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    Vibhor Singhal • Nuvama Equities

    Vibhor Singhal's questions to Infosys Ltd (INFY) leadership

    Vibhor Singhal's questions to Infosys Ltd (INFY) leadership • Q1 2026

    Question

    Vibhor Singhal of Nuvama Institutional Equities asked if a resolution to tariff uncertainties could quickly restart client spending. He also inquired if the current AI cycle is analogous to the digital adoption cycle of 2015-16 in terms of its potential industry impact.

    Answer

    CEO Salil Parekh stated that while clients are keen to leverage enterprise AI, the company's outlook is based on the current environment, and they will update it quarterly as conditions evolve. He viewed the current AI shift as distinct from past tech cycles but noted Infosys is well-prepared to capitalize on the tremendous client interest and foundational needs like cloud and data.

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    Vibhor Singhal's questions to Infosys Ltd (INFY) leadership • Q4 2025

    Question

    Vibhor Singhal from Nuvama Institutional Equities inquired if the growth trajectory in FY'26 might be less first-half heavy due to macro uncertainty in Q1, and asked if there were still benefits to be realized from Project Maximus.

    Answer

    CFO Jayesh Sanghrajka stated that while regular seasonality is expected, macro uncertainty makes the quarterly growth trajectory unpredictable, and declined to give quarterly guidance. He affirmed that Project Maximus continues to have opportunities to deliver value through tracks like value-based selling and lean automation, giving management confidence in their ability to improve margins from current levels.

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    Vibhor Singhal's questions to Infosys Ltd (INFY) leadership • Q2 2025

    Question

    Vibhor Singhal asked for an outlook on the BFSI vertical regarding discretionary spending, questioned if the softer TCV this quarter was due to deal pushouts, and sought the rationale for delaying wage hikes.

    Answer

    CEO Salil Parekh confirmed that discretionary spending in Financial Services remains strong, particularly in capital markets, mortgages, and payments, though large transformation programs are not yet prevalent. He characterized the quarterly TCV as naturally lumpy and not indicative of a change in client behavior. CFO Jayesh Sanghrajka explained the timing of wage hikes considers the demand environment, market practices, and the anniversary of the last increase, also noting the recent increase in variable pay.

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