea outside. Thank you and have a very good evening.

Exhibit 99.4

Fact Sheet

Revenue Growth- Q2 27

	Reported	CC
QoQ growth (%)	1.2%	1.2%
YoY growth (%)	1.3%	1.5%

Revenues by Business Segments

(in %)

	Quarter ended			YoY Growth
	Sep 30, 2026	Jun 30, 2026	Sep 30, 2025	Reported	CC
Financial Services	28.0	27.9	27.7	2.3	2.1
Manufacturing	16.0	15.9	16.5	(1.4)	(0.7)
Energy, Utilities, Resources & Services	14.2	13.4	13.4	7.4	7.3
Retail	11.5	12.8	12.7	(8.1)	(7.7)
Communication	12.5	12.0	12.1	4.4	4.1
Hi-Tech	6.8	7.7	8.3	(17.5)	(17.3)
Life Sciences	8.4	8.0	6.4	32.5	32.5
Others	2.6	2.3	2.9	(7.4)	(4.7)
Total	100.0	100.0	100.0	1.3	1.5

Revenues by Client Geography

(in %)

	Quarter ended			YoY Growth
	Sep 30, 2026	Jun 30, 2026	Sep 30, 2025	Reported	CC
North America	54.6	56.4	56.3	(1.6)	(1.5)
Europe	32.5	32.1	31.7	3.9	4.6
Rest of the world	10.1	9.0	8.9	15.1	10.9
India	2.8	2.5	3.1	(10.5)	(3.5)
Total	100.0	100.0	100.0	1.3	1.5

Client Data

	Quarter ended
	Sep 30, 2026	Jun 30, 2026	Sep 30, 2025
Number of clients
Active	2,060	2,027	1,896
Added during the period (gross)	142	155	118
Number of Million dollar clients^
1 Million dollar +	1,048	1,026	1,012
10 Million dollar +	322	333	322
50 Million dollar +	87	85	85
100 Million dollar +	42	41	41
Client contribution to revenues
Top 5 clients	12.2%	12.1%	13.0%
Top 10 clients	19.8%	19.9%	20.7%
Top 25 clients	34.0%	33.9%	35.2%
Days sales outstanding^	64	63	71

^

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
	Sep 30, 2026	Jun 30, 2026	Sep 30, 2025
Effort
Onsite	22.6	22.8	23.2
Offshore	77.4	77.2	76.8
Utilization
Including trainees	81.9	82.1	82.2
Excluding trainees	85.4	84.9	85.1

Employee Metrics

(Nos.)

	Quarter ended
	Sep 30, 2026	Jun 30, 2026	Sep 30, 2025
Total employees	332,542	328,062	331,991
S/W professionals	314,508	310,039	314,500
Sales & Support	18,034	18,023	17,491
Voluntary Attrition % (LTM - IT Services)	12.7%	13.0%	14.3%
% of Women Employees	39.8%	39.6%	39.5%

Cash Metrics

In US $ million

	Quarter ended
	Sep 30, 2026	Jun 30, 2026	Sep 30, 2025
FCF⁽¹⁾	928	955	1,101
Consolidated cash and investments⁽²⁾	4,720	3,916	6,173

In ₹ crore

	Quarter ended
	Sep 30, 2026	Jun 30, 2026	Sep 30, 2025
FCF⁽¹⁾	8,898	9,051	9,677
Consolidated cash and investments⁽²⁾	45,232	37,065	54,809

⁽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⁾

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	Sep 30, 2026	Sep 30, 2025	Growth % YoY	Jun 30, 2026	Growth % QoQ
Revenues	5,145	5,076	1.3%	5,082	1.2%
Cost of sales	3,547	3,516	0.9%	3,482	1.9%
Gross profit	1,598	1,560	2.4%	1,600	-0.1%
Operating expenses:
Selling and marketing expenses	260	254	2.4%	270	-3.7%
Administrative expenses	259	241	7.5%	258	0.4%
Total operating expenses	519	495	4.8%	528	-1.7%
Operating profit	1,079	1,065	1.3%	1,072	0.7%
Operating margin %	21.0	21.0	0.0%	21.1	-0.1%
Other income, net of finance cost	77	100	-23.0%	91	-15.4%
Profit before income taxes	1,156	1,165	-0.8%	1,163	-0.6%
Income tax expense	337	325	3.7%	343	-1.7%
Net profit (after non-controlling interests)	817	839	-2.5%	819	-0.2%
Basic EPS ($)	0.20	0.20	-0.3%	0.20	-0.3%
Diluted EPS ($)	0.20	0.20	-0.2%	0.20	-0.3%
Dividend per share ($)⁽¹⁾	0.27	0.26	13.0%	–	–

⁽¹⁾

Dividend Growth (%) calculated in INR terms.

Consolidated Statement of Comprehensive Income for six months ended,

(Extracted from IFRS Financial Statement)

In US $ million, except per equity share data

Particulars	Sep 30, 2026	Sep 30, 2025	Growth %
Revenues	10,227	10,018	2.1%
Cost of sales	7,028	6,933	1.4%
Gross profit	3,199	3,085	3.7%
Operating expenses:
Selling and marketing expenses	531	512	3.7%
Administrative expenses	517	480	7.7%
Total operating expenses	1,048	992	5.6%
Operating profit	2,151	2,093	2.8%
Operating margin %	21.0	20.9	0.1%
Other income, net of finance cost	168	210	-20.0%
Profit before income taxes	2,319	2,303	0.7%
Income tax expense	680	654	4.0%
Net profit (after non-controlling interests)	1,637	1,647	-0.6%
Basic EPS ($)	0.40	0.40	1.7%
Diluted EPS ($)	0.40	0.40	1.7%
Dividend per share ($)⁽¹⁾	0.27	0.26	13.0%

⁽¹⁾

Dividend Growth (%) calculated in INR terms.

Consolidated Statement of Comprehensive Income for three months ended,

(Extracted from IFRS Financial Statement)

In ₹ crore, except per equity share data

Particulars	Sep 30, 2026	Sep 30, 2025	Growth % YoY	Jun 30, 2026	Growth % QoQ
Revenues	49,244	44,490	10.7%	48,211	2.1%
Cost of sales	33,943	30,800	10.2%	33,033	2.8%
Gross profit	15,301	13,690	11.8%	15,178	0.8%
Operating expenses:
Selling and marketing expenses	2,489	2,224	11.9%	2,568	-3.1%
Administrative expenses	2,482	2,113	17.5%	2,447	1.4%
Total operating expenses	4,971	4,337	14.6%	5,015	-0.9%
Operating profit	10,330	9,353	10.4%	10,163	1.6%
Operating margin %	21.0	21.0	0.0%	21.1	-0.1%
Other income, net of finance cost	733	876	-16.3%	865	-15.3%
Profit before income taxes	11,063	10,229	8.2%	11,028	0.3%
Income tax expense	3,225	2,854	13.0%	3,253	-0.9%
Net profit (after non-controlling interests)	7,823	7,364	6.2%	7,769	0.7%
Basic EPS (₹)	19.32	17.76	8.7%	19.19	0.6%
Diluted EPS (₹)	19.30	17.74	8.8%	19.17	0.7%
Dividend per share (₹)	26.00	23.00	13.0%	–	–

Consolidated Statement of Comprehensive Income for six months ended,

(Extracted from IFRS Financial Statement)

In rupee symbol crore, except per equity share data

Particulars	Sep 30, 2026	Sep 30, 2025	Growth %
Revenues	97,454	86,769	12.3%
Cost of sales	66,975	60,025	11.6%
Gross profit	30,479	26,744	14.0%
Operating expenses:
Selling and marketing expenses	5,057	4,431	14.1%
Administrative expenses	4,928	4,156	18.6%
Total operating expenses	9,985	8,587	16.3%
Operating Profit	20,494	18,157	12.9%
Operating margin %	21.0	20.9	0.1%
Other income, net of finance cost	1,597	1,813	-11.9%
Profit before income taxes	22,091	19,970	10.6%
Income tax expense	6,478	5,670	14.3%
Net profit (after non-controlling interests)	15,592	14,285	9.1%
Basic EPS ()	38.51	34.47	11.7%
Diluted EPS ()	38.46	34.41	11.8%
Dividend per share ()	26.00	23.00	13.0%

As the quarter and six months ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarter might not always add up to the six month ended figures reported in this statement.

Exhibit 99.5
Press Conference

Infosys Limited

Q2 FY27 Earnings Conference Call

October 23, 2026

CORPORATE PARTICIPANTS:

Salil Parekh

Chief Executive Officer and Managing Director

Jayesh Sanghrajka

Chief Financial Officer

Sandeep Mahindroo

Financial Controller and Head Investor Relations

ANALYSTS

Kumar Rakesh

BNP Paribas Mutual Fund

Bryan Bergin

TD Cowen

Yogesh Aggarwal

HSBC Securities

Surendra Goyal

Citi

Jonathan Lee

Guggenheim

Ankur Rudra

JPMorgan

James Friedman

Susquehanna International

Vibhor Singhal

Nuvama Institutional Equities

Gaurav Rateria

Morgan Stanley

Sandeep Shah

Equirus Securities

Keith Bachman

BMO & Company

Moderator

Ladies and gentlemen, greetings, and welcome to Infosys Limited Q2 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 touch-tone 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

Hello, everyone, and welcome to this earnings call to discuss Infosys Q2 FY27 results. Joining us on this call is CEO and MD, Mr. Salil Parekh; CFO Mr. Jayesh Sanghrajka, along with other members of the leadership team. We will start the call with some remarks by Salil and Jayesh on the performance of the company, subsequent to which we will open up the call for questions.

Please note that anything we say that refers to our future outlook is a forward-looking statement that must be read in conjunction with the risk that the company faces. A complete 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 Salil.

Salil Parekh

Thanks, Sandeep. Good evening and good morning to everyone on the call. Thank you for joining us.

Our revenue growth for Q2 was at 1.5% YoY and 1.2% sequentially in constant currency terms. Our AI revenue was standout at 10.5% of our total revenue, growing 29% sequentially. Last quarter, it was at 8.2%.

Our large deals were another standout at $5.2 bn for the quarter. This includes two mega deals. One of these mega deals was for over $2 bn with a large international company for a period of seven years and it is net new. This deal is expected to contribute over 1% of revenue growth in the coming financial year. The second mega deal was for $1 bn for a renewal. The large deal pipeline is healthy and includes some other mega deals.

Operating margin was stable at 21%. Free cash flow was strong at $928 mn for the quarter.

As enterprises adopt AI at scale, another quarter of strong growth in AI revenues is a recognition of our differentiated market positioning and client confidence. We are advising large global enterprises on their AI strategy and continue to invest in deep domain and technology capabilities to bring new ideas and an integrated ecosystem to help businesses unlock AI value at scale.

A premier food services company was processing over 10,000 invoices a day across siloed systems, which made approval, disputes and payment tracking difficult. The new solution had to leave existing legacy systems running undisturbed. We used AI to turn business requirements directly into working software and built a single invoicing platform alongside the old systems. The result was 40% faster time to market, 80% less rework and 30% more defects caught before go-live.

In another example, by embedding AI agents into the software modernization lifecycle, we helped an education technology company modernize its aging platform with significantly lower risk and effort, achieving 40% effort reduction and a production ready solution.

As an ecosystem integrator, we continue to work closely with frontier model companies, including both open weight and closed models. Our deep investments in Topaz Fabric help our clients seamlessly navigate between models to ensure token optimization and value realization.

Infosys continues to gain market share, especially where economics of the program is aligned to the stakeholder interest. We remain the preferred AI strategy and deployment partner for our top clients. As AI remains central to enterprise transformation in the years ahead, Infosys is well positioned to help navigate this shift.

Based on our Q2 performance and revised outlook for the rest of the year, our revenue growth guidance is 1% to 2% YoY 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 comments.

Jayesh Sanghrajka

Thank you, Salil. Good morning, good evening, everyone and thank you for joining the call today. Let me begin with some comments about the broader environment. Client spending remains cautious, reflecting geopolitical tensions, inflationary pressures and shifting technology priorities. Selective discretionary spend also tempered the usual Q2 seasonal growth.

Against this backdrop, the key outcomes for the quarter were -

Revenue growth was below our expectations, while AI first revenue now accounts for 10.5% of our revenues. Operating margin was at 21%. Free cash flow was at $928 mn, representing 113% of net profit, large deal wins were at $5.2 bn with 62% net new.

Let me now turn to performance drivers and what it means for our outlook.

Q2 revenues were $5,145 mn, an increase of 1.2% sequentially and 1.5% on YoY in constant currency terms. Acquisition contributed approximately 0.4% to sequential growth. Growth was below our expectations, volumes were softer and price increases were lower than anticipated amidst high competitive intensity.

Q2 AI revenue is now 10.5% of total revenue with strong sequential growth of over 29%. Clients are expanding enterprise wide AI adoption and we are investing in Topaz capabilities and partnerships to support this opportunity.

H1 revenue growth was at 1.9% in constant currency terms and 2.1% in reported terms.

We won 19 large deals in Q2 with a TCV of $5.2 bn, which is second highest quarterly TCV in the last five years. Of this, 62% was net new. This includes an entirely net new $2 bn plus seven year mega deal with a financial services client. Transition is expected to begin in the second half of Q4. This deal is expected to contribute over 1% growth for the company in FY28. We also renewed a $1 bn mega deal with an existing financial services client.

