Analyst Consensus ?
ConsensusHold40 ratings
Bullish1435.0%
Neutral2255.0%
Bearish410.0%
Infosys Limited · INFY · FY2025 Q2 · Calendar Q4 2024
Infosys raises growth guidance as AI and smaller deals gain traction
The supplied analysis supports a constructive but qualified view: broad-based demand, AI adoption, and stronger smaller-deal activity improved Infosys's growth outlook, while margin effects from compensation increases and seasonal or discretionary-spending risks temper confidence.
Reported Before market openNYSETechnology
$50.12B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.19
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $4.84B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.0%
Event window
SPY move
+0.0%
Same window
Abnormal move
-1.1%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
-3.7%
Up to 20 sessions
INFYSPY benchmark
Ask FN2 about INFY FY2025 Q2
Transcript, numbers and history already loaded
What drove INFY's -1.0% move after FY2025 Q2 earnings?What changed in INFY's guidance and outlook in FY2025 Q2?Give me the bull and bear case for INFY after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, Infosys's full-year revenue-growth guidance was raised to 3.75%-4.5% in constant currency from 3%-4%. The current analysis also highlights proprietary AI capabilities and double-digit sequential growth in the sub-$50 million deal pipeline; operating-margin guidance remained unchanged.
Guidance delta
Full-year revenue-growth guidance was raised to 3.75%-4.5% in constant currency from 3%-4%; operating-margin guidance was unchanged.
Key takeaways
- The supplied analysis describes Q2 revenue and margin as ahead of expectations, with free-cash-flow conversion above 100%.
- Generative AI offerings, including Topaz, a small industry-specific language model, and multi-agent capabilities, are being deployed across clients.
- Double-digit sequential growth in the sub-$50 million deal pipeline added to the growth case, while compensation increases remain a margin consideration.
Management priorities
- Expand Topaz, proprietary language-model, and multi-agent AI deployments.
- Pursue large-deal wins while expanding the smaller-deal pipeline.
- Use Project Maximus, value-based pricing, and utilization improvements to support margins.
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Analyst 52W Price Targets
$12.35Current
$10.4Low
$15.94Average
$25High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Hold | Hold | Maintain | Jul 24, 2026 |
| Susquehanna | Neutral | Neutral | Maintain | Jul 24, 2026 |
| JP Morgan | Neutral | Overweight | Downgrade | Jul 24, 2026 |
| HSBC | Hold | Buy | Downgrade | Jul 24, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 24, 2026 |
| Stifel | Hold | Hold | Maintain | Jul 16, 2026 |
| Goldman Sachs | Neutral | Buy | Downgrade | Apr 21, 2025 |
| Guggenheim | Neutral | Neutral | Maintain | Jan 17, 2025 |
| Erste Group | Buy | Hold | Upgrade | Sep 11, 2024 |
| Macquarie | Neutral | Underperform | Upgrade | Jul 19, 2024 |
| Wedbush | Outperform | Outperform | Maintain | Mar 13, 2024 |
| Cowen & Co. | Market Perform | Market Perform | Maintain | Oct 14, 2022 |
| B of A Securities | Neutral | Buy | Downgrade | Feb 24, 2022 |
| Bernstein | Outperform | Market Perform | Upgrade | Mar 24, 2021 |
| Nomura Instinet | Buy | Neutral | Upgrade | Jul 16, 2020 |
| Nomura | Buy | Neutral | Upgrade | Jul 16, 2020 |
| CFRA | Buy | Hold | Upgrade | Apr 21, 2020 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Apr 14, 2020 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Jan 29, 2020 |
| Bank of America | Buy | Neutral | Upgrade | Dec 10, 2019 |
| Baird | Neutral | Neutral | Maintain | Oct 14, 2019 |
| Investec | Hold | Buy | Downgrade | Apr 15, 2019 |
| Credit Suisse | Underperform | Neutral | Downgrade | Apr 15, 2019 |
| Citigroup | Neutral | Buy | Downgrade | Apr 15, 2019 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Jul 16, 2018 |
| Berenberg | Sell | Sell | Maintain | Apr 6, 2018 |
| Deutsche Bank | Buy | Hold | Upgrade | Aug 29, 2017 |
| Sterne Agee CRT | Neutral | Neutral | Maintain | Dec 17, 2015 |
| Societe Generale | Hold | Sell | Upgrade | Sep 28, 2015 |
| Jefferies | Buy | Underperform | Upgrade | Aug 26, 2015 |
| Emkay Global | Buy | Hold | Upgrade | Jun 7, 2013 |
| IDBI Capital | Hold | Reduce | Upgrade | Jan 14, 2013 |
| Edelwiss | Hold | Buy | Downgrade | Jan 14, 2013 |
| Edelweiss | Hold | Buy | Downgrade | Jan 14, 2013 |
| Barclays | Overweight | Equal Weight | Upgrade | Jan 14, 2013 |
| Axis Capital | Buy | Hold | Upgrade | Jan 14, 2013 |
| Spark Capital | Reduce | Buy | Downgrade | Sep 11, 2012 |
| Kotak Securities | Reduce | Buy | Downgrade | Jul 13, 2012 |
| Arihant Capital Markets | Hold | Accumulate | Downgrade | Jul 13, 2012 |
