# EDGAR Filing Document

**Accession Number:** 0001067491
**File Stem:** 0001067491-26-000018
**Filing Date:** 2026-4
**Character Count:** 1869544
**Document Hash:** f63510d6d4780ab3070947b2e64df13f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001067491-26-000018.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001067491-26-000018

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Infosys Ltd
- **CENTRAL INDEX KEY:** 0001067491
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 581760235
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35754
- **FILM NUMBER:** 26912094

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ELECTRONICS CITY HOSUR RD
- **STREET 2:** BANGALORE KARNATAKA INDIA
- **CITY:** BANGALORE
- **PROVINCE COUNTRY:** K7
- **BUSINESS PHONE:** 0119180852

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ELECTRONIC CITY HOSUR RD
- **STREET 2:** BANGALORE KARNATAKA INDIA
- **CITY:** BANGALORE
- **PROVINCE COUNTRY:** K7

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INFOSYS TECHNOLOGIES LTD
- **DATE OF NAME CHANGE:** 19980804

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**Report of Foreign Private Issuer**

**Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934**

**For the quarter and year ended March 31, 2026**

**Commission File Number 001-35754**

**Infosys Limited**

*(Exact name of Registrant as specified in its charter)*

**Not Applicable**

*(Translation of Registrant's name into English)*

**Electronics City, Hosur Road, Bengaluru - 560 100, Karnataka, India. +91-80-2852-0261**

*(Address of principal executive offices)*

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F 🗹 Form 40-F □

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): □

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): □

**TABLE OF CONTENTS**

---

| |
|:---|
| [DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION](#a_003) |
| [SIGNATURES](#a_004) |
| [INDEX TO EXHIBITS](#a_005) |
| [EXHIBIT 99.1](exv99w01.htm) |
| [EXHIBIT 99.2](exv99w02.htm) |
| [EXHIBIT 99.3](exv99w03.htm) |
| [EXHIBIT 99.4](exv99w04.htm) |
| [EXHIBIT 99.5](exv99w05.htm) |
| [EXHIBIT 99.6](exv99w06.htm) |
| [EXHIBIT 99.7](exv99w07.htm) |
| [EXHIBIT 99.8](exv99w08.htm) |
| [EXHIBIT 99.9](exv99w09.htm) |
| [EXHIBIT 99.10](exv99w10.htm) |

---

**DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION**

Infosys Limited ("we" or "the Company") hereby furnishes the United States Securities and Exchange Commission with copies of the following information concerning our public disclosures regarding our results of operations and financial condition for the quarter and year ended March 31, 2026.

The following information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On April 23, 2026, we announced our results of operations for the quarter and year ended March 31, 2026. We issued press releases announcing our results under International Financial Reporting Standards ("IFRS") in U.S. dollars and Indian rupees, copies of which are attached to this Form 6-K as Exhibits 99.1 and 99.2, respectively.

On April 23, 2026, we held a press conference to announce our results, which was followed by a question and answer session. The transcript of this press conference is attached to this Form 6-K as Exhibit 99.3.

We have also made available to the public on our website, <u>www.infosys.com</u>, a fact sheet that includes among other things a extract of our Consolidated Statement of Comprehensive Income for the quarter ended March 31, 2026, December 2025 and March 2025 (as per IFRS in US dollars and Indian Rupees); extract of our Consolidated Statement of Comprehensive Income for the year ended March 31, 2026 and March 31, 2025 (as per IFRS in US dollars and Indian Rupees); revenue growth for the quarter ended March 31, 2026 as compared with quarter ended December 31, 2025 (in Reported and Constant currency), revenue growth for the quarter ended March 31, 2026 as compared with quarter ended March 31, 2025 (in Reported and Constant currency); revenue by business segments; revenue by client geography; client data; efforts and utilization; employee metrics; cash metrics; and reconciliation of Reported IFRS financial measures to Adjusted non-IFRS financial measures for three months ended March 31, 2026, December 31, 2025 and March 31, 2025.. We have attached this fact sheet to this Form 6-K as Exhibit 99.4..

On April 23, 2026, we also held a teleconference with journalists and analysts to discuss our results. The transcripts of the teleconference are attached to this Form 6-K as Exhibit 99.5.

We placed form of releases to stock exchanges which consist of Auditors report on Consolidated and Standalone financial results, Statement of Consolidated and Standalone Audited Results in compliance with IndAS along with certain explanatory notes , Information on dividends, Audited Consolidated and Standalone Balance Sheet in compliance with IndAS, Audited Consolidated and Standalone Statement of Cash Flows in compliance with IndAS, Audited Consolidated Segment reporting, Summary of the financial statements in US Dollar in compliance with IFRS for the quarter and year ended March 31, 2026.

In advertisement in certain Indian newspapers we have placed extracts of Consolidated and Standalone Audited Financial Results along with certain explanatory notes and dividend information for the quarter and year ended March 31, 2026, under Ind AS.<br>

A copy of the release to the stock exchanges and the advertisements are attached to this Form 6-K as Exhibit 99.6.

We have made available to the public on our website, <u>www.infosys.com</u>, the following: Audited Interim Condensed Financial Statements in compliance with IFRS in US dollars for the quarter and year ended March 31, 2026 along with the Auditors Report; Audited Interim Consolidated Financial Statements in compliance with IFRS in Indian Rupees for the quarter and year ended March 31, 2026 along with the Auditors Report; Audited Interim Condensed Standalone Financial Statements in compliance with IndAS in Indian Rupees for the quarter and year ended March 31, 2026 along with the Auditors Report; Audited Standalone Financial Statements in compliance with IndAS in Indian Rupees for year ended March 31, 2026 along with the Auditors Report; Audited Interim Condensed Consolidated Financial Statements in compliance with IndAS in Indian Rupees for the quarter and year ended March 31, 2026 along with the Auditors Report; Audited Consolidated Financial Statements in compliance with IndAS in Indian Rupees for year ended March 31, 2026 along with the Auditors Report for the quarter and year ended March 31, 2026. We have attached these documents to this Form 6-K as Exhibits 99.7, 99.8, 99.9 and 99.10, respectively.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Infosys Limited<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Date: April 29, 2026 | **Jayesh Sanghrajka**<br> *Chief Financial Officer* |

---

**INDEX TO EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Document** |
| 99.1 | IFRS USD press release |
| 99.2 | IFRS INR press release |
| 99.3 | Transcript of April 23, 2026 press conference |
| 99.4 | Fact Sheet |
| 99.5 | Transcript of April 23, 2026 earnings call |
| 99.6 | Form of release to stock exchanges and advertisement placed in Indian newspapers |
| 99.7 | Audited Interim Condensed Consolidated Financial Statements of Infosys Limited and its Subsidiaries in compliance with International Financial Reporting Standards (IFRS) in US Dollars and the Auditors Report thereon. |
| 99.8 | Audited Interim Consolidated Financial Statements of Infosys Limited and its Subsidiaries in compliance with IFRS in Indian Rupees and the Auditors Report thereon |
| 99.9 | Audited Interim Condensed Standalone Financial Statements of Infosys Limited for the quarter and year ended March 31, 2026 in compliance with Indian Accounting Standards (INDAS) and Auditors Report thereon and Audited Standalone Financial Statements of Infosys Limited for the year ended March 31, 2026 in compliance with INDAS and Auditors Report thereon. |
| 99.10 | Audited Interim Condensed Consolidated Financial Statements of Infosys Limited and its subsidiaries in compliance with INDAS for the quarter and year ended March 31, 2026 and Auditors Report thereon and Audited Consolidated Financial Statements for Infosys Limited and its subsidiaries for the year ended March 31, 2026 in compliance with INDAS and Auditors Report thereon. |

---

## Exhibit 99.1

**Exhibit 99.1**<br> **IFRS USD Press Release**

**Revenue crosses $20 billion mark with resilient growth of 3.1% in FY 26 in constant currency**

**Strong Large Deal wins of $14.9 Billion and healthy Free Cash Flow of $3.7 Billion**

**FY 27 Guidance – Revenue Growth of 1.5%-3.5%, Operating Margin of 20%-22%**

**Bengaluru, India – April 23, 2026:** Infosys (NSE, BSE, NYSE: INFY), a global leader in AI-first business consulting and technology services, delivered $20,158 million in FY 26 revenues with a growth of 3.1% in constant currency. Reported IFRS operating margin was at 20.3% and adjusted<sup>1</sup> operating margin at 21.0%. EPS growth was 11.0% in rupee terms<sup>2</sup>. Free cash flow generation was healthy at $3,733 million. TCV of large deal wins was $14.9 billion, with net new of 55%.

Q4 revenues were $5,040 million, growth of 4.1% year on year in constant currency. Q4 operating margin was at 20.9%.

"We delivered a resilient performance in FY 26 with growth of 3.1% with strong large deal wins of $14.9 billion, reflecting the robustness of our enterprise AI value proposition and market share gains in large transformation opportunities. The simplicity and strength of our AI services strategy across six areas is gaining traction in the market further strengthened by strong ecosystem AI partnerships enabling clients to get value from AI", **said Salil Parekh, CEO and MD**. "Our AI First value framework and differentiated Topaz Fabric, position us uniquely to deepen client trust and gain greater share of the market", **he added.**

![growth percentage](growth-percentage.gif)

**Guidance for FY27:**

· Revenue growth of 1.5%-3.5% in constant currency

· Operating margin of 20%-22%

**1.** **Key highlights:** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**For the quarter ended March 31, 2026** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;· Revenues in CC terms grew by 4.1% YoY and declined by 1.3% QoQ<br>&nbsp;&nbsp;&nbsp;&nbsp;· Reported IFRS revenues at $5,040 million, growth of 6.6% YoY<br>&nbsp;&nbsp;&nbsp;&nbsp;· Reported IFRS operating margin at 20.9%<br>&nbsp;&nbsp;&nbsp;&nbsp;· Basic EPS at $0.23; increase of 15.7% YoY and 25.3% QoQ<br>&nbsp;&nbsp;&nbsp;&nbsp;· FCF at $833 million<sup>3</sup>; FCF conversion at 90.6% of net profit<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Revenues in CC terms grew by 3.1% YoY<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reported IFRS revenues at $20,158 million, growth of 4.6% YoY<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reported IFRS operating margin at 20.3%; Adjusted<sup>1</sup> operating margin at 21.0%<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Basic EPS at $0.81; increase of 5.6% YoY<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· FCF at $3,733 million<sup>3</sup>; FCF conversion at 112.6% of net profit<br>|

---

*1,2,3 - Please refer to the last page of this release for detailed explanation*

"FY 26 was a year of disciplined execution and financial resilience reflecting in 21% adjusted operating margin and healthy free cash flow of $3.7 billion. Savings from Project Maximus enabled us to invest in strategic areas like talent, AI and sales & marketing", **said Jayesh Sanghrajka, CFO.** "We remain focused on margins and cash generation as we navigate an evolving macro environment. In line with our capital allocation policy, Board has proposed a final dividend of ![rupee symbol](rupee-symbol.gif)25 per share, which along with interim dividend and recently concluded buyback, amounts to over ![rupee symbol](rupee-symbol.gif)37,500 crore returned to shareholders for FY 26", **he added.**

 **Client wins & testimonials**

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys collaborated with Citizens to accelerate AI-driven transformation across its banking operations, product development, and customer experience. **Michael Ruttledge, Chief Information Officer and Head of Enterprise Technology & Security, Citizens Financial Group**, said, "Our AI-first Innovation Hub reflects Citizens' long-term commitment to building modern, secure, and intelligent banking capabilities. Partnering with leading technology firms like Infosys and leveraging Infosys Topaz Fabric is helping transform how we serve our customers by integrating advanced AI at the core of our operations to deliver more modern, secure, and personalized banking experiences."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys collaborated with ExxonMobil to enable the development and deployment of high-efficiency cooling systems that can meet the growing demands of AI and high-performance computing workloads. **Alistair Westwood, Global Marketing Manager, ExxonMobil Product Solutions Company**, said, "This collaboration reflects our commitment to innovation by allowing us to apply our energy and thermal management expertise to the evolving landscape of digital infrastructure. Infosys' suite of AI and digital services is enabling us to pilot and adopt infrastructure that is smarter, efficient, and more resilient."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys collaborated with Crocs to drive a comprehensive IT and business process transformation with AI-powered innovation and advanced automation capabilities. **Tom Britt, Chief Information Officer, Crocs Inc**, said: "As Crocs reimagines its IT landscape, we sought a partner who could combine deep domain expertise with a commitment to innovation and operational excellence. By leveraging Infosys' AI and advanced automation capabilities, we will optimize operations, reduce costs, and scale responsibly—while driving continuous improvement and building a foundation for sustainable growth and digital resilience that positions Crocs for the future."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys
 announced a strategic collaboration with Incora to drive faster, accurate, and resilient
 supply chain operations with the use of artificial intelligence globally. "Infosys
 brings proven leadership in AI and large-scale digital transformation, making them an ideal
 choice as we continue to modernize our global supply chain," said **Hari Kumar Rajendran, Executive Vice President of Global Operations, Incora**. "This alliance allows us
 to apply advanced AI capabilities in a practical, enterprise-wide way. Together, we are building
 a foundation that enables Incora to better serve our customers today and adapt to the future
 of aerospace and defense supply chains."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys and University of Nottingham extended their strategic collaboration to strengthen digital infrastructure of the University's Student Management System, ensuring high performance and security compliance. **Chris Hunt, Chief Operating Officer, University of Nottingham**, said, "Collaborating with Infosys empowers the University of Nottingham to set new benchmarks in higher education. Our Student Management System is one of the most critical components of the university's operations, supporting every stage of the student journey. Our embedded partnership with Infosys will help us strengthen our core services, accelerate innovation, and enhance the reliability and security of our digital ecosystem. By integrating cutting-edge digital solutions, we are not only enriching the student journey but also redefining what it means to be a leader in global academia."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys extended its strategic collaboration with ABN AMRO Bank to drive the Bank's ambition of achieving sustainable and profitable growth through 2028. **Carsten Bittner, Chief Innovation and Technology Officer at ABN AMRO Bank**, said, "The renewed collaboration with Infosys will help further to simplify and modernize our IT landscape, while accelerating the responsible adoption of AI across the company. This engagement will enhance operational efficiency, deliver greater customer value, and help reduce complexity and operating costs."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys announced its strategic collaboration with Anthropic to unlock AI value with automated workflows, accelerated software delivery, and agentic AI solutions across complex, regulated industries. **Dario Amodei, Chief Executive Officer and Co-Founder, Anthropic**, said, "There's a big gap between an AI model that works in a demo and one that works in a regulated industry – and if you want to close that gap, you need domain expertise. Infosys has exactly that kind of expertise across important industries: telecom, financial services, and manufacturing. Their developers are already using Claude Code to accelerate their work and to create AI agents for industries that demand precision, compliance, and deep domain knowledge."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys and Intel expanded their strategic collaboration to help enterprises move from AI pilots to production at scale, aimed at optimizing performance and delivering measurable enterprise outcomes across industries. **Lip-Bu Tan, Chief Executive Officer, Intel**, said, "Working closely with Infosys allows us to bring the power of Intel's AI hardware ecosystem to enterprises globally. Together, we are delivering performance-optimized, energy-efficient, and open AI solutions that clients can deploy wherever their workloads reside – from data centers to the cloud to the edge."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys announced its strategic collaboration with Cursor to help enterprises build and scale AI-powered digital solutions and accelerate their AI value journey. **Michael Truell, CEO and Co-Founder, Cursor**, said, "Infosys' commitment to building an AI-first organization makes them a natural collaborator for Cursor. Their global scale, delivery rigor, and deep industry expertise create an ideal environment to demonstrate what AI software engineering tools can achieve in the enterprise. We are excited to collaborate with Infosys as they enable over 100,000 software engineers at Infosys with agentic coding platforms and we look forward to helping their teams deliver breakthrough outcomes for customers worldwide."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys and Cognition announced strategic collaboration to accelerate the AI value journey for global enterprises with advanced agentic and autonomous engineering capabilities. **Scott Wu, Founder & CEO, Cognition**, said, "We are thrilled to collaborate with Infosys to bring the power of autonomous and agentic AI engineering to some of the world's most complex enterprises. Infosys' Exponential Engineering offering perfectly complements our mission to redefine how software is built. Infosys Topaz Fabric and Devin together offer unmatched capability from real-time developer augmentation to fully autonomous engineering execution. Infosys is the first large digital services and consulting firm to deploy agentic tools at this scale. By combining Infosys' deep industry expertise with our platform, we are enabling clients to dramatically accelerate time-to-market, enhance ROI and unlock a new era of engineering transformation."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys Finacle and Producers Savings Bank Corporation announced an initiative to modernize the bank's technology landscape in the Philippines through an upgrade to the latest version of the Finacle Core Banking Solution, enabling faster, broader, and more personalized customer experiences. **Andres M. Cornejo, Vice-Chairman and Chief Executive Officer, Producers Bank**, said, "Our decade-long association with Infosys Finacle has been pivotal to our modernization journey. As we celebrate 30 years as an institution, this modernization initiative will further strengthen our digital capabilities, enabling us to provide real-time banking services for our growing client base and scale our lending business with greater confidence. We deeply value Finacle's collaboration, rich functionality, swift deployment, and proven reliability, and we are excited about the new possibilities this transformation will unlock."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys BPM collaborated with Old National Bank to support its digital transformation journey, spanning process optimization, automation, and emerging AI-driven capabilities. **Jeff Newcom, Chief Operations Officer, Old National Bank**, said, "Our relationship with the digital delivery team has been another example of how Infosys' expertise and resources have accelerated our ability to optimize and automate processes. Now, we're exploring AI and Agentic AI to further advance our capabilities and delivery to our clients, so that we can continue to focus on putting our clients first without needing to build all of the capabilities ourselves."

**Recognitions & Awards**

**Brand & Corporate**

&nbsp;&nbsp;&nbsp;&nbsp;· Multiple awards from FinanceAsia, including Best CFO, Best Investor Relations and Best Large Cap Company

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as one of the World's Most Ethical Companies in 2026 for sixth consecutive year by Ethisphere

&nbsp;&nbsp;&nbsp;&nbsp;· Awarded the Compliance Leader Verification™ by Ethisphere for its commitment to fostering a strong culture of integrity, accountability, and responsible governance across its global operations

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a Top 3 IT services brand and the fastest growing IT services brand globally in the Brand Finance Global 500 2026 report

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a Global Top Employer 2026 for the sixth consecutive year by the Top Employer Institute

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys BPM recognized as a Global Top Employer 2026 by the Top Employers Institute

**AI and Cloud Services**

&nbsp;&nbsp;&nbsp;&nbsp;· Rated as a market leader in HFS Horizons: Agentic Services, 2026

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in Constellation ShortList: Observability and AIOps Services

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in Constellation ShortList: Cross-Platform Agentic AI

&nbsp;&nbsp;&nbsp;&nbsp;· Featured as a leader in PAC INNOVATION RADAR SAP Business AI and Joule-related Service Worldwide 2026

**Key Digital Services**

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group Private Equity (PE) Services PEAK Matrix® Assessment 2026

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group Software Product Engineering Services PEAK Matrix® Assessment 2026 – Global

&nbsp;&nbsp;&nbsp;&nbsp;· Rated as a market leader in HFS Horizons: Next-gen IT Infrastructure Services, 2026

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in Constellation ShortList: for Microsoft End-to-End Service Providers

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in Constellation ShortList: Innovation Services and Engineering

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in Constellation ShortList: Cybersecurity Services

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in Constellation ShortList: Custom Software Development Services

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in Constellation ShortList: Learning Marketplaces

&nbsp;&nbsp;&nbsp;&nbsp;· Featured as a leader in PAC RADAR SAP-related Services Worldwide 2026

**Industry & Solutions**

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys Finacle positioned as a leader in 2026 Gartner® Magic Quadrant™ for Banking Payment Hub Platforms report

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys Finacle along with its customer HDFC Bank received the Retail Banker International Asia Trailblazer Awards 2026 for Excellence in Mass Affluent Banking

Read more about our Awards & Recognitions here.

**About Infosys**

---

| | |
|:---|:---|
| Infosys is a global leader in AI first business consulting and technology services. Over 325,000 of our people work to amplify human potential and create the next opportunity for people, businesses, and communities. As navigators of enterprise transformation, we enable businesses in 63 countries to unlock AI value at scale. With over four decades of experience in managing the systems and workings of global enterprises, we accelerate business transformation through our AI-first value framework, deep domain expertise, and our unique ability to orchestrate innovations from our AI-native partner ecosystem. Infosys is counted among the world's Top 100 brands committed to being a well-governed, environmentally sustainable partner for our clients where deep talent expertise, in an inclusive workplace, help them navigate their next.<br> Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next. | ![about infy](about-infy.gif) |

---

**Safe Harbor**

Certain statements in this release, including those concerning our future growth prospects and our future financial or operating performance, are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as artificial intelligence, the complex and evolving regulatory landscape including immigration regulation changes and developments in the US H-1B visa program, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources, our corporate actions including acquisitions, cybersecurity matters, the outcome of pending litigation and the US government investigation, and the effect of current and any future tariffs. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

**Contact**

Investor Relations Sandeep Mahindroo <br>+91 80 3980 1018 <br>Sandeep_Mahindroo@infosys.com <br> <u>Media Relations</u> <u> Rishi Basu<br> +91 80 4156 3998 Rajarshi.Basu@infosys.com</u> <u> Chad Darwin<br> +1 323 422 3815<br>Chad.darwin@infosys.com</u>

***Infosys Limited and subsidiaries***

***Extracted from the Condensed Consolidated Balance Sheet under IFRS as at:***

*(in $ million)*

---

| | | |
|:---|:---|:---|
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **ASSETS** | | |
| **Current assets** | | |
| Cash and cash equivalents | 2341 | 2861 |
| Current investments | 1365 | 1460 |
| Trade receivables | 3715 | 3645 |
| Unbilled revenue | 1633 | 1503 |
| Other current assets | 1858 | 1890 |
| **Total current assets** | **10912** | **11359** |
| **Non-current assets** |  |  |
| Property, plant and equipment and Right-of-use assets | 2057 | 2235 |
| Goodwill and other Intangible assets | 1576 | 1505 |
| Non-current investments | 942 | 1294 |
| Unbilled revenue | 183 | 261 |
| Other non-current assets | 776 | 765 |
| **Total non-current assets** | **5534** | **6060** |
| **Total assets** | **16446** | **17419** |
| **LIABILITIES AND EQUITY** |  |  |
| **Current liabilities** |  |  |
| Trade payables | 500 | 487 |
| Unearned revenue | 1248 | 994 |
| Employee benefit obligations | 372 | 340 |
| Other current liabilities and provisions | 3396 | 3191 |
| **Total current liabilities** | **5516** | **5012** |
| **Non-current liabilities** |  |  |
| Lease liabilities | 634 | 675 |
| Other non-current liabilities | 456 | 477 |
| **Total non-current liabilities** | **1090** | **1152** |
| **Total liabilities** | **6606** | **6164** |
| **Total equity attributable to equity holders of the company** | **9786** | **11205** |
| Non-controlling interests | 54 | 50 |
| **Total equity** | **9840** | **11255** |
| **Total liabilities and equity** | **16446** | **17419** |

---

***Extracted from the Condensed Consolidated Statement of Comprehensive Income under IFRS for:***

*(in $ million except per equity share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Particulars** | **3 months ended March 31, 2026** | **3 months ended March 31, 2025** | **Year ended March 31, 2026** | **Year ended March 31, 2025** |
| **Revenues** | **5040** | **4730** | **20158** | **19277** |
| Cost of sales | 3485 | 3302 | 14079 | 13405 |
| **Gross profit** | **1555** | **1428** | **6079** | **5872** |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling and marketing expenses | 256 | 226 | 1025 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative expenses | 244 | 210 | 969 | 903 |
| Total operating expenses | 500 | 436 | 1994 | 1801 |
| **Operating profit** | **1055** | **992** | **4085** | **4071** |
| **Other income, net of finance cost <sup>(b)</sup>** | 113 | 125 | 421 | 376 |
| **Profit before income taxes** | **1168** | **1117** | **4506** | **4447** |
| Income tax expense <sup>(b)</sup> | 248 | 303 | 1190 | 1285 |
| **Net profit (before non-controlling interests)** | **920** | **814** | **3316** | **3162** |
| Net profit (after non-controlling interests) | 919 | 813 | 3313 | 3158 |
| **Basic EPS ($)** | **0.23** | **0.20** | **0.81** | **0.76** |
| **Diluted EPS ($)** | 0.23 | 0.20 | 0.80 | 0.76 |

---

***<u>NOTES</u>:***

&nbsp;&nbsp;&nbsp;&nbsp;*a)* *The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter and year ended March 31, 2026, which have been taken on record at the Board meeting held on April 23, 2026.* 

&nbsp;&nbsp;&nbsp;&nbsp;*b)* *Includes interest income (pre-tax) of $41 million and $38 million for the quarter and year ended March 31, 2026 and March 31, 2025 respectively, and reversal of tax provisions amounting to $83 million and $12 million for the quarter and year ended March 31, 2026 and March 31, 2025 respectively. This is on account of orders received under sections 250 and 254 of the Income Tax Act, 1961 for certain assessment years.* 

&nbsp;&nbsp;&nbsp;&nbsp;*c)* *Revenue growth in reported currency includes the impact of currency fluctuations. Additionally, we calculate constant currency (CC) growth by comparing current period revenues in respective local currencies converted to US$ using prior period exchange rates and comparing the same to our prior period reported revenues.* 

&nbsp;&nbsp;&nbsp;&nbsp;*d)* *A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com.* 

 

 

**Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS financial measures for year ended**

(in $ million)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
| | **Operating Profit** | **Operating Margin (%)** | **Operating Profit** | **Operating Margin (%)** |
| **Reported IFRS** | **4085** | **20.3** | **4071** | **21.1** |
| Adjustments<sup>1</sup> | 143 | 0.7 | – | – |
| **Adjusted non-IFRS** | **4228** | **21.0** | **4071** | **21.1** |

---

 

***<u>NOTES</u>:***

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *The adjusted non-IFRS measures excludes the effect of, the provisions of The Labour Codes notified by The Government of India on November 21, 2025 which resulted in an increase in gratuity liability (arising out of past service cost relating to plan amendment) and leave liability by $143 million, which is recognized in the Consolidated Statement of Comprehensive Income. This also resulted in a lower tax of $35 million in the year ended March 31, 2026.* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Excluding the effect of Income Tax orders received under sections 250 and 254 of the Income Tax Act, 1961 and The Labour Codes provisions notified by the Government of India, EPS increase (in ![rupee symbol](rupee-symbol.gif) terms) is 12.1% and 13.9% YoY for the year and quarter ended March 31, 2026, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *The free cash flow includes cash payments made towards The Labour Codes of $49 million and $99 million for the quarter and year ended March 31, 2026, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;*4.* *We are using non-IFRS financial performance measures to supplement the financial information reported on an IFRS basis. These non-IFRS financial measures should not be considered in isolation or as a substitute for the relevant IFRS measures and should be read in conjunction with information presented on a reported IFRS basis. We believe these adjustments are necessary to reflect the Company's core performance across periods.*

## Exhibit 99.2

**Exhibit 99.2**<br> **IFRS INR Press Release**

**Revenue crosses $20 billion mark with resilient growth of 3.1% in FY 26 in constant currency**

**Strong Large Deal wins of $14.9 Billion and healthy Free Cash Flow of $3.7 Billion**

**FY 27 Guidance – Revenue Growth of 1.5%-3.5%, Operating Margin of 20%-22%**

**Bengaluru, India – April 23, 2026:** Infosys (NSE, BSE, NYSE: INFY), a global leader in AI-first business consulting and technology services, delivered $20,158 million in FY 26 revenues with a growth of 3.1% in constant currency. Reported IFRS operating margin was at 20.3% and adjusted<sup>1</sup> operating margin at 21.0%. EPS growth was 11.0% in rupee terms<sup>2</sup>. Free cash flow generation was robust at $3,733 million. TCV of large deal wins was $14.9 billion, with net new of 55%.

Q4 revenues were $5,040 million, growth of 4.1% year on year in constant currency. Q4 operating margin was at 20.9%.

"We delivered a resilient performance in FY 26 with growth of 3.1% with strong large deal wins of $14.9 billion, reflecting the robustness of our enterprise AI value proposition and market share gains in large transformation opportunities. The simplicity and strength of our AI services strategy across six areas is gaining traction in the market further strengthened by strong ecosystem AI partnerships enabling clients to get value from AI", **said Salil Parekh, CEO and MD**. "Our AI First value framework and differentiated Topaz Fabric, position us uniquely to deepen client trust and gain greater share of the market", **he added.**

![growth percentage](growth-percentage.gif)

**Guidance for FY27:**

· Revenue growth of 1.5%-3.5% in constant currency

· Operating margin of 20%-22%

**Key highlights:** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**For the quarter ended March 31, 2026** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;· Revenues in CC terms grew by 4.1% YoY and declined by 1.3% QoQ<br>&nbsp;&nbsp;&nbsp;&nbsp;· Reported revenues at ![rupee symbol](rupee-symbol.gif)46,402 crore, growth of 13.4% YoY<br>&nbsp;&nbsp;&nbsp;&nbsp;· Reported IFRS operating margin at 21.0%<br>&nbsp;&nbsp;&nbsp;&nbsp;· Basic EPS at ![rupee symbol](rupee-symbol.gif)21.01; increase of 23.8% YoY and 29.9% QoQ<br>&nbsp;&nbsp;&nbsp;&nbsp;· FCF at ![rupee symbol](rupee-symbol.gif)7,711 crore<sup>3</sup>; FCF conversion at 90.6% of net profit<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Revenues in CC terms grew by 3.1% YoY<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reported revenues at ![rupee symbol](rupee-symbol.gif)178,650 crore, growth of 9.6% YoY<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reported IFRS operating margin at 20.3%; Adjusted<sup>1</sup> operating margin at 21.0%<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Basic EPS at ![rupee symbol](rupee-symbol.gif)71.58; increase of 11.0% YoY<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· FCF at ![rupee symbol](rupee-symbol.gif)33,097 crore<sup>3</sup>; FCF conversion at 112.3% of net profit<br>|

---

*1,2,3 - Please refer to the last page of this release for detailed explanation*

"FY 26 was a year of disciplined execution and financial resilience reflecting in 21% adjusted operating margin and healthy free cash flow of $3.7 billion. Savings from Project Maximus enabled us to invest in strategic areas like talent, AI and sales & marketing", **said Jayesh Sanghrajka, CFO.** "We remain focused on margins and cash generation as we navigate an evolving macro environment. In line with our capital allocation policy, Board has proposed a final dividend of ![rupee symbol](rupee-symbol.gif)25 per share, which along with interim dividend and recently concluded buyback, amounts to over ![rupee symbol](rupee-symbol.gif)37,500 crore returned to shareholders for FY 26", **he added.**

**Client Wins & Testimonials**

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys collaborated with Citizens to accelerate AI-driven transformation across its banking operations, product development, and customer experience. **Michael Ruttledge, Chief Information Officer and Head of Enterprise Technology & Security, Citizens Financial Group**, said, "Our AI-first Innovation Hub reflects Citizens' long-term commitment to building modern, secure, and intelligent banking capabilities. Partnering with leading technology firms like Infosys and leveraging Infosys Topaz Fabric is helping transform how we serve our customers by integrating advanced AI at the core of our operations to deliver more modern, secure, and personalized banking experiences."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys collaborated with ExxonMobil to enable the development and deployment of high-efficiency cooling systems that can meet the growing demands of AI and high-performance computing workloads. **Alistair Westwood, Global Marketing Manager, ExxonMobil Product Solutions Company**, said, "This collaboration reflects our commitment to innovation by allowing us to apply our energy and thermal management expertise to the evolving landscape of digital infrastructure. Infosys' suite of AI and digital services is enabling us to pilot and adopt infrastructure that is smarter, efficient, and more resilient."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys collaborated with Crocs to drive a comprehensive IT and business process transformation with AI-powered innovation and advanced automation capabilities. **Tom Britt, Chief Information Officer, Crocs Inc**, said: "As Crocs reimagines its IT landscape, we sought a partner who could combine deep domain expertise with a commitment to innovation and operational excellence. By leveraging Infosys' AI and advanced automation capabilities, we will optimize operations, reduce costs, and scale responsibly—while driving continuous improvement and building a foundation for sustainable growth and digital resilience that positions Crocs for the future."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys announced a strategic collaboration with Incora to drive faster, accurate, and resilient supply chain operations with the use of artificial intelligence globally. "Infosys brings proven leadership in AI and large-scale digital transformation, making them an ideal choice as we continue to modernize our global supply chain," **said Hari Kumar Rajendran, Executive Vice President of Global Operations, Incora**. "This alliance allows us to apply advanced AI capabilities in a practical, enterprise-wide way. Together, we are building a foundation that enables Incora to better serve our customers today and adapt to the future of aerospace and defense supply chains."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys and University of Nottingham extended their strategic collaboration to strengthen digital infrastructure of the University's Student Management System, ensuring high performance and security compliance. **Chris Hunt, Chief Operating Officer, University of Nottingham**, said, "Collaborating with Infosys empowers the University of Nottingham to set new benchmarks in higher education. Our Student Management System is one of the most critical components of the university's operations, supporting every stage of the student journey. Our embedded partnership with Infosys will help us strengthen our core services, accelerate innovation, and enhance the reliability and security of our digital ecosystem. By integrating cutting-edge digital solutions, we are not only enriching the student journey but also redefining what it means to be a leader in global academia."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys extended its strategic collaboration with ABN AMRO Bank to drive the Bank's ambition of achieving sustainable and profitable growth through 2028. **Carsten Bittner, Chief Innovation and Technology Officer at ABN AMRO Bank**, said, "The renewed collaboration with Infosys will help further to simplify and modernize our IT landscape, while accelerating the responsible adoption of AI across the company. This engagement will enhance operational efficiency, deliver greater customer value, and help reduce complexity and operating costs."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys announced its strategic collaboration with Anthropic to unlock AI value with automated workflows, accelerated software delivery, and agentic AI solutions across complex, regulated industries. **Dario Amodei, Chief Executive Officer and Co-Founder, Anthropic**, said, "There's a big gap between an AI model that works in a demo and one that works in a regulated industry – and if you want to close that gap, you need domain expertise. Infosys has exactly that kind of expertise across important industries: telecom, financial services, and manufacturing. Their developers are already using Claude Code to accelerate their work and to create AI agents for industries that demand precision, compliance, and deep domain knowledge."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys and Intel expanded their strategic collaboration to help enterprises move from AI pilots to production at scale, aimed at optimizing performance and delivering measurable enterprise outcomes across industries. **Lip-Bu Tan, Chief Executive Officer, Intel**, said, "Working closely with Infosys allows us to bring the power of Intel's AI hardware ecosystem to enterprises globally. Together, we are delivering performance-optimized, energy-efficient, and open AI solutions that clients can deploy wherever their workloads reside – from data centers to the cloud to the edge."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys announced its strategic collaboration with Cursor to help enterprises build and scale AI-powered digital solutions and accelerate their AI value journey. **Michael Truell, CEO and Co-Founder, Cursor**, said, "Infosys' commitment to building an AI-first organization makes them a natural collaborator for Cursor. Their global scale, delivery rigor, and deep industry expertise create an ideal environment to demonstrate what AI software engineering tools can achieve in the enterprise. We are excited to collaborate with Infosys as they enable over 100,000 software engineers at Infosys with agentic coding platforms and we look forward to helping their teams deliver breakthrough outcomes for customers worldwide."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys and Cognition announced strategic collaboration to accelerate the AI value journey for global enterprises with advanced agentic and autonomous engineering capabilities. **Scott Wu, Founder & CEO, Cognition**, said, "We are thrilled to collaborate with Infosys to bring the power of autonomous and agentic AI engineering to some of the world's most complex enterprises. Infosys' Exponential Engineering offering perfectly complements our mission to redefine how software is built. Infosys Topaz Fabric and Devin together offer unmatched capability from real-time developer augmentation to fully autonomous engineering execution. Infosys is the first large digital services and consulting firm to deploy agentic tools at this scale. By combining Infosys' deep industry expertise with our platform, we are enabling clients to dramatically accelerate time-to-market, enhance ROI and unlock a new era of engineering transformation."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys Finacle and Producers Savings Bank Corporation announced an initiative to modernize the bank's technology landscape in the Philippines through an upgrade to the latest version of the Finacle Core Banking Solution, enabling faster, broader, and more personalized customer experiences. **Andres M. Cornejo, Vice-Chairman and Chief Executive Officer, Producers Bank**, said, "Our decade-long association with Infosys Finacle has been pivotal to our modernization journey. As we celebrate 30 years as an institution, this modernization initiative will further strengthen our digital capabilities, enabling us to provide real-time banking services for our growing client base and scale our lending business with greater confidence. We deeply value Finacle's collaboration, rich functionality, swift deployment, and proven reliability, and we are excited about the new possibilities this transformation will unlock."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys BPM collaborated with Old National Bank to support its digital transformation journey, spanning process optimization, automation, and emerging AI-driven capabilities. **Jeff Newcom, Chief Operations Officer, Old National Bank**, said, "Our relationship with the digital delivery team has been another example of how Infosys' expertise and resources have accelerated our ability to optimize and automate processes. Now, we're exploring AI and Agentic AI to further advance our capabilities and delivery to our clients, so that we can continue to focus on putting our clients first without needing to build all of the capabilities ourselves."

**Recognitions & Awards**

**Brand & Corporate**

&nbsp;&nbsp;&nbsp;&nbsp;· Multiple awards from FinanceAsia, including Best CFO, Best Investor Relations and Best Large Cap Company

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as one of the World's Most Ethical Companies in 2026 for sixth consecutive year by Ethisphere

&nbsp;&nbsp;&nbsp;&nbsp;· Awarded the Compliance Leader Verification™ by Ethisphere for its commitment to fostering a strong culture of integrity, accountability, and responsible governance across its global operations

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a Top 3 IT services brand and the fastest growing IT services brand globally in the Brand Finance Global 500 2026 report

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a Global Top Employer 2026 for the sixth consecutive year by the Top Employer Institute

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys BPM recognized as a Global Top Employer 2026 by the Top Employers Institute

**AI and Cloud Services**

&nbsp;&nbsp;&nbsp;&nbsp;· Rated as a market leader in HFS Horizons: Agentic Services, 2026

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in Constellation ShortList: Observability and AIOps Services

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in Constellation ShortList: Cross-Platform Agentic AI

&nbsp;&nbsp;&nbsp;&nbsp;· Featured as a leader in PAC INNOVATION RADAR SAP Business AI and Joule-related Service Worldwide 2026

**Key Digital Services**

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group Private Equity (PE) Services PEAK Matrix® Assessment 2026

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group Software Product Engineering Services PEAK Matrix® Assessment 2026 – Global

&nbsp;&nbsp;&nbsp;&nbsp;· Rated as a market leader in HFS Horizons: Next-gen IT Infrastructure Services, 2026

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in Constellation ShortList: for Microsoft End-to-End Service Providers

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in Constellation ShortList: Innovation Services and Engineering

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in Constellation ShortList: Cybersecurity Services

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in Constellation ShortList: Custom Software Development Services

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in Constellation ShortList: Learning Marketplaces

&nbsp;&nbsp;&nbsp;&nbsp;· Featured as a leader in PAC RADAR SAP-related Services Worldwide 2026

**Industry & Solutions**

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys Finacle positioned as a leader in 2026 Gartner® Magic Quadrant™ for Banking Payment Hub Platforms report

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys Finacle along with its customer HDFC Bank received the Retail Banker International Asia Trailblazer Awards 2026 for Excellence in Mass Affluent Banking

Read more about our Awards & Recognitions here.

**About Infosys**

---

| | |
|:---|:---|
| Infosys is a global leader in AI first business consulting and technology services. Over 325,000 of our people work to amplify human potential and create the next opportunity for people, businesses, and communities. As navigators of enterprise transformation, we enable businesses in 63 countries to unlock AI value at scale. With over four decades of experience in managing the systems and workings of global enterprises, we accelerate business transformation through our AI-first value framework, deep domain expertise, and our unique ability to orchestrate innovations from our AI-native partner ecosystem. Infosys is counted among the world's Top 100 brands committed to being a well-governed, environmentally sustainable partner for our clients where deep talent expertise, in an inclusive workplace, help them navigate their next.<br> Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next. | ![about infy](about-infy.gif) |

---

**Safe Harbor**

Certain statements in this release, including those concerning our future growth prospects and our future financial or operating performance, are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as artificial intelligence, the complex and evolving regulatory landscape including immigration regulation changes and developments in the US H-1B visa program, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources, our corporate actions including acquisitions, cybersecurity matters, the outcome of pending litigation and the US government investigation, and the effect of current and any future tariffs. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

**Contact**

Investor Relations Sandeep Mahindroo <br>+91 80 3980 1018 <br>Sandeep_Mahindroo@infosys.com <br> <u>Media Relations</u> <u> Rishi Basu<br> +91 80 4156 3998 Rajarshi.Basu@infosys.com</u> <u> Chad Darwin<br> +1 323 422 3815<br>Chad.darwin@infosys.com</u>

***Infosys Limited and Subsidiaries***

***Extracted from the Condensed Consolidated Balance Sheet under IFRS as at:***

*(in ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **ASSETS** | | |
| **Current assets** | | |
| Cash and cash equivalents | 22201 | 24455 |
| Current investments | 12950 | 12482 |
| Trade receivables | 35234 | 31158 |
| Unbilled revenue | 15483 | 12851 |
| Other current assets | 17621 | 16153 |
| **Total current assets** | **103489** | **97099** |
| **Non-current assets** |  |  |
| Property, plant and equipment and Right-of-use assets | 19508 | 19111 |
| Goodwill and other Intangible assets | 14942 | 12872 |
| Non-current investments | 8930 | 11059 |
| Unbilled revenue | 1738 | 2232 |
| Other non-current assets | 7360 | 6530 |
| **Total non-current assets** | **52478** | **51804** |
| **Total assets** | **155967** | **148903** |
| **LIABILITIES AND EQUITY** |  |  |
| **Current liabilities** |  |  |
| Trade payables | 4744 | 4164 |
| Unearned revenue | 11838 | 8492 |
| Employee benefit obligations | 3524 | 2908 |
| Other current liabilities and provisions | 32216 | 27286 |
| **Total current liabilities** | **52322** | **42850** |
| **Non-current liabilities** |  |  |
| Lease liabilities | 6016 | 5772 |
| Other non-current liabilities | 4332 | 4078 |
| **Total non-current liabilities** | **10348** | **9850** |
| **Total liabilities** | **62670** | **52700** |
| **Total equity attributable to equity holders of the company** | **92852** | **95818** |
| Non-controlling interests | 445 | 385 |
| **Total equity** | **93297** | **96203** |
| **Total liabilities and equity** | **155967** | **148903** |

---

***Extracted from the Condensed Consolidated Statement of Comprehensive Income under IFRS for:***

*(In ![rupee symbol](rupee-symbol.gif) crore except per equity share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Particulars** | **3 months ended March 31, 2026** | **3 months ended March 31, 2025** | **Year ended March 31, 2026** | **Year ended March 31, 2025** |
| **Revenues** | **46402** | **40925** | **178650** | **162990** |
| Cost of sales | 32058 | 28575 | 124735 | 113347 |
| **Gross profit** | **14344** | **12350** | **53915** | **49643** |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling and marketing expenses | 2354 | 1957 | 9077 | 7588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative expenses | 2247 | 1818 | 8584 | 7631 |
| Total operating expenses | 4601 | 3775 | 17661 | 15219 |
| **Operating profit** | **9743** | **8575** | **36254** | **34424** |
| Other income, net of finance cost <sup>(b)</sup> | 1054 | 1088 | 3741 | 3184 |
| **Profit before income taxes** | **10797** | **9663** | **39995** | **37608** |
| Income tax expense <sup>(b)</sup> | 2288 | 2625 | 10521 | 10858 |
| **Net profit (before non-controlling interests)** | **8509** | **7038** | **29474** | **26750** |
| Net profit (after non-controlling interests) | 8501 | 7033 | 29440 | 26713 |
| **Basic EPS (![rupee symbol](rupee-symbol.gif))** | **21.01** | **16.98** | **71.58** | **64.50** |
| Diluted EPS (![rupee symbol](rupee-symbol.gif)) | 20.98 | 16.94 | 71.46 | 64.34 |

---

***<u>NOTES</u>:***

&nbsp;&nbsp;&nbsp;&nbsp;*a)* *The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter and year ended March 31, 2026, which have been taken on record at the Board meeting held on April 23, 2026.* 

&nbsp;&nbsp;&nbsp;&nbsp;*b)* *Includes interest income (pre-tax) of ![rupee symbol](rupee-symbol.gif) 381 crore and ![rupee symbol](rupee-symbol.gif) 327 crore for the quarter and year ended March 31, 2026 and March 31, 2025 respectively, and reversal of tax provisions amounting to ![rupee symbol](rupee-symbol.gif) 774 crore and ![rupee symbol](rupee-symbol.gif) 101 crore for the quarter and year ended March 31, 2026 and March 31, 2025 respectively. This is on account of orders received under sections 250 and 254 of the Income Tax Act, 1961 for certain assessment years.* 

&nbsp;&nbsp;&nbsp;&nbsp;*c)* *Revenue growth in reported currency includes the impact of currency fluctuations. Additionally, we calculate constant currency (CC) growth by comparing current period revenues in respective local currencies converted to US$ using prior period exchange rates and comparing the same to our prior period reported revenues.* 

&nbsp;&nbsp;&nbsp;&nbsp;*d)* *A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com.* 

 

 

**Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS financial measures for year ended**

(in ![rupee symbol](rupee-symbol.gif) crore)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
| | **Operating Profit** | **Operating Margin (%)** | **Operating Profit** | **Operating Margin (%)** |
| **Reported IFRS** | **36254** | **20.3** | **34424** | **21.1** |
| Adjustments<sup>1</sup> | 1289 | 0.7 | – | – |
| **Adjusted non-IFRS** | **37543** | **21.0** | **34424** | **21.1** |

---

 

***<u>NOTES</u>:***

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *The adjusted non-IFRS measures excludes the effect of, the provisions of The Labour Codes notified by The Government of India on November 21, 2025 which resulted in an increase in gratuity liability (arising out of past service cost relating to plan amendment) and leave liability by ![rupee symbol](rupee-symbol.gif) 1,289 crore, which is recognized in the Consolidated Statement of Comprehensive Income. This also resulted in a lower tax of ![rupee symbol](rupee-symbol.gif) 318 crore in the year ended March 31, 2026.* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Excluding the effect of Income Tax orders received under sections 250 and 254 of the Income Tax Act, 1961 and The Labour Codes provisions notified by the Government of India, EPS increase (in ![rupee symbol](rupee-symbol.gif) terms) is 12.1% and 13.9% YoY for the year and quarter ended March 31, 2026, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *The free cash flow includes cash payments made towards The Labour Codes of ![rupee symbol](rupee-symbol.gif) 452 crore and ![rupee symbol](rupee-symbol.gif) 902 crore for the quarter and year ended March 31, 2026, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;*4.* *We are using non-IFRS financial performance measures to supplement the financial information reported on an IFRS basis. These non-IFRS financial measures should not be considered in isolation or as a substitute for the relevant IFRS measures and should be read in conjunction with information presented on a reported IFRS basis. We believe these adjustments are necessary to reflect the Company's core performance across periods.*

## Exhibit 99.3

**Exhibit 99.3**<br> **Press Conference**

**Infosys Limited**

**Q4 FY26 Media Conference Call**

**April 23, 2026**

**CORPORATE PARTICIPANTS:**

**Salil Parekh**

Chief Executive Officer and Managing Director

**Jayesh Sanghrajka**

Chief Financial Officer

**Rishi Basu**

Associate Vice President and Global Head - Corporate Communications

**journalists**

**Ritu Singh**

CNBC TV18

**Mansee Dave** 

ET Now

**Chandra R. Srikanth**

Moneycontrol

**Shilpa Phadnis**

The Times of India

**Padmini Dhruvaraj**

The New Indian Express

**Srishti Achar**

The Economic Times

**Sai Ishwar**

Reuters News

**Avik Das**

Business Standard

**Sanjana B.**

The Hindu BusinessLine

**Uma Kannan**

Deccan Herald

**Poulomi Chatterjee**

Financial Express

**Jas Bardia** 

Mint

**Rishi Basu**

A very good evening everyone and thank you for joining us today at our Fourth Quarter Financial Results. My name is Rishi. And on behalf of Infosys, I would like to welcome all of you. Once again, apologies for the delay. As always, we request one question from each media house, but I know we are delayed so we may accommodate a little more. We don't know.

But with that, let me invite our Chief Executive Officer, Mr. Salil Parekh for his opening remarks. Over to you, Salil.

**Salil Parekh**

Thanks, Rishi, and thank you all for being here. Sorry, we are late. We delivered a strong performance in financial year 2026. We had growth of 3.1% for the full year in constant currency terms. On Q4, our growth year-on-year was 4.1% in constant currency terms. We had strong growth in Financial Services, in Communications, in Manufacturing from the industry side and Europe on the geography side.

Large deals were very good, $14.9 bn for the full year, $3.2 bn for the fourth quarter. The full year was 28% higher than it was in the previous year. We shared our AI strategy during the AI Investor Day a few weeks ago. We see a large addressable market for AI services across the six areas that we mentioned - AI strategy engineering, data, process, legacy modernization, physical AI and trust.

With our Topaz Fabric platform for AI and our Cobalt platform for cloud, we have differentiated capabilities that are operational today and that are working with our clients across each of these six areas of the AI landscape.

As we look ahead to the financial year 2027, we see large opportunities in AI services. We also see continued competitive intensity and we see an AI productivity impact, a combination of these things. With our clear AI strategic roadmap and our real-world toolkit of Topaz Fabric, we are well positioned to support our clients' transformation, technology and operations objectives.

Our revenue growth guidance for the financial year 2027 is 1.5% to 3.5% growth year-on-year in constant currency terms. We expect acceleration of growth in Financial Services and in Energy, Utility, Resources and Services vertical. Our operating margin guidance for financial year '27 is 20% to 22%.

With that, let us open it up for questions.

**Rishi Basu**

Thank you, Salil. Joining Salil is Mr. Jayesh Sanghrajka, Chief Financial Officer, Infosys. The first question is from Ritu Singh from CNBC TV18.

**Ritu Singh**

Hi, Salil. Hi, Jayesh. Salil, first on your guidance itself, 1.5% to 3.5%, if you could break up for us, there are a bunch of acquisitions you have made at the end of the quarter. By when do you expect them to close? Will it be sometime during the course of FY? And if yes, how much of that is baked into these numbers?

And especially on the discretionary spend environment because we have heard from your peers like HCLTech, for instance, talking about how there were two large US telecom clients that had cut down on spends, there were cancellations of two SAP projects and so on. Wipro, again, giving a similar, you know, sort of commentary.

So, what are you seeing from your clients in some of the verticals you had highlighted the last time that were seeing weakness? You know, what sort of guidance you have there? Secondly, on your margin 21%, if you could break up for us, how much was the tailwind from currency, etc., what portion have you reinvested, what the philosophy there is?

And Jayesh, 20,000 was the figure you gave us for hiring for the last fiscal. What is the plan for this year? What are the wage hikes that you have planned and the time period for that? And Salil, if I may, you know, there has been some speculation about your tenure here at Infosys. Your current term ends in March next year. Has there been a discussion at the Board level about a potential extension, and would you wish to continue for a full term? What has been the talks around there?

**Salil Parekh**

So let me start with the industry view. On the guidance of the revenue, Jayesh will give a little bit of the color with that acquisition what you mentioned, on the way we have made the guidance and some other market outlook.

So, what we are seeing right now is Financial Services, we are seeing an acceleration of our growth next year. So, we had growth in financial year '26, we are seeing more growth. In Energy, Utilities, Services, Resources vertical, similar, good, more growth there. What we are seeing in terms of projects, at the AI Investor Day, we shared that our AI services revenue was growing nicely. We see on the large deals, the net new is pretty large for the full year at 55%. So that gives us support for growth.

And we see the compression that we mentioned in that AI Investor Day and earlier just now as a combination. We are not seeing something that has unusually changed from last quarter to this quarter. In the sense, these are the scenarios we were seeing. It has not either become more or less, it is that sort of a scenario.

Good growth on those industries I mentioned, good growth in the AI and compression and there is competitive intensity. And all that put together with a little bit of like a color on the acquisition is where the guidance comes out. And then on margin also, Jayesh, will give some view.

**Ritu Singh**

[Editors remark: Question inaudible] On AI, for instance, you told us in your investor briefing that 5.5% of the revenue in the third quarter came in from AI. The total addressable market is about $300-$400 bn. You know, in the fourth quarter, is there a number you could provide us, annualized what is the number you see? If there is more clarity you could give us, or what market share do you target from this $400 bn figure?

**Salil Parekh**

So, we are targeting a very good market share from that number, which was for 2030 what we had given, the addressable market from an external study. The growth in AI services is very strong, but we have not disclosed that revenue number externally here.

5.5% is that, yeah in Q3

**Ritu Singh**

Yeah, but was it similar in the fourth quarter?

**Salil Parekh**

No, it is growing. It is much more growth but we are not giving the number, but it is growing very nicely here.

**Ritu Singh**

So, it is higher than 5.5%?

**Salil Parekh**

Yes. Yes.

**Salil Parekh**

I will let Jayesh answer the other questions.

**Jayesh Sanghrajka**

Yes. So, if you look at the revenue guidance, and I will just maybe come back to the full year revenue numbers. The 3.1% growth was after absorbing lower third party-related revenue which was 1% and the lower on-site mix which was 70 basis points. So, we should look at the revenue numbers in that context. Both of that impacted the revenue from the overall revenue growth perspective.

In terms of the guidance for the next year, we had three acquisitions or two acquisitions and a JV that we announced last year. The acquisition with an insurance company which is Stratus, which is already closed and it is baked in the guidance. What is baked into the guidance is approximately 25 basis points or a quarter point of the guidance.

The other acquisition was Optimum, which is not baked in because we have not closed it yet. We are still awaiting certain regulatory approvals. And once that is closed is when we will bake in. The third one is a JV with an Australian client of ours which is also pending regulatory approvals right now. So, we have not baked in both of that in the guidance at this point in time.

**Ritu Singh**

So only Optimum is 25 basis points?

**Jayesh Sanghrajka**

The Stratus is 25 basis points at this point in time.

**Ritu Singh**

The margin breakup?

**Jayesh Sanghrajka**

So if you look at the margins, the full year margins is at 21%. The quarterly margins also 20.9%, very close to 21%. If you look at the puts and takes of the margin walk from the last quarter, we got 50 basis points impact from an acquisition-related amortization that we absorbed.

There was a 30 basis points of one-off benefit that we got in Q3, so you know when you compare, that is a headwind. And 20 basis points was on account of comp-related matters. That was partially offset by 40 basis points of currency benefit and 30 basis points came from Maximus performance.

**Rishi Basu**

Thank you. I think, question on tenure.

**Jayesh Sanghrajka**

Yeah, and the last question was hiring. The last year, we had announced 20,000 for FY26 and we have hired more than 20,000 freshers from the market. This year also, we are expecting at least 20,000 freshers to be hired.

**Rishi Basu**

On the tenure, I think, Salil.

**Salil Parekh**

No comment.

**Rishi Basu**

Right. Thank you, Ritu. We will now move to Mansee Dave from ET Now.

**Mansee Dave**

Good evening, Salil and Jayesh. Pleasure talking to you. My first question is on the margin sustainability where margins have remained resilient despite multiple headwinds. So, what gives you confidence in sustaining the same going forward? And the next question would be on the global uncertainties which we have seen these days. So global uncertainties like the geopolitical tensions and cautious client spending let's say, what early signals are you seeing for FY27? Do you expect the growth acceleration or another year of consolidation moving ahead? Thank you.

**Salil Parekh**

Let me start on the margin, Jayesh will have much more color. I think some time ago Jayesh started the program on the margin expansion or margin protection and that is one of the main reasons why the company has been able to remain resilient on the margins. So, we have been fairly consistent across the large number of years. The program is very strong and is being executed well. We will continue to see there are also great pressures, but we are confident with the guidance that we have given this year for the margin between '20 and '22.

And then Jayesh will give a little bit more color, but on the environment what you asked. I think what we are seeing there is, at the start of this calendar year, we were starting to see the global environment, the growth, especially in our strong markets looking good. And even in the markets where we are now making a bigger movement, for example, Japan and all was growing quite nicely.

Now with the situation with the Iran war, there was a change in the economic environment. Now from what we are seeing, there seems to be paths towards things stabilizing. We hope everyone sort of gets there. From then what we understand like, just talking to people in the market and the clients is that, the underlying resilience of some of the economies where we have the big markets is pretty good.

The economies are doing well, there is good investments, AI is growing well and we have a good strategic approach on AI services. So, my sense is that it will definitely help, but we will see how it plays out. So, we have given the guidance of the growth based on what we are seeing today. We will see whether some of this comes true or some of this changes as the year goes.

**Jayesh Sanghrajka**

If you look at the margin program and like Salil was saying, I think it is done well. In the first year we expanded margins by 50 basis points. This year while we have maintained margins at 21%, I think we have absorbed a lot of headwinds and we have also invested a lot in the business, right?

Our sales and marketing costs for instance gone up by 40 basis points. We have invested in all that AI related capabilities and the AI partnerships. We have invested in talent. So, I think we have absorbed all of those and delivered 21% margin. That is what gives us confidence of way forward.

But at the same time there are going to be headwinds, right? There is competitiveness in the market, there is acquisition that we have done. The acquisition related cost will impact margins by another 60 to 70 basis points. So those are the headwinds that we will have to you know, absorb while we talk about the margin program. And our endeavour is to improve margins on a medium to long term period. But this year we are confident of delivering 20% to 22%.

**Rishi Basu**

Thank you. The next question is from Chandra Srikanth from Moneycontrol.

**Chandra R. Srikanth**

Hi Salil, Hi Jayesh. Salil, you know, you mentioned BFSI and Energy and Utilities a couple of times. Just wanted to understand you know, what is giving you so much of confidence there. And as Ritu pointed out that some of your peers have spoken about client specific issues and how discretionary spending continue, spends continue to be a challenge. So, what is working for you in terms of the normal business, as well as AI business?

And AI also, because you mentioned last time that it is now 5% of revenues for you. If you can give us a sense of where things stand now, it will be really useful? In terms of acquisitions do you see opportunities in AI start-ups, is that something that you will look at? And how do you see Mythos impacting your business, if you can give us some color on that?

Jayesh, some details on the wage hikes for this year, how are you thinking about it? And I think after five, six quarters we have seen employee count actually decline by over 8,000. So why have the number of employees declined? Thanks.

**Salil Parekh**

So let me start on the Financial Services and that sort of environment what you mentioned. So what we are seeing is and some of this we shared in that AI Investor Day, like if you look at many of our industry groups, with our largest clients, we are already the AI partner of choice and that is giving us a lot of traction.

Now you look, I mentioned Financial Services, Energy, Utilities, but you look at Manufacturing, you look at Telco, some of the work we are doing in those industries, there are large programs in the pipeline for things which was within that six grouping. So, take an example of building agents, take an example of legacy modernization.

We are also seeing a lot of discussions with clients which are a combination of tech services and operations, the tech & ops type of businesses. And there again, we are in a good position which is in the pipeline. So that is giving us the feeling that, this is looking similar to where we were, like it is not something has suddenly changed in that sense, in that, at least with our client base and so on at this stage what we see here.

Then I think on acquisitions you have seen, we did two acquisitions. The thing with that is you know, we have the pipeline again, we have Jayesh and Shyam who are looking at a very strong pipeline. But we have a very careful approach, strategic fit, cultural fit, value fit. So, it has a lot of integration, like we have to know how it is going to integrate into where and so on. So, all that keeping in mind, we could see suddenly a lot, but suddenly it could be three quarters of nothing also. But we are in it, meaning we are looking.

And what we did on acquisition was like healthcare, you know healthcare we see a good market, we have a good business, we think we can do more. So, it was a good way to expand, and I think it is a good company there, in the sense of we will be integrating and culturally it is aligned.

Same on insurance, you know that is a company which is working with the Guidewire platform, package, so that is something which we are very keen on expanding. So, like that acquisitions will continue.

On Mythos, I think there are multiple things because not everything is released to everyone, but we have some, let us say good relationships with the company to understand a little bit from the outside. It is exposing more vulnerabilities than one thought possible previously. However other models are also exposing vulnerabilities. The question of running that, those models in that way.

My sense is, it may also open up opportunities for work for Infosys which is to help clients to say look how can we make sure that you don't succumb to that vulnerability. So, we are looking at it and both ways and my means early, very early discussions, but my sense is if we build a good like capability in that, we could help our clients to say look, let us make sure that your vulnerabilities are better and quickly protected.

**Chandra R. Srikanth**

AI revenue?

**Salil Parekh**

Meaning we are not sharing the number, but it is growing.

**Chandra R. Srikanth**

Why you are not sharing because last quarter you disclosed it for the first time, so why you are not disclosing it?

**Salil Parekh**

So, what we did was in the AI Investor Day it was a strategic sort of a outlook, so we wanted to just make sure that we communicated that it is in a material way and it is growing nicely. At one stage we will, but today we are not sharing it.

**Chandra R. Srikanth**

Has it touched double digit of your revenue - like is it now 10% of Infosys revenue?

**Salil Parekh**

Is it 10% or 50%, we are not sharing the number.

**Rishi Basu**

I think the couple of questions for Jayesh.

**Chandra R. Srikanth**

Your net employee?

**Jayesh Sanghrajka**

So if you look at the headcount, our headcount sequentially has gone down by 8,000 employees but if you look at on a year-on-year basis it has still grown by 5,000. There is always some quarterly seasonality, but if you keep that aside for a moment, headcount is a function of the number of people that you have, the utilization that you have, the volumes that you see. This quarter the volumes were softer and you know that, that equation is what you will end up net hiring, plus the freshers that you have in the system.

So, I think it is all on the demand/supply equation and that is how it will play out. The output is a result at the end of the day, in my mind. So that is how the headcount will play out. We do not really think, it is going to be sequentially number which will keep going down at the end of the day, it is one of the things.

I think the way you should look at it is the full year basis where we have still grown 5,000 as a headcount. On the wage, we have not really made a decision at this point in time on the quantum and the timing of it. Once we decide we will let you know.

**Rishi Basu**

Thank you. Thanks Chandra. The next question is from Shilpa Phadnis from the Times of India.

**Shilpa Phadnis**

Hello sir. If succession planning at Infosys is a slow build out, the archetype of the reinventor CEO is going to look very different, AI native, consulting led. You have some of the internal contenders for the next leg of succession, some of them are in the room. Previously you disbanded the President's structure. Do you think you are going to reintroduce that just to hot up the internal slate for the succession planning?

**Salil Parekh**

No comment on that.

**Shilpa Phadnis**

Okay. Sir also if you can talk about, if you just revisit your deal pipeline today, what part of it lends itself to AI deflation? And how are you going to offset those, especially when clients are very demanding when it comes to productivity gains?

**Salil Parekh**

So, there you know, what we shared in that AI Investor Day is how we are looking at it. We have really three areas which we see like a growth areas. So, one was we talked a little bit about the AI services which are growing quite nicely. One I mentioned the large deals and the net new part of the large deals which gives us the expansion, the next year revenue of that. Then the third which we have been working on internally and is growing well is we are expanding into clients where we have a smaller presence today, but which are very strong relationships of Infosys.

So this is different from the large deals which are with more larger presence. And there we are seeing a very good growth. What Jayesh mentioned there are investments we have done especially on AI. And on this program where we look at large companies where we have a smaller presence. So those are the three areas of growth. And then what you mentioned is the AI productivity which is what clients are looking at and where we are participating.

We have, because of what we have built with the Topaz Fabric a very good idea of what is doable now, what is doable in the future. And a lot of the tech and ops deals bring that to play right away. Typically, we are also seeing in those, not all, but in many of those deals in the pipeline there is given the credibility of Infosys and trust we see something adjacent which gives us an expansion of scope.

So, while it is a productivity improvement in some but overall scope expansion or what they call the consolidation. So based on all of that, first we grew in last year and so Jayesh's points, there were some additional things like-for-like grew even more than 3.1%. With that we are going to grow in terms of our forecast for next year. And that shows us that while there is compression, the growth part of our work is larger today than the compression which is why we are growing.

**Shilpa Phadnis**

Sir, and one last thing on your Daimler account, if you can help us, that was one of your flagship accounts. With that winding down if you can help us understand was the assessment largely around the capability gap there. And how would you look at backfilling those revenues and was that factored in your guidance which is slightly broad based for the current financial year?

**Salil Parekh**

So, I have no specific comment on any specific client but maybe on the manufacturing you have something on the guidance.

**Jayesh Sanghrajka**

So you know, Manufacturing per se is going through a challenging environment, especially the auto, in the European automobile sector. And within that we do have you know, certain headwinds from a particular client which will wind down towards the end of the year. That is baked in in the guidance right now. So our guidance is two points generally and that is baked in already in the guidance. It is not an expanded guidance per se.

**Rishi Basu**

Thanks Shilpa. The next question is from The New Indian Express, Padmini.

**Padmini Dhruvaraj**

Hi good evening. So how is BFSI adopting to AI agents? Are they facing any hiccups because the regulations are tighter there? And is AI beginning to compress the traditional you know, IT services model, if can you quantify it? And which current revenue streams of yours are at risk of being cannibalized by AI?

**Salil Parekh**

So, in Financial Services what we are seeing is clients are moving very quickly to adopt AI. So, as an example, if you look at a bank, if they are doing the KYC process, AML process, there is a lot of agents being built for that process which is growing our revenue. And helping them by doing that work with AI. If you look at things on credit, we are doing something with AI there. If you look at building out new capabilities, AI is being used.

If you look at legacy modernization again in banks, meaning some technology which is on an older generation of technology to bring it to current generation, a lot of that is being done with the foundation models. So, Financial Services clients are adopting it quickly, we have partnered with the foundation model companies and other AI leaders and that is giving us an advantage into that market.

We see the growth is actually accelerating in that industry for us, our business. That is also including the compression. I mean there is compression because of the points we shared earlier on the productivity that clients are looking for and some other areas which can be more easily used in AI work. So, it is a combination of those two, but despite that we are seeing the growth of the financial services.

**Rishi Basu**

Thank you.

**Padmini Dhruvaraj**

Is it compressing your traditional IT services model and any particular revenue stream that is being cannibalized?

**Salil Parekh**

It is definitely so the compression is coming on some of the services and the growth is coming on other services. And the compression is typically in the areas where the AI foundation models and some of the tools are very efficient on that. So, you can see that in some of the tech services work, you can see that in some of the BPM work and so on. But it is combined with the growth that we are also seeing and that balance is where overall we see growth and in Financial Services we see growth.

**Rishi Basu**

Thanks Padmini. The next question is from Ms. Shristi from The Economic Times.

**Shristi Achar**

Good evening gentlemen. So, this quarter we are seeing a sharp contraction or a sequential contraction as far as TCV is concerned. Is that a factor of you know, clients cutting back on your discretionary spending or is it the AI-led deflation that we are seeing this? And secondly, Jayesh mentioned that there are regulatory delays as far as closing of Versent acquisition is concerned. So, could you give us a bit more color on why these delays are happening because it was supposed to be closed by this financial year?

**Salil Parekh**

When you say TCV, it must be large deals. I thought we had a good large deals, the $3.2 bn for the quarter. We did not see I would say nothing unusual in that. The large deals are always a little bit variable. And $3.2 bn is a large number for large deals for the way we look at it, larger than $50 mn deal value. And the number of deals was good, the overall year at $14.9 bn is much larger than what we had last year as well. So, we did not see something change so much in the actual large deal value for us.

**Shristi Achar**

But we do see a sequential contraction as far as large deal for quarter 4 I mean, so is that because?

**Jayesh Sanghrajka**

So if you look at last quarter, we had a mega deal with one of the UK clients that we had. And that is the kind of increased the overall number. If you take that deal out, the numbers are comparable. And the mega deals are always lumpy. It does not happen every quarter, right? So you always have that variability because of mega deal in the large deal equation.

But as Salil was saying you know, we have delivered $15 bn of large deal for the year, 55% net new. On a year-on-year basis it is 28% increase. So, it is a very healthy performance from that perspective. And on the Versent acquisition I think these are regulatory approval matters. There are questions or queries that we have received from the regulators that we have responded to. So, it is a process that at times is unpredictable.

**Shristi Achar**

Also if you could give us a bit of commentary on what the direct impact of these geopolitical conflicts that are happening. Are clients talking to you about any kind of delays in decision making that they are having?

**Salil Parekh**

So, there is no specific view in that except that overall, that the thinking is to sort of see how it plays out. Now as we are seeing the current situation it looks like things may stabilize. So with that, the mindset now is that underlying many things in some of those Western economies are quite good. You know, there what they call it, they are resilient they have been, the way people have described it. And if that continues, we will see that always has some correlation to tech being supported. So, my sense is if that happens, we will see some more of the tech spend there.

**Rishi Basu**

Thank you. The next question is from Sai Ishwar from Reuters News.

**Sai Ishwar**

Hi gentlemen. So just two things, if I just look at North America's revenue contribution, it is been constantly falling from 57% to I think 55% and Europe is growing. I just wanted to know, like, is there a specific trend there?

And also, I wanted to ask on how other geographies, like top geographies are playing because you have given some color based on business segments, but how is the U.S. Europe market in terms of growth, in terms of opportunities?

**Jayesh Sanghrajka**

If you look at Europe, we have had multiple large and mega deal wins in Europe, that is pretty much contributing to the faster growth in Europe. If you look at, for example, one of the largest manufacturing deal that we signed a few years back is from Europe. The NHS deal that we signed is from Europe. There are a few other, Liberty Global is a deal that we signed is from Europe. So, I think those are the mega deals that has contributed to better growth in Europe compared to the U.S.

**Salil Parekh**

And in other geographies, I mean, first, there are within the U.S., there are pockets where we are doing extremely well as well. Some of the industries I mentioned before, we have a smaller business, but like some of the new geographies like Japan, we are doing quite well.

So, there are things even in Europe, what Jayesh was mentioning is if you look at some of the Nordic markets, we are doing quite well and growing nicely. So, it is different places where we put the investment and there is an environment which is also the local sort of economic environment is good. We see the growth is quite okay.

