Infosys vs LTIMindtree: Revenue, Profit and Business Model
Infosys reported $20.2B of revenue in FY2026 and $3.3B of net income. LTIMindtree reported ~$4.9B of revenue in FY2026 and ~$623.8M of net income.
Latest financial snapshot
Infosys
- Latest revenue
- $20.2B (FY2026)
- Net income
- $3.3B
- Net margin
- 16.4%
- Revenue growth
- +7.8% a year, FY2016–FY2026
LTIMindtree
- Latest revenue
- ~$4.9B (FY2026)
- Net income
- ~$623.8M
- Net margin
- 12.7%
- Revenue growth
- +12.8% a year, FY2022–FY2026
Financial summary
Infosys
Infosys reported FY2026 (year ended March 31, 2026) revenue of $20.158 billion, up 3.1% in constant currency, and net profit of about $3.3 billion. Large-deal TCV for the year was $14.9 billion. In Q1 FY2027 (quarter ended June 30, 2026) revenue was $5.082 billion, up 2.4% year on year in constant currency, with a 21.1% operating margin. Management cut FY2027 revenue growth guidance to 1.5%-3.0% and kept operating margin guidance at 20%-22%.
LTIMindtree
LTIMindtree's revenue rose from ~$3.85 billion (₹33,183 crore) in FY23, its first year as a merged company, to ~$4.91 billion (₹42,308 crore) in FY26. Growth slowed to about 7% in FY24 and FY25 as clients cut spending, then picked up to 11.3% in FY26, or 5.3% in constant currency, with dollar revenue reaching $4.76 billion. FY26 net profit rose 16.9% to ~$624 million (₹5,378 crore), and the board recommended a final dividend of ₹53 per share. In Q1 FY27 (April-June 2026) revenue was ~$1.35 billion (₹11,608 crore), up 18% year on year in rupees, with net profit of about $170 million (₹1,468 crore) and an EBIT margin of 15.5%.
Revenue and profit by year
Infosys
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $20.2B | $3.3B | 16.4% | +4.6% | Source |
| FY2025 | $19.3B | $3.2B | 16.4% | +3.9% | Source |
| FY2024 | $18.6B | $3.2B | 17.1% | +1.9% | Source |
| FY2023 | $18.2B | $3B | 16.4% | +11.7% | Source |
| FY2022 | $16.3B | $3B | 18.2% | +20.3% | Source |
| FY2021 | $13.6B | $2.6B | 19.3% | +6.1% | Source |
| FY2020 | $12.8B | $2.3B | 18.2% | +8.3% | Source |
| FY2019 | $11.8B | $2.2B | 18.6% | +7.9% | Source |
| FY2018 | $10.9B | $2.5B | 22.7% | +7.2% | Source |
| FY2017 | $10.2B | $2.1B | 21.0% | +7.4% | Source |
| FY2016 | $9.5B | $2.1B | 21.6% | — | Source |
LTIMindtree
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$4.9B | ~$623.8M | 12.7% | +11.3% | Source |
| FY2025 | ~$4.4B | ~$533.4M | 12.1% | +7.0% | Source |
| FY2024 | ~$4.1B | ~$531.5M | 12.9% | +7.0% | Source |
| FY2023 | ~$3.8B | ~$511.4M | 13.3% | +27.1% | Source |
| FY2022 | ~$3B | ~$458M | 15.1% | — | Source |
Where the revenue comes from
Infosys
- Digital and Cloud Transformation~60%
Consulting, application modernization, cloud migration, data, AI, and digital engineering programs for enterprise clients.
- Core Services and Maintenance~25%
Application development, infrastructure support, managed services, testing, and legacy system maintenance.
- Business Process Management~10%
Outsourced business processes, operations support, finance, procurement, and customer-service workflows.
- Platforms and Products~5%
Finacle, EdgeVerve, Topaz, Cobalt, automation assets, and reusable software components tied to implementation and services.
