Infosys Limited Revenue, History, and Strategy

Infosys Limited: Key Facts

• Infosys Limited was founded in 1981.
• Founded by N. R. Narayana Murthy, Nandan Nilekani, S. Gopalakrishnan, S. D. Shibulal, K. Dinesh, N. S. Raghavan, Ashok Arora.
• Headquarters: Bengaluru, Karnataka, India.
• Country: India.
• CEO: Salil Parekh.
• Approximately 329K employees worldwide.
• Market capitalization: $49.3B.
• Annual revenue: $20.2B (FY2026).
• Net income: $3.3B.
• Publicly traded: INFY.
• Industry: Information technology services.
• Listed on a public stock exchange.
• Founded July 2, 1981, in Pune by seven engineers from Patni Computer Systems with ₹10,000 in capital.
• First Indian company to list on NASDAQ (1999).
• FY2026 revenue: $20.158 billion (crossed $20B for the first time).
• FY2026 net income: $3.313 billion.
• FY2026 large deal signings: $14.9 billion (24% YoY increase).
• Won Â$1.5 billion NHS workforce management contract in October 2025.
• 328,594 employees as of March 2026.
• Acquired in-tech for €450 million ($485M) in 2024 for automotive engineering.
• Acquired InSemi for ₹280 crore in 2024 for semiconductor design.
• Infosys crossed $20 billion in annual revenue for the first time in FY2026.
• The company won a major Â$1.5 billion NHS workforce management contract in October 2025.
• Infosys signed $14.9 billion in large deals in FY2026, up 24% year-over-year.
• Seven engineers started the company with ₹10,000 ($250) borrowed from a spouse in 1981.

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What Is the History of Infosys Limited?

Sudha Murty didn't hesitate. When her husband asked to borrow $250 from her savings — everything they had — to start a software company with six colleagues, she said yes immediately. It was 1981. India's License Raj made importing a computer a year-long bureaucratic ordeal. International phone calls cost a fortune and dropped constantly. No Indian company had ever built a global software business. The idea was, by any rational measure, absurd.

But N.R. Narayana Murthy wasn't being irrational. He'd already failed once — his first venture, Softronics, collapsed within a year — and he'd spent enough time at Patni Computer Systems to see the gap between what Indian engineers could do and what the world believed they could do. His six co-founders at Patni saw it too: Nandan Nilekani, S. Gopalakrishnan, S.D. Shibulal, K. Dinesh, N.S. Raghavan, and Ashok Arora. They registered Infosys Consultants Private Limited on July 2, 1981, in Pune.

The first year's revenue was $120,000. The founders lived between two worlds — flying to the US on visitor visas to sit in client offices and prove they could deliver, then coordinating with a tiny team back in Pune over phone lines that barely worked. Each project was a referendum on whether the offshore model was viable. Could code written 8,000 miles away, by engineers the client had never met, actually work in production? Every successful delivery was a data point. Every failure would have been fatal.

The 1983 move to Bangalore was the first strategic decision that separated Infosys from dozens of other small Indian software shops. Bangalore had the Indian Institute of Science, better telecom infrastructure, and the beginnings of a technology cluster. More importantly, it had a deeper talent pool. Infosys needed engineers who could write code that met American corporate standards, and Bangalore had more of them than anywhere else in India.

Murthy's real innovation wasn't technical — it was cultural. He insisted on transparent accounting, meritocratic promotions, employee stock ownership, and professional governance from day one. In 1981 India, this was radical. Most Indian companies ran on family control, opaque books, and relationship-based advancement. Murthy built Infosys to look and behave like the Western institutions it wanted to serve. That wasn't idealism; it was commercial strategy. American CIOs were far more willing to outsource mission-critical work to a vendor that published audited financials and promoted on merit than to one that felt like a family business with good programmers.

The 1980s were slow. Reebok, GE, Data Basics Corporation — small contracts, steady growth, revenue still under $10 million by 1990. Then three things happened almost simultaneously in the early 1990s that turned Infosys from a promising small company into an industry-defining one.

First, India's 1991 economic liberalization dismantled the regulatory barriers that had constrained growth for a decade. Import controls loosened. Foreign exchange became accessible. Telecommunications improved. The bureaucratic friction of doing export business from India dropped dramatically.

Second, enterprise software exploded. SAP, Oracle, PeopleSoft — every large corporation suddenly needed armies of engineers to implement, customize, and maintain these massive systems. The demand for skilled programmers outstripped Western supply almost overnight.

