# Infosys Q1 results LIVE: Guidance cut likely for the IT major - Here's what brokerages expect? — retained record
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Infosys Q1 Results LIVE: Infosys, India's second-largest IT services company, is set to announce its Q1 FY27 results on Thursday, July 23, after market hours. Investors will closely track the Bengaluru-based IT major's earnings for signs of demand recovery in key markets and any changes to its revenue outlook for the current financial year.
Ahead of the announcement, Infosys shares slipped around 2% on the NSE during Thursday's trading session as market participants remained cautious.
Infosys Q1 Preview
Brokerage firm Motilal Oswal expects Infosys to report 2.0% quarter-on-quarter constant currency (CC) revenue growth, including 1.0% organic growth. The brokerage expects the improvement to be supported by a two-month contribution from the Optimum and Stratus acquisitions. It also noted that the company's growth trajectory is likely to remain skewed towards the first half of the financial year, in line with the trend seen in previous years.
On the demand front, Motilal Oswal believes the US banking, financial services and insurance (BFSI) segment will continue to remain resilient. However, it expects the telecom and manufacturing verticals to stay under pressure due to client-specific issues, including the ongoing Daimler ramp-down.
The brokerage also expects Infosys to trim the upper end of its FY27 constant currency revenue growth guidance by 50 basis points, revising the range to 1.5%-3.0% year-on-year. Meanwhile, operating margin is projected to improve 40 basis points sequentially to 21.4%, driven by the absence of wage hikes in the first quarter, reversal of visa-related expenses incurred in the March quarter, and continued cost savings under the company's Project Maximus initiative.
Apart from the headline numbers, investors will closely monitor the management's commentary on the deal pipeline, the outlook for acquisitions, client spending trends, and any revision to the company's FY27 revenue guidance, as these are expected to provide a clearer picture of demand conditions and growth prospects for the remainder of the financial year.
Track highlights from Infosys Q1 results here
Mahesh M Ojha, VP Research & Business Development at Kantilal Chhaganlal Securities, said that Infosys Q1 results are expected to be marginally better than the previous quarter. However, the management's commentary on demand trends and the company's FY27 revenue guidance will be the key factors for investors.
“While the earnings numbers are important, the outlook provided by the management will largely determine the stock's near-term direction and overall market sentiment toward the IT sector,” he said.
Harshal Dasani, Business Head – INVasset PMS believes the current risk-reward appears balanced rather than compelling. If management indicates that client decision-making is improving and the deal pipeline is translating into faster revenue conversion, the stock could see renewed interest. Until then, it is prudent to wait for greater earnings visibility instead of taking event risk purely ahead of the quarterly results. In the current cycle, clarity on future demand is likely to matter more than a marginal earnings beat, he added.
According to Harshal Dasani, Business Head – INVasset PMS, Infosys is not a straightforward pre-results opportunity. The recent correction has made valuations more reasonable, but the earnings cycle still lacks the visibility needed to justify an aggressive position ahead of the Q1 numbers.
Dasani highlighted that the Q1 headline numbers are unlikely to be the biggest trigger. The market will focus far more on management commentary around deal conversion, the pace of discretionary spending recovery, the quality of large deal wins, and confidence in full-year growth.
HDFC Securities expects Infosys to retain its FY27 constant currency revenue growth guidance of 2%-3.5%, indicating confidence in the company's near-term demand outlook.
The brokerage forecasts Q1 FY27 revenue at ₹48,408 crore, up 14.5% year-on-year. It expects EBIT to increase 15.5% to ₹10,171 crore, while operating margin is likely to remain within the company's guided range of 20%-22%. Profit after tax (PAT) is projected at ₹7,835 crore, reflecting 13.2% year-on-year growth.
Motilal Oswal Financial Services (MOFSL) expects Infosys to maintain steady revenue momentum in the June quarter, forecasting 2.0% quarter-on-quarter growth in constant currency (CC), aided by a two-month contribution from the Optimum and Stratus acquisitions. The brokerage noted that the company's growth is likely to remain skewed towards the first half of the financial year, consistent with historical trends.
According to MOFSL, demand in the US banking, financial services and insurance (BFSI) vertical is expected to stay resilient, while the telecom and manufacturing segments may continue to face headwinds due to client-specific challenges, including the ongoing Daimler ramp-down.
The brokerage also expects Infosys to trim the upper end of its FY27 constant currency revenue growth guidance by 50 basis points, revising the guidance range to 1.5%-3.0% year-on-year.
On the profitability front, MOFSL projects the company's operating margin to improve by around 40 basis points sequentially to 21.4%, supported by the absence of annual wage hikes in the first quarter, reversal of visa-related costs incurred in the March quarter, and continued cost efficiencies under the Project Maximus programme.
YES Securities expects Infosys to post 3.4% year-on-year and 1.6% quarter-on-quarter growth in constant currency (CC) revenue, supported by contributions from recent acquisitions and a gradual recovery in the BFSI and energy, utilities, resources and services (EURS) verticals. The brokerage also expects the company's FY27 operating margin to remain around the midpoint of its guided range.
For the June quarter, YES Securities has projected revenue of ₹47,550 crore, reflecting 12.5% year-on-year and 2.5% sequential growth.
The brokerage estimates EBIT at ₹11,100 crore, up 11.6% from a year ago but down 0.6% from the March quarter. It expects the EBIT margin to come in at 23.3%, implying a 72-basis-point sequential contraction. Meanwhile, profit after tax (PAT) is projected at ₹7,330 crore, representing 6% year-on-year growth but a 13.7% decline on a quarter-on-quarter basis.
Brokerage firm Axis Securities expects Infosys to deliver a strong June quarter, forecasting 15.7% year-on-year and 5.4% quarter-on-quarter revenue growth, led by the ramp-up of large deals and improved execution across key business verticals. It estimates the company will report revenue of ₹48,916 crore for Q1 FY27.
Axis Securities estimates profit after tax (PAT) at ₹8,103 crore, reflecting a 17% increase from a year earlier, although it expects profit to decline 4.08% compared with the March quarter.
Key monitorables include commentary on the deal pipeline, outlook on acquisitions, client spending trends, and FY27 revenue guidance.
Ahead of the announcement, Infosys shares slipped around 2% to the day's low of ₹1,032.30 on the BSE during Thursday's trading session as market participants remained cautious as well as due to weakness in the broader markets.
All eyes will be on Infosys as the IT services major reports its Q1 FY27 earnings after market hours on Thursday, July 23. Apart from the quarterly performance, investors will focus on the company's revenue outlook, demand environment across key sectors, and management's commentary on client spending and deal momentum.
Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience.
Her core areas of coverage include stock markets, leading listed companies, currencies, and commodities, with a particular strength in fast-paced, real-time market reporting. She is known for handling breaking market news, earnings-driven stock movements, and macroeconomic developments with speed, accuracy, and context—qualities that are essential in financial journalism.
Pranati has built a diverse and credible professional track record across some of India’s most respected news organisations, including MintGenie, CNBC-TV18, Business Standard and EconomicTimes.com. During her stints at these platforms, she produced data-driven market stories, curated and steered live blogs during volatile trading sessions, and conducted interviews with market veterans, fund managers, economists, and industry experts. Her work often combines on-ground reporting with analytical depth, helping readers make sense of daily market fluctuations and longer-term trends. An alumnus of the Symbiosis Institute of Media and Communications and Hansraj College, University of Delhi, Pranati brings a strong academic foundation to her journalism. She specialises in real-time financial reporting, with a keen focus on precision, balance, and insight, aiming to decode market movements in a way that is both informative and accessible to readers across experience levels.
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