LTIMindtree
- Banking, Financial Services & Insurance (BFSI)
Largest vertical
Core banking, payments, insurance and capital markets technology services.
- Technology, Media & Communications
Major vertical
Product engineering and IT services for technology, media and telecom companies.
- Manufacturing & Resources
Major vertical
ERP, industrial IoT and supply chain work for manufacturers, energy and utilities.
- Consumer Business
Smaller vertical
Retail, CPG and travel technology services.
- Healthcare, Life Sciences & Public Services
Smaller vertical
Healthcare payer and provider, life sciences and public sector programs.
Business model and strategy
Infosys
How it makes money
Infosys earns most of its money from multi-year service contracts with large enterprises, billed on time-and-materials or fixed-price terms. Work spans application development and maintenance, cloud and infrastructure management (Infosys Cobalt), enterprise AI services (Infosys Topaz), engineering R&D, and business process management.
Growth strategy
Infosys is positioning itself as an "AI-first" services firm. It reported AI-related revenue at 8.2% of Q1 FY2027 revenue and is using Topaz to automate delivery, which raises productivity but also lowers billable effort on legacy work.
Competitive advantage
Infosys combines delivery scale with long client relationships. Around 328,000 employees, a training campus in Mysuru, and decades-old accounts with banks, manufacturers, and retailers let it staff and run large transformation programmes that smaller firms cannot. Finacle adds a product-style switching cost in banking, and operating margins held at 21.1% in Q1 FY2027 even while growth slowed.
LTIMindtree
How it makes money
LTM earns money by selling IT services to large enterprises, mostly in North America and Europe. Contracts are billed either as time-and-materials work or as fixed-price and managed-services deals that run for several years.
Growth strategy
Under CEO Venu Lambu, LTM's strategy is built around AI-led services, a new brand, and more geographic diversification. The 2026 rebrand positions the company as a 'business creativity partner' and groups its AI offerings into creative, business and industrial categories.
Competitive advantage
LTM's advantages come from L&T ownership, which gives it financial credibility and access to engineering and manufacturing domain knowledge, and from the mix of LTI's enterprise systems and ERP work with Mindtree's digital engineering and customer-experience skills.
Questions about Infosys vs LTIMindtree
Which company has higher revenue — Infosys Limited or LTM (formerly LTIMindtree)?
Infosys Limited reported $20.2B (FY2026), while LTM (formerly LTIMindtree) reported ~$4.9B (FY2026). By last reported revenue, Infosys Limited is the larger business, with LTM (formerly LTIMindtree) reporting a smaller revenue base.
What is the market cap of Infosys Limited vs LTM (formerly LTIMindtree)?
Infosys Limited's market capitalisation stands at $43.1B, while LTM (formerly LTIMindtree)'s is $14.3B. Infosys Limited carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to LTM (formerly LTIMindtree).
Which is more financially efficient — Infosys Limited or LTM (formerly LTIMindtree)?
Infosys Limited generates $61k / employee in revenue per employee, while LTM (formerly LTIMindtree) generates $56k / employee. Infosys Limited shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Infosys Limited and LTM (formerly LTIMindtree) make money?
Infosys Limited and LTM (formerly LTIMindtree) generate revenue in fundamentally different ways. Infosys Limited: Infosys earns most of its money from multi-year service contracts with large enterprises, billed on time-and-materials or fixed-price terms. LTM (formerly LTIMindtree): LTM earns money by selling IT services to large enterprises, mostly in North America and Europe.
Which company is valued higher relative to revenue — Infosys Limited or LTM (formerly LTIMindtree)?
On a price-to-sales (P/S) basis, Infosys Limited trades at 2.1x P/S and LTM (formerly LTIMindtree) at 2.9x P/S. LTM (formerly LTIMindtree) commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Infosys Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Infosys Limited bigger than LTM (formerly LTIMindtree)?
By last reported revenue, Infosys Limited ($20.2B (FY2026)) is the larger company compared to LTM (formerly LTIMindtree) (~$4.9B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Infosys vs LTIMindtree overview