Third, Y2K. The approaching millennium forced every corporation on earth to audit and fix date-sensitive code. It was tedious, labor-intensive work — exactly the kind of thing that could be done offshore by well-trained engineers at a fraction of Western rates. Infosys was perfectly positioned.

The 1993 IPO on the Bombay Stock Exchange was almost a disaster. Demand was so weak that Morgan Stanley had to buy shares to prevent the issue from failing. Indian investors weren't convinced a software company deserved premium valuations. But going public forced a discipline that became Infosys' greatest sales tool: audited financials, quarterly reporting, transparent governance. Clients could verify that this was a real institution, not a fly-by-night operation.

The employee stock option program, introduced alongside the IPO, created something India had never seen: salaried millionaires. As the stock rose through the late 1990s, engineers who'd joined for modest salaries found themselves wealthy. The recruitment effect was enormous. Suddenly, the best graduates from IIT and other top institutions wanted to work at Infosys — not just for the salary, but for the equity upside.

Then came 1999. Two events in a single year transformed Infosys from a successful Indian company into a global institution. The NASDAQ listing — the first by any Indian company — gave international investors and enterprise CIOs a governance signal that no amount of marketing could replicate. SEC compliance, US GAAP reporting, Sarbanes-Oxley standards: Infosys embraced all of it as competitive weaponry. And Finacle, the core banking platform launched the same year, gave a services company its first real product — intellectual property that would eventually embed itself in over 100 banks worldwide.

By 2004, Infosys Consulting was pushing the company upstream into advisory work, competing not just for implementation contracts but for the strategic conversations that shaped what got built. The company that started by proving Indian engineers could write reliable code was now helping Fortune 500 executives decide what their technology architecture should look like.

One of the seven founders, Ashok Arora, left early and sold his stake for a modest sum. It would have been worth billions at peak valuation — one of the most expensive early exits in Indian business history. The other six stayed, rotating through leadership roles over three decades, building what started as a $250 bet into a $20 billion institution. Their central invention wasn't a product or a platform. It was a system for delivering trust across distance — proving that reliability, governance, and process discipline could travel 8,000 miles without degrading.

Infosys Limited was founded on July 2, 1981, in Pune, Maharashtra, India, by N. R. Narayana Murthy, Nandan Nilekani, S. Gopalakrishnan, S. D. Shibulal, K. Dinesh, N. S. Raghavan, and Ashok Arora — seven engineers from Patni Computer Systems who believed they could build a industry-leading software services company from India at a time when the country had neither the infrastructure nor the reputation to support such an ambition. Headquartered in Bengaluru, Karnataka, the company is led by CEO and Managing Director Salil Parekh (since January 2018) and Non-Executive Chairman Nandan Nilekani (since August 2017). Infosys operates in information technology services, consulting, business process management, and software products, serving clients across financial services, retail and consumer goods, manufacturing, energy and utilities, healthcare and life sciences, telecommunications, media, and the public sector in over 56 countries. The revenue model combines multiple contract types: time-and-materials contracts (where clients pay for engineer hours deployed), fixed-price projects (where Infosys commits to delivering specific outcomes for a predetermined fee), managed services agreements (multi-year contracts for ongoing operations), platform licensing and subscriptions (Finacle, AssistEdge), and outcome-based pricing (where fees are tied to business results achieved). This diversified contract mix provides both revenue predictability (from managed services and licensing) and growth flexibility (from new project wins and consulting engagements). In FY2026 (fiscal year ending March 31, 2026), Infosys reported $20.158 billion in revenue — crossing the $20 billion mark for the first time in the company's history. This represented 4.6% year-over-year growth (3.1% in constant currency). Operating profit was $4.085 billion with a 20.3% operating margin. Net income (after non-controlling interests) was $3.313 billion, up 4.9% year-over-year. The company signed $14.9 billion in large deals during the year, a 24% increase over FY2025, demonstrating strong enterprise demand for managed services and transformation programs. Market capitalization stands at approximately $49 billion on the NYSE (ticker: INFY). The company also trades on the BSE and NSE in India (ticker: INFY). Infosys employs approximately 328,594 people globally as of March 2026, with the majority based in India across major campuses in Bengaluru, Mysuru, Pune, Hyderabad, Chennai, Bhubaneswar, Thiruvananthapuram, Chandigarh, and Mangaluru. The company also operates delivery centers in the United States, United Kingdom, Germany, Australia, China, Japan, Czech Republic, Poland, Romania, Canada, and several other countries. The Infosys Global Education Centre in Mysuru, spread over 337 acres, is one of the largest corporate training facilities in the world with capacity to train 15,000 employees simultaneously. Competitive position: Infosys benefits from a four-decade offshore delivery system, governance credibility established through early NASDAQ listing and transparent reporting, deep client relationships built over years of operational integration, specialized platform assets (Finacle in 100+ banks, AssistEdge in enterprise automation, Cobalt for cloud, Topaz for AI), and the sheer cost of replacing embedded teams in mission-critical enterprise systems. Strategic direction: Under Salil Parekh, Infosys is focused on AI-first services through Topaz, cloud modernization through Cobalt, large deal pursuit and consolidation, targeted acquisitions for specialized capabilities, European geographic expansion, and platform-led growth that creates switching costs beyond project-based labor.

