INFYNYSEServices-Computer Programming ServicesUS GAAP · USD

Infosys Ltd

Infosys Ltd is an India-origin IT services and consulting group that delivers technology-enabled business transformation for enterprises through a global network of subsidiaries. Its offerings span application development, digital and cloud services, consulting, engineering, infrastructure, and business process outsourcing.

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Revenue19.8bn USD
Operating profit (EBIT)4,380m USD
EBIT margin22.1%
Net income3,208m USD

Fiscal year 2025 · change from previous year

Development 2025–2025

0510152025bn USD2025: 19.8 bn USD2025: EBIT 4.4 bn USD2025TTM 2026: 20.2 bn USDTTM 2026: EBIT 4.4 bn USDTTM20.24.4
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Consulting and digital transformation20 %

Advisory and implementation services that help clients redesign processes and operating models.

Application development and maintenance30 %

Custom software engineering, modernization, support, and managed application services.

Cloud, infrastructure and cybersecurity20 %

Cloud migration, infrastructure management, security operations, and related services.

Engineering and product development15 %

Software product engineering, innovation services, and embedded technology work.

Business process outsourcing10 %

Back-office and customer process services delivered through Infosys BPM and related units.

Proprietary platforms and solutions5 %

Industry software and packaged offerings such as banking and payments platforms.

Customers

Infosys sells primarily to large enterprises that outsource technology delivery, digital operations, and consulting projects. Its client base spans financial services, manufacturing, retail, telecom, healthcare, and other global industries that need enterprise-scale IT modernization. Banking clients also buy specialized platform software such as Finacle for core and payment-related functions.

Global enterprise clients

Large multinational companies buying consulting, software engineering, cloud, and managed services for business and IT transformation.

Financial services institutions

Banks and other financial firms buying core banking, payments, and modernization services, including Finacle-related solutions.

Industrials and manufacturing

Companies buying application, engineering, and operations services to improve productivity and digitize processes.

Retail, telecom, and consumer businesses

Organizations buying customer-facing digital, cloud, and platform services to support omnichannel and data-driven operations.

Public sector and public services

Government and public institutions using application, infrastructure, and process services through Infosys Public Services and related units.

Strategy

Infosys is positioning its service portfolio around AI-first consulting, enterprise modernization, and ecosystem-led delivery. It also builds industry-specific solutions and proprietary platforms to deepen client relationships and move beyond pure labor-based services.

AI-first service deliveryShort term

Differentiates the company in enterprise transformation projects and supports higher-value engagements.

Deepen industry and domain solutionsMedium term

Industry-specific knowledge helps win complex outsourcing and modernization work.

Scale engineering and infrastructure servicesMedium term

Broadens wallet share across application, cloud, and managed services engagements.

Geography

Infosys operates through a broad global subsidiary structure, with delivery and client-facing presence across India, North America, Europe, Asia-Pacific, the Middle East, and Latin America. The business is geographically diversified because clients are multinational and delivery can be coordinated across onshore, nearshore, and offshore locations. The company also maintains subsidiaries in countries such as the United States, Sweden, Austria, Poland, China, Singapore, and Chile.

Risks

Infosys is exposed to cyclical enterprise IT spending, competitive pricing pressure, and the project-based nature of outsourcing contracts. Its global delivery model also depends on access to skilled labor, cross-border operations, and the ability to manage client concentration across major geographies and industries.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →IT spending slowdown1Pricing and margin pressure2Talent and delivery disruption3Cross-border regulatory and visa exposure4Client concentration5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. IT spending slowdownImpact: HighLikelihood: High

    Clients can postpone consulting, modernization, and discretionary software projects when budgets tighten.

    Exposure: Large enterprise clients across industries

  2. Pricing and margin pressureImpact: HighLikelihood: High

    Services contracts are competitive and labor-intensive, which can compress billing rates and utilization.

    ExposureApplicationConsultingOutsourcing services
  3. Talent and delivery disruptionImpact: MediumLikelihood: High

    The business depends on large pools of skilled engineers, consultants, and operations staff across locations.

    Exposure: Global delivery centers and client engagements

  4. Cross-border regulatory and visa exposureImpact: MediumLikelihood: Medium

    International delivery and client onsite staffing can be affected by immigration, tax, and local compliance rules.

    Exposure: North America and Europe delivery footprint

  5. Client concentrationImpact: MediumLikelihood: Medium

    Large enterprise accounts can represent meaningful portions of revenue, so account loss or repricing matters.

    Exposure: Major banking and enterprise customers

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Accounting

Judgemental items
Revenue recognition timing

Consulting and software services may be recognized over time, so delivery milestones and effort estimates affect reported revenue.

Impact: Can shift revenue between quarters and affect margins

Unbilled revenue

Work completed but not yet billed is a common feature in services contracts and affects working capital and revenue timing.

Impact: Influences receivables quality and cash conversion

Provisions and contingencies

Service contracts can involve disputes, guarantees, or tax/legal exposures that require judgmental accruals.

Impact: Can change earnings and balance-sheet liabilities

Lease accounting

Office and delivery-center leases create right-of-use assets and lease liabilities that affect leverage presentation.

Impact: Impacts EBITDA-like comparability and debt metrics

Goodwill and intangible assets

Acquisitions and software platforms create balances that may require impairment testing.

Impact: Potential non-cash charges if assumptions weaken

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Last updated: 28/09/2026