Infosys Limited Revenue & Financials

Revenue crossed $20 billion for the first time in FY2026, reaching $20.158 billion. The trajectory over the prior four years shows consistent growth: $16.3 billion in FY2022, $18.2 billion in FY2023, $18.6 billion in FY2024, then the acceleration to $20.2 billion. The FY2026 acceleration reflects the large deal conversion from the $14.9 billion signed, partially offset by the Global Capability Center headwind. Net income of $3.313 billion on $20.158 billion in revenue implies a 16.4% net margin — strong for professional services and reflecting the mix of higher-margin platform licensing (Finacle) with the more labor-intensive consulting and outsourcing revenue. The margin quality has been maintained even as the company absorbs the cost of competing for and onboarding large deals that require significant setup investment. The market capitalization of $49.27 billion against $20.158 billion in revenue represents a 2.4x price-to-sales ratio — a significant discount to U.S.-listed software companies but consistent with IT services peer multiples. The discount reflects the labor-intensive nature of the services model and investor skepticism about whether AI automation will compress billable hours per project. The $1.5 billion NHS contract is the largest public sector win in the company's history. Public sector clients — governments, health systems, national infrastructure operators — provide revenue stability that commercial clients can't match during economic downturns. Building that pipeline alongside the commercial services business diversifies the revenue base in ways that improve earnings predictability.