Pivot

The 1999 NASDAQ listing transformed Infosys from a successful Indian exporter into a globally recognized technology services brand. By adopting US GAAP reporting, SEC disclosure requirements, and international governance standards, Infosys signaled to the world that an Indian company could meet the highest standards of corporate transparency. This pivot opened access to international capital markets, attracted global institutional investors, and gave enterprise CIOs confidence to award larger, more strategic contracts.

Pivot

The formation of Infosys Consulting in 2004 marked a deliberate shift from pure implementation and maintenance services into strategic advisory. By hiring experienced consultants from firms like McKinsey, Deloitte, and Accenture, Infosys positioned itself to enter client conversations before technology projects were fully specified — competing for the advisory work that precedes and shapes implementation decisions. This move upstream was essential for capturing higher-value engagements and avoiding commoditization.

Pivot

Under CEO Vishal Sikka (2014-2017), Infosys pivoted toward automation, artificial intelligence, and design thinking. Sikka introduced the Zero Distance initiative (encouraging grassroots innovation on every project), invested in the Nia AI platform, and pushed to reduce the company's dependence on traditional labor-based outsourcing. While the pivot was strategically correct — anticipating the market's shift toward digital and AI — execution was disrupted by the 2017 governance crisis.

Pivot

The launch of Cobalt (2020) and Topaz (2023) represented Infosys' pivot from selling undifferentiated services to selling branded platform-backed solutions. Rather than competing purely on labor rates, Infosys now offers named cloud and AI platforms that package its capabilities into repeatable, scalable offerings. This platform-led approach creates stronger differentiation, supports premium pricing, and builds switching costs that project-based services cannot.

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How Does Infosys Limited Make Money?

Infosys makes money by being the operating system that large enterprises don't want to build themselves. Strip away the branding and platform names, and the core transaction is straightforward: a Fortune 500 company needs technology work done — building software, migrating to the cloud, maintaining legacy systems, running business processes — and Infosys provides the people, processes, and platforms to do it. The trick is in how the work gets divided. About 25-30% of Infosys' workforce sits on-site with clients in New York, London, Frankfurt, or Sydney. They gather requirements, manage relationships, attend steering committees, and handle the work that requires physical proximity or cultural fluency. The remaining 70-75% sits in India — Bengaluru, Mysuru, Pune, Hyderabad, Chennai — writing code, running tests, managing infrastructure, and processing transactions at roughly one-third to one-fifth the cost of equivalent Western labor. This split is the Global Delivery Model, and it's been Infosys' economic engine since the 1990s. It produces operating margins around 20-21%, which is remarkable for a services business with 328,000 employees.

The revenue breaks down into four streams, though they blur at the edges. IT services is the heavyweight — application development, systems integration, infrastructure management, testing, and enterprise package implementation (SAP, Oracle, Salesforce, ServiceNow). This is where most of the $20.2 billion comes from. Consulting, delivered through Infosys Consulting, is the upstream play — advising on strategy, architecture, and transformation roadmaps before the implementation work begins. It's lower revenue but higher margin, and more importantly, it lets Infosys shape the technology decisions that generate downstream implementation contracts. Business process management (BPM) handles the repetitive operational work — finance and accounting, procurement, HR administration, customer service — on multi-year contracts that provide steady recurring revenue. And then there are products and platforms: Finacle for core banking (embedded in 100+ banks globally), AssistEdge for automation, Cobalt for cloud services, and Topaz for AI. These carry software-like margins and create switching costs that pure services work doesn't.

