Report Outline:

Infosys has announced results for Q1 FY26, for the period ending June 30, 2025:

• Revenues were $4,941m, up 4.8% y/y, up 3.8% in CC
• Operating income (EBIT) was $1,028m, a margin of 20.8%, down 0.3 pts y/y.

Q1 FY26 revenue by geography (with reported and CC y/y growth in US$) was:

• North America     $2,791m (+0.5%, +0.4% CC)
• Europe                 $1,558m (+16.2%, +12.3% CC)
• India                      $450m (0.0%, +0.4% CC)
• Rest of World     $143m (-3.1%, -1.0% CC).

Q1 FY26 revenue mix by industry (approx. revenue in % and reported/CC y/y growth):

• Financial Services: 27.9%, +6.3%, +5.6% CC
• Manufacturing: 16.1%, +14.8%, +12.2% CC
• EURS: 13.6%, +7.2%, +6.4% CC
• Retail: 13.4%, +1.5%, +0.4% CC
• Communication: 12.0%, +4.7%, +4.0% CC
• Hi-Tech: 7.8%, +2.1%, +1.7% CC
• Life Sciences: 6.5%, -6.6%, -7.9% CC
• Others: 2.7%, -14.9%, -15.3% CC.

Client metrics (Q1 FY26):

• Active clients: 1,861, down from 1,867 in Q1 FY25
• Clients added: 93, up from 87
• Top 5 clients: 13.2% of revenue (vs. 13.5%)
• Top 10 clients: 20.8% of revenue (vs. 20.9%).

Employee and utilization metrics:

• Total headcount: 323,788 (vs. 315,332), net increase of 8,456 (+2.7%)
• Annualized attrition: 14.4%, up from 12.7%
• Utilization (excl. trainees): 85.2% (down from 85.3%)
• Utilization (incl. trainees): 82.7% (down from 83.9%).

The large deal TCV for the quarter was $3.8 billion, with 55% representing net new business.

Guidance for FY26 includes:

• CC revenue growth of 1%-3%
• Operating margin of 20%-22%