**Rishi Basu**

Thank you, Sai. The next question is from Avik Das from Business Standard.

**Avik Das**

Hi. Two quick questions. Salil, if you can just throw some light on the GCC business, specifically considering the fact that have you seen an increased number of, let us say, mid-market GCCs who have sort of failed to attain the desired level of maturity carving out certain businesses, brownfield businesses or operations and actually giving it to the service providers like you or the other ones. Have you seen any heightened pace? Just wanted to get some light on that.

And Jayesh, if you can also tell me that, when you talk about no wage hikes immediate announcements right now. Last year, you followed a normal April to March cycle. Again, this time, it is sort of a little distorted. I wanted to understand, this has been going on for the last 4, 5 years. Is there any chance over the next 12 months or 15 months, where you see this movement, this volatile movement actually stabilizing? And how much do you see this being a little challenging for the morale of employees going forward?

**Salil Parekh**

Let me start on the GCC, the first, we have a robust business with the GCC clients. In fact, we have an event tomorrow, which is sort of a large event with almost all the GCC leadership in India, where we want to share some insights. We have done something quite special on sort of GCC's built for AI.

We have recently had some good success with clients in that. I think your point, it depends. I do not see a trend like that, but there are some examples. I think those are very much in the public domain. There are some examples of that. But in general, it is a very strong area of activity for companies, global companies and for us to partner with them, both outside and in India, to support them in their different ways from like starting it, scaling it, the BOT type of model, how we make sure the AI skilling is right there at the beginning. So, that what we think is really working even better as these AI driven GCC, which is where the new attention is with most of our clients.

**Jayesh Sanghrajka**

On the wage, whenever we have decided about the wage, when we consider about the way, there are various factors that play out, right? What is the performance of the company? What are we expecting in the next few quarters? What is the industry practice? How is the industry expected to grow, what the other peers in the market has done, inflation in respective markets.

And all of these - and of course, the employee morale and all of those factors. We consider all of those factors, and we decide the wage Hike. And then we will decide it accordingly. I mean, all the factors are always considered.

**Rishi Basu**

The next question is from Sanjana from The Hindu BusinessLine.

**Sanjana B.**

Good evening, gentlemen. So how is Infosys recalibrating to navigate this era of uncertainty that has persisted for a few quarters now. If you could expand on your strategy? And also going ahead, will you take up large transformation programs like legacy modernization, for example, that may be initially margin dilutive? And also, some brokerages have pointed out that visa costs may have emerged as a headwind for you this quarter. If you could expand on that on whether it is offsetting cross currency benefits due to rupee depreciation. Yes, that is it from my end.

**Salil Parekh**

So, the first was on like how will we navigate and what our strategic approach. I think there, what we are seeing is the AI approach that we have shared is really resonating with our clients. The 6 areas, whether it is AI strategy engineering, it is legacy modernization, the process work, the work that is on trust, all of those are something which we can see activity with clients in partnership with the foundation model companies, with the tools that are being built on the foundation models with the large tech cloud players.

So that, I think, is one of the core elements of the direction. It is a big AI transformation that we are seeing over the next several years within like our work. Outside of that, I think we are building a big focus on making sure that the productivity benefits that are available are something that the clients will receive, hopefully, we will keep a little part of it to make sure what we discussed earlier, the resilience in our margin, we will continue with that.

So the first part is more for the growth. The second part is more for the margin. And we see essentially, the road map, we have laid it out, we have started the execution and the early steps are in a good direction.

**Sanjana B.**

Large transformation.

**Salil Parekh**

We will absolutely take large transformation programs, but we are very clear that it has to be with an economic profile we can manage. Now having said that, we have a large business. It is a portfolio of activities but in the portfolio we want to make sure that we can manage the commitments we are making and the objectives we have internally. But of course, we will take on large and we are doing them.

Some of the legacy modernization programs. A lot of them become self-funded because there is one example we are doing a program with a transport company. There the work is to take from an older technology onto a micro services architecture. The work is going well. The way the estimates of the cost has come. It is 60% lower than what they would have done before the AI approach. And the time is also that much less.

And we are part of that program working with a partner to get it done. So I think there are many, in fact, that is like in our pipeline, there is a lot of those sorts of things, and there is a few that we are executing also today.

**Rishi Basu**

[Editors remark: Question inaudible] The Visa cost offsetting.

**Jayesh Sanghrajka**

Sorry, what is the question, if you could repeat?

**Sanjana B.**

[Editors remark: Question inaudible] headwinds that are offsetting cross currency benefits.

**Jayesh Sanghrajka**

No. So I mean visa cost for us has remained stable. We have not really increased our visa cost, the H1B visa in the new regime, we have not filed it. So our visa cost has remained stable.

**Rishi Basu**

Thank you. The next question is from Uma Kannan from the Deccan Herald.

**Uma Kannan**

Thank you, Rishi. Good evening, gentlemen. Now that AI is part of every project, so I want to understand, are clients asking you to cut down expenses, this includes people as well? So, are you finding it hard to retain business from existing clients, given current uncertainties? Are you seeing any project ramp downs?

**Salil Parekh**

So, there, every discussion, as you said, AI is part of it. There are some which what we call it, this AI-first service, which is the new work in the 6 areas that we have laid out. And then what we have also done is all of our work, we call it AI augmented services, meaning everything we do, we have now infused the AI into it. So, every client discussion has got this AI now in it.

Like there are some work which we do, which is oriented to growth. So, we did a project for a consumer products company, where we built something which the person who is buying can use on an app and that increased the connect with the customer and increase their sales and so on.

So that is not a cost program. But the ones that are among cost, the clients will always look for the productivity improvement. And because of these tools and what we have built in the Topaz Fabric, we are able to like create that for the clients. But on balance, we have the growth and the compression. And like last year, the growth we had 3.1% with all of the variations much higher. And even in the forecast, we have a growth. So we are getting the growth more than the compression at this stage.

**Uma Kannan**

Just one more question. You have partnered with AI companies and recently announced partnership with OpenAI. So how these are actually helping your clients? You did speak about it, but I just want to understand, are these -- are you seeing projects moving from pilots to production?

**Salil Parekh**

There are like a number of projects on production, like large-scale products. So again, if you look at the two that I just described, transport and consumer products, there is a large program. There is not a pilot at all, like in the AI Day, we described about 12-or-so projects, which are actually large projects with clients.

The partnerships you mentioned, we just announced the OpenAI partnership yesterday. We announced the Anthropic partnership a few weeks ago. The way these are working is they have some good technology on the foundation models with that in any of those 6 areas of our AI services, we can take that as a partner and work with our clients.

So even in what we shared in the AI Day, we showed some examples of clients and where they are on that Hexagon to say how we are partnering with someone and how we are going to that plan to actually create revenue for Infosys and more activity for Infosys.

**Rishi Basu**

Thank you. The next question is from Poulomi Chatterjee from The Financial Express.

**Poulomi Chatterjee**

Good evening. Just a couple of questions. So I just wanted to understand the reason behind the quarterly decline in headcount. And also, like as this new lines of AI services emerging and you are hiring freshers in that regard. Like how is the composition of freshers like in terms of coding or consulting and these newer rules? And also, like how has pricing evolved so that you have been able to capture value adequately from these AI-led services?

**Jayesh Sanghrajka**

Yes. So if you look at the headcount, as I said earlier, the headcount is a function of what is the growth that you are getting in terms of volume. The utilization that we have and so on. And that is how we derive at the number of people that we need to hire laterally or etc. If you look at this quarter, the volumes were softer and utilization was lower, that is why our result and headcount is lower. But ideally, you should look at it in the longer term.

And if you look at the full year basis, we have added 5,000 people on the headcount. So that is what I would want to say. In terms of pricing, I think pricing environment for us has remained stable. On the contrary, actually, most of our growth this year has been pricing-led because the volumes have been softer. And that in a way corroborates with the fact that the AI revenue are coming at a better pricing.

**Salil Parekh**

And in terms of the people, just one, just on the Q4, a little bit the seasonality is what Jayesh was saying. So it is every year, we have this scenario where in the Q4 or Q3 is a little bit like - second half is a little bit less than the first half. It is just the nature of our activity. On the people that we are bringing in, so they in fact, our HR team with Shaji and Sushant have built an amazing model of how we are skilling them and how at different levels, we are bringing them. So we are not only bringing people with one type of skill set. We have different starting compensation for people who are coming with different skills who are more attuned to AI.

Then we are building the forward deployed engineer team, which is being done to make sure that we can do more work directly with clients on business and tech, which is AI tech to make the AI solutions.

So, both of those are getting developed quite rapidly and the skilling has gone on I think over 90% of our people -- yes about just over 90% of people are now getting skilled on different types of the AI platforms.

**Rishi Basu**

Thank you. The next question is from Jas Bardia from Mint.

**Jas Bardia**

Good evening. Three questions. The first one, multiple brokerages have pointed out that the three acquisitions you all announced last fiscal would contribute around 200 to 225 basis points of growth in FY27. Considering that has not been factored in into the guidance, if we factor the contribution from those acquisitions, that translates to the fastest growth for the company in at least three years.

How do you see this going forward? If you can help me understand the growth trajectory in that sense a little bit more considering your peers have called out AI led deflation, multiple clients pulling back their tech spending? That is one.

Second on Board oversight of AI. So how is Infosys' Board actually overseeing the way AI is used for clients as well as internally? One of your peers is giving incentives to executives for passing on productivity gains to clients and many other such measures. So, what is Infosys doing in that sense? And, lastly if you can throw a little more-light on the kind of acquisitions you will be looking at going ahead? So yes, that is it.

**Salil Parekh**

On the first one, I think so Jayesh shared that like the one acquisition that is closed. We have already put that in. I think the estimates are meaning. When we announce the acquisition the revenue number is known and so on. So what you are describing I am guessing is based on that analysis. It is just a function of like which date it will close.

Some sometimes like it may take a week, it may take a month, it may take two months. It is not going to take five years. So, it will get sorted in this thing. My guess is so what we are thinking there is no like we are not trying to give a guidance assuming like it will come in. But as soon as it comes in, we will obviously put that in and do it.

I think the maths what you are saying on a full year basis is approximately correct. So that is not a problem on that at all. And our growth trajectory, I know what you said like with some other things in the industry. But we see this growth for this year even without acquisitions there is a growth and with it and we will continue to see that.

I think we are very clear that with that AI services work some of the other things we talked about earlier like on the large deals and so on we see the growth coming. And yes, there is compression but we are managing that growth today and the forecast for this year is very clear on the growth.

**Rishi Basu**

On the Board oversight

**Salil Parekh**

The Board in fact as you notice we were a bit late today coming. So, we just had an update, we did the full update with the lot more detail internally and there was a lot of discussion. So, the Board is very active in our AI work looking at it and actually Nandan himself is very active because he is got a very good vision on where the AI is going and also helping like a lot of the Topaz Fabric what we have done you know he is working to give us the ideas, which of course we are building it, but he is the visionary person on that one.

Acquisitions - so we will continue to do acquisitions. There is a good pipeline. We did two which came like you know by coincidence like together, but in general we will continue to do acquisitions in areas like the healthcare which we did where we feel we can expand nicely and the market is good.

**Jas Bardia**

Just one last question, if I can just squeeze it in. What kind of contracts are you seeing you know and how have they evolved over the last three to four years from fixed price to outcome based? If you can just shed some more light on that and also wonderful to hear of Mr. Nilekani, but if you can just shed some more light on what are some of the means that the Board is you know having a tab on whatever AI goes out and the kind of AI work that Infosys does?

**Salil Parekh**

There is no specific thing like that on the what the Board is doing because they are very involved in it and Nandan himself is there on it. On the contracts, we are continuing to see you know the type of contracting that we were doing in the past. There is lot of discussions now that can we look at some things because the AI is transformative, that can we look at something which is outcome based.

We have built with our delivery leadership, with our sales leadership, good models or templates for how those are to be done and there are active discussions as it is still early times. But over time they may be more of that, but there are discussions on that. But a lot of the contracts are also on the way they were being done in the past as well.

**Rishi Basu**

Thank you. With that we come to the end of this press conference. We thank our friends from media. Thank you Salil and thank you Jayesh. Before we conclude please note that the archive webcast of this press conference will be available on the Infosys website and on our YouTube channel later today. Thank you and please join us for high tea outside.

## Exhibit 99.4

**Exhibit 99.4**

**Fact Sheet**

![](fact-sheet.gif)

Excluding the effect of Income Tax orders received under sections 250 and 254 of the Income Tax Act, 1961 and The Labour Codes provisions notified by the Government of India, EPS increase (in ![rupee symbol](rupee-symbol.gif) terms) is 12.1% for FY'26 and 13.9% for Q4'26 YoY.

*(1) Refer table: Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS financial measures*

**Revenue Growth- Q4 26**

---

| | | |
|:---|:---|:---|
| | **Reported** | **CC** |
| QoQ growth (%) | -1.2% | -1.3% |
| YoY growth (%) | 6.6% | 4.1% |

---

**Revenues by Business Segments**

*(in %)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter ended** | **Quarter ended** | **Quarter ended** | **YoY Growth** | **YoY Growth** |
| | **Mar 31, 2026** | **Dec 31, 2025** | **Mar 31, 2025** | **Reported** | **CC** |
| Financial services | 28.0 | 28.2 | 28.4 | 5.0 | 2.9 |
| Manufacturing | 15.9 | 16.7 | 15.9 | 5.9 | 1.3 |
| Energy, Utilities, Resources & Services | 13.2 | 13.2 | 13.0 | 8.3 | 6.7 |
| Retail | 12.8 | 12.8 | 13.3 | 2.9 | 0.5 |
| Communication | 12.4 | 12.1 | 11.7 | 12.6 | 9.0 |
| Hi-Tech | 7.7 | 7.4 | 8.3 | (1.5) | (1.2) |
| Life Sciences | 7.3 | 7.2 | 6.8 | 15.5 | 11.6 |
| Others | 2.7 | 2.4 | 2.6 | 13.0 | 14.0 |
| **Total** | **100.0** | **100.0** | **100.0** | **6.6** | **4.1** |

---

**Revenues by Client Geography**

*(in %)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter ended** | **Quarter ended** | **Quarter ended** | **YoY Growth** | **YoY Growth** |
| | **Mar 31, 2026** | **Dec 31, 2025** | **Mar 31, 2025** | **Reported** | **CC** |
| North America | 55.7 | 55.9 | 57.1 | 4.1 | 4.1 |
| Europe | 32.6 | 32.7 | 31.2 | 11.4 | 4.1 |
| Rest of the world | 9.1 | 8.6 | 8.8 | 9.3 | 5.0 |
| India | 2.6 | 2.8 | 2.9 | (5.2) | 0.0 |
| **Total** | **100.0** | **100.0** | **100.0** | **6.6** | **4.1** |

---

**Client Data**

*(in %)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | **Mar 31, 2026** | **Dec 31, 2025** | **Mar 31, 2025** |
| Number of Clients |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active | 1965 | 1949 | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Added during the period (gross) | 111 | 121 | 91 |
| Number of Million dollar clients^ |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 Million dollar + | 1018 | 1012 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 Million dollar + | 328 | 326 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 Million dollar + | 88 | 84 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 Million dollar + | 41 | 41 | 39 |
| Client contribution to revenues |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top 5 clients | 12.6% | 12.8% | 13.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top 10 clients | 20.2% | 20.6% | 20.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top 25 clients | 34.5% | 35.0% | 34.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Days Sales Outstanding^ | 67 | 74 | 69 |

---

*^* *LTM (Last twelve months) Revenues.*

*#* *Revenue growth in reported currency includes the impact of currency fluctuations. Additionally, we calculate constant currency (CC) growth by comparing current period revenues in respective local currencies converted to US $ using prior period exchange rates and comparing the same to our prior period reported revenues.*

**Effort & Utilization – Consolidated IT Services**

*(in %)*

---

| | | | |
|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | **Mar 31, 2026** | **Dec 31, 2025** | **Mar 31, 2025** |
| **Effort** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onsite | 22.8 | 23.1 | 23.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offshore | 77.2 | 76.9 | 76.4 |
| **Utilization** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including trainees | 79.7 | 80.0 | 81.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding trainees | 83.0 | 84.1 | 84.9 |

---

**Employee Metrics**

*(Nos.)*

---

| | | | |
|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | **Mar 31, 2026** | **Dec 31, 2025** | **Mar 31, 2025** |
| Total employees | 328594 | 337034 | 323578 |
| S/W professionals | 310887 | 319364 | 306599 |
| Sales & Support | 17707 | 17670 | 16979 |
| Voluntary Attrition % (LTM - IT Services) | 12.6% | 12.3% | 14.1% |
| % of Women Employees | 39.5% | 39.5% | 39.0% |

---

**Cash Metrics**

In US $ million

---

| | | | |
|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | **Mar 31, 2026** | **Dec 31, 2025** | **Mar 31, 2025** |
| FCF<sup>(1)(2)</sup> | 833 | 915 | 892 |
| Consolidated cash and investments<sup>(3)</sup> | 4542 | 3917 | 5562 |

---

In ![rupee symbol](rupee-symbol.gif) crore

---

| | | | |
|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | **Mar 31, 2026** | **Dec 31, 2025** | **Mar 31, 2025** |
| FCF<sup>(1)(2)</sup> | 7711 | 8176 | 7737 |
| Consolidated cash and investments<sup>(3)</sup> | 43075 | 35206 | 47549 |

---

<sup>(*1)*</sup> *Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS (non-IFRS measure).*

*<sup>(2)</sup>* *The free cash flow for Q4'26 includes cash payments made towards The Labour codes of $49Mn (![rupee symbol](rupee-symbol.gif)452 crore) and $50Mn (![rupee symbol](rupee-symbol.gif)450 crore) for Q3'26.*

*<sup>(3)</sup>* *Consolidated cash and investments comprise of cash and cash equivalents, current and non-current investments excluding investments in equity and preference shares, unquoted compulsorily convertible debentures and others.*

***Consolidated statement of Comprehensive Income for three months ended,***

**(Extracted from IFRS Financial Statement)**

*In US $ million, except per equity share data*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Mar 31, 2026** | **Mar 31, 2025** | **Growth %<br> YoY** | **Dec 31, 2025** | **Growth %<br> QoQ** |
| **Revenues** | **5040** | **4730** | **6.6%** | **5099** | **-1.2%** |
| Cost of sales | 3485 | 3302 | 5.5% | 3660 | -4.8% |
| **Gross Profit** | **1555** | **1428** | **8.9%** | **1439** | **8.1%** |
| **Operating Expenses:** |  |  |  |  |  |
| Selling and marketing expenses | 256 | 226 | 13.3% | 257 | -0.4% |
| Administrative expenses | 244 | 210 | 16.2% | 245 | -0.4% |
| **Total Operating Expenses** | **500** | **436** | **14.7%** | **502** | **-0.4%** |
| **Operating Profit** | **1055** | **992** | **6.4%** | **937** | **12.6%** |
| **Operating Margin %** | **20.9** | **21.0** | **-0.1%** | **18.4** | **2.5%** |
| Other Income, net of finance cost<sup>(1)</sup> | 113 | 125 | -9.6% | 98 | 15.3% |
| **Profit before income taxes** | **1168** | **1117** | **4.6%** | **1035** | **12.9%** |
| Income tax expense<sup>(1)</sup> | 248 | 303 | -18.2% | 287 | -13.6% |
| **Net Profit (after non-controlling interests)** | **919** | **813** | **13.0%** | **747** | **23.2%** |
| **Basic EPS ($)** | **0.23** | **0.20** | **15.7%** | **0.18** | **25.3%** |
| **Diluted EPS ($)** | **0.23** | **0.20** | **15.8%** | **0.18** | **25.3%** |
| **Dividend Per Share ($)<sup>(2)</sup>** | **0.26** | **0.26** | **13.6%** | **–** | **–** |

---

*<sup>(1)</sup>* *Includes interest income (pre-tax) of $41Mn and $38Mn for Q4'26 and Q4'25 respectively, and reversal of tax provisions amounting to $83Mn and $12Mn for Q4'26 and Q4'25 respectively. This is on account of orders received under sections 250 and 254 of the Income Tax Act, 1961 for certain assessment years.*

*<sup>(2)</sup>* *Dividend Growth (%) calculated in INR terms.*

**Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS**

**financial measures for three months ended,**

*In US $ million*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Mar 31, 2026** | **Mar 31, 2026** | **Mar 31, 2025** | **Mar 31, 2025** | **Dec 31, 2025** | **Dec 31, 2025** |
| **Particulars** | **Operating <br> Profit** | **Operating <br> Margin (%)** | **Operating <br> Profit** | **Operating <br> Margin (%)** | **Operating <br> Profit** | **Operating <br> Margin (%)** |
| **Reported IFRS** | **1055** | **20.9** | **992** | **21.0** | **937** | **18.4** |
| Adjustments<sup>(1)</sup> | *–* | *–* | *–* | *–* | 143 | 2.8 |
| **Adjusted non-IFRS** | **1055** | **20.9** | **992** | **21.0** | **1080** | **21.2** |

---

<sup>(*1)*</sup> *The adjusted non-IFRS measures excludes the effect of, the provisions of The Labour Codes notified by The Government of India on November 21, 2025 which resulted in an increase in gratuity liability (arising out of past service cost relating to plan amendment) and leave liability by $143Mn, which is recognized in the Consolidated Statement of Comprehensive Income. This also resulted in a lower tax of $35Mn in Q3'26.*

***Consolidated statement of Comprehensive Income for year ended,***

**(Extracted from IFRS Financial Statement)**

*In US $ million, except per equity share data*

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Mar 31, 2026** | **Mar 31, 2025** | **Growth %** |
| **Revenues** | **20158** | **19277** | **4.6%** |
| Cost of sales | 14079 | 13405 | 5.0% |
| **Gross Profit** | **6079** | **5872** | **3.5%** |
| **Operating Expenses:** |  |  |  |
| Selling and marketing expenses | 1025 | 898 | 14.1% |
| Administrative expenses | 969 | 903 | 7.3% |
| **Total Operating Expenses** | **1994** | **1801** | **10.7%** |
| **Operating Profit** | **4085** | **4071** | **0.3%** |
| **Operating Margin %** | **20.3** | **21.1** | **-0.8%** |
| Other Income, net of finance cost<sup>(1)</sup> | 421 | 376 | 12.0% |
| **Profit before income taxes** | **4506** | **4447** | **1.3%** |
| Income tax expense<sup>(1)</sup> | 1190 | 1285 | -7.4% |
| **Net Profit (after non-controlling interests)** | **3313** | **3158** | **4.9%** |
| **Basic EPS ($)** | **0.81** | **0.76** | **5.6%** |
| **Diluted EPS ($)** | **0.80** | **0.76** | **5.7%** |
| **Dividend Per Share ($)<sup>(2)</sup>** | **0.52** | **0.51** | **11.6%** |

---

*<sup>(1)</sup>* *Includes interest income (pre-tax) of $41Mn and $38Mn for FY'26 and FY'25 respectively, and reversal of tax provisions amounting to $83Mn and $12Mn for FY'26 and FY'25 respectively. This is on account of orders received under sections 250 and 254 of the Income Tax Act, 1961 for certain assessment years.*

*<sup>(2)</sup>* *Dividend Growth (%) calculated in INR terms.*

**Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS**

**financial measures for year ended,**

*In US $ million*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Mar 31, 2026** | **Mar 31, 2026** | **Mar 31, 2025** | **Mar 31, 2025** |
| **Particulars** | **Operating <br> Profit** | **Operating <br> Margin (%)** | **Operating <br> Profit** | **Operating <br> Margin (%)** |
| **Reported IFRS** | **4085** | **20.3** | **4071** | **21.1** |
| Adjustments<sup>(1)</sup> | 143 | 0.7 | – | – |
| **Adjusted non-IFRS** | **4228** | **21.0** | **4071** | **21.1** |

---

*<sup>(1)</sup>* *The adjusted non-IFRS measures excludes the effect of, the provisions of The Labour Codes notified by The Government of India on November 21, 2025 which resulted in an increase in gratuity liability (arising out of past service cost relating to plan amendment) and leave liability by $143Mn, which is recognized in the Consolidated Statement of Comprehensive Income. This also resulted in a lower tax of $35Mn in FY'26.*

**Consolidated statement of Comprehensive Income for three months ended, (Extracted from IFRS Financial Statement)**

*In ![rupee symbol](rupee-symbol.gif) crore, except per equity share data*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Mar 31, 2026** | **Mar 31, 2025** | **Growth %<br> YoY** | **Dec 31, 2025** | **Growth %<br> QoQ** |
| **Revenues** | **46402** | **40925** | 13.4% | **45479** | 2.0% |
| Cost of sales | 32058 | 28575 | 12.2% | 32652 | -1.8% |
| **Gross Profit** | **14344** | **12350** | **16.1%** | **12827** | **11.8%** |
| **Operating Expenses:** |  |  |  |  |  |
| Selling and marketing expenses | 2354 | 1957 | 20.3% | 2292 | 2.7% |
| Administrative expenses | 2247 | 1818 | 23.6% | 2180 | 3.1% |
| **Total Operating Expenses** | **4601** | **3775** | **21.9%** | **4472** | **2.9%** |
| **Operating Profit** | **9743** | **8575** | **13.6%** | **8355** | **16.6%** |
| **Operating Margin %** | **21.0** | **21.0** | **0.0%** | **18.4** | **2.6%** |
| Other Income, net of finance cost<sup>(1)</sup> | 1054 | 1088 | -3.1% | 874 | 20.6% |
| **Profit before income taxes** | **10797** | **9663** | **11.7%** | **9229** | **17.0%** |
| Income tax expense<sup>(1)</sup> | 2288 | 2625 | -12.8% | 2563 | -10.7% |
| **Net Profit (after non-controlling interests)** | **8501** | **7033** | **20.9%** | **6654** | **27.8%** |
| **Basic EPS (![rupee symbol](rupee-symbol.gif))** | **21.01** | **16.98** | **23.8%** | **16.17** | **29.9%** |
| **Diluted EPS (![rupee symbol](rupee-symbol.gif))** | **20.98** | **16.94** | **23.8%** | **16.14** | **30.0%** |
| **Dividend Per Share (![rupee symbol](rupee-symbol.gif))** | **25.00** | **22.00** | **13.6%** | **–** | **–** |

---

*<sup>(1)</sup>* *Includes interest income (pre-tax) of ![rupee symbol](rupee-symbol.gif)381 crore and ![rupee symbol](rupee-symbol.gif)327 crore for Q4'26 and Q4'25 respectively, and reversal of tax provisions amounting to ![rupee symbol](rupee-symbol.gif)774 crore and ![rupee symbol](rupee-symbol.gif)101 crore for Q4'26 and Q4'25 respectively. This is on account of orders received under sections 250 and 254 of the Income Tax Act, 1961 for certain assessment years.*

**Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS**

**financial measures for three months ended,**

*In ![rupee symbol](rupee-symbol.gif) crore*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Mar 31, 2026** | **Mar 31, 2026** | **Mar 31, 2025** | **Mar 31, 2025** | **Dec 31, 2025** | **Dec 31, 2025** |
| **Particulars** | **Operating <br> Profit** | **Operating <br> Margin (%)** | **Operating <br> Profit** | **Operating <br> Margin (%)** | **Operating <br> Profit** | **Operating <br> Margin (%)** |
| **Reported IFRS** | **9743** | **21.0** | **8575** | **21.0** | **8355** | **18.4** |
| Adjustments<sup>(1)</sup> | – | *–* | *–* | *–* | 1289 | 2.8 |
| **Adjusted non-IFRS** | **9743** | **21.0** | **8575** | **21.0** | **9644** | **21.2** |

---

<sup>(*1)*</sup> *The adjusted non-IFRS measures excludes the effect of, the provisions of The Labour Codes notified by The Government of India on November 21, 2025 which resulted in an increase in gratuity liability (arising out of past service cost relating to plan amendment) and leave liability by ![rupee symbol](rupee-symbol.gif)1,289 crore, which is recognized in the Consolidated Statement of Comprehensive Income. This also resulted in a lower tax of ![rupee symbol](rupee-symbol.gif)318 crore in Q3'26.*

**Consolidated statement of Comprehensive Income for year ended, (Extracted from IFRS Financial Statement)**

In ![rupee symbol](rupee-symbol.gif) crore, except per equity share data

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Mar 31, 2026** | **Mar 31, 2025** | **Growth %** |
| **Revenues** | **178650** | **162990** | **9.6%** |
| Cost of sales | 124735 | 113347 | 10.0% |
| **Gross Profit** | **53915** | **49643** | **8.6%** |
| **Operating Expenses:** |  |  |  |
| Selling and marketing expenses | 9077 | 7588 | 19.6% |
| Administrative expenses | 8584 | 7631 | 12.5% |
| **Total Operating Expenses** | **17661** | **15219** | **16.0%** |
| **Operating Profit** | **36254** | **34424** | **5.3%** |
| **Operating Margin %** | **20.3** | **21.1** | **-0.8%** |
| Other Income, net of finance cost<sup>(1)</sup> | 3741 | 3184 | 17.5% |
| **Profit before income taxes** | **39995** | **37608** | **6.3%** |
| Income tax expense<sup>(1)</sup> | 10521 | 10858 | -3.1% |
| **Net Profit (after non-controlling interests)** | **29440** | **26713** | **10.2%** |
| **Basic EPS (![rupee symbol](rupee-symbol.gif))** | **71.58** | **64.50** | **11.0%** |
| **Diluted EPS (![rupee symbol](rupee-symbol.gif))** | **71.46** | **64.34** | **11.1%** |
| **Dividend Per Share (![rupee symbol](rupee-symbol.gif))** | **48.00** | **43.00** | **11.6%** |

---

*<sup>(1)</sup>* *Includes interest income (pre-tax) of ![rupee symbol](rupee-symbol.gif)381 crore and ![rupee symbol](rupee-symbol.gif)327 crore for FY'26 and FY'25 respectively, and reversal of tax provisions amounting to ![rupee symbol](rupee-symbol.gif)774 crore and ![rupee symbol](rupee-symbol.gif)101 crore for FY'26 and FY'25 respectively. This is on account of orders received under sections 250 and 254 of the Income Tax Act, 1961 for certain assessment years.*

**Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS financial measures for year ended,**

*In ![rupee symbol](rupee-symbol.gif) crore*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Mar 31, 2026** | **Mar 31, 2026** | **Mar 31, 2025** | **Mar 31, 2025** |
| **Particulars** | **Operating <br> Profit** | **Operating <br> Margin (%)** | **Operating <br> Profit** | **Operating <br> Margin (%)** |
| **Reported IFRS** | **36254** | **20.3** | **34424** | **21.1** |
| Adjustments<sup>(1)</sup> | 1289 | 0.7 | – | – |
| **Adjusted non-IFRS** | **37543** | **21.0** | **34424** | **21.1** |

---

*<sup>(1)</sup>* *The adjusted non-IFRS measures excludes the effect of, the provisions of The Labour Codes notified by The Government of India on November 21, 2025 which resulted in an increase in gratuity liability (arising out of past service cost relating to plan amendment) and leave liability by ![rupee symbol](rupee-symbol.gif)1,289 crore, which is recognized in the Consolidated Statement of Comprehensive Income. This also resulted in a lower tax of ![rupee symbol](rupee-symbol.gif)318 crore in FY'26.*

**Note on Adjusted Non-IFRS performance measures:**

We are using non-IFRS financial performance measures to supplement the financial information reported on an IFRS basis. These non-IFRS financial measures should not be considered in isolation or as a substitute for the relevant IFRS measures and should be read in conjunction with information presented on a reported IFRS basis. We believe these adjustments are necessary to reflect the Company's core performance across periods.

## Exhibit 99.5

**Exhibit 99.5**<br> **Earnings Conference Call**

**Infosys Limited <br> Q4 FY26 Earnings Conference Call**

**April 23, 2026**

**CORPORATE PARTICIPANTS:**

**Salil Parekh**

Chief Executive Officer and Managing Director

**Jayesh Sanghrajka**

Chief Financial Officer

**Sandeep Mahindroo**

Financial Controller and Head Investor Relations

**journalists**

**Yogesh Aggarwal**

HSBC Securities

**Ankur Rudra**

JP Morgan

**Bryan Bergin**

TD Cowen

**Gaurav Rateria**

Morgan Stanley

**Sumeet Jain**

CLSA India

**Jonathan Lee**

Guggenheim Partners

**Vibhor Singhal**

Nuvama

**Abhishek Pathak**

Motilal Oswal

**Keith Bachman**

BMO Capital

**Apurva Prasad**

Franklin Templeton

**Moderator**

Ladies and gentlemen, greetings, and welcome to Infosys Limited Q4 FY26 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Sandeep Mahindroo. Thank you, and over to you, Mr. Mahindroo.

**Sandeep Mahindroo**

Thanks, everyone. Welcome to this earnings call to discuss Infosys Q4 FY26 financial results. Joining us on this call is CEO and MD, Mr. Salil Parekh; CFO, Mr. Jayesh Sanghrajka, along with other members of the leadership team. We will start the call with some remarks on the performance of the company, subsequent to which we will open up the call for questions.

Please note that anything we say that refers to our future outlook is a forward-looking statement that must be read in conjunction with the risks that the company faces. A complete statement and explanation of these risks is available in our filings with the SEC which can be found on www.sec.gov.

I would now like to pass on the call to Salil.

**Salil Parekh**

Thanks, Sandeep. Good afternoon, good evening, good morning to everyone. Thank you for joining in.

We delivered a strong performance in the financial year 2026. We had a growth of 3.1% for the full year in constant currency terms. Our Q4 revenue growth was 4.1% year-on-year in constant currency terms. We had strong growth in Financial Services, in the Communications industry, Manufacturing industry, and for the Europe geography for the full year.

Large deals were strong. For the full year, we had $14.9 bn of large deals. This is a growth of 28% over the prior year. And for Q4, we were at $3.2 bn, a strong showing for the quarter.

We shared our AI strategy during our AI Investor Day a few weeks ago. We see a large addressable market for AI services across six areas; AI strategy and engineering, data, process, legacy modernization, physical AI and trust. With our Topaz Fabric platform for AI, our Cobalt platform for cloud, we have differentiated capabilities to serve our clients across the six areas of AI.

Some examples of the work we are doing,

For a consumer products Retail company, Ralph Lauren, we helped build a conversational and personalized AI tool that led to converting customer interest into a shopping experience. This resulted in an increase in their revenue by 12% and customer engagement by 50%.

For a large transport company, Hertz, we helped with a legacy migration to bring 3 mn lines of COBOL code to a modern microservices environment using AI foundation models. The cost was 60% lower, the timeline was 60% quicker than how they would have done it without AI.

For a large energy company, BP, we deployed 50 AI agent initiatives across trading, supply chain, sustainability and core operations to transform the software development, knowledge automation, legacy modernization, and digital decision support. This resulted in 95% payment accuracy, 50% faster contract validation and 18% improvement in IT operations efficiency.

We have strategic collaborations with emerging foundation model companies such as Anthropic and OpenAI, which help us support our clients' transformation for software development, legacy modernization and agent building. We also have established strategic AI collaborations with Google Gemini, NVIDIA, Microsoft, AWS, Google Cloud and Intel, among others. We have deployed over 30,000 developers on GitHub Copilot.

As we look ahead to financial year 2027, we see large opportunities in AI services, continued competitive intensity, and AI productivity impact. With our clear AI strategic roadmap and real-world toolkit of Topaz Fabric, we are well positioned to support our clients' transformation technology and operations objectives.

Our revenue growth guidance of financial year '27 is 1.5% to 3.5% year-on-year in constant currency terms. We expect acceleration in growth in Financial Services and the Energy Utilities Resources Services vertical from financial year '26 to '27. We expect H1 to be stronger than H2 consistent with our normal seasonality. Our operating margin guidance for financial year '27 is 20% to 22%.

With that, let me hand it over to Jayesh for his update.

**Jayesh Sanghrajka**

Thank you, Salil. Good morning, good evening, everyone, and thank you for joining the call today.

Financial year '26 performance demonstrates our ability to maintain financial discipline and operational excellence in a challenging and evolving business environment. Client spending is guarded, with greater focus on cost optimization engagements as against growth-led transformation programs. We are seeing increasing momentum in AI-driven initiatives, particularly around productivity, automation and platform-led modernization initiatives.

Let me start with the key highlights for the year and the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;1. FY26 revenues crossed $20 bn and grew 3.1% in constant currency terms, within the upgraded guidance band
given in January. This was after lower third-party costs which was down by 1% as percentage of revenue and 0.7% reduction in onsite mix.
Acquisitions contributed about 70 bps on full year growth.

&nbsp;&nbsp;&nbsp;&nbsp;2. For FY26, Communications, Manufacturing vertical and Europe geography grew more than double the company
average, led by ramp-up of the large deal wins. Additionally, FS and EURS grew above the company average in constant currency terms.

&nbsp;&nbsp;&nbsp;&nbsp;3. Volumes for the year were flattish, growth was led by increase in realization thanks to Project Maximus.

&nbsp;&nbsp;&nbsp;&nbsp;4. Adjusted operating margin was stable at 21%. Gains from currency and Maximus were reinvested in talent,
AI and sales and marketing.

&nbsp;&nbsp;&nbsp;&nbsp;5. Q4 revenues grew by 4.1% year-on-year. Sequentially, revenues declined 1.3% in constant currency due to
seasonality and slower decision making in the month of March.

&nbsp;&nbsp;&nbsp;&nbsp;6. Growth in Q4 was broad-based across major geographies. Communications, EURS and LS vertical grew well
above the company average on a year-on-year basis in constant currency terms.

&nbsp;&nbsp;&nbsp;&nbsp;7. Q4 operating margins stood at 20.9%, down 0.3% sequentially, adjusted for the Labor Code impact in Q3.

&nbsp;&nbsp;&nbsp;&nbsp;8. Onsite mix further reduced to 22.8% from 23.1% in Q3.

&nbsp;&nbsp;&nbsp;&nbsp;9. Utilization, excluding trainees, was 83% in Q4 and 84.4% in FY26. Utilization, including trainees, was
at 81.1% for FY26 reflecting the investment made towards creating future capacity.

&nbsp;&nbsp;&nbsp;&nbsp;10. Strong focus on collections aided by technology interventions helped us reduce DSO, including unbilled
net of unearned to 78, which is the lowest in seven years.

&nbsp;&nbsp;&nbsp;&nbsp;11. Reported EPS in INR terms grew 23.8% Y-o-Y in Q4 and 11% in FY26. EPS adjusted for income tax orders and
the Labor Code grew double digit for the year at 13.9% in Q4 and 12.1% for the full year in INR terms.

&nbsp;&nbsp;&nbsp;&nbsp;12. Free cash flow adjusted for the Labor Code and income tax refunds stood at $3.5 bn for FY and $882 mn
for Q4. Adjusted free cash as a percentage of net profit continue to be well above 100% at 106% for FY26 and 111% for Q4.

&nbsp;&nbsp;&nbsp;&nbsp;13. We had a strong large deal wins in financial year with a TCV of $15 bn with 55% net new. Large deal pipeline
continues to remain strong. Our $50 mn plus clients increased by 3 and $100 mn plus clients also increased by 3, $400 mn by 2 in FY 26.

&nbsp;&nbsp;&nbsp;&nbsp;14. Headcount at the end of the year was over 328,000. Voluntary attrition reduced by 1.5% to 12.6% for the
year, reflecting continued softness and our interventions toward talent retention.

&nbsp;&nbsp;&nbsp;&nbsp;15. We onboarded more than 20,000 freshers in FY26 and expect to hire a similar number in FY27. We will continue
to calibrate the overall requirement depending on growth expectations and attrition trends.

Operating margins for Q4 declined by 0.3% to 20.9%, sequentially. Major components of the changes are as below

Headwinds of

- 50 basis points impact from past acquisition on account of additional amortization of intangibles,

- 30 basis points from normalization of last quarter's one-off gain,

- 20 basis points from compensation-related costs offset by lower variable pay

This is partially offset by tailwinds of

- 40 basis points from currency and

- 30 basis points from Maximus comprising of value-based selling, lean and automation and critical portfolio

Q4 yield on cash and investments balance was at 6.2% and 6.7% for the year. ROE stood at 31.6%. Consolidated cash and investments were at $4.5 bn after returning over $4 bn to shareholders in FY26 reflecting our strong cash generation.

We signed 19 large deals during the quarter with TCV of $3.2 bn. This includes, 5 each in Financial Services and Manufacturing, 4 in Retail, 2 each in Life Science and Communication and 1 in EURS.

Region-wise, we signed 11 deals in Europe, 5 in America and 3 in the Rest of the World.

In FY26, we signed 96 large deals with TCV of $15 bn, 55% net new. This includes 3 mega deals for the year.

Tax rate for the quarter is lower due to reversal of prior year tax provisions, as a result of favorable tax orders. We expect effective tax rates for the FY27 to be in the range of 29% to 30%.

In line with our capital allocation policy, board has proposed a final dividend of INR25 per share which will result in a total dividend of INR48 per share, an increase of 11.6% over last year, once the final dividend is approved by the shareholders.

Coming to verticals,

Financial Services for FY26 grew above company average at 4.4%, led by ramp-ups of large deal wins and continued momentum in AI-led transformation, legacy modernization and vendor consolidation. Overall market sentiment remains positive, resulting in continued consumer spending across US banking, capital markets and Europe. CY26 budgets are expected to grow in US. We signed a large GCC deal for a regional bank in the US, an industry first and a large AI-first GCC deal. We are strategic AI partner for 18 out of the top 20 clients in this vertical. Significant large deal closures and new account openings in FY26 along with a strong large deal pipeline will drive growth acceleration in FY27.

Clients in Manufacturing remain cautious amid softer demand particularly in automotive and parts of Europe. There is continued uncertainty on account of tariffs and ongoing Middle East conflict which is resulting into delayed decision making in pockets. Discretionary spending remains constrained, while clients prioritizing cost optimization and operational resilience. Large deal pipeline comprises of infra outsourcing, AMS, S/4HANA rollouts etc. Near term and FY27 growth will be impacted due to low revenue from one large client.

Across EURS segment, demand environment remains constructive supported by a strong large deal pipeline. Clients continue to prioritize cost reduction and operational efficiency which is a driving vendor consolidation. In Energy, we see increased outsourcing leading to healthy deal momentum. Utilities demand is structurally higher, driven by grid constraints, renewables integration and acceleration electricity needs for a data center. 80% of the large deal TCV of FY26 was net new which will help growth acceleration in FY27.

In Retail segment, clients are operating in continued uncertainty from supply chain disruptions, geopolitical conflict and shifting trade policy. Consumer demand remains muted across the sector and budgets are tightly controlled with discretionary spends under pressure. Clients expect savings from AI-led productivity to do more with the similar budgets. We will see higher demand for AI-assisted legacy modernization. Topaz Fabric and AI Next platforms are helping clients in ideation from concept to deployable stage with the right guardrails for privacy, ethics and control.

In Communications sector, growth for FY26 was led by large deal ramp-ups. Overall environment remains cautious, amid macro uncertainty and margin pressures for clients. Budgets are flat to negative which is impacting discretionary spend. Non-discretionary spends are selective and increasingly AI-led. There is a shift from Generative to Agentic AI with clients consolidating IT and BPM to cut costs. We see a strong uptick in AI deals in areas like IT operations, software replacement and mainframe migration.

As we enter FY27, we continue to see a measured and selective approach to enterprise budgets, amid macro and geopolitical uncertainties, higher interest rates, rapid technology shifts and high competitive intensity.

We expect FY27 growth to be 1.5% to 3.5% in constant currency terms. The FY27 guidance includes

- Contribution from Stratus which we closed earlier this week, but excludes Versent JV and Optimum Healthcare acquisitions that are yet to be closed.

Reduction of 0.75% to 1% due to lower revenue from one of our large European manufacturing client. This was due to reduced client spend on account of challenging macro environment, along with our conscious decision to not pursue certain deals that were not aligned to our return expectations.

Further reduction in onsite mix by 0.75% to 1%, we expect third-party cost for FY27 to remain at similar levels as FY26.

Our operating margins guidance for the year is 20% to 22%. This assumes headwinds from wage hikes, productivity pass-throughs and AI investment offset by initiatives under project Maximus.

The impact of Optimum Healthcare, Stratus and Versent on operating margin will be approximately 0.7% on a full year annualized basis post closure.

With that we can open up for the questions.

**Moderator**

Thank you very much. We will now begin with the question and answer session.

First question is from the line of Yogesh Aggarwal from HSBC Securities. Please go ahead.

**Yogesh Aggarwal**

Yeah hi, just couple of questions. Firstly, Salil, can you talk about the push-pulls for the guidance like at the lower end and at the upper end what are you assuming? And secondly, you guys had a very successful Project Maximus, the quality of business, the revenues has also improved, but the entire INR depreciation which is very significant has not impacted the margin outlook. So, I was just curious which are the areas where all the INR depreciation has been invested and if you can talk a little bit about that? Thank you.

**Jayesh Sanghrajka**

Hi Yogesh, this is Jayesh here. At the lower end of the guidance we have assumed higher deterioration in the environment and at the upper end, we have assumed improved environment, like similar to what we have done in the last year as well.

In terms of margin walk, I did give you a broad margin walk, but largely we have invested all the benefit that we got from Rupee as well as from Maximus back into the business, whether it is sales and marketing costs which has gone up by 40 basis points on a full year basis, the AI talent and the AI partnerships etc.. So, I think all of all of that has been absorbed in in the margin in the financial year.

**Yogesh Aggarwal**

And just a quick follow-up, you mentioned productivity pass-through impacted margins. I was just wondering why should that be the case, if there was productivity improvement?

**Jayesh Sanghrajka**

So Yogesh, market is competitive. As I said, the competitive intensity in the market has gone up and the productivity will get passed back to the client largely.

**Yogesh Aggarwal**

Right, thank you.

**Moderator**

Thank you. Next question is from the line of Ankur Rudra from JP Morgan. Please go ahead.

**Ankur Rudra**

Hi, thank you. I noticed you have chosen to guide in a 200 basis point band versus a slightly wider band in the last couple of years. Is your visibility better this year versus the last few years? And furthermore, if you can dig a bit better a bit more into the guidance, as a follow-up to the previous question?

You are guiding for 2.25% organic at the midpoint approximately, which appears to be a bit of a slowdown versus the 2.4% organic in Fiscal '26. Can you maybe talk about what are the push and takes of the outlook and if you can especially elaborate on if the slowdown is because of; A, demand environment; B, structural AI deflation or; C, the impact from that one large account which is ramping down this year? Thank you.

**Jayesh Sanghrajka**

Yeah, so Ankur, if you look at the guidance last year we gave a 3-point guidance because the whole environment changed pretty much very close to the time when we were giving guidance, right? And we had very little clarity in terms of how that environment change on the back of tariff changes is going to impact the client behavior etc.

So where we stand today, I think there is a better clarity in terms of what happened, the environment has been like this for last few quarters and we know how clients are behaving at least at this point in time. Of course, if things change, you know, the client behavior will change, that is given always. But at this point in time from a comparative perspective we have a better clarity and better handle versus the last year.

**Salil Parekh**

Ankur, on the construction of the guidance, what we are seeing positive, where the changes are, Jayesh mentioned many of those points, I will elaborate. We are seeing the growth on AI services. We are seeing very good traction on that. We have started a program where we are working with large companies with a smaller footprint that Infosys has. We are expanding that quite nicely.

Then we saw the large deals, the net new was 55%. So that will contribute for the for this financial year in a significant way. And then on the other hand, there is the productivity benefits that are coming through which our clients are looking for with AI on the existing portfolios. Then Jayesh shared a couple of situations with Manufacturing, Europe, with on-site mix, there some technical factors. So those, if I add and subtract is where we came on that guidance. The environment I find is good. Our large deal pipeline is good.

The way we have done it on that AI at Investor Day, we had said, look, there is a growth side with what will be the AI. We have a couple of other growth drivers and then there is a compression side. And that is the balance that we are seeing in the past year with 3.1% and if you adjust for the one-timers from the prior year, we had a growth rate which was more than the compression we were seeing.

And this coming year, the guidance that we have started with also sees that. And then we see on the environment, how it changes improving or not improving, and then see how the year goes after that.

**Ankur Rudra**

Thank you for the elaboration, Salil. If I could, just a quick follow-up. What would need to happen for you to see an acceleration at the midpoint on an organic basis? Thank you.

**Salil Parekh**

These are things which are always more difficult to estimate, as you know well. However, the view emerging is that the situation in the Middle East may find some sort of a good resolution. Then the underlying economic trends are pretty good in the markets where we are large, so that could give rise to a more stable macro environment. Our AI traction and partnerships are good.

So those things, the first and the second accelerate, then we will see some good outcomes. But it is more of going in. We see the environment today, we have not seen some big change to give us a view that we have to do a 3-point range and so on at this stage. And overall, we see growth which is not a compression.

**Ankur Rudra**

Appreciate it. Thank you.

**Moderator**

Thank you. Next question is from the line of Bryan Bergin from TD Cowen. Please go ahead.

**Bryan Bergin**

Hi. Thank you. I wanted to ask on the AI productivity that you are seeing here. So with the AI model advances happening as fast as they are, has the amount of productivity during compression that you are seeing changed in the current contracts relative to what you may have been seeing, say, one or two quarters ago? And can you dimension maybe the mix of the business that is directly exposed to the productivity pass-throughs versus maybe the mix of the business that is more insulated?

**Salil Parekh**

So, on the first one, the models and the technology is moving with great innovation. We have not seen in one or two quarters, the change that you referenced, though what we are seeing is that competitive intensity is pretty high. So every now and then, we see a competitor doing something which looks outside the range of what we think the models can do today.

So that thing we do see, but not that is just the tech in the last two quarters, meaning over the last 2 years of course there have been changes. In the terms of services exposed, I think we have not like shared that data. But I think we have shared very clearly what our service line data is and so you can make some estimates with that, I think.

**Bryan Bergin**

Okay. And then my follow-up on kind of how you are thinking about the overall business and headcount. Hiring extensions for fiscal '27, I think I heard you say, roughly targeting the fresher target of around 20,000 again. But do you envision a scenario where, I guess, the total head count could ultimately be down in total when the year is over. And also, if you can help talk about the subcontractor intensity that you are anticipating in the year ahead.

**Salil Parekh**

So on the overall headcount, first, as you pointed out, we will recruit 20,000 college graduates. That is our plan today. We have a model, which does some of it at one particular time and the rest of it throughout the year. So, we have like a variability built in if we see some changes. But what we see today, we think 20,000 looks like a good place to start.

We still have at least now we look out for this quarter, next quarter, very good demand for people, which are coming at higher levels, lateral recruitments. So, I think that will continue. We do not have a plan that the headcount will be less at the end of the year. Now we will see how the demand environment plays out, but it is not going in sort of a view that we have. We basically look at Q1, Q2 and the rest we build out on the models we have.

**Jayesh Sanghrajka**

On the subcon, Bryan, if you look at last few years, Subcon as a percentage of revenue has come down. Obviously, it is also a factor of the growth. So typically, we use subcons to meet the demand, which comes in immediately, we do not have the requirement, skillsets, etc. And then we backfill that through the employees, and that is a cycle that goes on.

So we do not really expect subcons to significantly change from these numbers. Over a medium-term period, we expect to maybe go down from the current level, but at this point in time, not significantly changed.

**Bryan Bergin**

Okay. That is helpful. Thank you very much.

**Moderator**

Thank you. Next question is from the line of Gaurav Rateria from Morgan Stanley. Please go ahead.

**Gaurav Rateria**

Hi. Thank you for taking my question. My first question is on the construct of growth. When I look at that, there are broadly three factors that comes to my mind. The first is the macro, compared to last year, it appears that the headwinds related to tariffs, etc are not there. So, there is slight improvement, which is reflected in 40% of your portfolio that you talked about. The second factor is AI services, which probably has become larger than the last year and growing faster, which again is a tailwind. And the last factor could be the deflationary impact on existing business on account of productivity savings. So the fundamental question is that the first two tailwinds look better than last year. And the growth rates in organic terms does not look better at the midpoint of guide. Is it that the deflationary impact assumed in your guidance at the midpoint is slightly higher than what you have seen in the last year?

**Salil Parekh**

Hi, Gaurav. This is Salil. I think what you described is the way it starts off, which is we see very strong activity on AI services. On the macro, as the year progressed last year, the situation of the tariff got better and better understood, as you know. Then when the war started, that again had a little bit of a constraining effect on the macro.

There is a general view that it is coming to a resolution, but it has not happened. So, while among the economic indicators are forecasted in a better way, it is not yet into the system in that sense. So we will see when it actually comes in. Then if you look at the couple of things that Jayesh shared on the specific , on the Manufacturing in Europe, on the specific on the onsite mix. When you put all that together, we see actually something which looks stronger in that sense to what we saw last year.

Now the compression is definitely there, I do not know if I have a sense that it is more than last year. We are definitely seeing the compression, but we also seeing the growth and that is how we are sort of dissecting it if you will.

Jayesh might have something to add.

**Jayesh Sanghrajka**

Yeah, so Gaurav, maybe couple of points in addition to what Salil said. If you look at last year, we started with 0% to 3% and as the visibility improved, every quarter we either tightened the band or improved the guide from where we are. The idea of guidance is to reduce asymmetry and provide a view as to where we see, what we see today. And this is what we see today.

We do have a client in Manufacturing, in Europe where we have stayed away from a deal where it did not meet our return estimations. There is some ramp-downs on that client happening because the client is going through a challenging macro environment. So that is baked in. We have also baked in the onsite mix that will impact in the guidance. The exit trajectory of onsite mix is already pretty much 40 to 50 basis points from the future year perspective.

So that is baked in in the guidance already. And the resultant is 1.5% to 3.5% guidance that that we have announced. Of course, if the visibility improves as we go through the year, we will re-look at the guidance.

**Gaurav Rateria**

Thank you for that detailed answer. The second question is on, the new AI services, would it be fair to say they come at a relatively higher revenue productivity than the core business and also better gross margins or not?

Lastly, Jayesh, any color on when would the wage hike cycle kick in during the current financial year? Thank you.

**Jayesh Sanghrajka**

So Gaurav, yes, generally the AI projects come at a better pricing and therefore it reflects in a better margin. Of course, it also has a higher cost compared to the regular projects because the talent is a premium talent at this point in time. So, it is always a factor of how much ahead of the curve you are in terms of benchmark and that is what will define the premium that you will get in the market. If you are at the benchmark level, you would not get a premium. If you are ahead of the curve, you do get a premium.

And at this point in time, if you look at the numbers in terms of deals that we are winning, we have won $15 bn deals, that kind of talks about our positioning in the market. You did see on the AI day, everything that we presented in terms of our capabilities and what clients are saying in terms of our AI capabilities. So, I think that gives us the comfort and confidence that we are in the right direction and it is also reflected in the pricing and the margins on the AI deals.

In terms of wage increases, we have not really decided the timing at this point in time. We do take multiple factors when we decide that in terms of the level of attrition that we have, when did we do the last wage increases, what the market scenario, what is the inflation etc. We will take all of those decision into consideration and decide.

**Gaurav Rateria**

Thank you and all the very best.

**Moderator**

Thank you. Next question is from the line of Sumeet Jain from CLSA India. Please go ahead.

**Sumeet Jain**

Yeah hi, thanks for the opportunity. So Salil, firstly wanted to check in the last two months with the latest launch of Anthropic models, have you seen increased productivity demand from the clients? I mean, you mentioned in the press conference that nothing material has changed in the last three months. Can you just specify what kind of client conversations are you having around productivity?

**Salil Parekh**

So there the sense I have is, the need for productivity is similar. There is some level of competitive intensity which is higher, which then leads to more demand. There are some cases where it is way outside the bound where there is not a lot of engagement then, it is something which we do not see a way of getting to, so we are not going down those paths. But those are very infrequent.

If you look at the vast majority we see, not this like big changes has come literally in the last two months or so at this stage. Now things are moving fast, productivity over time which is over multiple quarters, year, that has changed, but it is not something that suddenly has like a step change in the last two months that we have seen that.

**Sumeet Jain**

And can you also help throw some light in the new deals what you have signed? I mean, are the productivity levels with usage of AI tools similar to what you are in a way passing on in the existing business? Because the order book looks pretty strong on a year-on-year basis for the full year, but that is not translating into your improved organic growth in FY27.

So is it like the base business is seeing a much higher deflation than, what each one of us were expecting and with the improvement in AI models, can it actually further accelerate in the coming quarters? So, can you throw some light as to how you are seeing the market?

**Salil Parekh**

So there, we are not sharing the specifics on what we are seeing in the portfolio in the growth compression side as opposed to what we have shared which is our overall guidance with some of the points that Jayesh mentioned, the onsite mix, the Manufacturing vertical etc. So, I think we see with that solid growth outlook where we are keeping pace, making sure that what we are seeing in the AI services growth, some of the other areas of growth that we see, is growth which then manages the compression that we see on some of the other parts of our business.

So, we do not have a way of sharing that this is the compression, this is the gross growth and then this is the net growth, if you will.

**Sumeet Jain**

No got it, got it. I think that is always a difficult thing to quantify. But also if you can just flag in terms of any quantification you can give the impact of the European manufacturing client ramp-down or some competition kicking in there. And I guess Jayesh you also mentioned that the shift to more offshore will have a 40 to 50 bps impact in FY27. And I guess there were some articles around Vanguard insourcing. So if you can quantify these three things how much is the impact on your guidance in this year?

**Jayesh Sanghrajka**

Yeah, so Sumeet, if you look at what I said earlier, 1% impact or close 75 bps to 1% impact will come from the European client, which is combination of a deal which did not meet our returns expectation and the ramp-downs in this client through the year as the macro environment is challenging in that sector.

The 70 basis points is a reduction in onsite mix we are expecting. 40 to 50 basis points is already visible in the exit trajectory and we do, as we see forward we still believe there will be even further improvement on the onsite mix. So that will also impact the revenue growth from that perspective.

**Sumeet Jain**

No got it, that is very helpful and all the best. Thank you.

**Moderator**

Thank you. Next question is from the line of Jonathan Lee from Guggenheim Partners. Please go ahead.

**Jonathan Lee**

We are seeing percentage of net new deals come in at the lowest level we have seen in recent years. So, can you help us unpack whether that is a function of capability set or AI pressure impacting the demand environment or any other factor there? And can you walk us through what do you expect for a net new deals for the year given what you are seeing in your pipeline today?

**Jayesh Sanghrajka**

Yeah, so Jonathan, if you look at the combination of net new and the renewal, is what percentage of deals are coming in for renewal and what percentage of deals are in the pipeline from net perspective. For the full year if you look at, we did sign $15 bn of deals, 96 of them, pretty much 55% net new in that. So I think, by any stretch of imagination that is a strong performance. It is almost 28% growth on a year-on-year basis.

**Jonathan Lee**

And as a follow-up, can you help us understand what transpired over the course of the quarter and how that may have tracked relative to your internal expectations? I am hoping to get a better understanding of when you may have started to see some of the outside deflationary impact or some of the down-tick in revenue realization or any other dynamics at play there?

**Jayesh Sanghrajka**

We do not really give a visibility in terms of what were we setting as goals or looking at plans in terms of net large deals and performance against that. I think in our view $3.2 bn is a strong performance. Yeah, we do see in some pockets some slower decision making in March, but I do not know if it has got a significant impact on the large deal sign-ups. I would not call that at this point in time.

**Jonathan Lee**

Appreciate the colour. Thank you.

**Moderator**

Thank you. Next question is from the line of Vibhor Singhal from Nuvama. Please go ahead.

**Vibhor Singhal**

Yeah hi, thanks for taking my question. Two questions from my side. The first question, Salil, is basically on the AI deflation or the compression part that we have been discussing a lot. So just wanted to get some color as to where do you think we are in that revenue deflation cycle? So, let us say if I were to compare it to the last digital cycle, we had revenue compression which kept kind of increase and then we reached a trough and from there basically that started coming down and along with we had incremental revenue coming from the digital business.

I would assume this cycle would pretty much follow the same model. So, while our GenAI revenue and which is for the other companies also is reporting very strong growth, the revenue compression continues to be quite substantial at this point of time. So, do you think we are already at the trough of that revenue deflation cycle? If not, I mean I know it is difficult to quantify the timeline.

So basically, are we still away, there is more deflation that you think that that might come in? Or do you think we are basically done with the worst is behind and the deflation will still continue but it might be not as much as let us say going forward as it was before? And then I have a follow-up for Jayesh.

**Salil Parekh**

So hi, this is Salil. On that, what we are seeing is there are different dimensions to the compression. Meaning, we are now working with clients where some of the productivity discussions were baked into the deals over the past year or so and then you have a multiple year outlook. So, all of that will not happen on the first year, it goes through it.

So, the actual compression will be dependent on the mix, first year deal, second year deal and so on. We have not got a sense of where we are on that path, but we have a sense of like what the foundation models and other tools are able to support and use that as a basis for what, we are doing with forward deals like three-year, five-year deals and so on.

But on that sort of a scenario, we do not have a view that we can share on like where that path is. But we are definitely very clear on where, like when working with the foundation model and tools, what is possible, where is it effective, different models or different tools are more relevant for different parts of the AI work that we are doing with clients. That we are very I would say close to.

**Vibhor Singhal**

Got it. If I may just extend a bit on that. So, let us say the deals that we are signing at this point of time, you mentioned many of them have that productivity benefit already baked in or let us say built into the original deal. But as the cycle evolves, are we also seeing let us say deals which we had signed let us say maybe 6 months ago or 12 months ago and there the client has come back and asked for incremental productivity benefits to be passed?

I am talking about the recent deals, not the earlier deals. I am sure the earlier deals are seeing that kind of a response sometime. But in these in recent deals also are we seeing that kind of a movement in our conversations?

**Jayesh Sanghrajka**

So Vibhor, I do not think we have seen, scenarios where what we signed few months back, a client has come back and asked us, different productivity to be baked in again. What Salil was talking about when a deal comes up for bid or when you are bidding for a new deal.

**Vibhor Singhal**

Right. Got it. Sure. Just one last question for you, Jayesh. In terms of the margins, I think this quarter had a very good tailwind from the INR depreciation. Now we know that for a long the industry has moved matured to a state where rupee depreciation does not lead to much of margin expansion over the medium to long term.

But we have generally seen a temporary quarterly bump up in margins because of INR depreciation. Has that benefit also kind of stopped trickling in because not just for us but for most of the players in the industry, we are not seeing any kind of a margin expansion, in this quarter specifically, is it that those benefits are being invested somewhere else or is it that those benefits have stopped accruing at all and those are being passed to the client immediately?

**Jayesh Sanghrajka**

So, two points there, Vibhor. Generally, I mean, you do have rupee benefit that sometimes gets offset by or most of the times gets offset by cross-currency headwinds. Because when US dollar appreciates, it appreciates against most currencies and that kind of offset each other. And your portfolio of non-US as it grows, that offset becomes larger and larger, across us and across the industry also you would have seen that.

I mean there were times when the US used to be 70-75 plus percentage. That obviously has gone down significantly and therefore the headwinds from the other currencies comes in.

If you look at this quarter specifically for us as I called out in the margin walk, there was close to 50 basis points of headwind that that we got because of amortization of one of the acquisition related intangibles. Last quarter we had a 30 basis points gain, so in a way these two went into two different directions for us in terms of margin impact, both became a headwind. And then 20 basis points on account of employee related costs. So, all of those were headwinds that were offset by 40 basis points from currency and 30 basis points from Maximus.

**Vibhor Singhal**

Got it. Great. Thank you so much for taking my questions and wish you all the best.

**Jayesh Sanghrajka**

Thank you.

**Moderator**

Thank you. Next question is from the line of Abhishek Pathak from Motilal Oswal. Please go ahead.

**Abhishek Pathak**

Yeah. Hi Salil, so I had a question around, the deals that we left on the table. We saw similar comment from one of your peers as well. So just curious sort of what is happening over here, are we being disrupted by let us say leaner, more AI native sort of companies who are pricing the deals very low by the delivery model changing, or is this a race to the bottom from traditional vendors who are just essentially creating a pricing, creating irrational pricing?

So very curious as to, what is happening here and over the next two-to-three-year period do you think, the industry needs to find, newer leaner models to sort of, price the deals and how much is possible to kind of change over here in the short term? Thank you.

**Salil Parekh**

So there, I mean, it is not that this is something widely prevalent. We do see sometimes a particular competitor doing pricing which seems unusual, but this is something that has happened, over the course of the years for different reasons. Just now it may be linked with the client's mind to AI productivity, at other times it is got other things.

So, I do not see that it is something which is across everything. At the end, we had 96 deals with close to $15 bn in large deals for last year, so it is a very broad-based robust outcome, plus the pipeline is pretty good. But there are anecdotal things where some of the productivity thing looks out of the range and we see with what is possible with what we have understood with some of the foundation models. So, it is more of that sort of a comment, we do not see that as being a sort of trend of some sort.

**Abhishek Pathak**

Understood. Thank you so much and all the best.

**Moderator**

Thank you. Next question is from the line of Keith Bachman from BMO Capital. Please go ahead.

**Keith Bachman**

Hi, thank you very much. I have two questions. The first question is related to pricing. And I wanted to understand the context of how pricing competitiveness has changed. And you started the answer on the last question and really A, is it more competitive today than it has been over the last couple years? But B, the spirit of the question is my understanding when some of your competitors are getting more aggressive on pricing, they are introducing cost curves associated with the deployment of AI that may have more uncertainty surrounding those cost curves because this is new technology. And we are I think everybody is trying to figure out what it can and cannot do at the current level. So, does that introduce incremental risk in how you are philosophically thinking about pricing, if you could just talk a little bit about pricing dynamics with the introduction of AI? And I do have a follow-up.

**Salil Parekh**

I will start on that pricing point. The way we are seeing it is the point you made about competitive intensity, we do see there is increased intensity. If you look at last financial year, we had a growth, some other players had negative revenue. So, one can imagine some of that sort of a scenario. In pricing, it is actually Jayesh will talk a little bit about it, I think overall realization is better in the year than we have seen before. So maybe the execution is better and the portfolio at least we feel is less risky in that sense. So I do not think we have what I think if I understood well what you were describing, yeah.

**Jayesh Sanghrajka**

If I can just add to what Salil was saying. If you look at little elevated level, despite the softer volume through the year most of our growth came from the realization. That reflects in what we have been able to get on the back of AI, that reflects in the value that we are creating for our clients. And to some extent that also reflects the contribution from Project Maximus through the lean automation, value-based selling and all of those tracks, right.

So that is given. If you look at despite the competitiveness in the market, despite all of that, we have been able to maintain our margins for the year. We have invested back in the business, 50 basis points and or 40-odd basis points in sales and marketing, the AI talent that we are building, the AI capabilities that we are building, all other AI related investments. So, all of that has been absorbed in the margin while keeping margin constant.

**Keith Bachman**

Okay, okay. Let me ask my second follow-up question. And it also speaks to or questions the growth algorithm. And I am trying to understand how the growth algorithm may change from a volume perspective given the AI efficiency gains on the supply side. And the way I think about it is, I have had this we have had this conversation before with one of your competitors, if you are trying to grow at 3% in the past years. You might have to grow volumes by 5% or 6% to get to 3% growth.

And one of your competitors suggested that volume variance may need to double because of the efficiency gains to get to the same revenue growth trajectory. And I just wanted to see if you could think about how is the growth algorithm on a volume basis different today because of those AI efficiency gains as you look out over the next 12 months versus what the what it is been over the last couple years?

**Jayesh Sanghrajka**

Keith, the reality is we do see as Salil was saying earlier, we do see some deflation from our existing services, right? And part largely part of that is getting offset by the new services, the new AI-driven services. Overall at this point in time, the volumes for the last year has remained flattish. And as we go forward, we continue to see volumes to remain flatter or marginally positive as what we have baked in the guidance at this point in time, which is reflected in the lower end. On the upper end as I said earlier, we have expected better macro environment which would reflect in better volumes.

**Keith Bachman**

Okay, got it. All right, many thanks. Good luck.

**Moderator**

Thank you. Next question is from the line of Apurva Prasad from Franklin Templeton. Please go ahead.

**Apurva Prasad**

Hey hi, any comments on the direction of the onsite mix? I am trying to understand if the AI compression or just AI embedded in services and contract structures, is that impacting the delivery mix?

**Jayesh Sanghrajka**

No Apurva, I think it is multiple factors. Little bit of the environment, little bit of the visa situations in some of the countries, little bit of our own initiative to deliver more from offshore. So, I think it is a combination of all of that. Sorry just to add, the discretionary spend has also come down which generally needs higher onsite.

**Apurva Prasad**

Okay. And for FY27, the onsite exit should be similar and third-party cost I think you said will be similar next year versus this?

**Jayesh Sanghrajka**

Third-party cost , I did say that earlier, we expect it to be in the similar range. FY27 exit is difficult to project at this point in time as I said, the FY26 exit itself gives us approximately 40-50 basis points of lower onsite mix and we think trend will continue to some extent. But it is very difficult to predict what will be FY27 exit.

**Apurva Prasad**

Sure, thank you.

**Moderator**

Thank you very much. Ladies and gentlemen, we will take that as a last question. I will now hand the conference over to the management for closing comments.

**Salil Parekh**

Thank you. First thanks everyone for joining. Just want to share a quick summary. We had a strong FY26 3.1% growth, 21% margin, very good large deals, close to $15 bn. We have a growth guidance for the coming year. We have a mix of growth drivers and compression. Overall growth guidance and adjusting for some of the one-off technical factors, a larger growth like-for-like basis. The AI services approach and strategy, I think we have laid out is resonating with our clients very well.

We see all of the six areas in our pipeline, very good partnerships with the AI foundation model companies and other tool companies. With all of that, we look ahead to a strong successful year in this coming year and look forward to catching up with all of you in the next quarterly call. Thank you, take care.

**Moderator**

Thank you very much members of the management. Ladies and gentlemen, on behalf of Infosys Limited, that concludes this conference call. Thank you for joining us. And you may now disconnect your lines. Thank you.

## Exhibit 99.6

**Exhibit 99.6**<br> **Form of Release to Stock Exchanges**

**INDEPENDENT Auditor's Report** **ON AUDIT OF QUARTERLY AND ANNUAL CONSOLIDATED FINANCIAL RESULTS**

**To The Board of Directors of INFOSYS Limited**

**Opinion**

We have audited the accompanying statement of Consolidated Financial Results of **INFOSYS LIMITED** (the "Company") and its subsidiaries (the Company and its subsidiaries together referred to as the "Group") for the quarter and year ended March 31, 2026 (the "Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "LODR Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

&nbsp;&nbsp;&nbsp;&nbsp;(i) includes the financial
results of the subsidiaries as given in the Annexure to this report;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) is presented in
accordance with the requirements of Regulation 33 of the LODR Regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) gives a true and
fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim
Financial Reporting" ("Ind AS 34") prescribed under section 133 of the Companies Act, 2013 (the "Act")
read with relevant rules issued thereunder and other accounting principles generally accepted in India of the consolidated net profit
and consolidated other comprehensive income and other financial information of the Group for the quarter and year ended March 31, 2026.

