Published: October 22, 2026 • Category: Indian Tech • IT Services Earnings Preview • By Mahesh
BENGALURU: Infosys reports its September-quarter results on Friday, October 23. Brokerages expect modest growth, with revenue of Rs 49,090 crore to Rs 49,323 crore and profit after tax of Rs 8,026 crore to Rs 8,100 crore.[4] Several analysts also expect the company to trim its FY27 constant-currency revenue growth guidance from the current 1.5% to 3% range.[4] The result completes the set of four large IT services companies after TCS, HCLTech and Wipro. It will be filed with the NSE and BSE.[7]
What Brokerages Expect for Q2 FY27
| Metric | Expected Range | Comment |
|---|---|---|
| Revenue (Rs crore) | 49,090 to 49,323 | +1.7% to +2.3% QoQ; +10.2% to +10.9% YoY |
| Constant-currency revenue growth | 1.1% to 1.7% QoQ | Aided by acquisitions |
| Profit after tax (Rs crore) | 8,026 to 8,100 | +3.3% to +4.9% QoQ; +9% to +10.7% YoY |
| EBIT margin | About +40 bps QoQ (PL Capital) | Project Maximus and currency gains, offset by amortisation and AI spending |
| Large-deal TCV | USD 2 billion to 3 billion (HDFC Securities) | Down from USD 3.6 billion in Q1 |
Source: brokerage poll and notes reported by BusinessLine.[4][5]
The estimates imply a June-quarter revenue base of roughly Rs 48,200 crore to Rs 48,300 crore and a net profit margin of about 16.4% in Q2, on Depth Grid's calculation from the reported ranges.[4] Emkay Global Financial Services noted that Q1 dollar revenue growth of 1.5% included a 50 basis point contribution from the Optimum acquisition, with cross-currency moves a 20 basis point headwind.[4] PL Capital expects 1.1% constant-currency growth and 0.9% in dollar terms, helped by the easing of one-off project ramp-downs in the June quarter and a month of Optimum.[4]
Guidance: Why a Cut Is Feared
The current FY27 constant-currency revenue growth guidance is reported as 1.5% to 3%.[4] Emkay Global Financial Services expects a cut to 1.5% to 2.5%, which lowers the midpoint by 25 basis points to 2%. Its estimate excludes the proposed Versent acquisition that is awaiting closure.[4] HDFC Securities also expects a reduction of 50 basis points, though the reported range of 2% to 3% against a current 1.5% to 3% would not be a cut, so readers should check the brokerage note for the exact figures.[4]
Whalesbook's preview says recent acquisitions should support the top line while currency moves remain a factor. It adds that guidance updates are the main focus for shareholders.[6] The reasons cited for caution are continued demand uncertainty and a possible dip in large deal signings.
How the Four Large Companies Compare
| Metric | TCS (reported) | HCLTech (reported) | Wipro (reported) | Infosys (expected) |
|---|---|---|---|---|
| Revenue growth YoY (Rs) | +11.2% | +11.5% | +9.1% | +10.2% to +10.9% |
| Net profit growth YoY | +15.0% (+7.6% excluding one-offs) | +21.2% | -1.4% | +9% to +10.7% |
| Sequential growth | +0.5% CC | +2.3% CC | -0.1% (USD, IT services) | +1.1% to +1.7% CC |
| Operating margin | 24.0% | About 18.2% (EBIT) | 16.5% (IT services) | About +40 bps QoQ |
| Deal intake | TCV USD 9.6 billion | Bookings USD 3.26 billion | Large deals -58.6% QoQ | TCV USD 2 billion to 3 billion |
| Outlook | Not stated in sources | FY27 CC 2.5% to 4% | Q3 USD -1.5% to +0.5% CC | Cut to FY27 guidance feared |
Sources: company results as reported by Free Press Journal, Kotak Neo, Business Standard and Genvest; Infosys figures are brokerage forecasts.[8][9][10][11][13][4] Bases and definitions differ by company.
Tata Consultancy Services and HCLTech have already shown the range of outcomes, with HCLTech raising the floor of its FY27 growth guidance and Wipro guiding its December quarter IT services revenue to a flat-to-lower range.[11][8] An Infosys result in line with the expected 1.1% to 1.7% sequential growth would sit in the middle of the group on growth, while a guidance cut would put it nearer Wipro's cautious tone.
