In short: Infosys's Q2 FY27 revenue rose 10.7% to ₹49,244 crore from a year earlier, and net profit rose 6.2% to ₹7,823 crore. Operating margin was 21.0%, down 10 bps from the previous quarter. Infosys cut its FY27 revenue growth guidance to 1–2% in constant currency, from 1.5–3.0%, even as large-deal wins rose to $5.2 billion.
What changed in Infosys's Q2 FY27 results
- Revenue from operations was ₹49,244 crore, up 10.7% from a year earlier and up 2.1% from the previous quarter.
- Net profit was ₹7,823 crore, up 6.2% from a year earlier and up 0.7% from the previous quarter.
- Operating margin was 21.0%, down 10 bps from the previous quarter and unchanged from a year earlier.
- Revenue was $5,145 million. In constant currency, revenue grew 1.5% from a year earlier and 1.2% from the previous quarter.
- Large deal wins (TCV): $5.2 billion, against $3.6 billion in the previous quarter.
- Headcount was 332,542, up 4,480 in the quarter. Voluntary attrition in IT services over the last twelve months was 12.7%.
- Interim dividend of ₹26 per share, with a record date of 3 November 2026.
- FY27 guidance, cut in October: revenue growth of 1–2% in constant currency and an operating margin of 20–22%. Previously: 1.5–3.0% revenue growth and a 20–22% operating margin (July 2026).
Infosys Q2 FY27 results at a glance
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 | QoQ | YoY |
|---|---|---|---|---|---|
| Revenue (₹ crore) | 49,244 | 48,211 | 44,490 | +2.1% | +10.7% |
| Net profit (₹ crore) | 7,823 | 7,769 | 7,364 | +0.7% | +6.2% |
| Operating margin | 21.0% | 21.1% | 21.0% | −10 bps | 0 bps |
Genvest analysis
Infosys cut its FY27 revenue growth guidance to 1–2% in constant currency, from the 1.5–3.0% it gave in July, and kept the operating margin band at 20–22%. Revenue grew 1.9% in constant currency in the first half of the year.
Revenue was $5,145 million, up 1.2% from the June quarter and 1.5% from a year earlier in constant currency (1.3% in dollars). In rupees it rose 2.1% on the quarter to ₹49,244 crore and 10.7% on the year. By industry, life sciences grew 32.5% from a year earlier in constant currency and energy, utilities, resources and services 7.3%, while hi-tech fell 17.3% and retail 7.7%; financial services, the largest at 28.0% of revenue, grew 2.1%. North America, 54.6% of revenue, fell 1.5% and Europe grew 4.6%.
The operating margin was 21.0%, against 21.1% in the June quarter and 21.0% a year earlier. Net profit rose 6.2% from a year earlier to ₹7,823 crore, slower than revenue, as other income net of finance cost fell to ₹733 crore from ₹876 crore. Earnings per share rose 8.7% to ₹19.32 on a lower share count.
Large-deal wins were $5.2 billion, 62% of it net new and including what Infosys calls a mega deal of over $2 billion, against $3.6 billion in the June quarter. By the company's count, AI revenue was 10.5% of total revenue and grew 29% from the previous quarter.
Headcount rose by 4,480 to 332,542 and voluntary attrition eased to 12.7% from 13.0%. Free cash flow was $928 million (₹8,898 crore), 8.1% lower than a year earlier in rupees. The board declared an interim dividend of ₹26 a share, against ₹23 a year earlier; the record date is 3 November and payment is on 11 November.
Infosys revenue, margin and earnings trend
- Revenue went from ₹41,764 crore in Q3 FY25 to ₹49,244 crore in Q2 FY27, rising on the previous quarter in 6 of the last 7 quarters.
- Year-on-year revenue growth over the last 4 quarters ranged from 8.9% to 14.0% in rupees.
- In constant currency, growth on the previous quarter ranged from −3.5% to 2.6% over the last 8 quarters.
- Earnings per share over the last four quarters were ₹75.69, against ₹67.87 in the four quarters before (+11.5%).
- Operating margin ranged from 20.8% (Q1 FY26) to 21.3% (Q3 FY25); the latest 21.0% is 30 bps below the high.
| Quarter | Revenue (₹ crore) | YoY | CC growth QoQ | Operating margin | EPS (₹) |
|---|---|---|---|---|---|
| Q2 FY27 | 49,244 | +10.7% | +1.2% | 21.0% | 19.32 |
| Q1 FY27 | 48,211 | +14.0% | +1.0% | 21.1% | 19.19 |
| Q4 FY26 | 46,402 | +13.4% | −1.3% | 21.0% | 21.01 |
| Q3 FY26 | 45,479 | +8.9% | +0.6% | 21.2% | 16.17 |
| Q2 FY26 | 44,490 | +8.5% | +2.2% | 21.0% | 17.76 |
| Q1 FY26 | 42,279 | – | +2.6% | 20.8% | 16.70 |
| Q4 FY25 | 40,925 | – | −3.5% | 21.0% | 16.98 |
| Q3 FY25 | 41,764 | – | +1.7% | 21.3% | 16.43 |
The Q3 FY26 operating margin excludes a one-time ₹1,289 crore Labour Codes charge, which Infosys's Ind AS results show below operating profit (18.4% including it). Earnings per share are as reported: Q3 FY26 includes that charge, and Q4 FY25 and Q4 FY26 include interest income and tax-provision reversals from income-tax orders. Source: Infosys quarterly fact sheets, filed with the SEC and the stock exchanges.
What Infosys's results mean for fund investors
- Technology funds. Large IT services companies are usually among the biggest holdings of technology funds, so results days move these funds more than diversified equity funds.
- Index funds. IT services is one of the larger sectors in the Nifty 50, so Nifty 50 index funds also carry some of this result.
- Overlap. If you hold several technology funds, or IT shares alongside them, check how concentrated you are with the portfolio analyzer.
Infosys Q2 FY27 results: questions
When did Infosys announce Q2 FY27 results?
Infosys announced its Q2 FY27 results on 23 October 2026.
What was Infosys's Q2 FY27 net profit?
Net profit was ₹7,823 crore, up 6.2% from a year earlier and up 0.7% from the previous quarter.
What was Infosys's Q2 FY27 revenue?
Revenue from operations was ₹49,244 crore, up 10.7% from a year earlier and up 2.1% from the previous quarter.
Other IT Q2 FY27 results
- TCS Q2 FY27 results · 8 October 2026 · net profit +15.0% YoY
- HCLTech Q2 FY27 results · 12 October 2026 · net profit +21.2% YoY
- Wipro Q2 FY27 results · 15 October 2026 · net profit −1.4% YoY
- Tech Mahindra Q2 FY27 results · 15 October 2026 · net profit +32.7% YoY
- Infosys Q2 FY27 results · 23 October 2026 · net profit +6.2% YoY
All IT Q2 FY27 results in one place
Sources
- Infosys: Q2 FY27 results, press releases and fact sheet (outcome of board meeting, NSE filing, 23 October 2026)
- Infosys Q1 FY27 press release (INR), filed with the SEC
- Infosys quarterly filings with the SEC (Form 6-K)
- Infosys: notice of board meeting, 15 September 2026
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