**Basis for Opinion**

We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in Auditor's Responsibilities for audit of the consolidated financial results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the consolidated financial results for the quarter and year ended March 31, 2026 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

**Management's and Board of Directors' Responsibilities for the Statement**

The Statement, which includes the Consolidated Financial Results is the responsibility of the Company's Board of Directors and has been approved by them for the issuance. The Statement has been compiled from the related audited interim condensed consolidated financial statements for the three months and year ended March 31, 2026. This responsibility includes the preparation and presentation of the Statement that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Statement by the Directors of the Company, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

**Auditor's Responsibilities for audit of the Consolidated Financial Results for the quarter and year ended March 31, 2026**

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the quarter and year ended March 31, 2026, as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess
the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding
of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of such controls.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness
of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness
and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the LODR
Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;• Conclude on the
appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's
report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the
Group to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the overall
presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions
and events in a manner that achieves fair presentation.

&nbsp;&nbsp;&nbsp;&nbsp;• Perform procedures
in accordance with the circular issued by the SEBI under Regulation 33(8) of the LODR Regulations to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;• Obtain sufficient
appropriate audit evidence regarding the Financial Information of the entities within the Group to express an opinion on the Statement.
We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in
the Statement of which we are the independent auditors.

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Statement.

We communicate with those charged with governance of the Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

---

| | |
|:---|:---|
| Place: Bengaluru<br> Date: April 23, 2026 | **For DELOITTE HASKINS & SELLS LLP**<br> Chartered Accountants<br> (Firm's Registration No. 117366W/W-100018)<br>![](vikas-signature.gif) <br>Vikas Bagaria<br> Partner<br> (Membership No.060408)<br> UDIN: 26060408EHYKIW3166  |

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**<u>Annexure to Auditor's Report</u>**

**<u>List of Entities:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. Infosys Technologies
(China) Co. Limited

&nbsp;&nbsp;&nbsp;&nbsp;2. Infosys Technologies
S. de R. L. de C. V.

&nbsp;&nbsp;&nbsp;&nbsp;3. Infosys Technologies
(Sweden) AB

&nbsp;&nbsp;&nbsp;&nbsp;4. Infosys Technologies
(Shanghai) Company Limited

&nbsp;&nbsp;&nbsp;&nbsp;5. Infosys Nova Holdings
LLC. &nbsp;&nbsp;&nbsp;&nbsp;6. EdgeVerve Systems
Limited

&nbsp;&nbsp;&nbsp;&nbsp;7. Infosys Austria
GmbH

&nbsp;&nbsp;&nbsp;&nbsp;8. Skava Systems Private
Limited (liquidated effective November 14, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;9. Infosys Chile SpA

&nbsp;&nbsp;&nbsp;&nbsp;10. Infosys Arabia Limited
(under liquidation)

&nbsp;&nbsp;&nbsp;&nbsp;11. Infosys Consulting
Ltda.

&nbsp;&nbsp;&nbsp;&nbsp;12. Infosys Luxembourg
S.a.r.l

&nbsp;&nbsp;&nbsp;&nbsp;13. Infosys Americas
Inc. (liquidated effective July 14, 2023)

&nbsp;&nbsp;&nbsp;&nbsp;14. Infosys Public Services,
Inc. USA

&nbsp;&nbsp;&nbsp;&nbsp;15. Infosys BPM Limited

&nbsp;&nbsp;&nbsp;&nbsp;16. Infosys (Czech Republic)
Limited s.r.o.

&nbsp;&nbsp;&nbsp;&nbsp;17. Infosys Poland Sp
z.o.o

&nbsp;&nbsp;&nbsp;&nbsp;18. Infosys McCamish
Systems LLC

&nbsp;&nbsp;&nbsp;&nbsp;19. Portland Group Pty
Ltd

&nbsp;&nbsp;&nbsp;&nbsp;20. Infosys BPO Americas
LLC. &nbsp;&nbsp;&nbsp;&nbsp;21. Infosys Consulting
Holding AG

&nbsp;&nbsp;&nbsp;&nbsp;22. Infosys
Management Consulting Pty Limited

&nbsp;&nbsp;&nbsp;&nbsp;23. Infosys Consulting
AG

&nbsp;&nbsp;&nbsp;&nbsp;24. Infosys Consulting
GmbH

&nbsp;&nbsp;&nbsp;&nbsp;25. Infosys Consulting
S.R.L (Romania) (Renamed as Infosys Romania SRL)

&nbsp;&nbsp;&nbsp;&nbsp;26. Infosys Consulting
SAS

&nbsp;&nbsp;&nbsp;&nbsp;27. Infy Consulting
Company Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;28. Infy Consulting
B.V.

&nbsp;&nbsp;&nbsp;&nbsp;29. Infosys Consulting
S.R.L (Argentina) (formerly a majority owned and controlled subsidiary of Infosys Limited) became the majority owned and controlled subsidiary
of Infosys Nova Holdings LLC with effect from January 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;30. Infosys Consulting
(Belgium) NV

&nbsp;&nbsp;&nbsp;&nbsp;31. Panaya Inc.

&nbsp;&nbsp;&nbsp;&nbsp;32. Infosys Financial
Services GmbH

&nbsp;&nbsp;&nbsp;&nbsp;33. Panaya Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;34. Brilliant Basics
Holdings Limited (under liquidation)

&nbsp;&nbsp;&nbsp;&nbsp;35. Brilliant Basics
Limited (under liquidation)

&nbsp;&nbsp;&nbsp;&nbsp;36. Infosys Singapore
Pte. Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;37. Infosys Middle East
FZ LLC

&nbsp;&nbsp;&nbsp;&nbsp;38. Fluido Oy

&nbsp;&nbsp;&nbsp;&nbsp;39. Fluido Sweden AB

&nbsp;&nbsp;&nbsp;&nbsp;40. Fluido Norway A/S

&nbsp;&nbsp;&nbsp;&nbsp;41. Fluido Denmark A/S

&nbsp;&nbsp;&nbsp;&nbsp;42. Fluido Slovakia
s.r.o

&nbsp;&nbsp;&nbsp;&nbsp;43. Infosys Compaz Pte.
Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;44. Infosys South Africa
(Pty) Ltd

&nbsp;&nbsp;&nbsp;&nbsp;45. WongDoody, Inc,
(merged into Infosys Nova Holdings LLC with effect from January 01, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;46. HIPUS Co., Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;47. Stater N.V.

&nbsp;&nbsp;&nbsp;&nbsp;48. Stater Nederland
B.V.

&nbsp;&nbsp;&nbsp;&nbsp;49. Stater XXL B.V.

&nbsp;&nbsp;&nbsp;&nbsp;50. HypoCasso B.V.

&nbsp;&nbsp;&nbsp;&nbsp;51. Stater Participations
B.V. (wholly owned subsidiary of Stater N.V. merged with Stater N.V. with effect from November 24, 2023)

&nbsp;&nbsp;&nbsp;&nbsp;52. Stater Belgium N.V./S.A.
(formerly a wholly owned subsidiary of Stater Participations B.V., became the wholly owned subsidiary of Stater N.V. with effect from
November 24, 2023)

&nbsp;&nbsp;&nbsp;&nbsp;53. Outbox systems Inc.
dba Simplus (US), (merged into Infosys Nova Holdings LLC with effect from January 01, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;54. Simplus ANZ Pty
Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;55. Simplus Australia
Pty Ltd

&nbsp;&nbsp;&nbsp;&nbsp;56. Simplus Philippines,
Inc.

&nbsp;&nbsp;&nbsp;&nbsp;57. Infosys Fluido UK,
Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;58. Infosys Fluido Ireland,
Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;59. Infosys Limited
Bulgaria EOOD

&nbsp;&nbsp;&nbsp;&nbsp;60. Infosys BPM UK Limited

&nbsp;&nbsp;&nbsp;&nbsp;61. Blue Acorn
iCi Inc., (merged into Infosys Nova Holdings LLC with effect from January 01, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;62. Kaleidoscope Animations,
Inc., (merged into Infosys Nova Holdings LLC with effect from January 01, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;63. Kaleidoscope Prototyping
LLC (liquidated effective November 1, 2023)

&nbsp;&nbsp;&nbsp;&nbsp;64. GuideVision s.r.o

&nbsp;&nbsp;&nbsp;&nbsp;65. GuideVision Deutschland
GmbH

&nbsp;&nbsp;&nbsp;&nbsp;66. GuideVision Suomi
Oy

&nbsp;&nbsp;&nbsp;&nbsp;67. GuideVision
Magyarorszag Kft

&nbsp;&nbsp;&nbsp;&nbsp;68. GuideVision Polska
Sp. z.o.o

&nbsp;&nbsp;&nbsp;&nbsp;69. Infosys Business
Solutions LLC

&nbsp;&nbsp;&nbsp;&nbsp;70. Infosys Germany
GmbH (wholly owned subsidiary of Infosys Singapore Pte Limited merged into Infosys Germany SE (formerly known as Blitz 24-893 SE) effective
from September 24, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;71. GuideVision UK Ltd
(under liquidation)

&nbsp;&nbsp;&nbsp;&nbsp;72. Infosys Turkey Bilgi
Teknolojileri Limited Sirketi

&nbsp;&nbsp;&nbsp;&nbsp;73. Infosys Germany
Holding Gmbh

&nbsp;&nbsp;&nbsp;&nbsp;74. Infosys Automotive
and Mobility GmbH & Co. KG

&nbsp;&nbsp;&nbsp;&nbsp;75. Stater GmbH

&nbsp;&nbsp;&nbsp;&nbsp;76. Infosys Green Forum

&nbsp;&nbsp;&nbsp;&nbsp;77. Infosys (Malaysia)
SDN. BHD.

&nbsp;&nbsp;&nbsp;&nbsp;78. oddity space GmbH,
merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023

&nbsp;&nbsp;&nbsp;&nbsp;79. oddity jungle GmbH
merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023

&nbsp;&nbsp;&nbsp;&nbsp;80. oddity waves GmbH
merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023

&nbsp;&nbsp;&nbsp;&nbsp;81. oddity group Services
GmbH merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023

&nbsp;&nbsp;&nbsp;&nbsp;82. oddity code GmbH
merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023

&nbsp;&nbsp;&nbsp;&nbsp;83. WongDoody d.o.o.
(formerly known as oddity code d.o.o) which was formerly a subsidiary of oddity Code GmbH has become a subsidiary of Wongdoody Gmbh (formerly
known as oddity GmbH) with effect from September 29, 2023

&nbsp;&nbsp;&nbsp;&nbsp;84. WongDoody GmbH (formerly
known as Oddity GmbH)

&nbsp;&nbsp;&nbsp;&nbsp;85. WongDoody (Shanghai)
Co. Limited (formerly known as oddity (Shanghai) Co. Ltd.)

&nbsp;&nbsp;&nbsp;&nbsp;86. WongDoody Limited
(Taipei) (formerly known as oddity Limited (Taipei)

&nbsp;&nbsp;&nbsp;&nbsp;87. Infosys Public Services
Canada Inc.

&nbsp;&nbsp;&nbsp;&nbsp;88. BASE life science
A/S

&nbsp;&nbsp;&nbsp;&nbsp;89. BASE life science
AG

&nbsp;&nbsp;&nbsp;&nbsp;90. BASE life science
GmbH

&nbsp;&nbsp;&nbsp;&nbsp;91. BASE life science
Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;92. BASE life science
S.A.S

&nbsp;&nbsp;&nbsp;&nbsp;93. BASE life science
S.r.l.

&nbsp;&nbsp;&nbsp;&nbsp;94. Innovisor Inc.

&nbsp;&nbsp;&nbsp;&nbsp;95. BASE life science
Inc.

&nbsp;&nbsp;&nbsp;&nbsp;96. BASE life science
S.L.

&nbsp;&nbsp;&nbsp;&nbsp;97. Panaya Germany GmbH

&nbsp;&nbsp;&nbsp;&nbsp;98. Infosys Norway

&nbsp;&nbsp;&nbsp;&nbsp;99. Infosys BPM Canada
Inc. (Wholly-owned subsidiary of Infosys BPM Limited) which was incorporated on August 11, 2023 has been dissolved on March 15, 2024

&nbsp;&nbsp;&nbsp;&nbsp;100. Danske IT and Support
Services India Private Limited acquired by Infosys Limited on September 1, 2023 (Renamed as Idunn Information Technology Private Limited
with effect from April 1, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;101. InSemi Technology
Services Pvt. Ltd. acquired by Infosys limited on May 10, 2024

&nbsp;&nbsp;&nbsp;&nbsp;102. Elbrus Labs Private
Limited (a wholly owned subsidiary of InSemi Technology Services Pvt. Ltd.) acquired by Infosys limited on May 10, 2024

&nbsp;&nbsp;&nbsp;&nbsp;103. Infosys Services
(Thailand) Limited, a Wholly-owned subsidiary of Infosys Limited was incorporated on July 26, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;104. Infy tech SAS, a
Wholly-owned subsidiary of Infosys Singapore Pte Limited was incorporated on July 03, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;105. in-tech Holding
GmbH (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly owned subsidiary of Infosys
Limited) on July 17, 2024 merged into in-tech GmbH with effect from January 01, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;106. in-tech GmbH (Subsidiary
of in-tech Holding GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly owned
subsidiary of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;107. in-tech Automotive
Engineering SL (Subsidiary of in-tech GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited
(a wholly owned subsidiary of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;108. ProIT (Subsidiary
of in-tech GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly owned subsidiary
of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;109. in-tech Automotive
Engineering de R.L. de C.V (Subsidiary of in-tech GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore
Pte. Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024) (liquidated effective May 07, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;110. drivetech Fahrversuch
GmbH (Subsidiary of in-tech GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly
owned subsidiary of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;111. Friedrich Wagner
Holding Inc (Subsidiary of in-tech GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited
(a wholly owned subsidiary of Infosys Limited) on July 17, 2024) (under liquidation)

&nbsp;&nbsp;&nbsp;&nbsp;112. in-tech Automotive
Engineering LLC (Subsidiary of Friedrich Wagner Holding Inc) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys
Singapore Pte. Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024) (liquidated effective November 30, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;113. in-tech Services
LLC (Subsidiary of Friedrich Wagner Holding Inc) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte.
Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024) (liquidated effective November 30, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;114. Friedrich &
Wagner Asia Pacific GmbH (Subsidiary of in-tech GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore
Pte. Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024), (merged into in-tech GmbH with effect from January 01,
2025).

&nbsp;&nbsp;&nbsp;&nbsp;115. in-tech engineering
s.r.o (Subsidiary of Friedrich & Wagner Asia Pacific GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys
Singapore Pte. Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;116. in-tech engineering
GmbH (Subsidiary of Friedrich & Wagner Asia Pacific GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys
Singapore Pte. Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;117. in-tech engineering
services S.R.L (Subsidiary of Friedrich & Wagner Asia Pacific GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary
of Infosys Singapore Pte. Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024), (merged into ProIT with effect from
November 30, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;118. in-tech Group Ltd
(Subsidiary of Friedrich & Wagner Asia Pacific GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore
Pte. Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;119. in-tech Group India
Private Limited (Subsidiary of in-tech Group Ltd) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte.
Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024). On September 01, 2024 in-tech Group India Private Limited became
a wholly-owned subsidiary of Infosys limited.

&nbsp;&nbsp;&nbsp;&nbsp;120. In-tech Automotive
Engineering Shenyang Co. (Subsidiary of Friedrich & Wagner Asia Pacific GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary
of Infosys Singapore Pte. Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;121. In-tech Automotive
Engineering Bejing Co., Ltd (Subsidiary of In-tech Automotive Engineering Shenyang Co.) (acquired by Infosys Germany GmbH, a wholly owned
subsidiary of Infosys Singapore Pte. Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;122. Infosys Employees
Welfare Trust

&nbsp;&nbsp;&nbsp;&nbsp;123. Infosys Employee
Benefits Trust

&nbsp;&nbsp;&nbsp;&nbsp;124. Infosys Science
Foundation

&nbsp;&nbsp;&nbsp;&nbsp;125. Infosys Expanded
Stock Ownership Trust

&nbsp;&nbsp;&nbsp;&nbsp;126. Infosys Germany
SE (formerly known as Blitz 24-893 SE) acquired by Infosys Singapore Pte Ltd on October 17, 2024

&nbsp;&nbsp;&nbsp;&nbsp;127. Infosys Limited
SPC, a Wholly-owned subsidiary of Infosys Limited was incorporated on December 12, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;128. Infosys BPM Netherlands
B.V., a Wholly-owned subsidiary of Infosys BPM Limited was incorporated on March 20, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;129. Infosys Energy Consulting
Services LLC, a Wholly-owned subsidiary of Infosys Nova Holding LLC was incorporated on April 16, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;130. Infosys Saudi Arabia
LLC, a Wholly-owned subsidiary of Infosys Limited was incorporated on April 21, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;131. Infosys Australia
Technology Services Pty Ltd, a Wholly-owned subsidiary of Infosys Singapore Pte. Limited was incorporated on April 23, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;132. MRE Consulting Ltd
(acquired by Infosys Nova Holding LLC (a Wholly-owned subsidiary of Infosys Limited) with 98.21% partnership interest and Infosys Energy
Consulting Services LLC (a wholly owned subsidiary of Infosys Nova Holding LLC) with 1.79% partnership interest on April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;133. MRE Technology Services
LLC (a Wholly-owned subsidiary of MRE Consulting Ltd) (acquired by Infosys Nova Holding LLC (a Wholly-owned subsidiary of Infosys Limited)
with 98.21% partnership interest and Infosys Energy Consulting Services LLC (a wholly owned subsidiary of Infosys Nova Holding LLC) with
1.79% partnership interest on April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;134. The Missing Link
Automation Pty Ltd (acquired by Infosys Australia Technology Services Pty Ltd, a Wholly-owned subsidiary of Infosys Singapore Pte. Limited
(a wholly owned subsidiary of Infosys Limited) on April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;135. The Missing Link
Network Integration Pty Ltd (acquired by Infosys Australia Technology Services Pty Ltd, a Wholly-owned subsidiary of Infosys Singapore
Pte. Limited (a wholly owned subsidiary of Infosys Limited) on April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;136. The Missing Link
Security Pty Ltd (acquired by Infosys Australia Technology Services Pty Ltd, a Wholly-owned subsidiary of Infosys Singapore Pte. Limited
(a wholly owned subsidiary of Infosys Limited) on April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;137. The Missing Link
Security Ltd (a Wholly-owned subsidiary of The Missing Link Security Pty Ltd) (acquired by Infosys Australia Technology Services Pty
Ltd, a Wholly-owned subsidiary of Infosys Singapore Pte. Limited (a wholly owned subsidiary of Infosys Limited) on April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;138. Infosys BPM Canada
Inc, a Wholly-owned subsidiary of Infosys BPM UK Limited was incorporated on July 28, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;139. Infosys Enterprise
Business Services Pty Ltd, a wholly-owned subsidiary of Infosys Singapore Pte Ltd was incorporated on March 19, 2026.

**INDEPENDENT Auditor's Report** **ON THE AUDIT OF QUARTERLY AND ANNUAL STANDALONE FINANCIAL RESULTS**

**To The Board of Directors of INFOSYS Limited**

**Opinion**

We have audited the accompanying statement of Standalone Financial Results of **INFOSYS LIMITED** (the "Company") for the quarter and year ended March 31, 2026 (the "Statement") being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "LODR Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the statement:

&nbsp;&nbsp;&nbsp;&nbsp;(i) is presented in
accordance with the requirements of Regulation 33 of the LODR Regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) gives a true and
fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim
Financial Reporting" ("Ind AS 34") prescribed under section 133 of the Companies Act, 2013 (the "Act")
read with relevant rules issued thereunder and other accounting principles generally accepted in India of the net profit and other comprehensive
income and other financial information of the Company for the quarter and year ended March 31, 2026.

**Basis for Opinion**

We conducted our audit of the Statement in accordance with the Standards on Auditing ("SA"s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the quarter and year ended March 31, 2026 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

**Management's and Board of Directors' Responsibilities for the Statement**

The Statement, which includes the Standalone Financial Results is the responsibility of the Company's Board of Directors and has been approved by them for the issuance. The Statement has been compiled from the related audited interim condensed standalone financial statements for the three months and year ended March 31, 2026. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and year ended March 31, 2026 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in the Ind AS 34, prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the LODR Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statements that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process of the Company.

**Auditor's Responsibilities for audit of the Standalone Financial Results for the quarter and year ended March 31, 2026.**

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess
the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding
of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of such controls.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness
of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness
and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the LODR
Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;• Conclude on the
appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's
report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the
Company to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the overall
presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions
and events in a manner that achieves fair presentation.

&nbsp;&nbsp;&nbsp;&nbsp;• Obtain sufficient
appropriate audit evidence regarding the Statement to express an opinion on the Statement.

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Statement.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

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| | |
|:---|:---|
| Place: Bengaluru<br> Date: April 23, 2026 | **For DELOITTE HASKINS & SELLS LLP**<br> Chartered Accountants<br> (Firm's Registration No. 117366W/W-100018)<br>![](vikas-signature.gif)<br>Vikas Bagaria<br> Partner<br> (Membership No.060408)<br> UDIN:26060408USQAYA5580  |

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| | | |
|:---|:---|:---|
| ![Text Description automatically generated](infosysnyn.gif) | &nbsp;&nbsp; Infosys Limited<br> Regd. office: Electronics City, Hosur Road,<br> Bengaluru – 560 100, India | &nbsp;&nbsp; CIN : L85110KA1981PLC013115<br> Website: www.infosys.com<br> Email: investors@infosys.com<br> T: 91 80 2852 0261, F: 91 80 2852 0362 |

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**Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2026 prepared in compliance with the Indian Accounting Standards (Ind-AS)** 

*(in ![rupee symbol](rupee-symbol.gif) crore, except per equity share data)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Quarter <br> ended<br> March 31,** | **Quarter <br> ended<br> December 31,** | **Quarter <br> ended<br> March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  | **2026** | **2025** | **2025** | **2026** | **2025** |
|  | **Audited** | **Audited** | **Audited** | **Audited** | **Audited** |
| **Revenue from operations** | 46402 | 45479 | 40925 | 178650 | 162990 |
| Other income, net (refer to note 1(g)) | 1159 | 1139 | 1190 | 4322 | 3600 |
| **Total Income** | **47561** | **46618** | **42115** | **182972** | **166590** |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee benefit expenses | 24688 | 24122 | 22015 | 95094 | 85950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of technical sub-contractors | 3952 | 4092 | 3276 | 15421 | 12937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel expenses | 532 | 510 | 520 | 2097 | 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software packages and others | 3969 | 3982 | 3899 | 15722 | 15911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication expenses | 141 | 159 | 147 | 603 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consultancy and professional charges | 661 | 486 | 301 | 2090 | 1655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortisation expenses <sup>(1)</sup> | 1424 | 1155 | 1299 | 4902 | 4812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost | 105 | 100 | 102 | 416 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 1292 | 1494 | 893 | 5343 | 4787 |
| **Total expenses** | **36764** | **36100** | **32452** | **141688** | **128982** |
| **Profit before exceptional item and tax** | **10797** | **10518** | **9663** | **41284** | **37608** |
| **Exceptional item** |  |  |  |  |  |
| Impact of Labour Codes (refer to note 1(e)) | *–* | 1289 | *–* | 1289 | *–* |
| **Profit before tax** | **10797** | **9229** | **9663** | **39995** | **37608** |
| Tax expense:(refer to note 1(f)) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax | 2664 | 2871 | 2784 | 11767 | 12130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax | (376) | (308) | (159) | (1246) | (1272) |
| **Profit for the period** | **8509** | **6666** | **7038** | **29474** | **26750** |
| **Other comprehensive income** |  |  |  |  |  |
| *Items that will not be reclassified subsequently to profit or loss* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of the net defined benefit liability/asset, net | (236) | 56 | (145) | (288) | (92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity instruments through other comprehensive income, net | 374 | (4) | 29 | 397 | 19 |
| *Items that will be reclassified subsequently to profit or loss* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value changes on derivatives designated as cash flow hedge, net | (11) | 4 | (56) | (1) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange differences on translation of foreign operations | 1021 | 354 | 384 | 3256 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value changes on investments, net | (93) | (23) | 63 | (27) | 199 |
| **Total other comprehensive income/(loss), net of tax** | **1055** | **387** | **275** | **3337** | **459** |
| **Total comprehensive income for the period** | **9564** | **7053** | **7313** | **32811** | **27209** |
| **Profit attributable to:** |  |  |  |  |  |
| Owners of the company | 8501 | 6654 | 7033 | 29440 | 26713 |
| Non-controlling interests | 8 | 12 | 5 | 34 | 37 |
|  | **8509** | **6666** | **7038** | **29474** | **26750** |
| **Total comprehensive income attributable to:** |  |  |  |  |  |
| Owners of the company | 9546 | 7040 | 7304 | 32750 | 27167 |
| Non-controlling interests | 18 | 13 | 9 | 61 | 42 |
|  | **9564** | **7053** | **7313** | **32811** | **27209** |
| Paid up share capital (par value ![rupee symbol](rupee-symbol.gif)5/- each, fully paid) | 2024 | 2024 | 2073 | 2024 | 2073 |
| Other equity \*<sup>#</sup> | 90828 | 93745 | 93745 | 90828 | 93745 |
| **Earnings per equity share (par value ![rupee symbol](rupee-symbol.gif)5/- each)\*\*** |  |  |  |  |  |
| Basic (in ![rupee symbol](rupee-symbol.gif) per share) | 21.01 | 16.17 | 16.98 | 71.58 | 64.50 |
| Diluted (in ![rupee symbol](rupee-symbol.gif) per share) | 20.98 | 16.14 | 16.94 | 71.46 | 64.34 |

---

*\** *Balances for the quarter ended December 31, 2025 represent balances as per the audited Balance Sheet as at March 31, 2025 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015*

*\*\** *EPS is not annualized for the quarter ended March 31, 2026, quarter ended December 31, 2025 and quarter ended March 31, 2025.*

*<sup>#</sup>* *Excludes non-controlling interest*

*<sup>(1)</sup>* *A decline in the revenue estimates led to the carrying value of the customer related intangibles assets recognized on business combination exceeding the estimated recoverable amount. The Company has recognized ![rupee symbol](rupee-symbol.gif)241 crore as the excess of carrying value over the estimated recoverable value for the quarter and year ended March 31, 2026 and ![rupee symbol](rupee-symbol.gif)188 crore for the quarter and year ended March 31, 2025.*

 

 

**1. Notes**

**a)** The audited interim condensed consolidated financial statements for the quarter and year ended March 31, 2026 have been taken on record by the Board of Directors at its meeting held on April 23, 2026. **The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion.** The information presented above is extracted from the audited interim condensed consolidated financial statements. Those interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

**b) Proposed change of Auditors on account of mandatory rotation requirement in India**

Under Section 139 of the Companies Act, 2013 and the Rules made thereunder, it is mandatory for Infosys Limited ('the Company') to rotate the current statutory auditors on completion of the maximum term permitted under the said Section. On April 23, 2026, the Audit Committee of Infosys Limited has proposed its intent to recommend the appointment of BSR & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022) (BSR & Co) as the statutory auditors of the Company. The Board of Directors at its meeting held on April 23, 2026 have approved the announcement of the Company's intention to recommend the appointment of BSR & Co as the statutory auditors of the Company. The proposed appointment will be recommended by the Board to the shareholders in the 46th Annual General Meeting (AGM) of the Company to be held in the year 2027, for the first term of 5 (five) consecutive years till the conclusion of the 51st AGM to be held in the year 2032. The first year of audit by BSR & Co will be of the financial statements for the year ending March 31, 2028 which will include audit of the quarterly financial statements for the year.<br>The proposed intent to appoint BSR & Co is subject to the fulfilment of all applicable regulatory requirements including auditor independence in accordance with the relevant laws and regulations.

**c) Proposed change in the Company's certifying accountant for filing with the U.S. Securities and Exchange Commission ('U.S. SEC')**

The Company is registered with the U.S. SEC and is required to appoint a certifying accountant to perform an audit of its financial statements. The Audit Committee and the Board of Directors of the Company approved the announcement of the Company's intention to appoint KPMG Assurance and Consulting Services LLP, (KPMG) as the independent registered public accounting firm of the Company. This proposed appointment is expected to be effective for the year ending March 31, 2028. As the independent registered public accounting firm, KPMG will audit the annual financial statements of the Company to be included in the Company's Annual Report on Form 20-F to be filed with the U.S SEC for the year ending March 31, 2028.

The proposed intent to appoint KPMG is subject to the fulfilment of all applicable regulatory requirements including auditor independence in accordance with the relevant laws and regulations.

**d) Appointment of Independent Director**

Based on the recommendation of the Nomination and Remuneration Committee, the Board had considered and approved the appointment of Diane Enberg Jurgens (DIN: 11585200) on April 17, 2026, as an Additional & Independent Director effective April 22, 2026 for a period of 3 (years), subject to the approval of shareholders.

**e) Impact of Labour Codes**

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ('Labour Codes') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes, amongst other things, introduced changes including a uniform definition of wages and enhanced benefits relating to leave. The Group had assessed the financial implications of these changes which had resulted in increase in gratuity liability arising out of past service cost and increase in leave liability by ![rupee symbol](rupee-symbol.gif)1,289 crore. Considering the impact arising out of an enactment of the new legislation is an event of non-recurring nature, the Group has presented this incremental amount as "Impact of Labour Codes" under "Exceptional Item" in the Consolidated Statement of Profit and Loss for the quarter ended December 31, 2025 and for the year ended March 31, 2026. The Group continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of liability pertaining to employee benefits.

**f) Update on orders received from the Indian Income tax department**

During the year ended March 31, 2026, the Company received orders under section 250 and Section 254 of the Income Tax Act, 1961 from the Income Tax Authorities in India for the assessment years, 2013-14 and assessment years 2017-18 to 2021-22. These orders confirmed the Company's position with respect to tax treatment of certain matters. As a result interest income (pre-tax) of ![rupee symbol](rupee-symbol.gif)381 crore (included in other income as mentioned in point (g) below) was recognized and provision for income tax aggregating ![rupee symbol](rupee-symbol.gif)869 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to ![rupee symbol](rupee-symbol.gif)86 crore has been reduced from contingent liabilities.

**g)** Other income includes interest on income tax refund of ![rupee symbol](rupee-symbol.gif)408 crore and ![rupee symbol](rupee-symbol.gif)328 crore for the quarter ended March 31, 2026 and March 31, 2025 respectively, ![rupee symbol](rupee-symbol.gif)421 crore and ![rupee symbol](rupee-symbol.gif)343 crore for the year ended March 31, 2026 and March 31, 2025 respectively and ![rupee symbol](rupee-symbol.gif)8 crore for the quarter ended December 31, 2025.

**h) Update on acquisitions**

i) On March 25, 2026, Infosys Nova Holdings LLC, a wholly-owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 100% of the equity share capital of Optimum Achieve Holdings Inc., a leading healthcare digital transformation and consulting firm headquartered in USA, along with its other subsidiaries including Optimum Healthcare IT, LLC, for a consideration including earn-outs amounting up to $465 million (approximately ![rupee symbol](rupee-symbol.gif)4,410 crore), excluding management incentives and retention bonus, subject to customary closing adjustments.

ii) On March 25, 2026, Infosys Nova Holdings LLC a wholly-owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 100% of the partnership interests of Stratus Global LLC, a leading insurance technology partner serving P&C insurers and managing general agents (MGAs), headquartered in USA, for a consideration including earn-outs amounting up to $95 million (approximately ![rupee symbol](rupee-symbol.gif)901 crore), excluding management incentives, and retention bonus, subject to customary closing adjustments. Subsequently as on the date of these results, Infosys Nova Holdings LLC has completed its acquisition of Stratus Global LLC.

**i) Update on stock grants**

**i) Grants to CEO & MD**

The Board, on April 23, 2026, based on the recommendations of the Nomination and Remuneration Committee, approved the following annual grants to Salil Parekh, CEO and MD as per his employment agreement approved by shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;a) The grant of annual performance-based stock incentives (Annual Performance Equity Grant)
in the form of Restricted Stock Units (RSU's) covering Company's equity shares having a market value of ![rupee symbol](rupee-symbol.gif) 34.75
crore as on the date of the grant under the 2015 Stock Incentive Compensation Plan (2015 plan) which shall vest 12 months from the date
of grant subject to achievement of performance targets as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;b) The grant of annual performance-based stock incentives (Annual performance equity ESG grant)
in the form of RSU's covering Company's equity shares having a market value of ![rupee symbol](rupee-symbol.gif) 2
crore as on the date of the grant under the 2015 Plan, which shall vest 12 months from the date of the grant subject to the Company's
achievement of certain environment, social and governance milestones as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;c) The grant of annual performance-based stock incentives (Annual performance Equity TSR grant)
in the form of RSU's covering Company's equity shares having a market value of ![rupee symbol](rupee-symbol.gif) 5
crore as on the date of the grant under the 2015 Plan, which shall vest on or after March 31, 2027 subject to the Company's performance
on cumulative relative TSR for the two year cumulative period and as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;d) The grant of annual performance-based stock incentives (2019 Annual Performance Equity Grant)
in the form of Restricted Stock Units (RSU's) covering Company's equity shares having a market value of ![rupee symbol](rupee-symbol.gif) 10
crore as on the date of the grant under the Infosys Expanded Stock Ownership Program-2019 (2019 Plan), which shall vest 12 months from
the date of the grant subject to the Company's achievement of certain performance criteria as laid out in the 2019 Plan.

The above RSUs will be granted w.e.f May 2, 2026 and the number of RSU's will be calculated based on the market price at the close of trading day on a date immediately preceding the grant date.

**ii) Grants to other employees**

The Board, on April 23, 2026, based on the recommendations of the Nomination and Remuneration Committee, approved:

- Grant of 27,193 Restricted Stock Units (RSUs) under the 2015 Plan to eligible employees.

Grant of Performance Based Stock incentives (PSUs) to eligible employee under the 2019 Plan covering the Company's equity shares having a market value of ![rupee symbol](rupee-symbol.gif)1.90 crore as on the date of the grant. The number of PSUs will be calculated based on the market price at the close of trading day on a date immediately preceding the grant date.

The grants made under the 2015 Plan would vest equally over a period of two to three years and the grants made under the 2019 Plan would vest over a period of two years subject to the Company's achievement of performance parameters as defined in the 2019 Plan. The RSUs and PSUs will be granted w.e.f May 2, 2026 and the exercise price will be equal to the par value of the share.

**2. Information on dividends for the quarter and year ended March 31, 2026**

For financial year 2026, the Board recommended a final dividend of ![rupee symbol](rupee-symbol.gif)25/- (par value of ![rupee symbol](rupee-symbol.gif)5/- each) per equity share. This payment is subject to the approval of shareholders in the Annual General Meeting (AGM) of the Company to be held on June 23, 2026. The record date for the purpose of the payment of final dividend is June 10, 2026. The dividend will be paid on June 25, 2026. For the financial year ended 2025, the Company declared a final dividend of ![rupee symbol](rupee-symbol.gif)22/- (par value of ![rupee symbol](rupee-symbol.gif)5/- each) per equity share.

The Board of Directors (in the meeting held on October 16, 2025) declared an interim dividend of ![rupee symbol](rupee-symbol.gif)23/-per equity share. The record date for the payment was October 27, 2025 and the same was paid on November 7, 2025. The interim dividend declared in the previous year was ![rupee symbol](rupee-symbol.gif)21/- per equity share.

*(in ![rupee symbol](rupee-symbol.gif))*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter <br> ended<br> March 31,** | **Quarter <br> ended<br> December 31,** | **Quarter <br> ended<br> March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2025** | **2026** | **2025** |
| **Dividend per share (par value ![rupee symbol](rupee-symbol.gif)5/- each)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividend | *–* | *–* | *–* | 23.00 | 21.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Final dividend | 25.00 | *–* | 22.00 | 25.00 | 22.00 |

---

**3. Audited Consolidated Balance Sheet**

*(in ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| **Particulars** | **As at** | **As at** |
| | **March 31 2026** | **March 31 2025** |
| **ASSETS** |  |  |
| **Non-current assets** |  |  |
| Property, plant and equipment | 12651 | 11778 |
| Right of use assets | 6177 | 6311 |
| Capital work-in-progress | 526 | 814 |
| Goodwill | 12117 | 10106 |
| Other Intangible assets | 2825 | 2766 |
| Financial assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 8930 | 11059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 6 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets | 2776 | 3511 |
| Deferred tax assets (net) | 2264 | 1108 |
| Income tax assets (net) | 666 | 1622 |
| Other non-current assets | 3540 | 2713 |
| **Total non-current assets** | **52478** | **51804** |
| **Current assets** |  |  |
| Financial assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 12950 | 12482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables | 35234 | 31158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 22201 | 24455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 234 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets | 15890 | 13840 |
| Income tax assets (net) | 1835 | 2975 |
| Other current assets | 15145 | 11940 |
| **Total current assets** | **103489** | **97099** |
| **Total Assets** | **155967** | **148903** |
| **EQUITY AND LIABILITIES** |  |  |
| **Equity** |  |  |
| Equity share capital | 2024 | 2073 |
| Other equity | 90828 | 93745 |
| **Total equity attributable to equity holders of the Company** | **92852** | **95818** |
| Non-controlling interests | 445 | 385 |
| **Total equity** | **93297** | **96203** |
| **Liabilities** |  |  |
| **Non-current liabilities** |  |  |
| Financial liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 6016 | 5772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | 2092 | 2141 |
| Deferred tax liabilities (net) | 1679 | 1722 |
| Other non-current liabilities | 561 | 215 |
| **Total non-current liabilities** | **10348** | **9850** |
| **Current liabilities** |  |  |
| Financial liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | 3160 | 2455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade payables | 4744 | 4164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial liabilities | 21483 | 18138 |
| Other Current Liabilities | 15779 | 11765 |
| Provisions | 1512 | 1475 |
| Income tax liabilities (net) | 5644 | 4853 |
| **Total current liabilities** | **52322** | **42850** |
| **Total equity and liabilities** | **155967** | **148903** |

---

*The disclosure is an extract of the audited Consolidated Balance Sheet as at March 31, 2026 and March 31, 2025 prepared in compliance with the Indian Accounting Standards (Ind-AS).*

**4. Audited Consolidated Statement of Cash Flows**

*(in ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| **Cash flow from operating activities** |  |  |
| Profit for the year | 29474 | 26750 |
| **Adjustments to reconcile net profit to net cash provided by operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 10521 | 10858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 4902 | 4812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | (2630) | (2570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost | 416 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss recognized / (reversed) under expected credit loss model | 33 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange differences on translation of assets and liabilities, net | 954 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 952 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable on income tax refund | (63) | (327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for post sale client support | (167) | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments | 881 | 833 |
| **Changes in assets and liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables and unbilled revenue | (5177) | (1769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, other financial assets and other assets | (2645) | (1024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables | (26) | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities, other liabilities and provisions | 5209 | 2322 |
| **Cash generated from operations** | **42634** | **41296** |
| Income taxes (paid) / received | (8648) | (5602) |
| **Net cash generated by operating activities** | **33986** | **35694** |
| **Cash flows from investing activities** |  |  |
| Expenditure on property, plant and equipment and intangibles, net of sale proceeds | (2727) | (2237) |
| Deposits placed with corporation | (944) | (1225) |
| Redemption of deposits placed with Corporation | 725 | 776 |
| Interest and dividend received | 2713 | 2040 |
| Payment towards acquisition of business, net of cash acquired | (637) | (3155) |
| Payment of contingent consideration pertaining to acquisition of business | (13) | *–* |
| Escrow and other deposits pertaining to Buyback | (1815) | *–* |
| Redemption of escrow and other deposits pertaining to Buyback | 1815 | *–* |
| Other receipts | 15 | 10 |
| Payments to acquire Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | (153) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | (72878) | (73048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | (14035) | (6978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Paper | (3255) | (6403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | (3438) | (3240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities | (2859) | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | (38) | (60) |
| Proceeds on sale of Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | 1378 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Maturity funds | 487 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | 72682 | 73987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 9767 | 6688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | 5810 | 7735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures | 4083 | 2591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities | 5259 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | 4 | 11 |
| **Net cash generated / (used in) investing activities** | **1946** | **(1946)** |
| **Cash flows from financing activities:** |  |  |
| Payment of lease liabilities | (2824) | (2355) |
| Payment of dividends | (18653) | (20287) |
| Loan repayment of in-tech Holding GmbH | *–* | (985) |
| Payment of dividend to non-controlling interest of subsidiary | (3) | (2) |
| Shares issued on exercise of employee stock options | 2 | 6 |
| Buyback of equity shares including transaction costs | (18058) | *–* |
| Other payments | (250) | (538) |
| **Net cash used in financing activities** | **(39786)** | **(24161)** |
| **Net increase / (decrease) in cash and cash equivalents** | (3854) | 9587 |
| Effect of exchange rate changes on cash and cash equivalents | 1600 | 82 |
| Cash and cash equivalents at the beginning of the period | 24455 | 14786 |
| **Cash and cash equivalents at the end of the period** | **22201** | **24455** |
| **Supplementary information:** |  |  |
| Restricted cash balance | 422 | 424 |

---

*The disclosure is an extract of the audited Consolidated Statement of Cash flows for the year ended March 31, 2026 and March 31, 2025 prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting.* 

**5. Segment reporting (Consolidated - Audited)**

*(in ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter <br> ended<br> March 31,** | **Quarter <br> ended<br> December 31,** | **Quarter <br> ended<br> March 31,** | **Year ended<br> March 31,** | **Year ended<br> March 31,** |
| **Particulars** | **2026** | **2025** | **2025** | **2026** | **2025** |
| **Revenue by business segment** |  |  |  |  |  |
| Financial Services <sup>(1)</sup> | 12976 | 12817 | 11614 | 49908 | 45175 |
| Manufacturing | 7358 | 7570 | 6527 | 29078 | 25207 |
| Energy, Utilities, Resources and Services | 6114 | 6016 | 5308 | 23818 | 21710 |
| Retail <sup>(2)</sup> | 5958 | 5829 | 5440 | 23077 | 22059 |
| Communication <sup>(3)</sup> | 5752 | 5518 | 4798 | 21765 | 19108 |
| Hi-Tech | 3558 | 3371 | 3397 | 13928 | 13090 |
| Life Sciences <sup>(4)</sup> | 3393 | 3267 | 2765 | 12267 | 11831 |
| All other segments <sup>(5)</sup> | 1293 | 1091 | 1076 | 4809 | 4810 |
| **Total** | **46402** | **45479** | **40925** | **178650** | **162990** |
| **Less:** Inter-segment revenue | *–* | *–* | *–* | *–* | *–* |
| **Net revenue from operations** | **46402** | **45479** | **40925** | **178650** | **162990** |
| **Segment Profit:** |  |  |  |  |  |
| Financial Services <sup>(1)</sup> | 3410 | 3236 | 2948 | 12678 | 11099 |
| Manufacturing | 1541 | 1735 | 1196 | 6444 | 4856 |
| Energy, Utilities , Resources and Services | 1548 | 1493 | 1577 | 5984 | 6097 |
| Retail <sup>(2)</sup> | 1811 | 1867 | 1640 | 7089 | 7133 |
| Communication <sup>(3)</sup> | 1027 | 936 | 836 | 3861 | 3341 |
| Hi-Tech | 930 | 767 | 795 | 3228 | 3220 |
| Life Sciences <sup>(4)</sup> | 659 | 698 | 617 | 2444 | 2663 |
| All other segments <sup>(5)</sup> | 241 | 67 | 265 | 717 | 827 |
| **Total** | **11167** | **10799** | **9874** | **42445** | **39236** |
| **Less:** Other Unallocable expenditure\* | 1424 | 2444 | 1299 | 6191 | 4812 |
| **Add:** Unallocable other income | 1159 | 974 | 1190 | 4157 | 3600 |
| **Less:** Finance cost | 105 | 100 | 102 | 416 | 416 |
| **Profit before tax and non-controlling interests** | **10797** | **9229** | **9663** | **39995** | **37608** |

---

*<sup>\*</sup>* *Unallocable expense includes ![rupee symbol](rupee-symbol.gif)1,289 crore towards impact of Labour Codes for the quarter ended December 31, 2025 and year ended March 31, 2026. (Refer note 1(e) above)*

*<sup>(1)</sup>* *Financial Services include enterprises in Financial Services and Insurance*

<sup>(2)</sup> *Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics*

*<sup>(3)</sup>* *Communication includes enterprises in Communication, Telecom OEM and Media*

*<sup>(4)</sup>* *Life Sciences includes enterprises in Life sciences and Health care*

*<sup>(5)</sup>* *All other segments include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services<sup>.</sup>*

***Notes on segment information***

***Business segments***

Based on the "management approach" as required by Ind-AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments.

***Segmental capital employed***

Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

**6. Audited financial results of Infosys Limited (Standalone Information)**

*(in ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter <br> ended<br> March 31,** | **Quarter <br> ended<br> December 31,** | **Quarter <br> ended<br> March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2025** | **2026** | **2025** |
| Revenue from operations | 38641 | 37996 | 34136 | 148819 | 136592 |
| Profit before exceptional item and tax | 9956 | 10817 | 9061 | 39903 | 35441 |
| Exceptional item - Impact of Labour Codes | *–* | 1146 | *–* | 1146 | *–* |
| Profit before tax | 9956 | 9671 | 9061 | 38757 | 35441 |
| Profit for the period | 7975 | 7363 | 6628 | 29211 | 25568 |

---

The audited results of Infosys Limited for the above mentioned periods are available on our website, www.infosys.com and on the stock exchange website www.nseindia.com and www.bseindia.com. The information above has been extracted from the audited interim standalone financial statements as stated.

---

| | |
|:---|:---|
|  | By order of the Board for Infosys Limited |
| Bengaluru, India<br> April 23, 2026 | **Salil Parekh**<br> *Chief Executive Officer and Managing Director* |

---

**The Board has also taken on record the consolidated results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2026, prepared as per International Financial Reporting Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows:**

*(in US$ million, except per equity share data)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Quarter <br> ended<br> March 31,** | **Quarter <br> ended<br> December 31,** | **Quarter <br> ended<br> March 31,** | **Year ended<br> March 31,** | **Year ended<br> March 31,** |
|  | **2026** | **2025** | **2025** | **2026** | **2025** |
|  | **Audited** | **Audited** | **Audited** | **Audited** | **Audited** |
| Revenues | 5040 | 5099 | 4730 | 20158 | 19277 |
| Cost of sales | 3485 | 3660 | 3302 | 14079 | 13405 |
| **Gross profit** | **1555** | **1439** | **1428** | **6079** | **5872** |
| Operating expenses | 500 | 502 | 436 | 1994 | 1801 |
| **Operating profit <sup>#</sup>** | **1055** | **937** | **992** | **4085** | **4071** |
| Other income, net | 125 | 109 | 137 | 468 | 425 |
| Finance cost | 12 | 11 | 12 | 47 | 49 |
| **Profit before income taxes** | **1168** | **1035** | **1117** | **4506** | **4447** |
| Income tax expense | 248 | 287 | 303 | 1190 | 1285 |
| **Net profit** | **920** | **748** | **814** | **3316** | **3162** |
| Earnings per equity share\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic (in $ per share) | 0.23 | 0.18 | 0.20 | 0.81 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted (in $ per share) | 0.23 | 0.18 | 0.20 | 0.80 | 0.76 |
| Total assets | 16446 | 15953 | 17419 | 16446 | 17419 |
| Cash and cash equivalents and current investments | 3706 | 2985 | 4321 | 3706 | 4321 |

---

*\** *EPS is not annualized for the quarter ended March 31, 2026, quarter ended December 31, 2025 and quarter ended March 31, 2025.*

---

| | |
|:---|:---|
| *<sup>#</sup>* | *includes $143 million towards impact of Labour Codes for the quarter ended December 31, 2025 and year ended March 31, 2026. (Refer note 1(e) above)* |

---

Certain statements in this release, including those concerning our future growth prospects and our future financial or operating performance, are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as artificial intelligence, the complex and evolving regulatory landscape including immigration regulation changes and developments in the US H-1B visa program, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources, our corporate actions including acquisitions, cybersecurity matters, the outcome of pending litigation and the US government investigation, and the effect of current and any future tariffs. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

---

| | | |
|:---|:---|:---|
| ![Text Description automatically generated](infosysnyn.gif) | &nbsp;&nbsp; Infosys Limited<br> Regd. office: Electronics City, Hosur Road,<br> Bengaluru – 560 100, India | &nbsp;&nbsp; CIN : L85110KA1981PLC013115<br> Website: www.infosys.com<br> Email: investors@infosys.com<br> T: 91 80 2852 0261, F: 91 80 2852 0362 |

---

**Statement of Audited results of Infosys Limited for the quarter and year ended March 31, 2026 prepared in compliance with the Indian Accounting Standards (Ind-AS)**

*(in ![rupee symbol](rupee-symbol.gif) crore, except per equity share data)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Quarter <br> ended<br> March 31,** | **Quarter <br> ended<br> December 31,** | **Quarter <br> ended<br> March 31,** | **Year ended<br> March 31,** | **Year ended<br> March 31,** |
|  | **2026** | **2025** | **2025** | **2026** | **2025** |
|  | **Audited** | **Audited** | **Audited** | **Audited** | **Audited** |
| **Revenue from operations** | 38641 | 37996 | 34136 | 148819 | 136592 |
| Other income, net (refer to note 1(g)) | 1063 | 2277 | 1323 | 6491 | 4782 |
| **Total income** | **39704** | **40273** | **35459** | **155310** | **141374** |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee benefit expenses | 18886 | 18607 | 17259 | 73239 | 67466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of technical sub-contractors | 5780 | 5787 | 4941 | 22388 | 19353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel expenses | 401 | 380 | 413 | 1596 | 1467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software packages and others | 2415 | 2348 | 2142 | 9274 | 9617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication expenses | 96 | 111 | 104 | 419 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consultancy and professional charges | 561 | 444 | 358 | 1846 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortisation expense | 601 | 585 | 590 | 2394 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost | 54 | 45 | 51 | 207 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 954 | 1149 | 540 | 4044 | 3497 |
| **Total expenses** | **29748** | **29456** | **26398** | **115407** | **105933** |
| **Profit before exceptional item and tax** | **9956** | **10817** | **9061** | **39903** | **35441** |
| **Exceptional item** |  |  |  |  |  |
| Impact of Labour Codes (refer to note (e)) | *–* | 1146 | *–* | 1146 | *–* |
| **Profit before tax** | **9956** | **9671** | **9061** | **38757** | **35441** |
| Tax expense: (refer to note 1(f)) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax | 2119 | 2587 | 2408 | 10459 | 10836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax | (138) | (279) | 25 | (913) | (963) |
| **Profit for the period** | **7975** | **7363** | **6628** | **29211** | **25568** |
| **Other comprehensive income** |  |  |  |  |  |
| *Items that will not be reclassified subsequently to profit or loss* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of the net defined benefit liability / asset, net | (245) | 59 | (144) | (285) | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity instruments through other comprehensive income, net | 374 | (4) | 30 | 397 | 19 |
| *Items that will be reclassified subsequently to profit or loss* |  |  |  |  |  |
| Fair value changes on derivatives designated as cash flow hedges, net | (11) | 4 | (57) | (1) | (24) |
| Fair value changes on investments, net | (91) | (23) | 63 | (26) | 191 |
| **Total other comprehensive income/ (loss), net of tax** | **27** | **36** | **(108)** | **85** | **105** |
| **Total comprehensive income for the period** | **8002** | **7399** | **6520** | **29296** | **25673** |
| Paid-up share capital (par value ![rupee symbol](rupee-symbol.gif)5/- each fully paid) | 2027 | 2027 | 2076 | 2027 | 2076 |
| Other Equity\* | 78847 | 85256 | 85256 | 78847 | 85256 |
| **Earnings per equity share (par value ![rupee symbol](rupee-symbol.gif)5 /- each)\*\*** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (in ![rupee symbol](rupee-symbol.gif) per share) | 19.67 | 17.85 | 15.96 | 70.87 | 61.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (in ![rupee symbol](rupee-symbol.gif) per share) | 19.65 | 17.83 | 15.93 | 70.78 | 61.46 |

---

*\** *Balances for the quarter ended December 31, 2025 represent balances as per the audited Balance Sheet as at March 31, 2025 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015.*

*\*\** *EPS is not annualized for the quarter ended March 31, 2026, quarter ended December 31, 2025 and quarter ended March 31, 2025.*

**1. Notes**

**a)** The audited interim condensed standalone financial statements for the quarter and year ended March 31, 2026 have been taken on record by the Board of Directors at its meeting held on April 23, 2026. **The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion.** The information presented above is extracted from the audited interim condensed standalone financial statements. Those interim condensed standalone financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

**b) Proposed change of Auditors on account of mandatory rotation requirement in India**

Under Section 139 of the Companies Act, 2013 and the Rules made thereunder, it is mandatory for Infosys Limited ('the Company') to rotate the current statutory auditors on completion of the maximum term permitted under the said Section. On April 23, 2026, the Audit Committee of Infosys Limited has proposed its intent to recommend the appointment of BSR & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022) (BSR & Co) as the statutory auditors of the Company. The Board of Directors at its meeting held on April 23, 2026 have approved the announcement of the Company's intention to recommend the appointment of BSR & Co as the statutory auditors of the Company. The proposed appointment will be recommended by the Board to the shareholders in the 46th Annual General Meeting (AGM) of the Company to be held in the year 2027, for the first term of 5 (five) consecutive years till the conclusion of the 51st AGM to be held in the year 2032. The first year of audit by BSR & Co will be of the financial statements for the year ending March 31, 2028 which will include audit of the quarterly financial statements for the year.

The proposed intent to appoint BSR & Co is subject to the fulfilment of all applicable regulatory requirements including auditor independence in accordance with the relevant laws and regulations.

**c) Proposed change in the Company's certifying accountant for filing with the U.S. Securities and Exchange Commission ('U.S. SEC')**

The Company is registered with the U.S. SEC and is required to appoint a certifying accountant to perform an audit of its financial statements. The Audit Committee and the Board of Directors of the Company approved the announcement of the Company's intention to appoint KPMG Assurance and Consulting Services LLP, (KPMG) as the independent registered public accounting firm of the Company. This proposed appointment is expected to be effective for the year ending March 31, 2028. As the independent registered public accounting firm, KPMG will audit the annual financial statements of the Company to be included in the Company's Annual Report on Form 20-F to be filed with the U.S SEC for the year ending March 31, 2028.

The proposed intent to appoint KPMG is subject to the fulfilment of all applicable regulatory requirements including auditor independence in accordance with the relevant laws and regulations.

**d) Appointment of Independent Director**

Based on the recommendation of the Nomination and Remuneration Committee, the Board had considered and approved the appointment of Diane Enberg Jurgens (DIN: 11585200) on April 17, 2026, as an Additional & Independent Director effective April 22, 2026 for a period of 3 (years), subject to the approval of shareholders.

**e) Impact of Labour Codes**

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ('Labour Codes') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes, amongst other things, introduces changes including a uniform definition of wages and enhanced benefits relating to leave. The Company had assessed the financial implications of these changes which had resulted in increase in gratuity liability arising out of past service cost and increase in leave liability by ![rupee symbol](rupee-symbol.gif)1,146 crore. Considering the impact arising out of an enactment of the new legislation is an event of non-recurring nature, the Company has presented this incremental amount as "Impact of Labour Codes" under "Exceptional Item" in the Standalone Statement of Profit and Loss for the quarter ended December 31, 2025 and year ended March 31, 2026. The Company continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of liability pertaining to employee benefits.

**f) Update on orders received from the Indian Income tax department**

During the year ended March 31, 2026, the Company received orders under section 250 and Section 254 of the Income Tax Act, 1961 from the Income Tax Authorities in India for the assessment years, 2013-14 and assessment years 2017-18 to 2021-22. These orders confirmed the Company's position with respect to tax treatment of certain matters. As a result interest income (pre-tax) of ![rupee symbol](rupee-symbol.gif)381 crore (included in other income as mentioned in point (g) below) was recognized and provision for income tax aggregating ![rupee symbol](rupee-symbol.gif)869 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to ![rupee symbol](rupee-symbol.gif)86 crore has been reduced from contingent liabilities.

**g)** Other income includes interest on income tax refund of ![rupee symbol](rupee-symbol.gif)381 crore and ![rupee symbol](rupee-symbol.gif)327 crore for the quarter ended March 31, 2026 and March 31, 2025 respectively, ![rupee symbol](rupee-symbol.gif)381 crore and ![rupee symbol](rupee-symbol.gif)340 crore for the year ended March 31, 2025 and March 31, 2024 respectively and less than a crore for the quarter ended December 31, 2025.

**h) Update on stock grants**

**i) Grants to CEO & MD**

The Board, on April 23, 2026, based on the recommendations of the Nomination and Remuneration Committee, approved the following annual grants to Salil Parekh, CEO and MD as per his employment agreement approved by shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;a) The grant of annual performance-based stock incentives (Annual Performance Equity Grant)
in the form of Restricted Stock Units (RSU's) covering Company's equity shares having a market value of ![rupee symbol](rupee-symbol.gif) 34.75
crore as on the date of the grant under the 2015 Stock Incentive Compensation Plan (2015 plan) which shall vest 12 months from the date
of grant subject to achievement of performance targets as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;b) The grant of annual performance-based stock incentives (Annual performance equity ESG grant)
in the form of RSU's covering Company's equity shares having a market value of ![rupee symbol](rupee-symbol.gif) 2
crore as on the date of the grant under the 2015 Plan, which shall vest 12 months from the date of the grant subject to the Company's
achievement of certain environment, social and governance milestones as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;c) The grant of annual performance-based stock incentives (Annual performance Equity TSR grant)
in the form of RSU's covering Company's equity shares having a market value of ![rupee symbol](rupee-symbol.gif) 5
crore as on the date of the grant under the 2015 Plan, which shall vest on or after March 31, 2027 subject to the Company's performance
on cumulative relative TSR for the two year cumulative period and as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;d) The grant of annual performance-based stock incentives (2019 Annual Performance Equity Grant)
in the form of Restricted Stock Units (RSU's) covering Company's equity shares having a market value of ![rupee symbol](rupee-symbol.gif) 10
crore as on the date of the grant under the Infosys Expanded Stock Ownership Program-2019 (2019 Plan), which shall vest 12 months from
the date of the grant subject to the Company's achievement of certain performance criteria as laid out in the 2019 Plan.

The above RSUs will be granted w.e.f May 2, 2026 and the number of RSU's will be calculated based on the market price at the close of trading day on a date immediately preceding the grant date.

**ii) Grants to other employees**

The Board, on April 23, 2026, based on the recommendations of the Nomination and Remuneration Committee, approved:

- Grant of 27,193 Restricted Stock Units (RSUs) under the 2015 Plan to eligible employees.

Grant of Performance Based Stock incentives (PSUs) to eligible employee under the 2019 Plan covering the Company's equity shares having a market value of ![rupee symbol](rupee-symbol.gif)1.90 crore as on the date of the grant. The number of PSUs will be calculated based on the market price at the close of trading day on a date immediately preceding the grant date.

The grants made under the 2015 Plan would vest equally over a period of two to three years and the grants made under the 2019 Plan would vest over a period of two years subject to the Company's achievement of performance parameters as defined in the 2019 Plan. The RSUs and PSUs will be granted w.e.f May 2, 2026 and the exercise price will be equal to the par value of the share.

**2. Information on dividends for the quarter and year ended March 31, 2026**

For financial year 2026, the Board recommended a final dividend of ![rupee symbol](rupee-symbol.gif)25/- (par value of ![rupee symbol](rupee-symbol.gif)5/- each) per equity share. This payment is subject to the approval of shareholders in the Annual General Meeting (AGM) of the Company to be held on June 23, 2026. The record date for the purpose of the payment of final dividend is June 10, 2026. The dividend will be paid on June 25, 2026. For the financial year ended 2025, the Company declared a final dividend of ![rupee symbol](rupee-symbol.gif)22/- (par value of ![rupee symbol](rupee-symbol.gif)5/- each) per equity share.

The Board of Directors (in the meeting held on October 16, 2025) declared an interim dividend of ![rupee symbol](rupee-symbol.gif)23/-per equity share. The record date for the payment was October 27, 2025 and the same was paid on November 7, 2025. The interim dividend declared in the previous year was ![rupee symbol](rupee-symbol.gif)21/- per equity share.

*(in ![rupee symbol](rupee-symbol.gif))*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarter <br> ended<br> March 31,** | **Quarter <br> ended<br> December 31,** | **Quarter <br> ended<br> March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2025** | **2026** | **2025** |
| **Dividend per share (par value ![rupee symbol](rupee-symbol.gif)5/- each)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividend | *–* | *–* | *–* | 23.00 | 21.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Final dividend | 25.00 | *–* | 22.00 | 25.00 | 22.00 |

---

**3. Audited Standalone Balance Sheet**

*(in ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **ASSETS** |  |  |
| **Non-current assets** |  |  |
| Property, plant and equipment | 10774 | 10070 |
| Right of use assets | 2851 | 3078 |
| Capital work-in-progress | 512 | 778 |
| Goodwill | 211 | 211 |
| Financial assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 26036 | 27371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 5 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets | 1835 | 2350 |
| Deferred tax assets (net) | 1347 | 497 |
| Income tax assets (net) | 99 | 1164 |
| Other non-current assets | 2590 | 2223 |
| **Total non-current assets** | **46260** | **47768** |
| **Current assets** |  |  |
| Financial assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 12039 | 11147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables | 30337 | 26413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 8727 | 14265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 189 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets | 14770 | 12569 |
| Income tax assets (net) | 1745 | 2949 |
| Other current assets | 12624 | 9618 |
| **Total current assets** | **80431** | **77168** |
| **Total assets** | **126691** | **124936** |
| **EQUITY AND LIABILITIES** |  |  |
| **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity share capital | 2027 | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other equity | 78847 | 85256 |
| **Total equity** | **80874** | **87332** |
| **LIABILITIES** |  |  |
| **Non-current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 2815 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | 1880 | 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities (net) | 990 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 495 | 95 |
| **Total non - current liabilities** | **6180** | **5842** |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 934 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total outstanding dues of micro enterprises and small enterprises | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total outstanding dues of creditors other than micro enterprises and small enterprises | 3530 | 2720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | 16812 | 14101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 12478 | 9159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions | 1064 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax liabilities (net) | 4810 | 4016 |
| **Total current liabilities** | **39637** | **31762** |
| **Total equity and liabilities** | **126691** | **124936** |

---

*The disclosure is an extract of the audited Balance Sheet as at March 31, 2026 and March 31, 2025 prepared in compliance with the Indian Accounting Standards (Ind-AS).*

**4. Audited Standalone Statement of Cash flows**

*(in ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| **Cash flow from operating activities:** |  |  |
| Profit for the year | 29211 | 25568 |
| **Adjustments to reconcile net profit to net cash provided by operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2394 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 9546 | 9873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss recognized / (reversed) under expected credit loss model | 71 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost | 207 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | (4885) | (3699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 846 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for post sale client support | (191) | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange differences on translation of assets and liabilities, net | 777 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable on income tax refund | (63) | (327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments | 169 | 165 |
| **Changes in assets and liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables and unbilled revenue | (6018) | (2994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, other financial assets and other assets | (3870) | (1942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables | 812 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities, other liabilities and provisions | 6330 | 3529 |
| **Cash generated from operations** | **35336** | **34010** |
| Income taxes paid | (7172) | (4601) |
| **Net cash generated by operating activities** | **28164** | **29409** |
| **Cash flow from investing activities:** |  |  |
| Expenditure on property, plant and equipment and intangibles, net of sale proceeds | (2170) | (1587) |
| Deposits placed with corporation | (660) | (1026) |
| Redemption of deposits placed with corporation | 459 | 593 |
| Interest and dividend received | 2269 | 1672 |
| Dividend received from subsidiary | 2676 | 1522 |
| Loan given to subsidiaries | *–* | (10) |
| Loan repaid by subsidiaries | 10 | *–* |
| Payment of contingent consideration pertaining to acquisition of business | (13) | *–* |
| Investment in subsidiaries | (781) | (4361) |
| Proceeds from sale of investment in subsidiaries | 4 | *–* |
| Payment towards acquisition | *–* | (184) |
| Other receipts | *–* | 2 |
| Payments to acquire investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | (67178) | (66637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | (2875) | (6058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | (12665) | (6138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | (126) | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | (2859) | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures | (3031) | (3240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | (2) | (25) |
| Proceeds on sale of investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | 66362 | 67597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund | 487 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | 5250 | 7260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 8592 | 5984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures | 3818 | 2376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 5159 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and Government bonds | 1356 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | 4 | 12 |
| Escrow and other deposits pertaining to Buyback | (1815) | *–* |
| Redemption of escrow and other deposits pertaining to Buyback | 1815 | *–* |
| **Net cash (used in) / from investing activities** | **4086** | **(1943)** |
| **Cash flow from financing activities:** |  |  |
| Payment of lease liabilities | (912) | (859) |
| Shares issued on exercise of employee stock options | 2 | 3 |
| Other (payments)/receipts | (125) | (186) |
| Payment of dividends | (18694) | (20337) |
| Buyback of equity shares including transaction costs | (18058) | *–* |
| **Net cash used in financing activities** | **(37787)** | **(21379)** |
| Net increase / (decrease) in cash and cash equivalents | (5537) | 6087 |
| Effect of exchange rate changes on cash and cash equivalents | (1) | (13) |
| Cash and cash equivalents at the beginning of the period | 14265 | 8191 |
| **Cash and cash equivalents at the end of the period** | **8727** | **14265** |
| **Supplementary information:** |  |  |
| Restricted cash balance | 52 | 45 |

---

 

*The disclosure is an extract of the audited Statement of Cash flows for the year ended March 31, 2026 and March 31, 2025 prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting.* 

**5. Segment Reporting**

The Company publishes standalone financial statements along with the consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the audited interim consolidated financial statements. Accordingly, the segment information is given in the audited consolidated financial results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2026.

---

| | |
|:---|:---|
|  | By order of the Board for Infosys Limited |
| Bengaluru, India<br> April 23, 2026 | **Salil Parekh**<br> *Chief Executive Officer and Managing Director* |

---

Certain statements in this release, including those concerning our future growth prospects and our future financial or operating performance, are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as artificial intelligence, the complex and evolving regulatory landscape including immigration regulation changes and developments in the US H-1B visa program, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources, our corporate actions including acquisitions, cybersecurity matters, the outcome of pending litigation and the US government investigation, and the effect of current and any future tariffs. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

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| | | |
|:---|:---|:---|
| ![Text Description automatically generated](infosysnyn.gif) | &nbsp;&nbsp; Infosys Limited<br> Regd. office: Electronics City, Hosur Road,<br> Bengaluru – 560 100, India | &nbsp;&nbsp; CIN : L85110KA1981PLC013115<br> Website: www.infosys.com<br> Email: investors@infosys.com<br> T: 91 80 2852 0261, F: 91 80 2852 0362 |

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**Extract of Consolidated Audited Financial Results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2026 prepared in compliance with the Indian Accounting Standards (Ind-AS)** 

*(in ![rupee symbol](rupee-symbol.gif) crore, except per equity share data)*

---

| | | | |
|:---|:---|:---|:---|
| | **Quarter <br> ended<br> March 31,** | **Year<br> ended<br> March 31,** | **Quarter <br> ended<br> March 31,** |
| **Particulars** | **2026** | **2026** | **2025** |
| **Revenue from operations** | 46402 | 178650 | 40925 |
| Profit before exceptional item and tax <sup>(1)</sup> | 10797 | 41284 | 9663 |
| **Exceptional item** |  |  |  |
| Impact of Labour Codes (Refer to note 1(e)) | *–* | 1289 | *–* |
| **Profit before tax <sup>(1)</sup>** | 10797 | 39995 | 9663 |
| **Profit for the period <sup>(1)</sup>** | 8509 | 29474 | 7038 |
| Total comprehensive income for the period (comprising profit for the period after tax and other comprehensive income after tax) | 9564 | 32811 | 7313 |
| **Profit attributable to:** |  |  |  |
| Owners of the company | 8501 | 29440 | 7033 |
| Non-controlling interests | 8 | 34 | 5 |
|  | **8509** | **29474** | **7038** |
| **Total comprehensive income attributable to:** |  |  |  |
| Owners of the company | 9546 | 32750 | 7304 |
| Non-controlling interests | 18 | 61 | 9 |
|  | **9564** | **32811** | **7313** |
| Paid-up share capital (par value ![rupee symbol](rupee-symbol.gif)5/- each fully paid) | 2024 | 2024 | 2073 |
| Other equity <sup>#</sup> | 90828 | 90828 | 93745 |
| **Earnings per share (par value ![rupee symbol](rupee-symbol.gif)5/- each)\*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (in ![rupee symbol](rupee-symbol.gif) per share) | 21.01 | 71.58 | 16.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (in ![rupee symbol](rupee-symbol.gif) per share) | 20.98 | 71.46 | 16.94 |

---

*\** *EPS is not annualized for the quarter ended March 31, 2026 and quarter ended March 31, 2025*

*<sup>#</sup>* *Excludes non-controlling interest*

*<sup>(1)</sup>* *A decline in the revenue estimates led to the carrying value of the customer related intangibles assets recognized on business combination exceeding the estimated recoverable amount. The Company has recognized ![rupee symbol](rupee-symbol.gif)241 crore as the excess of carrying value over the estimated recoverable value for the quarter and year ended March 31, 2026 and ![rupee symbol](rupee-symbol.gif)188 crore for the quarter ended March 31, 2025.*

**1. Notes**

**a)** The audited interim condensed consolidated financial statements for the quarter and year ended March 31, 2026 have been taken on record by the Board of Directors at its meeting held on April 23, 2026. **The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion.** The information presented above is extracted from the audited interim condensed consolidated financial statements. Those interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

**b) Proposed change of Auditors on account of mandatory rotation requirement in India**

Under Section 139 of the Companies Act, 2013 and the Rules made thereunder, it is mandatory for Infosys Limited ('the Company') to rotate the current statutory auditors on completion of the maximum term permitted under the said Section. On April 23, 2026, the Audit Committee of Infosys Limited has proposed its intent to recommend the appointment of BSR & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022) (BSR & Co) as the statutory auditors of the Company. The Board of Directors at its meeting held on April 23, 2026 have approved the announcement of the Company's intention to recommend the appointment of BSR & Co as the statutory auditors of the Company. The proposed appointment will be recommended by the Board to the shareholders in the 46th Annual General Meeting (AGM) of the Company to be held in the year 2027, for the first term of 5 (five) consecutive years till the conclusion of the 51st AGM to be held in the year 2032. The first year of audit by BSR & Co will be of the financial statements for the year ending March 31, 2028 which will include audit of the quarterly financial statements for the year.