Vertical wise, we won seven deals in Financial Services, five in Manufacturing, two each in Communications, EURS, Life Sciences and one in Hi-Tech. Region-wise, we signed nine deals each in North America and Europe and one in Rest of the World. This takes H1's total large deal wins to $8.8 bn, which is a YoY growth of 28% with 62% net new. This will lay a solid foundation for future growth.

Q2 operating margins were at 21%, decline of 0.1% sequentially.

Major components of the changes are as below:

Headwinds of

-

70 bps from sequential change in post-sales customer support,

-

20 bps additional impact from acquisitions due to one month of additional consolidation,

offset by tailwinds of

-

40 bps of rupee depreciation,

-

20 from Project Maximus and

-

20 bps from higher calendar and working days

Additionally, normalization of 40 bps impact from EURS program terminated in Q1 was offset by lower realization due to high competitive intensity.

For H1, operating margin stood at 21% at the midpoint of our guided range.

Onsite mix reduced further to 22.6%, reflecting our sustained efforts to help clients achieve cost reductions. For H1, onsite mix was down by 0.7%. Utilization, including trainees improved by 0.5%, sequentially to 85.4%, demonstrating continued operational focus. Utilization, excluding trainees decreased to 81.9% due to fresher intake.

Net headcount increased by about 4,400 employees. We hired about 13,000 freshers in H1 in line with our target of approximately 20,000 for FY27.

As mentioned last quarter, we are rolling out compensation hikes to most of our employees effective October '26, with the next phase effective January '27. Attrition reduced to 12.7% versus 13% sequentially.

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

Q2 yield on cash investment balance was at approximately 6.9%.

DSO for the quarter was 64, down by seven days compared to DSO last year. DSO, including unbilled net of unearned was 77 days, down by 10 days as compared to last year.

Free cash flow generation was strong at $928 mn at 113% of net profit. We ended the quarter with cash and cash equivalents at $4.7 bn and a debt-free balance sheet.

EPS for the quarter stood at `19.32, up 8.7% on a Y-on-Y basis. H1 EPS stood at `38.51, a double-digit growth of 11.7%.

The Board has announced an interim dividend of `26, an increase of 13% compared to last year.

Coming to verticals,

We had robust large deal signings in Financial Services of more than $3.5 bn in Q2 and saw growth momentum across global and regional banks, cards and payments, capital markets and Europe. Mortgage sector is expected to see a slowdown due to increased rate hike expectation. Clients are prioritizing modernization and AI initiatives focused on cost efficiency and enhanced customer experience. They are also increasingly moving from AI experimentation to enterprise wide adoption with Infosys being the preferred AI partner across vast majority of our top clients. While geopolitical and interest rate uncertainty continues to drive cautious spending, strong deal wins and a healthy pipeline positions us well for sustained growth.

Manufacturing continues to face near-term pressures, including lower revenue from a large client. Middle East conflict, inflation and tariffs are constraining discretionary spend and extending decision cycles. Competitive intensity remains high, particularly around AI led productivity commitments. We are helping clients navigate uncertainty by driving initiatives across supply chain visibility, more efficient factories and better process. Clients are relooking at the partners across the value chain, leading to vendor consolidation opportunities.

EURS segment continues to see stable demand with client spending concentrated on targeted, high impact programs rather than broad based discretionary initiatives. Cost optimization, vendor consolidation, core modernization and AI led transformation remains key priorities. While competitive intensity remains high, we are investing in sales and domain capabilities and leveraging differentiated AI led solutions to improve conversions. Large deal pipeline has grown significantly in last one year, which provides future growth visibility.

Sequential growth in Retail segment was primarily impacted by lower third-party revenues. Additionally, subdued environment and macro uncertainty resulted in soft consumer demand, which has led to ramp-downs in some clients. Consumer tech and Logistics are most impacted on account of supply chain disruptions. However, there are opportunities around large cost take-outs as well as transformation programs towards AI. Expectations for AI-led productivity commitments are increasing competitive intensity and reshaping commercial model.

Communications segment is witnessing a challenging demand environment with clients maintaining tight control over discretionary spend and prioritizing cost efficiency. AI led driven productivity expectations are putting pressures on pricing and delivery model. While cost take-outs and vendor consolidations remain the primary drivers, some opportunities are emerging in transformation, legacy modernization and AI-led program. We are strengthening domain capabilities and execution speeds to help clients scale AI and capture these opportunities.

Hi-Tech segment was impacted by lower third-party revenues as well as reduced spend in a few large clients due to cost pressures emanating from budget cuts. Clients remain focused on cost control with hardware spending constrained by macro uncertainties.

We are revising our full year revenue growth guidance to 1% to 2%, reflecting softer-than-expected H1 performance and our updated assessment for the rest of the year. The lower end assumes further deterioration in macro while the upper end assumes improvement. FS and EURS are expected to grow higher than the company average. Our assumptions regarding acquisitions, the large deal European manufacturing client and the shift towards offshore delivery remains broadly unchanged.

Our operating margin guidance is 20% to 22%. H2 margins will be impacted by compensation hikes, softer revenue seasonality, continued sharing of AI driven productivity benefits and ramp-up of large deals. These headwinds will be partly offset by initiatives under Project Maximus.

In summary, while growth in the first half was lower than expectations, deal signing during the period and a strong large deal pipeline with few mega deals provide a solid foundation for future growth.

With that, we can open up for the questions.

Moderator

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one or the touch-screen telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.

The first question is from the line of Kumar Rakesh from BNP Paribas. Please go ahead.

Kumar Rakesh

Hi. Good evening. Thank you for taking my question. My first question was, this year, understandably, you had multiple impacts from macro economy, offshoring and client-specific issues as well. As we go into the next year now, especially with the large deal also which you announced, there hopefully will be no large offshoring impact the way it is having this year. We will have additional contribution from the mega deal as well.

Now assuming ceteris paribus, I am assuming everything else being equal is a great way of building model, but a terrible way of planning our business. But just humor me for a minute. Based on the deals that you have locked in so far and the visibility that you have on the flux of your existing deals, do you think you can see next year organic growth, which is flat this year? Do you see some recovery? The purpose of this question is not for you to give a guidance or anything next stage. Just to understand if the headwinds are still emerging or you think that we are largely past them?

Salil Parekh

Hi, Rakesh, this is Salil. I think we feel with the two big movements of this quarter, first on the AI, which is looking very strong at 29% growth quarter on quarter. And that builds on something that has been going on, strong growth over the last few quarters. And the mega deal win that we shared, which gives us support for next year, plus the pipeline that we see on the mega deals and large deals overall, we feel good that the organic business (Editor’s comment) will be in a good shape in next year.

Kumar Rakesh

Thanks, Salil, for that. Next question, second question was around margin. So we are consistently running a high level of subcontractors. So what is the business need to run this at a higher level? And what is stopping us to bring it down to the pre-COVID levels, which used to be about 6 percent?

Jayesh Sanghrajka

If you look at what we have been directing is - there is an endeavor to bring our subcontractor cost down over a period of time. It has come down and then slightly it has inched up again on , it is a factor of at what utilization you are at, what the volume growth comes in, what kind of skills that you need and what geography that you need, right? And sometimes, some of these programs where you need them, maybe short term, immediate kind of a demand, and that is why the subcontractor comes in. But our endeavor is to keep it in a tap, keep it within a broad band, and that is where we are right now.

Kumar Rakesh

Thanks, Jayesh. So my understanding is right, if I see that it is a trade-off between higher -- running higher utilization and running higher subcontracting cost. And may not necessarily be margin accretive if we bring that down also.

Jayesh Sanghrajka

If you are able to bring the subcontractor down by 1%, we have stated in the past, it gives you around 15 bps to 20 bps on margin. So yes, to that extent, there is opportunity, but it will never come down to zero. So even in the best years, we have been in the range of 5%, 6%. So that is the delta that we have here.

Kumar Rakesh

Thanks a lot for answering my questions.

Moderator

Thank you. Next question is from the line of Bryan Bergin from TD Cowen. Please go ahead.

Bryan Bergin

Hi. Good evening, thank you. I was hoping to isolate what changed most in the growth guidance revision versus last quarter? So you gave a lot of details. You talked about volume and price. Hi-Tech and Retail as verticals that have seen pressure. But if we look at the midpoint of the growth guidance for 2027, can you unpack what may be most different, by like the largest drivers?

Jayesh Sanghrajka

Hi, Bryan, so if you look at the last couple of years, we have been getting a price increase or RPP increase as we call it. If you look at what we are seeing today is a pricing pressure on the back of competitive intensity, which has increased in the last couple of quarters. And therefore, that pricing expansion that we are expecting at the beginning of the year has not materialized. So that is one impact for sure.

We saw softer than expected revenue growth or a volume growth in the quarter. So that was the second reason. And slower discretionary spend in some of the sectors, especially the Retail and Hi-Tech that we called out. So those are the three specific reasons that led to lower than our expected revenue in this quarter.

Again, when you look at the overall guidance for the year, I would want to remind that there were certain factors that impacted our overall revenue when you compare that to the rest of the peers. We expect a lower revenue from offshoring. There was a large deal that we walked out of or we did not pursue because it did not meet our return expectations. So those were the things that impacted our overall guidance even at the beginning of the year and as we continue to deliver this year, both of them put together were in the range of 1.8% to 2% impact for the year. So that is the overall guidance in my mind.

And as we look forward, like Salil said, we have a strong deal pipeline with a couple of mega deals in it. We have already signed $5.2 bn with 62% net new. So that gives us a stronger belief in the year that we see coming up.

Bryan Bergin

Okay. That is helpful, thank you. And then my follow-up is on the AI driven productivity. So, when we think about a like for like basis, would you say that has worsened since the start of the fiscal year, meaning clients are demanding more productivity in just the past six months? Or is it more so just getting more prevalent across your client portfolio as AI programs scale?

Salil Parekh

Hi, this is Salil. I think what we see is the effect or the expectation on the productivity is about similar. And we also see some parts of our portfolio have already been exposed to it and others are getting exposed to it. There is a broader uptick, as AI revenues has also gone from 8% to 10%, there is just more awareness of this, especially in some industries, and so we see that coming into play, but the intensity does not seem to have changed.

Bryan Bergin

Okay. Thanks a lot. Thank you.

Moderator

Thank you. Next question is from the line of Yogesh Aggarwal from HSBC Securities. Please go ahead.

Yogesh Aggarwal

Hi. So, just a couple of questions. Firstly, you guys did well in Banking, and it is been a similar result from most companies and Hi-Tech has been weak. So how to read this for you and at the sector level because both these sectors are leading tech adopters. So, is this the second round of deflation at Hi-Tech? And can it spread to other sectors or Banking strength is more relevant and a positive for other sectors?

Salil Parekh

So, what we saw there is, first, Banking, Financial Services has done well. Then we have Energy Utilities, has done well. Then we have parts of Manufacturing, what we also saw in Healthcare. So, it is a broader base multiple sectors, which are looking quite strong. And then we have Hi-Tech, which essentially, I would say, for the most part is focused on one client in the US. And then we have Retail, which is seeing a change in the segment vis-a-vis the client footprint that we have.

So, we see actually there is a lot more industries or sectors, which are showing good traction, good adoption of the AI and also good discretionary like financial services, energy utilities. And we think that, that is more of what is likely to happen across the entire set of industries.

Yogesh Aggarwal

Got it. And just a quick one. Just, I know it is less relevant now, but for the next two quarters, now only five months are less. So, any potential risk to the midpoint of the guidance or any push pulls you can talk about?

Jayesh Sanghrajka

So, as you know, we are entering the seasonally weaker part of the year. There will be furloughs that will impact the H2, there will be lower working days and all of those implications and all of those impacts. So that will definitely be there. And like always, we do not have one model that leads to guidance.

There are always multiple models that leads to multiple points of the guidance. At the lower end of the guidance, we have baked in higher uncertainty at the upper end of the guidance, we have baked in an improvement in the environment. At this point in time, we cannot really say where we will end up. I mean that is on how things play out.

Moderator

Thank you. Next question is from the line of Surendra Goyal from Citi. Please go ahead.

Surendra Goyal

Yes. Hi, good evening. Could you just talk a bit about the nature of work in this net new mega deal? And does it also have any margin implications during the ramp up phase? Thanks.

Salil Parekh

So there, what we are seeing is, it is a business transformation opportunity where we are really using AI to make sure that all of the tech and ops work is better serviced. The approach is really taking some real benefits from AI to apply into it. This was a situation where our teams worked directly with the client teams to shape how this is being developed in terms of the opportunity and the resulting deal itself. We do not see any real margin impact on the transition in this year at all on this one.

Surendra Goyal

Okay. And does it involve asset and people take over as well?

Jayesh Sanghrajka

So, there are no asset takeovers. There will be some people takeover. Again, we do not really give too much details deal by deal. But yes, on an overall basis, there are no asset takeovers.

Surendra Goyal

Understood. Thank you.

Moderator

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

Jonathan Lee

Great. Good evening and thanks for taking for my question. This quarter, currency and working days contributed about 60 bps while Maximus contributed only 20 bps. With the October and January wage hikes, acquisition amortization and continued pricing pressure hitting the back half, what would keep fiscal '27 margins above the 21% midpoint? And what would push it below? And how much runway is left on Maximus? And if those savings slow, which other levers can hold margins near that midpoint?

Jayesh Sanghrajka

So Jonathan, if you look at what we have delivered over the last multiple years, we have been able to run the ship with a steady margins. FY25, we had an expansion on margin, in FY26 and H1 of FY27, we have been able to maintain the margins at 21% despite investing in business, whether it is sales and marketing, whether it is building our AI talent, our investment in technology. And all of that we have assumed and absorbed within the margin that we have declared.

