Infosys Q2 FY27 Results Today: 5 Numbers to Watch

Quick Answer: Infosys announces its Q2 FY27 results after market hours on Friday, 23 October 2026, with an earnings call at 6 pm IST. The five numbers to watch are constant-currency revenue growth, operating margin, large-deal wins, any change to FY27 guidance, and the interim dividend. No Q2 figures are out yet — this preview uses Q1 FY27 results as the baseline. Infosys reports today. If you follow the stock or the IT sector, or simply want to understand what an earnings day actually tells you, this evening matters — but only if you know which numbers to look at and which headlines to ignore. Here is the important part first: as of this morning, no Q2 FY27 numbers are out yet. Infosys announces its results for the quarter ended 30 September 2026 after market hours today, Friday, 23 October 2026. Everything below about the September quarter is therefore framed as what to watch, what analysts expect, and what last quarter looked like — not as results. This preview explains the five numbers that will shape the story in plain language, with the verified Q1 FY27 baseline to compare against when the real figures land.

When Exactly Do the Results Land?

Infosys's board meets on 22 and 23 October 2026 to approve the audited results for the quarter and half year ended 30 September 2026, according to the company's exchange filing. Results are due at around 3:45 pm IST today, after market hours, followed by a press conference at 4:30 pm IST. The earnings call begins at 6:00 pm IST, with a replay available until 30 October 2026. The board will also consider declaring an interim dividend for FY27, if any, and is expected to announce the dividend record date today. Note the wording: the board considers a dividend — it has not announced one yet. For context: Infosys shares closed on Thursday, 22 October 2026, at ₹1,153.35, down 1.25% on the day.

The Baseline: What Infosys Reported Last Quarter

To judge tonight's numbers, you need last quarter's figures — the verified Q1 FY27 results, reported on 23 July 2026: - Revenue from operations: ₹48,211 crore, up 14% year-on-year - Revenue in US dollars: $5,082 million, up 2.8% year-on-year and 0.8% quarter-on-quarter - Constant-currency revenue growth: 2.4% year-on-year and 1.0% quarter-on-quarter - Consolidated net profit: ₹7,769 crore, up about 12% year-on-year but down 8.6% quarter-on-quarter - Operating profit (EBIT): ₹10,163 crore, with an operating margin of 21.1% - Large-deal total contract value (TCV): $3.6 billion, of which 61% was net-new business - AI-related revenue: 8.2% of total revenue, growing at a double-digit sequential pace - Free cash flow: ₹9,051 crore ($955 million), a conversion of 116.4% of net profit - Headcount: 328,062 employees; voluntary attrition in IT services: 13.0% - FY27 guidance: constant-currency revenue growth of 1.5% to 3%, operating margin of 20% to 22% Two things stand out from that quarter. First, growth was modest: 1% sequential constant-currency growth, with management pointing to soft volumes and a one-off impact of about 50 basis points from a programme termination by a client in the energy, utilities, resources and services segment. Second, the company trimmed the top end of its full-year revenue guidance, from 1.5–3.5% to 1.5–3%, while keeping the margin band unchanged. That combination is the backdrop tonight's numbers will be judged against. For a year-ago comparison, Q2 FY26 saw revenue of ₹44,490 crore, net profit of ₹7,364 crore (up 13.2% year-on-year), an operating margin of 21.0%, large-deal wins of $3.1 billion (67% net new), and an interim dividend of ₹23 per share.

Number 1: Constant-Currency Revenue Growth

"Constant currency" strips out exchange-rate movements, so it shows how much the underlying business actually grew, rather than how much currency swings flattered or hurt the rupee figure. In Q1 FY27, constant-currency growth was 1.0% over the previous quarter and 2.4% over the year-ago quarter. Tonight, look at both: sequential growth shows current momentum, while year-on-year growth shows whether the business is bigger than a year ago. Analyst expectations give a sense of the bar — but remember, these are expectations, not results. Consensus estimates compiled by Bloomberg, as reported by BusinessToday, expect net sales of ₹49,108 crore. Brokerage estimates vary: Emkay Global expects sales of ₹49,323 crore, Kotak Institutional Equities expects profit of ₹7,689 crore, and Nuvama expects constant-currency revenue growth of about 1.7% sequentially. The spread itself is informative: the professional community does not agree on this quarter. Also worth watching: which verticals drive growth. In Q1, financial services remained the largest vertical at 27.9% of revenue, and management flagged cautious discretionary spending. Tonight's commentary on banking demand, and on whether discretionary spending is returning, will matter as much as the headline rate.

Number 2: Operating Margin

The operating margin shows how much profit Infosys keeps from each rupee of revenue after operating costs, before interest and tax — the clearest single read on cost discipline and pricing power. Q1 FY27's operating margin was 21.1%, up slightly from 21.0% in the March quarter and 20.8% a year earlier. Full-year margin guidance is 20% to 22%, so any print inside that band is consistent with the plan; the question is where within the band it lands, and why. Bloomberg consensus, as reported by BusinessToday, expects an operating margin of 21.2% for Q2 FY27. Zee Business estimates are in the same area, expecting EBIT of ₹10,444 crore and a margin of about 21.2%. Again, these are expectations, not results. Two forces pull on margins this quarter. Wage hikes are being rolled out in phases, with most employees receiving revisions in October and senior employees in January — that adds cost. On the other side, a weaker rupee, productivity gains, and the cost programme support margins. Management commentary on which force won is what to listen for on the 6 pm call.

