Infosys is set to report its Q4FY26 results on April 23, with expectations of muted sequential performance, marginal margin improvement, and a cautious FY27 growth guidance of around 2–5 per cent in constant currency amid macro uncertainty. Below are a few other key metrics to look out for:
Revenue and PAT
According to a brokerage poll, the IT major is projected to report revenue in the range of ₹46,673–46,998 crore, indicating a sequential movement of -3.5 per cent to +0.3 per cent and year-on-year growth of around 4.8 per cent , both in constant currency (CC) terms.
Profit after tax (PAT) is estimated at ₹7,610–7,840 crore, suggesting a largely flat quarter-on-quarter performance with a marginal uptick of 0.3 per cent to 2.8 per cent , alongside a year-on-year increase of 8.2–9.4 per cent .
According to Kotak Institutional Equities, the sequential revenue decline is largely driven by fewer billing days and seasonal weakness. It expects revenues from the sale of third-party items to remain stable, while a sharp decline in other income following the completion of the buyback could lead to moderate net profit growth.
Margins and guidance
Various brokerages expect FY27 revenue growth guidance in the range of 2–4 per cent to 3–5 per cent , implying around 2–5 per cent y-o-y growth in cc terms.
Kotak Institutional Equities noted that two factors dominate this guidance outlook. First, elevated geopolitical risk from the Iran war adds uncertainty to global macro conditions and enterprise spending visibility. Second, GenAI-driven productivity programs are increasingly deflationary. These factors are likely to cap headline growth guidance despite a reasonable deal pipeline. However, a prolonged or intensifying conflict would pose downside risks to both demand assumptions. 75 bps from the Versent acquisition is baked into the guidance, noting that management expected the deal to close by the end of the fiscal year.
Alongside, an Equirius Securities report said EBIT margins are expected to improve marginally by about 8 bps q-o-q, supported by tailwinds from forex and cost/revenue efficiencies under Project Maximus, along with likely lower variable pay. These gains are expected to be partly offset by headwinds from fewer billing days, the absence of certain one-time gains seen in Q3, and higher visa costs.
TCV and deal conversions
Large deal TCV is expected to come in at $2–3 billion, with JM Financial noting that deal wins are likely to remain healthy and broadly in line with typical trends. However, Equirius Securities expects a material quarter-on-quarter decline in large deal TCV, following two mega deal wins in Q3FY26.
Published on April 19, 2026