Having said that, if you recall at the beginning of the year, I did call out that the acquisition that we have made will have 50 bps impact on our margins overall. So that is an headwind from a full year perspective. As we look forward in the H2, we will have compensation rollout, a large part of that will be effective October and the second phase will be effective January.

So we have headwinds coming from compensation. We have headwinds coming from acquisition-related amortization, etcetera, the seasonally slower part of the year. So yes, we will be able to partially offset that through Project Maximus. But at this point in time, for the year, we are very confident of the guidance that we have given.

Jonathan Lee

That is good color. Thank you. And then on the verticals, look, Hi-Tech and Retail both softened this quarter. Obviously, Hi-Tech tied to a US client ramp down, Retail hurt by lower discretionary spending and smaller third-party. Can you size each impact and say whether it is fully run through? Or should we expect further ramp downs in the back half? And do you see the weakness spreading to other clients in either sector? Or is it isolated?

Jayesh Sanghrajka

So Jonathan, we do not really give a vertical specific guidance or forecast from that perspective. At this point in time, what we have guided for is 1% to 2% on an overall basis in terms of revenue growth for the year.

Jonathan Lee

Got it. Thank you.

Jayesh Sanghrajka

And just to clarify the impact of all the headwinds that we see has been baked in, in the guidance.

Jonathan Lee

Excellent color.

Moderator

Thank you. Next question is from the line of Ankur Rudra from JPMorgan. Please go ahead.

Ankur Rudra

Hi. Thank you for taking my questions. Just a couple of questions on pricing. The pricing pressure you mentioned, is this broad-based across clients? Or is this very client-specific or sector-specific? And what kind of incremental pricing assumptions are you baking in for the second half of the year?

Salil Parekh

Hi, Ankur. This is Salil. Let me start off and then Jayesh will add. So on the pricing, what we are seeing is that across the client base, there is demand or request requirement, which is focused on productivity benefits from the AI that are getting passed on. And then we see also, sometimes those are beyond the sort of thresholds of economic return that we are looking at.

So what we are seeing in the ones, while we are taking on the bulk of the deals, there are some small number where we see that is even higher. On the ones that we are taking on, we see because of that productivity push, the pricing pressure coming through across in different clients across the industries.

Jayesh Sanghrajka

And Ankur, just to add to your second question, at the lower end of the guidance, we have assumed similarto slightly deterioration on the pricing. At the upper end, we have assumed improvement.

Ankur Rudra

So midpoint there is no change in pricing? You basically assume the same pricing continues?

Jayesh Sanghrajka

I mean it is very difficult to call out each factor that will relate to which point of guidance are good. As I always say, there are multiple models that lead to multiple points of guidance, so directionally, lower end is deterioration and upper end would be improvement.

Ankur Rudra

Understood. Just a follow-up question was on the margin profile of your AI revenues. How is that versus a rest of the portfolio now that it is grown to 10%. And secondly, if you can just comment also on the large deals you have signed and pursuing, you have mentioned a couple of mega deals as well. How should we think about the margin, pricing profile of those contracts?

Salil Parekh

So on the large deal signed, the margin profile is similar to what we have signed. So we have not seen that this set of large deals and especially on the mega deal is any different from what we have seen in the past. And we have also mentioned that in general, we have been quite disciplined about the contracts we signed in terms of the economic guideline or return. Similar to that point on the pipeline, the couple of the mega deals or the large deals in that pipeline, we are seeing similar margin profile. So we feel comfortable to look at how that plays out.

Ankur Rudra

And sorry, if you could comment about the AI revenue. Is the margin similar? Higher?

Salil Parekh

On the AI revenue, we do not share externally the margin. Having said that, we are getting good pricing on those deals. We feel confident that the value that we are showing that the clients are seeing it.

And also, we are very competitive in the market in terms of building the capacity because that capacity is at a slightly different cost point also. But overall, we do not share externally the margin of that revenue. But as Jayesh shared earlier, the overall company margin, we remain quite comfortable with the guidance on that.

Ankur Rudra

Understood. Thank you and best of luck.

Moderator

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

James Friedman

Hi. Good evening. Thank you for the opportunity. Salil, thank you for the use cases in AI in your prepared remarks. They are quite illustrative. My question is, could you share some perspective on whether those are in forming and helping you win these large transactions? Are they part of the large transactions? Are they typically shorter duration? Any perspective on the AI dimension from this perspective would be helpful. Thank you.

Salil Parekh

So on that, what we see is any large transaction today has either some elements of AI or in the example of a couple of our large deals we gave color onit is really a business transformation, which is driven by AI. So those examples are significant value contracts in themselves.

And in general, the AI is forming part of almost every large transaction that we are looking at today, where there is an impact on customer service levels, improvement in quality internally, driving growth for the client, doing the cost optimization or modernizing technology, putting agents in for processes and so on. So in any of those business areas, there is an impact of the AI.

James Friedman

Awesome. And then in terms of how the go-to-market on the AI side has evolved for the company, can you share with us your perspective as to how you think the services like foundry are resonating in the market and how the strategy and the go-to-market on AI has evolved? Thank you.

Salil Parekh

So there, we have an approach, which is of multiple components. So first, there is a group which is working very actively on building the partnerships, especially with the leading AI companies, the frontier companies, the open weight model companies and other companies who are also in the AI infrastructure, AI coding areas.

Second is, within each of our segments, we have a dedicated group of individuals who work with our client teams who are infusing the AI into their discussions to bring like the best thinking on what can be done with that AI impact for that client. And there are different industries, have a different approach within that, which processes are being impacted, what outcomes are being looked at.

Then in the delivery organization in each of our large groupings of service lines, we have specialists who are very skilled on AI and then a group which is more dedicated across all of the service lines. Then we have people who have been trained and certified on the different model technologies and on different capabilities with our partner companies.

And then finally, we have the architecture group, which looks at how the AI is being used in a client situation for transformation, even if part of it is being done at the first phase, but the overall picture is being looked at. And we have examples where like for a bank in Europe, for a telco in the US, we made these changes in the overall AI outlook, then parts of it getting implemented. So it is an infusion across the whole company within Infosys, which is interacting with different elements of the client.

James Friedman

Thank you so much, Salil.

Moderator

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

Vibhor Singhal

Thanks for taking my questions. Two questions from my side. On the AI front, you mentioned that AI revenue is now at almost 10% of the revenue growing at 29% quarter-on-quarter. So just wondering if is there a number that we can provide in terms of what is the year-on-year growth rate that we are looking at this number.

The reason that I am asking in the context here is that, is it the right way to look at this AI revenue as a new revenue, which basically keeps on adding up and can possibly mitigate the deflation in the existing legacy book that we are seeing, just like we saw in the digital cycle, eventually when the AI revenue or the growth in the AI revenue becomes large enough to compensate the deflation in revenue. That is where you can expect the overall growth to getting positively impacted by this against the negative impact right now. So any color on that, that if there is a number that you can provide on the year-on-year growth rate on the GenAI part?

Salil Parekh

So I think like how you described the approach is exactly how the evolution of the market. We see that the AI percentage is becoming larger and larger. We are not sharing externally the year-on-year, but I think you can make some assumptions on that based on the data we have already provided. It is a very strong growth year-on-year that is visible today. We know this is new revenue. Some of the examples I shared were things, which we were not able to do that without AI. Some of the business transformation is also new revenue.

So the revenue of 10.5% AI, we are sharing is new revenue. So the way you described it, that is the part that is growing and that really is the place where the maximum attention of the company and the people is. It is falling within that Hexagon that we have described of the six areas. And the more we invest and scale up on the capability, partnerships and the client work, the more we will see that continuing. And at 29% Q-on-Q with the assumptions you can make for Y-on-Y, that is exactly how we see this scaling out and addressing what we are seeing in the AI productivity on the other piece of the revenue.

Jayesh Sanghrajka

Vibhor, if I can just add to what Salil was saying, the first number that we had published was on our AI Day for Q3 of last year, which was 5.5%. So that is a close proxy you can get.

Vibhor Singhal

Got it. Yes, I think I was trying to use that. Maybe that was missing one quarter, but I think a reasonable assumption to make that part as well. So yes, I think that number will do. Really helpful based on that.

On the second question is on the legacy part of the book. Now I know I am kind of taking a long shot here. But the kind of deflation that we are seeing in our legacy book, which, of course, the entire industry is facing, is there a broad number, a broad calculation, that we might have done or that we might have, that okay, this is the part of our order book that has already undergone deflation. And this is the remaining order book that is yet to go under deflation in terms of renewal of contracts, in terms of new contracts that we talk about. Is it possible to calculate and maybe share that number?

Salil Parekh

So the way we are looking at it, we have a fairly detailed sort of work inside the company, but I will give you a little bit of color. If you look at projects or contracts, which are, let us say, smaller below $50 mn in our case. And they could be for one or two years duration. Typically, if they are being signed now or in the recent past, that is already built in the benefit of the AI. So that is already in the mix, if you will.

Then if you have the larger deals, which are multiyear, then depending on where it is in the cycle of the renewal or discussion with the client, if that has already happened, then vast majority of the benefit of the AI productivity is already baked in. If it is not happened, it is not. So that is how we have built an internal model of that, but we have not got anything beyond that sort of color that I can share externally.

Vibhor Singhal

Got it. That was helpful.

Salil Parekh

So one thing I would add, sorry, is that at the end, it is a finite period. It is not an ongoing thing, that is the main, I would say, the element there because that is finite, whereas the AI growth is secular, at least in our minds right now looking quite open.

Vibhor Singhal

Yes, I am sure, Salil, we all hope that that is a finite number that we are dealing with right now. So sure, thanks for your views on that. Just one last question, again, kind of a very a pointed question. You mentioned that we are facing a lot of pricing pressure because of the high competitive intensity. The remark has actually been repeated by a couple of other players also in the industry.

So is it a pricing competition that we have seen across the board, across the deals and across the type of deals? Is it pertaining to maybe a few players which are being aggressive or are we seeing basically high competitive intensity from almost all the players in the industry regardless of their size and capabilities?

Salil Parekh

I think what we see today is there is definitely some of our peers who are putting, I would say, more intense effort into the pricing pressure, but it is also across the board because of the environment and also the discussion on AI productivity, if you are talking with clients today on large programs, it is a three or five year outlook.

So there, small changes in assumptions could make big differences in year three, four and five. And so we are seeing some companies are taking that sort of a view, whereas what we shared earlier, I think we are being a little bit more disciplined in what we can see, that the benefit of the productivity can be realized as opposed to just imagining what can be realized.

Vibhor Singhal

Got it. Thank you so much for taking my questions, and I wish you all the best.

Moderator

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

Gaurav Rateria

Hi, congrats on great deal win numbers. My question is actually around the conversion of the deal win into revenues. If you look at our fiscal '25, we ended the year with almost $6.6 bn of net new deal wins, which translated into certain growth in fiscal '26. If you look at fiscal '26, that number was probably was upwards of $8 bn, but that did not translate into a better revenue growth from FY27 perspective, probably because of the weakness in discretionary and leakages in your existing book of business.

So, is there any indication to say that these leakages have peaked out and from here on are not likely to deteriorate further? And any improvement in conversion ratio could drive further better revenue growth in the future?

Salil Parekh

So, I think the way you described it is how we are seeing it, which is that there is a significant amount of net new, which is getting converted. That conversion ratio is about similar in terms of the year duration.

In terms of the leakages, what I would call it slightly different is the productivity impact. So there, what we had that discussion in an earlier question, which is some parts of the portfolio have already witnessed it. So obviously, those parts are not going to witness it again in that same way, if at all.

So we feel quite good now that the next year, that is why we were sharing that from the mega deal, we estimate something like a 1% revenue growth outlook from that one deal that we have signed in Q2. And what we see in the pipeline, we see more of that in this year in terms of potential deals and then the translation on to the revenue into the next year. So we feel quite good that the conversion ratio is stable and the productivity while it is going on, at least some part of the portfolio has already witnessed it.

Gaurav Rateria

Got it. My second question is a follow-up on this one on productivity part. I know like different companies will have their own different business mix and will go through their own cycle based on where their clients are in the journey of adoption and deployment of AI. Based on where we stand today, like where are we in the cycle?

Let us say, if you look at the cloud and digital cycle, there were two years of such phase, right, that where we saw some deflation on existing book and then digital revenues ramped up very, very rapidly. And I have been like listening from various experts that the cycle in AI is even more compressed compared to digital cycle. So based on that corollary, where would you position in terms of in the cycle compared to the last time in cloud and digital?

Salil Parekh

I think first, I would say that what your experts are saying is probably correct. But from our perspective, what we are seeing is that the way that the AI is moving, it is the first part, which is how much are you getting of the new that part with the Hexagon and with the 29% and the growth, I think we have got a pretty decent handle on it, and we feel quite good that, that will continue in that way.

For the second part, we have some understanding of the productivity benefits. We have also been a little bit disciplined on some of the deals. So that also has a play in it. And then as we were discussing earlier, part of the portfolio has already seen it. So overall, we feel that the outlook is quite good in the overall mix of where the business is. We do not have at least to share externally like a number of, you know, where are we in which year and when it will happen, but we feel pretty positive as we look out into the next financial year.

Gaurav Rateria

Got it. Last question, Salil, on new AI revenues, I know that you would not give any externally any numbers on margins. But is it fair to say that from a productivity perspective, from a profit per employee perspective, these will be higher than the company average?

