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    Abhishek Kumar • JM Financial

    Abhishek Kumar's questions to Infosys Ltd (INFY) leadership

    Abhishek Kumar's questions to Infosys Ltd (INFY) leadership • Q1 2026

    Question

    Abhishek Kumar of JM Financial Ltd. asked about the vendor consolidation trend, questioning if Infosys is now competing more with larger peers, creating margin pressure. He also asked why Infosys expects a weaker H2 compared to H1, contrary to peers.

    Answer

    CEO Salil Parekh stated that in vendor consolidations, Infosys competes with a range of firms and benefits from its strengths in enterprise AI and delivery, with pricing focused on standard productivity improvements. CFO Jayesh Sanghrajka explained the H2 outlook is based on normal seasonality following a strong H1 performance.

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    Abhishek Kumar's questions to Infosys Ltd (INFY) leadership • Q4 2025

    Question

    Abhishek Kumar from JM Financial asked if the third-party items that spilled over from Q4 would be recovered in Q1, how Q1 visibility compares to the previous year, and why the margin uplift from lower third-party costs was limited.

    Answer

    CFO Jayesh Sanghrajka stated it is uncertain if or when the slipped third-party deals will return, and that overall third-party revenue is expected to be lower in FY'26. He compared current uncertainty around tariffs to last year's concerns over interest rates. He explained the limited margin uplift (20 bps) is because it only reflects the delta between the company's overall margin and the lower margin on those specific third-party deals.

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    Abhishek Kumar's questions to Infosys Ltd (INFY) leadership • Q2 2025

    Question

    Abhishek Kumar sought to clarify the nature of the smaller deals, asking if they are concentrated in specific subsectors or are non-discretionary purchase orders. He also asked for a quantification of the margin impact from upcoming wage hikes.

    Answer

    CFO Jayesh Sanghrajka stated that the increase in smaller deals is broad-based across various verticals and deal types but declined to provide a more granular breakdown. He also confirmed that the company would not be quantifying the specific margin impact of the phased wage hikes, only that they would occur effective January 1 and April 1.

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