The proposed intent to appoint BSR & Co is subject to the fulfilment of all applicable regulatory requirements including auditor independence in accordance with the relevant laws and regulations.

**c) Proposed change in the Company's certifying accountant for filing with the U.S. Securities and Exchange Commission ('U.S. SEC')**

The Company is registered with the U.S. SEC and is required to appoint a certifying accountant to perform an audit of its financial statements. The Audit Committee and the Board of Directors of the Company approved the announcement of the Company's intention to appoint KPMG Assurance and Consulting Services LLP, (KPMG) as the independent registered public accounting firm of the Company. This proposed appointment is expected to be effective for the year ending March 31, 2028. As the independent registered public accounting firm, KPMG will audit the annual financial statements of the Company to be included in the Company's Annual Report on Form 20-F to be filed with the U.S SEC for the year ending March 31, 2028.

The proposed intent to appoint KPMG is subject to the fulfilment of all applicable regulatory requirements including auditor independence in accordance with the relevant laws and regulations.

**d) Appointment of Independent Director**

Based on the recommendation of the Nomination and Remuneration Committee, the Board had considered and approved the appointment of Diane Enberg Jurgens (DIN: 11585200) on April 17, 2026, as an Additional & Independent Director effective April 22, 2026 for a period of 3 (years), subject to the approval of shareholders.

**e) Impact of Labour Codes**

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ('Labour Codes') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes amongst other things, introduced changes including a uniform definition of wages and enhanced benefits relating to leave.The Group had assessed the financial implications of these changes which had resulted in increase in gratuity liability arising out of past service cost and increase in leave liability. Considering the impact arising out of an enactment of the new legislation is an event of non-recurring nature, the Group has presented this incremental amount as "Impact of Labour Codes" under "Exceptional Item" in the Standalone and Consolidated Statement of Profit and Loss for the quarter ended December 31, 2025 and for the year ended March 31, 2026. The Group continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of liability pertaining to employee benefits.

**f) Update on orders received from the Indian Income tax department**

During the year ended March 31, 2026, the Company received orders under section 250 and Section 254 of the Income Tax Act, 1961 from the Income Tax Authorities in India for the assessment years, 2013-14 and assessment years 2017-18 to 2021-22. These orders confirmed the Company's position with respect to tax treatment of certain matters. As a result interest income (pre-tax) of ![rupee symbol](rupee-symbol.gif)381 crore (included in other income as mentioned in point (g) below) was recognized and provision for income tax aggregating ![rupee symbol](rupee-symbol.gif)869 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to ![rupee symbol](rupee-symbol.gif)86 crore has been reduced from contingent liabilities.

**g)** Other income includes interest on income tax refund of ![rupee symbol](rupee-symbol.gif)408 crore and ![rupee symbol](rupee-symbol.gif)328 crore for the quarter ended March 31, 2026 and March 31, 2025 respectively and ![rupee symbol](rupee-symbol.gif)421 crore for the year ended March 31, 2026.

**h) Update on acquisitions**

&nbsp;&nbsp;&nbsp;&nbsp;i) On March 25, 2026, Infosys Nova Holdings LLC, a wholly-owned subsidiary of Infosys Limited,
entered into a definitive agreement to acquire 100% of the equity share capital of Optimum Achieve Holdings Inc., a leading healthcare
digital transformation and consulting firm headquartered in USA, along with its other subsidiaries including Optimum Healthcare IT, LLC,
for a consideration including earn-outs amounting up to $465 million (approximately ![rupee symbol](rupee-symbol.gif) 4,410
crore), excluding management incentives and retention bonus, subject to customary closing adjustments.

ii) On March 25, 2026, Infosys Nova Holdings LLC a wholly-owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 100% of the partnership interests of Stratus Global LLC, a leading insurance technology partner serving P&C insurers and managing general agents (MGAs), headquartered in USA, for a consideration including earn-outs amounting up to $95 million (approximately ![rupee symbol](rupee-symbol.gif)901 crore), excluding management incentives, and retention bonus, subject to customary closing adjustments. Subsequently as on the date of these results, Infosys Nova Holdings LLC has completed its acquisition of Stratus Global LLC.

**i) Update on stock grants**

**i) Grants to CEO & MD**

The Board, on April 23, 2026, based on the recommendations of the Nomination and Remuneration Committee, approved the following annual grants to Salil Parekh, CEO and MD as per his employment agreement approved by shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;a) The grant of annual performance-based stock incentives (Annual Performance Equity Grant)
in the form of Restricted Stock Units (RSU's) covering Company's equity shares having a market value of ![rupee symbol](rupee-symbol.gif) 34.75
crore as on the date of the grant under the 2015 Stock Incentive Compensation Plan (2015 plan) which shall vest 12 months from the date
of grant subject to achievement of performance targets as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;b) The grant of annual performance-based stock incentives (Annual performance equity ESG grant)
in the form of RSU's covering Company's equity shares having a market value of ![rupee symbol](rupee-symbol.gif) 2
crore as on the date of the grant under the 2015 Plan, which shall vest 12 months from the date of the grant subject to the Company's
achievement of certain environment, social and governance milestones as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;c) The grant of annual performance-based stock incentives (Annual performance Equity TSR grant)
in the form of RSU's covering Company's equity shares having a market value of ![rupee symbol](rupee-symbol.gif) 5
crore as on the date of the grant under the 2015 Plan, which shall vest on or after March 31, 2027 subject to the Company's performance
on cumulative relative TSR for the two year cumulative period and as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;d) The grant of annual performance-based stock incentives (2019 Annual Performance Equity Grant)
in the form of Restricted Stock Units (RSU's) covering Company's equity shares having a market value of ![rupee symbol](rupee-symbol.gif) 10
crore as on the date of the grant under the Infosys Expanded Stock Ownership Program-2019 (2019 Plan), which shall vest 12 months from
the date of the grant subject to the Company's achievement of certain performance criteria as laid out in the 2019 Plan.

The above RSUs will be granted w.e.f May 2, 2026 and the number of RSU's will be calculated based on the market price at the close of trading day on a date immediately preceding the grant date.

**ii) Grants to other employees**

The Board, on April 23, 2026, based on the recommendations of the Nomination and Remuneration Committee, approved:

- Grant of 27,193 Restricted Stock Units (RSUs) under the 2015 Plan to eligible employees.

Grant of Performance Based Stock incentives (PSUs) to eligible employee under the 2019 Plan covering the Company's equity shares having a market value of ![rupee symbol](rupee-symbol.gif)1.90 crore as on the date of the grant. The number of PSUs will be calculated based on the market price at the close of trading day on a date immediately preceding the grant date.

The grants made under the 2015 Plan would vest equally over a period of two to three years and the grants made under the 2019 Plan would vest over a period of two years subject to the Company's achievement of performance parameters as defined in the 2019 Plan. The RSUs and PSUs will be granted w.e.f May 2, 2026 and the exercise price will be equal to the par value of the share.

**2. Information on dividends for the quarter and year ended March 31, 2026**

For financial year 2026, the Board recommended a final dividend of ![rupee symbol](rupee-symbol.gif)25/- (par value of ![rupee symbol](rupee-symbol.gif)5/- each) per equity share. This payment is subject to the approval of shareholders in the Annual General Meeting (AGM) of the Company to be held on June 23, 2026. The record date for the purpose of the payment of final dividend is June 10, 2026. The dividend will be paid on June 25, 2026. For the financial year ended 2025, the Company declared a final dividend of ![rupee symbol](rupee-symbol.gif)22/- (par value of ![rupee symbol](rupee-symbol.gif)5/- each) per equity share.

The Board of Directors (in the meeting held on October 16, 2025) declared an interim dividend of ![rupee symbol](rupee-symbol.gif)23/-per equity share. The record date for the payment was October 27, 2025 and the same was paid on November 7, 2025. The interim dividend declared in the previous year was ![rupee symbol](rupee-symbol.gif)21/- per equity share.

*(in ![rupee symbol](rupee-symbol.gif))*

---

| | | | |
|:---|:---|:---|:---|
| | **Quarter <br> ended<br> March 31,** | **Year ended<br> March 31,** | **Quarter <br> ended<br> March 31,** |
| **Particulars** | **2026** | **2026** | **2025** |
| **Dividend per share (par value ![rupee symbol](rupee-symbol.gif)5/- each)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividend | *–* | 23.00 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Final dividend | 25.00 | 25.00 | 22.00 |

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**3. Audited financial results of Infosys Limited (Standalone information)**

*(in ![rupee symbol](rupee-symbol.gif) crore)*

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| | | | |
|:---|:---|:---|:---|
| | **Quarter <br> ended<br> March 31,** | **Year<br> ended<br> March 31,** | **Quarter <br> ended<br> March 31,** |
| **Particulars** | **2026** | **2026** | **2025** |
| Revenue from operations | 38641 | 148819 | 34136 |
| Profit before exceptional item and tax | 9956 | 39903 | 9061 |
| Exceptional item - Impact of Labour Codes (Refer to note 1(e)) | *–* | 1146 | *–* |
| Profit before tax | 9956 | 38757 | 9061 |
| Profit for the period | 7975 | 29211 | 6628 |

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 *The above is an extract of the detailed format of Quarterly audited financial results filed with Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Audited Financial Results are available on the Stock Exchange websites, www.nseindia.com and www.bseindia.com, and on the Company's website, www.infosys.com.*

 

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| | |
|:---|:---|
| ![A qr code with a few black squares AI-generated content may be incorrect.](qr-code.gif) | By order of the Board for Infosys Limited |
| Bengaluru, India<br> April 23, 2026 | **Salil Parekh**<br> *Chief Executive Officer and Managing Director* |

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Certain statements in this release, including those concerning our future growth prospects and our future financial or operating performance, are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as artificial intelligence, the complex and evolving regulatory landscape including immigration regulation changes and developments in the US H-1B visa program, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources, our corporate actions including acquisitions, cybersecurity matters, the outcome of pending litigation and the US government investigation, and the effect of current and any future tariffs. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

## Exhibit 99.7

**Exhibit 99.7**<br> **IFRS USD Earning Release**

**INDEPENDENT AUDITOR'S REPORT**

**TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED**

**Report on the Audit of the Interim Condensed Consolidated Financial Statements** 

**Opinion**

We have audited the accompanying interim condensed consolidated financial statements of **INFOSYS LIMITED** (the "Company"), and its subsidiaries (the Company and its subsidiaries together referred to as the "Group"), which comprise the Condensed Consolidated Balance Sheet as at March 31, 2026, the Condensed Consolidated Statement of Comprehensive Income for the three months and year ended on that date, the Condensed Consolidated Statement of Changes in Equity, and the Condensed Consolidated Statement of Cash Flows for the year ended on that date, and notes to the financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the "Interim Condensed Consolidated Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Interim Condensed Consolidated Financial Statements give a true and fair view in conformity with International Accounting Standard 34 "Interim Financial Reporting" ("IAS 34") as issued by the International Accounting Standards Board ("IASB"), of the consolidated state of affairs of the Group as at March 31, 2026, its consolidated profit and its consolidated other comprehensive income for the three months and year ended on that date, its consolidated changes in equity and its consolidated cash flows for the year ended on that date.

**Basis for Opinion**

We conducted our audit of the Interim Condensed Consolidated Financial Statements in accordance with the Standards on Auditing ("SAs") issued by the Institute of Chartered Accountants of India ("ICAI"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Interim Condensed Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the ICAI, and we have fulfilled our other ethical responsibilities in accordance with the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Interim Condensed Consolidated Financial Statements.

**Responsibilities of Management and Board of Directors for the Interim Condensed Consolidated Financial Statements**

The Company's Board of Directors is responsible for the preparation and presentation of these Interim Condensed Consolidated Financial Statements that give a true and fair view of the consolidated financial position, consolidated financial performance, consolidated other comprehensive income, consolidated changes in equity and consolidated cash flows of the Group in accordance with IAS 34 as issued by the IASB. The respective Boards of Directors of the entities included in the Group are responsible for maintenance of the adequate accounting records for safeguarding assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective interim financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the Interim Condensed Consolidated Financial Statements by the Directors of the Company, as aforesaid.

In preparing the Interim Condensed Consolidated Financial Statements, the respective Boards of Directors of the entities included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intend to liquidate their respective entities or to cease operations, or have no realistic alternative but to do so.

The respective Boards of Directors of the entities included in the Group are also responsible for overseeing the financial reporting process of the Group.

**Auditor's Responsibilities for the Audit of the Interim Condensed Consolidated Financial Statements**

Our objectives are to obtain reasonable assurance about whether the Interim Condensed Consolidated Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Interim Condensed Consolidated Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

· Identify and assess the risks of material misstatement of the Interim Condensed Consolidated Financial
Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.

· Obtain an understanding of internal financial controls relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of such controls.

· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.

· Conclude on the appropriateness of management's use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor's report to the related disclosures in the Interim Condensed Consolidated Financial Statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

· Evaluate the overall presentation, structure and content of the Interim Condensed Consolidated Financial
Statements, including the disclosures, and whether the Interim Condensed Consolidated Financial Statements represent the underlying transactions
and events in a manner that achieves fair presentation.

· Obtain sufficient appropriate audit evidence regarding the financial information of the entities within
the Group to express an opinion on the Interim Condensed Consolidated Financial Statements. We are responsible for the direction, supervision
and performance of the audit of financial statements of such entities included in the Interim Condensed Consolidated Financial Statements
of which we are independent auditors.

Materiality is the magnitude of misstatements in the Interim Condensed Consolidated Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Interim Condensed Consolidated Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Interim Condensed Consolidated Financial Statements.

We communicate with those charged with governance of the Company and such other entities included in the Interim Condensed Consolidated Financial Statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For DELOITTE HASKINS & SELLS LLP**<br> Chartered Accountants<br> (Firm's Registration No. 117366W/W-100018) |
| Place: Bengaluru<br> Date: April 23, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Vikas Bagaria**<br> Partner<br> (Membership No.060408)<br> UDIN: 26060408EVYJSU5830 <br>|

---

**INFOSYS LIMITED AND SUBSIDIARIES**

***Condensed Consolidated Financial Statements under International Financial Reporting Standards (IFRS) in US Dollars for the three months and year ended March 31, 2026***

---

| |
|:---|
| &nbsp;&nbsp;**Index** |
| &nbsp;&nbsp;Condensed Consolidated Balance Sheet |
| &nbsp;&nbsp;Condensed Consolidated Statement of Comprehensive Income |
| &nbsp;&nbsp;Condensed Consolidated Statement of Changes in Equity |
| &nbsp;&nbsp;Condensed Consolidated Statement of Cash Flows |
| &nbsp;&nbsp;**Overview and Notes to the Interim Condensed Consolidated Financial Statements** |
| &nbsp;&nbsp;**1. Overview** |
| &nbsp;&nbsp;1.1 Company overview |
| &nbsp;&nbsp;1.2 Basis of preparation of financial statements |
| &nbsp;&nbsp;1.3 Basis of consolidation |
| &nbsp;&nbsp;1.4 Use of estimates and judgments |
| &nbsp;&nbsp;1.5 Critical accounting estimates and judgments |
| &nbsp;&nbsp;1.6 Recent accounting pronouncements |
| &nbsp;&nbsp;**2. Notes to the Interim Condensed Consolidated Financial Statements** |
| &nbsp;&nbsp;2.1 Cash and cash equivalents |
| &nbsp;&nbsp;2.2 Investments |
| &nbsp;&nbsp;2.3 Financial instruments |
| &nbsp;&nbsp;2.4 Prepayments and other assets |
| &nbsp;&nbsp;2.5 Other liabilities |
| &nbsp;&nbsp;2.6 Provisions and other contingencies |
| &nbsp;&nbsp;2.7 Property, plant and equipment |
| &nbsp;&nbsp;2.8 Leases |
| &nbsp;&nbsp;2.9 Goodwill and Intangible assets |
| &nbsp;&nbsp;2.10 Business combinations |
| &nbsp;&nbsp;2.11 Employees' Stock Option Plans (ESOP) |
| &nbsp;&nbsp;2.12 Income Taxes |
| &nbsp;&nbsp;2.13 Earnings per equity share |
| &nbsp;&nbsp;2.14 Related party transactions |
| &nbsp;&nbsp;2.15 Segment reporting |
| &nbsp;&nbsp;2.16 Revenue from Operations |
| &nbsp;&nbsp;2.17 Unbilled Revenue |
| &nbsp;&nbsp;2.18 Equity |
| &nbsp;&nbsp;2.19 Break-up of expenses and other income, net |

---

**Infosys Limited and subsidiaries**

*(Dollars in millions except equity share data)*

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| | | | |
|:---|:---|:---|:---|
| **Condensed Consolidated Balance Sheet as at** | **Note** | **March 31, 2026** | **March 31, 2025** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 2.1 | 2341 | 2861 |
| Current investments | 2.2 | 1365 | 1460 |
| Trade receivables |  | 3715 | 3645 |
| Unbilled revenue | 2.17 | 1633 | 1503 |
| Prepayments and other current assets | 2.4 | 1656 | 1519 |
| Income tax assets | 2.12 | 193 | 348 |
| Derivative financial instruments | 2.3 | 9 | 23 |
| **Total current assets** |  | **10912** | **11359** |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 2.7 | 1406 | 1497 |
| Right-of-use assets | 2.8 | 651 | 738 |
| Goodwill | 2.9 | 1278 | 1182 |
| Intangible assets |  | 298 | 323 |
| Non-current investments | 2.2 | 942 | 1294 |
| Unbilled revenue | 2.17 | 183 | 261 |
| Deferred income tax assets | 2.12 | 239 | 130 |
| Income tax assets | 2.12 | 70 | 190 |
| Other non-current assets | 2.4 | 467 | 445 |
| **Total Non-current assets** |  | **5534** | **6060** |
| **Total assets** |  | **16446** | **17419** |
| **LIABILITIES AND EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade payables |  | 500 | 487 |
| Lease liabilities | 2.8 | 333 | 287 |
| Derivative financial instruments | 2.3 | 63 | 7 |
| Current income tax liabilities | 2.12 | 594 | 567 |
| Unearned revenue |  | 1248 | 994 |
| Employee benefit obligations |  | 372 | 340 |
| Provisions | 2.6 | 159 | 173 |
| Other current liabilities | 2.5 | 2247 | 2157 |
| **Total current liabilities** |  | **5516** | **5012** |
| **Non-current liabilities** |  |  |  |
| Lease liabilities | 2.8 | 634 | 675 |
| Deferred income tax liabilities | 2.12 | 177 | 202 |
| Employee benefit obligations |  | 12 | 11 |
| Other non-current liabilities | 2.5 | 267 | 264 |
| **Total Non-current liabilities** |  | **1090** | **1152** |
| **Total liabilities** |  | **6606** | **6164** |
| **Equity** |  |  |  |
| Share capital - ![](rupee-symbol.gif)5 ($0.16) par value 4,800,000,000 (4800000000) equity shares authorized, issued and outstanding 4,046,940,812 (4143607528) equity shares fully paid up, net of 8,650,911 (9655927) treasury shares as at March 31, 2026 (March 31, 2025) | 2.18 | 319 | 325 |
| Share premium |  | 462 | 500 |
| Retained earnings |  | 13459 | 13766 |
| Cash flow hedge reserves |  | (2) | (2) |
| Other reserves |  | 773 | 1171 |
| Capital redemption reserve |  | 30 | 24 |
| Other components of equity |  | (5255) | (4579) |
| **Total equity attributable to equity holders of the Company** |  | **9786** | **11205** |
| Non-controlling interests |  | 54 | 50 |
| **Total equity** |  | **9840** | **11255** |
| **Total liabilities and equity** |  | **16446** | **17419** |

---

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408<br>| &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman* | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director* | &nbsp;&nbsp; Bobby Parikh<br> *Director* |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary* |  |

---

*(Dollars in millions except equity share and per equity share data)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Note** | **Three months ended** | **Three months ended** | **Year ended** | **Year ended** |
| **Condensed Consolidated Statement of Comprehensive Income for the**  | | **March 31, 2026** | **March 31, 2025** | **March 31, 2026** | **March 31, 2025** |
| **Revenues** | 2.16 | **5040** | **4730** | **20158** | **19277** |
| Cost of sales | 2.19 | 3485 | 3302 | 14079 | 13405 |
| **Gross profit** |  | **1555** | **1428** | **6079** | **5872** |
| **Operating expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | &nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp; 898 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp; 969 | &nbsp;&nbsp;&nbsp; 903 |
| Total operating expenses |  | **500** | **436** | **1994** | **1801** |
| **Operating profit** |  | **1055** | **992** | **4085** | **4071** |
| Other income, net | 2.19 | 125 | 137 | 468 | 425 |
| Finance cost |  | 12 | 12 | 47 | 49 |
| **Profit before income taxes** |  | **1168** | **1117** | **4506** | **4447** |
| Income tax expense | 2.12 | 248 | 303 | 1190 | 1285 |
| **Net profit** |  | **920** | **814** | **3316** | **3162** |
| **Other comprehensive income** |  |  |  |  |  |
| *Items that will not be reclassified subsequently to profit or loss* |  |  |  |  |  |
| Remeasurement of the net defined benefit liability/asset, net |  | (25) | (17) | (31) | (11) |
| Equity instruments through other comprehensive income, net |  | 39 | 3 | 42 | 2 |
|  |  | 14 | (14) | 11 | (9) |
| *Items that will be reclassified subsequently to profit or loss* |  |  |  |  |  |
| Fair value changes on investments, net |  | (10) | 8 | (2) | 24 |
| Fair value changes on derivatives designated as cash flow hedge, net |  | (1) | (7) | *–* | (3) |
| Exchange differences on translation of foreign operations |  | (401) | 72 | (684) | (198) |
|  |  | (412) | 73 | (686) | (177) |
| **Total other comprehensive income/(loss), net of tax** |  | **(398)** | **59** | **(675)** | **(186)** |
| **Total comprehensive income** |  | **522** | **873** | **2641** | **2976** |
| **Profit attributable to:** |  |  |  |  |  |
| Owners of the Company |  | 919 | 813 | 3313 | 3158 |
| Non-controlling interests |  | 1 | 1 | 3 | 4 |
|  |  | **920** | **814** | **3316** | **3162** |
| **Total comprehensive income attributable to:** |  |  |  |  |  |
| Owners of the Company |  | 521 | 872 | 2637 | 2972 |
| Non-controlling interests |  | 1 | 1 | 4 | 4 |
|  |  | **522** | **873** | **2641** | **2976** |
| **Earnings per equity share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic ($) |  | &nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 0.81 | &nbsp;&nbsp;&nbsp; 0.76 |
| &nbsp;&nbsp;&nbsp;Diluted ($) |  | &nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 0.80 | &nbsp;&nbsp;&nbsp; 0.76 |
| **Weighted average equity shares used in computing earnings per equity share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic (in shares) | &nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp; 4046019309 | &nbsp;&nbsp;&nbsp; 4142429577 | &nbsp;&nbsp;&nbsp; 4112814745 | &nbsp;&nbsp;&nbsp; 4141611738 |
| &nbsp;&nbsp;&nbsp;Diluted (in shares) | &nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp; 4052169447 | &nbsp;&nbsp;&nbsp; 4151537321 | &nbsp;&nbsp;&nbsp; 4120108168 | &nbsp;&nbsp;&nbsp; 4152051184 |

---

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman* | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director* | &nbsp;&nbsp; Bobby Parikh<br> *Director* |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary* |  |

---

**Condensed Consolidated Statement of Changes in Equity**

*(Dollars in millions except equity share data)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Shares<sup>(1)</sup>** | **Share capital** | **Share premium** | **Retained earnings** | **Other reserves<sup>(2)</sup>** | **Capital redemption reserve** | **Cash flow hedge reserve** | **Other components of equity** | **Total equity attributable to equity holders of the Company** | **Non-controlling interest** | **Total equity** |
| **Balance as at April 1, 2024** | **4139950635** | **325** | **425** | **12557** | **1623** | **24** | **1** | **(4396)** | **10559** | **46** | **10605** |
| **Changes in equity for the year ended March 31, 2025** |  |  |  |  |  |  |  |  |  |  |  |
| Net profit | *–* | *–* | *–* | 3158 | *–* | *–* | *–* | *–* | 3158 | 4 | 3162 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (11) | (11) | *–* | (11) |
| Equity instruments through other comprehensive income, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 2 | 2 | *–* | 2 |
| Fair value changes on derivatives designated as Cash flow hedge, net\* | *–* | *–* | *–* | *–* | *–* | *–* | (3) | *–* | (3) | *–* | (3) |
| Exchange differences on translation of foreign operations | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (198) | (198) | *–* | (198) |
| Fair value changes on investments, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 24 | 24 | *–* | 24 |
| **Total comprehensive income for the year** |  ***–*** |  ***–*** |  ***–*** | **3158** |  ***–*** |  ***–*** | **(3)** | **(183)** | **2972** | **4** | **2976** |
| Shares issued on exercise of employee stock options (Refer to note 2.11) | 3656893 | *–* | 1 | *–* | *–* | *–* | *–* | *–* | 1 | *–* | 1 |
| Employee stock compensation expense (Refer to note 2.11) | *–* | *–* | 93 | *–* | *–* | *–* | *–* | *–* | 93 | *–* | 93 |
| Transfer on account of options not exercised | *–* | *–* | (23) | 23 | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Income tax benefit arising on exercise of stock options (Refer to note 2.12) | *–* | *–* | 4 | *–* | *–* | *–* | *–* | *–* | 4 | *–* | 4 |
| Transferred to other reserves | *–* | *–* | *–* | (9) | 9 | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from other reserves on utilization | *–* | *–* | *–* | 104 | (104) | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from other reserves to retained earnings | *–* | *–* | *–* | 357 | (357) | *–* | *–* | *–* | *–* | *–* | *–* |
| Dividends<sup>#</sup> | *–* | *–* | *–* | (2424) | *–* | *–* | *–* | *–* | (2424) | *–* | (2424) |
| **Balance as at March 31, 2025** | **4143607528** | **325** | **500** | **13766** | **1171** | **24** | **(2)** | **(4579)** | **11205** | **50** | **11255** |
| **Balance as at April 1, 2025** | **4143607528** | **325** | **500** | **13766** | **1171** | **24** | **(2)** | **(4579)** | **11205** | **50** | **11255** |
| **Changes in equity for the year ended March 31, 2026** |  |  |  |  |  |  |  |  |  |  |  |
| Net profit | *–* | *–* | *–* | 3313 | *–* | *–* | *–* | *–* | 3313 | 3 | 3316 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (31) | (31) | *–* | (31) |
| Equity instruments through other comprehensive income, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 42 | 42 | *–* | 42 |
| Fair value changes on derivatives designated as Cash flow hedge, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Exchange differences on translation of foreign operations | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (685) | (685) | 1 | (684) |
| Fair value changes on investments, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (2) | (2) | *–* | (2) |
| **Total comprehensive income for the year** |  ***–*** |  ***–*** |  ***–*** | **3313** |  ***–*** |  ***–*** |  ***–*** | **(676)** | **2637** | **4** | **2641** |
| Shares issued on exercise of employee stock options (Refer to note 2.11) | 3333284 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Buyback of equity shares (Refer to note 2.18) | (100000000) | (6) | (140) | (1875) | *–* | *–* |  ***–*** | *–* | (2021) |  ***–*** | (2021) |
| Transaction cost relating to buyback\* |  ***–*** | *–* | (2) | (3) | *–* | *–* |  ***–*** | *–* | (5) |  ***–*** | (5) |
| Amount transferred to capital redemption reserve upon buyback (Refer to note 2.18) |  ***–*** | *–* | *–* | (6) | *–* | 6 |  ***–*** | *–* | *–* |  ***–*** | *–* |
| Financial liability under option arrangements | *–* | *–* | *–* | (1) | *–* | *–* | *–* | *–* | (1) | *–* | (1) |
| Changes in the controlling stake of a subsidiary | *–* | *–* | *–* | 1 | *–* | *–* | *–* | *–* | 1 | *–* | 1 |
| Employee stock compensation expense (Refer to note 2.11) | *–* | *–* | 106 | *–* | *–* | *–* | *–* | *–* | 106 | *–* | 106 |
| Transferred on account of options not exercised | *–* | *–* | (7) | 7 | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Income tax benefit arising on exercise of stock options (Refer to note 2.12) | *–* | *–* | 5 | *–* | *–* | *–* | *–* | *–* | 5 | *–* | 5 |
| Transferred from other reserves on utilization | *–* | *–* | *–* | 139 | (139) | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from other reserves to retained earnings | *–* | *–* | *–* | 259 | (259) | *–* | *–* | *–* | *–* | *–* | *–* |
| Dividends<sup>#</sup> | *–* | *–* | *–* | (2141) | *–* | *–* | *–* | *–* | (2141) | *–* | (2141) |
| **Balance as at March 31, 2026** | **4046940812** | **319** | **462** | **13459** | **773** | **30** | **(2)** | **(5255)** | **9786** | **54** | **9840** |

---

*\** *net of tax*

*#* *net of treasury shares*

*<sup>(1)</sup>* *excludes treasury shares of 8,650,911 as at March 31, 2026, 9,655,927 as at April 1, 2025 and 10,916,829 as at April 1, 2024 held by consolidated trust.*

*<sup>(2)</sup>* *Represents the Special Economic Zone Re-investment reserve created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act,1961. The reserve should be utilized by the Group for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA(2) of the Income Tax Act, 1961.*

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman* | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director* | &nbsp;&nbsp; Bobby Parikh<br> *Director* |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary* |  |

---

**Condensed Consolidated Statement of Cash Flows**

**Accounting Policy**

Cash flows are reported using the indirect method, whereby profit for the year is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Group are segregated. The Group considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

*(Dollars in millions)*

---

| | | | |
|:---|:---|:---|:---|
| | | **Year ended** | **Year ended** |
| **Particulars** | **Note** | **March 31, 2026** | **March 31, 2025** |
| **Operating activities** |  |  |  |
| Net Profit |  | 3316 | 3162 |
| **Adjustments to reconcile net profit to net cash provided by operating activities** |  |  |  |
| Depreciation and amortization |  | 552 | 569 |
| Interest and dividend income |  | (127) | (139) |
| Finance cost |  | 47 | 49 |
| Income tax expense | 2.12 | 1190 | 1285 |
| Exchange differences on translation of assets and liabilities, net |  | 106 | 9 |
| Impairment loss recognized/(reversed) under expected credit loss model |  | 4 | 6 |
| Stock compensation expense |  | 108 | 95 |
| Provision for post-sales client support and other provisions |  | (19) | (13) |
| Interest receivable on income tax refund |  | (7) | (39) |
| Other adjustments |  | 101 | 99 |
| **Changes in working capital** |  |  |  |
| &nbsp;&nbsp;&nbsp;Trade receivables and unbilled revenue |  | &nbsp;&nbsp;&nbsp; (583) | &nbsp;&nbsp;&nbsp; (209) |
| &nbsp;&nbsp;&nbsp;Prepayments and other assets |  | &nbsp;&nbsp;&nbsp; (260) | &nbsp;&nbsp;&nbsp; (157) |
| &nbsp;&nbsp;&nbsp;Trade payables |  | &nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;Unearned revenue |  | &nbsp;&nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp;Other liabilities and provisions |  | &nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp; 140 |
| **Cash generated from operations** |  | **5012** | **5013** |
| Income taxes paid |  | (973) | (662) |
| **Net cash generated by operating activities** |  | **4039** | **4351** |
| **Investing activities** |  |  |  |
| Expenditure on property, plant and equipment and intangibles, net of sale proceeds *(Refer to note 2.7)* |  | (306) | (263) |
| Deposits placed with Corporation |  | (106) | (145) |
| Redemption of deposits placed with Corporation |  | 82 | 92 |
| Interest and dividend received |  | 98 | 113 |
| Payment for acquisition of business, net of cash acquired | 2.10 | (76) | (377) |
| Payment of contingent consideration pertaining to acquisition of business |  | (1) | *–* |
| Escrow and other deposits pertaining to Buyback |  | (204) | *–* |
| Redemption of escrow and other deposits pertaining to Buyback |  | 204 | *–* |
| Other receipts |  | 1 | 1 |
| Payments to acquire Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;Mutual funds units |  | &nbsp;&nbsp;&nbsp; (8200) | &nbsp;&nbsp;&nbsp; (8636) |
| &nbsp;&nbsp;&nbsp;Certificates of deposit |  | &nbsp;&nbsp;&nbsp; (1579) | &nbsp;&nbsp;&nbsp; (825) |
| &nbsp;&nbsp;&nbsp;Quoted debt securities |  | &nbsp;&nbsp;&nbsp; (726) | &nbsp;&nbsp;&nbsp; (383) |
| &nbsp;&nbsp;&nbsp;Commercial paper |  | &nbsp;&nbsp;&nbsp; (366) | &nbsp;&nbsp;&nbsp; (757) |
| &nbsp;&nbsp;&nbsp;Other investments |  | &nbsp;&nbsp;&nbsp; (4) | &nbsp;&nbsp;&nbsp; (7) |
| Proceeds on sale of investments |  |  |  |
| &nbsp;&nbsp;&nbsp;Mutual funds units |  | &nbsp;&nbsp;&nbsp; 8178 | &nbsp;&nbsp;&nbsp; 8747 |
| &nbsp;&nbsp;&nbsp;Target maturity funds units |  | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; *–* |
| &nbsp;&nbsp;&nbsp;Certificates of deposit |  | &nbsp;&nbsp;&nbsp; 1099 | &nbsp;&nbsp;&nbsp; 791 |
| &nbsp;&nbsp;&nbsp;Quoted debt securities |  | &nbsp;&nbsp;&nbsp; 1206 | &nbsp;&nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;Commercial paper |  | &nbsp;&nbsp;&nbsp; 654 | &nbsp;&nbsp;&nbsp; 914 |
| &nbsp;&nbsp;&nbsp;Other investments |  | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; 1 |
| **Net cash generated from investing activities** |  | **10** | **(361)** |
| **Financing activities** |  |  |  |
| Payment of lease liabilities |  | (318) | (278) |
| Payment of dividends |  | (2133) | (2416) |
| Shares issued on exercise of employee stock options |  | *–* | 1 |
| Loan repayment of in-tech Holding GmbH |  | *–* | (118) |
| Other payments |  | (28) | (64) |
| Buyback of equity shares including transaction costs |  | (2006) | *–* |
| **Net cash used in financing activities** |  | **(4485)** | **(2875)** |
| Net increase/(decrease) in cash and cash equivalents |  | (436) | 1115 |
| Effect of exchange rate changes on cash and cash equivalents |  | (84) | (27) |
| Cash and cash equivalents at the beginning of the period | 2.1 | 2861 | 1773 |
| **Cash and cash equivalents at the end of the period** | 2.1 | **2341** | **2861** |
| **Supplementary information:** |  |  |  |
| Restricted cash balance | 2.1 | 44 | 50 |

---

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman* | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director* | &nbsp;&nbsp; Bobby Parikh<br> *Director* |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary* |  |

---

**Overview and Notes to the Interim Condensed Consolidated Financial Statements**

**1. Overview**

**1.1 Company overview**

Infosys Limited ('the Company' or 'Infosys') provides AI-first business consulting and technology services, to enable organizations to unlock AI value at scale. With over four decades of experience in managing the systems and workings of global enterprises, Infosys accelerates business transformation through its AI-first value framework, deep domain expertise, and unique ability to orchestrate innovations from its AI-native partner ecosystem. Infosys's strategy is to be the navigator for its clients as they ideate, plan and execute on their journey to an AI-first future.

Infosys together with its subsidiaries and controlled trusts is herein after referred to as the "Group".

The company is a public limited company incorporated and domiciled in India and has its registered office at Electronics city, Hosur Road, Bengaluru 560100, Karnataka, India. The company has its primary listings on the BSE Ltd. and National Stock Exchange of India Limited. The company's American Depositary Shares (ADS) representing equity shares are listed on the New York Stock Exchange (NYSE).

The Group's interim condensed consolidated financial statements are approved for issue by the company's Board of Directors on April 23, 2026.

**1.2 Basis of preparation of financial statements**

The interim condensed consolidated financial statements have been prepared in compliance with IAS 34, Interim Financial Reporting as issued by International Accounting Standards Board, under the historical cost convention on accrual basis except for certain financial instruments which are measured at fair values and defined benefit liability/(asset) which is recognized at the present value of defined benefit obligation less fair value of plan assets. Accordingly, these interim condensed consolidated financial statements do not include all the information required for a complete set of financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the company's Annual Report on Form 20-F for the year ended March 31, 2025. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The material accounting policy information used in preparation of the audited interim condensed consolidated financial statements have been discussed in the respective notes.

As the quarter and year to date figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the year to date figures reported in this statement.

**1.3 Basis of consolidation**

Infosys consolidates entities which it owns or controls. The interim condensed consolidated financial statements comprise the financial statements of the company, its controlled trusts and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity's returns. Subsidiaries are consolidated from the date control commences until the date control ceases.

The financial statements of the Group companies are consolidated on a line-by-line basis and intra-group balances and transactions including unrealized gain / loss from such transactions are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the company, are excluded.

**1.4 Use of estimates and judgments**

The preparation of the Interim condensed consolidated financial statements in conformity with IFRS requires Management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note 1.5. Critical Accounting estimates and judgments could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgements are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim condensed consolidated financial statements.

**1.5 Critical accounting estimates and judgments**

**a. Revenue recognition** 

The Group's contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgement.

Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Group's costs to fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

The Group uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-completion method requires the Group to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

**b. Income taxes**

The Group's two major tax jurisdictions are India and the United States, though the company also files tax returns in other overseas jurisdictions.

Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

In assessing the realizability of deferred income tax assets, The Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, Management believes that the group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. (Refer to note 2.12)

**c. Business combinations and intangible assets**

Business combinations are accounted for using IFRS 3 (Revised), Business Combinations. IFRS 3 requires us to fair value identifiable intangible assets and contingent consideration to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. These valuations are conducted by external valuation experts. Estimates are required to be made in determining the value of contingent consideration, value of option arrangements and intangible assets. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by Management. (Refer to note 2.10 and 2.9.2)

**d. Property, plant and equipment** 

Property, plant and equipment represent a significant proportion of the asset base of the Group. The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Group's assets are determined by Management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology (Refer to note 2.7)

**e. Impairment of Goodwill**

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGUs) is less than it's carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGUs which benefit from the synergies of the acquisition and which represent the lowest level at which goodwill is monitored for internal management purposes.

The recoverable amount of CGUs is determined based on higher of value-in-use and fair value less cost to sell. Key assumptions in the cash flow projections are prepared based on current economic conditions and comprises estimated long term growth rates, weighted average cost of capital and estimated operating margins. (Refer to note 2.9.1)

**1.6 Recent accounting pronouncements** 

**New and revised IFRS Standards in issue but not yet effective:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;IFRS 18 Presentation and Disclosures in Financial Statements | &nbsp;&nbsp;Presentation and Disclosures in Financial Statements |
| &nbsp;&nbsp;Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures | &nbsp;&nbsp;Amendments to the Classification and Measurement of Financial Instruments |
| &nbsp;&nbsp;Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures | &nbsp;&nbsp;Contracts Referencing Nature-dependent Electricity |

---

**IFRS 18 – Presentation and Disclosures in Financial Statements**

On April 9, 2024, IASB has issued IFRS 18 – Presentation and Disclosures in Financial Statements that will replace IAS 1 Presentation of Financial Statements from its effective date. IFRS 18 introduces new requirements for information presented in the primary financial statements and disclosed in the notes. The new requirements are focused on the statement of profit or loss. IFRS 18 introduces three categories for income and expenses, that is, operating, investing and financing to improve the structure of the income statement. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, although early adoption is permitted. The Group is in the process of evaluating the impact of the amendment.

**Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures**

On May 30, 2024, IASB has issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, which clarifies the classification of financial assets with environmental, social and corporate governance (ESG) and similar features, derecognition of financial liability settled through electronic payment systems and also introduces additional disclosure requirements to enhance transparency for investors regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features.

The effective date for adoption of this amendment is annual reporting periods beginning on or after January 1, 2026, although early adoption is permitted. The Group has evaluated the amendment and there is no impact on its consolidated financial statements.

On December 18, 2024, IASB has issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, relating to factors an entity is required to consider in assessing the own-use requirements for contracts to buy and take delivery of nature-dependent renewable electricity; hedge accounting treatment for nature-dependent renewable electricity and related disclosures.

The effective date for adoption of these amendments is annual reporting periods beginning on or after January 1, 2026, although early adoption is permitted. The Group has evaluated the amendment and there is no impact on its consolidated financial statements.

**2. Notes to the Interim Condensed Consolidated Financial Statements**

**2.1 Cash and cash equivalents** 

Cash and cash equivalents consist of the following:

*(Dollars in millions)* 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Cash and bank deposits | 2341 | 2861 |
| **Total Cash and cash equivalents** | **2341** | **2861** |

---

Cash and cash equivalents as at March 31, 2026 and March 31, 2025 include restricted cash and bank balances of $44 million and $50 million, respectively. The restrictions are primarily on account of bank balances held by irrevocable trusts controlled by the company.

The deposits maintained by the Group with banks comprise of time deposits, which can be withdrawn by the Group at any point without prior notice or penalty on the principal.

**2.2 Investments**

The carrying value of the investments are as follows:

*(Dollars in millions)* 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **(i) Current Investments** |  |  |
| **Amortized Cost** |  |  |
| &nbsp;&nbsp;&nbsp;Quoted debt securities | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 20 |
| **Fair Value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;Quoted Debt Securities | &nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp;Certificates of deposits | &nbsp;&nbsp;&nbsp; 844 | &nbsp;&nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp;Commercial Paper | &nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; 426 |
| **Fair Value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;Mutual fund units | &nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp; 229 |
| **Total current investments** | **1365** | **1460** |
| **(ii) Non-current Investments** |  |  |
| **Amortized Cost** |  |  |
| &nbsp;&nbsp;&nbsp;Quoted debt securities | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 173 |
| **Fair Value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;Quoted debt securities | &nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp; 1014 |
| &nbsp;&nbsp;&nbsp;Quoted equity securities | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;Unquoted equity and preference securities | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 20 |
| **Fair Value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;Target maturity fund units | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;Unquoted equity and preference securities | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;Others<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 23 |
| **Total Non-current investments** | **942** | **1294** |
| **Total investments** | **2307** | **2754** |
| &nbsp;&nbsp;&nbsp;Investments carried at amortized cost | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;Investments carried at fair value through other comprehensive income | &nbsp;&nbsp;&nbsp; 1965 | &nbsp;&nbsp;&nbsp; 2252 |
| &nbsp;&nbsp;&nbsp;Investments carried at fair value through profit or loss | &nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; 309 |

---

*<sup>(1)</sup> Uncalled capital commitments outstanding as on March 31, 2026 and March 31, 2025 was $10 million and $14 million, respectively.*

Refer to note 2.3 for accounting policies on financial instruments.

**Method of fair valuation:**

*(Dollars in millions)* 

---

| | | | |
|:---|:---|:---|:---|
| | | **Fair value as at** | **Fair value as at** |
| **Class of Investment** | **Method** | **March 31, 2026** | **March 31, 2025** |
| Mutual fund units - carried at fair value through profit or loss | Quoted price | 251 | 229 |
| Target maturity fund units - carried at fair value through profit or loss | Quoted price | *–* | 54 |
| Quoted debt securities- carried at amortized cost | Quoted price and market observable inputs | 59 | 213 |
| Quoted debt securities- carried at fair value through other comprehensive income | Quoted price and market observable inputs | 922 | 1389 |
| Commercial Paper - carried at fair value through other comprehensive income | Market observable inputs | 127 | 426 |
| Certificates of Deposit - carried at fair value through other comprehensive income | Market observable inputs | 844 | 410 |
| Unquoted equity and preference securities - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, Option pricing model | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Unquoted equity and preference securities - carried at fair value through other comprehensive income | Discounted cash flows method, Market multiples method, Option pricing model | 66 | 20 |
| Quoted equity securities - carried at fair value through other comprehensive income | Quoted price | 6 | 7 |
| Others - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, Option pricing model | 28 | 23 |
| **Total** |  | **2309** | **2774** |

---

Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments.

**2.3 Financial instruments**

**Accounting Policy**

**2.3.1 Initial recognition**

The Group recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

**2.3.2 Subsequent measurement**

**a. Non-derivative financial instruments**

***(i) Financial assets carried at amortized cost***

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

***(ii) Financial assets carried at fair value through other comprehensive income (FVOCI)***

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group has made an irrevocable election for certain investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

***(iii) Financial assets carried at fair value through profit or loss (FVTPL)***

A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss.

***(iv) Financial liabilities***

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration and financial liability under option arrangements recognized in a business combination which is subsequently measured at fair value through profit or loss.

**b. Derivative financial instruments**

The Group holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank.

**(i) Financial assets or financial liabilities, carried at fair value through profit or loss**

This category includes derivative financial assets or liabilities which are not designated as hedges.

Although the Group believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under IFRS 9, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per IFRS 9, is categorized as a financial asset or financial liability carried at fair value through profit or loss.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in net profit in the consolidated statement of comprehensive income when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the balance sheet date.

**(ii) Cash flow hedge**

Primarily the Group designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transaction.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the interim consolidated statement of comprehensive income. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedge reserve till the period the hedge was effective remains in cash flow hedge reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedge reserve is transferred to the net profit in the consolidated statement of comprehensive income upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedge reserve is reclassified to net profit in the interim condensed consolidated statement of comprehensive income.

**2.3.3 Derecognition of financial instruments**

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under IFRS 9. A financial liability (or a part of a financial liability) is derecognized from the group's balance sheet when the obligation specified in the contract is discharged or cancelled or expires.

**2.3.4 Fair value of financial instruments**

In determining the fair value of its financial instruments, the Group uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, option pricing model, market multiples, available quoted market prices and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized.

Refer to table 'Financial instruments by category' below for the disclosure on carrying value and fair value of financial assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date and which are not carried at fair value, the carrying amounts approximate fair value due to the short maturity of these instruments.

**2.3.5 Impairment** 

The Group recognizes loss allowances using the expected credit loss (ECL) model for the financial assets and unbilled revenue which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled revenues with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL.

The Group determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Group considers current and anticipated future economic conditions relating to industries the Group deals with and the countries where it operates.

The amount of ECL (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recorded is recognized as an impairment loss or gain in interim condensed consolidated statement of comprehensive income.

**Financial instruments by category**

The carrying value and fair value of financial instruments by categories as at March 31, 2026 are as follows:

*(Dollars in millions)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets / liabilities at fair value through profit or loss** | **Financial assets / liabilities at fair value through profit or loss** | **Financial assets / liabilities at fair value through OCI** | **Financial assets / liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents (Refer to note 2.1) | 2341 | *–* | *–* | *–* | *–* | 2341 | 2341 |
| Investments (Refer to note 2.2) |  |  |  |  |  |  |  |
| Mutual fund units | *–* | *–* | 251 | *–* | *–* | 251 | 251 |
| Quoted debt securities | 57 | *–* | *–* | *–* | 922 | 979 | 981<sup>(1)</sup> |
| Certificates of deposit | *–* | *–* | *–* | *–* | 844 | 844 | 844 |
| Commercial Papers | *–* | *–* | *–* | *–* | 127 | 127 | 127 |
| Quoted equity securities | *–* | *–* | *–* | 6 | *–* | 6 | 6 |
| Unquoted equity and preference securities | *–* | 6 | *–* | 66 | *–* | 72 | 72 |
| Unquoted investment others | *–* | *–* | 28 | *–* | *–* | 28 | 28 |
| Trade receivables | 3715 | *–* | *–* | *–* | *–* | 3715 | 3715 |
| Unbilled revenues (Refer to note 2.17)<sup>(3)</sup> | 1211 | *–* | *–* | *–* | *–* | 1211 | 1211 |
| Prepayments and other assets (Refer to note 2.4) | 774 | *–* | *–* | *–* | *–* | 774 | 772<sup>(2)</sup> |
| Derivative financial instruments | *–* | *–* | 3 | *–* | 6 | 9 | 9 |
| **Total** | **8098** | **6** | **282** | **72** | **1899** | **10357** | **10357** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables | 500 | *–* | *–* | *–* | *–* | 500 | 500 |
| Lease liabilities (Refer to note 2.8) | 967 | *–* | *–* | *–* | *–* | 967 | 967 |
| Derivative financial instruments | *–* | *–* | 57 | *–* | 6 | 63 | 63 |
| Financial liability under option arrangements <br> (Refer to note 2.5) | *–* | *–* | 93 | *–* | *–* | 93 | 93 |
| Other liabilities including contingent consideration<br> (Refer to note 2.5) | 1936 | *–* | 11 | *–* | *–* | 1947 | 1947 |
| **Total** | **3403** |  ***–*** | **161** |  ***–*** | **6** | **3570** | **3570** |

---

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on quoted debt securities carried at amortized cost of $2 million*

*<sup>(3)</sup>* *Excludes unbilled revenue for contracts where the right to consideration is dependent on completion of contractual milestones*

The carrying value and fair value of financial instruments by categories as at March 31, 2025 were as follows:

*(Dollars in millions)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/liabilities at fair value through OCI** | **Financial assets/liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents (Refer to note 2.1) | 2861 | *–* | *–* | *–* | *–* | 2861 | 2861 |
| Investments (Refer to note 2.2) |  |  |  |  |  |  |  |
| Mutual fund units | *–* | *–* | 229 | *–* | *–* | 229 | 229 |
| Target maturity fund units | *–* | *–* | 54 | *–* | *–* | 54 | 54 |
| Quoted debt securities | 193 | *–* | *–* | *–* | 1389 | 1582 | 1602<sup>(1)</sup> |
| Certificates of deposit | *–* | *–* | *–* | *–* | 410 | 410 | 410 |
| Commercial Papers | *–* | *–* | *–* | *–* | 426 | 426 | 426 |
| Quoted equity securities | *–* | *–* | *–* | 7 | *–* | 7 | 7 |
| Unquoted equity and preference securities | *–* | 3 | *–* | 20 | *–* | 23 | 23 |
| Unquoted investments others | *–* | *–* | 23 | *–* | *–* | 23 | 23 |
| Trade receivables | 3645 | *–* | *–* | *–* | *–* | 3645 | 3645 |
| Unbilled revenues (Refer to note 2.17)<sup>(3)</sup> | 1195 | *–* | *–* | *–* | *–* | 1195 | 1195 |
| Prepayments and other assets (Refer to note 2.4) | 844 | *–* | *–* | *–* | *–* | 844 | 835<sup>(2)</sup> |
| Derivative financial instruments | *–* | *–* | 20 | *–* | 3 | 23 | 23 |
| **Total** | **8738** | **3** | **326** | **27** | **2228** | **11322** | **11333** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables | 487 | *–* | *–* | *–* | *–* | 487 | 487 |
| Lease liabilities (Refer to note 2.8) | 962 | *–* | *–* | *–* | *–* | 962 | 962 |
| Derivative financial instruments | *–* | *–* | 3 | *–* | 4 | 7 | 7 |
| Financial liability under option arrangements (Refer to note 2.5) | *–* | *–* | 77 | *–* | *–* | 77 | 77 |
| Other liabilities including contingent consideration (Refer to note 2.5) | 1932 | *–* | 3 | *–* | *–* | 1935 | 1935 |
| **Total** | **3381** |  ***–*** | **83** |  ***–*** | **4** | **3468** | **3468** |

---

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on quoted debt securities carried at amortized cost of $9 million*

*<sup>(3)</sup>* *Excludes unbilled revenue for contracts where the right to consideration is dependent on completion of contractual milestones*

For trade receivables and trade payables, other assets and payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

**Fair value hierarchy**

**Level 1** - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

**Level 2** – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

**Level 3** - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2026 is as follows:

*(Dollars in millions)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at March 31, 2026** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.2)** |  |  |  |  |
| Investments in Mutual fund units | 251 | 251 |  |  |
| Investments in quoted debt securities | 981 | 898 | 83 |  |
| Investments in certificates of deposit | 844 |  | 844 |  |
| Investments in commercial paper | 127 |  | 127 |  |
| Investments in unquoted equity and preference securities | 72 |  |  | 72 |
| Investments in quoted equity securities | 6 | 6 |  |  |
| Investments in unquoted investments others | 28 |  |  | 28 |
| **Others** |  |  |  |  |
| Derivative financial instruments- gain | 9 |  | 9 |  |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - loss | 63 |  | 63 |  |
| Financial liability under option arrangements (Refer to note 2.5)<sup>(1)</sup> | 93 |  |  | 93 |
| Liability towards contingent consideration (Refer to note 2.5)<sup>(2)</sup> | 11 | - | - | 11 |

---

*<sup>(1)</sup>* *Discount rate ranges from 9.5% to 14.5%*

*<sup>(2)</sup>* *Discount rate ranges from 2.5% to 6%*

During the year ended March 31, 2026, quoted debt securities of $10 million were transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price and quoted debt securities of $51 million were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2025 is as follows:

*(Dollars in millions)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at <br> March 31, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.2)** |  |  |  |  |
| Investments in mutual fund units | 229 | 229 | *–* | *–* |
| Investments in target maturity fund units | 54 | 54 | *–* | *–* |
| Investments in quoted debt securities | 1602 | 1533 | 69 | *–* |
| Investments in unquoted equity and preference securities | 23 | *–* | *–* | 23 |
| Investments in certificates of deposit | 410 | *–* | 410 | *–* |
| Investments in commercial paper | 426 | *–* | 426 | *–* |
| Investments in quoted equity securities | 7 | 7 | *–* | *–* |
| Investments in unquoted investments others | 23 | *–* | *–* | 23 |
| **Others** |  |  |  |  |
| Derivative financial instruments- gain | 23 | *–* | 23 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments- loss | 7 | *–* | 7 | *–* |
| Financial liability under option arrangements (Refer to note 2.5)<sup>(1)</sup> | 77 | *–* | *–* | 77 |
| Liability towards contingent consideration (Refer to note 2.5)<sup>(2)</sup> | 3 | *–* | *–* | 3 |

---

*<sup>(1)</sup>* *Discount rate ranges from 9% to 15%*

*<sup>(2)</sup>* *Discount rate - 6%*

During the year ended March 31, 2025, quoted debt securities of $35 million were transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price and quoted debt securities of $65 million were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

A one percentage point change in the unobservable inputs used in fair valuation of Level 3 assets and liabilities does not have a significant impact in its value.

Majority of investments of the Group are fair valued based on Level 1 or Level 2 inputs. These investments primarily include investment in mutual fund units, target maturity fund units, quoted debt securities, certificates of deposit, commercial paper, quoted bonds issued by government and quasi-government organizations. The Group invests after considering counterparty risks based on multiple criteria including Tier I Capital, Capital Adequacy Ratio, Credit Rating, Profitability, NPA levels and Deposit base of banks and financial institutions. These risks are monitored regularly as per Group's risk management program.

**2.4 Prepayments and other assets**

Prepayments and other assets consist of the following:

*(Dollars in millions)* 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Current** |  |  |
| Security deposits<sup>(1)</sup> | 8 | 8 |
| Loans to employees<sup>(1)</sup> | 25 | 29 |
| Prepaid expenses*<sup>(2)</sup>* | 450 | 360 |
| Interest accrued and not due<sup>(1)</sup> | 47 | 99 |
| Withholding taxes and others*<sup>(2)(4)</sup>* | 411 | 332 |
| Advance payments to vendors for supply of goods*<sup>(2)</sup>* | 50 | 48 |
| Deposit with corporations<sup>(1)(3)</sup> | 334 | 345 |
| Deferred contract cost |  |  |
| &nbsp;&nbsp;&nbsp;Cost of obtaining a contract<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;Cost of fulfillment<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 59 |
| Other non financial assets *<sup>(2)</sup>* | 15 | 11 |
| Net investment in lease<sup>(1)</sup> | 170 | 133 |
| Other financial assets<sup>(1)</sup> | 46 | 55 |
| **Total Current prepayment and other assets** | **1656** | **1519** |
| **Non-current** |  |  |
| Security deposits<sup>(1)</sup> | 30 | 32 |
| Loans to employees<sup>(1)</sup> | 1 | 2 |
| Prepaid expenses*<sup>(2)</sup>* | 82 | 33 |
| Deposit with corporations<sup>(1)(3)</sup> | 8 | 10 |
| Defined benefit plan assets*<sup>(2)</sup>* | 21 | 35 |
| Deferred contract cost |  |  |
| &nbsp;&nbsp;&nbsp;Cost of obtaining a contract <sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;Cost of fulfillment<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 103 |
| Withholding taxes and others*<sup>(2)(4)</sup>* | 66 | 63 |
| Net investment in lease<sup>(1)</sup> | 101 | 129 |
| Other financial assets<sup>(1)</sup> | 4 | 2 |
| **Total Non- current prepayment and other assets** | **467** | **445** |
| **Total prepayment and other assets** | **2123** | **1964** |
| <sup>(1)</sup> Financial assets carried at amortized cost | 774 | 844 |

---

*<sup>(2)</sup>* Non financial assets

<sup>(3)</sup> Deposit with corporation represents amounts deposited to settle certain employee-related obligations as and when they arise during the normal course of business.

<sup>(4)</sup> Withholding taxes and others primarily consist of input tax credits and VAT recoverable from tax authorities.

**2.5 Other liabilities**

Other liabilities comprise the following:

*(Dollars in millions)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Current** |  |  |
| Accrued compensation to employees<sup>(1)</sup> | 622 | 576 |
| Accrued expenses<sup>(1)</sup> | 1021 | 991 |
| Accrued defined benefit liability<sup>(3)</sup> | 5 | 1 |
| Withholding taxes and others<sup>(3)</sup> | 409 | 381 |
| Liabilities of controlled trusts<sup>(1)</sup> | 18 | 20 |
| Liability towards contingent consideration<sup>(2)</sup> | 8 | 1 |
| Capital Creditors<sup>(1)</sup> | 30 | 61 |
| Financial liability under option arrangements<sup>(2)(4)</sup> | 80 | 64 |
| Other non-financial liabilities<sup>(3)</sup> | 1 | 1 |
| Other financial liabilities<sup>(1)</sup> | 53 | 61 |
| **Total current other liabilities** | **2247** | **2157** |
| **Non-current** |  |  |
| Accrued compensation to employees<sup>(1)</sup> | 1 | 1 |
| Accrued expenses<sup>(1)</sup> | 182 | 221 |
| Accrued defined benefit liability <sup>(3)</sup> | 50 | 14 |
| Liability towards contingent consideration<sup>(2)</sup> | 3 | 2 |
| Financial liability under option arrangements<sup>(2)(4)</sup> | 13 | 13 |
| Other non-financial liabilities<sup>(3)</sup> | 9 | 12 |
| Other financial liabilities<sup>(1)</sup> | 9 | 1 |
| **Total non-current other liabilities** | **267** | **264** |
| **Total other liabilities** | **2514** | **2421** |
| <sup>(1)</sup> Financial liability carried at amortized cost | 1936 | 1932 |
| <sup>(2)</sup> Financial liability carried at fair value through profit or loss | 104 | 80 |
| Financial liability under option arrangements on an undiscounted basis | 103 | 89 |
| Financial liability towards contingent consideration on an undiscounted basis | 11 | 4 |

---

*<sup>(3)</sup>* Non financial liabilities

<sup>(4)</sup> Represents liability related to options issued by the Group over the non-controlling interests in its subsidiaries.

Accrued expenses primarily relate to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building expenses, overseas travel expenses and office maintenance and cost of third party software and hardware.

**2.6 Provisions and other contingencies**

**Accounting Policy**

**2.6.1 Provisions**

A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The Group recognizes a reimbursement asset when, and only when, it is virtually certain that the reimbursement will be received if the Group settles the obligation.

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

**a. Post sales client support**

The Group provides its clients with a fixed-period post sales support on its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in cost of sales. The Group estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.

**b. Onerous contracts**

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established the Group recognizes any impairment loss on the assets associated with that contract.

**Provision for post sales client support and other provisions**

*(Dollars in millions)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Post-sales client support and others provisions | 159 | 155 |
| Provision pertaining to settlement (refer to note 2.6.2) | – | 18 |
| **Total provisions** | **159** | **173** |

---

Provision for post sales client support majorly represents costs associated with providing post sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 year.

Provision for post sales client support is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

As at March 31, 2026 and March 31, 2025, claims against the Group, not acknowledged as debts, (excluding demands from income tax authorities- Refer to Note 2.12) amounted to $122 million (![](rupee-symbol.gif)1,153 crore) and $119 million (![](rupee-symbol.gif)1,020 crore), respectively.

Amount paid to statutory authorities against the claims (excluding demands from income tax authorities- Refer to Note 2.12) amounted to $3 million (![](rupee-symbol.gif)27 crore) and $1 million (![](rupee-symbol.gif)8 crore) as at March 31, 2026 and March 31, 2025 respectively.

**2.6.2 Legal Proceedings**

**McCamish Cybersecurity incident** 

In November 2023, certain systems of Infosys McCamish Systems LLC ("McCamish"), a subsidiary of Infosys BPM Limited (a wholly owned subsidiary of Infosys Limited), were encrypted by ransomware, resulting in the non-availability of certain applications and systems. McCamish initiated its incident response and engaged cybersecurity and other specialists to assist in its investigation of and response to the incident and remediation and restoration of impacted applications and systems. By December 31, 2023, McCamish, with external specialists' assistance, substantially remediated and restored the affected applications and systems. McCamish in coordination with its third-party eDiscovery vendor has identified corporate customers and individuals whose information was subject to unauthorized access and exfiltration. McCamish processes personal data on behalf of its corporate customers.

From March 6, 2024 through July 25, 2024, six actions were filed in the U.S. District Court for the Northern District of Georgia against McCamish. The actions arise out of the cybersecurity incident at McCamish initially disclosed on November 3, 2023. All six actions have since been consolidated, and the consolidated class action complaint was filed on November 7, 2024, purportedly on behalf of all persons residing in the United States whose personally identifiable information was compromised in the incident, including all who were sent a notice of the incident. On March 13, 2025, McCamish and the plaintiffs engaged in mediation, resulting in an in-principle agreement that sets forth the terms of a proposed settlement of the class action lawsuits against McCamish, as well as seven class action lawsuits arising out of the incident that have been filed against McCamish's customers. Under the settlement terms, McCamish agreed to pay $17.5 million into a fund to settle these matters. McCamish had accrued for the settlement amount along with the insurance reimbursement receivable during the quarter ended March 31, 2025. On December 18, 2025, the Court granted final approval of the class action lawsuit settlement. The settlement amount has since been paid. The settlement has become effective and resolves all allegations made in the class action lawsuits filed against Infosys and certain of its customers without admission of any liability.

McCamish may incur additional costs including from indemnities or damages/claims, which are indeterminable at this time.

**Government Investigation**

The U.S. Department of Justice ("DOJ") is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees working for one of its clients in immigration documents filed with certain U.S. government authorities. The Company is engaged in discussions with the DOJ regarding its ongoing investigation and continues its own inquiry regarding the matter. At this stage, the Company is unable to predict the outcome of this matter, including whether such outcome could have a material adverse effect on the Company's business and results of operations.

**Others**

Apart from the foregoing, the Group is subject to legal proceedings and claims which have arisen in the ordinary course of business. The Group's management reasonably expects that such ordinary course legal actions, when ultimately concluded and determined, will not have a material and adverse effect on the Group's results of operations or financial condition.

**2.7 Property, plant and equipment**

**Accounting Policy**

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by Management. The charge in respect of periodic depreciation is derived at after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The Group depreciates property, plant and equipment over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

---

| | |
|:---|:---|
| Building | 22-25 years |
| Plant and machinery<sup>(1)</sup> | 5 years |
| Computer equipment | 3-5 years |
| Furniture and fixtures | 5 years |
| Vehicles | 5 years |
| Leasehold improvements | Lower of useful life of the asset or lease term |

---

*<sup>(1)</sup> Includes solar plant with a useful life of 25 years*

Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year end. The useful lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date and the cost of assets not ready to use before such date are disclosed under 'Capital work-in-progress'. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Group and the cost of the item can be measured reliably. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset.

**Impairment**

Property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in net profit in the interim condensed consolidated statement of comprehensive income is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in net profit in the statement of comprehensive income if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognized for the asset in prior years.

The changes in the carrying value of property, plant and equipment for the three months ended March 31, 2026 are as follows:

*(Dollars in millions)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Buildings** | **Plant and machinery** | **Computer equipment** | **Furniture and fixtures** | **Vehicles** | **Total** |
| **Gross carrying value as at January 1, 2026** | **160** | **1316** | **611** | **1056** | **369** | **5** | **3517** |
| Additions | *–* | 74 | 31 | 52 | 15 |  ***–*** | 172 |
| Deletions\*\* |  ***–*** |  ***–*** | (4) | (43) | (4) | *–* | (51) |
| Translation difference | (8) | (64) | (34) | (53) | (17) | *–* | (176) |
| **Gross carrying value as at March 31, 2026** | **152** | **1326** | **604** | **1012** | **363** | **5** | **3462** |
| **Accumulated depreciation as at January 1, 2026** |  ***–*** | **(637)** | **(508)** | **(773)** | **(310)** | **(4)** | **(2232)** |
| Depreciation |  ***–*** | (12) | (10) | (31) | (6) | *–* | (59) |
| Accumulated depreciation on deletions\*\* |  ***–*** |  ***–*** | 4 | 42 | 4 | *–* | 50 |
| Translation difference |  | 31 | 28 | 41 | 13 | *–* | 113 |
| **Accumulated depreciation as at March 31, 2026** |  ***–*** | **(618)** | **(486)** | **(721)** | **(299)** | **(4)** | **(2128)** |
| Capital work-in progress as at January 1, 2026 |  |  |  |  |  |  | 163 |
| **Carrying value as at January 1, 2026** | **160** | **679** | **103** | **283** | **59** | **1** | **1448** |
| Capital work-in progress as at March 31, 2026 |  |  |  |  |  |  | 72 |
| **Carrying value as at March 31, 2026** | **152** | **708** | **118** | **291** | **64** | **1** | **1406** |

---

The changes in the carrying value of property, plant and equipment for the three months ended March 31, 2025 are as follows:

*(Dollars in millions)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Buildings** | **Plant and machinery** | **Computer equipment** | **Furniture and fixtures** | **Vehicles** | **Total** |
| **Gross carrying value as at January 1, 2025** | **167** | **1368** | **632** | **1020** | **401** | **6** | **3594** |
| Additions | 6 | *–* | 7 | 80 | 5 | *–* | 98 |
| Deletions\* | *–* | *–* | (9) | (17) | (21) | *–* | (47) |
| Translation difference | *–* | 3 | 2 | 5 | 1 | *–* | 11 |
| **Gross carrying value as at March 31, 2025** | **173** | **1371** | **632** | **1088** | **386** | **6** | **3656** |
| **Accumulated depreciation as at January 1, 2025** | *–* | **(612)** | **(507)** | **(800)** | **(328)** | **(5)** | **(2252)** |
| Depreciation | *–* | (12) | (10) | (34) | (7) | *–* | (63) |
| Accumulated depreciation on deletions\* | *–* | *–* | 8 | 16 | 21 | *–* | 45 |
| Translation difference | *–* | (3) | (2) | (2) | (1) | *–* | (8) |
| **Accumulated depreciation as at March 31, 2025** |  ***–*** | **(627)** | **(511)** | **(820)** | **(315)** | **(5)** | **(2278)** |
| Capital work-in progress as at January 1, 2025 |  |  |  |  |  |  | 100 |
| **Carrying value as at January 1, 2025** | **167** | **756** | **125** | **220** | **73** | **1** | **1442** |
| Capital work-in progress as at March 31, 2025 |  |  |  |  |  |  | 119 |
| **Carrying value as at March 31, 2025** | **173** | **744** | **121** | **268** | **71** | **1** | **1497** |

---

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2026 are as follows:

*(Dollars in millions)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Buildings** | **Plant and machinery** | **Computer equipment** | **Furniture and fixtures** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2025** | **173** | **1371** | **632** | **1088** | **386** | **6** | **3656** |
| Additions | 3 | 77 | 47 | 170 | 26 | *–* | 323 |
| Additions - Business Combination (Refer to Note 2.10) | *–* | *–* | *–* | 1 | *–* | *–* | 1 |
| Deletions\*\* <sup>#</sup> | (7) | (1) | (11) | (147) | (18) | (1) | (185) |
| Translation difference | (17) | (121) | (64) | (100) | (31) | *–* | (333) |
| **Gross carrying value as at March 31, 2026** | **152** | **1326** | **604** | **1012** | **363** | **5** | **3462** |
| **Accumulated depreciation as at April 1, 2025** | *–* | **(627)** | **(511)** | **(820)** | **(315)** | **(5)** | **(2278)** |
| Depreciation | *–* | (51) | (39) | (122) | (27) | *–* | (239) |
| Accumulated depreciation on deletions\*\* <sup>#</sup> | *–* | *–* | 10 | 145 | 18 | 1 | 174 |
| Translation difference | *–* | 60 | 54 | 76 | 25 | *–* | 215 |
| **Accumulated depreciation as at March 31, 2026** |  ***–*** | **(618)** | **(486)** | **(721)** | **(299)** | **(4)** | **(2128)** |
| Capital work-in progress as at April 1, 2025 |  |  |  |  |  |  | 119 |
| **Carrying value as at April 1, 2025** | **173** | **744** | **121** | **268** | **71** | **1** | **1497** |
| Capital work-in progress as at March 31, 2026 |  |  |  |  |  |  | 72 |
| **Carrying value as at March 31, 2026** | **152** | **708** | **118** | **291** | **64** | **1** | **1406** |

---

\*\* During the three months and year ended March 31, 2026, certain assets which were not in use having gross book value of $34 million (net book value: Nil) and $129 million (net book value: Nil) respectively, were retired.

