Infosys Q2 Review — Motilal Oswal Maintains 'Neutral' Rating Citing Continued Macro Uncertainty

Infosys' Q2 growth was a decent 2.4% QoQ CC, led by hitech and manufacturing. That said, the top end of the guidance was maintained, pointing to continued macro uncertainty and a slower-thanexpected pickup in discretionary demand..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Motilal Oswal Report.Infosys Ltd. reported Q2 FY26 revenue of $5.0 billion, up 2.2% QoQ in constant currency/ 2.9% YoY in CC vs our estimate of 2.4% QoQ in CC. Ebit margin stood at 21.0% vs our estimate of 21.2%. Ebit increased 6% QoQ/8% YoY to Rs 93.5 billion (estimate: Rs 94 billion). PAT came in at Rs 74 billion, up 6.4% QoQ/13.2% YoY, above our estimate of Rs 72 billion. Management upgraded the lower end of its FY26 CC revenue growth guidance from 1% to 2%, now expecting growth in the 2-3% range. Large deal TCV stood at $3.1 billion, down 18.4% QoQ. The book-to-bill ratio was 0.6x. Net new TCV was down 34% QoQ. For H1 FY26, revenue/Ebit/PAT grew 8%/7%/11% YoY in INR terms. We expect Infosys’ revenue/Ebit/PAT to grow 8%/8%/6% YoY in H2 FY26. We reiterate our Neutral rating on Infosys with a target price of Rs 1,650, implying a 12% potential upside..Click on the attachment to read the full report:.Infosys Q2 Attrition Rate At 14.3%, Headcount Increases By Over 8,000 Employees.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Infosys Q2 Review — Motilal Oswal Maintains 'Neutral' Rating Citing Continued Macro Uncertainty

Motilal Oswal reiterates Neutral rating on Infosys with a target price of Rs 1,650, implying a 12% potential upside.

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