Salil Parekh

So what we can say is in the six groups of the AI and the Hexagon of ours, each has slightly different approach in terms of how it is being done with the client. So what we are seeing is the client is realizing the value of some of that. And what we are also seeing is some of that work is the business transformation driven by AI. That is getting, I would say, a much better sort of value from the client.

And that will continue on and we will also do within the Hexagon more of that work. That is like a shift within the mix itself that we will be trying that. Now the cost of that, which is what your question then gets back to is, also, we are competitive in the market where we are finding that we are scaling the teams, we are training our people. So that part is also something we are, I would say, managing quite okay. And therefore, the economics of that business are pretty decent. But I think, I would not say more than that.

Gaurav

Got it. Thank you. All the very best.

Moderator

Thank you. Next question is from the line of Sandeep Shah from Equirus Securities. Please go ahead.

Sandeep Shah

Yes. So one of your peers has called out that the AI-led deals has a lower tenure and faster conversion in the revenue. So can you give some qualitative outlook whether we are witnessing an uptick in the deal velocity below $50 bn, which we do not disclose in the TCV?

Salil Parekh

So there, I think what we are seeing is that the AI deals are like different types of deals within the Hexagon. And we are not specifically calling out whether that is a shorter or a longer. But any of the large deals what we are doing today has a significant part of the AI in it. So it gives you some color, but we are not sort of calling out specifically the velocity and the duration.

Sandeep Shah

Okay. And, Jayesh, just a clarification regarding the manufacturing client. Is it fair to assume the bulk of the impact of close to 1% impact which we are calling out in the guidance for the full year will come in the fourth quarter, and that could also lead to lower third party cost because the third party cost in the first half is just similar to the last year at closer to 7.4%. And second, if that happens in the fourth quarter of this year, it may have a full year impact in the next year?

Jayesh Sanghrajka

So Sandeep, yes, the large portion of the impact will come in Q4, which is what we had clarified. Beyond that, we do not really call out client specific contours of the deal in terms of how much of that is third party, how much of that is not. So I would not be able to comment on that.

Sandeep Shah

Okay. And just the last thing. The press release mentions that our AI led strategy stands out versus peers. So Salil, you might have partly explained this, but what is one or two things which differentiate to state that the strategy stands out versus earlier, which leads to ramp up in the growth of AI-led revenues?

Salil Parekh

So here, what we are seeing is there are some elements of the approach. So first, we have, a few months ago in the Investor Day shared the strategy we have put in place where we see the addressable market of $300 bn over the next several years in six broad areas. And we feel that is one of the more distinct ways of looking at it. And the AI revenue what we are sharing is coming from those six areas, which is a net new.

The second is we have built the Topaz Fabric, which is, at least in my mind, very distinct from what anyone else has built and it is for clients to come and use it. We have several clients that have implemented it, many clients that are in the process of scaling that up. We have the ability in that Topaz Fabric where we have 15 different foundation models where a client can choose different foundation models, even the different versions, so you can do the Sonnet or you can do the Fable and pick the one that is most suitable for the task for which they are looking at the most token efficient cost. They can then do the work in a way where the data is protected in a sovereign way in their environment, which is very distinct from what anyone else is doing.

Then we have the partnerships which are very strong with all of the frontier model companies plus several of the data and cloud companies with the focus on AI. And then we have the certification and training, which is quite extensive within our system. We are building out the FDE capability. And then if you look at the market analyst ratings, we are in the leading places in most of the ratings on side of the AI. So all-in-all, I feel it is probably the most comprehensive AI approach that there is. But, of course, being inside, we feel that, but we also see with 29% Q-on-Q growth, there is some client comfort on that as well.

Sandeep Shah

Yes. Thanks for the detailed answer and all the best.

Moderator

Thank you very much. Next question is from line of Keith Bachman from BMO & Company. Please go ahead.

Keith Bachman

Hi. Thank you very much. Could you talk about -- are you seeing any signs or are customers actually in-sourcing more? That is to say, the advent of AI, is it making it easier to take more deals in-house rather than going to third-party providers like yourself? Are you seeing that in your order book?

Salil Parekh

So there, what we see is over the past time horizon, there are instances where some companies or clients take a view to in-source pre-AI and with AI. We do not see a difference because of AI. So typically, other factors may trigger that at some time or the other. And equally, in many cases, we see also with AI that things which were done internally, there is an interest for clients to have us do it, but take on the task and use AI to do it more efficiently. So we do not see a pattern that more in-sourcing is happening because of the AI.

Keith Bachman

Okay. My second question is broader than that is just how do you see the competitive landscape changing in terms of the second half of calendar year '26, but more broadly into calendar year '27? And the reason I ask is your results were different than, say, a large provider like Accenture.

And so what I think a lot of investors are trying to do is understand what is leading to Infosys having weaker results than a company like Accenture? And I am extracting out M&A from that equation. But any thoughts on how more broadly, the competitive dynamics may be changing today and as you look forward into calendar year '27? Thank you.

Salil Parekh

So one of the things we have noticed is if you look back over the last two or three years, we have had a consistent even if low growth, but growth every year organic YoY, whereas some of our peers have had years which have been negative and positive. I do not know specifically about the company you mentioned. So that sometimes gives a different sort of complexion on what is going on with that.

In addition, what we see is that our capability and strength is very much focused on the AI becoming real within a client organization. And that is the strength of Infosys even on the past cycles of the technology. Then we have, at least in our instance, a couple of things which are more distinct, for example, with the changes in the global environment, we have seen our offshore percentages higher.

That had an effect, even though the volume remains more similar, the revenue looks a little bit different. And we have also had where we have been -- which we have shared that we have been a little bit more disciplined on some client situations where we have chosen not to take some deals where the economics did not make sense.

So when I put all of that in the mix, I see that our competitive differentiation is pretty strong. We also see that the way we compete when we are head-to-head with many of our peers on AI, we seem to have a tremendous advantage in what sort of dynamics we are seeing. So that is how we would see it with this sort of large mega deal that we have just announced. We see that in addition to the AI giving us some support for the growth next year as well.

Jayesh Sanghrajka

Keith, if I just add…

a quantitative factor to what Salil just mentioned, you know, both the factors, the offshoring and the large deal, Europe manufacturing client that we did not pursue beyond a point. We had called out that both of them put together would roughly mean 1.8% to 2% for the year. So when you compare with anybody else, I think you should keep that in mind.

Keith Bachman

Yes. Fair enough. Okay. Thank you.

Moderator

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

Salil Parekh

Thank you. That was really incredible questions. Thank you for that. We are really happy with the work we are doing on AI. To summarize the 29% growth, the distinct approach, 10.5% of our revenue, that is really the primary focus to make sure that that secular trend is something that we lead, and we believe that is what we are doing today. We also have a good traction on mega deal, the second aspect of what is driving growth, and we can see the conversion coming through now, especially as we see in many ways some parts of our portfolio already seen some of the AI productivity impacts.

And then we have good headcount growth and continued focus on recruitment at college, 8,000 in the quarter and 20,000 for the full year. And we do remain quite selective in terms of the economics of the contracts we are pursuing. So all of that put together gives us a pretty strong feeling about what we see in the future with our business. Thanks very much for all your questions and for participating.

Moderator

Thank you very much, members of the management. Ladies and gentlemen, on behalf of Infosys Limited, we conclude today's conference call. Thank you all for joining us, and you may now disconnect your lines. Thank you all.

Exhibit 99.6
Form of Release to Stock Exchanges

INDEPENDENT Auditor’s Report ON AUDIT OF QUARTERLY AND HALF YEARLY 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 and half year ended September 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 and half year ended September 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 and half year ended September 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 and six months ended September 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 and half year ended September 30, 2026

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the quarter and half year ended September 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.

	For DELOITTE HASKINS & SELLS LLP
	Chartered Accountants
	(Firm’s Registration No. 117366W/W-100018)
	Vikas Bagaria
	Partner
Place: Hyderabad	(Membership No.060408)
Date: October 23, 2026	UDIN: 26060408LKUBNV1776

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, a wholly-owned subsidiary of GuideVision, s.r.o. has been liquidated effective September 01, 2026

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 Beijing Co., Ltd (“in-tech (Beijing) Information Technology Co.Ltd”), a wholly-owned subsidiary of In-tech Aut Engg Shenyang Co. Ltd, has been liquidated effective September 02, 2026

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 AND HALF YEARLY 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 and half year ended September 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 and half year ended September 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 and half year ended September 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 and six months ended September 30, 2026. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and half year ended September 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 and half year ended September 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.

	For DELOITTE HASKINS & SELLS LLP
	Chartered Accountants
	(Firm’s Registration No. 117366W/W-100018)
	Vikas Bagaria
	Partner
Place: Hyderabad	(Membership No.060408)
Date: October 23, 2026	UDIN: 26060408TGDFIS6791

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 and half-year ended September 30, 2026 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2026	2026	2025	2026	2025	2026
	Audited	Audited	Audited	Audited	Audited	Audited
Revenue from operations	49,244	48,211	44,490	97,454	86,769	178,650
Other income, net	848	984	982	1,832	2,024	4,322
Total Income	50,092	49,195	45,472	99,286	88,793	182,972
Expenses
Employee benefit expenses	25,483	25,287	23,438	50,770	46,284	95,094
Cost of technical sub-contractors	4,393	4,181	3,879	8,574	7,376	15,421
Travel expenses	691	701	539	1,392	1,055	2,097
Cost of software packages and others	4,573	4,421	4,025	8,993	7,771	15,722
Communication expenses	151	150	160	301	303	603
Consultancy and professional charges	677	603	480	1,280	943	2,090
Depreciation and amortisation expenses	1,359	1,246	1,182	2,605	2,323	4,902
Finance cost	115	119	106	235	211	416
Other expenses	1,587	1,459	1,434	3,045	2,557	5,343
Total expenses	39,029	38,167	35,243	77,195	68,823	141,688
Profit before exceptional item and tax	11,063	11,028	10,229	22,091	19,970	41,284
Exceptional item
Impact of Labour Codes	–	–	–	–	–	1,289
Profit before tax	11,063	11,028	10,229	22,091	19,970	39,995
Tax expense:
Current tax	3,398	3,356	3,178	6,754	6,232	11,767
Deferred tax	(173)	(103)	(324)	(276)	(562)	(1,246)
Profit for the period	7,838	7,775	7,375	15,613	14,300	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	(177)	296	(38)	119	(108)	(288)
Equity instruments through other comprehensive income, net	(9)	60	(8)	51	27	397

Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net	(13)	49	–	36	6	(1)
Exchange differences on translation of foreign operations	212	(94)	862	118	1,881	3,256
Fair value changes on investments, net	(97)	60	(34)	(37)	89	(27)
Total other comprehensive income/(loss), net of tax	(84)	371	782	287	1,895	3,337

Total comprehensive income for the period	7,754	8,146	8,157	15,900	16,195	32,811

Profit attributable to:
Owners of the company	7,823	7,769	7,364	15,592	14,285	29,440
Non-controlling interests	15	6	11	21	15	34
	7,838	7,775	7,375	15,613	14,300	29,474

Total comprehensive income attributable to:
Owners of the company	7,733	8,142	8,140	15,875	16,165	32,750
Non-controlling interests	21	4	17	25	30	61
	7,754	8,146	8,157	15,900	16,195	32,811

Paid up share capital (par value 5/- each, fully paid)	2,026	2,025	2,074	2,026	2,074	2,024
Other equity *^#	90,828	90,828	93,745	90,828	93,745	90,828

Earnings per equity share (par value 5/- each)**
Basic (in per share)	19.32	19.19	17.76	38.51	34.47	71.58
Diluted (in per share)	19.30	19.17	17.74	38.46	34.41	71.46

*

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

**

EPS is not annualized for the quarter and half year ended September 30, 2026, quarter ended June 30, 2026 and quarter and half year ended September 30, 2025.

^#

Excludes non-controlling interest

1. Notes

a) The audited interim condensed consolidated financial statements for the quarter and half year ended September 30, 2026 have been taken on record by the Board of Directors at its meeting held on October 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) Update on employee stock grants

The Board, on October 23, 2026, based on the recommendations of the Nomination and Remuneration Committee approved the grant of 9,640 Restricted Stock Units (RSUs) under the 2015 Incentive Compensation Plan ('2015 Plan') to eligible employees. The grants made under the 2015 Plan would vest equally over a period of three years. The RSUs will be granted w.e.f November 1, 2026 and the exercise price will be equal to the par value of the share.

2. Information on dividends for the quarter and half year ended September 30, 2026

The Board of Directors declared an interim dividend of 26/- per equity share. The record date for the payment is November 3, 2026. The interim dividend will be paid on November 11, 2026. The interim dividend declared in the previous year was 23/- per equity share.