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2025 are as follows:

*(Dollars in millions)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Buildings** | **Plant and machinery** | **Computer equipment** | **Furniture and fixtures** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2024** | **171** | **1411** | **637** | **1032** | **406** | **6** | **3663** |
| Additions | 6 | 5 | 30 | 154 | 22 | *–* | 217 |
| Additions - Business Combination (Refer to Note 2.10) | *–* | *–* | 1 | 1 | 3 | *–* | 5 |
| Deletions\* <sup>#</sup> | *–* | (13) | (20) | (75) | (36) | *–* | (144) |
| Translation difference | (4) | (32) | (16) | (24) | (9) | *–* | (85) |
| **Gross carrying value as at March 31, 2025** | **173** | **1371** | **632** | **1088** | **386** | **6** | **3656** |
| **Accumulated depreciation as at April 1, 2024** |  ***–*** | **(590)** | **(498)** | **(765)** | **(322)** | **(5)** | **(2180)** |
| Depreciation | *–* | (52) | (44) | (148) | (35) | *–* | (279) |
| Accumulated depreciation on deletions\* <sup>#</sup> | *–* | 2 | 18 | 73 | 35 | *–* | 128 |
| Translation difference | *–* | 13 | 13 | 20 | 7 | *–* | 53 |
| **Accumulated depreciation as at March 31, 2025** |  ***–*** | **(627)** | **(511)** | **(820)** | **(315)** | **(5)** | **(2278)** |
| Capital work-in progress as at April 1, 2024 |  |  |  |  |  |  | 54 |
| **Carrying value as at April 1, 2024** | **171** | **821** | **139** | **267** | **84** | **1** | **1537** |
| Capital work-in progress as at March 31, 2025 |  |  |  |  |  |  | 119 |
| **Carrying value as at March 31, 2025** | **173** | **744** | **121** | **268** | **71** | **1** | **1497** |

---

\* During the three months and year ended March 31, 2025, certain assets which were not in use having gross book value of $13 million (net book value: Nil) and $60 million (net book value: Nil) respectively, were retired.

---

| | |
|:---|:---|
| <sup>#</sup> | Proceeds from sale of property plant and equipment amounted to $31 million and $20 million for the year ended March 31, 2026 and March 31, 2025, respectively. |

---

The aggregate depreciation expense is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

Repairs and maintenance costs are recognized in the interim condensed consolidated statement of comprehensive income when incurred.

Consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 ("the Rules"), the Company was required to transfer its CSR capital assets installed prior to January 2021. Towards this the Company had incorporated a subsidiary 'Infosys Green Forum' (IGF) under Section 8 of the Companies Act, 2013. During the year ended March 31, 2022, the Company had completed the transfer of assets upon obtaining the required approvals from regulatory authorities, as applicable. During fiscal 2024, the application filed by IGF for regularization of the provisional registration was rejected and registration cancelled vide order dated March 26, 2024 by Income Tax Commissioner (Exemption). IGF had filed an appeal before Income Tax Appellate Tribunal (ITAT) against the order. During fiscal 2026, ITAT had upheld the order of Commissioner (Exemption) and dismissed the IGF's appeals. IGF has filed an appeal before the Hon'ble High Court against the ITAT order.

The Group had contractual commitments for capital expenditure primarily comprising of commitments for infrastructure facilities and computer equipments aggregating to $141 million and $109 million as at March 31, 2026 and March 31, 2025, respectively.

**2.8 Leases**

**Accounting Policy**

**The Group as a lessee**

The Group's lease asset classes primarily consist of leases for land, buildings and computers. The group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the group assesses whether: (1) the contract involves the use of an identified asset (2) the group has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the group has the right to direct the use of the asset.

At the date of commencement of the lease, the Group recognizes a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

As a lessee, the Group determines the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Group makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Group considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to Group's operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset.

Right-of-use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right-of-use asset if the Group changes its assessment if whether it will exercise an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

**The Group as a lessor** 

Leases for which the Group is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

For finance lease, finance income is recognised over the lease term based on a pattern reflecting a constant periodic rate of return on the lessor's net investment in the lease and for operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.

Following are the changes in the carrying value of right-of-use assets for the three months ended March 31, 2026:

*(Dollars in millions)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as at January 1, 2026** | **61** | **364** | **3** | **252** | **680** |
| Additions<sup>\*</sup> | *–* | 18 | *–* | 74 | 92 |
| Deletions | *–* | (2) | *–* | (41) | (43) |
| Depreciation | *–* | (20) | *–* | (30) | (50) |
| Translation difference | (3) | (18) | *–* | (7) | (28) |
| **Balance as at March 31, 2026** | **58** | **342** | **3** | **248** | **651** |

---

*<sup>\*</sup> Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the three months ended March 31, 2025:

*(Dollars in millions)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as at January 1, 2025** | **70** | **390** | **3** | **278** | **741** |
| Additions<sup>\*</sup> | *–* | 33 | 1 | 43 | 77 |
| Deletions | *–* | (12) | *–* | (22) | (34) |
| Depreciation | *–* | (20) | *–* | (27) | (47) |
| Translation difference | *–* | 1 | (1) | 1 | 1 |
| **Balance as at March 31, 2025** | **70** | **392** | **3** | **273** | **738** |

---

*<sup>\*</sup> Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2026:

*(Dollars in millions)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as at April 1, 2025** | **70** | **392** | **3** | **273** | **738** |
| Additions<sup>\*</sup> | *–* | 66 | 1 | 218 | 285 |
| Deletions | (6) | (6) | *–* | (120) | (132) |
| Depreciation | (1) | (84) | (1) | (127) | (213) |
| Translation difference | (5) | (26) | *–* | 4 | (27) |
| **Balance as at March 31, 2026** | **58** | **342** | **3** | **248** | **651** |

---

*<sup>\*</sup> Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2025:

*(Dollars in millions)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as at April 1, 2024** | **72** | **396** | **2** | **316** | **786** |
| Additions<sup>\*</sup> | *–* | 96 | 3 | 155 | 254 |
| Addition due to Business Combination *(Refer to Note 2.10)* | *–* | 19 | 1 | *–* | 20 |
| Deletions | *–* | (28) | (1) | (77) | (106) |
| Depreciation | (1) | (84) | (1) | (115) | (201) |
| Translation difference | (1) | (7) | (1) | (6) | (15) |
| **Balance as at March 31, 2025** | **70** | **392** | **3** | **273** | **738** |

---

*<sup>\*</sup> Net of adjustments on account of modifications*

The aggregate depreciation expense on ROU assets is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

The following is the break-up of current and non-current lease liabilities as of March 31, 2026 and March 31, 2025:

*(Dollars in millions)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Current lease liabilities | 333 | 287 |
| Non-current lease liabilities | 634 | 675 |
| **Total** | **967** | **962** |

---

**2.9 Goodwill and Intangible assets**

**2.9.1 Goodwill**

**Accounting Policy**

Goodwill represents purchase consideration in excess of the Group's interest in the net fair value of identifiable assets, liabilities and contingent liabilities of the acquired entity. When the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds the purchase consideration, the fair value of net assets acquired is reassessed and the bargain purchase gain is recognized immediately in the net profit in the Statement of Comprehensive Income. Goodwill is measured at cost less accumulated impairment losses.

**Impairment**

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGU) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGU's which benefit from the synergies of the acquisition and which represents the lowest level at which goodwill is monitored for internal management purposes. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. Impairment occurs when the carrying amount of a CGU including the goodwill, exceeds the estimated recoverable amount of the CGU. The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use. Value-in-use is the present value of future cash flows expected to be derived from the CGU. Key assumptions in the cash flow projections are prepared based on current economic conditions and includes estimated long term growth rates, weighted average cost of capital and estimated operating margins

Following is a summary of changes in the carrying amount of goodwill:

*(Dollars in millions)* 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Carrying value at the beginning | **1182** | **875** |
| Goodwill on acquisitions *(Refer to note 2.10)* | 52 | 309 |
| Translation differences | 44 | (2) |
| **Carrying value at the end** | **1278** | **1182** |

---

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the CGU or groups of CGUs, which benefit from the synergies of the acquisition. The Group internally reviews the goodwill for impairment at the operating segment level, after allocation of the goodwill to CGUs or groups of CGUs.

The following table presents the allocation of goodwill to operating segments as at March 31, 2026 and March 31, 2025 respectively :

*(Dollars in millions)* 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Segment** | **March 31, 2026** | **March 31, 2025** |
| Financial services | 194 | 177 |
| Retail | 118 | 112 |
| Communication | 86 | 81 |
| Energy, Utilities, Resources and Services | 186 | 156 |
| Manufacturing | 372 | 349 |
| Life Sciences | 122 | 114 |
|  | 1078 | 989 |
| Operating segments without significant goodwill | 83 | 76 |
| **Total** | **1161** | **1065** |

---

The goodwill pertaining to Panaya amounting to $117 million and $117 million as at March 31, 2026 and March 31, 2025, respectively is tested for impairment at the entity level.

The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use. The fair value of a CGU is determined based on the market capitalization. Value-in-use is determined based on discounted future cash flows. The key assumptions used for the calculations are as follows:

(in %)

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
| | **March 31, 2026** | **March 31, 2025** |
| Long term growth rate | 7-10 | 7-10 |
| Operating margins | 19-21 | 19-21 |
| Discount rate | 14 | 13 |

---

The above discount rate is based on the Weighted Average Cost of Capital (WACC) of the Company. As at March 31, 2026, the estimated recoverable amount of the CGU exceeded its carrying amount. Reasonable sensitivities in the key assumptions is unlikely to cause the carrying amount to exceed the recoverable amount of the cash generating units.

**2.9.2 Intangible assets**

**Accounting Policy**

Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry and known technological advances), and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Amortization methods and useful lives are reviewed periodically including at each financial year end.

Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibility of the project is demonstrated, future economic benefits are probable, the Group has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The costs which can be capitalized include the cost of material, direct labour, overhead costs that are directly attributable to prepare the asset for its intended use.

**Impairment**

Intangible assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the CGU to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in the net profit in the statement of comprehensive income is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the net profit in the statement of comprehensive income if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization) had no impairment loss been recognized for the asset in prior years.

**2.10 Business combinations**

**Accounting policy**

Business combinations have been accounted for using the acquisition method under the provisions of IFRS 3 (Revised), Business Combinations.

The purchase price in an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition, which is the date on which control is transferred to the Group. The purchase price also includes the fair value of any contingent consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Contingent consideration is remeasured at fair value at each reporting date and changes in the fair value of the contingent consideration are recognized in the interim condensed Consolidated Statement of Comprehensive Income.

The interest of non-controlling shareholders is initially measured either at fair value or at the non-controlling interests' proportionate share of the acquiree's identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity of subsidiaries.

Business combinations between entities under common control is outside the scope of IFRS 3 (Revised), Business Combinations and is accounted for at carrying value of assets acquired and liabilities assumed.

The payments related to options issued by the Group over the non-controlling interests in its subsidiaries are accounted as financial liabilities and initially recognized at the estimated present value of gross obligations. Such options are subsequently measured at fair value in order to reflect the amount payable under the option at the date at which it becomes exercisable. In the event that the option expires unexercised, the liability is derecognized.

**Acquisition during the year ended March 31, 2026**

During the year ended March 31, 2026 the Group, completed two business combinations by acquiring 100% partnership interests/voting interests in:

1) MRE Consulting Ltd., a leading Energy and business consulting services company, headquartered in Texas, U.S. on April 30, 2025, which is expected to bring newer capabilities for the Group in trading and risk management, especially in the energy sector.

2) The Missing Link Security Pty. Ltd., The Missing Link Security Limited and The Missing Link Automation Pty. Ltd. (collectively known as "The Missing Link"), a leading Cybersecurity service provider headquartered in Australia on April 30, 2025, which is expected to further strengthen the Group's capabilities in the cybersecurity sector and bolster its presence in the fast growing Australian Market.

The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows:

*(Dollars in million)*

---

| | | | |
|:---|:---|:---|:---|
| **Component** | **Acquiree's carrying amount** | **Fair value adjustments** | **Purchase price allocated** |
| Net Assets <sup>(1)</sup> | 14 | *–* | 14 |
| Intangible assets: |  |  |  |
| Customer related<sup>#</sup> | *–* | 26 | 26 |
| Vendor relationship<sup>#</sup> | *–* | 7 | 7 |
| Brand<sup>#</sup> | *–* | 2 | 2 |
| Deferred tax liabilities on intangible assets | *–* | (5) | (5) |
| **Total** | **14** | **30** | **44** |
| Goodwill |  |  | 52 |
| **Total purchase price** |  |  | **96** |

---

*<sup>(1)</sup>* *Includes cash and cash equivalents acquired of $12 million.*

 

*<sup>#</sup>* *The estimated useful life is around 1 year to 7 years*

 

The excess of the purchase consideration paid over the fair value of assets acquired has been attributed to goodwill. The primary items that generated this goodwill are the value of the acquired assembled workforce and estimated synergies, neither of which qualify as an intangible asset.

Goodwill amounting to $9 million is expected to be deductible for tax purposes.

The total purchase consideration of $96 million includes upfront cash consideration of $88 million and contingent consideration with an estimated fair value of $8 million as on the date of acquisition.

At the acquisition date, the key inputs used in determination of the fair value of contingent consideration are the probabilities assigned towards achievement of financial targets and discount rates ranging from 2% - 3%. The undiscounted value of contingent consideration as of March 31, 2026 was approximately $9 million.

Additionally, these acquisitions have retention bonus and management incentives payable to the employees of the acquiree over 2-3 years, subject to their continuous employment with the Group and achievement of financial targets for the respective years. Retention bonus and management incentives are recognized in employee benefit expenses in the Statement of Comprehensive Income over the period of service.

Fair value of trade receivables acquired is $23 million as of acquisition date and as of March 31, 2026, the amounts are substantially collected.

Transaction costs that the Group incurs in connection with a business combination such as finder's fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of $4 million related to the acquisition have been included under administrative expenses in the Consolidated Statement of Comprehensive Income for the year ended March 31, 2026.

**Proposed Acquisitions**

1. On August 13, 2025, Infosys Singapore Pte. Ltd., a wholly owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 75% of the equity share capital in Telstra Purple Pty Ltd, including some of its subsidiaries (together known as Versent Group), Australia's leading Digital Transformation Solutions Provider for a consideration including earn-outs and deferred consideration amounting up to AUD 233 million (approximately $152 million), excluding retention bonus and management incentives, subject to regulatory approvals and customary closing adjustments.

2. On March 25, 2026, Infosys Nova Holdings LLC , a wholly-owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 100% of the equity share capital of Optimum Achieve Holdings Inc., a leading healthcare digital transformation and consulting firm headquartered in USA, along with its other subsidiaries including Optimum Healthcare IT, LLC, for a consideration including earn-outs amounting up to $465 million, excluding management incentives and retention bonus, subject to customary closing adjustments.

**Update on acquisition completed after the end of the reporting period**

On March 25, 2026, Infosys Nova Holdings LLC a wholly-owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 100% of the partnership interests of Stratus Global LLC, a leading insurance technology partner serving P&C insurers and managing general agents (MGAs), headquartered in USA, for a consideration including earn-outs amounting up to $95 million, excluding management incentives, and retention bonus, subject to customary closing adjustments. Subsequently in April 2026, as on the date these financial statements were authorized for issuance, Infosys Nova Holdings LLC has completed its acquisition of Stratus Global LLC. Given the recent timing of the acquisition and pending completion of the valuations for identifiable net assets acquired and liabilities assumed, at the time these financial statements were authorized for issuance, the initial accounting for the business combination is incomplete. Accordingly, all the required disclosures for the business combination have not been made.

**2.11 Employees' Stock Option Plans (ESOP)**

**Accounting Policy**

The Group recognizes compensation expense relating to share-based payments in net profit based on estimated fair-values of the awards on the grant date. The estimated fair value of awards is recognized as an expense in net profit in the interim condensed consolidated statement of comprehensive income on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share premium.

**Infosys Expanded Stock Ownership Program 2019 (the 2019 Plan)**

On June 22, 2019 pursuant to approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 plan shall not exceed 50,000,000 equity shares. To implement the 2019 Plan, up to 45,000,000 equity shares may be issued by way of secondary acquisition of shares by Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

**2015 Stock Incentive Compensation Plan (the 2015 Plan):**

On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Plan. The maximum number of shares under the 2015 plan shall not exceed 24,038,883 equity shares (this includes 11,223,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.

The equity settled and cash settled RSUs and stock options would vest generally over a period of 4 years and shall be exercisable within the period as approved by the Nomination and Remuneration Committee (NARC). The exercise price of the RSUs will be equal to the par value of the shares and the exercise price of the stock options (ESOPs) would be the market price as on the date of grant.

Controlled trust holds 8,650,911 and 9,655,927 shares as at March 31, 2026 and March 31, 2025, respectively under the 2015 plan. Out of these shares, 200,000 equity shares each have been earmarked for welfare activities of the employees as at March 31, 2026 and March 31, 2025.

The following is the summary of grants during three months and year ended March 31, 2026 and March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended<br> March 31,** | **Three months ended<br> March 31,** | **Year ended<br> March 31,** | **Year ended<br> March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| **2015 Plan: RSU** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | &nbsp;&nbsp;&nbsp; 100532 | &nbsp;&nbsp;&nbsp; 85674 | &nbsp;&nbsp;&nbsp; 377609 | &nbsp;&nbsp;&nbsp; 380842 |
| &nbsp;&nbsp;&nbsp;Employees other than KMP | &nbsp;&nbsp;&nbsp; 2137048 | &nbsp;&nbsp;&nbsp; 1722470 | &nbsp;&nbsp;&nbsp; 2254341 | &nbsp;&nbsp;&nbsp; 1874690 |
|  | &nbsp;&nbsp;&nbsp; **2237580** | &nbsp;&nbsp;&nbsp; **1808144** | &nbsp;&nbsp;&nbsp; **2631950** | &nbsp;&nbsp;&nbsp; **2255532** |
| &nbsp;&nbsp;&nbsp;**Cash settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; *–* |
| &nbsp;&nbsp;&nbsp;Employees other than KMP | &nbsp;&nbsp;&nbsp; 119800 | &nbsp;&nbsp;&nbsp; 94050 | &nbsp;&nbsp;&nbsp; 119800 | &nbsp;&nbsp;&nbsp; 94050 |
|  | &nbsp;&nbsp;&nbsp; **119800** | &nbsp;&nbsp;&nbsp; **94050** | &nbsp;&nbsp;&nbsp; **119800** | &nbsp;&nbsp;&nbsp; **94050** |
| **2015 Plan: Employee Stock Options (ESOPs)** | **2015 Plan: Employee Stock Options (ESOPs)** | **2015 Plan: Employee Stock Options (ESOPs)** | **2015 Plan: Employee Stock Options (ESOPs)** | **2015 Plan: Employee Stock Options (ESOPs)** |
| &nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; ***–*** | &nbsp;&nbsp;&nbsp; 237370 | &nbsp;&nbsp;&nbsp; ***–*** |
| &nbsp;&nbsp;&nbsp;Employees other than KMP | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; 5412790 | &nbsp;&nbsp;&nbsp; *–* |
|  |  ***–*** |  ***–*** | **5650160** |  ***–*** |
| &nbsp;&nbsp;&nbsp;**Cash settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; ***–*** | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; ***–*** |
| &nbsp;&nbsp;&nbsp;Employees other than KMP | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; 108180 | &nbsp;&nbsp;&nbsp; *–* |
|  |  ***–*** |  ***–*** | **108180** |  ***–*** |
| **Total Grants under 2015 Plan** | **2357380** | **1902194** | **8510090** | **2349582** |
| **2019 Plan: RSU** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | &nbsp;&nbsp;&nbsp; 60600 | &nbsp;&nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp; 126966 | &nbsp;&nbsp;&nbsp; 119699 |
| &nbsp;&nbsp;&nbsp;Employees other than KMP | &nbsp;&nbsp;&nbsp; 4419325 | &nbsp;&nbsp;&nbsp; 3617798 | &nbsp;&nbsp;&nbsp; 4422390 | &nbsp;&nbsp;&nbsp; 3624646 |
|  | **4479925** | **3666798** | **4549356** | **3744345** |
| **Total Grants under 2019 Plan** | **4479925** | **3666798** | **4549356** | **3744345** |

---

***Notes on grants to KMP:***

**CEO & MD**

**Under the 2015 plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2026. In accordance with such approval the following grants were made effective May 2, 2025.

- 230,621 performance-based RSUs (Annual performance equity grant) of fair value of ![](rupee-symbol.gif)34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets.

- 13,273 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of ![](rupee-symbol.gif)2 crore. These RSUs will vest in line with the employment agreement based on achievement of certain environment, social and governance milestones as determined by the Board.

- 33,183 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of ![](rupee-symbol.gif)5 crore . These RSUs will vest in line with the employment agreement based on Company's performance on cumulative relative TSR over the years and as determined by the Board.

Further, in accordance with the employee agreement which has been approved by the shareholders, the CEO is eligible to receive an annual grant of RSUs of fair value ![](rupee-symbol.gif)3 crore which will vest overtime in three equal annual installments upon the completion of each year of service from the respective grant date. Accordingly, annual time-based grant of 18,132 RSUs was made effective February 1, 2026 for fiscal 2026.

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of March 31, 2026, since the service commencement date precedes the grant date, the company has recorded employment stock compensation expense in accordance with IFRS 2, Share based payments. The grant date for this purpose in accordance with IFRS 2, Share based payments is July 1, 2022.

**Under the 2019 plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to ![](rupee-symbol.gif)10 crore for fiscal 2026 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 66,366 performance based RSU's were granted effective May 2, 2025.

**Other KMP**

**Under the 2015 plan:**

During the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved time based grants of 237,370 ESOPs to Other KMP under the 2015 Plan. These ESOPs will vest over a period of 4 years and shall be exercisable within the period as approved by the Committee. The exercise price of the ESOPs would be the market price as on the date of grant.

Further, during the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved 82,400 time based RSUs to Other KMPs under the 2015 Plan. Time based RSUs will vest over four years.

**Under the 2019 plan:**

During the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved performance based grants of 60,600 RSUs to other KMPs under the 2019 plan. These RSUs will vest over three years based on achievement of certain performance targets.

**The break-up of employee stock compensation expense is as follows:**

*(Dollars in millions)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| *Granted to:* |  |  |  |  |
| KMP | 2 | 2 | 8 | 8 |
| Employees other than KMP | 25 | 21 | 100 | 87 |
| **Total <sup>(1)</sup>** | **27** | **23** | **108** | **95** |
| *<sup>(1)</sup> Cash settled stock compensation expense included in the above* | *–* | *–* | 2 | 2 |

---

The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance based options and Monte Carlo simulation model is used for TSR based options.

The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected term and the risk free rate of interest. Expected volatility during the expected term of the options is based on historical volatility of the observed market prices of the Company's publicly traded equity shares during a period equivalent to the expected term of the options. Expected volatility of the comparative company have been modelled based on historical movements in the market prices of their publicly traded equity shares during a period equivalent to the expected term of the options. Correlation coefficient is calculated between each peer entity and the indices as a whole or between each entity in the peer group.

**The fair value of each equity settled award is estimated on the date of grant using the following assumptions:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** |
| **Particulars** | **Fiscal 2026- <br> Equity Shares-RSU** | **Fiscal 2026- <br> ADR RSU** | **Fiscal 2026- <br> Equity Shares-ESOP** | **Fiscal 2026- <br> ADS-ESOP** | **Fiscal 2025- <br> Equity Shares-RSU** | **Fiscal 2025- <br> ADS-RSU** |
| Weighted average share price (![](rupee-symbol.gif)) / ($ ADS) | 1641 | 17.55 | 1554 | 17.93 | 1808 | 21.44 |
| Exercise price (![](rupee-symbol.gif))/ ($ ADS) | 5.00 | 0.10 | 1554 | 17.93 | 5.00 | 0.07 |
| Expected volatility (%) | 23-26 | 25-29 | 25-28 | 26-30 | 21-26 | 23-28 |
| Expected life of the option (years) | 1-4 | 1-4 | 3-7 | 3-7 | 1-4 | 1-4 |
| Expected dividends (%) | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 |
| Risk-free interest rate (%) | 6 | 4 | 6 | 4 | 7 | 4-5 |
| Weighted average fair value as on grant date (![](rupee-symbol.gif)) / ($ ADS) | 1331 | 14.16 | 390 | 4.09 | 1555 | 18.20 |

---

The expected life of the RSU/ESOP is estimated based on the vesting term and contractual term of the RSU/ESOP, as well as expected exercise behavior of the employee who receives the RSU/ESOP.

**2.12 Income Taxes**

**Accounting policy**

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the consolidated statement of comprehensive income except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income taxes are not provided on the undistributed earnings of subsidiaries and branches where it is expected that the earnings of the subsidiary or branch will not be distributed in the foreseeable future.

The Group offsets current tax assets and current tax liabilities; deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The income tax provision for the interim period is made based on the best estimate of the annual average tax rate expected to be applicable for the full financial year. Tax benefits of deductions earned on exercise of employee share options in excess of compensation charged to income are credited to equity.

Income tax expense in the interim condensed consolidated statement of comprehensive income comprises:

*(Dollars in million)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| **Current taxes** |  |  |  |  |
| Domestic taxes | 190 | 245 | 977 | 1089 |
| Foreign taxes | 98 | 77 | 352 | 346 |
|  | **288** | **322** | **1329** | **1435** |
| **Deferred taxes** |  |  |  |  |
| Domestic taxes | (29) | (27) | (91) | (110) |
| Foreign taxes | (11) | 8 | (48) | (40) |
|  | **(40)** | **(19)** | **(139)** | **(150)** |
| **Income tax expense** | **248** | **303** | **1190** | **1285** |

---

Income tax expense for the three months ended March 31, 2026 and March 31, 2025 includes reversals (net of provisions) of $94 million and $14 million respectively. Income tax expense for the year ended March 31, 2026 and March 31, 2025 includes reversals (net of provisions) of $93 million and provisions (net of reversals) $16 million respectively. These provisions and reversals pertaining to prior periods are primarily on account of adjudication of certain disputed matters, upon filing of tax return and completion of assessments, across various jurisdictions

During the quarter and year ended March 31, 2026, the Company received orders under section 250 and Section 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2013-14 and assessment years 2017-18 to 2021-22. These orders confirmed the Company's position with respect to tax treatment of certain matters. As a result interest income (pre-tax) $41 million was recognized and provision for income tax aggregating $93 million was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to $9 million has been reduced from contingent liabilities.

During the three months ended March 31, 2025, the Company received orders under section 250 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2016-17 and 2019-20. These orders confirmed the Company's position with respect to tax treatment of certain matters. As a result interest income (pre-tax) of $38 million was recognised and provision for income tax aggregating $21 million was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to $125 million has been reduced from contingent liabilities.

Deferred income tax for the three months and year ended March 31, 2026 and March 31, 2025 substantially relates to origination and reversal of temporary differences.

The Company's Advanced Pricing Arrangement (APA) with the Internal Revenue Service (IRS) for US branch income tax expired in March 2021. The Company has applied for renewal of APA and currently the US taxable income is based on the Company's best estimate determined based on the expected value method.

As at March 31, 2026, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $207 million (![](rupee-symbol.gif) 1,964 crore). As at March 31, 2025, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $226 million (![](rupee-symbol.gif)1,933 crore).

Amount paid to statutory authorities against the tax claims amounted to $273 million (![](rupee-symbol.gif) 2,594 crore) and $491 million (![](rupee-symbol.gif)4,199 crore) as at March 31, 2026 and March 31, 2025 respectively.

The claims against the Group primarily represent demands arising on completion of assessment proceedings under the Income Tax Act, 1961. These claims are on account of issues of disallowance of expenditure towards software being held as capital in nature, payments made to Associated Enterprises held as liable for withholding of taxes, among others. These matters are pending before various Income Tax Authorities and the Management including its tax advisors expect that its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Group's financial position and results of operations.

**2.13 Earnings per equity share**

**Accounting Policy**

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

**2.14 Related party transactions**

Refer Note 2.20 "Related party transactions" in the Company's 2025 Annual Report on Form 20-F for the full names and other details of the Company's subsidiaries and controlled trusts.

**Changes in Subsidiaries**

During the year ended March 31, 2026, the following are the changes in the subsidiaries:

---

| | |
|:---|:---|
| **.** | Infosys Energy Consulting Services LLC , a wholly-owned subsidiary of Infosys Nova Holdings LLC was incorporated on April 16, 2025. |

---

---

| | |
|:---|:---|
| **.** | Infosys Saudi Arabia LLC, a wholly-owned subsidiary of Infosys Limited was incorporated on April 21, 2025. |

---

---

| | |
|:---|:---|
| **.** | Infosys Australia Technology Service Pty Ltd, a wholly-owned subsidiary of Infosys Singapore Pte. Limited was incorporated on April 23, 2025. |

---

---

| | |
|:---|:---|
| **.** | On April 30, 2025, Infosys Nova Holdings LLC , a wholly-owned subsidiary of Infosys Limited, acquired 98.21% of partnership interests in MRE Consulting Ltd along with its subsidiary MRE Technology Services, LLC. The remaining 1.79% was acquired by Infosys Energy Consulting Services LLC , a Wholly-owned subsidiary of Infosys Nova Holdings LLC. |

---

---

| | |
|:---|:---|
| **.** | On April 30, 2025, Infosys Australia Technology Service Pty Ltd, a wholly owned subsidiary of Infosys Singapore Pte. Limited, acquired 100% of voting interests in The Missing Link Automation Pty Ltd, The Missing Link Network Integration Pty Ltd and The Missing Link Security Pty Ltd along with its subsidiary The Missing Link Security Ltd |

---

---

| | |
|:---|:---|
| **.** | in-tech Automotive Engineering de. R L de. C V, a wholly-owned subsidiary of in-tech GmbH has been liquidated effective May 07, 2025. |

---

---

| | |
|:---|:---|
| **.** | On May 13, 2025, Infosys Singapore Pte Ltd diluted 2% stake of HIPUS Co., Ltd to Mitsubishi Heavy Industries, Ltd. |

---

---

| | |
|:---|:---|
| **.** | Infosys BPM Canada Inc, a Wholly-owned subsidiary of Infosys BPM UK Limited was incorporated on July 28, 2025 |

---

---

| | |
|:---|:---|
| **.** | Infosys Germany Gmbh, a Wholly-owned subsidiary of Infosys Singapore Pte Ltd merged into Infosys Germany SE (formerly known as Blitz 24-893 SE) effective September 24, 2025 |

---

---

| | |
|:---|:---|
| **.** | in-tech Engineering services S.R.L, (Wholly-owned subsidiary of in-tech GmbH) merged into ProIT (Wholly-owned subsidiary of in-tech GmbH) effective November 30, 2025 |

---

---

| | |
|:---|:---|
| **.** | Infosys Consulting S.R.L. (Argentina) (formerly a majority owned and controlled subsidiary of Infosys Limited) became the majority owned and controlled subsidiary of Infosys Nova Holdings LLC with effect from January 28, 2026 |

---

---

| | |
|:---|:---|
| **.** | Infosys Enterprise Business Services Pty Ltd , a wholly-owned subsidiary of Infosys Singapore Pte Ltd was incorporated on March 19, 2026. |

---

**Transactions with key management personnel**

The table below describes the compensation to key management personnel which comprise directors and executive officers:

*(Dollars in millions)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Salaries and other short term employee benefits to whole-time directors and executive officers<sup>(1)(2)</sup> | 4 | 4 | 14 | 14 |
| Commission and other benefits to non-executive/ independent directors | *–* | *–* | 2 | 2 |
| **Total** | **4** | **4** | **16** | **16** |

---

*<sup>(1)</sup>* *Total employee stock compensation expense for the three months ended March 31, 2026 and March 31, 2025 includes a charge of $2 million and $2 million respectively, towards key management personnel. For the year ended March 31, 2026 and March 31, 2025, includes a charge of $8 million and $8 million respectively, towards key management personnel. (Refer note 2.11).*

 

*<sup>(2)</sup>* *Does not include post-employment benefits and other long-term benefits, based on actuarial valuation as these are done for the Company as a whole.*

**2.15 Segment reporting**

IFRS 8 Operating Segments establishes standards for the way that public business enterprises report information about operating segments and related disclosures about products and services, geographic areas, and major customers. The Group's operations predominantly relate to providing end-to-end business solutions to enable clients to enhance business performance.

The Chief Operating Decision Maker (CODM) evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the accounting policies.

Business segments of the Group are primarily enterprises in Financial Services and Insurance, enterprises in Manufacturing, enterprises in Retail, Consumer Packaged Goods and Logistics, enterprises in the Energy, Utilities, Resources and Services, enterprises in Communication, Telecom OEM and Media, enterprises in Hi-Tech, enterprises in Life Sciences and Healthcare and all other segments. The Financial services reportable segments has been aggregated to include the Financial Services operating segment and Finacle operating segment because of the similarity of the economic characteristics. All other segments represent the operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services.

Revenue and identifiable operating expenses in relation to segments are categorized based on items that are individually identifiable to that segment. Revenue for 'all other segments' represents revenue generated by Infosys Public Services and revenue generated from customers located in India, Japan and China and other enterprises in public service. Allocated expenses of segments include expenses incurred for rendering services from the Group's offshore software development centers and on-site expenses, which are categorized in relation to the associated efforts of the segment. Certain expenses such as depreciation and amortization, which form a significant component of total expenses, are not specifically allocable to specific segments as the underlying assets are used interchangeably. The Management believes that it is not practical to provide segment disclosures relating to those costs and expenses, and accordingly these expenses are separately disclosed as "unallocated" and adjusted against the total income of the Group.

Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

Business segment revenue information is collated based on individual customers invoiced or in relation to which the revenue is otherwise recognized.

Disclosure of revenue by geographic locations is given in note 2.16 Revenue from operations

**2.15.1 Business segments**

**For the three months ended March 31, 2026 and March 31, 2025**

*(Dollars in millions)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Financial Services<sup>(1)</sup>** | **Manufacturing** | **Energy, Utilities, Resources and Services** | **Retail<sup>(2)</sup>** | **Communication<sup>(3)</sup>** | **Hi-Tech** | **Life Sciences<sup>(4)</sup>** | **All other segments<sup>(5)</sup>** | **Total** |
| Revenue | 1409 | 799 | 664 | 647 | 625 | 387 | 369 | 140 | 5040 |
|  | *1342* | *754* | *614* | *629* | *554* | *393* | *320* | *124* | *4730* |
| Identifiable operating expenses | 758 | 489 | 364 | 321 | 395 | 215 | 234 | 83 | 2859 |
|  | *770* | *483* | *320* | *316* | *355* | *232* | *190* | *71* | *2737* |
| Allocated expenses | 282 | 143 | 132 | 130 | 119 | 71 | 64 | 31 | 972 |
|  | *231* | *133* | *111* | *123* | *102* | *69* | *59* | *23* | *851* |
| **Segment Profit** | **369** | **167** | **168** | **196** | **111** | **101** | **71** | **26** | **1209** |
|  | *341* | *138* | *183* | *190* | *97* | *92* | *71* | *30* | *1142* |
| Unallocable expenses |  |  |  |  |  |  |  |  | 154 |
|  |  |  |  |  |  |  |  |  | *150* |
| **Operating profit** |  |  |  |  |  |  |  |  | 1055 |
|  |  |  |  |  |  |  |  |  | *992* |
| Other income, net |  |  |  |  |  |  |  |  | 125 |
|  |  |  |  |  |  |  |  |  | *137* |
| Finance Cost |  |  |  |  |  |  |  |  | 12 |
|  |  |  |  |  |  |  |  |  | *12* |
| **Profit before income taxes** |  |  |  |  |  |  |  |  | **1168** |
|  |  |  |  |  |  |  |  |  | *1117* |
| Income tax expense |  |  |  |  |  |  |  |  | 248 |
|  |  |  |  |  |  |  |  |  | *303* |
| **Net profit** |  |  |  |  |  |  |  |  | **920** |
|  |  |  |  |  |  |  |  |  | *814* |
| Depreciation and amortization |  |  |  |  |  |  |  |  | **154** |
|  |  |  |  |  |  |  |  |  | *150* |
| Non-cash expenses other than depreciation and amortization |  |  |  |  |  |  |  |  |  ***–*** |
|  |  |  |  |  |  |  |  |  | *–* |

---

*<sup>(1)</sup>* *Financial Services include enterprises in Financial Services and Insurance*

*<sup>(2)</sup>* *Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics*

*<sup>(3)</sup>* *Communication includes enterprises in Communication, Telecom OEM and Media*

*<sup>(4)</sup>* *Life Sciences includes enterprises in Life sciences and Health care*

*<sup>(5)</sup>* *Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services*

**For the year ended March 31, 2026 and March 31, 2025**

*(Dollars in millions)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Financial Services<sup>(1)</sup>** | **Manufacturing** | **Energy, Utilities, Resources and Services** | **Retail<sup>(2)</sup>** | **Communication<sup>(3)</sup>** | **Hi-Tech** | **Life Sciences<sup>(4)</sup>** | **All other segments<sup>(5)</sup>** | **Total** |
| Revenue | 5631 | 3282 | 2688 | 2605 | 2455 | 1572 | 1383 | 542 | 20158 |
|  | *5342* | *2980* | *2568* | *2609* | *2260* | *1548* | *1400* | *570* | *19277* |
| Identifiable operating expenses | 3149 | 2010 | 1505 | 1302 | 1570 | 936 | 864 | 334 | 11670 |
|  | *3059* | *1911* | *1406* | *1293* | *1469* | *897* | *848* | *354* | *11237* |
| Allocated expenses | 1055 | 546 | 508 | 504 | 451 | 273 | 243 | 128 | 3708 |
|  | *971* | *495* | *441* | *472* | *396* | *270* | *237* | *118* | *3400* |
| **Segment Profit** | **1427** | **726** | **675** | **799** | **434** | **363** | **276** | **80** | **4780** |
|  | *1312* | *574* | *721* | *844* | *395* | *381* | *315* | *98* | *4640* |
| Unallocable expenses\* |  |  |  |  |  |  |  |  | 695 |
|  |  |  |  |  |  |  |  |  | *569* |
| **Operating profit** |  |  |  |  |  |  |  |  | 4085 |
|  |  |  |  |  |  |  |  |  | *4071* |
| Other income, net |  |  |  |  |  |  |  |  | 468 |
|  |  |  |  |  |  |  |  |  | *425* |
| Finance Cost |  |  |  |  |  |  |  |  | 47 |
|  |  |  |  |  |  |  |  |  | *49* |
| **Profit before income taxes** |  |  |  |  |  |  |  |  | **4506** |
|  |  |  |  |  |  |  |  |  | *4447* |
| Income tax expense |  |  |  |  |  |  |  |  | 1190 |
|  |  |  |  |  |  |  |  |  | *1285* |
| **Net profit** |  |  |  |  |  |  |  |  | **3316** |
|  |  |  |  |  |  |  |  |  | *3162* |
| Depreciation and amortization |  |  |  |  |  |  |  |  | 552 |
|  |  |  |  |  |  |  |  |  | *569* |
| Non-cash expenses other than depreciation and amortization | Non-cash expenses other than depreciation and amortization |  |  |  |  |  |  |  | *–* |
|  |  |  |  |  |  |  |  |  |  ***–*** |

---

*<sup>(1)</sup>* *Financial Services include enterprises in Financial Services and Insurance*

*<sup>(2)</sup>* *Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics*

*<sup>(3)</sup>* *Communication includes enterprises in Communication, Telecom OEM and Media*

*<sup>(4)</sup>* *Life Sciences includes enterprises in Life sciences and Health care*

*<sup>(5)</sup>* *Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services*

*\** *Unallocable expense includes impact of $143 million towards impact of Labour Codes for the year ended March 31, 2026 (refer to note 2.19.4)*

**2.15.2 Significant clients**

No client individually accounted for more than 10% of the Revenue for the three months and year ended March 31, 2026 and March 31, 2025, respectively

**2.16 Revenue from Operations**

**Accounting Policy:**

The Group derives revenues primarily from IT services comprising software development and related services, cloud and infrastructure services, maintenance, consulting and package implementation, licensing of software products and platforms across the Group's core and digital offerings (together called as "software related services") and business process management services. Contracts with customers are either on a time-and-material, unit of work, fixed-price or on a fixed-timeframe basis.

Revenues from customer contracts are considered for recognition and measurement when the contract has been approved in writing, by the parties, to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. Revenue is recognized upon transfer of control of promised products or services ("performance obligations") to customers in an amount that reflects the consideration the Group has received or expects to receive in exchange for these products or services ("transaction price"). When there is uncertainty as to collectability, revenue recognition is postponed until such uncertainty is resolved.

The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. The Group allocates the transaction price to each distinct performance obligation based on the relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In the absence of such evidence, the primary method used to estimate standalone selling price is the expected cost plus a margin, under which the Group estimates the cost of satisfying the performance obligation and then adds an appropriate margin based on similar services.

The Group's contracts may include variable consideration including rebates, volume discounts and penalties. The Group includes variable consideration as part of transaction price when there is a basis to reasonably estimate the amount of the variable consideration and when it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

Revenue on time-and-material and unit of work based contracts, are recognized as the related services are performed. Fixed price maintenance revenue is recognized ratably either on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Group's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method. Efforts or costs expended are used to determine progress towards completion as there is a direct relationship between input and productivity. Progress towards completion is measured as the ratio of costs or efforts incurred to date (representing work performed) to the estimated total costs or efforts. Estimates of transaction price and total costs or efforts are continuously monitored over the term of the contracts and are recognized in net profit in the period when these estimates change or when the estimates are revised. Revenues and the estimated total costs or efforts are subject to revision as the contract progresses. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

The billing schedules agreed with customers include periodic performance based billing and / or milestone based progress billings. Revenues in excess of billing are classified as unbilled revenue while billing in excess of revenues are classified as contract liabilities (which we refer to as unearned revenues).

In arrangements for software development and related services and maintenance services, by applying the revenue recognition criteria for each distinct performance obligation, the arrangements with customers generally meet the criteria for considering software development and related services as distinct performance obligations. For allocating the transaction price, the Group measures the revenue in respect of each performance obligation of a contract at its relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In cases where the Group is unable to determine the standalone selling price, the Group uses the expected cost plus margin approach in estimating the standalone selling price. For software development and related services, the performance obligations are satisfied as and when the services are rendered since the customer generally obtains control of the work as it progresses.

Certain cloud and infrastructure services contracts include multiple elements which may be subject to other specific accounting guidance, such as leasing guidance. These contracts are accounted in accordance with such specific accounting guidance. In such arrangements where the Group is able to determine that hardware and services are distinct performance obligations, it allocates the consideration to these performance obligations on a relative standalone selling price basis. In the absence of standalone selling price, the Group uses the expected cost-plus margin approach in estimating the standalone selling price. When such arrangements are considered as a single performance obligation, revenue is recognized over the period and measure of progress is determined based on promise in the contract.

Revenue from licenses where the customer obtains a "right to use" the licenses is recognized at the time the license is made available to the customer. Revenue from licenses where the customer obtains a "right to access" is recognized over the access period.

Arrangements to deliver software products generally have three elements: license, implementation and Annual Technical Services (ATS).When implementation services are provided in conjunction with the licensing arrangement and the license and implementation have been identified as two distinct separate performance obligations, the transaction price for such contracts are allocated to each performance obligation of the contract based on their relative standalone selling prices. In the absence of standalone selling price for implementation, the Group uses the expected cost plus margin approach in estimating the standalone selling price. Where the license is required to be substantially customized as part of the implementation service the entire arrangement fee for license and implementation is considered to be a single performance obligation and the revenue is recognized using the percentage-of-completion method as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the performance obligations are satisfied. ATS revenue is recognized ratably on a straight-line basis over the period in which the services are rendered.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

A contract modification is a change in the scope or price or both of a contract that is approved by the parties to the contract. A contract modification that results in the addition of distinct performance obligations are accounted for either as a separate contract if the additional services are priced at the standalone selling price or as a termination of the existing contract and creation of a new contract if they are not priced at the standalone selling price. If the modification does not result in a distinct performance obligation, it is accounted for as part of the existing contract on a cumulative catch-up basis.

The incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had not been obtained) are recognized as an asset if the Group expects to recover them.

Certain eligible, nonrecurring costs (e.g. set-up or transition or transformation costs) that do not represent a separate performance obligation are recognized as an asset when such costs (a) relate directly to the contract; (b) generate or enhance resources of the Group that will be used in satisfying the performance obligation in the future; and (c) are expected to be recovered.

Capitalized contract costs relating to upfront payments to customers are amortized to revenue and other capitalized costs are amortized to cost of sales over the respective contract life on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates. Capitalized costs are monitored regularly for impairment. Impairment losses are recorded when present value of projected remaining operating cash flows is not sufficient to recover the carrying amount of the capitalized costs.

The Group presents revenues net of indirect taxes in its interim Consolidated Statement of Comprehensive Income.

Revenues for the three months and year ended March 31, 2026 and March 31, 2025 is as follows:

*(Dollars in millions)*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Revenue from software services | 4795 | 4507 | 19196 | 18379 |
| Revenue from products and platforms | 245 | 223 | 962 | 898 |
| **Total revenue from operations** | **5040** | **4730** | **20158** | **19277** |

---

**Products & platforms**

The Group also derives revenues from the sale of products and platforms like Finacle – core banking solution, Edge Suite of products, Panaya platform, Stater digital platform and Infosys McCamish – insurance platform.

**Disaggregated revenue information**

Revenue disaggregation by business segments has been included in segment information (Refer note 2.15). The table below presents disaggregated revenues from contracts with customers by geography and contract type. The Group believes that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors.

**For the three months and year ended March 31, 2026 and March 31, 2025**

*(Dollars in millions)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| **Revenues by Geography<sup>\*</sup>** |  |  |  |  |
| North America | 2808 | 2698 | 11304 | 11166 |
| Europe | 1645 | 1476 | 6480 | 5745 |
| India | 132 | 139 | 576 | 593 |
| Rest of the world | 455 | 417 | 1798 | 1773 |
| **Total** | **5040** | **4730** | **20158** | **19277** |

---

*<sup>\*</sup> Geographical revenue is based on the domicile of customer*

The percentage of revenue from fixed-price contracts for each of the three months ended March 31, 2026 and March 31, 2025 is 54% respectively. The percentage of revenue from fixed-price contracts for the year ended March 31, 2026 and March 31, 2025 is 54% respectively.

**Trade Receivables and Contract Balances**

The timing of revenue recognition, billings and cash collections results in receivables, unbilled revenue, and unearned revenue on the Group's Consolidated Balance Sheet. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly or quarterly) or upon achievement of contractual milestones.

The Group's receivables are rights to consideration that are unconditional. Unbilled revenues comprising revenues in excess of billings from time and material contracts and fixed price maintenance contracts are classified as financial asset when the right to consideration is unconditional and is due only after a passage of time.

Invoicing to the clients for other fixed price contracts is based on milestones as defined in the contract and therefore the timing of revenue recognition is different from the timing of invoicing to the customers. Therefore, unbilled revenues for other fixed price contracts (contract asset) are classified as non-financial asset because the right to consideration is dependent on completion of contractual milestones.

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivable and unbilled revenues are presented net of impairment in the consolidated balance sheet.

**2.17 Unbilled Revenue**

*(Dollars in millions)*

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| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Unbilled financial asset *<sup>(1)</sup>* | 1211 | 1195 |
| Unbilled non financial asset *<sup>(2)</sup>* | 605 | 569 |
| **Total** | **1816** | **1764** |

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*<sup>(1)</sup>* Right to consideration is unconditional and is due only after a passage of time.

*<sup>(2)</sup>* Right to consideration is dependent on completion of contractual milestones.

**2.18 Equity**

**Accounting policy**

**Ordinary Shares**

Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares, share options and buyback are recognized as a deduction from equity, net of any tax effects.

**Treasury Shares**

When any entity within the Group purchases the company's ordinary shares, the consideration paid including any directly attributable incremental cost is presented as a deduction from total equity, until they are cancelled, sold or reissued. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to/ from Share premium.

**Share premium**

The amount received in excess of the par value has been classified as share premium. Additionally, share-based compensation recognized in net profit in the interim condensed consolidated statement of comprehensive income is credited to share premium. Amounts have been utilized for bonus issue and share buyback from share premium account.

The Company has only one class of shares referred to as equity shares having a par value of ![](rupee-symbol.gif)5/-.

**Retained earnings**

Retained earnings represent the amount of accumulated earnings of the Group.

**Other Reserves**

The Special Economic Zone Re-investment reserve has been created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA (1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA (2) of the Income Tax Act, 1961.

**Capital Redemption Reserve**

In accordance with section 69 of the Indian Companies Act, 2013, the Company creates capital redemption reserve equal to the nominal value of the shares bought back as an appropriation from general reserve / retained earnings.

**Cash flow hedge reserve**

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. The cumulative gain or loss previously recognized in the cash flow hedge reserve is transferred to the net profit in the interim condensed consolidated Statement of Comprehensive Income upon the occurrence of the related forecasted transaction.

**Other components of equity**

Other components of equity include currency translation, re-measurement of net defined benefit liability/asset, fair value changes of equity instruments fair valued through other comprehensive income, changes on fair valuation of investments, net of taxes.

**2.18.1 Voting**

Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depositary Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

**2.18.2 Liquidation**

In the event of liquidation of the company, the holders of shares shall be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently, other than the amounts held by irrevocable controlled trusts. The amount distributed will be in proportion to the number of equity shares held by the shareholders. For irrevocable controlled trusts, the corpus would be settled in favor of the beneficiaries.

**2.18.3 Share options**

There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans.

**2.18.4 Share capital and share premium**

The Company has only one class of shares referred to as equity shares having a par value of ![](rupee-symbol.gif)5/- each. 8,650,911 shares and 9,655,927 shares were held by controlled trust, as at March 31, 2026 and March 31, 2025, respectively

**2.18.5 Capital allocation policy**

Effective fiscal 2025, the Company expects to continue its policy of returning approximately 85% of the free cash flow cumulatively over a 5-year period through a combination of semi-annual dividends and/or share buyback/ special dividends subject to applicable laws and requisite approvals, if any.

Under this policy, the Company expects to progressively increase its annual dividend per share (excluding special dividend if any).

Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS. Dividend and buyback include applicable taxes.

**Buyback completed in December 2025**

In line with the capital allocation policy, the Board, at its meeting held on September 11, 2025, approved a proposal for the Company to buyback its fully paid-up equity shares of face value of ![](rupee-symbol.gif)5/- each from the eligible equity shareholders of the Company for an amount of ![](rupee-symbol.gif)18,000 crore subject to shareholders' approval by way of Postal Ballot. The shareholders approved the said proposal of buyback of Equity Shares recommended by its Board of Directors by way of e-voting through postal ballot, the results of which were declared on November 6, 2025. The Buyback offer comprised a purchase of 100,000,000 Equity Shares comprising approximately 2.41% of the total paid-up equity share capital of the Company as of June 30, 2025 (on standalone basis) at a price of ![](rupee-symbol.gif)1,800 per Equity share. The buyback was offered to all eligible equity shareholders (including those who became equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity shares) of the Company as on the Record Date (i.e. November 14, 2025) on a proportionate basis through the "Tender offer" route. The tender period for buyback commenced on November 20, 2025 and was open until November 26, 2025. The Company concluded the buyback procedures on December 4, 2025 and 100,000,000 equity shares were bought back and extinguished. The buyback resulted in cash outflow of ![](rupee-symbol.gif)18,000 crore (excluding transaction costs). The Company funded the buyback from its free reserves including securities premium as explained in Section 68 of the Companies Act, 2013. In accordance with Section 69 of the Companies Act, 2013, as at March 31, 2026, the Company has created a Capital Redemption Reserve of ![](rupee-symbol.gif)50 crore (approximately $6 million) equal to the nominal value of the shares bought back as an appropriation from the general reserve.

The Company's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, return capital to shareholders, issue new shares or buy back issued shares. As of March 31, 2026, the Company has only one class of equity shares and has no debt. Consequent to the above capital structure there are no externally imposed capital requirements.

**Dividend**

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company's Board of Directors. Income tax consequences of dividends on financial instruments classified as equity will be recognized according to where the entity originally recognized those past transactions or events that generated distributable profits.

The Company declares and pays dividends in Indian rupees. Companies are required to pay/distribute dividend after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates.

The amount of per share dividend recognized as distribution to equity shareholders is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2025** | **Year ended March 31, 2025** |
| **Particulars** | **in ![](rupee-symbol.gif)** | **in US Dollars** | **in ![](rupee-symbol.gif)** | **in US Dollars** |
| Interim dividend for fiscal 2026 | 23 | 0.26 | *–* | *–* |
| Final dividend for fiscal 2025 | 22 | 0.26 | *–* | *–* |
| Interim dividend for fiscal 2025 | *–* | *–* | 21.00 | 0.25 |
| Special dividend for fiscal 2024 | *–* | *–* | 8.00 | 0.10 |
| Final dividend for fiscal 2024 | *–* | *–* | 20.00 | 0.24 |

---

During the year ended March 31, 2026, on account of the final dividend for fiscal 2025 and interim dividend for fiscal 2026, the Company has incurred a net cash outflow of ![](rupee-symbol.gif)18,653 crore (approximately $2,133 million) (excluding dividend paid on treasury shares)

The Board of Directors in their meeting held on April 23, 2026 recommended a final dividend of ![](rupee-symbol.gif)25/- per equity share (approximately $0.26 per equity share) for the financial year ended March 31, 2026. The payment is subject to the approval of shareholders in the AGM of the company to be held on June 23, 2026 and if approved, would result in a net cashflow of approximately ![](rupee-symbol.gif)10,117 crore ($1,067 million), excluding dividend paid on treasury shares.

**2.19 Break-up of expenses and other income, net**

**Accounting policy**

**Gratuity and Pensions**

The Group provides for gratuity, a defined benefit retirement plan ('the Gratuity Plan') covering eligible employees majorly of Infosys and its Indian subsidiaries. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Group. The Company contributes Gratuity liabilities to the Infosys Limited Employees' Gratuity Fund Trust (the Trust). In case of Infosys BPM and EdgeVerve, contributions are made to the Infosys BPM Employees' Gratuity Fund Trust and EdgeVerve Systems Limited Employees' Gratuity Fund Trust, respectively. Trustees administer contributions made to the Trusts and contributions are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law.

The Group operates defined benefit pension plan in certain overseas jurisdictions, in accordance with the local laws. These plans are managed by third party fund managers. The plans provide for periodic payouts after retirement or for a lumpsum payment as set out in rules of each fund and includes death and disability benefits. The defined benefit plans require contributions which are based on a percentage of salary that varies depending on the age of the respective employees.

Liabilities with regard to these defined benefit plans are determined by actuarial valuation, performed by an external actuary, at each Balance Sheet date using the projected unit credit method. These defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate risk and market risk.

The Group recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability/(asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profits in the interim condensed consolidated statement of comprehensive income.

**Superannuation**

Certain employees of Infosys, Infosys BPM and EdgeVerve are participants in a defined contribution plan. The Group has no further obligations to the Plan beyond its monthly contributions which are periodically contributed to a trust fund, the corpus of which is invested with the Life Insurance Corporation of India.

**Provident fund**

Eligible employees of Infosys receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee and the company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary. The company contributes a portion of the contributions to the Infosys Limited Employees' Provident Fund Trust. The trust invests in specific designated instruments as permitted by Indian law. The remaining portion is contributed to the government administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the Government of India. The company has an obligation to make good the shortfall, if any, between the return from the investments of the Trust and the notified interest rate.

In respect of Indian subsidiaries, eligible employees receive benefits from a provident fund, which is a defined contribution plan. Both the eligible employee and the respective companies make monthly contributions to this provident fund plan equal to a specified percentage of the covered employee's salary. Amounts collected under the provident fund plan are deposited in a government administered provident fund. The companies have no further obligation to the plan beyond its monthly contributions.

**Compensated absences**

The Group has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an external actuary at each balance sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the balance sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

**Other income, net**

Other income is comprised primarily of interest income, dividend income, gain/loss on investment and exchange gain/loss on forward and options contracts and on translation of foreign currency assets and liabilities. Interest income is recognized using the effective interest method. Dividend income is recognized when the right to receive payment is established.

**Foreign Currency**

*Functional currency and presentation currency*

The functional currency of Infosys, its Indian subsidiaries and controlled trusts is the Indian rupee. The functional currencies for foreign subsidiaries are their respective local currencies. These financial statements are presented in U.S. dollars (rounded off to the nearest million) to facilitate the investors' ability to evaluate Infosys' performance and financial position in comparison to similar companies domiciled in other geographic locations.

*Transactions and translations*

Foreign-currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are recognized in the interim condensed Consolidated Statement of Comprehensive Income and reported within exchange gains/ (losses) on translation of assets and liabilities, net, except when deferred in Other Comprehensive Income as qualifying cash flow hedges. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. The related revenue and expense are recognized using the same exchange rate.

Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction.

The translation of financial statements of the foreign subsidiaries to the presentation currency is performed for assets and liabilities using the exchange rate in effect at the Balance Sheet date and for revenue, expense and cash-flow items using the average exchange rate for the respective periods. The gains or losses resulting from such translation are included in currency translation reserves under other components of equity. When a subsidiary is disposed off, in full, the relevant amount is transferred to net profit in the Statement of Comprehensive Income. However, when a change in the parent's ownership does not result in loss of control of a subsidiary, such changes are recorded through equity.

Other Comprehensive Income, net of taxes includes translation differences on non-monetary financial assets measured at fair value at the reporting date, such as equities classified as financial instruments and measured at fair value through other comprehensive income (FVOCI).

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rate in effect at the Balance Sheet date.

**Government grants**

The Group recognizes government grants only when there is reasonable assurance that the conditions attached to them shall be complied with, and the grants will be received. Government grants related to assets are treated as deferred income and are recognized in the net profit in the statement of comprehensive income on a systematic and rational basis over the useful life of the asset. Government grants related to revenue are recognized on a systematic basis in the statement of comprehensive income over the periods necessary to match them with the related costs which they are intended to compensate.

**Operating Profits**

Operating profit of the Group is computed considering the revenues, net of cost of sales, selling and marketing expenses and administrative expenses.

**The table below provides details of break-up of expenses:**

**2.19.1 Cost of sales**

*(Dollars in millions)*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Employee benefit costs | 2405 | 2293 | 9739 | 9151 |
| Depreciation and amortization\* | 154 | 150 | 552 | 569 |
| Travelling costs | 37 | 41 | 150 | 149 |
| Cost of technical sub-contractors | 430 | 379 | 1740 | 1530 |
| Cost of software packages for own use | 77 | 72 | 301 | 278 |
| Third party items bought for service delivery to clients | 348 | 375 | 1452 | 1589 |
| Consultancy and professional charges | 4 | (17) | 4 | 11 |
| Communication costs | 8 | 7 | 35 | 34 |
| Repairs and maintenance | 18 | 15 | 70 | 59 |
| Provision for post-sales client support and other provisions | (12) | (26) | (19) | (13) |
| Others | 16 | 13 | 55 | 48 |
| **Total** | **3485** | **3302** | **14079** | **13405** |

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\* During the three months ended March 31, 2026 and March 31, 2025, a decline in the revenue estimates led to the carrying value of the customer related intangibles assets recognized on business combination exceeding the estimated recoverable amount. Consequently, the Company has recognized $26 million and $22 million for the three months ended March 31, 2026 and March 31, 2025, respectively, as the excess of carrying value over the estimated recoverable value.

**2.19.2 Selling and marketing expenses**

*(Dollars in millions)*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Employee benefit costs | 191 | 165 | 766 | 677 |
| Travelling costs | 13 | 12 | 56 | 48 |
| Branding and marketing | 39 | 40 | 152 | 144 |
| Consultancy and professional charges | 8 | 6 | 32 | 19 |
| Communication costs | *–* | *–* | 2 | 1 |
| Others | 5 | 3 | 17 | 9 |
| **Total** | **256** | **226** | **1025** | **898** |

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**2.19.3 Administrative expenses** 

*(Dollars in millions)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Employee benefit costs | 90 | 85 | 377 | 337 |
| Consultancy and professional charges | 59 | 46 | 200 | 167 |
| Repairs and maintenance | 34 | 30 | 129 | 123 |
| Power and fuel | 6 | 6 | 25 | 26 |
| Communication costs | 7 | 9 | 32 | 38 |
| Travelling costs | 8 | 7 | 31 | 27 |
| Rates and taxes | 7 | 9 | 35 | 41 |
| Insurance charges | 9 | 8 | 37 | 35 |
| Commission to non-whole time directors | 1 | *–* | 2 | 2 |
| Impairment loss recognized/(reversed) under expected credit loss model | (6) | (6) | 4 | 6 |
| Contribution towards Corporate Social Responsibility | 19 | 11 | 70 | 69 |
| Others *(Refer Note 2.6.2)\** | 10 | 5 | 27 | 32 |
| **Total** | **244** | **210** | **969** | **903** |

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\* Includes profit on sale of property, plant and equipment amounting $18 million for the year ended March 31, 2026.

**2.19.4 Impact of Labour Codes**

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ('Labour Codes') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes, amongst other things introduces changes, including a uniform definition of wages and enhanced benefits relating to leave. The Group has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and increase in leave liability by $143 million which is recognized in the Consolidated Statement of Comprehensive Income for the year ended March 31, 2026. The Group continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of the employee benefits liability.

**2.19.5 Other income, net:**

Other income for the three months and year ended March 31, 2026 and March 31, 2025 is as follows:

*(Dollars in millions)*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Interest income on financial assets carried at amortized cost | 30 | 48 | 184 | 180 |
| Interest income on financial assets carried at fair value through other comprehensive income | 29 | 35 | 121 | 124 |
| Gain/(loss) on investments carried at fair value through other comprehensive income | *–* | *–* | 2 | *–* |
| Gain/(loss) on investments carried at fair value through profit or loss | 9 | 6 | 33 | 34 |
| Gain/(loss) on investments carried at amortized cost | *–* | *–* | 9 | *–* |
| Interest income on income tax refund | 44 | 38 | 46 | 41 |
| Exchange gains / (losses) on forward and options contracts | (103) | (8) | (274) | (24) |
| Exchange gains / (losses) on translation of other assets and liabilities | 118 | 21 | 330 | 55 |
| Others | (2) | (3) | 17 | 15 |
| **Total** | **125** | **137** | **468** | **425** |

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*for and on behalf of the Board of Directors of Infosys Limited*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman* | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director* | &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>|
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary* |

---

## Exhibit 99.13

**Exhibit 99.8**

**IFRS INR Earning Release**

**INDEPENDENT AUDITOR'S REPORT** 

**TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED**

**Report on the Audit of the Interim Consolidated Financial Statements**

**Opinion**

We have audited the accompanying interim consolidated financial statements of **INFOSYS LIMITED** (the "Company"), and its subsidiaries (the Company and its subsidiaries together referred to as the "Group"), which comprise the Consolidated Balance Sheet as at March 31, 2026, the Consolidated Statement of Comprehensive Income for the three months and year ended on that date, the Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows for the year ended on that date, and notes to the financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the "Interim Consolidated Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Interim Consolidated Financial Statements give a true and fair view in conformity with International Accounting Standard 34 "Interim Financial Reporting" ("IAS 34") as issued by the International Accounting Standards Board ("IASB"), of the consolidated state of affairs of the Group as at March 31, 2026, its consolidated profit and its consolidated other comprehensive income for the three months and year ended on that date, its consolidated changes in equity and its consolidated cash flows for the year ended on that date.

**Basis for Opinion**

We conducted our audit of the Interim Consolidated Financial Statements in accordance with the Standards on Auditing ("SAs") issued by the Institute of Chartered Accountants of India ("ICAI"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Interim Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the ICAI, and we have fulfilled our other ethical responsibilities in accordance with the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Interim Consolidated Financial Statements.

**Key Audit Matters**

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

---

| | | |
|:---|:---|:---|
| **Sr. No.** | **Key Audit Matter** | **Auditor's Response** |
| 1 | **Revenue recognition** | Principal Audit Procedures Performed included the following: |
|  | &nbsp;&nbsp; The Group's contracts with customers include contracts with multiple products and services. The group derives revenues from IT services comprising software development and related services, maintenance, consulting and package implementation, licensing of software products and platforms across the Group's core and digital offerings and business process management services. The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables involves significant judgement.<br> In certain integrated services arrangements, contracts with customers include subcontractor services or third-party vendor equipment or software. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or service before it is transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the products or service and therefore, is acting as a principal or an agent.<br> Fixed price maintenance revenue is recognized ratably either on (1) a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or (2) using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the Group's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.<br> As certain contracts with customers involve management's judgment in (1) identifying distinct performance obligations, (2) determining whether the Group is acting as a principal or an agent and (3) whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of completion method, revenue recognition from these judgments were identified as a key audit matter and required a higher extent of audit effort.<br> Refer Notes 1.5 and 2.16 to the Consolidated Financial Statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our audit procedures related to the (1) identification of distinct performance obligations, (2) determination of whether the Group is acting as a principal or agent and (3) whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of completion method included the following, among others:<br> · We tested the effectiveness of controls relating to the (a) identification of distinct performance obligations, (b) determination of whether the Group is acting as a principal or an agent and (c) determination of whether fixed price maintenance revenue for certain contracts is recognized on a straight-line basis or using the percentage of completion method. <br>· We selected a sample of contracts with customers and performed the following procedures: <br>– Obtained and read contract documents for each selection, including master service agreements, and other documents that were part of the agreement.<br>– Identified significant terms and deliverables in the contract to assess management's conclusions regarding the (i) identification of distinct performance obligations (ii) whether the Group is acting as a principal or an agent and (iii) whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of completion method |
| 2 | **Revenue recognition - Fixed price contracts using the percentage of completion method** | Principal Audit Procedures Performed included the following: |
|  | &nbsp;&nbsp; Fixed price maintenance revenue is recognized ratably either (1) on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or (2) using a percentage of completion method when the pattern of benefits from services rendered to the customer and the Group's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method.<br> Use of the percentage-of-completion method requires the Group to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information. Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.<br> We identified the estimate of total efforts or costs to complete fixed price contracts measured using the percentage of completion method as a key audit matter as the estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information. This estimate has a high inherent uncertainty and requires consideration of progress of the contract, efforts or costs incurred to-date and estimates of efforts or costs required to complete the remaining contract performance obligations over the term of the contracts.<br> This required a high degree of auditor judgment in evaluating the audit evidence and a higher extent of audit effort to evaluate the reasonableness of the total estimated amount of revenue recognized on fixed-price contracts.<br> Refer Notes 1.5 and 2.16 to the Consolidated Financial Statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our audit procedures related to estimates of total expected costs or efforts to complete for fixed-price contracts included the following, among others:<br> · We tested the effectiveness of controls relating to (1) recording of efforts or costs incurred and estimation of efforts or costs required to complete the remaining contract performance obligations and (2) access and application controls pertaining to time recording, allocation and budgeting systems which prevents unauthorised changes to recording of efforts incurred.<br>· We selected a sample of fixed price contracts with customers measured the using percentage-of-completion method and performed the following:<br>– Evaluated management's ability to reasonably estimate the progress towards satisfying the performance obligation by comparing actual efforts or costs incurred to prior year estimates of efforts or costs budgeted for performance obligations that have been fulfilled.<br>– Compared efforts or costs incurred with Group's estimate of efforts or costs incurred to date to identify significant variations and evaluate whether those variations have been considered appropriately in estimating the remaining costs or efforts to complete the contract. <br>– Tested the estimate for consistency with the status of delivery of milestones and customer acceptances and sign off from customers to identify possible delays in achieving milestones, which require changes in estimated costs or efforts to complete the remaining performance obligations.  |

---

**Responsibilities of Management and Board of Directors for the Interim Consolidated Financial Statements**

The Company's Board of Directors is responsible for the preparation and presentation of these Interim Consolidated Financial Statements that give a true and fair view of the consolidated financial position, consolidated financial performance, consolidated other comprehensive income, consolidated changes in equity and consolidated cash flows of the Group in accordance with IAS 34 as issued by the IASB. The respective Boards of Directors of the entities included in the Group are responsible for maintenance of the adequate accounting records for safeguarding assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective interim financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the Interim Consolidated Financial Statements by the Directors of the Company, as aforesaid.

In preparing the Interim Consolidated Financial Statements, the respective Boards of Directors of the entities included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intend to liquidate their respective entities or to cease operations, or have no realistic alternative but to do so.

The respective Boards of Directors of the entities included in the Group are also responsible for overseeing the financial reporting process of the Group.

**Auditor's Responsibilities for the Audit of the Interim Consolidated Financial Statements**

Our objectives are to obtain reasonable assurance about whether the Interim Consolidated Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Interim Consolidated Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;· Identify and assess the risks
of material misstatement of the Interim Consolidated Financial Statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain an understanding of internal
financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on effectiveness of such controls.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the appropriateness
of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

&nbsp;&nbsp;&nbsp;&nbsp;· Conclude on the appropriateness
of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures
in the Interim Consolidated Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group
to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the overall presentation,
structure and content of the Interim Consolidated Financial Statements, including the disclosures, and whether the Interim Consolidated
Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain sufficient appropriate
audit evidence regarding the financial information of the entities within the Group to express an opinion on the Interim Consolidated
Financial Statements. We are responsible for the direction, supervision and performance of the audit of financial statements of such entities
included in the Interim Consolidated Financial Statements of which we are independent auditors.

Materiality is the magnitude of misstatements in the Interim Consolidated Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Interim Consolidated Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Interim Consolidated Financial Statements.