Geographically, North America accounts for roughly 58% of FY2026 revenue, Europe about 30%, and the rest of the world fills in the remainder. Financial services is the largest vertical, followed by retail, manufacturing, and energy. No single client exceeds 3-4% of revenue, but the top accounts run deep — multi-year relationships worth hundreds of millions each, with Infosys teams embedded so thoroughly in client operations that switching vendors would mean months of transition risk in systems running payroll, lending, or patient care. In FY2026, the company signed $14.9 billion in large deals (contracts over $50 million in total value), up 24% year-over-year. That number matters because large deals provide revenue visibility for years ahead and deepen the operational integration that makes clients sticky.

The Mysuru training campus — 337 acres, capacity for 15,000 simultaneous trainees — is the factory floor for this model. When a new technology wave hits (cloud five years ago, generative AI now), Infosys can retrain thousands of engineers in months rather than hiring externally at premium rates. It's an underappreciated asset. The campus ensures consistent quality regardless of which office or project an engineer comes from, and it gives clients confidence that the person assigned to their account has been through a standardized program. The 20,000 freshers hired annually aren't just headcount — they're raw material entering a production system designed to turn engineering graduates into billable consultants within six months.

What Is Infosys Limited's Competitive Advantage?

Infosys' defensibility isn't any single thing. It's the accumulated weight of forty years of institutional trust-building — and the sheer pain of trying to replace it.

Consider what a competitor would actually need to do to displace Infosys from a major banking client. They'd need to hire thousands of engineers with domain knowledge in that client's specific systems. Train them on the client's proprietary processes, compliance requirements, and documentation standards. Get security clearances. Pass vendor audits. Build relationships with dozens of stakeholders across multiple business units. Migrate institutional knowledge that exists in the heads of Infosys engineers who've worked the account for a decade. And do all of this without disrupting systems that process millions of transactions daily — payroll, lending, claims, patient records. The switching cost isn't the contract termination fee. It's the operational risk of transition in mission-critical systems where a single bad deployment could make headlines.

The governance reputation compounds this advantage in regulated industries. Infosys was the first Indian company on NASDAQ (1999), voluntarily adopted US GAAP and Sarbanes-Oxley compliance, and has maintained transparent reporting for three decades. When a bank or government agency evaluates vendors, auditability and governance track record often matter as much as price. The 2017 Panaya crisis dented this reputation temporarily, but the swift resolution — Nilekani's return, Parekh's appointment, the divestiture — actually demonstrated that the governance system was self-correcting.

The training infrastructure at Mysuru is a genuine structural advantage that gets overlooked. When generative AI exploded in 2023, Infosys could retrain tens of thousands of engineers on AI tools within months because the campus and learning systems already existed. Competitors without equivalent infrastructure either hire externally at premium rates or retrain slowly. This matters because technology cycles are accelerating — the ability to rapidly redeploy a 328,000-person workforce toward whatever clients need next is worth more than any single technology bet.

Finacle deserves separate mention. It's embedded in over 100 banks globally. Replacing a core banking system is a five-to-seven-year program costing hundreds of millions of dollars, with enormous operational risk. No CIO undertakes that lightly. Every bank running Finacle is essentially locked into a relationship with Infosys for implementation, customization, upgrades, and managed services — potentially for decades. Pure services competitors have nothing equivalent.

Who Are Infosys Limited's Main Competitors?

The company that should worry Salil Parekh most isn't TCS or Accenture. It's JPMorgan's Global Capability Center in Hyderabad — and the hundred-plus GCCs like it now employing over a million engineers in India, doing in-house what Infosys used to be paid to do. That's the structural threat. Every new GCC is a client that will never come back.

But structural threats move slowly, and Infosys has more immediate fights to win. Against TCS — $30 billion in revenue, 580,000+ employees, the Tata brand — the battle is for mega-deals where scale and pricing flexibility matter most. TCS absorbs margin pressure more easily because of its larger base. Infosys counters with consistently higher margins (1-2 percentage points), a stronger consulting brand, and a reputation for innovation that resonates with transformation-minded CIOs. The NHS contract was a statement: Infosys can win at the very top of the market, against anyone. HCLTech, Wipro, and Tech Mahindra circle the same deals with niche strengths — HCL in infrastructure, Wipro in consulting post-Capco, Tech Mahindra in telecom — but none match Infosys' combination of scale and margin discipline.

Upstream, Accenture is a different animal entirely. At $64 billion in revenue with 730,000+ employees, Accenture wins when the conversation starts in the boardroom — 'what should we become?' — rather than the IT department — 'how do we build this?' Deloitte leverages audit relationships as a wedge. IBM Consulting leans on watsonx and Red Hat. Capgemini offers a European-headquartered alternative for clients wary of US or Indian dominance. Infosys competes here through Infosys Consulting and by leading with Topaz and Cobalt as differentiated platforms, but it's still fighting uphill against firms with deeper C-suite access and stronger strategy credentials.

