Infosys lowered its FY27 constant-currency growth forecast to 1%–2% after a quarter with $5.2 billion in large-deal TCV, a measure separate from reported quarterly revenue.
Revenue for the quarter ended Sept. 30 was $5.145 billion, up 1.2% from the prior quarter and 1.5% from a year earlier on a constant-currency basis. The comparison adjusts for exchange-rate movements. Infosys had set a 1.5%–3% growth range in July. Its Q2 operating margin was 21%, and the company kept its FY27 margin guidance at 20%–22%.
Infosys’ sequential growth rate fell below HCLTech’s 2.3% and Tech Mahindra’s 2.4%, but was higher than Tata Consultancy Services’ (TCS) 0.5%. HCLTech reported a FY27 constant-currency growth range of 2.5%–4%. Infosys therefore trailed HCLTech on both quarterly growth and its current full-year forecast, while its Q2 increase exceeded TCS’ rate.
Sanghrajka put the combined FY27 growth effect of offshore delivery changes and a decision to decline a large European manufacturing deal at roughly 1.8%–2%. He did not quantify either factor separately.
Infosys also said AI revenue accounted for 10.5% of Q2 revenue and grew 29% from the previous quarter.
Chief Financial Officer Jayesh Sanghrajka said on the Oct. 23 earnings call that Infosys won 19 large deals in Q2. Of their total contract value, 62% was classified as net new. One contract was a net-new, seven-year agreement with a financial-services client worth more than $2 billion. The company expects the transition to start in the latter part of Q4 FY27 and projects a growth contribution above 1% in FY28.
