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    Kumar Rakesh • BNP Paribas

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

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

    Question

    Kumar Rakesh from BNP Paribas S.A. sought clarification on whether the guidance revision was due to macroeconomic assumptions or operational factors. He also asked for details on the 70 bps pricing benefit and the sustainability of Europe's strong growth.

    Answer

    CFO Jayesh Sanghrajka confirmed the guidance change is tied to the macro environment not improving as previously hoped for the upper-end scenario. He attributed the 70 bps benefit to 'Project Maximus' and seasonality, and noted Europe's outperformance is driven by past investments and large deal wins, with a continued strong pipeline.

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

    Question

    Kumar Rakesh from BNP Paribas asked about the volume trends during Q4, the expected contribution from third-party revenue in FY'26, and the long-term risk of clients reassessing low-ROI projects if macroeconomic uncertainty persists.

    Answer

    CFO Jayesh Sanghrajka stated that Q4 volumes saw a soft start in January but recovered through the quarter. He clarified that third-party revenue is expected to be lower in FY'26 than in FY'25. CEO Salil Parekh noted that while recently signed deals are on track, a significant deterioration in the economic environment could lead clients to re-evaluate discretionary spending, though this is not happening significantly at present.

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

    Question

    Kumar Rakesh inquired about the traction of the Topaz generative AI platform compared to the initial rollout of the Cobalt cloud platform, and asked about the market positioning of Infosys's new small language model.

    Answer

    CEO Salil Parekh explained that comparing Topaz to Cobalt is difficult as enterprise GenAI adoption is in its early stages. He highlighted that Topaz is being deployed via enterprise platforms, multi-agent frameworks, and is a key productivity component in nearly every large deal. Regarding the small language model, he positioned it as a foundational layer, trained on Infosys and industry data, upon which clients can build specific business applications, serving as both an accelerator and a base for new solutions.

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