Infosys Q2 Results Preview: Margin Expansion In Focus
Infosys Ltd. is expected to post a 4% rise in consolidated profit to Rs 7,222 crore for the July–September quarter, according to Bloomberg estimates. Revenue is projected to grow 4% sequentially to Rs 44,008 crore, while Ebit is seen up 6% to Rs 9,338 crore.
Analysts expect a steady quarter with moderate revenue growth and sequential margin expansion, led by stable demand in financial services and large deal ramp-ups. The focus will be on management commentary on FY26 guidance, client budgets, and discretionary spending trends.
What to Expect from Infosys Q2 Results
Revenue seen 4% higher at Rs 44,008 crore versus Rs 42,279 crore
Profit seen 4% higher at Rs 7,222 crore versus Rs 6,921 crore
EBIT seen 6% higher at Rs 9,338 crore versus Rs 8,803 crore
EBI Margin seen at 21.21% versus 20.82%
Here’s what analysts are expecting from Infosys Q2 results:
Goldman Sachs
Revenue momentum likely to continue, aided by seasonality and M&A spillover of 10–15 basis points.
Lower end of FY26 revenue growth guidance may be raised by 100 basis points to 2–3% from 1–3% earlier.
Ebit margins expected to expand sequentially, supported by growth.
FY26 Ebit margin guidance to remain unchanged at 20–22%.
Jefferies
Q2 revenue expected to rise 2.3% QoQ in constant currency, led by financial services.
Cross-currency tailwind expected at 60 basis points.
Margins likely to improve by 70 basis points on revenue growth and deal ramp-ups.
FY26 revenue growth guidance may be raised by 50 basis points to 1.5–3.5% YoY.
Margin guidance of 20–22% expected to be maintained.
InCred
Constant currency revenue growth of 1.9%, driven by financial services and non-manufacturing verticals.
Operating efficiency to support Ebit margin improvement.
Q1 FY26 margin had a reversal benefit of 40 basis points, normalising in Q2.
Key monitorables: FY26 guidance revision, large deal ramp-ups, and client budgets.
Nomura
Revenue expected to grow 1.4% QoQ in constant currency in a seasonally strong quarter.
Ebit margin seen improving by 20 basis points QoQ.
FY26 guidance likely to be retained at 1–3% revenue growth and 20–22% margin band.
Focus areas: client discretionary spending, BFSI vertical, and cost takeout projects.
HSBC
Revenue likely to rise 2% QoQ in dollar terms, with a 50-basis-point cross-currency tailwind.
Ebit margin expected at 21.2% due to project efficiencies and lower third-party costs.
FY26 revenue growth guidance may be raised at the lower and mid-points.
Key focus: growth in Europe, discretionary spending across verticals.
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