What to Watch on October 23
Four numbers matter most: constant-currency growth against the 1.1% to 1.7% expectation, the FY27 guidance range, large-deal intake against the USD 3.6 billion of Q1 and the margin trend after Project Maximus.[4] Infosys is also expected to consider its first interim dividend of FY27 on the day.[7] Coforge reports on the same date and KFin Technologies on October 26, which gives a read on mid-tier IT demand.[7]
Strategic Implications for Indian IT
The September quarter has shown a split inside Indian IT. HCLTech grew AI revenue 78% and raised its guidance floor, TCS held the highest margin and Wipro faced weak deal intake. An Infosys guidance cut would add to the case that demand remains cautious for the largest vendors even as AI work grows.
Visa and hiring rules are a separate variable for onshore delivery, as covered in our report on the US suspension of PERM processing for Indian IT majors. For background on the AI demand that services firms are chasing, see our guide to the AI native company. For a related enterprise software move see SAP's purchase of TechWolf.
Common Questions and Direct Answers
When does Infosys report its Q2 FY27 results?
Infosys is scheduled to announce its Q2 FY27 results for the quarter ended September 30, 2026 on October 23. The company is also expected to consider its first interim dividend of FY27 that day. Coforge reports on the same date. KFin Technologies follows on October 26. Confirm timings against the stock exchange filings.
What do brokerages expect from Infosys in Q2 FY27?
A brokerage poll cited by BusinessLine points to revenue of Rs 49,090 crore to Rs 49,323 crore, up 1.7% to 2.3% from the June quarter. Constant-currency growth is expected at 1.1% to 1.7% sequentially. Profit after tax is expected at Rs 8,026 crore to Rs 8,100 crore, up 3.3% to 4.9% sequentially and 9% to 10.7% year on year.
Will Infosys cut its FY27 revenue guidance?
Some analysts expect a cut. Emkay Global expects the range to fall to 1.5% to 2.5%, lowering the midpoint by 25 basis points to 2%, excluding the pending Versent acquisition. HDFC Securities also expects a reduction, although the reported figures for its estimate are inconsistent. The current range is reported as 1.5% to 3% in constant currency.
How does Infosys compare with TCS, HCLTech and Wipro this quarter?
Expected sequential constant-currency growth of 1.1% to 1.7% would sit between HCLTech's 2.3% and TCS's 0.5%. It would also be above Wipro's roughly flat dollar revenue. Expected profit growth of 9% to 10.7% would trail HCLTech's 21.2% and TCS's reported 15%, but beat Wipro's 1.4% decline. These are forecasts for Infosys and reported figures for the others.
What is the expected deal intake for Infosys in Q2 FY27?
HDFC Securities expects large-deal total contract value of about 2 billion dollars to 3 billion dollars, down from 3.6 billion dollars in Q1 FY27. Wipro's large deal bookings fell 58.6% sequentially in its September quarter, while TCS reported total contract value of 9.6 billion dollars. Deal intake is one of the main numbers analysts will watch.
Primary Sources and Regulatory Filings
- Infosys: investor relations and quarterly results releases
- National Stock Exchange of India: corporate announcements and results filings
- BSE: corporate announcements and results filings
- BusinessLine via TradingView: Infosys Q2 revenue growth likely to remain modest, analysts see guidance cut
- BusinessLine on X: Infosys Q2 FY27 earnings preview, October 18, 2026
- Whalesbook: Infosys Q2 earnings, investors eye guidance and deal pipeline
- Goodreturns: IT sector Q2 results preview, dates and dividends
- Kotak Neo: Wipro Q2 FY27 results, guidance and large deals
- Kotak Neo: HCLTech Q2 FY27 results
- Free Press Journal: TCS Q2 FY27 results
- Free Press Journal: HCLTech Q2 FY27 profit, AI revenue and guidance
- Business Standard: Wipro shares and brokerage views after Q2 results
- Genvest: TCS Q2 FY27 results excluding one-time items
Related Intelligence
By Mahesh | Depth Grid News Desk | depthgrid.in
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