We communicate with those charged with governance of the Company and such other entities included in the Interim Consolidated Financial Statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For DELOITTE HASKINS & SELLS LLP**<br> Chartered Accountants<br> (Firm's Registration No. 117366W/W-100018) |
| Place: Bengaluru<br> Date: April 23, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Vikas Bagaria**<br> Partner<br> (Membership No.060408)<br> UDIN: 26060408WGGINA1796<br>|

---

**INFOSYS LIMITED AND SUBSIDIARIES**

***Consolidated Financial Statements under International Financial Reporting Standards (IFRS) in Indian Rupee for the three months and year ended March 31, 2026***

---

| |
|:---|
| **Index** |
| Consolidated Balance Sheet |
| Consolidated Statement of Comprehensive Income |
| Consolidated Statement of Changes in Equity |
| Consolidated Statement of Cash Flows |
| **Overview and Notes to the Interim Consolidated Financial Statements** |
| **1. Overview** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Company overview |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Basis of preparation of financial statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Basis of consolidation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Use of estimates and judgments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Critical accounting estimates and judgements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 Recent accounting pronouncements |
| **2. Notes to the Interim Consolidated Financial Statements** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Cash and cash equivalents |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Financial instruments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Prepayments and other assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Other liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Provisions and other contingencies |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Property, plant and equipment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Leases |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 Goodwill and Intangible Assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 Business combinations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 Employees' Stock Option Plans (ESOP) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 Income Taxes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 Earnings per equity share |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 Related party transactions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 Segment reporting |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 Revenue from Operations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 Unbilled Revenue |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 Equity |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 Expense by nature |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 Employee benefits |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 Other income, net |

---

**Infosys Limited and subsidiaries**

*(In ![](rupee-symbol.gif) crore except equity share data)*

---

| | | | |
|:---|:---|:---|:---|
| **Consolidated Balance Sheet as at** | **Note** | **March 31, 2026** | **March 31, 2025** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 2.1 | 22201 | 24455 |
| Current investments | 2.2 | 12950 | 12482 |
| Trade receivables |  | 35234 | 31158 |
| Unbilled revenue | 2.17 | 15483 | 12851 |
| Prepayments and other current assets | 2.4 | 15703 | 12986 |
| Income tax assets | 2.12 | 1835 | 2975 |
| Derivative financial instruments | 2.3 | 83 | 192 |
| **Total current assets** |  | **103489** | **97099** |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 2.7 | 13331 | 12800 |
| Right-of-use assets | 2.8 | 6177 | 6311 |
| Goodwill | 2.9 | 12117 | 10106 |
| Intangible assets | 2.9 | 2825 | 2766 |
| Non-current investments | 2.2 | 8930 | 11059 |
| Unbilled revenue | 2.17 | 1738 | 2232 |
| Deferred income tax assets | 2.12 | 2264 | 1108 |
| Income tax assets | 2.12 | 666 | 1622 |
| Other non-current assets | 2.4 | 4430 | 3800 |
| **Total non-current assets** |  | **52478** | **51804** |
| **Total assets** |  | **155967** | **148903** |
| **LIABILITIES AND EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade payables |  | 4744 | 4164 |
| Lease liabilities | 2.8 | 3160 | 2455 |
| Derivative financial instruments | 2.3 | 593 | 63 |
| Current income tax liabilities | 2.12 | 5644 | 4853 |
| Unearned revenue |  | 11838 | 8492 |
| Employee benefit obligations |  | 3524 | 2908 |
| Provisions | 2.6 | 1512 | 1475 |
| Other current liabilities | 2.5 | 21307 | 18440 |
| **Total current liabilities** |  | **52322** | **42850** |
| **Non-current liabilities** |  |  |  |
| Lease liabilities | 2.8 | 6016 | 5772 |
| Deferred income tax liabilities | 2.12 | 1679 | 1722 |
| Employee benefit obligations |  | 117 | 99 |
| Other non-current liabilities | 2.5 | 2536 | 2257 |
| **Total non-current liabilities** |  | **10348** | **9850** |
| **Total liabilities** |  | **62670** | **52700** |
| **Equity** |  |  |  |
| Share capital - ![](rupee-symbol.gif)5 par value 4,800,000,000 (4800000000) equity shares authorized, issued and outstanding 4,046,940,812 (4143607528) equity shares fully paid up, net of 8,650,911 (9655927) treasury shares as at March 31, 2026 (March 31, 2025) | 2.18 | 2024 | 2073 |
| Share premium |  | 1839 | 2180 |
| Retained earnings |  | 77634 | 80096 |
| Cash flow hedge reserves |  | (19) | (18) |
| Other reserves |  | 4824 | 8298 |
| Capital redemption reserve |  | 219 | 169 |
| Other components of equity |  | 6331 | 3020 |
| **Total equity attributable to equity holders of the Company** |  | **92852** | **95818** |
| Non-controlling interests |  | 445 | 385 |
| **Total equity** |  | **93297** | **96203** |
| **Total liabilities and equity** |  | **155967** | **148903** |

---

 

*The accompanying notes form an integral part of the interim consolidated financial statements.*

*As per our report of even date attached*

*for* Deloitte Haskins & Sells LLP *for and on behalf of the Board of Directors of Infosys Limited*

*Chartered Accountants*<br> Firm's Registration No:<br> 117366W/ W-100018<br>

---

| | | | |
|:---|:---|:---|:---|
| Vikas Bagaria<br> *Partner*<br> Membership No. 060408 | Nandan M. Nilekani<br> *Chairman* | Salil Parekh<br> *Chief Executive Officer*<br> *and Managing Director* | Bobby Parikh<br> *Director* |
| Bengaluru<br> April 23, 2026 | Jayesh Sanghrajka<br> *Chief Financial Officer* | A.G.S. Manikantha<br> *Company Secretary* |  |

---

**Infosys Limited and subsidiaries**

*(In ![](rupee-symbol.gif) crore except equity share and per equity share data)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Comprehensive Income for the** | **Note** | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  |  | **2026** | **2025** | **2026** | **2025** |
| **Revenues** | 2.16 | **46402** | **40925** | **178650** | **162990** |
| Cost of sales | 2.19 | 32058 | 28575 | 124735 | 113347 |
| **Gross profit** |  | **14344** | **12350** | **53915** | **49643** |
| **Operating expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling and marketing expenses | 2.19 | 2354 | 1957 | 9077 | 7588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | 2.19 | 2247 | 1818 | 8584 | 7631 |
| Total operating expenses |  | 4601 | 3775 | 17661 | 15219 |
| **Operating profit** |  | **9743** | **8575** | **36254** | **34424** |
| Other income, net | 2.21 | 1159 | 1190 | 4157 | 3600 |
| Finance cost |  | 105 | 102 | 416 | 416 |
| **Profit before income taxes** |  | **10797** | **9663** | **39995** | **37608** |
| Income tax expense | 2.12 | 2288 | 2625 | 10521 | 10858 |
| **Net profit** |  | **8509** | **7038** | **29474** | **26750** |
| **Other comprehensive income** |  |  |  |  |  |
| *Items that will not be reclassified subsequently to profit or loss* |  |  |  |  |  |
| Remeasurement of the net defined benefit liability/asset, net |  | (236) | (145) | (288) | (92) |
| Equity instruments through other comprehensive income, net | 2.2 | 374 | 29 | 397 | 19 |
|  |  | 138 | (116) | 109 | (73) |
| *Items that will be reclassified subsequently to profit or loss* |  |  |  |  |  |
| Fair value changes on derivatives designated as cash flow hedge, net |  | (11) | (56) | (1) | (24) |
| Exchange differences on translation of foreign operations |  | 1021 | 384 | 3256 | 357 |
| Fair value changes on investments, net | 2.2 | (93) | 63 | (27) | 199 |
|  |  | 917 | 391 | 3228 | 532 |
| **Total other comprehensive income/(loss), net of tax** |  | **1055** | **275** | **3337** | **459** |
| **Total comprehensive income** |  | **9564** | **7313** | **32811** | **27209** |
| **Profit attributable to:** |  |  |  |  |  |
| Owners of the Company |  | 8501 | 7033 | 29440 | 26713 |
| Non-controlling interests |  | 8 | 5 | 34 | 37 |
|  |  | **8509** | **7038** | **29474** | **26750** |
| **Total comprehensive income attributable to:** |  |  |  |  |  |
| Owners of the Company |  | 9546 | 7304 | 32750 | 27167 |
| Non-controlling interests |  | 18 | 9 | 61 | 42 |
|  |  | **9564** | **7313** | **32811** | **27209** |
| **Earnings per equity share** |  |  |  |  |  |
| Equity shares of par value ![](rupee-symbol.gif)5/- each |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (![](rupee-symbol.gif)) | 2.13 | 21.01 | 16.98 | 71.58 | 64.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (![](rupee-symbol.gif)) | 2.13 | 20.98 | 16.94 | 71.46 | 64.34 |
| **Weighted average equity shares used in computing earnings per equity share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (in shares) | 2.13 | 4046019309 | 4142429577 | 4112814745 | 4141611738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (in shares) | 2.13 | 4052169447 | 4151537321 | 4120108168 | 4152051184 |

---

 

*The accompanying notes form an integral part of the interim consolidated financial statements.*

*As per our report of even date attached*

*for* Deloitte Haskins & Sells LLP *for and on behalf of the Board of Directors of Infosys Limited*

*Chartered Accountants*<br> Firm's Registration No:<br> 117366W/ W-100018<br>

---

| | | | |
|:---|:---|:---|:---|
| Vikas Bagaria<br> *Partner*<br> Membership No. 060408 | Nandan M. Nilekani<br> *Chairman* | Salil Parekh<br> *Chief Executive Officer*<br> *and Managing Director* | Bobby Parikh<br> *Director* |
| Bengaluru<br> April 23, 2026 | Jayesh Sanghrajka<br> *Chief Financial Officer* | A.G.S. Manikantha<br> *Company Secretary* |  |

---

**Infosys Limited and subsidiaries**

*(In ![](rupee-symbol.gif) crore except equity share data)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Changes in Equity** | **Number of Shares<sup>(1)</sup>** | **Share capital** | **Share premium** | **Retained earnings** | **Other reserves<sup>(2)</sup>** | **Capital redemption reserve** | **Other components of equity** | **Cash flow hedge reserve** | **Total equity attributable to equity holders of the Company** | **Non-controlling interest** | **Total equity** |
| **Balance as at April 1, 2024** | **4139950635** | **2071** | **1550** | **69674** | **12104** | **169** | **2542** | **6** | **88116** | **345** | **88461** |
| **Changes in equity for the year ended March 31, 2025** |  |  |  |  |  |  |  |  |  |  |  |
| Net profit | *–* | *–* | *–* | 26713 | *–* | *–* | *–* | *–* | 26713 | 37 | 26750 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | (92) | *–* | (92) | *–* | (92) |
| Equity instruments through other comprehensive income, net\* | *–* | *–* | *–* | *–* | *–* | *–* | 19 | *–* | 19 | *–* | 19 |
| Fair value changes on derivatives designated as Cash flow hedge, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (24) | (24) | *–* | (24) |
| Exchange differences on translation of foreign operations | *–* | *–* | *–* | *–* | *–* | *–* | 352 | *–* | 352 | 5 | 357 |
| Fair value changes on investments, net\* | *–* | *–* | *–* | *–* | *–* | *–* | 199 | *–* | 199 | *–* | 199 |
| **Total comprehensive income for the year** |  ***–*** |  ***–*** |  ***–*** | **26713** |  ***–*** |  ***–*** | **478** | **(24)** | **27167** | **42** | **27209** |
| Shares issued on exercise of employee stock options (Refer to note 2.11) | 3656893 | 2 | 4 | *–* | *–* | *–* | *–* | *–* | 6 | *–* | 6 |
| Employee stock compensation expense (Refer to note 2.11) | *–* | *–* | 785 | *–* | *–* | *–* | *–* | *–* | 785 | *–* | 785 |
| Income tax benefit arising on exercise of stock options (Refer to note 2.12) | *–* | *–* | 39 | *–* | *–* | *–* | *–* | *–* | 39 | *–* | 39 |
| Transfer on account of options not exercised | *–* | *–* | (198) | 198 | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred to other reserves | *–* | *–* | *–* | (74) | 74 | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from other reserves to retained earnings | *–* | *–* | *–* | 2999 | (2999) | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from other reserves on utilization | *–* | *–* | *–* | 881 | (881) | *–* | *–* | *–* | *–* | *–* | *–* |
| Dividends paid to non controlling interest of subsidiary | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (2) | (2) |
| Dividends<sup>#</sup> | *–* | *–* | *–* | (20295) | *–* | *–* | *–* | *–* | (20295) | *–* | (20295) |
| **Balance as at March 31, 2025** | **4143607528** | **2073** | **2180** | **80096** | **8298** | **169** | **3020** | **(18)** | **95818** | **385** | **96203** |
| **Balance as at April 1, 2025** | **4143607528** | **2073** | **2180** | **80096** | **8298** | **169** | **3020** | **(18)** | **95818** | **385** | **96203** |
| **Changes in equity for the year ended March 31, 2026** |  |  |  |  |  |  |  |  |  |  |  |
| Net profit | *–* | *–* | *–* | 29440 | *–* | *–* | *–* | *–* | 29440 | 34 | 29474 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | (288) | *–* | (288) | *–* | (288) |
| Equity instruments through other comprehensive income, net\* | *–* | *–* | *–* | *–* | *–* | *–* | 397 | *–* | 397 | *–* | 397 |
| Fair value changes on derivatives designated as cash flow hedge, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (1) | (1) | *–* | (1) |
| Exchange differences on translation of foreign operations | *–* | *–* | *–* | *–* | *–* | *–* | 3229 | *–* | 3229 | 27 | 3256 |
| Fair value changes on investments, net\* | *–* | *–* | *–* | *–* | *–* | *–* | (27) | *–* | (27) | *–* | (27) |
| **Total comprehensive income for the year** |  ***–*** |  ***–*** |  ***–*** | **29440** |  ***–*** |  ***–*** | **3311** | **(1)** | **32750** | **61** | **32811** |
| Shares issued on exercise of employee stock options (Refer to note 2.11) | 3333284 | 1 | 1 | *–* | *–* | *–* | *–* | *–* | 2 | *–* | 2 |
| Buyback of equity shares (Refer to note 2.18) | (100000000) | (50) | (1244) | (16706) | *–* | *–* | *–* | *–* | (18000) | *–* | (18000) |
| Transaction cost relating to buyback\* (Refer to note 2.18) | *–* | *–* | (17) | (27) | *–* | *–* | *–* | *–* | (44) | *–* | (44) |
| Amount transferred to capital redemption reserve upon Buyback (Refer to note 2.18) | *–* | *–* | *–* | (50) | *–* | 50 | *–* | *–* | *–* | *–* | *–* |
| Employee stock compensation expense (Refer to note 2.11) | *–* | *–* | 938 | *–* | *–* | *–* | *–* | *–* | 938 | *–* | 938 |
| Income tax benefit arising on exercise of stock options (Refer to note 2.12) | *–* | *–* | 44 | *–* | *–* | *–* | *–* | *–* | 44 | *–* | 44 |
| Transferred on account of options not exercised | *–* | *–* | (63) | 63 | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Financial liability under option arrangements | *–* | *–* | *–* | (10) | *–* | *–* | *–* | *–* | (10) | *–* | (10) |
| Changes in the controlling stake of a subsidiary | *–* | *–* | *–* | 7 | *–* | *–* | *–* | *–* | 7 | 2 | 9 |
| Transferred from other reserves on utilization | *–* | *–* | *–* | 1260 | (1260) | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from other reserves to retained earnings | *–* | *–* | *–* | 2214 | (2214) | *–* | *–* | *–* | *–* | *–* | *–* |
| Dividends paid to non controlling interest of subsidiary | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (3) | (3) |
| Dividends<sup>#</sup> | *–* | *–* | *–* | (18653) | *–* | *–* | *–* | *–* | (18653) | *–* | (18653) |
| **Balance as at March 31, 2026** | **4046940812** | **2024** | **1839** | **77634** | **4824** | **219** | **6331** | **(19)** | **92852** | **445** | **93297** |

---

 

*\** *net of tax*

*#* *net of treasury shares*

*<sup>(1)</sup>* *excludes treasury shares of 8,650,911 as at March 31, 2026, 9,655,927 as at April 1, 2025, and 10,916,829 as at April 1, 2024 held by consolidated trust.*

*<sup>(2)</sup>* *Represents the Special Economic Zone Re-investment reserve created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act,1961. The reserve should be utilized by the Group for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA(2) of the Income Tax Act, 1961.*

 

*The accompanying notes form an integral part of the interim consolidated financial statements.*

*As per our report of even date attached*

*for* Deloitte Haskins & Sells LLP *for and on behalf of the Board of Directors of Infosys Limited*

*Chartered Accountants*<br> Firm's Registration No:<br> 117366W/ W-100018<br>

---

| | | | |
|:---|:---|:---|:---|
| Vikas Bagaria<br> *Partner*<br> Membership No. 060408 | Nandan M. Nilekani<br> *Chairman* | Salil Parekh<br> *Chief Executive Officer*<br> *and Managing Director* | Bobby Parikh<br> *Director* |
| Bengaluru<br> April 23, 2026 | Jayesh Sanghrajka<br> *Chief Financial Officer* | A.G.S. Manikantha<br> *Company Secretary* |  |

---

**Infosys Limited and subsidiaries**

**Consolidated Statement of Cash Flows**

**Accounting Policy**

Cash flows are reported using the indirect method, whereby profit for the year is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Group are segregated. The Group considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Note** | **Year ended March 31,** | **Year ended March 31,** |
|  |  | **2026** | **2025** |
| **Operating activities** |  |  |  |
| Net Profit |  | 29474 | 26750 |
| **Adjustments to reconcile net profit to net cash provided by operating activities** |  |  |  |
| Depreciation and amortization |  | 4902 | 4812 |
| Income tax expense | 2.12 | 10521 | 10858 |
| Finance cost |  | 416 | 416 |
| Interest and dividend income |  | (1125) | (1168) |
| Exchange differences on translation of assets and liabilities, net |  | 954 | 79 |
| Impairment loss recognized/(reversed) under expected credit loss model |  | 33 | 48 |
| Stock compensation expense |  | 952 | 802 |
| Provision for post sale client support and other provisions |  | (167) | (110) |
| Interest receivable on income tax refund |  | (63) | (327) |
| Other adjustments |  | 881 | 833 |
| **Changes in working capital** |  |  |  |
| Trade receivables and unbilled revenue |  | (5177) | (1769) |
| Prepayments and other assets |  | (2312) | (1334) |
| Trade payables |  | (26) | 176 |
| Unearned revenue |  | 3098 | 1145 |
| Other liabilities and provisions |  | 2111 | 1177 |
| **Cash generated from operations** |  | **44472** | **42388** |
| Income taxes paid |  | (8648) | (5602) |
| **Net cash generated by operating activities** |  | **35824** | **36786** |
| **Investing activities** |  |  |  |
| Expenditure on property, plant and equipment and intangibles, net of sale proceeds *(Refer to note 2.7)* |  | (2727) | (2237) |
| Deposits placed with corporation |  | (944) | (1225) |
| Redemption of deposits placed with corporation |  | 725 | 776 |
| Interest and dividend received |  | 875 | 948 |
| Payment for acquisition of business, net of cash acquired | 2.10 | (637) | (3155) |
| Payment of contingent consideration pertaining to acquisition of business |  | (13) | *–* |
| Escrow and other deposits pertaining to Buyback |  | (1815) | *–* |
| Redemption of escrow and other deposits pertaining to Buyback |  | 1815 | *–* |
| Other receipts |  | 15 | 10 |
| Payments to acquire Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Quoted debt securities |  | (6450) | (3242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Mutual fund units |  | (72878) | (73048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Certificates of deposit |  | (14035) | (6978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Commercial paper |  | (3255) | (6403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Other investments |  | (38) | (60) |
| Proceeds on sale of investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Quoted debt securities |  | 10720 | 3155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Mutual fund units |  | 72682 | 73987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Target maturity funds units |  | 487 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Certificates of deposit |  | 9767 | 6688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Commercial paper |  | 5810 | 7735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Other investments |  | 4 | 11 |
| **Net cash generated from investing activities** |  | **108** | **(3038)** |
| **Financing activities** |  |  |  |
| Payment of lease liabilities |  | (2824) | (2355) |
| Payment of dividends |  | (18653) | (20287) |
| Loan repayment of in-tech Holding GmbH |  | *–* | (985) |
| Payment of dividends to non-controlling interests of subsidiary |  | (3) | (2) |
| Buyback of equity shares including transaction costs |  | (18058) | *–* |
| Shares issued on exercise of employee stock options |  | 2 | 6 |
| Other payments |  | (250) | (538) |
| **Net cash used in financing activities** |  | **(39786)** | **(24161)** |
| Net increase/(decrease) in cash and cash equivalents |  | (3854) | 9587 |
| Effect of exchange rate changes on cash and cash equivalents |  | 1600 | 82 |
| Cash and cash equivalents at the beginning of the period | 2.1 | 24455 | 14786 |
| **Cash and cash equivalents at the end of the period** | 2.1 | **22201** | **24455** |
| **Supplementary information:** |  |  |  |
| Restricted cash balance | 2.1 | 422 | 424 |

---

 

*The accompanying notes form an integral part of the interim consolidated financial statements.*

*As per our report of even date attached*

*for* Deloitte Haskins & Sells LLP *for and on behalf of the Board of Directors of Infosys Limited*

*Chartered Accountants*<br> Firm's Registration No:<br> 117366W/ W-100018<br>

---

| | | | |
|:---|:---|:---|:---|
| Vikas Bagaria<br> *Partner*<br> Membership No. 060408 | Nandan M. Nilekani<br> *Chairman* | Salil Parekh<br> *Chief Executive Officer*<br> *and Managing Director* | Bobby Parikh<br> *Director* |
| Bengaluru<br> April 23, 2026 | Jayesh Sanghrajka<br> *Chief Financial Officer* | A.G.S. Manikantha<br> *Company Secretary* |  |

---

**INFOSYS LIMITED AND SUBSIDIARIES**

**Overview and Notes to the Interim Consolidated Financial Statements**

**1. Overview**

**1.1 Company overview**

Infosys Limited ('the Company' or 'Infosys') provides AI-first business consulting and technology services, to enable organizations to unlock AI value at scale. With over four decades of experience in managing the systems and workings of global enterprises, Infosys accelerates business transformation through its AI-first value framework, deep domain expertise, and unique ability to orchestrate innovations from its AI-native partner ecosystem. Infosys's strategy is to be the navigator for its clients as they ideate, plan and execute on their journey to an AI-first future.

Infosys together with its subsidiaries and controlled trusts is herein after referred to as the "Group".

The Company is a public limited company incorporated and domiciled in India and has its registered office at Electronics City, Hosur Road, Bengaluru -560100, Karnataka, India. The Company has its primary listings on the BSE Ltd. and National Stock Exchange of India Limited. The Company's American Depositary Shares (ADS) representing equity shares are listed on the New York Stock Exchange (NYSE).

The Group's interim consolidated financial statements are approved for issue by the Company's Board of Directors on April 23, 2026.

**1.2 Basis of preparation of financial statements**

The interim consolidated financial statements have been prepared in compliance with IAS 34, Interim Financial Reporting as issued by International Accounting Standards Board, under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values and defined benefit liability/(asset) which is recognized at the present value of defined benefit obligation less fair value of plan assets. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The material accounting policy information used in preparation of the audited interim consolidated financial statements have been discussed in the respective notes.

As the quarter and year to date figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the year to date figures reported in this statement.

**1.3 Basis of consolidation**

Infosys consolidates entities which it owns or controls. The interim consolidated financial statements comprise the financial statements of the Company, its controlled trusts and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity's returns. Subsidiaries are consolidated from the date control commences until the date control ceases.

The financial statements of the Group Companies are consolidated on a line-by-line basis and intra-group balances and transactions including unrealized gain / loss from such transactions are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the Company, are excluded.

Refer to Note 2.14 for the list of subsidiaries and controlled trusts of the Company.

**1.4 Use of estimates and judgments**

The preparation of the interim consolidated financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim consolidated financial statements and reported amounts of revenues and expenses during the period. Application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note 1.5. Critical Accounting estimates and judgments could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgments are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim consolidated financial statements.

**1.5 Critical accounting estimates and judgments**

**a. Revenue recognition** 

The Group's contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to the contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgement.

Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from a fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the Group's costs to fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

The Group uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-completion method requires the Group to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

**b. Income taxes**

The Group's two major tax jurisdictions are India and the United States, though the Company also files tax returns in other overseas jurisdictions.

Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

In assessing the realizability of deferred income tax assets, the Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, the Management believes that the group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. (Refer to Note 2.12)

**c. Business combinations and intangible assets**

Business combinations are accounted for using IFRS 3 (Revised), Business Combinations. IFRS 3 requires us to fair value identifiable intangible assets and contingent consideration to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. These valuations are conducted by external valuation experts. Estimates are required to be made in determining the value of contingent consideration, value of option arrangements and intangible assets. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by Management. (Refer to Note 2.10 and 2.9.2).

**d. Property, plant and equipment** 

Property, plant and equipment represent a significant proportion of the asset base of the Group. The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Group's assets are determined by Management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. (Refer to Note 2.7).

**e. Impairment of Goodwill**

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGUs) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGUs which benefit from the synergies of the acquisition and which represent the lowest level at which goodwill is monitored for internal management purposes.

The recoverable amount of CGUs is determined based on higher of value-in-use and fair value less cost to sell. Key assumptions in the cash flow projections are prepared based on current economic conditions and comprises estimated long term growth rates, weighted average cost of capital and estimated operating margins. (Refer to note 2.9.1)

**1.6 Recent accounting pronouncements** 

**New and revised IFRS Standards in issue but not yet effective:**

---

| | |
|:---|:---|
| IFRS 18 Presentation and Disclosures in Financial Statements | Presentation and Disclosures in Financial Statements |
| Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures | Amendments to the Classification and Measurement of Financial Instruments |
| Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures | Contracts Referencing Nature-dependent Electricity |

---

**IFRS 18 – Presentation and Disclosures in Financial Statements**

On April 9, 2024, IASB has issued IFRS 18 – Presentation and Disclosures in Financial Statements that will replace IAS 1 Presentation of Financial Statements from its effective date. IFRS 18 introduces new requirements for information presented in the primary financial statements and disclosed in the notes. The new requirements are focused on the statement of profit or loss. IFRS 18 introduces three categories for income and expenses, that is, operating, investing and financing to improve the structure of the income statement. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, although early adoption is permitted. The Group is in the process of evaluating the impact of the amendment.

**Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures**

On May 30, 2024, IASB has issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, which clarifies the classification of financial assets with environmental, social and corporate governance (ESG) and similar features, derecognition of financial liability settled through electronic payment systems and also introduces additional disclosure requirements to enhance transparency for investors regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features.

The effective date for adoption of this amendment is annual reporting periods beginning on or after January 1, 2026, although early adoption is permitted. The Group has evaluated the amendment and there is no impact on its consolidated financial statements.

On December 18, 2024, IASB has issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, relating to factors an entity is required to consider in assessing the own-use requirements for contracts to buy and take delivery of nature-dependent renewable electricity; hedge accounting treatment for nature-dependent renewable electricity and related disclosures.

The effective date for adoption of these amendments is annual reporting periods beginning on or after January 1, 2026, although early adoption is permitted. The Group has evaluated the amendment and there is no impact on its consolidated financial statements.

**2. Notes to the Interim Consolidated Financial Statements**

**2.1 Cash and cash equivalents** 

Cash and cash equivalents consist of the following:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Cash and bank deposits | 22201 | 24455 |
| **Total Cash and cash equivalents** | **22201** | **24455** |

---

Cash and cash equivalents as at March 31, 2026 and March 31, 2025 include restricted cash and bank balances of ![](rupee-symbol.gif)422 crore and ![](rupee-symbol.gif)424 crore, respectively. The restrictions are primarily on account of bank balances held by irrevocable trusts controlled by the Company.

The deposits maintained by the Group with banks comprise of time deposits, which can be withdrawn by the Group at any point without prior notice or penalty on the principal.

**2.2 Investments**

The carrying value of the investments are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **(i) Current Investments** |  |  |
| **Amortized Cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quoted debt securities | 100 | 169 |
| **Fair Value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities | 1254 | 3211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial papers | 1205 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificate of deposit | 8008 | 3504 |
| **Fair Value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | 2383 | 1957 |
| **Total current investments** | **12950** | **12482** |
| **(ii) Non-current Investments** |  |  |
| **Amortized Cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities | 431 | 1481 |
| **Fair Value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities | 7493 | 8666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted equity securities | 61 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted equity and preference securities | 630 | 169 |
| **Fair Value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units |  | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted equity and preference securities | 52 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others<sup>(1)</sup> | 263 | 196 |
| **Total non-current investments** | **8930** | **11059** |
| **Total investments** | **21880** | **23541** |
| Investments carried at amortized cost | 531 | 1650 |
| Investments carried at fair value through other comprehensive income | 18651 | 19248 |
| Investments carried at fair value through profit or loss | 2698 | 2643 |

---

** 

*<sup>(1)</sup> Uncalled capital commitments outstanding as at March 31, 2026 and March 31, 2025 was ![](rupee-symbol.gif)93 crore and ![](rupee-symbol.gif)122 crore, respectively.*

*Refer to note 2.3 for accounting policies on financial instruments.*

**Details of amounts recorded in Other comprehensive income :**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** |
| | **Gross** | **Tax** | **Net** | **Gross** | **Tax** | **Net** |
| **Net Gain/(loss) on** |  |  |  |  |  |  |
| Quoted debt securities | (8) | 1 | (7) | 216 | (21) | 195 |
| Commercial papers | (7) | 2 | (5) | 3 | (1) | 2 |
| Certificates of deposit | (19) | 4 | (15) | 3 | (1) | 2 |
| Equity and preference securities | 464 | (67) | 397 | 20 | (1) | 19 |

---

**Method of fair valuation:**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| | | **Fair value as at** | **Fair value as at** |
| **Class of Investment** | **Method** | **March 31, 2026** | **March 31, 2025** |
| Mutual fund units - carried at fair value through profit or loss | Quoted price | 2383 | 1957 |
| Target maturity fund units - carried at fair value through profit or loss | Quoted price |  | 465 |
| Quoted debt securities - carried at amortized cost | Quoted price and market observable inputs | 552 | 1812 |
| Quoted debt securities - carried at fair value through other comprehensive income | Quoted price and market observable inputs | 8747 | 11877 |
| Commercial papers - carried at fair value through other comprehensive income | Market observable inputs | 1205 | 3641 |
| Certificates of deposit - carried at fair value through other comprehensive income | Market observable inputs | 8008 | 3504 |
| Quoted equity securities - carried at fair value through other comprehensive income | Quoted price | 61 | 57 |
| Unquoted equity and preference securities - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, option pricing model | 52 | 25 |
| Unquoted equity and preference securities - carried at fair value through other comprehensive income | Discounted cash flows method, Market multiples method, option pricing model | 630 | 169 |
| Others - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, option pricing model | 263 | 196 |
| **Total** |  | **21901** | **23703** |

---

 

*Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments.*

**2.3 Financial instruments**

**Accounting Policy**

**2.3.1 Initial recognition**

The Group recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

**2.3.2 Subsequent measurement**

**a. Non-derivative financial instruments**

***(i) Financial assets carried at amortized cost***

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

***(ii) Financial assets carried at fair value through other comprehensive income (FVOCI)***

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group has made an irrevocable election for certain investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

***(iii) Financial assets carried at fair value through profit or loss (FVTPL)***

A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss.

***(iv) Financial liabilities***

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration and financial liability under option arrangements recognized in a business combination which are subsequently measured at fair value through profit or loss.

**b. Derivative financial instruments**

The Group holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank.

**(i) Financial assets or financial liabilities, carried at fair value through profit or loss**

This category includes derivative financial assets or liabilities which are not designated as hedges.

Although the Group believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under IFRS 9, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per IFRS 9, is categorized as a financial asset or financial liability, carried at fair value through profit or loss.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in net profit in the consolidated statement of comprehensive income when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the Balance Sheet date.

**(ii) Cash flow hedge**

Primarily, the Group designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the interim consolidated statement of comprehensive income. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedge reserve till the period the hedge was effective remains in cash flow hedge reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedge reserve is transferred to the net profit in the consolidated statement of comprehensive income upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedge reserve is reclassified to net profit in the consolidated statement of comprehensive income.

**2.3.3 Derecognition of financial instruments**

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under IFRS 9. A financial liability (or a part of a financial liability) is derecognized from the Group's Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

**2.3.4 Fair value of financial instruments**

In determining the fair value of its financial instruments, the Group uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, available quoted market prices, option pricing model, market multiples, and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized.

Refer to table 'Financial instruments by category' below for the disclosure on carrying value and fair value of financial assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date and which are not carried at fair value, the carrying amounts approximate fair value due to the short maturity of these instruments.

**2.3.5 Impairment** 

The Group recognizes loss allowances using the expected credit loss (ECL) model for the financial assets and unbilled revenue which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled revenues with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL.

The Group determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Group considers current and anticipated future economic conditions relating to industries the Group deals with and the countries where it operates.

The amount of ECL (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recorded is recognized as an impairment loss or gain in the consolidated statement of comprehensive income.

**Financial instruments by category**

The carrying value and fair value of financial instruments by categories as at March 31, 2026 are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets / liabilities at fair value through profit or loss** | **Financial assets / liabilities at fair value through profit or loss** | **Financial assets / liabilities at fair value through OCI** | **Financial assets / liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents (Refer to note 2.1) | 22201 | *–* | *–* | *–* | *–* | 22201 | 22201 |
| Investments (Refer to note 2.2) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | *–* | *–* | 2383 | *–* | *–* | 2383 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities | 531 | *–* | *–* | *–* | 8747 | 9278 | 9299 *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | *–* | *–* | *–* | *–* | 1205 | 1205 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | *–* | *–* | *–* | *–* | 8008 | 8008 | 8008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted equity securities | *–* | *–* | *–* | 61 | *–* | 61 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted equity and preference securities | *–* | 52 | *–* | 630 | *–* | 682 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted investment others | *–* | *–* | 263 | *–* | *–* | 263 | 263 |
| Trade receivables | 35234 | *–* | *–* | *–* | *–* | 35234 | 35234 |
| Unbilled revenues (Refer to note 2.17)<sup>(3)</sup> | 11481 | *–* | *–* | *–* | *–* | 11481 | 11481 |
| Prepayments and other assets (Refer to note 2.4) | 7342 | *–* | *–* | *–* | *–* | 7342 | 7321 *<sup>(2)</sup>* |
| Derivative financial instruments | *–* | *–* | 27 | *–* | 56 | 83 | 83 |
| **Total** | **76789** | **52** | **2673** | **691** | **18016** | **98221** | **98221** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables | 4744 | *–* | *–* | *–* | *–* | 4744 | 4744 |
| Lease liabilities (Refer to note 2.8) | 9176 | *–* | *–* | *–* | *–* | 9176 | 9176 |
| Derivative financial instruments | *–* | *–* | 538 | *–* | 55 | 593 | 593 |
| Financial liability under option arrangements <br> (Refer to note 2.5) | *–* | *–* | 876 | *–* | *–* | 876 | 876 |
| Other liabilities including contingent consideration (Refer to note 2.5) | 18361 | *–* | 104 | *–* | *–* | 18465 | 18465 |
| **Total** | **32281** |  ***–*** | **1518** |  ***–*** | **55** | **33854** | **33854** |

---

** 

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on quoted debt securities carried at amortized cost of ![](rupee-symbol.gif)21 crore*

*<sup>(3)</sup>* *Excludes unbilled revenue for contracts where the right to consideration is dependent on completion of contractual milestones*

The carrying value and fair value of financial instruments by categories as at March 31, 2025 were as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/liabilities at fair value through OCI** | **Financial assets/liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents (Refer to note 2.1) | 24455 | *–* | *–* | *–* | *–* | 24455 | 24455 |
| Investments (Refer to note 2.2) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual fund units | *–* | *–* | 1957 | *–* | *–* | 1957 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | *–* | 465 | *–* | *–* | 465 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities | 1650 | *–* | *–* | *–* | 11877 | 13527 | 13689 *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial papers | *–* | *–* | *–* | *–* | 3641 | 3641 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | *–* | *–* | *–* | *–* | 3504 | 3504 | 3504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted equity securities | *–* | *–* | *–* | 57 | *–* | 57 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted equity and preference securities | *–* | 25 | *–* | 169 | *–* | 194 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted investments others | *–* | *–* | 196 | *–* | *–* | 196 | 196 |
| Trade receivables | 31158 | *–* | *–* | *–* | *–* | 31158 | 31158 |
| Unbilled revenue (Refer to note 2.17)<sup>(3)</sup> | 10214 | *–* | *–* | *–* | *–* | 10214 | 10214 |
| Prepayments and other assets (Refer to note 2.4) | 7210 | *–* | *–* | *–* | *–* | 7210 | 7130 *<sup>(2)</sup>* |
| Derivative financial instruments | *–* | *–* | 164 | *–* | 28 | 192 | 192 |
| **Total** | **74687** | **25** | **2782** | **226** | **19050** | **96770** | **96852** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables | 4164 | *–* | *–* | *–* | *–* | 4164 | 4164 |
| Lease liabilities (Refer to note 2.8) | 8227 | *–* | *–* | *–* | *–* | 8227 | 8227 |
| Derivative financial instruments | *–* | *–* | 30 | *–* | 33 | 63 | 63 |
| Financial liability under option arrangements (Refer to note 2.5) | *–* | *–* | 667 | *–* | *–* | 667 | 667 |
| Other liabilities including contingent consideration (Refer to note 2.5) | 16511 | *–* | 31 | *–* | *–* | 16542 | 16542 |
| **Total** | **28902** |  ***–*** | **728** |  ***–*** | **33** | **29663** | **29663** |

---

** 

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on quoted debt securities carried at amortized cost of ![](rupee-symbol.gif)80 crore*

*<sup>(3)</sup>* *Excludes unbilled revenue for contracts where the right to consideration is dependent on completion of contractual milestones*

For trade receivables, trade payables, other assets and payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

**Fair value hierarchy**

**Level 1 -** Quoted prices (unadjusted) in active markets for identical assets or liabilities.

**Level 2 -** Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

**Level 3 -** Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2026 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at <br> March 31, 2026** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.2)** |  |  |  |  |
| Investments in mutual fund units | 2383 | 2383 | *–* | *–* |
| Investments in quoted debt securities | 9299 | 8513 | 786 | *–* |
| Investments in certificates of deposit | 8008 | *–* | 8008 | *–* |
| Investments in commercial papers | 1205 | *–* | 1205 | *–* |
| Investments in quoted equity securities | 61 | 61 | *–* | *–* |
| Investments in unquoted equity and preference securities | 682 | *–* | *–* | 682 |
| Investments in unquoted investments others | 263 | *–* | *–* | 263 |
| **Others** |  |  |  |  |
| Derivative financial instruments - gain | 83 | *–* | 83 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - loss | 593 | *–* | 593 | *–* |
| Financial liability under option arrangements (Refer to note 2.5)<sup>(1)</sup> | 876 | *–* | *–* | 876 |
| Liability towards contingent consideration (Refer to note 2.5)<sup>(2)</sup> | 104 | *–* | *–* | 104 |

---

** 

*<sup>(1)</sup>* *Discount rate ranges from 9.5% to 14.5%*

 

*<sup>(2)</sup>* *Discount rate ranges from 2.5% to 6%*

During the year ended March 31, 2026, quoted debt securities of ![](rupee-symbol.gif)93 crore were transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price and quoted debt securities of ![](rupee-symbol.gif)487 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2025 was as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at<br> March 31, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.2)** |  |  |  |  |
| Investments in mutual fund units | 1957 | 1957 | *–* | *–* |
| Investments in target maturity fund units | 465 | 465 | *–* | *–* |
| Investments in quoted debt securities | 13689 | 13099 | 590 | *–* |
| Investments in unquoted equity and preference securities | 194 | *–* | *–* | 194 |
| Investments in quoted equity securities | 57 | 57 | *–* | *–* |
| Investments in certificates of deposit | 3504 | *–* | 3504 | *–* |
| Investments in commercial papers | 3641 | *–* | 3641 | *–* |
| Investments in unquoted investments others | 196 | *–* | *–* | 196 |
| **Others** |  |  |  |  |
| Derivative financial instruments- gain | 192 | *–* | 192 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments- loss | 63 | *–* | 63 | *–* |
| Financial liability under option arrangements (Refer to note 2.5)<sup>(1)</sup> | 667 | *–* | *–* | 667 |
| Liability towards contingent consideration (Refer to note 2.5)<sup>(2)</sup> | 31 | *–* | *–* | 31 |

---

** 

*<sup>(1)</sup>* *Discount rate ranges from 9% to 15%*

 

*<sup>(2)</sup>* *Discount rate - 6%*

During the year ended March 31, 2025, quoted debt securities of ![](rupee-symbol.gif)297 crore were transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price and quoted debt securities of ![](rupee-symbol.gif)554 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

Majority of investments of the Group are fair valued based on Level 1 or Level 2 inputs. These investments primarily include investment in mutual fund units, target maturity fund units, quoted debt securities, certificates of deposit, commercial paper, quoted bonds issued by government and quasi-government organizations. The Group invests after considering counterparty risks based on multiple criteria including Tier I Capital, Capital Adequacy Ratio, Credit Rating, Profitability, NPA levels and Deposit base of banks and financial institutions. These risks are monitored regularly as per Group's risk management program.

The following tables present movement of assets and liabilities valued using level 3 inputs for the year ended March 31, 2026 and March 31, 2025:

**(i) Investments**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2025** | **Year ended March 31, 2025** |
| **Particulars** | **Equity and preference securities** | **Others** | **Equity and preference securities** | **Others** |
| **Balance at the beginning** | **194** | **196** | **93** | **198** |
| Purchase of investments | *–* | 38 | 25 | 35 |
| Fair value gain/(loss) recognised through profit and loss | 28 | 15 | *–* | (28) |
| Fair value gain/(loss) recognised through other comprehensive income | 443 | *–* | 75 | *–* |
| Sale of investments | *–* | (4) | *–* | (11) |
| Translation difference | 17 | 18 | 1 | 2 |
| **Balance at the end** | **682** | **263** | **194** | **196** |

---

**(ii) Financial liability under option arrangements**

*(In ![](rupee-symbol.gif) crore*

---

| | | |
|:---|:---|:---|
| **Particulars** | **Year ended March 31, 2026** | **Year ended March 31, 2025** |
| **Balance at the beginning** | **667** | **597** |
| Addition | 10 | *–* |
| Change in fair value | 91 | 55 |
| Translation difference | 108 | 15 |
| **Balance at the end** | **876** | **667** |

---

**(iii) Liability towards contingent consideration**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| **Particulars** | **Year ended March 31, 2026** | **Year ended March 31, 2025** |
| **Balance at the beginning** | **31** |  ***–*** |
| Addition due to business combination *(Refer Note - 2.10)* | 70 | 30 |
| Finance cost | 3 | 1 |
| Payments | (13) | *–* |
| Translation difference | 13 | *–* |
| **Balance at the end** | **104** | **31** |

---

A one percentage point change in the unobservable inputs used in fair valuation of Level 3 assets and liabilities does not have a significant impact in its value.

Income from financial assets is as follows :

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Interest income from financial assets carried at amortized cost | 273 | 416 | 1624 | 1523 |
| Interest income on financial assets fair valued through other comprehensive income | 267 | 305 | 1069 | 1047 |
| Gain / (loss) on investments carried at fair value through profit or loss | 84 | 54 | 295 | 287 |
| Gain / (loss) on investments carried at fair value through other comprehensive Income | (1) | *–* | 17 | 2 |
| Gain / (loss) on investments carried at amortized cost | *–* | 4 | 81 | 4 |
|  | **623** | **779** | **3086** | **2863** |

---

**Financial risk management**

**Financial risk factors**

The Group's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Group's primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The primary market risk to the Group is foreign exchange risk. The Group uses derivative financial instruments to mitigate foreign exchange related risk exposures. The Group's exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers.

**Market risk**

The Group operates internationally, and a major portion of the business is transacted in several currencies and consequently the Group is exposed to foreign exchange risk through its sales and services in the United States and elsewhere, and purchases from overseas suppliers in various foreign currencies. The Group holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The Group is also exposed to foreign exchange risk arising on intercompany transaction in foreign currencies. The exchange rate between the Indian rupee and foreign currencies has changed substantially in recent years and may fluctuate substantially in the future. Consequently, the results of the Group's operations are adversely affected as the rupee appreciates/ depreciates against these currencies.

The following table analyses foreign currency risk from financial assets and liabilities as at March 31, 2026:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **U.S. dollars** | **Euro** | **United Kingdom Pound <br> Sterling** | **Australian dollars** | **Other currencies** | **Total** |
| Net financial assets | 28688 | 13119 | 2458 | 2229 | 4197 | 50691 |
| Net financial liabilities | (14708) | (4566) | (1351) | (1246) | (2713) | (24584) |
| **Total** | **13980** | **8553** | **1107** | **983** | **1484** | **26107** |

---

The following table analyses foreign currency risk from financial assets and liabilities as at March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **U.S. dollars** | **Euro** | **United Kingdom Pound <br> Sterling** | **Australian dollars** | **Other currencies** | **Total** |
| Net financial assets | 26821 | 11791 | 2228 | 1356 | 3090 | 45286 |
| Net financial liabilities | (13154) | (3766) | (1026) | (706) | (2161) | (20813) |
| **Total** | **13667** | **8025** | **1202** | **650** | **929** | **24473** |

---

For the three months ended March 31, 2026 and March 31, 2025, every percentage point depreciation / appreciation in the exchange rate between the Indian rupee and the U.S. dollar has affected the Group's incremental operating margins by approximately 0.44% and 0.44%, respectively. For the year ended March 31, 2026 and March 31, 2025, every percentage point depreciation / appreciation in the exchange rate between the Indian rupee and the U.S. dollar has affected the Group's incremental operating margins by approximately 0.44% and 0.43%, respectively.

Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upon conversion into functional currency, due to exchange rate fluctuations between the previous reporting period and the current reporting period.

**Derivative financial instruments**

The Group primarily holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank. These derivative financial instruments are valued based on quoted prices for similar assets and liabilities in active markets or inputs that are directly or indirectly observable in the marketplace.

The details in respect of outstanding foreign currency forward and option contracts are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at** | **As at** | **As at** | **As at** |
| | **As at March 31, 2026** | **As at March 31, 2026** | **As at March 31, 2025** | **As at March 31, 2025** |
| **Particulars**<br>| **In million** | **In ![](rupee-symbol.gif) crore** | **In million** | **In ![](rupee-symbol.gif) crore** |
| **Derivatives designated as cash flow hedges** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Forward contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Swiss Franc | *–* | *–* | 53 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Euro | 417 | 4546 | 341 | 3140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Australian dollars | 87 | 566 | 93 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Swiss Franc | 26 | 303 | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In United Kingdom Pound Sterling | 18 | 230 | 17 | 188 |
| **Other derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Forward contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In U.S. dollars | 1509 | 14307 | 1284 | 10976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Euro | 853 | 9298 | 698 | 6432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Singapore dollars | 149 | 1093 | 133 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Swiss Franc | 70 | 837 | 51 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In United Kingdom Pound Sterling | 65 | 811 | 53 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Australian dollars | 58 | 377 | 24 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Norwegian Krone | 300 | 291 | 167 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Hongkong Dollars | 106 | 128 | 40 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In New Zealand dollars | 22 | 122 | 37 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In South African rand | 152 | 84 | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Danish Krone | 50 | 73 | 152 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Hungarian Forint | 2280 | 64 | 2000 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Canadian dollars | 7 | 45 | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Czech Koruna | 99 | 44 | 176 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Philippine Peso | *–* | *–* | 500 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In U.S. dollars | 685 | 6499 | 796 | 6800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Euro | 48 | 523 | 179 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In Australian dollars | 25 | 163 | 11 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In United Kingdom Pound Sterling | 10 | 125 | *–* | *–* |
| **Total forwards & options** |  | **40529** |  | **33045** |

---

The group recognized a net loss of ![](rupee-symbol.gif)907 crore and a net loss of ![](rupee-symbol.gif)2,309 crore during the three months and year ended March 31, 2026 and a net loss of ![](rupee-symbol.gif)44 crore and a net loss of ![](rupee-symbol.gif)99 crore during the three months and year ended March 31, 2025, respectively, on derivative financial instruments not designated as cash flow hedges which are included in other income.

The foreign exchange forward and option contracts mature within twelve months. The table below analyses the derivative financial instruments into relevant maturity groupings based on the remaining period as at the balance sheet date:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Not later than one month | 20734 | 15506 |
| Later than one month and not later than three months | 18657 | 16641 |
| Later than three months and not later than one year | 1138 | 898 |
| **Total** | **40529** | **33045** |

---

During the year ended March 31, 2026 and March 31, 2025, the Group has designated certain foreign exchange forward and option contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions. The related hedge transactions for balance in cash flow hedge reserve as of March 31, 2026, are expected to occur and reclassified to statement of comprehensive income within three months.

The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of its forecasted cash flows. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument, including whether the hedging instrument is expected to offset changes in cash flows of hedged items.

If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in profit or loss at the time of the hedge relationship rebalancing.

The following table provides the reconciliation of cash flow hedge reserve for the three months and year ended March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| **Gain / (Loss)** |  |  |  |  |
| Balance at the beginning of the period | (8) | 38 | (18) | 6 |
| Gain / (loss) recognized in other comprehensive income during the period | (93) | (66) | (306) | (5) |
| Amount reclassified to profit and loss during the period | 78 | (8) | 304 | (27) |
| Tax impact on above | 4 | 18 | 1 | 8 |
| **Balance at the end of the period** | **(19)** | **(18)** | **(19)** | **(18)** |

---

The Group offsets a financial asset and a financial liability when it currently has a legally enforceable right to set off the recognized amounts and the Group intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

The quantitative information about offsetting of derivative financial assets and derivative financial liabilities is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at** | **As at** | **As at** | **As at** |
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
| **Particulars**<br>| **Derivative financial <br> asset** | **Derivative financial liability** | **Derivative <br> financial <br> asset** | **Derivative <br> financial <br> liability** |
| Gross amount of recognized financial asset/liability | 179 | (689) | 250 | (121) |
| Amount set off | (96) | 96 | (58) | 58 |
| **Net amount presented in balance sheet** | **83** | **(593)** | **192** | **(63)** |

---

**Credit risk**

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to ![](rupee-symbol.gif)35,234 crore and ![](rupee-symbol.gif)31,158 crore as at March 31, 2026 and March 31, 2025, respectively and unbilled revenue amounting to ![](rupee-symbol.gif)17,221 crore and ![](rupee-symbol.gif)15,083 crore as at March 31, 2026 and March 31, 2025, respectively. Trade receivables and unbilled revenue are typically unsecured and are derived from revenue earned from customers primarily located in the United States of America and Europe. Credit risk has always been managed by the Group through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Group grants credit terms in the normal course of business. The Group uses the expected credit loss model to assess any required allowances; and uses a provision matrix to compute the expected credit loss allowance for trade receivables and unbilled revenues. This matrix takes into account credit reports and other related credit information to the extent available.

The Group's exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers. Exposure to customers is diversified and there is no single customer contributing more than 10% of outstanding trade receivables and unbilled revenues.

The following table gives details in respect of percentage of revenues generated from top five customers and top ten customers:

*(In %)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Revenue from top five customers | 12.6 | 13.1 | 12.9 | 13.2 |
| Revenue from top ten customers | 20.2 | 20.7 | 20.5 | 20.5 |

---

**Credit risk exposure**

Trade receivables ageing schedule as at March 31, 2026 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | | |
| **Particulars** | <br>**Not Due** | **Less than<br> 6 months** | **6 months<br> to 1 year** | **1-2 years** | **2-3 years** | <br>**More than<br> 3 years** | <br>**Total** |
| Trade receivables | 28651 | 6989 | 133 | 18 | 16 | 88 | 35895 |
| Less: Allowance for credit loss |  |  |  |  |  |  | (661) |
| **Total Trade receivables** |  |  |  |  |  |  | **35234** |

---

Trade receivables ageing schedule as at March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | | |
| **Particulars** | <br>**Not Due** | **Less than<br> 6 months** | **6 months<br> to 1 year** | **1-2 years** | **2-3 years** | <br>**More than<br> 3 years** | <br>**Total** |
| Trade receivables | 23696 | 7510 | 206 | 272 | 77 | 115 | 31876 |
| Less: Allowance for credit loss |  |  |  |  |  |  | (718) |
| **Total Trade receivables** |  |  |  |  |  |  | **31158** |

---

The allowance of lifetime ECL on customer balances for the three months and year ended March 31, 2026 was ![](rupee-symbol.gif)(31) crore and ![](rupee-symbol.gif)75 crore, respectively. The allowance of lifetime expected credit loss on customer balances for the three months and year ended March 31, 2025 was ![](rupee-symbol.gif)(57) crore and ![](rupee-symbol.gif)108 crore, respectively.

**The movement in credit loss allowance on customer balance is as follows:**

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Balance at the beginning | 1006 | 1036 | 973 | 953 |
| Impairment loss recognized / (reversed), net | (31) | (57) | 75 | 108 |
| Amounts written off | (129) | (29) | (270) | (91) |
| Translation differences | 40 | 23 | 108 | 3 |
| **Balance at the end** | **886** | **973** | **886** | **973** |

---

The gross carrying amount of a financial asset is written off (either partially or in full) when there is no realistic prospect of recovery.

**Credit exposure**

The Group's credit period generally ranges from 30-75 days.

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Trade receivables | 35234 | 31158 |
| Unbilled revenue | 17,221 | 15,083 |

---

Days sales outstanding (DSO) was 67 days and 69 days as of March 31, 2026 and March 31, 2025, respectively.

Credit risk on cash and cash equivalents is limited as the Group generally invest in deposits with banks with high ratings assigned by international and domestic credit rating agencies. Ratings are monitored periodically and the Group has considered the latest available credit ratings as at the date of approval of these Consolidated financial statements.

The investments of the Group primarily include investment in liquid mutual fund units, quoted debt securities, certificates of deposit, commercial paper, quoted bonds issued by government and quasi government organizations. The Group invests after considering counterparty risks based on multiple criteria including Tier I Capital, Capital Adequacy Ratio, credit rating, profitability, NPA levels and deposit base of banks and financial institutions. These risks are monitored regularly as per Group's risk management program.

**Liquidity risk**

Liquidity risk is defined as the risk that the Group will not be able to settle or meet its obligations on time.

The Group's principal sources of liquidity are cash and cash equivalents and investments and the cash flow that is generated from operations. The Group has no outstanding borrowings. The Group believes that the working capital is sufficient to meet its current requirements.

As at March 31, 2025, the Group had a working capital of ![](rupee-symbol.gif)51,167 crore including cash and cash equivalents of ![](rupee-symbol.gif)22,201 crore and current investments of ![](rupee-symbol.gif)12,950 crore. As at March 31, 2025, the Group had a working capital of ![](rupee-symbol.gif)54,249 crore including cash and cash equivalents of ![](rupee-symbol.gif)24,455 crore and current investments of ![](rupee-symbol.gif)12,482 crore.

As at March 31, 2026 and March 31, 2025, the outstanding employee benefit obligations were ![](rupee-symbol.gif)3,641 crore and ![](rupee-symbol.gif)3,007 crore, respectively, which have been substantially funded. Accordingly, no liquidity risk is perceived.

Refer to Note 2.8 for remaining contractual maturities of lease liabilities.

The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2026:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Less than 1 year** | **1-2 years** | **2-4 years** | **4-7 years** | **Total** |
| Trade payables | 4744 | *–* | *–* | *–* | 4744 |
| Financial liability under option arrangements on an undiscounted basis (Refer to Note 2.5) | 839 | *–* | 142 | *–* | 981 |
| Liability towards contingent consideration on an undiscounted basis (Refer to Note 2.5) | 75 | 33 | *–* | *–* | 108 |
| Other financial liabilities (excluding liability towards contingent consideration and option arrangements) on an undiscounted basis (Refer to Note 2.5) | 16539 | 1617 | 201 | 4 | 18361 |

---

The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Less than 1 year** | **1-2 years** | **2-4 years** | **4-7 years** | **Total** |
| Trade payables | 4164 | *–* | *–* | *–* | 4164 |
| Financial liability under option arrangements on an undiscounted basis (Refer to Note 2.5) | 612 | *–* | 149 | *–* | 761 |
| Liability towards contingent consideration on an undiscounted basis (Refer to Note 2.5) | 12 | 21 | *–* | *–* | 33 |
| Other financial liabilities (excluding liability towards contingent consideration and options arrangements) on an undiscounted basis (Refer to Note 2.5) | 14606 | 1750 | 145 | 12 | 16513 |

---

**2.4 Prepayments and other assets**

Prepayments and other assets consist of the following:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Current** |  |  |
| Security deposits<sup>(1)</sup> | 75 | 65 |
| Loans to employees<sup>(1)</sup> | 234 | 249 |
| Prepaid expenses<sup>(2)</sup> | 4265 | 3080 |
| Interest accrued and not due<sup>(1)</sup> | 448 | 842 |
| Withholding taxes and others<sup>(2)(4)</sup> | 3901 | 2841 |
| Advance payments to vendors for supply of goods<sup>(2)</sup> | 474 | 413 |
| Deposit with corporations<sup>(1)(3)</sup> | 3170 | 2949 |
| Deferred contract cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of obtaining a contract <sup>(2)</sup> | 285 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of fulfillment <sup>(2)</sup> | 667 | 504 |
| Net investment in lease<sup>(1)</sup> | 1613 | 1139 |
| Other non financial assets <sup>(2)</sup> | 134 | 91 |
| Other financial assets<sup>(1)</sup> | 437 | 470 |
| **Total Current prepayment and other assets** | **15703** | **12986** |
| **Non-current** |  |  |
| Security deposits<sup>(1)</sup> | 281 | 273 |
| Loans to employees<sup>(1)</sup> | 6 | 16 |
| Prepaid expenses<sup>(2)</sup> | 775 | 282 |
| Withholding taxes and others<sup>(2)(4)</sup> | 626 | 534 |
| Deposit with corporations<sup>(1)(3)</sup> | 79 | 82 |
| Deferred contract cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of obtaining a contract <sup>(2)</sup> | 491 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of fulfillment <sup>(2)</sup> | 968 | 879 |
| Defined benefit plan assets<sup>(2)</sup> | 205 | 297 |
| Net investment in lease<sup>(1)</sup> | 957 | 1106 |
| Other financial assets<sup>(1)</sup> | 42 | 19 |
| **Total Non- current prepayment and other assets** | **4430** | **3800** |
| **Total prepayment and other assets** | **20133** | **16786** |
| <sup>(1)</sup> Financial assets carried at amortized cost | **7342** | **7210** |

---

 

<sup>(2)</sup> Non financial assets

<sup>(3)</sup> Deposit with corporation represents amounts deposited to settle certain employee-related obligations as and when they arise during the normal course of business.

<sup>(4)</sup> Withholding taxes and others primarily consist of input tax credits and VAT recoverable from tax authorities.

**2.5 Other liabilities**

Other liabilities comprise the following:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Current** |  |  |
| Accrued compensation to employees<sup>(1)</sup> | 5898 | 4924 |
| Accrued defined benefit liability <sup>(3)</sup> | 49 | 6 |
| Accrued expenses<sup>(1)</sup> | 9683 | 8467 |
| Withholding taxes and others<sup>(3)</sup> | 3881 | 3256 |
| Liabilities of controlled trusts<sup>(1)</sup> | 173 | 173 |
| Liability towards contingent consideration<sup>(2)</sup> | 73 | 11 |
| Capital Creditors<sup>(1)</sup> | 284 | 520 |
| Financial liability under option arrangements<sup>(2)(4)</sup> | 754 | 552 |
| Other non-financial liabilities <sup>(3)</sup> | 11 | 11 |
| Other financial liabilities<sup>(1)</sup> | 501 | 520 |
| **Total current other liabilities** | **21307** | **18440** |
| **Non-current** |  |  |
| Accrued expenses<sup>(1)</sup> | 1725 | 1890 |
| Accrued defined benefit liability <sup>(3)</sup> | 473 | 115 |
| Accrued compensation to employees<sup>(1)</sup> | 10 | 12 |
| Liability towards contingent consideration<sup>(2)</sup> | 31 | 20 |
| Financial liability under option arrangements<sup>(2)(4)</sup> | 122 | 115 |
| Other financial liabilities<sup>(1)</sup> | 87 | 5 |
| Other non-financial liabilities<sup>(3)</sup> | 88 | 100 |
| **Total non-current other liabilities** | **2536** | **2257** |
| **Total other liabilities** | **23843** | **20697** |
| <sup>(1)</sup> Financial liability carried at amortized cost | 18361 | 16511 |
| <sup>(2)</sup> Financial liability carried at fair value through profit or loss | 980 | 698 |
| Financial liability under option arrangements on an undiscounted basis | 981 | 761 |
| Financial liability towards contingent consideration on an undiscounted basis | 108 | 33 |

---

 

<sup>(3)</sup> Non financial liabilities

<sup>(4)</sup> Represents liability related to options issued by the Group over the non-controlling interests in its subsidiaries

Accrued expenses primarily relates to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building expenses, overseas travel expenses and office maintenance and cost of third party software and hardware.

**2.6 Provisions and other contingencies**

**Accounting Policy**

**2.6.1 Provisions**

A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The Group recognizes a reimbursement asset when, and only when, it is virtually certain that the reimbursement will be received if the Group settles the obligation.

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

**a. Post sales client support**

The Group provides its clients with a fixed-period post sales support on its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in cost of sales. The Group estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.

**b. Onerous contracts**

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established the Group recognizes any impairment loss on the assets associated with that contract.

**Provision for post sales client support and other provisions**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Post sales client support and other provisions | 1512 | 1325 |
| Provisions pertaining to settlement (refer to note 2.6.2) | – | 150 |
| **Total provisions** | **1512** | **1475** |

---

**The movement in the provision for post sales client support is as follows:**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| **Particulars** | **Three months ended March 31, 2026** | **Year ended March 31, 2026** |
| **Balance at the beginning** | 1618 | 1325 |
| Provision recognized / (reversed) | (68) | 482 |
| Provision utilized | (97) | (445) |
| Exchange difference | 59 | 150 |
| **Balance at the end** | **1512** | **1512** |

---

Provision for post sales client support majorly represents cost associated with providing post sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 year.

Provision for post sales client support and other provisions is included in cost of sales in the consolidated statement of comprehensive income.

As at March 31, 2026 and March 31, 2025 claims against the Group, not acknowledged as debts, (excluding demands from income tax authorities - Refer to note 2.12) amounted to ![](rupee-symbol.gif)1,153 crore and ![](rupee-symbol.gif)1,020 crore respectively.

The amount paid to statutory authorities against the claims (excluding demands from income tax authorities-Refer to note 2.12) amounted to ![](rupee-symbol.gif)27 crore and ![](rupee-symbol.gif)8 crore as at March 31, 2026 and March 31, 2025, respectively.

**2.6.2 Legal proceedings**

**McCamish Cybersecurity incident**

In November 2023, certain systems of Infosys McCamish Systems LLC ("McCamish"), a subsidiary of Infosys BPM Limited (a wholly owned subsidiary of Infosys Limited), were encrypted by ransomware, resulting in the non-availability of certain applications and systems. McCamish initiated its incident response and engaged cybersecurity and other specialists to assist in its investigation of and response to the incident and remediation and restoration of impacted applications and systems. By December 31, 2023, McCamish, with external specialists' assistance, substantially remediated and restored the affected applications and systems. McCamish in coordination with its third-party eDiscovery vendor has identified corporate customers and individuals whose information was subject to unauthorized access and exfiltration. McCamish processes personal data on behalf of its corporate customers.

From March 6, 2024 through July 25, 2024, six actions were filed in the U.S. District Court for the Northern District of Georgia against McCamish. The actions arise out of the cybersecurity incident at McCamish initially disclosed on November 3, 2023. All six actions have since been consolidated, and the consolidated class action complaint was filed on November 7, 2024, purportedly on behalf of all persons residing in the United States whose personally identifiable information was compromised in the incident, including all who were sent a notice of the incident. On March 13, 2025, McCamish and the plaintiffs engaged in mediation, resulting in an in-principle agreement that sets forth the terms of a proposed settlement of the class action lawsuits against McCamish, as well as seven class action lawsuits arising out of the incident that have been filed against McCamish's customers. Under the settlement terms, McCamish agreed to pay $17.5 million (approximately ![](rupee-symbol.gif)150 crore) into a fund to settle these matters. McCamish had accrued for the settlement amount along with the insurance reimbursement receivable during the quarter ended March 31, 2025. On December 18, 2025, the Court granted final approval of the class action lawsuit settlement. The settlement amount has since been paid. The settlement has become effective and resolves all allegations made in the class action lawsuits filed against Infosys and certain of its customers without admission of any liability.

McCamish may incur additional costs including from indemnities or damages/claims, which are indeterminable at this time.

**Government Investigation**

The U.S. Department of Justice ("DOJ") is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees working for one of its clients in immigration documents filed with certain U.S. government authorities. The Company is engaged in discussions with the DOJ regarding its ongoing investigation and continues its own inquiry regarding the matter. At this stage, the Company is unable to predict the outcome of this matter, including whether such outcome could have a material adverse effect on the Company's business and results of operations.

**Others**

Apart from the foregoing, the Group is subject to legal proceedings and claims which have arisen in the ordinary course of business. The Group's management reasonably expects that such ordinary course legal actions, when ultimately concluded and determined, will not have a material and adverse effect on the Group's results of operations or financial condition.

**2.7 Property, plant and equipment**

**Accounting Policy**

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by the Management. The charge in respect of periodic depreciation is derived at after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The Group depreciates property, plant and equipment over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

---

| | |
|:---|:---|
| Building | 22-25 years |
| Plant and machinery<sup>(1)</sup> | 5 years |
| Computer equipment | 3-5 years |
| Furniture and fixtures | 5 years |
| Vehicles | 5 years |
| Leasehold improvements | Lower of useful life of the asset or lease term |

---

*<sup>(1)</sup> Includes solar plant with a useful life of 25 years*

Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year end. The useful lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date and the cost of assets not ready to use before such date are disclosed under 'Capital work-in-progress'. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Group and the cost of the item can be measured reliably. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset.

**Impairment**

Property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in net profit in the interim consolidated statement of comprehensive income is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in net profit in the consolidated statement of comprehensive income if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognized for the asset in prior years.

The changes in the carrying value of property, plant and equipment for the three months ended March 31, 2026 are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Buildings** | **Plant and machinery** | **Computer equipment** | **Furniture and fixtures** | **Vehicles** | **Total** |
| **Gross carrying value as at January 1, 2026** | **1438** | **11825** | **5544** | **9495** | **3325** | **45** | **31672** |
| Additions | *–* | 684 | 284 | 486 | 140 | *–* | 1594 |
| Deletions\*\* | *–* | (2) | (35) | (402) | (39) | (1) | (479) |
| Translation difference | *–* | 67 | 13 | 28 | 23 | *–* | 131 |
| **Gross carrying value as at March 31, 2026** | **1438** | **12574** | **5806** | **9607** | **3449** | **44** | **32918** |
| **Accumulated depreciation as at January 1, 2026** |  ***–*** | **(5721)** | **(4616)** | **(6949)** | **(2795)** | **(40)** | **(20121)** |
| Depreciation | *–* | (113) | (91) | (279) | (60) | *–* | (543) |
| Accumulated depreciation on deletions\*\* | *–* | 1 | 35 | 395 | 38 | 1 | 470 |
| Translation difference | *–* | (23) | (11) | (17) | (22) | *–* | (73) |
| **Accumulated depreciation as at March 31, 2026** |  ***–*** | **(5856)** | **(4683)** | **(6850)** | **(2839)** | **(39)** | **(20267)** |
| Capital work-in progress as at January 1, 2026 |  |  |  |  |  |  | 1459 |
| **Carrying value as at January 1, 2026** | **1438** | **6104** | **928** | **2546** | **530** | **5** | **13010** |
| Capital work-in progress as at March 31, 2026 |  |  |  |  |  |  | 680 |
| **Carrying value as at March 31, 2026** | **1438** | **6718** | **1123** | **2757** | **610** | **5** | **13331** |

---

The changes in the carrying value of property, plant and equipment for the three months ended March 31, 2025 are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Buildings** | **Plant and machinery** | **Computer equipment** | **Furniture and fixtures** | **Vehicles** | **Total** |
| **Gross carrying value as at January 1, 2025** | **1430** | **11716** | **5458** | **8734** | **3433** | **48** | **30819** |
| Additions | 47 | 5 | 55 | 697 | 39 | *–* | 843 |
| Deletions\* | *–* | (6) | (77) | (140) | (180) | *–* | (403) |
| Translation difference | *–* | 6 | 2 | 15 | 8 | *–* | 31 |
| **Gross carrying value as at March 31, 2025** | **1477** | **11721** | **5438** | **9306** | **3300** | **48** | **31290** |
| **Accumulated depreciation as at January 1, 2025** |  ***–*** | **(5247)** | **(4390)** | **(6846)** | **(2804)** | **(43)** | **(19330)** |
| Depreciation | *–* | (109) | (86) | (292) | (62) | *–* | (549) |
| Accumulated depreciation on deletions\* | *–* | 1 | 76 | 133 | 177 | *–* | 387 |
| Translation difference | *–* | (3) | (2) | (8) | (7) | *–* | (20) |
| **Accumulated depreciation as at March 31, 2025** |  ***–*** | **(5358)** | **(4402)** | **(7013)** | **(2696)** | **(43)** | **(19512)** |
| Capital work-in progress as at January 1, 2025 |  |  |  |  |  |  | 858 |
| **Carrying value as at January 1, 2025** | **1430** | **6469** | **1068** | **1888** | **629** | **5** | **12347** |
| Capital work-in progress as at March 31, 2025 |  |  |  |  |  |  | 1022 |
| **Carrying value as at March 31, 2025** | **1477** | **6363** | **1036** | **2293** | **604** | **5** | **12800** |

---

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2026 are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Buildings** | **Plant and machinery** | **Computer equipment** | **Furniture and fixtures** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2025** | **1477** | **11721** | **5438** | **9306** | **3300** | **48** | **31290** |
| Additions | 27 | 713 | 427 | 1524 | 239 | 1 | 2931 |
| Additions - Business Combination (Refer to Note 2.10) | *–* | *–* | *–* | 3 | *–* | *–* | 3 |
| Deletions\*\* <sup>#</sup> | (66) | (13) | (94) | (1325) | (163) | (5) | (1666) |
| Translation difference | *–* | 153 | 35 | 99 | 73 | *–* | 360 |
| **Gross carrying value as at March 31, 2026** | **1438** | **12574** | **5806** | **9607** | **3449** | **44** | **32918** |
| **Accumulated depreciation as at April 1, 2025** |  ***–*** | **(5358)** | **(4402)** | **(7013)** | **(2696)** | **(43)** | **(19512)** |
| Depreciation | *–* | (449) | (345) | (1079) | (239) | (1) | (2113) |
| Accumulated depreciation on deletions\*\* <sup>#</sup> | *–* | 2 | 93 | 1302 | 161 | 5 | 1563 |
| Translation difference | *–* | (51) | (29) | (60) | (65) | *–* | (205) |
| **Accumulated depreciation as at March 31, 2026** |  ***–*** | **(5856)** | **(4683)** | **(6850)** | **(2839)** | **(39)** | **(20267)** |
| Capital work-in progress as at April 1, 2025 |  |  |  |  |  |  | 1022 |
| **Carrying value as at April 1, 2025** | **1477** | **6363** | **1036** | **2293** | **604** | **5** | **12800** |
| Capital work-in progress as at March 31, 2026 |  |  |  |  |  |  | 680 |
| **Carrying value as at March 31, 2026** | **1438** | **6718** | **1123** | **2757** | **610** | **5** | **13331** |

---

\*\* During the three months and year ended March 31, 2026, certain assets which were not in use having gross book value of ![](rupee-symbol.gif) 323 crore (net book value: Nil) and ![](rupee-symbol.gif) 1,165 crore (net book value: Nil), respectively were retired.