Then there's the hyperscaler problem. Microsoft, AWS, Google Cloud, Salesforce, SAP, ServiceNow — they shape where enterprise budgets flow because clients buy services around their platforms. Every cloud migration needs implementation help, which is opportunity. But AWS and Azure are expanding their own professional services teams, and platform-native tools increasingly reduce the need for external integrators. Infosys has responded by acquiring platform specialists — Simplus and Fluido for Salesforce, GuideVision for ServiceNow — and building deep certification programs. The hyperscalers are simultaneously partners and emerging competitors, and that tension will only intensify.

Smaller digital-native firms — EPAM, Globant, Thoughtworks, Endava — win when clients want speed and focused engineering talent over governance and scale. Individually they're not existential. Collectively they nibble at the high-value, high-margin work Infosys needs to fund its AI transition.

The $14.9 billion in FY2026 large deal signings suggests the market is consolidating toward fewer, larger vendors. That favors Infosys. But the competitive position holds only as long as the company keeps moving upstream from labor arbitrage toward measurable business outcomes. The moment a CIO perceives Infosys as interchangeable with any other Indian staffing firm, pricing power evaporates and Accenture's premium positioning wins by default.

How Has Infosys Limited's Revenue Grown Over Time?

The margin story is more interesting than the revenue story. Revenue crossing $20 billion in FY2026 was inevitable given the deal pipeline — the real question was whether Infosys could maintain 20%+ operating margins while investing heavily in AI, absorbing India's new Labour Codes (which added ~$155 million in gratuity and leave liabilities), and navigating currency headwinds. It did. Operating margin came in at 20.3%, down slightly from 21.1% the prior year, but the compression was almost entirely from the one-time Labour Codes impact rather than structural deterioration.

Net income hit $3.3 billion, up 4.9% year-over-year. Earnings per ADS rose to $0.81 from $0.76. Not explosive growth, but steady compounding in a business that's simultaneously trying to transform its delivery model. The company also benefited from $46 million in interest income and $93 million in tax provision reversals from favorable rulings on old assessment years — not recurring, but helpful.

The large deal numbers tell the forward-looking story. $14.9 billion signed in FY2026, with $3.2 billion in Q4 alone. More telling: 67% of Q4 large deals were new or net-new engagements, not renewals. Infosys is winning new logos, not just retaining old ones. The NHS contract — $1.6 billion over 15 years — is the single largest in company history and proves Infosys can compete at the very top of the market.

The headcount-revenue divergence in Q4 is the number analysts should be watching. Revenue grew while headcount dropped by 8,440 sequentially to 328,594. If that trend holds — more revenue from fewer people — it validates the AI-driven productivity thesis and suggests margins could expand meaningfully over the next 2-3 years. Market cap sits at roughly $49 billion, down from a $100 billion+ peak in early 2022. The discount reflects AI disruption fears more than operational reality.

Revenue History

What Companies Has Infosys Limited Acquired?

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Who Leads Infosys Limited?

How Is Infosys Limited Growing?

Infosys has one overriding strategic imperative: decouple revenue growth from headcount growth. Everything else is a tactic in service of that goal.

Topaz — the AI platform launched in May 2023 — is the most important piece. It's not a standalone product; it's a capability layer being woven into every service line. When Infosys pitches a new managed services contract, Topaz-powered automation is now baked into the proposal as a productivity commitment. Clients get efficiency gains, Infosys gets to deliver the same outcomes with fewer engineers, and the margin improvement funds further AI investment. The FY2026 numbers hint that this is working: revenue grew while headcount declined sequentially. Early days, but directionally correct.

The large-deal machine under Parekh is the second engine. $14.9 billion in signings during FY2026, up 24% year-over-year. The NHS contract alone — $1.6 billion over 15 years to manage payroll for 1.9 million employees — provides revenue visibility into the 2040s. These mega-deals create deep operational integration that makes switching vendors almost unthinkable. They also shift the revenue mix toward predictable, recurring streams rather than project-based work that evaporates when budgets tighten.

Europe is the geographic bet. Currently 30% of revenue, growing faster than North America, and less dependent on H-1B visa politics. The in-tech acquisition ($485 million for German automotive engineering), Fluido in the Nordics, GuideVision in Central Europe, BASE in life sciences — each one builds local delivery presence in markets where Capgemini and Accenture have historically dominated. If Europe reaches 35%+ of revenue, Infosys becomes meaningfully less vulnerable to US economic cycles.

