Infosys, India's second-largest IT company, is set to report Q4 FY26 results in mid-to-late April 2026 — typically a week after TCS kicks off the earnings season.
But unlike other quarters, the Q4 report carries extra weight: Infosys issues its full-year FY27 revenue guidance only once a year — at the Q4 results. That guidance number shapes how the entire IT sector is priced for the next 12 months.
Here's what to expect, what analysts are predicting, and what the guidance will tell you about FY27.
Q4 FY26 Results Date
Infosys reports earnings roughly 5–7 days after TCS each quarter. With TCS expected around April 10–17, 2026, Infosys Q4 FY26 results are expected in the April 17–22 window.
The earnings call is typically held the same day as results announcement. Management will take analyst questions on revenue trajectory, verticals, margin outlook, and — most importantly — FY27 guidance.
What Analysts Are Expecting
Revenue
| Metric | Q4 FY25 Actual | Q4 FY26 Estimate | YoY Change |
|---|---|---|---|
| Revenue (USD billion) | ~4.8B | 4.9–5.1B | +4–6% |
| Revenue (₹ crore) | ~40,000 | 41,000–43,000 | +4–6% |
| Constant Currency Growth | — | 4–6% | — |
Infosys has been navigating a mixed demand environment — strong in Energy & Utilities (driven by grid modernization deals), but softer in BFSI (banking clients cautious on discretionary spend) and Retail (US consumer slowdown).
Key variable: Currency. A strengthening rupee vs the USD creates a headwind on reported INR revenues. Watch the constant currency (CC) growth number as the cleaner signal.
Net Profit (PAT)
| Metric | Q4 FY25 | Q4 FY26 Estimate |
|---|---|---|
| Net Profit (₹ crore) | ~7,900 | 7,800–8,200 |
| EPS (₹) | ~19 | 18.5–19.5 |
Margins are expected to be broadly stable at 20–21% EBIT range. Infosys has been more active on margin management than peers — watch for commentary on subcontractor costs and utilization.
Deal TCV (Total Contract Value)
Deal TCV is Infosys's strongest indicator of future revenue. The company had a strong FY26 in large deal wins.
- Q3 FY26 TCV: ~$2.5–3 billion (estimate — update after results)
- Q4 FY26 watch: Analysts expect similar run-rate of $2.5–3B, with any upside from AI transformation deals
- Full-year FY26 TCV: On track for $10–12 billion
Large deals > $500M are particularly important — they indicate enterprise clients are committing to multi-year transformation programs, not just short-term projects.
The #1 Thing to Watch: FY27 Revenue Guidance
Infosys gives full-year guidance only once a year — in the Q4 earnings call.
This is why Q4 is always the most watched quarter. The FY27 guidance will set the tone for:
- Infosys's stock price (guidance miss = sharp selloff)
- Sector sentiment for Wipro, HCLTech, LTIMindtree, Mphasis
- Market expectations for IT sector earnings through FY27
What the Street Expects for FY27
| Scenario | CC Revenue Growth | Market Reaction |
|---|---|---|
| Bull case | 7–9% | Strong rally, sector re-rating |
| Base case | 4–7% | Neutral to mildly positive |
| Bear case | 2–4% | Selloff, cautious sentiment |
Context: Infosys guided 4–7% CC growth for FY26 at the start of the year. They've navigated toward the lower end of that range. For FY27, the key question is: is the demand environment improving, stable, or worsening?
Key Things to Watch in the Q4 Earnings Call
1. FY27 Revenue Guidance (Most Important)
The single number that matters most. Analysts will dissect:
- Upper bound vs lower bound (wide range = management uncertainty)
- Whether guidance assumes macro improvement or "current conditions"
- Vertical assumptions baked in (BFSI recovery? Retail stabilization?)
Read signals:
- Guidance > 7% CC = demand recovery confirmed, stock likely up 5–8%
- Guidance 4–6% CC = "steady state" — moderate reaction
- Guidance < 4% CC = disappointing, expect 5–10% selloff
2. EBIT Margin Guidance for FY27
Infosys also provides a margin band for the year. FY26 EBIT was in the 20–21% range. For FY27:
- If management guides for margin expansion (21–22%) → positive signal on pricing power
- If margin band stays flat → cost pressure from wage hikes, AI investments ongoing
- If margin guidance drops → indicates deal mix shifting toward lower-margin large deals
3. Large Deal Wins
Track:
- Total TCV for Q4 FY26
- Number of deals > $500M (mega-deals signal long-cycle enterprise demand)
- Industry concentration: Are deals coming from specific verticals (Energy? Govt? Manufacturing?)
