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    Sandeep Shah • Equirus Securities

    Sandeep Shah's questions to Infosys Ltd (INFY) leadership

    Sandeep Shah's questions to Infosys Ltd (INFY) leadership • Q1 2026

    Question

    Sandeep Shah of Equirus Securities Pvt. Ltd. asked if the strong vendor consolidation trend could lead to continued healthy TCV in coming quarters. He also inquired about triggers for a discretionary spending recovery and the path to improving EBIT margins year-over-year.

    Answer

    CEO Salil Parekh noted the large deal pipeline is in a good place but declined to give a forward-looking view on TCV value. CFO Jayesh Sanghrajka stated the aspiration to improve margins for the full year remains, with tailwinds from Project Maximus and lower third-party costs expected to help offset headwinds from deal transitions.

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    Sandeep Shah's questions to Infosys Ltd (INFY) leadership • Q4 2025

    Question

    Sandeep Shah of Equirus Securities asked if the uncertain macro environment is driving more client discussions around cost takeout deals, whether the typical 1H vs. 2H seasonality will persist in FY'26, and for clarification on a one-off M&A cost.

    Answer

    CEO Salil Parekh confirmed that this type of environment typically provides more cost takeout opportunities and Infosys is proactively positioning its portfolio accordingly. CFO Jayesh Sanghrajka expects normal seasonality to continue but noted uncertainty makes quarterly predictions difficult. He also clarified the 40 bps M&A-related charge in Q4 was a one-off reassessment of customer intangibles.

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    Sandeep Shah's questions to Infosys Ltd (INFY) leadership • Q2 2025

    Question

    Sandeep Shah asked if the double-digit increase in the smaller deal pipeline is broad-based across verticals and if this trend could be a precursor to stronger demand in calendar year 2025.

    Answer

    CFO Jayesh Sanghrajka confirmed that the increase in the pipeline for deals below $50 million is indeed broad-based. However, he cautioned that while it's an important data point reflecting a potential change in discretionary spending, it is too early to determine if it will become a sustainable trend predictive of future revenue.

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