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2025 are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Buildings** | **Plant and machinery** | **Computer equipment** | **Furniture and fixtures** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2024** | **1430** | **11770** | **5341** | **8611** | **3390** | **45** | **30587** |
| Additions | 47 | 43 | 250 | 1317 | 184 | 2 | 1843 |
| Additions - Business Combination (Refer to Note 2.10) | *–* | 1 | 11 | 6 | 23 | 2 | 43 |
| Deletions\*\* <sup>#</sup> | *–* | (113) | (167) | (633) | (307) | (1) | (1221) |
| Translation difference | *–* | 20 | 3 | 5 | 10 | *–* | 38 |
| **Gross carrying value as at March 31, 2025** | **1477** | **11721** | **5438** | **9306** | **3300** | **48** | **31290** |
| **Accumulated depreciation as at April 1, 2024** |  ***–*** | **(4921)** | **(4182)** | **(6380)** | **(2692)** | **(42)** | **(18217)** |
| Depreciation | *–* | (444) | (372) | (1249) | (293) | (2) | (2360) |
| Accumulated depreciation on deletions\*\* <sup>#</sup> | *–* | 13 | 155 | 616 | 297 | 1 | 1082 |
| Translation difference | *–* | (6) | (3) | *–* | (8) | *–* | (17) |
| **Accumulated depreciation as at March 31, 2025** |  ***–*** | **(5358)** | **(4402)** | **(7013)** | **(2696)** | **(43)** | **(19512)** |
| Capital work-in progress as at April 1, 2024 |  |  |  |  |  |  | 448 |
| **Carrying value as at April 1, 2024** | **1430** | **6849** | **1159** | **2231** | **698** | **3** | **12818** |
| Capital work-in progress as at March 31, 2025 |  |  |  |  |  |  | 1022 |
| **Carrying value as at March 31, 2025** | **1477** | **6363** | **1036** | **2293** | **604** | **5** | **12800** |

---

\* During the three months and year ended March 31, 2025, certain assets which were not in use having gross book value of ![](rupee-symbol.gif)113 crore (net book value: Nil) and ![](rupee-symbol.gif)513 crore (net book value: Nil), respectively were retired.

---

| | |
|:---|:---|
| <sup>#</sup> | Proceeds from sale of property plant and equipment amounted to ![](rupee-symbol.gif)271 crore and ![](rupee-symbol.gif)171 crore for the year ended March 31, 2026 and March 31, 2025, respectively. |

---

The aggregate depreciation expense is included in cost of sales in the interim consolidated statement of comprehensive income.

Repairs and maintenance costs are recognized in the interim consolidated statement of comprehensive income when incurred.

Consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 ("the Rules"), the Company was required to transfer its CSR capital assets installed prior to January 2021. Towards this the Company had incorporated a subsidiary 'Infosys Green Forum' (IGF) under Section 8 of the Companies Act, 2013. During the year ended March 31, 2022, the Company had completed the transfer of assets upon obtaining the required approvals from regulatory authorities, as applicable. During fiscal 2024, the application filed by IGF for regularization of the provisional registration was rejected and registration cancelled vide order dated March 26, 2024 by Income Tax Commissioner (Exemption). IGF had filed an appeal before Income Tax Appellate Tribunal (ITAT) against the order. During fiscal 2026, ITAT had upheld the order of Commissioner (Exemption) and dismissed the IGF's appeals. IGF has filed an appeal before the Hon'ble High Court against the ITAT order.

The Group had contractual commitments for capital expenditure primarily comprising of commitments for infrastructure facilities and computer equipment aggregating to ![](rupee-symbol.gif)1,341 crore and ![](rupee-symbol.gif)935 crore as at March 31, 2026 and March 31, 2025, respectively.

**2.8 Leases**

**Accounting Policy**

**The Group as a lessee** 

The Group's lease asset classes primarily consist of leases for land, buildings and computers. The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: (1) the contract involves the use of an identified asset (2) the Group has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the Group has the right to direct the use of the asset.

At the date of commencement of the lease, the Group recognizes a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

As a lessee, the Group determines the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Group makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Group considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to Group's operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset.

Right-of-use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right-of-use asset if the group changes its assessment of whether it will exercise an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

**The Group as a lessor** 

Leases for which the group is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

For finance lease, finance income is recognised over the lease term based on a pattern reflecting a constant periodic rate of return on the lessor's net investment in the lease and for operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.

Following are the changes in the carrying value of right-of-use assets for the three months ended March 31, 2026:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as at January 1, 2026** | **548** | **3270** | **24** | **2273** | **6115** |
| Additions<sup>(1)</sup> | *–* | 161 | 5 | 677 | 843 |
| Deletions | *–* | (18) | (1) | (383) | (402) |
| Depreciation | (1) | (186) | (4) | (281) | (472) |
| Translation difference | 3 | 23 | 2 | 65 | 93 |
| **Balance as at March 31, 2026** | **550** | **3250** | **26** | **2351** | **6177** |

---

** 

*<sup>(1)</sup> Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the three months ended March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as of January 1, 2025** | **601** | **3339** | **24** | **2381** | **6345** |
| Additions<sup>(1)</sup> | *–* | 284 | 2 | 370 | 656 |
| Deletions | *–* | (104) | *–* | (192) | (296) |
| Depreciation | (1) | (180) | (3) | (223) | (407) |
| Translation difference | *–* | 9 | 1 | 3 | 13 |
| **Balance as of March 31, 2025** | **600** | **3348** | **24** | **2339** | **6311** |

---

** 

*<sup>(1)</sup> Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2026:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as of April 1, 2025** | **600** | **3348** | **24** | **2339** | **6311** |
| Additions<sup>(1)</sup> | *–* | 585 | 12 | 1940 | 2537 |
| Deletions | (54) | (50) | (3) | (1072) | (1179) |
| Depreciation | (6) | (748) | (12) | (1124) | (1890) |
| Translation difference | 10 | 115 | 5 | 268 | 398 |
| **Balance as of March 31, 2026** | **550** | **3250** | **26** | **2351** | **6177** |

---

** 

*<sup>(1)</sup> Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as of April 1, 2024** | **605** | **3298** | **17** | **2632** | **6552** |
| Additions<sup>(1)</sup> | *–* | 816 | 13 | 1306 | 2135 |
| Addition due to Business Combination (Refer to Note 2.10) | *–* | 155 | 5 | *–* | 160 |
| Deletions | *–* | (236) | (6) | (652) | (894) |
| Depreciation | (6) | (714) | (11) | (965) | (1696) |
| Translation difference | 1 | 29 | 6 | 18 | 54 |
| **Balance as of March 31, 2025** | **600** | **3348** | **24** | **2339** | **6311** |

---

** 

*<sup>(1)</sup> Net of adjustments on account of modifications*

The aggregate depreciation expense on ROU assets is included in cost of sales in the interim consolidated statement of comprehensive income.

The following is the break-up of current and non-current lease liabilities as of March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Current lease liabilities | 3160 | 2455 |
| Non-current lease liabilities | 6016 | 5772 |
| **Total** | **9176** | **8227** |

---

The movement in lease liabilities during the three months and year ended March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| **Balance as at Beginning** | 8795 | 8221 | 8227 | 8359 |
| Additions | 837 | 624 | 2518 | 2156 |
| Addition due to Business Combination *(Refer to note 2.10)* | *–* | *–* | *–* | 160 |
| Deletions | (27) | (190) | (161) | (553) |
| Finance cost accrued during the period | 89 | 89 | 359 | 341 |
| Payment of lease liabilities | (803) | (580) | (2824) | (2355) |
| Translation difference | 285 | 63 | 1057 | 119 |
| **Balance as at end** | **9176** | **8227** | **9176** | **8227** |

---

The table below provides details regarding the contractual maturities of lease liabilities as at March 31, 2026 and March 31, 2025 on an undiscounted basis:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Less than one year | 3393 | 2483 |
| One to five years | 5782 | 5195 |
| More than five years | 1044 | 1296 |
| **Total** | **10219** | **8974** |

---

The group does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

Rental expense recorded for short-term leases was ![](rupee-symbol.gif)35 crore and ![](rupee-symbol.gif)119 crore for the three months and year ended March 31, 2026 respectively. Rental expense recorded for short-term leases was ![](rupee-symbol.gif)24 crore and ![](rupee-symbol.gif)85 crore for the three months and year ended March 31, 2025 respectively.

Leases not yet commenced to which Group is committed is ![](rupee-symbol.gif)254 crore for a lease term up to 6 years.

The following is the movement in the net investment in lease during the three months and year ended March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| **Balance as at beginning** | **2621** | **2173** | **2245** | **1824** |
| Additions | 319 | 262 | 1192 | 1013 |
| Interest income accrued during the period | 18 | 11 | 63 | 37 |
| Others | (4) | (22) | 20 | (25) |
| Lease receipts | (454) | (217) | (1292) | (676) |
| Translation difference | 70 | 38 | 342 | 72 |
| **Balance as at the end** | **2570** | **2245** | **2570** | **2245** |

---

**2.9 Goodwill and Intangible assets**

**2.9.1 Goodwill**

**Accounting Policy**

Goodwill represents the purchase consideration in excess of the Group's interest in the net fair value of identifiable assets, liabilities and contingent liabilities of the acquired entity. When the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds the purchase consideration, the fair value of net assets acquired is reassessed and the bargain purchase gain is recognized immediately in the net profit in the Statement of Comprehensive Income. Goodwill is measured at cost less accumulated impairment losses.

**Impairment**

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGU) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGU's which benefit from the synergies of the acquisition and which represents the lowest level at which goodwill is monitored for internal management purposes. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. Impairment occurs when the carrying amount of a CGU including the goodwill, exceeds the estimated recoverable amount of the CGU. The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use. Value-in-use is the present value of future cash flows expected to be derived from the CGU. Key assumptions in the cash flow projections are prepared based on current economic conditions and includes estimated long term growth rates, weighted average cost of capital and estimated operating margins.

Following is a summary of changes in the carrying amount of goodwill:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Carrying value at the beginning** | **10106** | **7303** |
| Goodwill on acquisitions *(Refer to note 2.10)* | 444 | 2593 |
| Translation differences | 1567 | 210 |
| **Carrying value at the end** | **12117** | **10106** |

---

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the CGU or groups of CGUs, which benefit from the synergies of the acquisition. The Group internally reviews the goodwill for impairment at the operating segment level, after allocation of the goodwill to CGUs or groups of CGUs.

The allocation of goodwill to operating segments as at March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Segment** | **March 31, 2026** | **March 31, 2025** |
| Financial services | 1842 | 1510 |
| Retail | 1123 | 961 |
| Communication | 813 | 691 |
| Energy, Utilities, Resources and Services | 1763 | 1337 |
| Manufacturing | 3523 | 2986 |
| Life Sciences | 1155 | 975 |
|  | **10219** | **8460** |
| Operating segments without significant goodwill | 785 | 650 |
| **Total** | **11004** | **9110** |

---

The goodwill pertaining to Panaya amounting to ![](rupee-symbol.gif)1,113 crore and ![](rupee-symbol.gif)996 crore as at March 31, 2026 and March 31, 2025, respectively is tested for impairment at the entity level.

The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use. The fair value of a CGU is determined based on the market capitalization. Value-in-use is determined based on discounted future cash flows. The key assumptions used for the calculations are as follows:

(in %)

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
| | **March 31, 2026** | **March 31, 2025** |
| Long term growth rate | 7-10 | 7-10 |
| Operating margins | 19-21 | 19-21 |
| Discount rate | 14 | 13 |

---

The above discount rate is based on the Weighted Average Cost of Capital (WACC) of the Company. As at March 31, 2026, the estimated recoverable amount of the CGU exceeded its carrying amount. Reasonable sensitivities in key assumptions are unlikely to cause the carrying amount to exceed the recoverable amount of the cash generating units.

**2.9.2 Intangible assets**

**Accounting Policy**

Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry and known technological advances), and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Amortization methods and useful lives are reviewed periodically including at each financial year end.

Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibility of the project is demonstrated, future economic benefits are probable, the Group has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The costs which can be capitalized include the cost of material, direct labour, overhead costs that are directly attributable to prepare the asset for its intended use.

**Impairment**

Intangible assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the CGU to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in net profit in the statement of comprehensive income is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in net profit in the statement of comprehensive income if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization) had no impairment loss been recognized for the asset in prior years.

Following are the changes in the carrying value of acquired intangible assets for the three months ended March 31, 2026:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Customer related** | **Software related** | **Intellectual property rights related** | **Brand or <br> Trademark Related** | **Others\*** | **Total** |
| **Gross carrying value as at January 1, 2026** | **5146** | **1532** | **1** | **588** | **914** | **8181** |
| Additions during the period | *–* | 57 | *–* | *–* | *–* | 57 |
| Deletions | *–* | *–* | *–* | *–* | *–* | *–* |
| Translation differences | 189 | 53 | *–* | 23 | 47 | 312 |
| **Gross carrying value as at March 31, 2026** | **5335** | **1642** | **1** | **611** | **961** | **8550** |
| **Accumulated amortization as at January 1, 2026** | (2933) | (1025) | (1) | (365) | (784) | **(5108)** |
| Amortization expense<sup>#</sup> | (344) | (31) | *–* | (16) | (21) | (412) |
| Deletions | *–* | *–* | *–* | *–* | *–* | *–* |
| Translation differences | (115) | (37) | *–* | (13) | (40) | (205) |
| **Accumulated amortization as at March 31, 2026** | **(3392)** | **(1093)** | **(1)** | **(394)** | **(845)** | **(5725)** |
| **Carrying value as at January 1, 2026** | **2213** | **507** |  ***–*** | **223** | **130** | **3073** |
| **Carrying value as at March 31, 2026** | **1943** | **549** |  ***–*** | **217** | **116** | **2825** |
| **Estimated Useful Life** *(in years)* | 1-15 | 3-10 | *–* | 3-10 | 3-7 |  |
| **Estimated Remaining Useful Life** *(in years)* | *1-9* | *1-4* | *–* | *1-5* | *1-2* |  |

---

Following are the changes in the carrying value of acquired intangible assets for the three months ended March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Customer related** | **Software related** | **Intellectual property rights related** | **Brand or <br> Trademark Related** | **Others\*** | **Total** |
| **Gross carrying value as at January 1, 2025** | **4279** | **1218** | **1** | **512** | **798** | **6808** |
| Additions during the period | *–* | 39 | *–* | *–* | *–* | 39 |
| Deletions | *–* | *–* | *–* | *–* | *–* | *–* |
| Translation differences | 104 | 23 | *–* | 7 | 3 | 137 |
| **Gross carrying value as at March 31, 2025** | **4383** | **1280** | **1** | **519** | **801** | **6984** |
| **Accumulated amortization as at January 1, 2025** | **(2054)** | **(835)** | **(1)** | **(275)** | **(660)** | **(3825)** |
| Amortization expense<sup>##</sup> | (289) | (24) | *–* | (14) | (18) | (345) |
| Deletions | *–* | *–* | *–* | *–* | *–* | *–* |
| Translation differences | (34) | (10) | *–* | (2) | (2) | (48) |
| **Accumulated amortization as at March 31, 2025** | **(2377)** | **(869)** | **(1)** | **(291)** | **(680)** | **(4218)** |
| **Carrying value as at January 1, 2025** | **2225** | **383** |  ***–*** | **237** | **138** | **2983** |
| **Carrying value as at March 31, 2025** | **2006** | **411** |  ***–*** | **228** | **121** | **2766** |
| **Estimated Useful Life** *(in years)* | *1-15* | *3-10* | *–* | *3-10* | *3-7* |  |
| **Estimated Remaining Useful Life** *(in years)* | *1-9* | *1-4* | *–* | *1-6* | *1-3* |  |

---

Following are the changes in the carrying value of acquired intangible assets for the year ended March 31, 2026:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Customer related** | **Software related** | **Intellectual property rights related** | **Brand or<br> Trademark Related** | **Others\*** | **Total** |
| **Gross carrying value as at April 1, 2025** | **4383** | **1280** | **1** | **519** | **801** | **6984** |
| Additions during the period | *–* | 184 | *–* | *–* | *–* | 184 |
| Acquisition through business combination (Refer note no. 2.10) | 222 | *–* | *–* | 20 | 55 | 297 |
| Deletions | *–* | (3) | *–* | *–* | *–* | (3) |
| Translation differences | 730 | 181 | *–* | 72 | 105 | 1088 |
| **Gross carrying value as at March 31, 2026** | **5335** | **1642** | **1** | **611** | **961** | **8550** |
| **Accumulated amortization as at April 1, 2025** | **(2377)** | **(869)** | **(1)** | **(291)** | **(680)** | **(4218)** |
| Amortization expense<sup>#</sup> | (644) | (121) | *–* | (65) | (79) | (909) |
| Deletions | *–* | 3 | *–* | *–* | *–* | 3 |
| Translation differences | (371) | (106) | *–* | (38) | (86) | (601) |
| **Accumulated amortization as at March 31, 2026** | **(3392)** | **(1093)** | **(1)** | **(394)** | **(845)** | **(5725)** |
| **Carrying value as at April 1, 2025** | **2006** | **411** |  ***–*** | **228** | **121** | **2766** |
| **Carrying value as at March 31, 2026** | **1943** | **549** |  ***–*** | **217** | **116** | **2825** |
| **Estimated Useful Life** *(in years)* | *1-15* | *3-10* | *–* | *3-10* | *3-7* |  |
| **Estimated Remaining Useful Life** *(in years)* | *1-9* | *1-4* | *–* | *1-5* | *1-2* |  |

---

<sup>#</sup> During the three months and year ended March 31, 2026, a decline in the revenue estimates led to the carrying value of the customer related intangibles assets recognized on business combination exceeding the estimated recoverable amount. Consequently, the Company has recognized ![](rupee-symbol.gif)241 crore as the excess of carrying value over the estimated recoverable value for the three months and year ended March 31, 2026.

Following are the changes in the carrying value of acquired intangible assets for the year ended March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Customer related** | **Software related** | **Intellectual property rights related** | **Brand or <br> Trademark Related** | **Others\*** | **Total** |
| **Gross carrying value as at April 1, 2024** | **2512** | **1110** | **1** | **349** | **782** | **4754** |
| Additions during the period |  | 143 |  |  |  | 143 |
| Acquisition through business combination (Refer note no. 2.10) | 1780 | *–* | *–* | 160 | *–* | **1940** |
| Deletions | *–* | *–* | *–* | *–* | *–* | *–* |
| Translation differences | 91 | 27 | *–* | 10 | 19 | 147 |
| **Gross carrying value as at March 31, 2025** | **4383** | **1280** | **1** | **519** | **801** | **6984** |
| **Accumulated amortization as at April 1, 2024** | **(1800)** | **(765)** | **(1)** | **(235)** | **(556)** | **(3357)** |
| Amortization expense<sup>##</sup> | (530) | (87) | *–* | (50) | (110) | (777) |
| Deletions | *–* | *–* | *–* | *–* | *–* | *–* |
| Translation differences | (47) | (17) | *–* | (6) | (14) | (84) |
| **Accumulated amortization as at March 31, 2025** | **(2377)** | **(869)** | **(1)** | **(291)** | **(680)** | **(4218)** |
| **Carrying value as at April 1, 2024** | **712** | **345** |  ***–*** | **114** | **226** | **1397** |
| **Carrying value as at March 31, 2025** | **2006** | **411** |  ***–*** | **228** | **121** | **2766** |
| **Estimated Useful Life** *(in years)* | *1-15* | *3-10* | *–* | *3-10* | *3-7* |  |
| **Estimated Remaining Useful Life** *(in years)* | *1-9* | *1-4* | *–* | *1-6* | *1-3* |  |

---

 

<sup>##</sup> During the three months and year ended March 31, 2025, a decline in the revenue estimates led to the carrying value of the customer related intangibles assets recognized on business combination exceeding the estimated recoverable amount. Consequently, the Company has recognized ![](rupee-symbol.gif)188 crore as the excess of carrying value over the estimated recoverable value for the three months and year ended March 31, 2025.

*<sup>\*</sup> Majorly includes intangibles related to vendor relationships*

The amortization expense has been included under depreciation and amortization expense under cost of sales in the consolidated statement of comprehensive income.

Research and development expense recognized in net profit in the consolidated statement of comprehensive income for the three months ended March 31, 2026 and March 31, 2025 was ![](rupee-symbol.gif)417 crore and ![](rupee-symbol.gif)350 crore respectively, and for the year ended March 31, 2026 and March 31, 2025 was ![](rupee-symbol.gif)1,832 crore and ![](rupee-symbol.gif)1296 crore respectively.

**2.10 Business combinations**

**Accounting policy**

Business combinations have been accounted for using the acquisition method under the provisions of IFRS 3 (Revised), Business Combinations.

The purchase price in an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition, which is the date on which control is transferred to the Group. The purchase price also includes the fair value of any contingent consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Contingent consideration is remeasured at fair value at each reporting date and changes in the fair value of the contingent consideration are recognized in the Consolidated Statement of Comprehensive Income.

The interest of non-controlling shareholders is initially measured either at fair value or at the non-controlling interests' proportionate share of the acquiree's identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity of subsidiaries.

Business combinations between entities under common control is outside the scope of IFRS 3 (Revised), Business Combinations and is accounted for at carrying value of assets acquired and liabilities assumed.

The payments related to options issued by the Group over the non-controlling interests in its subsidiaries are accounted as financial liabilities and initially recognized at the estimated present value of gross obligations. Such options are subsequently measured at fair value in order to reflect the amount payable under the option at the date at which it becomes exercisable. In the event that the option expires unexercised, the liability is derecognized.

**Acquisition during the year ended March 31, 2026**

During the year ended March 31, 2026 the Group, completed two business combinations by acquiring 100% partnership interests/voting interests in:

1) MRE Consulting Ltd., a leading Energy and business consulting services company, headquartered in Texas, U.S. on April 30, 2025, which is expected to bring newer capabilities for the Group in trading and risk management, especially in the energy sector.

2) The Missing Link Security Pty. Ltd., The Missing Link Security Limited and The Missing Link Automation Pty. Ltd. (collectively known as "The Missing Link"), a leading Cybersecurity service provider headquartered in Australia on April 30, 2025, which is expected to further strengthen the Group's capabilities in the cybersecurity sector and bolster its presence in the fast growing Australian Market.

The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Component** | **Acquiree's carrying amount** | **Fair value adjustments** | **Purchase price allocated** |
| Net Assets <sup>(1)</sup> | 118 | *–* | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer related | *–* | 222 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vendor relationship | *–* | 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brand | *–* | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities on intangible assets | *–* | (46) | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **118** | **251** | **369** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill |  |  | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total purchase price** |  |  | **813** |

---

** 

*<sup>(1)</sup> Includes cash and cash equivalents acquired of ![](rupee-symbol.gif)102 crore*

The excess of the purchase consideration paid over the fair value of assets acquired has been attributed to goodwill. The primary items that generated this goodwill are the value of the acquired assembled workforce and estimated synergies, neither of which qualify as an intangible asset.

Goodwill amounting to ![](rupee-symbol.gif)79 crore is expected to be deductible for tax purposes.

The total purchase consideration of ![](rupee-symbol.gif)813 crore includes upfront cash consideration of ![](rupee-symbol.gif)743 crore and contingent consideration with an estimated fair value of ![](rupee-symbol.gif)70 crore as on the date of acquisition.

At the acquisition date, the key inputs used in determination of the fair value of contingent consideration are the probabilities assigned towards achievement of financial targets and discount rates ranging from 2% - 3%. The undiscounted value of contingent consideration as of March 31, 2026 was approximately ![](rupee-symbol.gif)88 crore.

Additionally, these acquisitions have retention bonus and management incentives payable to the employees of the acquiree over 2-3 years, subject to their continuous employment with the Group and achievement of financial targets for the respective years. Retention bonus and management incentives are recognized in employee benefit expenses in the Statement of Comprehensive Income over the period of service.

Fair value of trade receivables acquired is ![](rupee-symbol.gif)194 crore as of acquisition date and as of March 31, 2026, the amounts are substantially collected.

Transaction costs that the Group incurs in connection with a business combination such as finder's fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of ![](rupee-symbol.gif)34 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Comprehensive Income for the year ended March 31, 2026.

**Acquisition during the year ended March 31, 2025**

**InSemi**

On May 10, 2024, Infosys Ltd acquired 100% voting interests in InSemi Technology Services Private Limited, a semiconductor design services company headquartered in India. This acquisition is expected to strengthen our expertise in semiconductor ecosystem and Engineering R&D services.

The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Component** | **Acquiree's carrying amount** | **Fair value adjustments** | **Purchase price allocated** |
| Net Assets<sup>(1)</sup> | 40 | *–* | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer related | *–* | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brand | *–* | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities on intangible assets | *–* | (18) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |  |  | **95** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill |  |  | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total purchase price** |  |  | **198** |

---

*<sup>(1)</sup> Includes cash and cash equivalents acquired of ![](rupee-symbol.gif)41 crore.*

The excess of the purchase consideration paid over the fair value of assets acquired has been attributed to goodwill. The primary items that generated this goodwill are the value of the acquired assembled workforce and estimated synergies, neither of which qualify as an intangible asset.

Goodwill is not tax-deductible.

The purchase consideration of ![](rupee-symbol.gif)198 crore includes cash of ![](rupee-symbol.gif)168 crore and contingent consideration with an estimated fair value of ![](rupee-symbol.gif)30 crore as on the date of acquisition.

At the acquisition date, the key inputs used in determination of the fair value of contingent consideration are the probabilities assigned towards achievement of financial targets and discount rate of 5.9%. The undiscounted value of contingent consideration as of March 31, 2026 was approximately ![](rupee-symbol.gif)20 crore.

Additionally, this acquisition has retention bonus and management incentive payable to the employees of the acquiree over three years, subject to their continuous employment with the Group and achievement of financial targets for the respective years. Bonus and incentives are recognized in employee benefit expenses in the Statement of Comprehensive Income over the period of service.

Fair value of trade receivables acquired is ![](rupee-symbol.gif)32 crore as of acquisition date and as of March 31, 2026 the amounts are fully collected.

Transaction costs that the Group incurs in connection with a business combination such as finder's fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of ![](rupee-symbol.gif)2 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Comprehensive Income for the year ended March 31, 2025.

**in-tech Holding GmbH**

On July 17, 2024, Infosys Germany GmbH a wholly owned step down subsidiary of Infosys Limited acquired 100% voting interests in in-tech Holding GmbH, a leading provider of engineering R&D services headquartered in Germany. This acquisition is expected to strengthen Infosys' engineering R&D capabilities and reaffirms its continued commitment to global clients to navigate their digital engineering journey.

The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Component** | **Acquiree's carrying amount** | **Fair value adjustments** | **Purchase price allocated** |
| Assets<sup>(1)</sup> | 731 | *–* | 731 |
| Liabilities | (364) | *–* | (364) |
| Intangible assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer related | *–* | 1720 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brand | *–* | 147 | 147 |
| Deferred tax liabilities on intangible assets | *–* | (511) | (511) |
| Goodwill | *–* | *–* | 2490 |
| Loan | (985) |  | (985) |
| **Total purchase price** |  |  | **3228** |
| Loan repayment |  |  | 985 |
| **Total cash outflow** |  |  | **4213** |

---

** 

*<sup>(1)</sup> Includes cash and cash equivalents acquired of ![](rupee-symbol.gif)197 crore.*

The excess of the purchase consideration paid over the fair value of assets acquired has been attributed to goodwill. The primary items that generated this goodwill are the value of the acquired assembled workforce and estimated synergies, neither of which qualify as an intangible asset.

Goodwill is not tax-deductible.

The total purchase consideration of EUR 356 million (![](rupee-symbol.gif)3,228 crore) comprises the cash consideration paid to selling shareholders at the acquisition date.

Additionally, this acquisition has retention bonus and management incentive payable to the employees of the acquiree over two to five years, subject to their continuous employment with the Group and achievement of financial targets for the respective years. Bonus and incentives are recognized in employee benefit expenses in the Statement of Comprehensive Income over the period of service.

Fair value of trade receivables acquired is ![](rupee-symbol.gif)139 crore as of acquisition date and as of March 31, 2026 the amounts are fully collected.

Transaction costs that the Group incurs in connection with a business combination such as finder's fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of ![](rupee-symbol.gif)4 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Comprehensive Income for the year ended March 31, 2025.

**Proposed Acquisition**

1. On August 13, 2025, Infosys Singapore Pte. Ltd., a wholly owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 75% of the equity share capital in Telstra Purple Pty Ltd, including some of its subsidiaries (together known as Versent Group), Australia's leading Digital Transformation Solutions Provider for a consideration including earn-outs and deferred consideration amounting up to AUD 233 million (approximately ![](rupee-symbol.gif)1,335 crore), excluding retention bonus and management incentives, subject to regulatory approvals and customary closing adjustments.

2. On March 25, 2026, Infosys Nova Holdings LLC , a wholly-owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 100% of the equity share capital of Optimum Achieve Holdings Inc., a leading healthcare digital transformation and consulting firm headquartered in USA, along with its other subsidiaries including Optimum Healthcare IT, LLC, for a consideration including earn-outs amounting up to $465 million (approximately ![](rupee-symbol.gif)4,410 crore), excluding management incentives and retention bonus, subject to customary closing adjustments.

**Update on acquisition completed after the end of the reporting period**

On March 25, 2026, Infosys Nova Holdings LLC a wholly-owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 100% of the partnership interests of Stratus Global LLC, a leading insurance technology partner serving P&C insurers and managing general agents (MGAs), headquartered in USA, for a consideration including earn-outs amounting up to $95 million (approximately ![](rupee-symbol.gif)901 crore), excluding management incentives, and retention bonus, subject to customary closing adjustments. Subsequently in April 2026, as on the date these financial statements were authorized for issuance, Infosys Nova Holdings LLC has completed its acquisition of Stratus Global LLC. Given the recent timing of the acquisition and pending completion of the valuations for identifiable net assets acquired and liabilities assumed, at the time these financial statements were authorized for issuance, the initial accounting for the business combination is incomplete. Accordingly, all the required disclosures for the business combination have not been made.

**2.11 Employees' Stock Option Plans (ESOP)**

**Accounting Policy**

The Group recognizes compensation expense relating to share-based payments in net profit based on estimated fair-values of the awards on the grant date. The estimated fair value of awards is recognized as an expense in net profit in the interim consolidated statement of comprehensive income on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share premium.

**Infosys Expanded Stock Ownership Program 2019 (the 2019 Plan):**

On June 22, 2019 pursuant to the approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 plan shall not exceed 50,000,000 equity shares. To implement the 2019 Plan, up to 45,000,000 equity shares may be issued by way of secondary acquisition of shares by the Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

**2015 Stock Incentive Compensation Plan (the 2015 Plan):**

On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Plan. The maximum number of shares under the 2015 plan shall not exceed 24,038,883 equity shares (this includes 11,223,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years. The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.

The equity settled and cash settled RSUs and stock options would vest generally over a period of 4 years and shall be exercisable within the period as approved by the Nomination and Remuneration Committee (NARC). The exercise price of the RSUs will be equal to the par value of the shares and the exercise price of the stock options (ESOPs) would be the market price as on the date of grant.

Controlled trust holds 8,650,911 and 9,655,927 shares as at March 31, 2026 and March 31, 2025, respectively under the 2015 plan, out of these shares 200,000 equity shares each have been earmarked for welfare activities of the employees as at March 31, 2026 and March 31, 2025.

The following is the summary of grants made during the three months and year ended March 31, 2026 and March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| **2015 Plan: RSU** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | 100532 | 85674 | 377609 | 380842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 2137048 | 1722470 | 2254341 | 1874690 |
|  | **2237580** | **1808144** | **2631950** | **2255532** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 119800 | 94050 | 119800 | 94050 |
|  | **119800** | **94050** | **119800** | **94050** |
| **2015 Plan: Employee Stock Options (ESOPs)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | 237370 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | *–* | *–* | 5412790 | *–* |
|  |  ***–*** |  ***–*** | **5650160** |  ***–*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | *–* | *–* | 108180 | *–* |
|  |  ***–*** |  ***–*** | **108180** |  ***–*** |
| **Total Grants under 2015 Plan** | **2357380** | **1902194** | **8510090** | **2349582** |
| **2019 Plan: RSU** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | 60600 | 49000 | 126966 | 119699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 4419325 | 3617798 | 4422390 | 3624646 |
|  | **4479925** | **3666798** | **4549356** | **3744345** |
| **Total Grants under 2019 Plan** | **4479925** | **3666798** | **4549356** | **3744345** |

---

***Notes on grants to KMP:***

**CEO & MD**

**Under the 2015 plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2026. In accordance with such approval the following grants were made effective May 2, 2025.

- 230,621 performance-based RSUs (Annual performance equity grant) of fair value of ![](rupee-symbol.gif)34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets.

- 13,273 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of ![](rupee-symbol.gif)2 crore. These RSUs will vest in line with the employment agreement based on achievement of certain environment, social and governance milestones as determined by the Board.

- 33,183 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of ![](rupee-symbol.gif)5 crore. These RSUs will vest in line with the employment agreement based on Company's performance on cumulative relative TSR over the years and as determined by the Board.

Further, in accordance with the employee agreement which has been approved by the shareholders, the CEO is eligible to receive an annual grant of RSUs of fair value ![](rupee-symbol.gif)3 crore which will vest overtime in three equal annual installments upon the completion of each year of service from the respective grant date. Accordingly, annual time-based grant of 18,132 RSUs was made effective February 1, 2026 for fiscal 2026.

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of March 31, 2026, since the service commencement date precedes the grant date, the company has recorded employment stock compensation expense in accordance with IFRS 2, Share based payments. The grant date for this purpose in accordance with IFRS 2, Share based payments is July 1, 2022.

**Under the 2019 plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to ![](rupee-symbol.gif)10 crore for fiscal 2026 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 66,366 performance based RSU's were granted effective May 2, 2025.

**Other KMP**

**Under the 2015 plan:**

During the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved time based grants of 237,370 ESOPs to Other KMP under the 2015 Plan. These ESOPs will vest over a period of 4 years and shall be exercisable within the period as approved by the Committee. The exercise price of the ESOPs would be the market price as on the date of grant.

Further, during the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved 82,400 time based RSUs to Other KMPs under the 2015 Plan. Time based RSUs will vest over four years.

**Under the 2019 plan:**

During the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved performance based grants of 60,600 RSUs to other KMPs under the 2019 plan. These RSUs will vest over three years based on achievement of certain performance targets.

**The break-up of employee stock compensation expense is as follows:**

*(in ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| *Granted to:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KMP | 18 | 18 | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 232 | 180 | 882 | 732 |
| **Total <sup>(1)</sup>** | **250** | **198** | **952** | **802** |
| *<sup>(1)</sup> Cash settled stock compensation expense included in the above* | 1 | 3 | 16 | 17 |

---

The activity in the 2015 and 2019 plan for equity-settled share based payment transactions is set out as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2025** | **Year ended March 31, 2025** |
| **Particulars** | **Shares arising out of options** | **Weighted average exercise price (![](rupee-symbol.gif))** | **Shares arising out of options** | **Weighted average exercise price (![](rupee-symbol.gif))** | **Shares arising out of options** | **Weighted average exercise price (![](rupee-symbol.gif))** | **Shares arising out of options** | **Weighted average exercise price (![](rupee-symbol.gif))** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2015 Plan: RSU** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding at the beginning | 5965184 | 5.00 | 6577588 | 5.00 | 7259464 | 5.00 | 8076058 | 5.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted | 2237580 | 5.00 | 1808144 | 5.00 | 2631950 | 5.00 | 2255532 | 5.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised | 746254 | 5.00 | 886884 | 5.00 | 1865144 | 5.00 | 2080865 | 5.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forfeited and expired | 77061 | 5.00 | 239384 | 5.00 | 646821 | 5.00 | 991261 | 5.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Outstanding at the end** | **7379449** | **5.00** | **7259464** | **5.00** | **7379449** | **5.00** | **7259464** | **5.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercisable at the end | 1043401 | 4.98 | 629138 | 4.97 | 1043401 | 4.98 | 629138 | 4.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2015 Plan: Employee Stock Options (ESOPs)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding at the beginning | 5370896 | 1554 | 17554 | 499 | 17554 | 499 | 82050 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted | *–* | *–* | *–* | *–* | 5650160 | 1580 | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised | *–* | *–* | *–* | *–* | 14728 | 499 | 61672 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forfeited and expired | 9730 | 1649 | *–* | *–* | 291820 | 1586 | 2824 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Outstanding at the end** | **5361166** | **1663** | **17554** | **499** | **5361166** | **1663** | **17554** | **499** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercisable at the end | 28096 | 1212 | 17554 | 499 | 28096 | 1212 | 17554 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2019 Plan: RSU** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding at the beginning | 6532647 | 5.00 | 6567358 | 5.00 | 8072635 | 5.00 | 8023855 | 5.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted | 4479925 | 5.00 | 3666798 | 5.00 | 4549356 | 5.00 | 3744345 | 5.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised | 511095 | 5.00 | 638563 | 5.00 | 1453412 | 5.00 | 1514356 | 5.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forfeited and expired | 78595 | 5.00 | 1522958 | 5.00 | 745697 | 5.00 | 2181209 | 5.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Outstanding at the end** | **10422882** | **5.00** | **8072635** | **5.00** | **10422882** | **5.00** | **8072635** | **5.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercisable at the end | 2353433 | 5.00 | 770321 | 5.00 | *2353433* | 5.00 | 770321 | 5.00 |

---

The weighted average share price of option exercised is set out as follows:

*(in ![](rupee-symbol.gif))*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2019 Plan** | **2019 Plan** | **2019 Plan** | **2019 Plan** | **2015 Plan** | **2015 Plan** | **2015 Plan** | **2015 Plan** |
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| <br>**Particulars** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| Weighted average share price of options exercised | 1273 | 1629 | 1471 | 1587 | 1336 | 1663 | 1488 | 1601 |

---

The summary of information about equity settled RSUs and ESOPs outstanding as at March 31, 2026 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2019 plan - Options outstanding** | **2019 plan - Options outstanding** | **2019 plan - Options outstanding** | **2015 plan - Options outstanding** | **2015 plan - Options outstanding** | **2015 plan - Options outstanding** |
| <br>**Range of exercise prices per share (![](rupee-symbol.gif))** | **No. of shares arising out of options** | **Weighted average remaining contractual life** | **Weighted average exercise price (![](rupee-symbol.gif))** | **No. of shares arising out of options** | **Weighted average remaining contractual life** | **Weighted average exercise price (![](rupee-symbol.gif))** |
| 0 - 5 (RSU) | 10422882 | 1.19 | 5.00 | 7379449 | 1.37 | 5.00 |
| 490 - 1,700 (ESOP) | *–* | *–* | *–* | 5361166 | 7.17 | 1663 |

---

The summary of information about equity settled RSUs and ESOPs outstanding as at March 31, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2019 plan - Options outstanding** | **2019 plan - Options outstanding** | **2019 plan - Options outstanding** | **2015 plan - Options outstanding** | **2015 plan - Options outstanding** | **2015 plan - Options outstanding** |
| <br>**Range of exercise prices per share (![](rupee-symbol.gif))** | **No. of shares arising out of options** | **Weighted average remaining contractual life** | **Weighted average exercise price (![](rupee-symbol.gif))** | **No. of shares arising out of options** | **Weighted average remaining contractual life** | **Weighted average exercise price (![](rupee-symbol.gif))** |
| 0 - 5 (RSU) | 8072635 | 1.23 | 5.00 | 7259464 | 1.51 | 5.00 |
| 450 - 640 (ESOP) | *–* | *–* | *–* | 17554 | 0.58 | 499 |

---

As at March 31, 2026 and March 31, 2025, 3,87,949 and 2,88,384 cash settled options were outstanding respectively. The carrying value of liability towards cash settled share based payments was ![](rupee-symbol.gif)15 crore and ![](rupee-symbol.gif)18 crore as at March 31, 2026 and March 31, 2025 respectively.

The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance based options and Monte Carlo simulation model is used for TSR based options.

The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected term and the risk free rate of interest. Expected volatility during the expected term of the options is based on historical volatility of the observed market prices of the Company's publicly traded equity shares during a period equivalent to the expected term of the options. Expected volatility of the comparative company have been modelled based on historical movements in the market prices of their publicly traded equity shares during a period equivalent to the expected term of the options. Correlation coefficient is calculated between each peer entity and the indices as a whole or between each entity in the peer group.

The fair value of each equity settled award is estimated on the date of grant using the following assumptions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** |
| **Particulars** | **Fiscal 2026- <br> Equity Shares-RSU** | **Fiscal 2026- <br> ADR RSU** | **Fiscal 2026- <br> Equity Shares-ESOP** | **Fiscal 2026- <br> ADS-ESOP** | **Fiscal 2025- <br> Equity Shares-RSU** | **Fiscal 2025- <br> ADS-RSU** |
| Weighted average share price (![](rupee-symbol.gif)) / ($ ADS) | 1641 | 17.55 | 1554 | 17.93 | 1808 | 21.44 |
| Exercise price (![](rupee-symbol.gif))/ ($ ADS) | 5.00 | 0.10 | 1554 | 17.93 | 5.00 | 0.07 |
| Expected volatility (%) | 23-26 | 25-29 | 25-28 | 26-30 | 21-26 | 23-28 |
| Expected life of the option (years) | 1-4 | 1-4 | 3-7 | 3-7 | 1-4 | 1-4 |
| Expected dividends (%) | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 |
| Risk-free interest rate (%) | 6 | 4 | 6 | 4 | 7 | 4-5 |
| Weighted average fair value as on grant date (![](rupee-symbol.gif)) / ($ ADS) | 1331 | 14.16 | 390 | 4.09 | 1555 | 18.20 |

---

The expected life of the RSU/ESOP is estimated based on the vesting term and contractual term of the RSU/ESOP, as well as expected exercise behavior of the employee who receives the RSU/ESOP.

**2.12 Income Taxes**

**Accounting policy**

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the interim Consolidated Statement of Comprehensive income except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income taxes are not provided on the undistributed earnings of subsidiaries and branches where it is expected that the earnings of the subsidiary or branch will not be distributed in the foreseeable future.

The Group offsets current tax assets and current tax liabilities; deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The income tax provision for the interim period is made based on the best estimate of the annual average tax rate expected to be applicable for the full financial year. Tax benefits of deductions earned on exercise of employee share options in excess of compensation charged to income are credited to equity.

Income tax expense in the interim consolidated statement of comprehensive income comprises:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| **Current taxes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic taxes | 1754 | 2114 | 8638 | 9207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes | 910 | 670 | 3129 | 2923 |
|  | **2664** | **2784** | **11767** | **12130** |
| **Deferred taxes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic taxes | (269) | (229) | (820) | (933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes | (107) | 70 | (426) | (339) |
|  | **(376)** | **(159)** | **(1246)** | **(1272)** |
| **Income tax expense** | **2288** | **2625** | **10521** | **10858** |

---

A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to the income before income taxes is summarized below:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Profit before income taxes | 39995 | 37608 |
| Enacted tax rates in India | 25.17% | 25.17% |
| Computed expected tax expense | 10066 | 9465 |
| Overseas taxes | 1114 | 1109 |
| Tax provision (reversals) | (877) | 132 |
| Effect of exempt non-operating income | (13) | (31) |
| Effect of unrecognized deferred tax assets | 99 | 161 |
| Effect of differential tax rates | (69) | (79) |
| Effect of non-deductible expenses | 336 | 276 |
| Others | (135) | (175) |
| **Income tax expense** | **10521** | **10858** |

---

The applicable Indian corporate statutory tax rate for each of the year ended March 31, 2026 and March 31, 2025 is 25.17%.

Income tax expense for the three months ended March 31, 2026 and March 31, 2025 includes reversal (net of provisions) of ![](rupee-symbol.gif)882 crore and reversal (net of provisions) of ![](rupee-symbol.gif)117 crore, respectively. Income tax expense for the year ended March 31, 2026 and March 31, 2025 includes reversal (net of provisions) of ![](rupee-symbol.gif)877 crore and provisions (net of reversal) of ![](rupee-symbol.gif)132 crore, respectively. These provisions and reversals pertaining to prior periods are primarily on account of adjudication of certain disputed matters, upon filing of tax return and completion of assessments, across various jurisdictions.

During the quarter and year ended March 31, 2026, the Company received orders under section 250 and Section 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2013-14 and assessment years 2017-18 to 2021-22. These orders confirmed the Company's position with respect to tax treatment of certain matters. As a result interest income (pre-tax) of ![](rupee-symbol.gif)381 crore was recognized and provision for income tax aggregating ![](rupee-symbol.gif)869 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to ![](rupee-symbol.gif)86 crore has been reduced from contingent liabilities.

During the quarter and year ended March 31, 2025, the Company received orders under section 250 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2016-17 and 2019-20. These orders confirmed the Company's position with respect to tax treatment of certain matters. As a result interest income (pre-tax) of ![](rupee-symbol.gif)327 crore was recognised and provision for income tax aggregating ![](rupee-symbol.gif)183 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to ![](rupee-symbol.gif)1,068 crore has been reduced from contingent liabilities.

The foreign tax expense is due to income taxes payable overseas, principally in the United States. In India, the Company has benefited from certain income tax incentives that the Government of India had provided for export of software and services from the units registered under the Special Economic Zones Act (SEZs), 2005 in the prior years. SEZ units which began the provision of services on or after April 1, 2005 are eligible for a deduction of 100% of profits or gains derived from the export of services for the first five years from the financial year in which the unit commenced the provision of services and 50% of such profits or gains for further five years. Up to 50% of such profits or gains is also available for a further five years subject to creation of a Special Economic Zone re-investment Reserve out of the profit for the eligible SEZ units and utilization of such reserve by the Company for acquiring new plant and machinery for the purpose of its business as per the provisions of the Income Tax Act, 1961. (Refer to Special Economic Zone Re-investment reserve under Note 2.18 Equity).

Deferred income tax for the three months and year ended March 31, 2026 and March 31, 2025 substantially relates to origination and reversal of temporary differences.

Infosys is subject to a 15% Branch Profit Tax (BPT) in the U.S. to the extent its U.S. branch's net profit during the year is greater than the increase in the net assets of the U.S. branch during the year, computed in accordance with the Internal Revenue Code. As at March 31, 2026, Infosys' U.S. branch net assets amounted to approximately ![](rupee-symbol.gif)7,736 crore. As at March 31, 2026, the Company has a deferred tax liability for branch profit tax of ![](rupee-symbol.gif)207 crore (net of credits), as the Company estimates that these branch profits are expected to be distributed in the foreseeable future.

Deferred income tax liabilities have not been recognized on temporary differences amounting to ![](rupee-symbol.gif)19,270 crore and ![](rupee-symbol.gif)16,593 crore as at March 31, 2026 and March 31, 2025, respectively, associated with investments in subsidiaries and branches as the Company is able to control the timing of reversal of the temporary difference and it is probable that the temporary differences will not reverse in the foreseeable future. The Group majorly intends to repatriate earnings from subsidiaries and branches only to the extent these can be distributed in a tax-free manner.

Deferred income tax assets have not been recognized on accumulated losses of ![](rupee-symbol.gif)4,868 crore and ![](rupee-symbol.gif)4,597 crore as at March 31, 2026 and March 31, 2025, respectively, as it is probable that future taxable profit will be not available against which the unused tax losses can be utilized in the foreseeable future.

The following table provides details of expiration of unused tax losses as at March 31, 2026:

*(In ![](rupee-symbol.gif) crore)*

---

| | |
|:---|:---|
| | **As at** |
| **Year** | **March 31, 2026** |
| 2027 | 145 |
| 2028 | 365 |
| 2029 | 741 |
| 2030 | 481 |
| 2031 | 193 |
| Thereafter | 2943 |
| **Total** | **4868** |

---

The following table provides details of expiration of unused tax losses as at March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | |
|:---|:---|
| | **As at** |
| **Year** | **March 31, 2025** |
| 2026 | 209 |
| 2027 | 140 |
| 2028 | 508 |
| 2029 | 686 |
| 2030 | 443 |
| Thereafter | 2611 |
| **Total** | **4597** |

---

The following table provides the details of income tax assets and income tax liabilities as at March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Income tax assets | 2501 | 4597 |
| Current income tax liabilities | 5644 | 4853 |
| **Net current income tax asset / (liabilities) at the end** | **(3143)** | **(256)** |

---

The gross movement in the current income tax asset/ (liabilities) for the three months and year ended March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| **Net current income tax asset/ (liabilities) at the beginning** | (3133) | (591) | (256) | 5857 |
| Income tax paid<sup>\*</sup> | 2338 | 2738 | 8648 | 5602 |
| Interest income on income tax refund | 381 | 327 | 381 | 327 |
| Current income tax expense | (2664) | (2784) | (11767) | (12130) |
| Income tax benefit arising on exercise of stock options | 30 | 27 | 44 | 39 |
| Additions through business combination |  |  | (2) | (1) |
| Tax impact on buyback expenses | 5 |  | 15 |  |
| Income tax on other comprehensive income | 13 | 8 |  | 19 |
| Translation differences | (113) | 19 | (206) | 31 |
| **Net current income tax asset/ (liabilities) at the end** | **(3143)** | **(256)** | **(3143)** | **(256)** |

---

 

*\* net of refund*

The movement in gross deferred income tax assets / (liabilities) (before set off) for the three months ended March 31, 2026 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Carrying value as at January 1, 2026** | **Changes through profit and loss** | **Addition through business combination** | **Changes through OCI** | **Translation difference** | **Carrying value as at March 31, 2026** |
| **Deferred income tax assets/(liabilities)** |  |  |  |  |  |  |
| Property, plant and equipment | 163 | (27) |  |  | (3) | 133 |
| Lease liabilities | 211 | 30 |  |  | 1 | 242 |
| Accrued compensation to employees | 101 | 30 |  |  | 5 | 136 |
| Trade receivables | 224 | (29) |  |  |  | 195 |
| Compensated absences | 805 | 34 |  |  | 4 | 843 |
| Post sales client support | 56 | (15) |  |  | 2 | 43 |
| Credits related to branch profits | 623 | 125 |  |  | 35 | 783 |
| Derivative financial instruments | 64 | 64 |  | 4 | (1) | 131 |
| Intangible assets | 78 | 2 |  |  | 5 | 85 |
| Intangibles arising on business combinations | (733) | 93 |  |  | (27) | (667) |
| Branch profit tax | (836) | (108) |  |  | (46) | (990) |
| SEZ reinvestment reserve | (1024) | 148 |  |  | (14) | (890) |
| Interest receivable on income tax refund | 60 | (65) |  |  |  | (5) |
| Others | 354 | 94 | – | 44 | 54 | 546 |
| **Total deferred income tax assets/(liabilities)** | **146** | **376** | **–** | **48** | **15** | **585** |

---

The movement in gross deferred income tax assets / (liabilities) (before set off) for the three months ended March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Carrying value as at January 1, 2025** | **Changes through profit and loss** | **Addition through business combination** | **Changes through OCI** | **Translation difference** | **Carrying value as at March 31, 2025** |
| **Deferred income tax assets/(liabilities)** |  |  |  |  |  |  |
| Property, plant and equipment | 245 | (4) |  |  | (2) | 239 |
| Lease liabilities | 185 | (32) |  |  | 1 | 154 |
| Accrued compensation to employees | 59 | 20 |  |  | 1 | 80 |
| Trade receivables | 239 | (20) |  |  | 1 | 220 |
| Compensated absences | 689 | 15 |  |  | 2 | 706 |
| Post sales client support | 84 | (15) |  |  | (1) | 68 |
| Credits related to branch profits | 614 | 178 |  |  | (1) | 791 |
| Derivative financial instruments | (15) | (31) |  | 18 |  | (28) |
| Intangible assets | 66 | 5 |  |  |  | 71 |
| Intangibles arising on business combinations | (729) | 65 |  |  | (20) | (684) |
| Branch profit tax | (806) | (257) |  |  | 1 | (1062) |
| SEZ reinvestment reserve | (1566) | 133 |  |  |  | (1433) |
| Interest receivable on income tax refund | (107) | 36 |  |  |  | (71) |
| Others | 281 | 66 | – | (14) | 2 | 335 |
| **Total deferred income tax assets/(liabilities)** | **(761)** | **159** | **–** | **4** | **(16)** | **(614)** |

---

The movement in gross deferred income tax assets / (liabilities) (before set off) for the year ended March 31, 2026 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Carrying value as at April 1, 2025** | **Changes through profit and loss** | **Addition through business combination** | **Changes through OCI** | **Translation difference** | **Carrying value as at March 31, 2026** |
| **Deferred income tax assets/(liabilities)** |  |  |  |  |  |  |
| Property, plant and equipment | 239 | (90) |  |  | (16) | 133 |
| Lease liabilities | 154 | 87 |  |  | 1 | 242 |
| Accrued compensation to employees | 80 | 43 |  |  | 13 | 136 |
| Trade receivables | 220 | (27) |  |  | 2 | 195 |
| Compensated absences | 706 | 124 | 3 |  | 10 | 843 |
| Post sales client support | 68 | (28) |  |  | 3 | 43 |
| Credits related to branch profits | 791 | (59) |  |  | 51 | 783 |
| Derivative financial instruments | (28) | 157 |  | 1 | 1 | 131 |
| Intangible assets | 71 | 6 |  |  | 8 | 85 |
| Intangibles arising on business combinations | (684) | 177 | (46) |  | (114) | (667) |
| Branch profit tax | (1062) | 146 |  |  | (74) | (990) |
| SEZ reinvestment reserve | (1433) | 543 |  |  |  | (890) |
| Interest receivable on income tax refund | (71) | 66 |  |  |  | (5) |
| Others | 335 | 101 | 10 | 32 | 68 | 546 |
| **Total deferred income tax assets/(liabilities)** | **(614)** | **1246** | **(33)** | **33** | **(47)** | **585** |

---

The movement in gross deferred income tax assets / liabilities (before set off) for the year ended March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Carrying value as at April 1, 2024** | **Changes through profit and loss** | **Addition through business combination** | **Changes through OCI** | **Translation difference** | **Carrying value as at March 31, 2025** |
| **Deferred income tax assets/(liabilities)** |  |  |  |  |  |  |
| Property, plant and equipment | 244 | (4) |  |  | (1) | 239 |
| Lease liabilities | 198 | (45) |  |  | 1 | 154 |
| Accrued compensation to employees | 62 | 18 |  |  |  | 80 |
| Trade receivables | 223 | (3) |  |  |  | 220 |
| Compensated absences | 627 | 77 | 2 |  |  | 706 |
| Post sales client support | 56 | 11 |  |  | 1 | 68 |
| Credits related to branch profits | 811 | (37) |  |  | 17 | 791 |
| Derivative financial instruments | (11) | (25) |  | 8 |  | (28) |
| Intangible assets | 64 | 5 |  |  | 2 | 71 |
| Intangibles arising on business combinations | (282) | 141 | (529) |  | (14) | (684) |
| Branch profit tax | (1080) | 41 |  |  | (23) | (1062) |
| SEZ reinvestment reserve | (1996) | 563 |  |  |  | (1433) |
| Interest receivable on income tax refund | (487) | 416 |  |  |  | (71) |
| Others | 231 | 114 | 9 | (22) | 3 | 335 |
| **Total deferred income tax assets/(liabilities)** | **(1340)** | **1272** | **(518)** | **(14)** | **(14)** | **(614)** |

---

The deferred income tax assets and liabilities are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Deferred income tax assets after set off | 2264 | 1108 |
| Deferred income tax liabilities after set off | (1679) | (1722) |

---

In assessing the realizability of deferred income tax assets, the management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. The Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, the management believes that the Group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced.

The Company's Advanced Pricing Arrangement (APA) with the Internal Revenue Service (IRS) for US branch income tax expired in March 2021. The Company has applied for renewal of APA and currently the US taxable income is based on the Company's best estimate determined based on the expected value method.

As at March 31, 2026, claims against the Group not acknowledged as debts from the Income tax authorities amounted to ![](rupee-symbol.gif)1,964 crore.

As at March 31, 2025, claims against the Group not acknowledged as debts from the Income tax authorities amounted to ![](rupee-symbol.gif)1,933 crore.

The amount paid to statutory authorities against the tax claims amounted to ![](rupee-symbol.gif) 2,594 crore and ![](rupee-symbol.gif)4,199 crore as at March 31, 2026 and March 31, 2025, respectively.

The claims against the Group primarily represent demands arising on completion of assessment proceedings under the Income Tax Act, 1961. These claims are on account of issues of disallowance of expenditure towards software being held as capital in nature, payments made to Associated Enterprises held as liable for withholding of taxes, among others. These matters are pending before various Income Tax Authorities and the Management including its tax advisors expect that its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Group's financial position and results of operations.

**2.13 Earnings per equity share**

**Accounting Policy**

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Profit attributable to equity holders of the Company *(In ![](rupee-symbol.gif) Crores)* | 8501 | 7033 | 29440 | 26713 |
| Basic earnings per equity share - weighted average number of equity shares outstanding<sup>(1)</sup> | 4046019309 | 4142429577 | 4112814745 | 4141611738 |
| **Basic earnings per equity share (![](rupee-symbol.gif))** | **21.01** | **16.98** | **71.58** | **64.50** |

---

The following is a reconciliation of the equity shares used in the computation of basic and diluted earnings per equity share:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Profit attributable to equity holders of the Company *(In ![](rupee-symbol.gif) Crores)* | 8501 | 7033 | 29440 | 26713 |
| Basic earnings per equity share - weighted average number of equity shares outstanding<sup>(1)</sup> | 4046019309 | 4142429577 | 4112814745 | 4141611738 |
| Effect of dilutive common equivalent shares - share options outstanding | 6150138 | 9107744 | 7293423 | 10439446 |
| Diluted earnings per equity share - weighted average number of equity shares and common equivalent shares outstanding | 4052169447 | 4151537321 | 4120108168 | 4152051184 |
| **Diluted earnings per equity share (![](rupee-symbol.gif))** | **20.98** | **16.94** | **71.46** | **64.34** |

---

** 

*<sup>(1)</sup> excludes treasury shares*

For the three months ended March 31, 2026 and March 31, 2025, there were 2,598,498 and 14,270 options to purchase equity shares which had an anti-dilutive effect.

For the years ended March 31, 2026 and March 31, 2025, there were 1,235,321 and 13,931 options to purchase equity shares which had an anti-dilutive effect.

**2.14 Related party transactions** 

**List of related parties:**

---

| | | | |
|:---|:---|:---|:---|
| | | **Holdings as at** | **Holdings as at** |
| **Name of subsidiaries** | **Country** | **March 31, 2026** | **March 31, 2025** |
| Infosys Technologies (China) Co. Limited (Infosys China)<sup>(1)</sup> | China | 100% | 100% |
| Infosys Technologies S. de R. L. de C. V. (Infosys Mexico)<sup>(1)</sup> | Mexico | 100% | 100% |
| Infosys Technologies (Sweden) AB (Infosys Sweden)<sup>(1)</sup> | Sweden | 100% | 100% |
| Infosys Technologies (Shanghai) Company Limited (Infosys Shanghai)<sup>(1)</sup> | China | 100% | 100% |
| EdgeVerve Systems Limited (EdgeVerve)<sup>(1)</sup> | India | 100% | 100% |
| Infosys Austria GmbH<sup>(1)</sup> | Austria | 100% | 100% |
| Skava Systems Private Limited (Skava Systems)<sup>(1)(28)</sup> | India | *–* | *–* |
| Infosys Chile SpA<sup>(1)</sup> | Chile | 100% | 100% |
| Infosys Arabia Limited<sup>(2)</sup> | Saudi Arabia | 70% | 70% |
| Infosys Consulting Ltda.<sup>(1)</sup> | Brazil | 100% | 100% |
| Infosys Luxembourg S.a.r.l<sup>(1)</sup> | Luxembourg | 100% | 100% |
| Infosys Consulting S.R.L.<sup>(2)(45)</sup> | Argentina | *–* | 100% |
| Infosys Romania S.r.l. (formerly Infosys Consulting S.R.L. (Romania))<sup>(1)</sup> | Romania | 100% | 100% |
| Infosys Limited Bulgaria EOOD<sup>(1)</sup> | Bulgaria | 100% | 100% |
| Infosys Turkey Bilgi Teknolojileri Limited Sirketi<sup>(1)</sup> | Turkey | 100% | 100% |
| Infosys Germany Holding Gmbh<sup>(1)</sup> | Germany | 100% | 100% |
| Infosys Automotive and Mobility GmbH & Co. KG<sup>(1)</sup> | Germany | 100% | 100% |
| Infosys Green Forum<sup>(1)</sup> | India | 100% | 100% |
| Infosys Business Solutions LLC<sup>(1)</sup> | Qatar | 100% | 100% |
| WongDoody Inc. <sup>(1)(30)</sup> | U.S. | *–* | *–* |
| IDUNN Information Technology Private Limited <sup>(1)</sup> | India | 100% | 100% |
| Infosys Public Services, Inc. USA (Infosys Public Services)<sup>(1)</sup> | U.S. | 100% | 100% |
| Infosys Public Services Canada Inc. <sup>(11)</sup> | Canada | 100% | 100% |
| Infosys BPM Limited<sup>(1)</sup> | India | 100% | 100% |
| Infosys BPM UK Limited<sup>(3)</sup> | U.K. | 100% | 100% |
| Infosys (Czech Republic) Limited s.r.o.<sup>(3)</sup> | Czech Republic | 100% | 100% |
| Infosys Poland Sp z.o.o<sup>(3)</sup> | Poland | 100% | 100% |
| Infosys McCamish Systems LLC<sup>(3)</sup> | U.S. | 100% | 100% |
| Portland Group Pty Ltd<sup>(3)</sup> | Australia | 100% | 100% |
| Infosys BPO Americas LLC.<sup>(3)</sup> | U.S. | 100% | 100% |
| Panaya Inc. (Panaya)<sup>(1)</sup> | U.S. | 100% | 100% |
| Panaya Ltd.<sup>(4)</sup> | Israel | 100% | 100% |
| Panaya Germany GmbH <sup>(4)</sup> | Germany | 100% | 100% |
| Brilliant Basics Holdings Limited (Brilliant Basics)<sup>(1)(20)</sup> | U.K. | 100% | 100% |
| Brilliant Basics Limited <sup>(5)(20)</sup> | U.K. | 100% | 100% |
| Infosys Consulting Holding AG <sup>(1)</sup> | Switzerland | 100% | 100% |
| Infosys Management Consulting Pty Limited<sup>(6)</sup> | Australia | 100% | 100% |
| Infosys Consulting AG<sup>(6)</sup> | Switzerland | 100% | 100% |
| Infosys Consulting GmbH<sup>(6)</sup> | Germany | 100% | 100% |
| Infosys Consulting SAS<sup>(6)</sup> | France | 100% | 100% |
| Infy Consulting B.V.<sup>(6)</sup> | The Netherlands | 100% | 100% |
| Infosys Consulting (Belgium) NV<sup>(6)</sup> | Belgium | 100% | 100% |
| Infy Consulting Company Ltd<sup>(6)</sup> | U.K. | 100% | 100% |
| GuideVision s.r.o.<sup>(7)</sup> | Czech Republic | 100% | 100% |
| GuideVision Deutschland GmbH<sup>(8)</sup> | Germany | 100% | 100% |
| GuideVision Suomi Oy<sup>(8)</sup> | Finland | 100% | 100% |
| GuideVision Magyarország Kft<sup>(8)</sup> | Hungary | 100% | 100% |
| GuideVision Polska Sp. z.o.o<sup>(8)</sup> | Poland | 100% | 100% |
| GuideVision UK Ltd<sup>(8)(20)</sup> | U.K. | 100% | 100% |
| Infosys Nova Holdings LLC. (Infosys Nova)<sup>(1)</sup> | U.S. | 100% | 100% |
| Outbox systems Inc. dba Simplus (US)<sup>(9)(31)</sup> | U.S. | *–* | *–* |
| Simplus ANZ Pty Ltd.<sup>(9)</sup> | Australia | 100% | 100% |
| Simplus Australia Pty Ltd<sup>(10)</sup> | Australia | 100% | 100% |
| Simplus Philippines, Inc.<sup>(9)</sup> | Philippines | 100% | 100% |
| Kaleidoscope Animations, Inc.<sup>(9)(31)</sup> | U.S. | *–* | *–* |
| Blue Acorn iCi Inc<sup>(9)(31)</sup> | U.S. | *–* | *–* |
| Infosys Singapore Pte. Ltd. <sup>(1)(41)</sup> | Singapore | 100% | 100% |
| Infosys Financial Services GmbH. <sup>(12)</sup> | Germany | 100% | 100% |
| Infosys South Africa (Pty) Ltd<sup>(12)</sup> | South Africa | 100% | 100% |
| Infosys (Malaysia) SDN. BHD. <sup>(12)</sup> | Malaysia | 100% | 100% |
| Infosys Middle East FZ LLC <sup>(12)</sup> | U.A.E | 100% | 100% |
| Infosys Norway <sup>(12)</sup> | Norway | 100% | 100% |
| Infosys Compaz Pte. Ltd <sup>(13)</sup> | Singapore | 60% | 60% |
| HIPUS Co., Ltd<sup>(13)(41)</sup> | Japan | 79% | 81% |
| Fluido Oy <sup>(12)</sup> | Finland | 100% | 100% |
| Fluido Sweden AB <sup>(14)</sup> | Sweden | 100% | 100% |
| Fluido Norway A/S<sup>(14)</sup> | Norway | 100% | 100% |
| Fluido Denmark A/S<sup>(14)</sup> | Denmark | 100% | 100% |
| Fluido Slovakia s.r.o<sup>(14)</sup> | Slovakia | 100% | 100% |
| Infosys Fluido UK, Ltd.<sup>(14)</sup> | U.K. | 100% | 100% |
| Infosys Fluido Ireland, Ltd.<sup>(15)</sup> | Ireland | 100% | 100% |
| Stater N.V.<sup>(13)</sup> | The Netherlands | 75% | 75% |
| Stater Nederland B.V.<sup>(16)</sup> | The Netherlands | 75% | 75% |
| Stater XXL B.V.<sup>(16)</sup> | The Netherlands | 75% | 75% |
| HypoCasso B.V.<sup>(16)</sup> | The Netherlands | 75% | 75% |
| Stater Belgium N.V./S.A.<sup>(16)</sup> | Belgium | 75% | 75% |
| Stater Gmbh<sup>(16)</sup> | Germany | 75% | 75% |
| Infosys Germany GmbH <sup>(12)(43)</sup> | Germany | *–* | 100% |
| Wongdoody Gmbh <sup>(18)(43)</sup> | Germany | 100% | 100% |
| WongDoody (Shanghai) Co. Limited <sup>(19)</sup> | China | 100% | 100% |
| WongDoody limited (Taipei) <sup>(19)</sup> | Taiwan | 100% | 100% |
| WongDoody d.o.o <sup>(19)</sup> | Serbia | 100% | 100% |
| BASE life science A/S <sup>(12)</sup> | Denmark | 100% | 100% |
| BASE life science AG <sup>(21)</sup> | Switzerland | 100% | 100% |
| BASE life science GmbH <sup>(21)</sup> | Germany | 100% | 100% |
| BASE life science S.A.S <sup>(21)</sup> | France | 100% | 100% |
| BASE life science Ltd. <sup>(21)</sup> | U.K. | 100% | 100% |
| BASE life science S.r.l. <sup>(21)</sup> | Italy | 100% | 100% |
| Innovisor Inc.<sup>(21)</sup> | U.S. | 100% | 100% |
| BASE life science Inc.<sup>(17)</sup> | U.S. | 100% | 100% |
| BASE life science S.L.<sup>(21)</sup> | Spain | 100% | 100% |
| InSemi Technology Services Private Limited <sup>(23)</sup> | India | 100% | 100% |
| Elbrus Labs Private Limited <sup>(23)(22)</sup> | India | 100% | 100% |
| Infosys Services (Thailand) Limited <sup>(1)(25)</sup> | Thailand | 100% | 100% |
| Infy tech SAS <sup>(12)(24)</sup> | France | 100% | 100% |
| in-tech Holding GmbH <sup>(26)(32)</sup> | Germany | *–* | *–* |
| in-tech GmbH <sup>(26)</sup> | Germany | 100% | 100% |
| Friedrich & Wagner Asia Pacific GmbH <sup>(26)(32)</sup> | Germany | *–* | *–* |
| drivetech Fahrversuch GmbH <sup>(26)</sup> | Germany | 100% | 100% |
| in-tech Engineering S.R.L. (formerly known as ProIT) <sup>(26)(44)</sup> | Romania | 100% | 100% |
| in-tech Automotive Engineering de R.L. de C.V <sup>(26)(40)</sup> | Mexico | *–* | 100% |
| Friedrich Wagner Holding Inc.<sup>(26)(20)</sup> | U.S. | 100% | 100% |
| in-tech Automotive Engineering SL <sup>(26)</sup> | Spain | 100% | 100% |
| in-tech Automotive Engineering LLC <sup>(26)(29)</sup> | U.S. | *–* | *–* |
| in-tech Services LLC <sup>(26)(29)</sup> | U.S. | *–* | *–* |
| in-tech Engineering s.r.o <sup>(26)</sup> | Czech Republic | 100% | 100% |
| in-tech Engineering GmbH <sup>(26)</sup> | Austria | 100% | 100% |
| in-tech Engineering services S.R.L <sup>(26)(44)</sup> | Romania | *–* | 100% |
| in-tech Group Ltd <sup>(26)</sup> | U.K. | 100% | 100% |
| In-tech Automotive Engineering Shenyang Co. Ltd <sup>(26)</sup> | China | 100% | 100% |
| in-tech Group India Private Ltd <sup>(26)</sup> | India | 100% | 100% |
| In-tech Automotive Engineering Beijing Co., Ltd <sup>(26)</sup> | China | 100% | 100% |
| Infosys Germany SE (formerly known as Blitz 24-893 SE) <sup>(27)(43)</sup> | Germany | 100% | 100% |
| Infosys Limited SPC <sup>(1)(33)</sup> | Oman | 100% | 100% |
| Infosys BPM Netherlands B.V. <sup>(17)(34)</sup> | The Netherlands | 100% | 100% |
| Infosys Energy Consulting Services LLC <sup>(9)(35)</sup> | U.S. | 100% | *–* |
| Infosys Saudi Arabia LLC <sup>(1)(36)</sup> | Saudi Arabia | 100% | *–* |
| Infosys Australia Technology Service Pty Ltd <sup>(12)(37)</sup> | Australia | 100% | *–* |
| MRE Consulting Ltd <sup>(38)</sup> | U.S. | 100% | *–* |
| MRE Technology Services, LLC <sup>(38)</sup> | U.S. | 100% | *–* |
| The Missing Link Automation Pty Ltd <sup>(39)</sup> | Australia | 100% | *–* |
| The Missing Link Network Integration Pty Ltd <sup>(39)</sup> | Australia | 100% | *–* |
| The Missing Link Security Pty Ltd <sup>(39)</sup> | Australia | 100% | *–* |
| The Missing Link Security Ltd <sup>(39)</sup> | U.K. | 100% | *–* |
| Infosys BPM Canada Inc <sup>(17)(42)</sup> | Canada | 100% | *–* |
| Infosys Enterprise Business Services Pty Ltd <sup>(12)(46)</sup> | Australia | 100% | *–* |

---

 

<sup>(1)</sup> Wholly-owned subsidiary of Infosys Limited

<sup>(2)</sup> Majority owned and controlled subsidiary of Infosys Limited

<sup>(3)</sup> Wholly-owned subsidiary of Infosys BPM Limited

<sup>(4)</sup> Wholly-owned subsidiary of Panaya Inc<sup>.</sup>

<sup>(5)</sup> Wholly-owned subsidiary of Brilliant Basics Holding Limited.