| ICICI Securities | Buy | Buy | Maintain | Apr 16, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $12.34. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Goldman Sachs | Manish Adukia | $10.4 | $10.76 | -15.8% | Oct 1, 2026 |
| Susquehanna | Analyst unavailable | $11 | $10.99 | -10.9% | Jul 24, 2026 |
| BMO Capital | Keith Bachman | $12 | $10.96 | -2.8% | Jul 24, 2026 |
| HSBC | Yogesh Aggarwal | $11.47 | $10.67 | -7.1% | Jul 24, 2026 |
| Stifel Nicolaus | David Grossman | $13 | $11.04 | +5.3% | Jul 16, 2026 |
| Susquehanna | James Friedman | $12 | $11.13 | -2.8% | Jul 10, 2026 |
| Wells Fargo | Jason Kupferberg | $11 | $10.57 | -10.9% | Jun 26, 2026 |
| BMO Capital | Analyst unavailable | $15 | $12.62 | +21.5% | Apr 24, 2026 |
| Stifel Nicolaus | David Grossman | $15 | $12.94 | +21.5% | Apr 23, 2026 |
| Jefferies | Analyst unavailable | $14.31 | $14.65 | +15.9% | Feb 22, 2026 |
| Susquehanna | Analyst unavailable | $20 | $18.63 | +62.0% | Jan 15, 2026 |
| UBS | Analyst unavailable | $18 | $18.85 | +45.8% | Jan 15, 2026 |
| Stifel Nicolaus | David Grossman | $19 | $19.35 | +53.9% | Jan 15, 2026 |
| Goldman Sachs | Sumeet Jain | $19.1 | $19.35 | +54.7% | Jan 14, 2026 |
| Redburn Partners | Harry Read | $12 | $16.64 | -2.8% | Sep 3, 2025 |
| Stifel Nicolaus | Analyst unavailable | $17 | $16.58 | +37.7% | Apr 21, 2025 |
| BMO Capital | Keith Bachman | $25 | $22.66 | +102.5% | Oct 18, 2024 |
| BMO Capital | Keith Bachman | $23 | $21.68 | +86.3% | Jul 19, 2024 |
| CFRA | Hazim Bahari | $20 | $17.3 | +62.0% | Apr 22, 2024 |
| Susquehanna | James Friedman | $14 | $16.51 | +13.4% | Apr 19, 2024 |
| HSBC | Yogesh Aggarwal | $20.1 | $16.51 | +62.8% | Apr 19, 2024 |
| Goldman Sachs | Sumeet Jain | $19.9 | $16.51 | +61.2% | Apr 19, 2024 |
| BMO Capital | Keith Bachman | $18 | $16.51 | +45.8% | Apr 18, 2024 |
| Guggenheim | Jonathan Lee | $20 | $19.17 | +62.0% | Mar 18, 2024 |
| Wedbush | Moshe Katri | $22 | $17.61 | +78.2% | Oct 12, 2023 |
| BMO Capital | Keith Bachman | $21 | $18.36 | +70.1% | Jan 13, 2023 |
| BMO Capital | Keith Bachman | $20 | $17.92 | +62.0% | Oct 14, 2022 |
| Wedbush | Analyst unavailable | $25 | $18.5 | +102.5% | Jul 25, 2022 |
| Wedbush | Moshe Katri | $30 | $23.57 | +143.0% | Jan 31, 2022 |
| BMO Capital | Keith Bachman | $28 | $26.2 | +126.8% | Jan 17, 2022 |
| Jefferies | Akshat Agarwal | $23.6 | $20.8 | +91.2% | Jul 1, 2021 |
Track every rating change on INFY the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationInfosys Limited, through its global network of subsidiaries, delivers an extensive portfolio of consulting, technology, outsourcing, and next-generation digital services spanning North America, Europe, India, and other international markets. The company's diverse offerings encompass a broad spectrum of digital capabilities, including marketing, workplace modernization, e-commerce, customer experience enhancement, and exploration into the metaverse. It provides expertise in data analytics, both applied and generative artificial intelligence, sustainability initiatives, blockchain, engineering, and the Internet of Things. Further services cover enterprise agile DevOps, application modernization, cloud computing, digital process automation, and optimization of digital supply chains. Infosys also specializes in Microsoft business applications, cloud business integration, service experience transformation, energy transition, robust cybersecurity, and quality engineering.…
Historical context
All INFY earningsTechnology peers this season
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|---|---|---|---|---|
| SSNC SS&C Technologies Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | +0.6% | +2.8% | SS&C raises 2026 outlook as AI and tokenization support growth |
| ROP Roper Technologies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +1.7% | +9.7% | Roper raises DEPS outlook as AI adoption expands across portfolio |
| VRSN VeriSign, Inc. | FY2026 Q3 · Calendar Q4 2026 | -2.0% | -0.9% | VeriSign reports record registrations as renewal mix becomes a key watchpoint |
| TTMI TTM Technologies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +16.8% | -27.7% | TTM Technologies Q3: Record Growth, Higher Investment, More Deal Risk |
| NOK Nokia Oyj | FY2026 Q3 · Calendar Q4 2026 | +25.0% | -14.8% | Nokia Q3: AI and cloud growth lifts margins as cash flow stays negative |
| WDC Western Digital Corporation | FY2027 Q1 · Calendar Q4 2026 | +12.9% | -6.4% | Western Digital pairs strong FY27 Q1 growth with an accelerated HDD roadmap |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the INFY recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-10-17T05:10:49.140638+00:00
- Polygon adjusted daily market bars · 2026-10-26T15:40:45.114270+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-26T15:40:45.111382+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-26. For educational purposes only; not investment advice.