Number 3: Large-Deal Wins

Large-deal wins, measured as total contract value (TCV), are the pipeline for future revenue: a deal signed today becomes revenue over coming quarters as work ramps up. In Q1 FY27, Infosys signed large deals worth $3.6 billion, up from $3.2 billion in the March quarter, with 61% net new. For comparison, the year-ago September quarter saw $3.1 billion in large deals, with 67% net new. Tonight, watch three things inside this number: the headline TCV figure, the net-new share (new work versus renewals), and any commentary on mega-deal renewals. A high TCV with a low net-new share tells a different story from the same TCV driven by fresh wins — the first sustains the base, the second grows it.

Number 4: FY27 Guidance — Kept, Raised, or Trimmed?

Guidance is the company's own forecast for the full financial year, and it often moves the market more than the quarter's actual numbers — it tells you how management sees the road ahead. Current FY27 guidance, set in July 2026, is constant-currency revenue growth of 1.5% to 3% and an operating margin of 20% to 22%. The revenue range was already trimmed once this year, when the top end came down from 3.5% to 3%. Tonight, the question is whether that range survives intact. Emkay Global expects Infosys to lower the constant-currency revenue growth guidance to 1.5–2.5% — a 25-basis-point cut to the midpoint — while retaining the 20–22% margin band. That is a brokerage expectation, not a company announcement. If management keeps the range, it signals confidence that second-half growth will be strong enough to reach it; if it trims the range, it signals that demand recovery is taking longer than hoped. Guidance is also the most misreported part of results day. A headline that says "Infosys cuts guidance" means the company lowered its own forecast — it does not mean the company lost money. Equally, "guidance maintained" is not the same as "growth upgraded." Read the range, not just the verb.

Number 5: Interim Dividend and Record Date

The board will consider an interim dividend for FY27 today, and the record date — the cut-off for determining which shareholders receive it — is expected to be announced alongside the results. To set expectations honestly: Infosys distributed a total dividend of ₹48 per share over the past year, and the interim dividend in the year-ago September quarter (Q2 FY26) was ₹23 per share. Neither figure tells you what today's interim dividend will be. Why does this number matter beyond the payout? A dividend decision signals how confident the board is about cash generation. Infosys generated free cash flow of ₹9,051 crore in Q1 FY27, at 116.4% of net profit. Strong cash conversion is what makes regular dividends sustainable — watch the payout alongside the cash-flow figure tonight.

What Else to Listen For on the 6 pm Call

Beyond the five headline numbers, the earnings call usually surfaces the context that explains them — watch for: - AI revenue: 8.2% of Q1 FY27 revenue, growing at a double-digit sequential pace. The debate is whether AI work creates net-new revenue or deflates the price of existing work. - Attrition and hiring: voluntary attrition in IT services was 13.0% in Q1, up from 12.6% in March but below 14.4% a year earlier; headcount was 328,062. - Leadership transition: Ashiss Kumar Dash, appointed CEO-designate in July 2026, takes over as CEO from 1 April 2027. His commentary is in focus this evening. - Sector read-across: TCS and HCLTech have already reported, with mixed outcomes. Infosys is the last large IT name to report this season, so its commentary will be read as a sector signal.

How to Read Tonight's Numbers Without Getting Fooled

Results evenings produce a flood of headlines — a few habits help: - Compare like with like: quarter-on-quarter growth shows momentum; year-on-year growth shows scale. A company can grow year-on-year while slowing quarter-on-quarter. - Separate reported from constant-currency growth: rupee revenue can rise because the rupee weakened. Constant currency is the cleaner read on the business. - Treat estimates as estimates: if a headline says results "beat estimates" or "missed estimates," check whose estimates. Bloomberg consensus, Zee Business estimates, and brokerage forecasts differ — a beat against one can be a miss against another. - Wait for the call: the press release gives you numbers; the 6 pm call gives you reasons. Guidance changes and margin explanations usually come from management's answers, not the headline figures. - Ignore the first-hour noise: share-price moves in the minutes after results reflect trading reactions, not verdicts on the business.

What This Means for a Regular Reader

You do not need to own Infosys shares for this evening to matter. Infosys is one of India's largest IT employers and exporters, and its results are a bellwether for technology spending by global clients, for hiring and wage trends, and for the health of India's services exports. The educational point is simple: one quarter never tells the whole story. Judge tonight's print against the Q1 baseline here, the year-ago quarter, and the company's full-year guidance — then wait for the call before forming a view. We will carry the verified Q2 FY27 numbers in our night update once the results and the call are complete. This article is for educational purposes only and is not financial advice. Please consult a SEBI-registered investment adviser for personalized guidance. Investments are subject to market risk. Sources: Livemint (23 Oct 2026) for results schedule and 22 Oct close ₹1,153.35; BusinessToday (22 Oct 2026) for Bloomberg consensus (net profit ₹7,904 crore, net sales ₹49,108 crore, margin 21.2%), Emkay and Kotak estimates; Zee Business (22 Oct 2026) for revenue ₹49,250 crore, PAT ₹8,057 crore, EBIT ₹10,444 crore, margin 21.2%; Economic Times / NDTV Profit / Financial Express Q1 FY27 coverage (23 July 2026); Moneycontrol / Fortune India Q2 FY26 coverage (16 Oct 2025); Financial Express (22 Oct 2026) for Q2 focus areas.