(in )

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2026	2026	2025	2026	2025	2026
Dividend per share (par value 5/- each)
Interim dividend	26.00	–	23.00	26.00	23.00	23.00
Final dividend	–	–	–	–	–	25.00

3. Audited Consolidated Balance Sheet

(in crore)

Particulars	As at
	September 30, 2026	March 31, 2026
ASSETS
Non-current assets
Property, plant and equipment	13,071	12,651
Right of use assets	6,176	6,177
Capital work-in-progress	423	526
Goodwill	14,864	12,117
Other Intangible assets	4,425	2,825
Financial assets
Investments	8,390	8,930
Loans	3	6
Other financial assets	2,621	2,776
Deferred tax assets (net)	2,307	2,264
Income tax assets (net)	1,775	666
Other non-current assets	3,674	3,540
Total non-current assets	57,729	52,478

Current assets
Financial assets
Investments	13,761	12,950
Trade receivables	34,821	35,234
Cash and cash equivalents	24,350	22,201
Loans	239	234
Other financial assets	17,859	15,890
Income tax assets (net)	38	1,835
Other current assets	14,683	15,145
Total current assets	105,751	103,489
Total Assets	163,480	155,967

EQUITY AND LIABILITIES
Equity
Equity share capital	2,026	2,024
Other equity	97,051	90,828
Total equity attributable to equity holders of the Company	99,077	92,852
Non-controlling interests	466	445
Total equity	99,543	93,297

Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities	4,942	6,016
Other financial liabilities	2,797	2,092
Deferred tax liabilities (net)	1,885	1,679
Other non-current liabilities	732	561
Total non-current liabilities	10,356	10,348

Current liabilities
Financial liabilities
Lease liabilities	3,583	3,160
Trade payables	4,498	4,744
Other financial liabilities	21,162	21,483
Other current liabilities	15,822	15,779
Provisions	1,963	1,512
Income tax liabilities (net)	6,553	5,644
Total current liabilities	53,581	52,322
Total equity and liabilities	163,480	155,967

The disclosure is an extract of the audited Consolidated Balance Sheet as at September 30, 2026 and March 31, 2026 prepared in compliance with the Indian Accounting Standards (Ind-AS).

4. Audited Consolidated Statement of Cash Flows

(in crore)

Particulars	Half-year ended September 30,
	2026	2025
Cash flow from operating activities
Profit for the period	15,613	14,300
Adjustments to reconcile net profit to net cash provided by operating activities:
Income tax expense	6,478	5,670
Depreciation and amortization	2,605	2,323
Interest and dividend income	(1,277)	(1,554)
Finance cost	235	211
Impairment loss recognized / (reversed) under expected credit loss model	61	34
Exchange differences on translation of assets and liabilities, net	18	573
Stock compensation expense	460	471
Provision for post sale client support	(47)	(97)
Other adjustments	960	658
Changes in assets and liabilities
Trade receivables and unbilled revenue	(325)	(4,395)
Loans, other financial assets and other assets	340	(175)
Trade payables	(359)	(451)
Other financial liabilities, other liabilities and provisions	(688)	2,939
Cash generated from operations	24,074	20,507
Income taxes (paid) / received	(5,116)	(2,996)
Net cash generated by operating activities	18,958	17,511
Cash flows from investing activities
Expenditure on property, plant and equipment and intangibles, net of sale proceeds	(1,585)	(1,352)
Deposits placed with corporation	(775)	(683)
Redemption of deposits placed with corporation	515	392
Interest and dividend received	883	1,613
Payment towards acquisition of business, net of cash acquired	(3,238)	(637)
Payment of contingent consideration pertaining to acquisition of business	(27)	(13)
Other receipts	1	14
Payments to acquire Investments
Tax free bonds and government bonds	(345)	(21)
Mutual fund units	(39,313)	(36,091)
Certificates of deposit	(4,827)	(7,149)
Commercial Papers	(2,817)	(2,686)
Non-convertible debentures	(1,332)	(2,639)
Government securities	(717)	(531)
Other Investments	(201)	(22)
Proceeds on sale of Investments
Tax free bonds and government bonds	283	1,284
Mutual fund units	36,788	32,967
Certificates of deposit	8,850	5,857
Commercial Papers	2,575	4,675
Non-convertible debentures	233	1,625
Government securities	1,022	3,265
Other Investments	10	–
Net cash generated / (used in) from investing activities	(4,017)	(132)
Cash flows from financing activities:
Payment of lease liabilities	(1,819)	(1,382)
Payment of dividends	(10,126)	(9,122)
Loan repayment of acquired entities	(812)	–
Payment of dividend to non-controlling interest of subsidiary	(4)	(3)
Shares issued on exercise of employee stock options	2	1
Other payments	(57)	(181)
Net cash used in financing activities	(12,816)	(10,687)
Net increase / (decrease) in cash and cash equivalents	2,125	6,692
Effect of exchange rate changes on cash and cash equivalents	24	685
Cash and cash equivalents at the beginning of the period	22,201	24,455
Cash and cash equivalents at the end of the period	24,350	31,832
Supplementary information:
Restricted cash balance	443	410

The disclosure is an extract of the audited Consolidated Statement of Cash flows for the half year ended September 30, 2026 and September 30, 2025 prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting.

5. Segment reporting (Consolidated - Audited)

(in crore)

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2026	2026	2025	2026	2025	2026
Revenue by business segment
Financial Services ⁽¹⁾	13,774	13,463	12,320	27,237	24,116	49,908
Manufacturing	7,913	7,668	7,347	15,581	14,151	29,078
Energy, Utilities, Resources and Services	6,975	6,452	5,945	13,428	11,687	23,818
Retail ⁽²⁾	5,664	6,172	5,639	11,835	11,290	23,077
Communication ⁽³⁾	6,150	5,791	5,397	11,941	10,494	21,765
Life Sciences ⁽⁴⁾	4,145	3,842	2,863	7,986	5,607	12,267
Hi-Tech	3,332	3,710	3,703	7,042	6,999	13,928
All other segments ⁽⁵⁾	1,291	1,113	1,276	2,404	2,425	4,809
Total	49,244	48,211	44,490	97,454	86,769	178,650
Less: Inter-segment revenue	–	–	–	–	–	–
Net revenue from operations	49,244	48,211	44,490	97,454	86,769	178,650
Segment Profit:
Financial Services ⁽¹⁾	3,644	3,662	3,059	7,305	6,032	12,678
Manufacturing	1,694	1,685	1,752	3,380	3,169	6,444
Energy, Utilities, Resources and Services	1,986	1,576	1,506	3,562	2,943	5,984
Retail ⁽²⁾	1,707	1,701	1,720	3,408	3,411	7,089
Communication ⁽³⁾	1,146	1,180	1,017	2,326	1,897	3,861
Life Sciences ⁽⁴⁾	631	619	534	1,250	1,087	2,444
Hi-Tech	795	911	763	1,706	1,532	3,228
All other segments ⁽⁵⁾	86	75	184	162	409	717
Total	11,689	11,409	10,535	23,099	20,480	42,445
Less: Other Unallocable expenditure*	1,359	1,246	1,182	2,605	2,323	6,191
Add: Unallocable other income	848	984	982	1,832	2,024	4,157
Less: Finance cost	115	119	106	235	211	416
Profit before tax and non-controlling interests	11,063	11,028	10,229	22,091	19,970	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

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.

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

(in crore)

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2026	2026	2025	2026	2025	2026
	Audited	Audited	Audited	Audited	Audited	Audited
Revenue from operations	40,719	39,957	36,907	80,676	72,182	148,819
Profit before exceptional item and tax	10,905	10,161	10,469	21,067	19,130	39,903
Exceptional item - Impact of Labour Codes	–	–	–	–	–	1,146
Profit before tax	10,905	10,161	10,469	21,067	19,130	38,757
Profit for the period	7,893	7,249	7,759	15,142	13,874	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
October 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 and half-year ended September 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 September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-yearended September 30,		Year ended March 31,
	2026	2026	2025	2026	2025	2026
	Audited	Audited	Audited	Audited	Audited	Audited
Revenues	5,145	5,082	5,076	10,227	10,018	20,158
Cost of sales	3,547	3,482	3,516	7,028	6,933	14,079
Gross profit	1,598	1,600	1,560	3,199	3,085	6,079
Operating expenses	519	528	495	1,048	992	1,994
Operating profit ^#	1,079	1,072	1,065	2,151	2,093	4,085
Other income, net	89	104	112	193	234	468
Finance cost	12	13	12	25	24	47
Profit before income taxes	1,156	1,163	1,165	2,319	2,303	4,506
Income tax expense	337	343	325	680	654	1,190
Net profit	819	820	840	1,639	1,649	3,316
Earnings per equity share*
Basic (in $ per share)	0.20	0.20	0.20	0.40	0.40	0.81
Diluted (in $ per share)	0.20	0.20	0.20	0.40	0.40	0.80
Total assets	17,060	16,359	18,064	17,060	18,064	16,446
Cash and cash equivalents and current investments	3,977	3,124	5,005	3,977	5,005	3,706

*

EPS is not annualized for the quarter and half year ended September 30, 2026, quarter ended June 30, 2026 and quarter and half year ended September 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 and half-year ended September 30, 2026 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2026	2026	2025	2026	2025	2026
	Audited	Audited	Audited	Audited	Audited	Audited
Revenue from operations	40,719	39,957	36,907	80,676	72,182	148,819
Other income, net	1,702	874	2,268	2,576	3,151	6,491
Total income	42,421	40,831	39,175	83,252	75,333	155,310
Expenses
Employee benefit expenses	19,100	18,820	18,074	37,919	35,746	73,239
Cost of technical sub-contractors	6,272	6,035	5,613	12,307	10,821	22,388
Travel expenses	471	498	422	969	814	1,596
Cost of software packages and others	2,994	2,922	2,294	5,916	4,511	9,274
Communication expenses	106	101	113	207	212	419
Consultancy and professional charges	556	492	449	1,048	841	1,846
Depreciation and amortisation expense	662	613	595	1,275	1,209	2,394
Finance cost	58	61	52	119	108	207
Other expenses	1,297	1,128	1,094	2,425	1,941	4,044
Total expenses	31,516	30,670	28,706	62,185	56,203	115,407
Profit before exceptional item and tax	10,905	10,161	10,469	21,067	19,130	39,903
Exceptional item
Impact of Labour Codes	-	-	-	-	-	1,146
Profit before tax	10,905	10,161	10,469	21,067	19,130	38,757
Tax expense:
Current tax	3,156	3,041	2,991	6,197	5,752	10,459
Deferred tax	(144)	(129)	(281)	(272)	(496)	(913)
Profit for the period	7,893	7,249	7,759	15,142	13,874	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	(184)	275	(38)	91	(99)	(285)
Equity instruments through other comprehensive income, net	(7)	60	(8)	53	27	397

Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	(13)	49	–	36	6	(1)
Fair value changes on investments, net	(97)	59	(34)	(38)	88	(26)

Total other comprehensive income/ (loss), net of tax	(301)	443	(80)	142	22	85

Total comprehensive income for the period	7,592	7,692	7,679	15,284	13,896	29,296

Paid-up share capital (par value 5/- each fully paid)	2,029	2,028	2,077	2,029	2,077	2,027
Other Equity*	78,847	78,847	85,256	78,847	85,256	78,847
Earnings per equity share (par value 5 /- each)**
Basic (in per share)	19.45	17.87	18.68	37.32	33.40	70.87
Diluted (in per share)	19.44	17.86	18.66	37.29	33.36	70.78

*

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

**

EPS is not annualized for the quarter and half year ended September 30, 2026, quarter ended June 30, 2026 and quarter and half year ended September 30, 2025.

1. Notes

a) The audited interim condensed standalone financial statements for the quarter and half year ended September 30, 2026 have been taken on record by the Board of Directors at its meeting held on October 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) Update on employee stock grants

The Board, on October 23, 2026, based on the recommendations of the Nomination and Remuneration Committee approved the grant of 9,640 Restricted Stock Units (RSUs) under the 2015 Incentive Compensation Plan ('2015 Plan') to eligible employees. The grants made under the 2015 Plan would vest equally over a period of three years. The RSUs will be granted w.e.f November 1, 2026 and the exercise price will be equal to the par value of the share.

2. Information on dividends for the quarter and half year ended September 30, 2026

The Board of Directors declared an interim dividend of 26/- per equity share. The record date for the payment is November 3, 2026. The interim dividend will be paid on November 11, 2026. The interim dividend declared in the previous year was 23/- per equity share.

(in )

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2026	2026	2025	2026	2025	2026
Dividend per share (par value 5/- each)
Interim dividend	26.00	–	23.00	26.00	23.00	23.00
Final dividend	–	–	–	–	–	25.00

3. Audited Standalone Balance Sheet

(In crore)

Particulars	As at
	September 30, 2026	March 31, 2026
ASSETS
Non-current assets
Property, plant and equipment	11,052	10,774
Right of use assets	2,863	2,851
Capital work-in-progress	403	512
Goodwill	211	211
Financial assets
Investments	25,378	26,036
Loans	2	5
Other financial assets	2,197	1,835
Deferred tax assets (net)	1,458	1,347
Income tax assets (net)	1,146	99
Other non-current assets	2,695	2,590
Total non-current assets	47,405	46,260

Current assets
Financial assets
Investments	12,819	12,039
Trade receivables	29,417	30,337
Cash and cash equivalents	14,930	8,727
Loans	179	189
Other financial assets	16,799	14,770
Income tax assets (net)	–	1,745
Other current assets	11,984	12,624
Total current assets	86,128	80,431
Total assets	133,533	126,691

EQUITY AND LIABILITIES
Equity
Equity share capital	2,029	2,027
Other equity	84,459	78,847
Total equity	86,488	80,874

LIABILITIES
Non-current liabilities
Financial liabilities
Lease liabilities	2,632	2,815
Other financial liabilities	2,244	1,880
Deferred tax liabilities (net)	814	990
Other non-current liabilities	617	495
Total non - current liabilities	6,307	6,180

Current liabilities
Financial liabilities
Lease liabilities	998	934
Trade payables
Total outstanding dues of micro enterprises and small enterprises	2	9
Total outstanding dues of creditors other than micro enterprises and small enterprises	3,516	3,530
Other financial liabilities	16,530	16,812
Other current liabilities	12,451	12,478
Provisions	1,340	1,064
Income tax liabilities (net)	5,901	4,810
Total current liabilities	40,738	39,637
Total equity and liabilities	133,533	126,691

The disclosure is an extract of the audited Balance Sheet as at September 30, 2026 and March 31, 2026 prepared in compliance with the Indian Accounting Standards (Ind-AS).

