This report does not constitute a rating action. Overview Key strengths Key risks Robust business position with large recurring revenue and healthy deal wins. Slower revenue growth amid lower IT spending and budget constraints because of macroeconomic headwinds. Healthy profitability from high utilization rates and access to offshore resources. Exposure to foreign-exchange fluctuations, given significant presence in international markets. Strong operating cash flow, low capital spending, and prudent financial policies with zero debt. Smaller scale than major IT service players. Discretionary IT spending will remain low over the next 12-18 months . We estimate Infosys Ltd.'s revenue will increase 3.0% in fiscal 2027 (year ending March 31) and 3.2% in fiscal 2028, down from 4.6% in fiscal 2026. The main