The SAP S/4HANA migration deadline in 2027 is a near-term tailwind that shouldn't be underestimated. Thousands of enterprises globally must upgrade from legacy ERP systems, and each migration is a multi-year, multi-million-dollar program. Infosys' Cobalt platform has 300+ pre-configured blueprints specifically for this. It's not glamorous work, but it's enormous in aggregate.

Everything depends on one variable: whether Infosys can raise revenue per employee faster than AI erodes demand for human labor. If it can — and Q4 FY2026 offers the first real evidence, with revenue growing while headcount dropped by 8,440 — then the company's $49 billion market cap is a mispricing. Revenue per employee sits at roughly $61,000 today. Push that toward $75,000 by FY2028 through Topaz-powered automation and outcome-based pricing, and operating margins expand from 20.3% toward 23-24% without adding a single engineer. The stock re-rates back toward $80-100 billion. If it can't — if AI tools commoditize implementation work and clients use Copilot and cloud-native platforms to cut vendor dependence — then 328,000 employees become dead weight on a shrinking revenue base. The evidence so far tilts toward the first outcome. The $14.9 billion in FY2026 large deal signings (up 24%) shows clients consolidating spend with trusted vendors, not pulling away. The NHS contract locks in $1.6 billion over 15 years. The SAP S/4HANA migration deadline in 2027 creates mandatory demand that no amount of AI disruption can eliminate. But 'tilts toward' isn't certainty. The transition from selling engineer-hours to selling institutional outcomes is a multi-year execution challenge, and Infosys has never attempted anything this structurally ambitious under competitive pressure from both Accenture above and GCCs below.

What Are the Biggest Risks Facing Infosys Limited?

The existential question is simple to state and brutally hard to answer: what happens to a company that sells human labor when machines start doing that labor better and cheaper?

Infosys bills clients for engineer-hours. Every process that GitHub Copilot automates, every test suite that AI generates, every support ticket that a chatbot resolves — that's revenue evaporating. The company knows this. Topaz, their AI platform, is partly a defensive move: if automation is coming regardless, better to be the one selling it than the one disrupted by it. But the math is unforgiving. You can't simultaneously tell clients 'our AI will reduce your need for engineers by 30%' and also grow a business that depends on deploying engineers. The transition requires replacing volume-based revenue with value-based pricing, and that's a multi-year bet with no guarantee of success.

Then there's the GCC problem. Global Capability Centers — where JPMorgan, Goldman Sachs, Google, and Amazon build their own engineering teams in India — are eating Infosys' addressable market from the inside. Why outsource to Infosys when you can hire the same engineers directly in Bengaluru, pay them 20% more, and own the IP? GCCs now employ over a million people in India. Every new center is a client that Infosys will never win.

The macro sensitivity is real too. When a US recession hits, CIOs freeze discretionary spending first — and that's exactly the transformation work (new development, cloud migration, consulting) where Infosys earns its best margins. Maintenance contracts survive downturns, but they're lower-margin and increasingly automatable. FY2023-2024 showed this vulnerability clearly when several large clients paused programs amid recession fears.

Visa politics remain a wild card. The H-1B program is perpetually one executive order away from disruption, and the 2013 $34 million settlement for B-1 visa misuse still haunts procurement conversations. Infosys has increased US local hiring, but the cost structure depends on the ability to move Indian engineers to client sites when needed.

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• https://www.infosys.com/about/Pages/last-fiscal.aspx
• https://www.infosys.com/investors/reports-filings/annual-report/annual-reports/ar-2024-25.html
• https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001067491
• https://www.infosys.com/about/history.html
• https://www.infosys.com/newsroom/press-releases/2020/infosys-cobalt-accelerating-enterprise-cloud.html
• https://www.infosys.com/newsroom/press-releases/2023/enterprises-generative-ai.html
• https://www.infosys.com/newsroom/press-releases/2024/infosys-acquire-in-tech.html
• https://www.infosys.com/newsroom/press-releases/2024/completes-acquisition-insemi.html
• https://www.infosys.com/newsroom/press-releases/2025/deliver-new-workforce-management-solution.html
• https://www.infosys.com/about/management-profiles/salil-parekh.html
• https://www.reuters.com/world/india/indias-infosys-wins-16-billion-deal-uks-national-health-service-2025-10-14/
• https://www.infosys.com/investors/