4. Audited Standalone Statement of Cash flows

(In crore)

Particulars	Half-year ended September 30,
	2026	2025
Cash flow from operating activities:
Profit for the period	15,142	13,874
Adjustments to reconcile net profit to net cash provided by operating activities:
Depreciation and Amortization	1,275	1,209
Income tax expense	5,925	5,256
Impairment loss recognized / (reversed) under expected credit loss model	58	64
Finance cost	119	108
Interest and dividend income	(2,033)	(2,702)
Stock compensation expense	409	419
Provision for post sale client support	(12)	(103)
Exchange differences on translation of assets and liabilities, net	23	324
Other adjustments	695	370
Changes in assets and liabilities
Trade receivables and unbilled revenue	(716)	(4,047)
Loans, other financial assets and other assets	(274)	(438)
Trade payables	(21)	84
Other financial liabilities, other liabilities and provisions	378	2,191
Cash generated from operations	20,968	16,609
Income taxes (paid) / received	(4,406)	(2,145)
Net cash generated by operating activities	16,562	14,464
Cash flow from investing activities:
Expenditure on property, plant and equipment , net of sale proceeds	(1,188)	(1,108)
Deposits placed with corporation	(563)	(515)
Redemption of deposits placed with corporation	329	313
Interest and dividend received	703	1,324
Dividend received from subsidiary	957	1,398
Loan repaid by subsidiaries	–	10
Payment of contingent consideration pertaining to acquisition of business	(22)	(13)
Investment in subsidiaries	(120)	(785)
Payments to acquire investments
Mutual fund units	(35,286)	(32,639)
Commercial papers	(2,768)	(2,331)
Certificates of deposit	(4,706)	(6,457)
Tax free bonds and government bonds	(251)	–
Government Securities	(717)	(531)
Non-convertible debentures	(1,263)	(2,360)
Other investments	(71)	(1)
Proceeds on sale of investments
Mutual fund units	33,178	29,792
Commercial papers	2,550	4,300
Certificates of deposit	8,425	5,207
Non-convertible debentures	100	1,360
Government Securities	922	3,165
Tax free bonds and government bonds	224	1,269
Other investments	7	–
Net cash (used in) / generated from investing activities	440	1,398
Cash flow from financing activities:
Payment of lease liabilities	(634)	(445)
Shares issued on exercise of employee stock options	2	1
Other payments	(42)	(93)
Payment of dividends	(10,146)	(9,142)
Net cash used in financing activities	(10,820)	(9,679)
Net increase / (decrease) in cash and cash equivalents	6,182	6,183
Effect of exchange rate changes on cash and cash equivalents	21	(39)
Cash and cash equivalents at the beginning of the period	8,727	14,265
Cash and cash equivalents at the end of the period	14,930	20,409
Supplementary information:
Restricted cash balance	65	56

The disclosure is an extract of the audited Statement of Cash flows for the half year ended September 30, 2026 and September 30, 2025 prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting.

5. 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 and half-year ended September 30, 2026.

	By order of the Board for Infosys Limited

Bengaluru, India	Salil Parekh
October 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 and half-year ended September 30, 2026 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter ended September 30,	Half-year ended September 30,	Quarter ended September 30,
	2026	2026	2025
	Audited	Audited	Audited
Revenue from operations	49,244	97,454	44,490
Profit before tax	11,063	22,091	10,229
Profit for the period	7,838	15,613	7,375
Total comprehensive income for the period (comprising profit for the period after tax and other comprehensive income after tax)	7,754	15,900	8,157

Profit attributable to:
Owners of the company	7,823	15,592	7,364
Non-controlling interests	15	21	11
	7,838	15,613	7,375

Total comprehensive income attributable to:
Owners of the company	7,733	15,875	8,140
Non-controlling interests	21	25	17
	7,754	15,900	8,157

Paid-up share capital (par value 5/- each fully paid)	2,026	2,026	2,074
Other equity *^#	90,828	90,828	93,745
Earnings per share (par value 5/- each)**
Basic (in per share)	19.32	38.51	17.76
Diluted (in per share)	19.30	38.46	17.74

*

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

**

EPS is not annualized for the quarter and half year ended September 30, 2026 and quarter ended September 30, 2025.

^#

Excludes non-controlling interest

1. Notes

a) The audited interim condensed consolidated financial statements for the quarter and half year ended September 30, 2026 have been taken on record by the Board of Directors at its meeting held on October 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) Update on employee stock grants

The Board, on October 23, 2026, based on the recommendations of the Nomination and Remuneration Committee approved the grant of 9,640 Restricted Stock Units (RSUs) under the 2015 Incentive Compensation Plan ('2015 Plan') to eligible employees. The grants made under the 2015 Plan would vest equally over a period of three years. The RSUs will be granted w.e.f November 1, 2026 and the exercise price will be equal to the par value of the share.

2. Information on dividends for the quarter and half year ended September 30, 2026

The Board of Directors declared an interim dividend of 26/- per equity share. The record date for the payment is November 3, 2026. The interim dividend will be paid on November 11, 2026. The interim dividend declared in the previous year was 23/- per equity share.

(in )

Particulars	Quarter ended September 30,	Half-year ended September 30,	Quarter ended September 30,
	2026	2026	2025
Dividend per share (par value 5/- each)
Interim dividend	26.00	26.00	23.00

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

(in crore)

Particulars	Quarter ended September 30,	Half-year ended September 30,	Quarter ended September 30,
	2026	2026	2025
	Audited	Audited	Audited
Revenue from operations	40,719	80,676	36,907
Profit before tax	10,905	21,067	10,469
Profit for the period	7,893	15,142	7,759

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
October 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 September 30, 2026, the Condensed Consolidated Statement of Comprehensive Income for the three months and six months ended on that date, the Condensed Consolidated Statement of Changes in Equity, and the Condensed Consolidated Statement of Cash Flows for the six 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 September 30, 2026, its consolidated profit and its consolidated other comprehensive income for the three months and six months ended on that date, its consolidated changes in equity and its consolidated cash flows for the six 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: Hyderabad

Date: October 23, 2026

Vikas Bagaria

Partner

(Membership No.060408)

UDIN: 26060408OBEIIY6077

INFOSYS LIMITED AND SUBSIDIARIES

Condensed Consolidated Financial Statements under International Financial Reporting Standards (IFRS) in US Dollars for the three months and six months ended September 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	September 30, 2026	March 31, 2026
ASSETS
Current assets
Cash and cash equivalents	2.1	2,541	2,341
Current investments	2.2	1,436	1,365
Trade receivables		3,634	3,715
Unbilled revenue	2.17	1,733	1,633
Prepayments and other current assets	2.4	1,667	1,656
Income tax assets	2.12	4	193
Derivative financial instruments	2.3	20	9
Total current assets		11,035	10,912
Non-current assets
Property, plant and equipment	2.7	1,424	1,406
Right-of-use assets	2.8	645	651
Goodwill	2.9	1,551	1,278
Intangible assets	2.9	462	298
Non-current investments	2.2	875	942
Unbilled revenue	2.17	224	183
Deferred income tax assets	2.12	241	239
Income tax assets	2.12	185	70
Other non-current assets	2.4	418	467
Total Non-current assets		6,025	5,534
Total assets		17,060	16,446
LIABILITIES AND EQUITY
Current liabilities
Trade payables		469	500
Lease liabilities	2.8	374	333
Derivative financial instruments	2.3	7	63
Current income tax liabilities	2.12	682	594
Unearned revenue		1,234	1,248
Employee benefit obligations		370	372
Provisions	2.6	205	159
Other current liabilities	2.5	2,249	2,247
Total current liabilities		5,590	5,516
Non-current liabilities
Lease liabilities	2.8	516	634
Deferred income tax liabilities	2.12	197	177
Employee benefit obligations		13	12
Other non-current liabilities	2.5	355	267
Total Non-current liabilities		1,081	1,090
Total liabilities		6,671	6,606
Equity
Share capital - ₹5 ($0.16) par value 4,800,000,000 (4,800,000,000) equity shares authorized, issued and outstanding 4,050,360,983 (4,046,940,812) equity shares fully paid up, net of 7,915,595 (8,650,911) treasury shares as at September 30, 2026 (March 31, 2026)	2.18	319	319
Share premium		490	462
Retained earnings		14,317	13,459
Cash flow hedge reserves		2	(2)
Other reserves		503	773
Capital redemption reserve		30	30
Other components of equity		(5,328)	(5,255)
Total equity attributable to equity holders of the Company		10,333	9,786
Non-controlling interests		56	54
Total equity		10,389	9,840
Total liabilities and equity		17,060	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

	Jayesh Sanghrajka Chief Financial Officer	A.G.S. Manikantha Company Secretary

Hyderabad October 23, 2026	Bengaluru October 23, 2026

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		Six months ended
		September 30, 2026	September 30, 2025	September 30, 2026	September 30, 2025
Revenues	2.16	5,145	5,076	10,227	10,018
Cost of sales	2.19	3,547	3,516	7,028	6,933
Gross profit		1,598	1,560	3,199	3,085
Operating expenses
Selling and marketing expenses	2.19	260	254	531	512
Administrative expenses	2.19	259	241	517	480
Total operating expenses		519	495	1,048	992
Operating profit		1,079	1,065	2,151	2,093
Other income, net	2.19	89	112	193	234
Finance cost		12	12	25	24
Profit before income taxes		1,156	1,165	2,319	2,303
Income tax expense	2.12	337	325	680	654
Net profit		819	840	1,639	1,649
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		(18)	(5)	13	(13)
Equity instruments through other comprehensive income, net	2.2	(1)	(1)	5	3
		(19)	(6)	18	(10)
Items that will be reclassified subsequently to profit or loss
Fair value changes on investments, net	2.2	(10)	(4)	(4)	10
Fair value changes on derivatives designated as cash flow hedge, net		(1)	–	4	1
Exchange differences on translation of foreign operations		(98)	(290)	(87)	(210)
		(109)	(294)	(87)	(199)
Total other comprehensive income/(loss), net of tax		(128)	(300)	(69)	(209)
Total comprehensive income		691	540	1,570	1,440
Profit attributable to:
Owners of the Company		817	839	1,637	1,647
Non-controlling interests		2	1	2	2
		819	840	1,639	1,649
Total comprehensive income attributable to:
Owners of the Company		689	538	1,568	1,437
Non-controlling interests		2	2	2	3
		691	540	1,570	1,440
Earnings per equity share
Basic ($)	2.13	0.20	0.20	0.40	0.40
Diluted ($)	2.13	0.20	0.20	0.40	0.40
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	2.13	4,049,987,827	4,145,208,267	4,048,846,535	4,144,593,296
Diluted (in shares)	2.13	4,054,326,796	4,151,315,578	4,054,149,523	4,151,441,800

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

	Jayesh Sanghrajka Chief Financial Officer	A.G.S. Manikantha Company Secretary

Hyderabad October 23, 2026	Bengaluru October 23, 2026

Infosys Limited and subsidiaries

Condensed Consolidated Statement of Changes in Equity

(Dollars in millions)

	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 the six months ended September 30, 2025
Net profit	–	–	–	1,647	–	–	–	–	1,647	2	1,649
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	(13)	(13)	–	(13)
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	3	3	–	3
Fair value changes on derivatives designated as Cash flow hedge, net*	–	–	–	–	–	–	1	–	1	–	1
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	(211)	(211)	1	(210)
Fair value changes on investments, net*	–	–	–	–	–	–	–	10	10	–	10
Total comprehensive income for the period	–	–	–	1,647	–	–	1	(211)	1,437	3	1,440
Shares issued on exercise of employee stock options (Refer to note 2.11)	1,702,418	–	–	–	–	–	–	–	–	–	–
Employee stock compensation expense (Refer to note 2.11)	–	–	53	–	–	–	–	–	53	–	53
Financial liability under option arrangements	–	–	–	(1)	–	–	–	–	(1)	–	(1)
Changes in the controlling stake of a subsidiary	–	–	–	1	–	–	–	–	1	–	1
Transferred on account of options not exercised	–	–	(7)	7	–	–	–	–	–	–	–
Income tax benefit arising on exercise of stock options (Refer to note 2.12)	–	–	1	–	–	–	–	–	1	–	1
Transferred from other reserves on utilization	–	–	–	47	(47)	–	–	–	–	–	–
Transferred from other reserves to retained earnings	–	–	–	259	(259)	–	–	–	–	–	–
Dividends^#	–	–	–	(1,062)	–	–	–	–	(1,062)	–	(1,062)
Balance as at September 30, 2025	4,145,309,946	325	547	14,664	865	24	(1)	(4,790)	11,634	53	11,687
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 the six months ended September 30, 2026
Net profit	–	–	–	1,637	–	–	–	–	1,637	2	1,639
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	13	13	–	13
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	5	5	–	5
Fair value changes on derivatives designated as Cash flow hedge, net*	–	–	–	–	–	–	4	–	4	–	4
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	(87)	(87)	–	(87)
Fair value changes on investments, net*	–	–	–	–	–	–	–	(4)	(4)	–	(4)
Total comprehensive income for the period	–	–	–	1,637	–	–	4	(73)	1,568	2	1,570
Shares issued on exercise of employee stock options (Refer to note 2.11)	3,420,171	–	–	–	–	–	–	–	–	–	–
Employee stock compensation expense (Refer to note 2.11)	–	–	48	–	–	–	–	–	48	–	48
Transferred on account of options not exercised	–	–	(21)	21	–	–	–	–	–	–	–
Income tax benefit arising on exercise of stock options (Refer to note 2.12)	–	–	1	–	–	–	–	–	1	–	1
Transferred from other reserves on utilization	–	–	–	78	(78)	–	–	–	–	–	–
Transferred from other reserves to retained earnings	–	–	–	192	(192)	–	–	–	–	–	–
Dividends^#	–	–	–	(1,070)	–	–	–	–	(1,070)	–	(1,070)
Balance as at September 30, 2026	4,050,360,983	319	490	14,317	503	30	2	(5,328)	10,333	56	10,389