4. BFSI Recovery Signals
BFSI is Infosys's largest vertical (~30% of revenue). US and European banking clients have been cautious on discretionary IT spend for 6+ quarters. Listen for:
- "Clients resuming discretionary projects" = green shoot
- "Clients still in cost optimization mode" = recovery delayed
- "New mandates from financial services" = demand shifting
5. GenAI Revenue and Deals
Infosys has been positioning "Topaz" — its GenAI platform — as a differentiator. Watch for:
- Number of Topaz-powered engagements
- Revenue attribution from AI projects (still nascent but growing)
- Client case studies (which industries adopting AI fastest)
Infosys vs TCS: Why Both Matter
Infosys and TCS are often compared, but they have key differences that make both reports essential:
| Factor | TCS | Infosys |
|---|---|---|
| Size | ~$29B revenue (FY26 est.) | ~$20B revenue (FY26 est.) |
| Guidance | No formal guidance | Full-year USD CC guidance (Q4 only) |
| Margin range | 24–26% EBIT | 20–22% EBIT |
| Strengths | BFSI, UK, retail | Energy, Manufacturing, large deals |
| Key metric | Deal TCV, headcount | FY27 guidance, EBIT band |
If TCS and Infosys both report strong results + positive guidance → Nifty IT likely up 3–5%.
If there's a divergence (TCS strong, Infosys weak) → selective moves, sector index moderate.
Historical Infosys Quarterly Performance
| Quarter | Revenue (USD B) | PAT (₹ cr) | CC Growth | EBIT Margin |
|---|---|---|---|---|
| Q1 FY26 | ~4.9 | ~6,368 | ~3.5% | ~21.1% |
| Q2 FY26 | ~4.99 | ~6,506 | ~4.2% | ~21.1% |
| Q3 FY26 | ~5.0 | ~6,806 | ~5.2% | ~21.3% |
| Q4 FY26 (Est.) | ~5.0–5.1 | ~7,000–7,200 | ~4–6% | ~20.5–21.5% |
Note: Update this table with actual Q4 FY26 numbers after results are announced.
Trend reading: Q3 FY26 showed acceleration (+5.2% CC vs Q2's +4.2%). If Q4 maintains this improvement, the FY27 guidance range could be set higher than many expect.
Infosys Stock: What the Numbers Mean for Investors
Infosys is a widely held stock — in institutional portfolios, mutual funds, and retail investor watchlists. Here's how to read results:
Positive signals for the stock:
- FY27 guidance > 6% CC
- EBIT margin guidance maintained at 20%+
- Large deal TCV > $3B for Q4
- Management commentary: "demand recovery", "pipeline strong", "discretionary spend returning"
Negative signals:
- FY27 guidance < 4% CC
- Margin guidance drop below 20%
- Headcount contraction (signals no demand confidence)
- Commentary: "clients cautious", "budget delays", "deal closures pushed out"
How to Read Infosys's Earnings with AI
After results are announced, StockMirror processes Infosys's full earnings transcript through AI to extract:
- Revenue breakdown by vertical: BFSI, Energy, Retail, Hi-Tech, Manufacturing
- Deal wins analysis: Large deals, renewal rates, new logos
- Margin analysis: Cost structure changes, utilization rates
- Management tone: Confident vs cautious language signals
- FY27 outlook signals: What management said beyond the guidance range
See Infosys's AI-powered earnings analysis on StockMirror →
Key Takeaways: What to Watch for Infosys Q4 FY26
- FY27 guidance > 6% CC → Demand recovery confirmed, stock re-rates higher
- Large deal TCV > $2.5B → Pipeline healthy for FY27
- EBIT margin guidance 20%+ → Cost discipline intact despite wage hikes
- BFSI vertical returning to growth → Most important sector for Infosys
- Topaz/GenAI deal wins → Positioning for AI-driven demand
Related Articles
- TCS Q4 FY26 Earnings Preview: What to Expect
- India Stock Market Earnings Calendar — Q4 FY26 Schedule
- Earnings Per Share (EPS) Explained for Indian Investors
- AI Stock Analysis: How AI Reads Earnings Transcripts
This article will be updated with actual Q4 FY26 results after Infosys announces earnings (expected April 17–22, 2026). Check back after results for full analysis.
For real-time AI-powered analysis of Infosys's earnings, visit StockMirror Infosys Earnings page.