Infosys Q3 Results: IT major Infosys Ltd is set to announce its December-quarter results on Wednesday, January 14, 2026. Brokerages expect a seasonally soft quarter, marked by modest sequential growth,
stable margins, and close attention on management commentary around guidance, deal ramp-ups, and client spending. While furloughs and fewer working days are likely to cap near-term momentum, deal execution and cost-optimisation initiatives are expected to offer some support.
Brokerages estimate Infosys’ average net profit for Q3FY26 at Rs 7,315.83 crore, compared with Rs 6,822 crore a year ago, reflecting a 7 percent year-on-year rise. On a quarter-on-quarter basis, profit is projected to dip 0.64 percent from Rs 7,364 crore in Q2FY26.
Revenue for the quarter is expected to increase 8 percent year-on-year to an average of Rs 45,206.68 crore from Rs 41,764 crore. Sequentially, revenue is seen rising 2 percent from Rs 44,490 crore in Q2FY26, supported by deal ramp-ups, though furloughs and fewer working days are likely to keep growth modest.
Analysts and investors will closely track commentary on the deal pipeline, margins, utilisation levels, and client spending, especially amid rising macro volatility in the United States.
Brokerage Expectations for Q3FY26
Nomura:
Nomura expects revenue to decline 0.5 percent quarter-on-quarter in constant currency in a seasonally weak quarter. On a year-on-year basis, pass-through revenues may come in lower, while discretionary demand in financial services is expected to improve modestly.
Earnings before interest and tax (Ebit) margin is projected to improve by 40 basis points quarter-on-quarter to 21.4 percent, aided by currency benefits. Infosys is expected to tighten its revenue growth guidance to 2.5–3 percent year-on-year, with an Ebit margin band of 20–22 percent for FY26F.
Kotak Institutional Equities:
Kotak expects a gradual improvement in Ebit margin quarter-on-quarter, driven mainly by benefits from Project Maximus. The brokerage anticipates large deal total contract value (TCV) of USD 4.5–5 billion, nearly double year-on-year, led by a GBP 1.2 billion mega deal win from NHSBSA.
Ebit is estimated at Rs 9,513 crore, compared with Rs 9,353 crore in Q2FY26. Analysts believe Infosys will revise its FY26 revenue growth guidance to 2.5–3 percent from the earlier 2–3 percent. This guidance implies a decline of 2 percent to flat quarter-on-quarter growth in Q4FY26. The estimate does not factor in the Versent Group acquisition, which is yet to close.
Motilal Oswal Financial Services:
Motilal Oswal expects flat quarter-on-quarter revenue growth in constant currency due to seasonal furloughs, with the second half weaker than the first half as growth was front-loaded, in line with historical trends.
Operating margin is likely to remain flat, supported by the absence of wage hikes and lower third-party costs. Ebit for Q3FY26 is pegged at Rs 9,500 crore, compared with Rs 9,400 crore in Q2, while Ebit margin is expected at 21.1 percent versus 21 percent in the previous quarter.
US banking, financial services and insurance (BFSI) is expected to remain resilient, with selective discretionary spending, especially in rate-sensitive portfolios such as mortgages. Retail demand, however, is likely to stay soft amid tariff uncertainty. The brokerage expects Infosys to maintain its constant-currency revenue growth guidance of 2–3 percent year-on-year.
Axis Direct:
Axis Direct expects revenue to rise 2.7 percent sequentially to Rs 45,679 crore from Rs 44,490 crore. Ebit margins are projected to improve by 14 basis points quarter-on-quarter to 21.2 percent from 21 percent in Q2, driven by the company’s cost-optimisation programme, Project Maximus.
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