*

net of tax

#

net of treasury shares

⁽¹⁾

excludes treasury shares of 7,915,595 as at September 30, 2026, 8,650,911 as at April 1, 2026, 9,091,403 as at September 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

	Jayesh Sanghrajka Chief Financial Officer	A.G.S. Manikantha Company Secretary

Hyderabad October 23, 2026	Bengaluru October 23, 2026

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	Six months ended
		September 30, 2026	September 30, 2025
Operating activities
Net Profit		1,639	1,649
Adjustments to reconcile net profit to net cash provided by operating activities
Depreciation and amortization		273	268
Interest and dividend income		(64)	(72)
Finance cost		25	24
Income tax expense	2.12	680	654
Exchange differences on translation of assets and liabilities, net		1	67
Impairment loss recognized/(reversed) under expected credit loss model		6	4
Stock compensation expense		48	54
Provision for post-sales client support and other provisions		(5)	(12)
Other adjustments		96	77
Changes in working capital
Trade receivables and unbilled revenue		(34)	(506)
Prepayments and other assets		32	(8)
Trade payables		(38)	(52)
Unearned revenue		(4)	59
Other liabilities and provisions		(68)	279
Cash generated from operations		2,587	2,485
Income taxes paid		(537)	(345)
Net cash generated by operating activities		2,050	2,140
Investing activities
Expenditure on property, plant and equipment and intangibles, net of sale proceeds	2.7	(167)	(155)
Deposits placed with Corporation		(81)	(79)
Redemption of deposits placed with Corporation		54	45
Interest and dividend received		33	65
Payment for acquisition of business, net of cash acquired	2.10	(340)	(76)
Payment of contingent consideration pertaining to acquisition of business		(3)	(1)
Other receipts		–	1
Payments to acquire Investments
Mutual funds units		(4,126)	(4,161)
Certificates of deposit		(507)	(824)
Quoted debt securities		(251)	(367)
Commercial paper		(296)	(310)
Other investments		(22)	(3)
Proceeds on sale of investments
Mutual funds units		3,861	3,801
Certificates of deposit		929	675
Quoted debt securities		161	711
Commercial paper		270	539
Other investments		1	–
Net cash generated from investing activities		(484)	(139)
Financing activities
Payment of lease liabilities		(191)	(159)
Payment of dividends		(1,070)	(1,063)
Loan repayment of acquired entities	2.10	(85)	–
Other payments		(6)	(21)
Net cash used in financing activities		(1,352)	(1,243)
Net increase/(decrease) in cash and cash equivalents		214	758
Effect of exchange rate changes on cash and cash equivalents		(14)	(34)
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	2,541	3,585
Supplementary information:
Restricted cash balance	2.1	46	46

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

	Jayesh Sanghrajka Chief Financial Officer	A.G.S. Manikantha Company Secretary

Hyderabad October 23, 2026	Bengaluru October 23, 2026

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 October 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.

As the quarter and year to date figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the year to date figures reported in this statement.

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
	September 30, 2026	March 31, 2026
Cash and bank deposits	2,541	2,341
Total Cash and cash equivalents	2,541	2,341

Cash and cash equivalents as at September 30, 2026 and March 31, 2026 include restricted cash and bank balances of $46 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
	September 30, 2026	March 31, 2026
(i) Current Investments
Amortized Cost
Quoted debt securities	17	11
Fair Value through other comprehensive income
Quoted Debt Securities	296	132
Certificates of deposits	442	844
Commercial Paper	156	127
Fair Value through profit or loss
Mutual fund units	525	251
Total current investments	1,436	1,365
(ii) Non-current Investments
Amortized Cost
Quoted debt securities	45	46
Fair Value through other comprehensive income
Quoted debt securities	698	790
Quoted equity securities	13	6
Unquoted equity and preference securities	66	66
Fair Value through profit or loss
Unquoted equity securities	3	–
Unquoted preference securities	12	6
Others⁽¹⁾	38	28
Total Non-current investments	875	942

Total investments	2,311	2,307
Investments carried at amortized cost	62	57
Investments carried at fair value through other comprehensive income	1,671	1,965
Investments carried at fair value through profit or loss	578	285

⁽¹⁾

Uncalled capital commitments outstanding as at September 30, 2026 and March 31, 2026 was $17 million and $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
		September 30, 2026	March 31, 2026
Mutual fund units - carried at fair value through profit or loss	Quoted price	525	251
Quoted debt securities- carried at amortized cost	Quoted price and market observable inputs	63	59
Quoted debt securities- carried at fair value through other comprehensive income	Quoted price and market observable inputs	994	922
Commercial Paper - carried at fair value through other comprehensive income	Market observable inputs	156	127
Certificates of Deposit - carried at fair value through other comprehensive income	Market observable inputs	442	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	66	66
Quoted equity securities - carried at fair value through other comprehensive income	Quoted price	13	6
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	38	28
Total		2,312	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 September 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)	2,541	–	–	–	–	2,541	2,541
Investments (Refer to note 2.2)
Mutual fund units	–	–	525	–	–	525	525
Quoted debt securities	62	–	–	–	994	1,056	1,057⁽¹⁾
Certificates of deposit	–	–	–	–	442	442	442
Commercial Papers	–	–	–	–	156	156	156
Quoted equity securities	–	–	–	13	–	13	13
Unquoted equity and preference securities	–	15	–	66	–	81	81
Unquoted investment others	–	–	38	–	–	38	38
Trade receivables	3,634	–	–	–	–	3,634	3,634
Unbilled revenues (Refer to note 2.17)⁽³⁾	1,341	–	–	–	–	1,341	1,341
Prepayments and other assets (Refer to note 2.4)	801	–	–	–	–	801	800⁽²⁾
Derivative financial instruments	–	–	15	–	5	20	20
Total	8,379	15	578	79	1,597	10,648	10,648
Liabilities:
Trade payables	469	–	–	–	–	469	469
Lease liabilities (Refer to note 2.8)	890	–	–	–	–	890	890
Derivative financial instruments	–	–	7	–	–	7	7
Financial liability under option arrangements (Refer to note 2.5)	–	–	92	–	–	92	92
Other liabilities including contingent consideration (Refer to note 2.5)	1,940	–	79	–	–	2,019	2,019
Total	3,299	–	178	–	–	3,477	3,477

⁽¹⁾

On account of fair value changes including interest accrued

⁽²⁾

Excludes interest accrued on quoted debt securities carried at amortized cost of $1 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)	–	–	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 September 30, 2026 is as follows:

(Dollars in millions)

Particulars	As at September 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	525	525	–	–
Investments in quoted debt securities	1,057	846	211	–
Investments in certificates of deposit	442	–	442	–
Investments in commercial paper	156	–	156	–
Investments in unquoted equity and preference securities	81	–	–	81
Investments in quoted equity securities	13	13	–	–
Investments in unquoted investments others	38	–	–	38
Others
Derivative financial instruments- gain	20	–	20	–
Liabilities
Derivative financial instruments - loss	7	–	7	–
Financial liability under option arrangements (Refer to note 2.5)⁽¹⁾	92	–	–	92
Liability towards contingent consideration (Refer to note 2.5)⁽²⁾	79	–	–	79

⁽¹⁾

Discount rate ranges from 9.5% to 14.5%

⁽²⁾

Discount rate ranges from 2.5% to 3%

During the six months ended September 30, 2026, quoted debt securities of $39 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 $154 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
	September 30, 2026	March 31, 2026
Current
Security deposits⁽¹⁾	8	8
Loans to employees⁽¹⁾	25	25
Prepaid expenses⁽²⁾	484	450
Interest accrued and not due⁽¹⁾	49	47
Withholding taxes and others⁽²⁾⁽⁴⁾	364	411
Advance payments to vendors for supply of goods⁽²⁾	14	50
Deposit with corporations⁽¹⁾⁽³⁾	356	334
Deferred contract cost
Cost of obtaining a contract⁽²⁾	28	30
Cost of fulfillment⁽²⁾	38	70
Other non financial assets ⁽²⁾	10	15
Net investment in lease⁽¹⁾	242	170
Other financial assets⁽¹⁾	49	46
Total Current prepayment and other assets	1,667	1,656
Non-current
Security deposits⁽¹⁾	36	30
Loans to employees⁽¹⁾	-	1
Prepaid expenses⁽²⁾	87	82
Deposit with corporations⁽¹⁾⁽³⁾	10	8
Defined benefit plan assets⁽²⁾	45	21
Deferred contract cost
Cost of obtaining a contract ⁽²⁾	43	52
Cost of fulfillment⁽²⁾	113	102
Withholding taxes and others⁽²⁾⁽⁴⁾	58	66
Net investment in lease⁽¹⁾	22	101
Other financial assets⁽¹⁾	4	4
Total Non- current prepayment and other assets	418	467
Total prepayment and other assets	2,085	2,123
⁽¹⁾ Financial assets carried at amortized cost	801	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
	September 30, 2026	March 31, 2026
Current
Accrued compensation to employees⁽¹⁾	589	622
Accrued expenses⁽¹⁾	1,044	1,021
Accrued defined benefit liability⁽³⁾	1	5
Withholding taxes and others⁽³⁾	413	409
Liabilities of controlled trusts⁽¹⁾	18	18
Liability towards contingent consideration⁽²⁾	39	8
Capital Creditors⁽¹⁾	23	30
Financial liability under option arrangements⁽²⁾⁽⁴⁾	79	80
Other non-financial liabilities⁽³⁾	3	1
Other financial liabilities⁽¹⁾	40	53
Total current other liabilities	2,249	2,247
Non-current
Accrued compensation to employees⁽¹⁾	2	1
Accrued expenses⁽¹⁾	223	182
Accrued defined benefit liability ⁽³⁾	69	50
Liability towards contingent consideration⁽²⁾	40	3
Financial liability under option arrangements⁽²⁾⁽⁴⁾	13	13
Other non-financial liabilities⁽³⁾	7	9
Other financial liabilities⁽¹⁾	1	9
Total non-current other liabilities	355	267
Total other liabilities	2,604	2,514
⁽¹⁾ Financial liability carried at amortized cost	1,940	1,936
⁽²⁾ Financial liability carried at fair value through profit or loss	171	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
	September 30, 2026	March 31, 2026
Post-sales client support	205	159
Total provisions	205	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 September 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 1,210 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 33 crore) and $3 million (27 crore) as at September 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 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 September 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 July 1, 2026	152	1,334	609	1,023	360	5	3,483
Additions	–	26	18	59	14	–	117
Deletions**	(1)	(1)	(2)	(13)	(5)	–	(22)
Translation difference	(1)	(13)	(7)	(13)	(4)	–	(38)
Gross carrying value as at September 30, 2026	150	1,346	618	1,056	365	5	3,540
Accumulated depreciation as at July 1, 2026	–	(632)	(494)	(727)	(299)	(4)	(2,156)
Depreciation	–	(12)	(10)	(34)	(8)	–	(64)
Accumulated depreciation on deletions**	–	–	2	13	5	–	20
Translation difference	–	6	7	8	3	–	24
Accumulated depreciation as at September 30, 2026	–	(638)	(495)	(740)	(299)	(4)	(2,176)
Capital work-in progress as at July 1, 2026							93
Carrying value as at July 1, 2026	152	702	115	296	61	1	1,420
Capital work-in progress as at September 30, 2026							60
Carrying value as at September 30, 2026	150	708	123	316	66	1	1,424

The changes in the carrying value of property, plant and equipment for the three months ended September 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 July 1, 2025	173	1,369	637	1,082	391	6	3,658
Additions	1	–	4	47	1	–	53
Deletions*	–	–	(1)	(19)	(7)	(1)	(28)
Translation difference	(5)	(42)	(23)	(34)	(12)	–	(116)
Gross carrying value as at September 30, 2025	169	1,327	617	1,076	373	5	3,567
Accumulated depreciation as at July 1, 2025	–	(638)	(518)	(821)	(322)	(5)	(2,304)
Depreciation	–	(12)	(11)	(29)	(7)	–	(59)
Accumulated depreciation on deletions*	–	–	1	19	7	1	28
Translation difference	–	19	20	25	10	–	74
Accumulated depreciation as at September 30, 2025	–	(631)	(508)	(806)	(312)	(4)	(2,261)
Capital work-in progress as at July 1, 2025							130
Carrying value as at July 1, 2025	173	731	119	261	69	1	1,484
Capital work-in progress as at September 30, 2025							146
Carrying value as at September 30, 2025	169	696	109	270	61	1	1,452

