What happened
Infosys Limited (NYSE: INFY) said half-year revenue rose to $10.23 billion for the period ended September 30, 2026. It also reported Q2 revenue of $5.14 billion, large-deal TCV of $5.2 billion with 62% net new, and operating margin of 21.0%.
Net profit was $1.64 billion, basic EPS was $0.40, and the board declared an interim dividend of 26/- per equity share, up from 23/- a year earlier.
Key numbers
| Metric | Latest | Change | Source |
|---|---|---|---|
| Revenue | $10.23 billion | from $10.02 billion, +2.1% | IFRS USD Press Release |
| Large-deal TCV | $5.2 billion | IFRS USD Press Release | |
| Operating margin | 21.0% | IFRS USD Press Release | |
| Net profit | $1.64 billion | from $1.65 billion, -$10 million | IFRS USD Press Release |
| Interim dividend | 26/- per equity share | from 23/- per equity share, +3/- per equity share | IFRS USD Press Release |
Why it matters
Revenue rose $209 million from $10.02 billion a year earlier. That shows growth, but only at a slow pace. OptimistFi's case is that Infosys can compound value if enterprise technology outsourcing and modernization demand reaccelerate while its delivery model keeps margins and cash strong. That still depends on execution, because FY27 revenue growth guidance is only 1%-2% and operating margin guidance is 20%-22%.
The release also said AI revenue was 10.5% of revenue and grew 29% quarter-on-quarter. Free cash flow was $1.88 billion for the half year, and FCF conversion was 114.9% of net profit. Cash and cash equivalents were $2.54 billion, and current investments were $1.44 billion. Half-year operating profit was $2.15 billion, so the company still turned modest revenue growth into a wide profit cushion.
Under the INR figures, net cash generated by operating activities was 18,958 crore, above 17,511 crore a year earlier. The IFRS balance sheet showed total assets of $17.06 billion and total equity of $10.39 billion. Basic EPS held at $0.40 for the half year, the same as a year earlier.
The strongest support in the release is the $5.2 billion large-deal TCV, but TCV is not revenue. The board also lifted the interim dividend to 26/- per share from 23/- last year, a 13% increase.
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What's next
The record date for the interim dividend is November 3, 2026, and payment is November 11, 2026. The next quarterly report will show whether large-deal wins lift reported revenue growth above 2.1% and keep margins near 21.0%.
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Sources
- IFRS USD Press Release — Consolidated IFRS USD results, guidance and dividend
- Form of Release to Stock Exchanges — Audited consolidated results, dividend record date and INR financial statements
Read the full OptimistFi thesis on Infosys Limited: https://optimistfi.com/stocks/INFY
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The full Infosys Limited investment case, its status and the next test to watch live on the Infosys Limited thesis page.
Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.