The changes in the carrying value of property, plant and equipment for the six months ended September 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	–	30	25	93	17	–	165
Additions - Business Combination (Refer to Note 2.10)	–	–	–	2	–	–	2
Deletions**	(1)	(1)	(5)	(40)	(12)	–	(59)
Translation difference	(1)	(9)	(6)	(11)	(3)	–	(30)
Gross carrying value as at September 30, 2026	150	1,346	618	1,056	365	5	3,540
Accumulated depreciation as at April 1, 2026	–	(618)	(486)	(721)	(299)	(4)	(2,128)
Depreciation	–	(25)	(20)	(65)	(14)	–	(124)
Accumulated depreciation on deletions**	–	–	5	40	12	–	57
Translation difference	–	5	6	6	2	–	19
Accumulated depreciation as at September 30, 2026	–	(638)	(495)	(740)	(299)	(4)	(2,176)
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 September 30, 2026							60
Carrying value as at September 30, 2026	150	708	123	316	66	1	1,424

**

During the three months and six months ended September 30, 2026, certain assets that were not in use, having a gross book value of $14 million (net book value: Nil) and $40 million (net book value: Nil), respectively, were retired

The changes in the carrying value of property, plant and equipment for the six months ended September 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	2	1	12	71	6	–	92
Additions - Business Combination (Refer to Note 2.10)	–	–	–	1	–	–	1
Deletions*	–	(1)	(3)	(50)	(8)	(1)	(63)
Translation difference	(6)	(44)	(24)	(34)	(11)	–	(119)
Gross carrying value as at September 30, 2025	169	1,327	617	1,076	373	5	3,567
Accumulated depreciation as at April 1, 2025	–	(627)	(511)	(820)	(315)	(5)	(2,278)
Depreciation	–	(25)	(20)	(61)	(14)	–	(120)
Accumulated depreciation on deletions*	–	–	2	49	8	1	60
Translation difference	–	21	21	26	9	–	77
Accumulated depreciation as at September 30, 2025	–	(631)	(508)	(806)	(312)	(4)	(2,261)
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 September 30, 2025							146
Carrying value as at September 30, 2025	169	696	109	270	61	1	1,452

*

During the three months and six months ended September 30, 2025, certain assets that were not in use, having a gross book value of $25 million (net book value: Nil) and $54 million (net book value: Nil), respectively, 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 $128 million and $141 million as at September 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 September 30, 2026:

(Dollars in millions)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as at July 1, 2026	58	333	3	252	646
Additions^*	–	29	–	32	61
Deletions	–	(2)	–	(5)	(7)
Depreciation	–	(20)	(1)	(27)	(48)
Translation difference	(1)	(3)	–	(3)	(7)
Balance as at September 30, 2026	57	337	2	249	645

^*

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 September 30, 2025:

(Dollars in millions)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as at July 1, 2025	70	392	3	274	739
Additions^*	–	14	–	56	70
Deletions	–	–	–	(20)	(20)
Depreciation	–	(21)	(1)	(35)	(57)
Translation difference	(2)	(10)	1	(1)	(12)
Balance as at September 30, 2025	68	375	3	274	720

^*

Net of adjustments on account of modifications

Following are the changes in the carrying value of right-of-use assets for the six months ended September 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^*	–	40	–	81	121
Additions on Business Combinations (Refer to Note 2.10)	–	1	–	–	1
Deletions	–	(3)	–	(22)	(25)
Depreciation	–	(40)	(1)	(53)	(94)
Translation difference	(1)	(3)	–	(5)	(9)
Balance as at September 30, 2026	57	337	2	249	645

^*

Net of adjustments on account of modifications

Following are the changes in the carrying value of right-of-use assets for the six months ended September 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^*	–	34	–	99	133
Deletions	–	(2)	–	(43)	(45)
Depreciation	–	(43)	(1)	(67)	(111)
Translation difference	(2)	(6)	1	12	5
Balance as at September 30, 2025	68	375	3	274	720

^*

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 September 30, 2026 and March 31, 2026

(Dollars in millions)

Particulars	As at
	September 30, 2026	March 31, 2026
Current lease liabilities	374	333
Non-current lease liabilities	516	634
Total	890	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
	September 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	(10)	44
Carrying value at the end	1,551	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.

Acquisition

During the six months ended September 30, 2026 the Group, completed two business combinations by acquiring 100% partnership interests/voting interests in:

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⁾	12	–	12
Liabilities	(11)	–	(11)
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 September 30, 2026 was $4 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 and as of September 30, 2026, the amounts are fully 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 Consolidated Statement of Comprehensive income for the six months ended September 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 September 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 September 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 Consolidated Statement of Comprehensive income for the six months ended September 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 7,915,595 and 8,650,911 shares as at September 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 September 30, 2026 and March 31, 2026.

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

Particulars	Three months ended September 30,		Six months ended September 30,
	2026	2025	2026	2025
2015 Plan: RSU
Equity settled RSUs
Key Management Personnel (KMP)	–	–	353,274	277,077
Employees other than KMP	9,836	2,400	37,029	7,400
	9,836	2,400	390,303	284,477
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	9,836	2,400	390,303	6,042,817
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 September 30,		Six months ended September 30,
	2026	2025	2026	2025
Granted to:
KMP	2	2	4	4
Employees other than KMP	22	25	44	50
Total ⁽¹⁾	24	27	48	54
⁽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)	1,181	12.32	1,507	1,554	17.93
Exercise price ()/ ($ ADS)	5.00	0.10	5.00	1,554	17.93
Expected volatility (%)	26-30	28-39	23-25	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	11.22	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 September 30,		Six months ended September 30,
	2026	2025	2026	2025
Current taxes
Domestic taxes	269	280	540	550
Foreign taxes	86	82	169	168
	355	362	709	718
Deferred taxes
Domestic taxes	(5)	(23)	(9)	(39)
Foreign taxes	(13)	(14)	(20)	(25)
	(18)	(37)	(29)	(64)
Income tax expense	337	325	680	654

Income tax expense for the three months ended September 30, 2026 includes provision (net of reversals) of $10 million. Income tax expense for the six months ended September 30, 2026 and September 30, 2025 includes provisions (net of reversals) of $20 million and provisions (net of reversals) $13 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 and six months ended September 30, 2026 and September 30, 2025 substantially relates to the 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 September 30, 2026, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $210 million ( rupee symbol 2,015 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 $139 million ( rupee symbol 1,332 crore) and $273 million (2,594 crore) as at September 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 six months ended September 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.

-

Guidevision UK Limited, a wholly-owned subsidiary of GuideVision, s.r.o. has been liquidated effective September 01, 2026

-

In-tech Automotive Engineering Beijing Co., Ltd (“in-tech (Beijing) Information Technology Co.Ltd”), a wholly-owned subsidiary of In-tech Aut Engg Shenyang Co. Ltd, has been liquidated effective September 02, 2026

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 September 30,		Six months ended September 30,
	2026	2025	2026	2025
Salaries and other short term employee benefits to whole-time directors and executive officers⁽¹⁾⁽²⁾	3	4	6	7
Commission and other benefits to non-executive/ independent directors	-	-	1	1
Total	3	4	7	8

⁽¹⁾

Total employee stock compensation expense for the three months ended September 30, 2026 and September 30, 2025 includes a charge of $2 million and $2 million respectively, towards key management personnel. For the six months ended September 30, 2026 and September 30, 2025, includes a charge of $4 million and $4 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 September 30, 2026 and September 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	1,439	827	729	592	642	433	348	135	5,145
	1,406	838	678	643	616	327	422	146	5,076
Identifiable operating expenses	775	508	387	295	412	289	202	94	2,962
	801	507	381	321	388	206	267	92	2,963
Allocated expenses	283	142	135	119	110	78	63	32	962
	256	132	126	126	112	60	68	33	913
Segment Profit	381	177	207	178	120	66	83	9	1,221
	349	199	171	196	116	61	87	21	1,200
Unallocable expenses									142
									135
Operating profit									1,079
									1,065
Other income, net									89
									112
Finance Cost									12
									12
Profit before income taxes									1,156
									1,165
Income tax expense									337
									325
Net profit									819
									840
Depreciation and amortization									142
									135
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

For the six months ended September 30, 2026 and September 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	2,858	1,635	1,409	1,243	1,253	838	739	252	10,227
	2,785	1,634	1,349	1,304	1,211	648	807	280	10,018
Identifiable operating expenses	1,533	1,002	765	641	790	558	434	171	5,894
	1,580	1,006	765	662	778	406	496	169	5,862
Allocated expenses	558	278	271	244	219	149	126	64	1,909
	509	263	245	248	215	117	134	64	1,795
Segment Profit	767	355	373	358	244	131	179	17	2,424
	696	365	339	394	218	125	177	47	2,361
Unallocable expenses									273
									268
Operating profit									2,151
									2,093
Other income, net									193
									234
Finance Cost									25
									24
Profit before income taxes									2,319
									2,303
Income tax expense									680
									654
Net profit									1,639
									1,649
Depreciation and amortization									273
									268
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 Revenue for the three months and six months ended September 30, 2026 and September 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.

Capitalized 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 and six months ended September 30, 2026 and September 30, 2025 is as follows:

(Dollars in millions)

Particulars	Three months ended September 30,		Six months ended September 30,
	2026	2025	2026	2025
Revenue from software services	4,904	4,837	9,740	9,551
Revenue from products and platforms	241	239	487	467
Total revenue from operations	5,145	5,076	10,227	10,018

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 and six months ended September 30, 2026 and September 30, 2025

(Dollars in millions)

Particulars	Three months ended September 30,		Six months ended September 30,
	2026	2025	2026	2025
Revenues by Geography*
North America	2,810	2,856	5,674	5,645
Europe	1,674	1,611	3,308	3,171
India	142	158	267	301
Rest of the world	519	451	978	901
Total	5,145	5,076	10,227	10,018

*

Geographical revenue is based on the domicile of customer^.

The percentage of revenue from fixed-price contracts for each of the three months ended September 30, 2026 and September 30, 2025 are 54%. The percentage of revenue from fixed-price contracts for each of the six months ended September 30, 2026 and September 30, 2025 are 54%.

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
	September 30, 2026	March 31, 2026
Unbilled financial asset ⁽¹⁾	1,341	1,211
Unbilled non financial asset ⁽²⁾	616	605
Total	1,957	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. 7,915,595 shares and 8,650,911 shares were held by controlled trust, as at September 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 September 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	Six months ended September 30, 2026		Six months ended September 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.

The Board of Directors in their meeting held on October 23, 2026 declared an interim dividend of rupee symbol 26/- per equity share (approximately $0.27 per equity share) which would result in a net cash outflow of approximately 10,531 crore ($1,099 million) excluding dividend paid on treasury shares.

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 investments 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 the 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 September 30,		Six months ended September 30,
	2026	2025	2026	2025
Employee benefit costs	2,368	2,394	4,737	4,784
Depreciation and amortization	142	135	273	268
Travelling costs	50	39	99	77
Cost of technical sub-contractors	459	443	900	852
Cost of software packages for own use	93	73	179	148
Third party items bought for service delivery to clients	378	380	752	739
Consultancy and professional charges	4	(1)	8	-
Communication costs	8	10	16	18
Repairs and maintenance	17	17	32	34
Provision for post-sales client support and other provisions	13	9	(5)	(12)
Others	15	17	37	25
Total	3,547	3,516	7,028	6,933

2.19.2 Selling and marketing expenses

(Dollars in millions)

Particulars	Three months ended September 30,		Six months ended September 30,
	2026	2025	2026	2025
Employee benefit costs	202	191	402	379
Travelling costs	14	15	31	30
Branding and marketing	34	33	79	78
Consultancy and professional charges	4	10	7	16
Communication costs	1	1	1	1
Cost of software packages for own use	4	3	8	5
Others	1	1	3	3
Total	260	254	531	512

2.19.3 Administrative expenses

(Dollars in millions)

Particulars	Three months ended September 30,		Six months ended September 30,
	2026	2025	2026	2025
Employee benefit costs	93	92	190	185
Consultancy and professional charges	62	45	119	93
Repairs and maintenance	35	32	67	63
Power and fuel	6	7	12	13
Communication costs	8	8	15	17
Travelling costs	8	7	16	14
Rates and taxes	9	9	17	19
Insurance charges	9	10	19	19
Commission to non-whole time directors	1	1	1	1
Impairment loss recognized/(reversed) under expected credit loss model	6	0	6	4
Contribution towards Corporate Social Responsibility	17	17	33	31
Cost of software packages for own use	2	3	4	5
Others	3	10	18	16
Total	259	241	517	480

2.19.4 Other income, net:

Other income for the three months and six months ended September 30, 2026 and September 30, 2025 is as follows:

(Dollars in millions)

Particulars	Three months ended September 30,		Six months ended September 30,
	2026	2025	2026	2025
Interest income on financial assets carried at amortized cost	36	56	70	113
Interest income on financial assets carried at fair value through other comprehensive income	30	28	64	67
Gain/(loss) on investments carried at fair value through profit or loss	6	6	13	15
Gain/(loss) on investments carried at amortized cost	–	6	–	9
Exchange gains / (losses) on forward and options contracts	(14)	(77)	29	(156)
Exchange gains / (losses) on translation of other assets and liabilities	24	91	(1)	178
Others	7	2	18	8
Total	89	112	193	234

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

October 23, 2026

Exhibit 99.8

IFRS INR 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 September 30, 2026, the Condensed Consolidated Statement of Comprehensive Income for the three months and six months ended on that date, the Condensed Consolidated Statement of Changes in Equity, and the Condensed Consolidated Statement of Cash Flows for the six 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”).