<sup>(6)</sup> Wholly-owned subsidiary of Infosys Consulting Holding AG

<sup>(7)</sup> Wholly-owned subsidiary of Infy Consulting Company Limited

<sup>(8)</sup> Wholly-owned subsidiary of GuideVision s.r.o.

<sup>(9)</sup> Wholly-owned subsidiary of Infosys Nova Holdings LLC

<sup>(10)</sup> Wholly-owned subsidiary of Simplus ANZ Pty Ltd

<sup>(11)</sup> Wholly-owned subsidiary of Infosys Public Services, Inc.

<sup>(12)</sup> Wholly-owned subsidiary of Infosys Singapore Pte. Ltd.

<sup>(13)</sup> Majority owned and controlled subsidiary of Infosys Singapore Pte. Ltd.

<sup>(14)</sup> Wholly-owned subsidiary of Fluido Oy

<sup>(15)</sup> Wholly-owned subsidiary of Infosys Fluido UK, Ltd.

<sup>(16)</sup> Wholly-owned subsidiary of Stater N.V

<sup>(17)</sup> Wholly-owned subsidiary of Infosys BPM UK Ltd.

<sup>(18)</sup> Wholly-owned subsidiary of Infosys Germany GmbH

<sup>(19)</sup> Wholly-owned subsidiary of Wongdoody Gmbh

<sup>(20)</sup> Under liquidation

<sup>(21)</sup> Wholly-owned subsidiary of BASE life science A/S

<sup>(22)</sup> Wholly-owned subsidiary of InSemi Technology Services Private Limited

<sup>(23)</sup> On May 10, 2024 Infosys Ltd. acquired 100% of voting interests in InSemi Technology Services Private Limited along with its subsidiary Elbrus Labs Private Limited

<sup>(24)</sup> Incorporated on July 03, 2024

<sup>(25)</sup> Incorporated on July 26, 2024

<sup>(26)</sup> On July 17, 2024, Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited, acquired 100% of voting interests in in-tech Holding GmbH along with its subsidiary in-tech GmbH along with its six subsidiaries in-tech Automotive Engineering SL, in-tech Engineering S.R.L. (formerly known as ProIT), in-tech Automotive Engineering de R.L. de C.V, drivetech Fahrversuch GmbH, Friedrich Wagner Holding Inc along with its two subsidiaries (in-tech Automotive Engineering LLC and in-tech Services LLC) and Friedrich & Wagner Asia Pacific GmbH along with its five subsidiaries in-tech engineering s.r.o, in-tech engineering GmbH, in-tech engineering services S.R.L, in-tech Group Ltd along with its subsidiary (in-tech Group India Private Limited) and In-tech Automotive Engineering Shenyang Co., Ltd along with its subsidiary (In-tech Automotive Engineering Beijing Co., Ltd). Subsequently on September 01, 2024 in-tech Group India Private Limited became a wholly-owned subsidiary of Infosys limited.

<sup>(27)</sup> On October 17, 2024, Infosys Singapore Pte Ltd. acquired 100% of voting interests in Infosys Germany SE (formerly known as Blitz 24-893 SE)

<sup>(28)</sup> Liquidated effective November 14, 2024

<sup>(29)</sup> Liquidated effective November 30, 2024

<sup>(30)</sup> WongDoody Inc, a wholly-owned subsidiary of Infosys limited merged into Infosys Nova Holdings LLC effective January 1, 2025

<sup>(31)</sup> Kaleidoscope Animations, Blue Acorn iCi Inc and Outbox systems Inc. dba Simplus (US) merged into Infosys Nova Holdings LLC effective January 1, 2025

<sup>(32)</sup> in-tech Holding GmbH and Friedrich & Wagner Asia Pacific GmbH merged into in-tech GmbH effective January 1, 2025

<sup>(33)</sup> Incorporated on December 12, 2024

<sup>(34)</sup> Incorporated on March 20, 2025

<sup>(35)</sup> Incorporated on April 16, 2025

<sup>(36)</sup> Incorporated on April 21, 2025

<sup>(37)</sup> Incorporated on April 23, 2025

<sup>(38)</sup> On April 30, 2025, Infosys Nova Holdings LLC, a wholly-owned subsidiary of Infosys Limited, acquired 98.21% of partnership interests in MRE Consulting Ltd along with its subsidiary MRE Technology Services, LLC.The remaining 1.79% was acquired by Infosys Energy Consulting Services LLC, a Wholly-owned subsidiary of Infosys Nova Holdings LLC

<sup>(39)</sup> On April 30, 2025, Infosys Australia Technology Service Pty Ltd, a wholly owned subsidiary of Infosys Singapore Pte. Limited, acquired 100% of voting interests in The Missing Link Automation Pty Ltd, The Missing Link Network Integration Pty Ltd and The Missing Link Security Pty Ltd along with its subsidiary The Missing Link Security Ltd

<sup>(40)</sup> Liquidated effective May 07, 2025

<sup>(41)</sup> On May 13, 2025, Infosys Singapore Pte Ltd diluted 2% stake of HIPUS Co., Ltd to Mitsubishi Heavy Industries, Ltd.

<sup>(42)</sup> Incorporated on July 28, 2025

<sup>(43)</sup> Infosys Germany Gmbh, a Wholly-owned subsidiary of Infosys Singapore Pte Ltd merged into Infosys Germany SE (formerly known as Blitz 24-893 SE) effective September 24, 2025

<sup>(44)</sup> in-tech Engineering services S.R.L, (Wholly-owned subsidiary of in-tech GmbH) merged into in-tech Engineering S.R.L. (formerly known as ProIT and wholly-owned subsidiary of in-tech GmbH) effective November 30, 2025

<sup>(45)</sup> Infosys Consulting S.R.L. (Argentina) (formerly a majority owned and controlled subsidiary of Infosys Limited) became the majority owned and controlled subsidiary of Infosys Nova Holdings LLC with effect from January 28, 2026

<sup>(46)</sup> Incorporated on March 19, 2026

---

| | |
|:---|:---|
| **Particulars** | **Nature of relationship** |
| Infosys Limited Employees' Gratuity Fund Trust India | Post-employment benefit plan of Infosys |
| Infosys Limited Employees' Provident Fund Trust India | Post-employment benefit plan of Infosys |
| Infosys Limited Employees' Superannuation Fund Trust India | Post-employment benefit plan of Infosys |
| Infosys BPM Limited Employees' Superannuation Fund Trust India | Post-employment benefit plan of Infosys BPM |
| Infosys BPM Limited Employees' Gratuity Fund Trust India | Post-employment benefit plan of Infosys BPM |
| EdgeVerve Systems Limited Employees' Gratuity Fund Trust India | Post-employment benefit plan of EdgeVerve |
| EdgeVerve Systems Limited Employees' Superannuation Fund Trust India | Post-employment benefit plan of EdgeVerve |
| Infosys Employees Welfare Trust India | Controlled trust |
| Infosys Employee Benefits Trust India | Controlled trust |
| Infosys Science Foundation India | Controlled trust |
| Infosys Expanded Stock Ownership Trust India | Controlled trust |
| Infosys Foundation <sup>(1)</sup> India | Trust jointly controlled by KMPs |

---

Refer to Note 2.20 for information on transactions with post-employment benefit plans mentioned above.

*<sup>(1)</sup>* *During the year ended March 31, 2026 and March 31, 2025, the Group contributed ![](rupee-symbol.gif)395 crore and ![](rupee-symbol.gif)434 crore, respectively towards CSR.*

**List of key management personnel**

**Whole-time Directors**

Salil Parekh, Chief Executive Officer and Managing Director

**Non-whole-time Directors**

Nandan M. Nilekani

D. Sundaram

Micheal Gibbs

Bobby Parikh

Chitra Nayak

Govind Iyer

Helene Auriol Potier

Nitin Paranjpe

**Executive Officers**

Inderpreet Sawhney, Chief Legal Officer and Chief Compliance Officer

Jayesh Sanghrajka, Chief Financial Officer

Shaji Mathew , Chief Human Resources Officer

**Company Secretary**

A.G.S. Manikantha

**Transactions with key management personnel**

The table below describes the compensation to key management personnel which comprise directors and executive officers:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Salaries and other short term employee benefits to whole-time directors and executive officers<sup>(1)(2)</sup> | 35 | 33 | 124 | 118 |
| Commission and other benefits to non-executive/ independent directors | 5 | 5 | 20 | 19 |
| **Total** | **40** | **38** | **144** | **137** |

---

** 

*<sup>(1)</sup>* *Total employee stock compensation expense for the three months ended March 31, 2026 and March 31, 2025 includes a charge of ![](rupee-symbol.gif)18 crore and ![](rupee-symbol.gif)18 crore respectively, towards key management personnel. For the year ended March 31, 2026 and March 31, 2025, includes a charge of ![](rupee-symbol.gif)70 crore and ![](rupee-symbol.gif)70 crore respectively, towards key management personnel. (Refer note 2.11)*

 

*<sup>(2)</sup>* *Does not include post-employment benefits and other long-term benefits based on actuarial valuation as these are done for the Company as a whole.*

**2.15 Segment reporting**

IFRS 8 Operating Segments establishes standards for the way that public business enterprises report information about operating segments and related disclosures about products and services, geographic areas, and major customers. The Group's operations predominantly relate to providing end-to-end business solutions to enable clients to enhance business performance. The Chief Operating Decision Maker (CODM) evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the accounting policies.

Business segments of the Group are primarily enterprises in Financial Services and Insurance, enterprises in Manufacturing, enterprises in Retail, Consumer Packaged Goods and Logistics, enterprises in the Energy, Utilities, Resources and Services, enterprises in Communication, Telecom OEM and Media, enterprises in Hi-Tech, enterprises in Life Sciences and Healthcare and all other segments. The Financial services reportable segments has been aggregated to include the Financial Services operating segment and Finacle operating segment because of the similarity of the economic characteristics. All other segments represents the operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services.

Revenue and identifiable operating expenses in relation to segments are categorized based on items that are individually identifiable to that segment. Revenue for 'all other segments' represents revenue generated by Infosys Public Services and revenue generated from customers located in India, Japan and China and other enterprises in Public services. Allocated expenses of segments include expenses incurred for rendering services from the Group's offshore software development centers and on-site expenses, which are categorized in relation to the associated efforts of the segment. Certain expenses such as depreciation and amortization, which form a significant component of total expenses, are not specifically allocable to specific segments as the underlying assets are used interchangeably. The Management believes that it is not practical to provide segment disclosures relating to those costs and expenses, and accordingly these expenses are separately disclosed as "unallocated" and adjusted against the total income of the Group.

Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

Business segment revenue information is collated based on individual customers invoiced or in relation to which the revenue is otherwise recognized.

Disclosure of revenue by geographic locations is given in note 2.16 Revenue from operations.

**2.15.1 Business segments**

**Three months ended March 31, 2026 and March 31, 2025**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Financial Services<sup>(1)</sup>** | **Manufacturing** | **Energy, Utilities, Resources and Services** | **Retail<sup>(2)</sup>** | **Communication<sup>(3)</sup>** | **Hi-Tech** | **Life Sciences<sup>(4)</sup>** | **All other segments<sup>(5)</sup>** | **Total** |
| Revenue | 12976 | 7358 | 6114 | 5958 | 5752 | 3558 | 3393 | 1293 | 46402 |
|  | *11614* | *6527* | *5308* | *5440* | *4798* | *3397* | *2765* | *1076* | *40925* |
| Identifiable operating expenses | 6977 | 4501 | 3349 | 2952 | 3635 | 1974 | 2148 | 769 | 26305 |
|  | *6665* | *4182* | *2771* | *2736* | *3074* | *2005* | *1639* | *613* | *23685* |
| Allocated expenses | 2589 | 1316 | 1217 | 1195 | 1090 | 654 | 586 | 283 | 8930 |
|  | *2001* | *1149* | *960* | *1064* | *888* | *597* | *509* | *198* | *7366* |
| **Segment Profit** | **3410** | **1541** | **1548** | **1811** | **1027** | **930** | **659** | **241** | **11167** |
|  | *2948* | *1196* | *1577* | *1640* | *836* | *795* | *617* | *265* | *9874* |
| Unallocable expenses |  |  |  |  |  |  |  |  | 1424 |
|  |  |  |  |  |  |  |  |  | *1299* |
| **Operating profit** |  |  |  |  |  |  |  |  | **9743** |
|  |  |  |  |  |  |  |  |  | *8575* |
| Other income, net |  |  |  |  |  |  |  |  | 1159 |
|  |  |  |  |  |  |  |  |  | *1190* |
| Finance cost |  |  |  |  |  |  |  |  | 105 |
|  |  |  |  |  |  |  |  |  | *102* |
| **Profit before income taxes** |  |  |  |  |  |  |  |  | **10797** |
|  |  |  |  |  |  |  |  |  | *9663* |
| Income tax expense |  |  |  |  |  |  |  |  | 2288 |
|  |  |  |  |  |  |  |  |  | *2625* |
| **Net profit** |  |  |  |  |  |  |  |  | **8509** |
|  |  |  |  |  |  |  |  |  | *7038* |
| Depreciation and amortization |  |  |  |  |  |  |  |  | **1424** |
|  |  |  |  |  |  |  |  |  | *1299* |
| Non-cash expenses other than depreciation and amortization | Non-cash expenses other than depreciation and amortization |  |  |  |  |  |  |  | – |

---

*<sup>(1)</sup>* *Financial Services include enterprises in Financial Services and Insurance*

*<sup>(2)</sup>* *Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics*

*<sup>(3)</sup>* *Communication includes enterprises in Communication, Telecom OEM and Media*

*<sup>(4)</sup>* *Life Sciences includes enterprises in Life sciences and Health care*

*<sup>(5)</sup>* *Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services*

**Year ended March 31, 2026 and March 31, 2025**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Financial Services<sup>(1)</sup>** | **Manufacturing** | **Energy, Utilities, Resources and Services** | **Retail<sup>(2)</sup>** | **Communication<sup>(3)</sup>** | **Hi-Tech** | **Life Sciences<sup>(4)</sup>** | **All other segments<sup>(5)</sup>** | **Total** |
| Revenue | 49908 | 29078 | 23818 | 23077 | 21765 | 13928 | 12267 | 4809 | 178650 |
|  | *45175* | *25207* | *21710* | *22059* | *19108* | *13090* | *11831* | *4810* | *162990* |
| Identifiable operating expenses | 27877 | 17797 | 13327 | 11529 | 13908 | 8286 | 7667 | 2956 | 103347 |
|  | *25871* | *16167* | *11882* | *10931* | *12420* | *7592* | *7166* | *2986* | *95015* |
| Allocated expenses | 9353 | 4837 | 4507 | 4459 | 3996 | 2414 | 2156 | 1136 | 32858 |
|  | *8205* | *4184* | *3731* | *3995* | *3347* | *2278* | *2002* | *997* | *28739* |
| **Segment Profit** | **12678** | **6444** | **5984** | **7089** | **3861** | **3228** | **2444** | **717** | **42445** |
|  | *11099* | *4856* | *6097* | *7133* | *3341* | *3220* | *2663* | *827* | *39236* |
| Unallocable expenses\* |  |  |  |  |  |  |  |  | 6191 |
|  |  |  |  |  |  |  |  |  | *4812* |
| **Operating profit** |  |  |  |  |  |  |  |  | **36254** |
|  |  |  |  |  |  |  |  |  | *34424* |
| Other income, net |  |  |  |  |  |  |  |  | 4157 |
|  |  |  |  |  |  |  |  |  | *3600* |
| Finance cost |  |  |  |  |  |  |  |  | 416 |
|  |  |  |  |  |  |  |  |  | *416* |
| **Profit before income taxes** |  |  |  |  |  |  |  |  | **39995** |
|  |  |  |  |  |  |  |  |  | *37608* |
| Income tax expense |  |  |  |  |  |  |  |  | 10521 |
|  |  |  |  |  |  |  |  |  | *10858* |
| **Net profit** |  |  |  |  |  |  |  |  | **29474** |
|  |  |  |  |  |  |  |  |  | *26750* |
| Depreciation and amortization |  |  |  |  |  |  |  |  | **4902** |
|  |  |  |  |  |  |  |  |  | *4812* |
| Non-cash expenses other than depreciation and amortization |  |  |  |  |  |  |  |  | **–** |

---

*<sup>(1)</sup>* *Financial Services include enterprises in Financial Services and Insurance*

*<sup>(2)</sup>* *Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics*

*<sup>(3)</sup>* *Communication includes enterprises in Communication, Telecom OEM and Media*

*<sup>(4)</sup>* *Life Sciences includes enterprises in Life sciences and Health care*

*<sup>(5)</sup>* *Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services*

*\** *Unallocable expense includes impact of ![](rupee-symbol.gif)1,289 crore towards impact of Labour Codes for the year ended March 31, 2026. (Refer to note 2.19.4)*

**2.15.2 Significant clients**

No client individually accounted for more than 10% of the revenues for the three months and year ended March 31, 2026 and March 31, 2025, respectively.

**2.16 Revenue from Operations**

**Accounting Policy**

The Group derives revenues primarily from IT services comprising software development and related services, cloud and infrastructure services, maintenance, consulting and package implementation, licensing of software products and platforms across the Group's core and digital offerings (together called as "software related services") and business process management services. Contracts with customers are either on a time-and-material, unit of work, fixed-price or on a fixed-time frame basis.

Revenues from customer contracts are considered for recognition and measurement when the contract has been approved in writing by the parties, to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. Revenue is recognized upon transfer of control of promised products or services ("performance obligations") to customers in an amount that reflects the consideration the Group has received or expects to receive in exchange for these products or services ("transaction price"). When there is uncertainty as to collectability, revenue recognition is postponed until such uncertainty is resolved.

The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. The Group allocates the transaction price to each distinct performance obligation based on the relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In the absence of such evidence, the primary method used to estimate standalone selling price is the expected cost plus a margin, under which the Group estimates the cost of satisfying the performance obligation and then adds an appropriate margin based on similar services.

The Group's contracts may include variable consideration including rebates, volume discounts and penalties. The Group includes variable consideration as part of transaction price when there is a basis to reasonably estimate the amount of the variable consideration and when it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

Revenue on time-and-material and unit of work based contracts, are recognized as the related services are performed. Fixed price maintenance revenue is recognized ratably either on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Group's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method. Efforts or costs expended are used to determine progress towards completion as there is a direct relationship between input and productivity. Progress towards completion is measured as the ratio of costs or efforts incurred to date (representing work performed) to the estimated total costs or efforts. Estimates of transaction price and total costs or efforts are continuously monitored over the term of the contracts and are recognized in net profit in the period when these estimates change or when the estimates are revised. Revenues and the estimated total costs or efforts are subject to revision as the contract progresses. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

The billing schedules agreed with customers include periodic performance based billing and / or milestone based progress billings. Revenues in excess of billing are classified as unbilled revenue while billing in excess of revenues are classified as contract liabilities (which we refer to as unearned revenues).

In arrangements for software development and related services and maintenance services, by applying the revenue recognition criteria for each distinct performance obligation, the arrangements with customers generally meet the criteria for considering software development and related services as distinct performance obligations. For allocating the transaction price, the Group measures the revenue in respect of each performance obligation of a contract at its relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In cases where the Group is unable to determine the standalone selling price, the Group uses the expected cost plus margin approach in estimating the standalone selling price. For software development and related services, the performance obligations are satisfied as and when the services are rendered since the customer generally obtains control of the work as it progresses.

Certain cloud and infrastructure services contracts include multiple elements which may be subject to other specific accounting guidance, such as leasing guidance. These contracts are accounted in accordance with such specific accounting guidance. In such arrangements where the Group is able to determine that hardware and services are distinct performance obligations, it allocates the consideration to these performance obligations on a relative standalone selling price basis. In the absence of standalone selling price, the Group uses the expected cost-plus margin approach in estimating the standalone selling price. When such arrangements are considered as a single performance obligation, revenue is recognized over the period and measure of progress is determined based on promise in the contract.

Revenue from licenses where the customer obtains a "right to use" the licenses is recognized at the time the license is made available to the customer. Revenue from licenses where the customer obtains a "right to access" is recognized over the access period.

Arrangements to deliver software products generally have three elements: license, implementation and Annual Technical Services (ATS). When implementation services are provided in conjunction with the licensing arrangement and the license and implementation have been identified as two distinct separate performance obligations, the transaction price for such contracts are allocated to each performance obligation of the contract based on their relative standalone selling prices. In the absence of standalone selling price for implementation, the Group uses the expected cost plus margin approach in estimating the standalone selling price. Where the license is required to be substantially customized as part of the implementation service the entire arrangement fee for license and implementation is considered to be a single performance obligation and the revenue is recognized using the percentage-of-completion method as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the performance obligations are satisfied. ATS revenue is recognized ratably on a straight line basis over the period in which the services are rendered.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

A contract modification is a change in the scope or price or both of a contract that is approved by the parties to the contract. A contract modification that results in the addition of distinct performance obligations are accounted for either as a separate contract if the additional services are priced at the standalone selling price or as a termination of the existing contract and creation of a new contract if they are not priced at the standalone selling price. If the modification does not result in a distinct performance obligation, it is accounted for as part of the existing contract on a cumulative catch-up basis.

The incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had not been obtained) are recognized as an asset if the Group expects to recover them.

Certain eligible, nonrecurring costs (e.g. set-up or transition or transformation costs) that do not represent a separate performance obligation are recognized as an asset when such costs (a) relate directly to the contract; (b) generate or enhance resources of the Group that will be used in satisfying the performance obligation in the future; and (c) are expected to be recovered.

Capitalized contract costs relating to upfront payments to customers are amortized to revenue and other capitalized costs are amortized to cost of sales over the respective contract life on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates. Capitalized costs are monitored regularly for impairment. Impairment losses are recorded when present value of projected remaining operating cash flows is not sufficient to recover the carrying amount of the capitalized costs.

The Group presents revenues net of indirect taxes in its interim Consolidated Statement of Comprehensive Income.

Revenues for the three months and year ended March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Revenue from software services | 44143 | 38999 | 170122 | 155395 |
| Revenue from products and platforms | 2259 | 1926 | 8528 | 7595 |
| **Total revenue from operations** | **46402** | **40925** | **178650** | **162990** |

---

**Products & platforms**

The Group also derives revenues from the sale of products and platforms like Finacle – core banking solution, Edge Suite of products, Panaya platform, Stater digital platform and Infosys McCamish – insurance platform.

**Disaggregated revenue information**

Revenue disaggregation by business segments has been included in segment information (Refer note 2.15). The table below presents disaggregated revenues from contracts with customers by geography and contract type. The Group believes that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors.

**For the three months and year ended March 31, 2026 and March 31, 2025**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| **Revenues by Geography<sup>\*</sup>** |  |  |  |  |
| North America | 25851 | 23344 | 100167 | 94397 |
| Europe | 15142 | 12771 | 57454 | 48595 |
| India | 1216 | 1206 | 5102 | 5014 |
| Rest of the world | 4193 | 3604 | 15927 | 14984 |
| **Total** | **46402** | **40925** | **178650** | **162990** |

---

** 

*<sup>\*</sup> Geographical revenues is based on the domicile of customer.*

The percentage of revenue from fixed-price contracts for the three months ended March 31, 2026 and March 31, 2025 is 54% and 54%, respectively. The percentage of revenue from fixed-price contracts for the year ended March 31, 2026 and March 31, 2025 is 54% and 54%, respectively.

**Trade Receivables and Contract Balances**

The timing of revenue recognition, billings and cash collections results in receivables, unbilled revenue, and unearned revenue on the Group's Consolidated Balance Sheet. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly or quarterly) or upon achievement of contractual milestones.

The Group's Receivables are rights to consideration that are unconditional. Unbilled revenues comprising revenues in excess of billings from time and material contracts and fixed price maintenance contracts are classified as financial asset when the right to consideration is unconditional and is due only after a passage of time.

Invoicing to the clients for other fixed price contracts is based on milestones as defined in the contract and therefore the timing of revenue recognition is different from the timing of invoicing to the customers. Therefore, unbilled revenues for other fixed price contracts (contract asset) are classified as non-financial asset because the right to consideration is dependent on completion of contractual milestones.

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivables and unbilled revenues are presented net of impairment in the consolidated statement of balance sheet.

During the year ended March 31, 2026 and March 31, 2025, the Company recognized revenue of ![](rupee-symbol.gif)6,608 crore and ![](rupee-symbol.gif)5,669 crore arising from opening unearned revenue as of April 1, 2025 and April 1, 2024 respectively.

During the year ended March 31, 2026 and March 31, 2026, ![](rupee-symbol.gif)4,839 crore and ![](rupee-symbol.gif)4,896 crore of unbilled revenue pertaining to other fixed price and fixed time frame contracts as of April 1, 2025 and April 1, 2024, respectively has been reclassified to trade receivables upon billing to customers on completion of milestones.

**Remaining performance obligation disclosure**

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognized as of the end of the reporting period and an explanation as to when the Group expects to recognize these amounts in revenue. Applying the practical expedient as given in IFRS 15, the Group has not disclosed the remaining performance obligation related disclosures for contracts where the revenue recognized corresponds directly with the value to the customer of the entity's performance completed to date, typically those contracts where invoicing is on time & material basis and unit of work based contracts. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, periodic revalidations, adjustment for revenue that has not materialized and adjustments for currency fluctuations.

The aggregate value of performance obligations that are completely or partially unsatisfied as at March 31, 2026, other than those meeting the exclusion criteria mentioned above, is ![](rupee-symbol.gif)130,017 crore. Out of this, the Group expects to recognize revenue of around 49.7% within the next one year and the remaining thereafter. The aggregate value of performance obligations that are completely or partially unsatisfied as at March 31, 2025 is ![](rupee-symbol.gif)104,785 crore. The contracts can generally be terminated by the customers and typically includes an enforceable termination penalty payable by them. Generally, customers have not terminated contracts without cause.

**2.17 Unbilled Revenue**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Unbilled financial asset *<sup>(1)</sup>* | 11481 | 10214 |
| Unbilled non financial asset *<sup>(2)</sup>* | 5740 | 4869 |
| **Total** | **17221** | **15083** |

---

*<sup>(1)</sup>* Right to consideration is unconditional and is due only after a passage of time.

*<sup>(2)</sup>* Right to consideration is dependent on completion of contractual milestones.

**2.18 Equity**

**Accounting policy**

**Ordinary Shares**

Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares, share options and buyback are recognized as a deduction from equity, net of any tax effects.

**Treasury Shares**

When any entity within the Group purchases the company's ordinary shares, the consideration paid including any directly attributable incremental cost is presented as a deduction from total equity, until they are cancelled, sold or reissued. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to/from Share premium.

**Description of reserves**

**Retained earnings**

Retained earnings represent the amount of accumulated earnings of the Group.

**Share premium**

The amount received in excess of the par value of equity shares has been classified as share premium. Additionally, share-based compensation recognized in net profit in the consolidated statement of comprehensive income is credited to share premium. Amounts have been utilized for bonus issue and share buyback from share premium account.

**Other Reserve**

The Special Economic Zone Re-investment reserve has been created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA (1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA (2) of the Income Tax Act, 1961.

**Capital Redemption Reserve**

In accordance with section 69 of the Indian Companies Act, 2013, the Company creates capital redemption reserve equal to the nominal value of the shares bought back as an appropriation from general reserve / retained earnings.

**Cash flow hedge reserve**

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. The cumulative gain or loss previously recognized in the cash flow hedge reserve is transferred to the net profit in the interim consolidated Statement of Comprehensive Income upon the occurrence of the related forecasted transaction.

**Other components of equity**

Other components of equity include currency translation, re-measurement of net defined benefit liability/asset, fair value changes of equity instruments fair valued through other comprehensive income, changes on fair valuation of investments, net of taxes.

**2.18.1 Voting**

Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depositary Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

**2.18.2 Liquidation**

In the event of liquidation of the company, the holders of shares shall be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently, other than the amounts held by irrevocable controlled trusts. The amount distributed will be in proportion to the number of equity shares held by the shareholders. For irrevocable controlled trusts, the corpus would be settled in favor of the beneficiaries.

**2.18.3 Share options**

There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans.

**2.18.4 Share capital and share premium**

The Company has only one class of shares referred to as equity shares having a par value of ![](rupee-symbol.gif)5/- each. 8,650,911 shares and 9,655,927 shares were held by controlled trust, as at March 31, 2026 and March 31, 2025, respectively.

**2.18.5 Capital allocation policy**

Effective fiscal 2025, the Company expects to continue its policy of returning approximately 85% of the free cash flow cumulatively over a 5-year period through a combination of semi-annual dividends and/or share buyback/ special dividends subject to applicable laws and requisite approvals, if any.

Under this policy, the Company expects to progressively increase its annual dividend per share (excluding special dividend if any).

Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS. Dividend and buyback include applicable taxes.

**Buyback completed in December 2025**

In line with the capital allocation policy, the Board, at its meeting held on September 11, 2025, approved a proposal for the Company to buyback its fully paid-up equity shares of face value of ![](rupee-symbol.gif)5/- each from the eligible equity shareholders of the Company for an amount of ![](rupee-symbol.gif)18,000 crore subject to shareholders' approval by way of Postal Ballot. The shareholders approved the said proposal of buyback of Equity Shares recommended by its Board of Directors by way of e-voting through postal ballot, the results of which were declared on November 6, 2025. The Buyback offer comprised a purchase of 10,00,00,000 Equity Shares comprising approximately 2.41% of the total paid-up equity share capital of the Company as of June 30, 2025 (on standalone basis) at a price of ![](rupee-symbol.gif)1,800 per Equity share. The buyback was offered to all eligible equity shareholders (including those who became equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity shares) of the Company as on the Record Date (i.e., November 14, 2025) on a proportionate basis through the "Tender offer" route. The tender period for buyback commenced on November 20, 2025 and was open until November 26, 2025. The Company concluded the buyback procedures on December 4, 2025 and 10,00,00,000 equity shares were bought back and extinguished. The buyback resulted in a cash outflow of ![](rupee-symbol.gif)18,000 crore (excluding transactions costs). The Company funded the buyback from its free reserves including securities premium as explained in Section 68 of the Companies Act, 2013. In accordance with Section 69 of the Companies Act, 2013, as at March 31, 2026, the Company has created a Capital Redemption Reserve of ![](rupee-symbol.gif)50 crore equal to the nominal value of the shares bought back as an appropriation from the general reserve.

The Company's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, return capital to shareholders, issue new shares or buy back issued shares. As of March 31, 2026, the Company has only one class of equity shares and has no debt. Consequent to the above capital structure there are no externally imposed capital requirements.

**Dividend**

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company's Board of Directors. Income tax consequences of dividends on financial instruments classified as equity will be recognized according to where the entity originally recognized those past transactions or events that generated distributable profits.

The Company declares and pays dividends in Indian rupees. Companies are required to pay / distribute dividend after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates.

The amount of per share dividend recognized as distribution to equity shareholders is as follows:

*(In ![](rupee-symbol.gif))*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Interim dividend for fiscal 2026 | *–* | *–* | 23.00 | *–* |
| Final dividend for fiscal 2025 | *–* | *–* | 22.00 | *–* |
| Interim dividend for fiscal 2025 | *–* | *–* | *–* | 21.00 |
| Special dividend for fiscal 2024 | *–* | *–* | *–* | 8.00 |
| Final dividend for fiscal 2024 | *–* | *–* | *–* | 20.00 |

---

During the year ended March 31, 2026, on account of the final dividend for fiscal 2025 and interim dividend for fiscal 2026, the Company has incurred a net cash outflow of ![](rupee-symbol.gif)18,653 crore (excluding dividend paid on treasury shares).

The Board of Directors in their meeting held on April 23, 2026 recommended a final dividend of ![](rupee-symbol.gif)25/- per equity share for the financial year ended March 31, 2026. The payment is subject to the approval of shareholders in the AGM of the Company to be held on June 23, 2026 and if approved, would result in a net cash outflow of approximately ![](rupee-symbol.gif)10,117 crore (excluding dividend paid on treasury shares).

**2.19 Expense by nature**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Employee benefit costs | 24688 | 22015 | 96383 | 85950 |
| Depreciation and amortization | 1424 | 1299 | 4902 | 4812 |
| Travelling costs | 532 | 520 | 2097 | 1894 |
| Consultancy and professional charges | 661 | 301 | 2090 | 1655 |
| Cost of Software packages for own use | 759 | 655 | 2846 | 2467 |
| Third party items bought for service delivery to clients | 3210 | 3244 | 12876 | 13444 |
| Communication costs | 141 | 147 | 603 | 620 |
| Cost of technical sub-contractors | 3952 | 3276 | 15421 | 12937 |
| Power and fuel | 54 | 50 | 223 | 222 |
| Repairs and maintenance | 473 | 388 | 1779 | 1547 |
| Rates and taxes | 64 | 77 | 308 | 346 |
| Insurance charges | 82 | 73 | 335 | 301 |
| Commission to non-whole time directors | 5 | 5 | 18 | 18 |
| Branding and marketing expenses | 363 | 344 | 1351 | 1223 |
| Provision for post-sales client support and other provisions | (106) | (228) | (167) | (110) |
| Impairment loss recognized / (reversed) on financial assets | (55) | (53) | 33 | 48 |
| Contribution towards Corporate Social Responsibility | 177 | 92 | 623 | 585 |
| Others | 235 | 145 | 675 | 607 |
| **Total cost of sales, selling and marketing expenses and administrative expenses** | **36659** | **32350** | **142396** | **128566** |

---

**2.19.1 Cost of sales**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Employee benefit costs (Refer to note 2.19.4) | 22107 | 19849 | 86264 | 77382 |
| Depreciation and amortization | 1424 | 1299 | 4902 | 4812 |
| Travelling costs | 346 | 353 | 1331 | 1261 |
| Cost of technical sub-contractors | 3952 | 3276 | 15421 | 12934 |
| Cost of software packages for own use | 710 | 622 | 2666 | 2349 |
| Third party items bought for service delivery to clients | 3210 | 3244 | 12876 | 13444 |
| Consultancy and professional charges | 38 | (145) | 32 | 85 |
| Communication costs | 74 | 61 | 305 | 287 |
| Repairs and maintenance | 160 | 127 | 616 | 497 |
| Provision for post-sales client support and other provisions | (106) | (228) | (167) | (110) |
| Others | 143 | 117 | 489 | 406 |
| **Total** | **32058** | **28575** | **124735** | **113347** |

---

**2.19.2 Selling and marketing expenses**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Employee benefit costs (Refer to note 2.19.4) | 1752 | 1431 | 6779 | 5720 |
| Travelling costs | 117 | 105 | 498 | 407 |
| Branding and marketing | 363 | 344 | 1349 | 1220 |
| Communication costs | 3 | 3 | 14 | 10 |
| Consultancy and professional charges | 77 | 46 | 284 | 157 |
| Others | 42 | 28 | 153 | 74 |
| **Total** | **2354** | **1957** | **9077** | **7588** |

---

**2.19.3 Administrative expenses** 

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Employee benefit costs (Refer to note 2.19.4) | 829 | 735 | 3340 | 2847 |
| Consultancy and professional charges | 546 | 400 | 1774 | 1413 |
| Repairs and maintenance | 309 | 258 | 1147 | 1040 |
| Power and fuel | 54 | 50 | 222 | 221 |
| Communication costs | 64 | 83 | 284 | 323 |
| Travelling costs | 69 | 62 | 268 | 226 |
| Impairment loss recognized/(reversed) under expected credit loss model | (55) | (53) | 33 | 48 |
| Rates and taxes | 64 | 77 | 306 | 344 |
| Insurance charges | 80 | 72 | 330 | 293 |
| Commission to non-whole time directors | 5 | 5 | 18 | 18 |
| Contribution towards Corporate Social Responsibility | 177 | 92 | 623 | 585 |
| Others\* | 105 | 37 | 239 | 273 |
| **Total** | **2247** | **1818** | **8584** | **7631** |

---

\* Includes profit on sale of property plant and equipment amounting to ![](rupee-symbol.gif)165 crore for the year ended March 31, 2026

**2.19.4 Impact of Labour Codes**

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the *"Labour Codes"*), which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes, amongst other things, introduce changes including a uniform definition of wages and enhanced benefits relating to leave. The Group has assessed the financial implications of these changes, which has resulted in an increase in gratuity liability arising out of past service cost and an increase in leave liability amounting to ![](rupee-symbol.gif)1,289 crore, which is recognized in the Consolidated Statement of Comprehensive Income for the year ended March 31, 2026. The Group continues to monitor developments pertaining to the Labour Codes and will evaluate the impact, if any, on the measurement of employee benefits liability.

**2.20 Employee Benefits**

**Accounting policy**

**Gratuity and Pensions**

The Group provides for gratuity, a defined benefit retirement plan ('the Gratuity Plan') covering eligible employees majorly of Infosys and its Indian subsidiaries. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Group. The Company contributes Gratuity liabilities to the Infosys Limited Employees' Gratuity Fund Trust (the Trust). In case of Infosys BPM and EdgeVerve, contributions are made to the Infosys BPM Employees' Gratuity Fund Trust and EdgeVerve Systems Limited Employees' Gratuity Fund Trust, respectively. Trustees administer contributions made to the Trusts and contributions are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law.

The Group operates defined benefit pension plan in certain overseas jurisdictions, in accordance with the local laws. These plans are managed by third party fund managers. The plans provide for periodic payouts after retirement and/or a lumpsum payment as set out in rules of each fund and includes death and disability benefits. The defined benefit plans require contributions which are based on a percentage of salary that varies depending on the age of the respective employees.

Liabilities with regard to these defined benefit plans are determined by actuarial valuation, performed by an external actuary, at each Balance Sheet date using the projected unit credit method. These defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate risk and market risk.

The Group recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability / (asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profit in the Consolidated Statement of Comprehensive Income.

**Provident fund**

Eligible employees of Infosys receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary. The Company contributes a portion to the Infosys Limited Employees' Provident Fund Trust. The trust invests in specific designated instruments as permitted by Indian law. The remaining portion is contributed to the government administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the Government of India. The Company has an obligation to make good the shortfall, if any, between the return from the investments of the trust and the notified interest rate.

In respect of Indian subsidiaries, eligible employees receive benefits from a provident fund, which is a defined contribution plan. Both the eligible employee and the respective companies make monthly contributions to this provident fund plan equal to a specified percentage of the covered employee's salary. Amounts collected under the provident fund plan are deposited in a government administered provident fund. The Companies have no further obligation to the plan beyond its monthly contributions.

**Superannuation**

Certain employees of Infosys, Infosys BPM and EdgeVerve are participants in a defined contribution plan. The Group has no further obligations to the plan beyond its monthly contributions which are periodically contributed to a trust fund, the corpus of which is invested with the Life Insurance Corporation of India.

**Compensated absences**

The Group has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an external actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the Balance Sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

**2.20.1 Gratuity and pensions**

The following table sets out the details of the defined benefit retirement plans and the amounts recognized in the Group's financial statements as at March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Pension** | **Pension** |
| | **As at** | **As at** | **As at** | **As at** |
| **Particulars**<br>| **March 31, 2026** | **March 31, 2025** | **March 31, 2026** | **March 31, 2025** |
| **Change in benefit obligations** |  |  |  |  |
| Benefit obligations at the beginning | 2511 | 2116 | 1183 | 1020 |
| Transfer | 3 | 5 | 1 |  |
| Service cost | 436 | 335 | 58 | 52 |
| Interest expense | 180 | 141 | 16 | 18 |
| Remeasurements - Actuarial (gains) / losses | (24) | 93 | 84 | 69 |
| Past service cost - plan amendments (Refer to note 2.19.4) | 1209 | *–* | *–* | *–* |
| Employee contribution | *–* | *–* | 44 | 33 |
| Benefits paid | (214) | (181) | 84 | (60) |
| Translation difference | 6 | 2 | 277 | 51 |
| **Benefit obligations at the end** | **4107** | **2511** | **1747** | **1183** |
| **Change in plan assets** |  |  |  |  |
| Fair value of plan assets at the beginning | 2733 | 2079 | 1137 | 991 |
| Transfer | 3 | *–* | 1 | *–* |
| Interest income | 189 | 151 | 17 | 19 |
| Remeasurements- Return on plan assets excluding amounts included in interest income | 52 | 22 | 73 | 60 |
| Employer contribution | 1441 | 656 | 63 | 46 |
| Employee contribution | *–* | *–* | 44 | 33 |
| Benefits paid | (203) | (176) | 84 | (60) |
| Translation difference | 1 | 1 | 265 | 48 |
| **Fair value of plan assets at the end** | **4216** | **2733** | **1684** | **1137** |
| **Funded status** | 109 | 222 | (63) | (46) |
| Defined benefit plan asset (Refer note 2.4) | 192 | 286 | 13 | 11 |
| Defined benefit plan liability (Refer note 2.5) | (83) | (64) | (76) | (57) |

---

Amount for the three months and year ended March 31, 2026 and March 31, 2025 recognized in the Consolidated Statement of Comprehensive income under employee benefit expense:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Gratuity** | **Gratuity** | **Pension** | **Pension** | **Pension** | **Pension** |
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars**<br>| **2026** | **2025** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| Service cost | 133 | 84 | 436 | 335 | 15 | 13 | 58 | 52 |
| Net interest on the net defined benefit liability/(asset) | 7 | (8) | (9) | (10) | *–* | *–* | (1) | (1) |
| Plan amendments | 32 | *–* | 1209 | *–* | *–* | *–* | *–* | *–* |
| **Net cost** | **172** | **76** | **1636** | **325** | **15** | **13** | **57** | **51** |

---

Amount for the three months and year ended March 31, 2026 and March 31, 2025 recognized in the Consolidated Statement of other comprehensive income:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Gratuity** | **Gratuity** | **Gratuity** | **Gratuity** | **Pension** | **Pension** | **Pension** | **Pension** |
|  | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| **Remeasurements of the net defined benefit liability/ (asset)** |  |  |  |  |  |  |  |  |
| Actuarial (gains) / losses | (85) | 33 | (24) | 93 | 21 | 18 | 84 | 69 |
| (Return) / loss on plan assets excluding amounts included in the net interest on the net defined benefit liability/(asset) | 15 | 2 | (52) | (22) | (18) | (15) | (73) | (60) |
|  | **(70)** | **35** | **(76)** | **71** | **3** | **3** | **11** | **9** |

---

Break up of actuarial (gains)/losses for the three months and year ended March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Gratuity** | **Gratuity** | **Pension** | **Pension** | **Pension** | **Pension** |
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars**<br>| **2026** | **2025** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| (Gain)/loss from change in demographic assumptions | *–* | *–* | *–* | *–* | (8) | *–* | (32) | *–* |
| (Gain)/loss from change in financial assumptions | (26) | 95 | (10) | 38 | 6 | 12 | 24 | 47 |
| (Gain)/loss from experience adjustment | (59) | (62) | (14) | 55 | 23 | 6 | 92 | 22 |
|  | **(85)** | **33** | **(24)** | **93** | **21** | **18** | **84** | **69** |

---

The gratuity and pension cost recognized in statement of comprehensive income apportioned between cost of sales, selling and marketing expenses and administrative expenses on the basis of direct employee cost is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Gratuity** | **Gratuity** | **Pension** | **Pension** | **Pension** | **Pension** |
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars**<br>| **2026** | **2025** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| Cost of sales | 155 | 69 | 1464 | 292 | 15 | 13 | 51 | 46 |
| Selling and marketing expenses | 12 | 5 | 115 | 22 | *–* | *–* | 4 | 3 |
| Administrative expenses | 5 | 2 | 57 | 11 | *–* | *–* | 2 | 2 |
|  | **172** | **76** | **1636** | **325** | **15** | **13** | **57** | **51** |

---

The weighted-average assumptions used to determine benefit obligations as at March 31, 2026 and March 31, 2025 are set out below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Pension** | **Pension** |
| | **As at** | **As at** | **As at** | **As at** |
| **Particulars**<br>| **March 31, 2026** | **March 31, 2025** | **March 31, 2026** | **March 31, 2025** |
| Discount rate<sup>(1)</sup> | 6.5% | 6.5% | 1.1%-4.2% | 0.9%-3.7% |
| Weighted average rate of increase in compensation levels<sup>(2)</sup> | 6% | 6.0% | 1%-3.3% | 1%-3% |
| Weighted average duration of defined benefit obligation<sup>(3)</sup> | 5.7 years | 5.7 years | 12 years | 13 years |

---

The weighted-average assumptions used to determine net periodic benefit cost for the three months and year ended March 31, 2026 and March 31, 2025 are set out below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Gratuity** | **Gratuity** | **Pension** | **Pension** | **Pension** | **Pension** |
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars**<br>| **2026** | **2025** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| Discount rate | 6.5% | 7.0% | 6.5% | 7.0% | 0.9-3.7% | 1.5%-3.4% | 0.9-3.7% | 1.5%-3.4% |
| Weighted average rate of increase in compensation levels | 6% | 6% | 6% | 6.0% | 1%-3.3% | 1%-3% | 1%-3.3% | 1%-3% |

---

<sup>(1)</sup> For domestic defined benefit plan in India, the market for high quality corporate bonds being not developed, the yield of government bonds is considered as the discount rate. For most of our overseas defined benefit plan, given that the market for high quality corporate bonds is not developed, the Government bond rate adjusted for corporate spreads is used.

<sup>(2)</sup> The average rate of increase in compensation levels is determined by the Company, considering factors such as, the Company's past compensation revision trends, inflation in respective markets and management's estimate of future salary increases.

<sup>(3)</sup> Attrition rate considered is the management's estimate based on the past long-term trend of employee turnover in the Company. The tenure has been considered taking into account the past long-term trend of employees' average remaining service life which reflects the average estimated term of post-employment benefit obligation.

For domestic defined benefit plan in India, assumptions regarding future mortality experience are set in accordance with the published statistics by the Life Insurance Corporation of India. For overseas defined benefit plan, the assumptions regarding future mortality experience are set with regard to the latest statistics in life expectancy, plan experience and other relevant data.

The Group assesses these assumptions with its projected long-term plans of growth and prevalent industry standards.

The Company contributes all ascertained liabilities towards gratuity to the Infosys Limited Employees' Gratuity Fund Trust. In case of Infosys BPM and EdgeVerve, contributions are made to the Infosys BPM Employees' Gratuity Fund Trust and EdgeVerve Systems Limited Employees Gratuity Fund Trust, respectively. Trustees administer contributions made to the trust as of March 31, 2026 and March 31, 2025, and contributions for gratuity are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law. The plan assets of the overseas defined benefit plan have been primarily invested in insurer managed funds and the asset allocation for plan assets is determined based on the investment criteria prescribed under the relevant regulations applicable to pension funds and the insurer managers. The insurers' investments are diversified and provide for guaranteed interest rates arrangements.

Actual return on assets (including remeasurements) of the gratuity plan for the three months ended March 31, 2026 and March 31, 2025 were ![](rupee-symbol.gif)70 crore and ![](rupee-symbol.gif)44 crore, respectively and for the pension plan were ![](rupee-symbol.gif)23 crore and ![](rupee-symbol.gif)20 crore, respectively.

Actual return on assets (including remeasurements) of the gratuity plan for the year ended March 31, 2026 and March 31, 2025 were ![](rupee-symbol.gif)241 crore and ![](rupee-symbol.gif)173 crore, respectively and for the pension plan were ![](rupee-symbol.gif)90 crore and ![](rupee-symbol.gif)79 crore, respectively.

The contributions for gratuity are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law. The table below sets out the details of major plan assets into various categories as at March 31, 2026 and March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Pension** | **Pension** |
| | **As at** | **As at** |
| **Particulars**<br>| **March 31, 2026** | **March 31, 2025** |
| Equity | 37% | 34% |
| Bonds | 21% | 30% |
| Real Estate/Property | 23% | 26% |
| Cash and Cash Equivalents | 1% | 1% |
| Other | 18% | 9% |

---

These defined benefit plans expose the Group to actuarial risk which are set out below:

Interest rate risk: The present value of the defined benefit plan liability is generally calculated using a discount rate determined by reference to government bond yields and in certain overseas jurisdictions, it is calculated in reference to government bond yield adjusted for a corporate spread. If bond yields fall, the defined benefit obligation will tend to increase.

Life expectancy and investment risk: The pension fund offers the choice between a lifelong pension and a cash lump sum upon retirement. The pension fund has defined rates for converting the lump sum to a pension and there is the risk that the members live longer than implied by these conversion rates and that the pension assets don't achieve the investment return implied by these conversion rates.

Asset volatility: A proportion of the pension fund is held in equities, which is expected to outperform corporate bonds in the long term but give exposure to volatility and risk in the short term. The pension fund board of insurer is responsible for the investment strategy and equity allocation is justified given the long-term investment horizon of the pension fund and the objective to provide a reasonable long term return on members' account balances.

**Sensitivity of significant assumptions used for valuation of defined benefit obligation:**

*(in ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at March 31, 2026** | **As at March 31, 2026** |
| | **Gratuity** | **Pension** |
| **Impact from**<br>| **1% point increase / decrease** | **0.5% point increase / decrease** |
| Discount rate | 205 | 70 |
| Weighted average rate of increase in compensation levels | 220 | 12 |

---

Sensitivity to significant actuarial assumptions is computed by varying one actuarial assumption used for the valuation of the defined benefit obligation and keeping all other actuarial assumptions constant. In practice, this is not probable, and changes in some of the assumptions may be correlated.

The Group expects to contribute ![](rupee-symbol.gif)540 crore to gratuity and ![](rupee-symbol.gif)66 crore to pension during the fiscal 2027.

**Maturity profile of defined benefit obligation:**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Gratuity** | **Pension** |
| Within 1 year | 721 | 118 |
| 1-2 year | 589 | 126 |
| 2-3 year | 543 | 117 |
| 3-4 year | 493 | 110 |
| 4-5 year | 451 | 121 |
| 5-10 years | 1,661 | 556 |

---

**2.20.2 Provident fund**

Infosys has an obligation to fund any shortfall on the yield of the trust's investments over the administered interest rates on an annual basis. These administered rates are determined annually predominantly considering the social and economic factors. The actuary has provided a valuation for provident fund liabilities on the basis of guidance issued by Actuarial Society of India.

The following tables set out the funded status of the defined benefit provident fund plan of Infosys limited and the amounts recognized in the Group's financial statements as at March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Change in benefit obligations** |  |  |
| Benefit obligations at the beginning | 13867 | 11879 |
| Service cost | 1088 | 952 |
| Employee contribution | 2036 | 1683 |
| Interest expense | 940 | 862 |
| Actuarial (gains) / loss | 95 | 218 |
| Benefits paid | (1929) | (1727) |
| **Benefit obligations at the end** | **16097** | **13867** |
| **Change in plan assets** |  |  |
| Fair value of plan assets at the beginning | 13928 | 11812 |
| Interest income | 944 | 858 |
| Remeasurements- Return on plan assets excluding amounts included in interest income | (415) | 245 |
| Employer contribution | 1170 | 1057 |
| Employee contribution | 2036 | 1683 |
| Benefits paid | (1929) | (1727) |
| **Fair value of plan assets at the end** | **15734** | **13928** |
| Funded status surplus/(deficit) | (363) | 61 |
| Irrecoverable surplus - effect of asset ceiling | *–* | (61) |
| **Net defined benefit asset/ (liability) (Refer note 2.5)** | (363) | *–* |

---

Amount for the three months and year ended March 31, 2026 and March 31, 2025 recognized in the Consolidated statement of other comprehensive income:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Service cost | 282 | 257 | 1088 | 952 |
| Net interest on the net defined benefit liability | *–* | 1 | *–* | 4 |
| **Net provident fund cost** | **282** | **258** | **1088** | **956** |

---

Amount for the three months and year ended March 31, 2026 and March 31, 2025 recognized in the consolidated statement of other comprehensive income:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| **Remeasurements of the net defined benefit liability/ (asset)** |  |  |  |  |
| Actuarial (gains) / losses | 52 | 158 | 95 | 218 |
| (Return) / loss on plan assets excluding amounts included in the net interest on the net defined benefit liability/(asset) | 400 | (95) | 415 | (245) |
| Irrecoverable surplus - effect of asset ceiling | (51) | 54 | (61) | 61 |
| Net interest on the net defined benefit asset | (1) | – | (4) | – |
|  | **400** | **117** | **445** | **34** |

---

The assumptions used in determining the present value obligation of the defined benefit plan under the Deterministic Approach are as follows:

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Government of India (GOI) bond yield <sup>(1)</sup> | 6.50% | 6.50% |
| Expected rate of return on plan assets | 8.25% | 8.00% |
| Remaining term to maturity of portfolio | 6 years | 6 years |
| Expected guaranteed interest rate | 8.25% | 8.25% |

---

 

<sup>(1)</sup> In India, the market for high quality corporate bonds being not developed, the yield of government bonds is considered as the discount rate. The tenure has been considered taking into account the past long-term trend of employees' average remaining service life which reflects the average estimated term of the post-employment benefit obligation.

The breakup of the plan assets into various categories as at March 31, 2026 and March 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Central and State government bonds | 63% | 60% |
| Public sector undertakings and Private sector bonds | 26% | 28% |
| Cash and cash equivalents | 3% | 4% |
| Others | 8% | 8% |

---

 

*The asset allocation for plan assets is determined based on the investment criteria prescribed under the relevant regulations.*

The actuarial valuation of provident fund liability exposes the Group to interest rate risk. The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

As at March 31, 2026 the defined benefit obligation would be affected by approximately ![](rupee-symbol.gif)76 crore and ![](rupee-symbol.gif)151 crore on account of a 0.25% increase / decrease in the expected rate of return on plan assets.

The Group contributed ![](rupee-symbol.gif)391 crore and ![](rupee-symbol.gif)351 crore to the provident fund during the three months ended March 31, 2026 and March 31, 2025, respectively. The Group contributed ![](rupee-symbol.gif)1,515 crore and ![](rupee-symbol.gif)1,323 crore to the provident fund during the year ended March 31, 2026 and March 31, 2025, respectively. The same has been recognized in the net profit in the consolidated Statement of comprehensive income under the head employee benefit expense.

The provident plans are applicable only to employees drawing a salary in Indian rupees.

Provident fund contributions have been apportioned between cost of sales, selling and marketing expenses and administrative expenses on the basis of direct employee cost as follows: -

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Cost of sales | 350 | 317 | 1356 | 1191 |
| Selling and marketing expenses | 28 | 23 | 107 | 88 |
| Administrative expenses | 13 | 11 | 52 | 44 |
|  | **391** | **351** | **1515** | **1323** |

---

**2.20.3 Superannuation**

The group contributed ![](rupee-symbol.gif)152 crore and ![](rupee-symbol.gif)125 crore to the superannuation plan during the three months ended March 31, 2026 and March 31, 2025, respectively. The group contributed ![](rupee-symbol.gif)570 crore and ![](rupee-symbol.gif)512 crore to the superannuation plan during the year ended March 31, 2026 and March 31, 2025, respectively and the same has been recognized in the Consolidated Statement of comprehensive income under the head employee benefit expense.

Superannuation contribution have been apportioned between cost of sales, selling and marketing expenses and administrative expenses on the basis of direct employee cost as follows: -

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Cost of sales | 136 | 113 | 510 | 461 |
| Selling and marketing expenses | 11 | 8 | 40 | 34 |
| Administrative expenses | 5 | 4 | 20 | 17 |
|  | **152** | **125** | **570** | **512** |

---

**2.20.4 Employee benefit costs include:** 

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Salaries and bonus<sup>(1)</sup> | 23929 | 21426 | 92505 | 83667 |
| Defined contribution plans | 228 | 188 | 861 | 749 |
| Defined benefit plans | 531 | 401 | 3017 | 1534 |
|  | **24688** | **22015** | **96383** | **85950** |

---

** 

*<sup>(1)</sup> Includes an employee stock compensation expense of ![](rupee-symbol.gif)250 crore and ![](rupee-symbol.gif)952 crore for the three months and year ended March 31, 2026 respectively and, includes employee stock compensation expense of ![](rupee-symbol.gif)198 crore and ![](rupee-symbol.gif)802 crore for the three months and year ended March 31, 2025 respectively (Refer to Note 2.11).*

The employee benefit cost is recognized in the following line items in the consolidated statement of comprehensive income:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Cost of sales | 22107 | 19849 | 86264 | 77382 |
| Selling and marketing expenses | 1752 | 1431 | 6779 | 5720 |
| Administrative expenses | 829 | 735 | 3340 | 2847 |
|  | **24688** | **22015** | **96383** | **85949** |

---

**2.21 Other income, net**

Other income is comprised primarily of interest income, dividend income, gain/loss on investment and exchange gain/loss on forward and options contracts and on translation of foreign currency assets and liabilities. Interest income is recognized using the effective interest method. Dividend income is recognized when the right to receive payment is established.

**Foreign currency** 

**Accounting policy**

*Functional currency*

The functional currency of Infosys, its Indian subsidiaries and controlled trusts is the Indian rupee. The functional currencies for foreign subsidiaries are their respective local currencies. These financial statements are presented in Indian rupees (rounded off to crore; one crore equals ten million).

*Transactions and translations*

 

Foreign-currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are recognized in the interim Consolidated Statement of Comprehensive Income and reported within exchange gains/ (losses) on translation of assets and liabilities, net, except when deferred in Other Comprehensive Income as qualifying cash flow hedges. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. The related revenue and expense are recognized using the same exchange rate.

Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction.

The translation of financial statements of the foreign subsidiaries to the presentation currency is performed for assets and liabilities using the exchange rate in effect at the Balance Sheet date and for revenue, expense and cash-flow items using the average exchange rate for the respective periods. The gains or losses resulting from such translation are included in currency translation reserves under other components of equity. When a subsidiary is disposed off, in full, the relevant amount is transferred to net profit in the statement of comprehensive income. However when a change in the parent's ownership does not result in loss of control of a subsidiary, such changes are recorded through equity.

Other Comprehensive Income, net of taxes includes translation differences on non-monetary financial assets measured at fair value at the reporting date, such as equities classified as financial instruments and measured at fair value through other comprehensive income (FVOCI).

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rate in effect at the Balance Sheet date.

**Government grants**

The Group recognizes government grants only when there is reasonable assurance that the conditions attached to them shall be complied with, and the grants will be received. Government grants related to assets are treated as deferred income and are recognized in the net profit in the statement of comprehensive income on a systematic and rational basis over the useful life of the asset. Government grants related to revenue are recognized on a systematic basis in the statement of comprehensive income over the periods necessary to match them with the related costs which they are intended to compensate.

**Operating Profits**

Operating profit of the Group is computed considering the revenues, net of cost of sales, selling and marketing expenses and administrative expenses.

**Other income for the three months and year ended March 31, 2026 and March 31, 2025 is as follows:**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Particulars** | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| | **2026** | **2025** | **2026** | **2025** |
| Interest income on financial assets carried at amortized cost | 273 | 416 | 1624 | 1523 |
| Interest income on financial assets carried at fair value through other comprehensive income | 267 | 305 | 1069 | 1047 |
| Gain/(loss) on investments carried at fair value through profit or loss | 84 | 54 | 295 | 287 |
| Gain/(loss) on investments carried at fair value through other comprehensive income | (1) |  | 17 | 2 |
| Gain/(loss) on investments carried at amortized cost |  | 4 | 81 | 4 |
| Interest income on income tax refund | 408 | 328 | 421 | 343 |
| Exchange gains / (losses) on forward and options contracts | (955) | (70) | (2451) | (205) |
| Exchange gains / (losses) on translation of other assets and liabilities | 1097 | 180 | 2948 | 464 |
| Others | (14) | (27) | 153 | 135 |
| **Total** | **1159** | **1190** | **4157** | **3600** |

---

 

*for and on behalf of the Board of Directors of Infosys Limited*

---

| | | |
|:---|:---|:---|
| Nandan M. Nilekani<br> *Chairman* | Salil Parekh<br> *Chief Executive Officer*<br> *and Managing Director* | Bobby Parikh<br> Director |
| Bengaluru<br> April 23, 2026 | Jayesh Sanghrajka<br> *Chief Financial Officer* | A.G.S. Manikantha<br> *Company Secretary* |

---

## Exhibit 99.9

**Exhibit 99.9**<br> **Ind AS Standalone**

**INDEPENDENT AUDITOR'S REPORT**

**TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED**

**Report on the Audit of the Interim Condensed Standalone Financial Statements**

**Opinion**

We have audited the accompanying interim condensed standalone financial statements of **INFOSYS LIMITED** (the "Company"), which comprise the Condensed Balance Sheet as at March 31, 2026, the Condensed Statement of Profit and Loss (including Other Comprehensive Income), for the three months and year ended on that date, the Condensed Statement of Changes in Equity, and the Condensed Statement of Cash Flows for the year ended on that date, and notes to the financial statements including a summary of the material accounting policies and other explanatory information (hereinafter referred to as the "interim condensed standalone financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid interim condensed standalone financial statements give a true and fair view in conformity with Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34") prescribed under section 133 of the Companies Act, 2013 (the "Act"), read with relevant rules issued thereunder and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, its profit and other comprehensive income for the three months and year ended on that date, changes in equity and its cash flows for the year ended on that date.

**Basis for Opinion**

We conducted our audit of the interim condensed standalone financial statements in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Interim Condensed Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the interim condensed standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the interim condensed standalone financial statements.

**Responsibilities of Management and Board of Directors for the Interim Condensed Standalone Financial Statements**

The Company's Board of Directors is responsible for the preparation and presentation of these interim condensed standalone financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with Ind AS 34 and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the interim condensed standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the interim condensed standalone financial statements, Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

**Auditor's Responsibilities for the Audit of the Interim Condensed Standalone Financial Statements**

Our objectives are to obtain reasonable assurance about whether the interim condensed standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these interim condensed standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;· Identify and assess
the risks of material misstatement of the interim condensed standalone financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain an understanding
of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on effectiveness of such controls.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the appropriateness
of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

&nbsp;&nbsp;&nbsp;&nbsp;· Conclude on the
appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report
to the related disclosures in the interim condensed standalone financial statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events
or conditions may cause the Company to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the overall
presentation, structure and content of the interim condensed standalone financial statements, including the disclosures, and whether
the interim condensed standalone financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the interim condensed standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the interim condensed standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the interim condensed standalone financial statements.

We also communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

---

| | |
|:---|:---|
| Place: Bengaluru<br> Date: April 23, 2026 | **For DELOITTE HASKINS & SELLS LLP**<br> Chartered Accountants<br> (Firm's Registration No. 117366W/W-100018)<br>**Vikas Bagaria**<br> Partner<br> (Membership No.060408)<br> UDIN:26060408MBGUXB9194  |

---

---

| |
|:---|
| **INFOSYS LIMITED** |
| ***Condensed Standalone Financial Statements under Indian Accounting Standards (Ind AS) for the three months and year ended March 31, 2026*** |
| **<u>Index</u>** |
| Condensed Balance Sheet |
| Condensed Statement of Profit and Loss |
| Condensed Statement of Changes in Equity |
| Condensed Statement of Cash Flows |
| **Overview and Notes to the Interim Condensed Standalone Financial Statements** |
| **1. Overview** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Company overview |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Basis of preparation of financial statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Use of estimates and judgments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Critical accounting estimates and judgements |
| **2. Notes to the Interim Condensed Financial Statements** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Property, plant and equipment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Goodwill and other intangible assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Leases |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Loans |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Other financial assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Trade Receivables |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Cash and cash equivalents |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 Other assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 Financial instruments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 Equity |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 Other financial liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 Trade payables |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 Other liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 Provisions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 Income taxes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 Revenue from operations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 Other income, net |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 Expenses |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 Earnings per equity share |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 Contingent liabilities and commitments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 Related party transactions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 Segment Reporting |

---

**INFOSYS LIMITED**

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Condensed Standalone Balance Sheet as at** | **Note No.** | **March 31, 2026** | **March 31, 2025** |
| **ASSETS** |  |  |  |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 2.1 | 10774 | 10070 |
| Right-of-use assets | 2.3 | 2851 | 3078 |
| Capital work-in-progress |  | 512 | 778 |
| Goodwill | 2.2 | 211 | 211 |
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2.4 | 26036 | 27371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | 2.5 | 5 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | 2.6 | 1835 | 2350 |
| Deferred tax assets (net) | 2.16 | 1347 | 497 |
| Income tax assets (net) | 2.16 | 99 | 1164 |
| Other non-current assets | 2.9 | 2590 | 2223 |
| **Total non-current assets** |  | **46260** | **47768** |
| **Current assets** |  |  |  |
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2.4 | 12039 | 11147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | 2.7 | 30337 | 26413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 2.8 | 8727 | 14265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | 2.5 | 189 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | 2.6 | 14770 | 12569 |
| Income tax assets (net) | 2.16 | 1745 | 2949 |
| Other current assets | 2.9 | 12624 | 9618 |
| **Total current assets** |  | **80431** | **77168** |
| **Total assets** |  | **126691** | **124936** |
| **EQUITY AND LIABILITIES** |  |  |  |
| **Equity** |  |  |  |
| Equity share capital | 2.11 | 2027 | 2076 |
| Other equity |  | 78847 | 85256 |
| **Total equity** |  | **80874** | **87332** |
| **LIABILITIES** |  |  |  |
| **Non-current liabilities** |  |  |  |
| Financial liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 2.3 | 2815 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | 2.12 | 1880 | 1991 |
| Deferred tax liabilities (net) |  | 990 | 1062 |
| Other non-current liabilities | 2.14 | 495 | 95 |
| **Total non - current liabilities** |  | **6180** | **5842** |
| **Current liabilities** |  |  |  |
| Financial liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 2.3 | 934 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables | 2.13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total outstanding dues of micro enterprises and small enterprises |  | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total outstanding dues of creditors other than micro enterprises and small enterprises |  | 3530 | 2720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | 2.12 | 16812 | 14101 |
| Other current liabilities | 2.14 | 12478 | 9159 |
| Provisions | 2.15 | 1064 | 993 |
| Income tax liabilities (net) | 2.16 | 4810 | 4016 |
| **Total current liabilities** |  | **39637** | **31762** |
| **Total equity and liabilities** |  | **126691** | **124936** |

---

 

*The accompanying notes form an integral part of the interim condensed standalone financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp;A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |

---

**INFOSYS LIMITED**

(In ![rupee symbol](rupee-symbol.gif) crore except equity share and per equity share data)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Condensed Standalone Statement of Profit and Loss for the** | **Note No.** | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  |  | **2026** | **2025** | **2026** | **2025** |
| Revenue from operations | 2.17 | 38641 | 34136 | 148819 | 136592 |
| Other income, net | 2.18 | 1063 | 1323 | 6491 | 4782 |
| **Total income** |  | **39704** | **35459** | **155310** | **141374** |
| **Expenses** |  |  |  |  |  |
| Employee benefit expenses | 2.19 | 18886 | 17259 | 73239 | 67466 |
| Cost of technical sub-contractors |  | 5780 | 4941 | 22388 | 19353 |
| Travel expenses |  | 401 | 413 | 1596 | 1467 |
| Cost of software packages and others | 2.19 | 2415 | 2142 | 9274 | 9617 |
| Communication expenses |  | 96 | 104 | 419 | 448 |
| Consultancy and professional charges |  | 561 | 358 | 1846 | 1245 |
| Depreciation and amortization expenses |  | 601 | 590 | 2394 | 2619 |
| Finance cost |  | 54 | 51 | 207 | 221 |
| Other expenses | 2.19 | 954 | 540 | 4044 | 3497 |
| **Total expenses** |  | **29748** | **26398** | **115407** | **105933** |
| **Profit before exceptional item and tax** |  | **9956** | **9061** | **39903** | **35441** |
| **Exceptional item** |  |  |  |  |  |
| Impact of Labour Codes | 2.19.5 | *–* | *–* | 1146 | *–* |
| **Profit before tax** |  | **9956** | **9061** | **38757** | **35441** |
| Tax expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax | 2.16 | 2119 | 2408 | 10459 | 10836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax | 2.16 | (138) | 25 | (913) | (963) |
| **Profit for the period** |  | **7975** | **6628** | **29211** | **25568** |
| **Other comprehensive income** |  |  |  |  |  |
| *Items that will not be reclassified subsequently to profit or loss* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of the net defined benefit liability/asset, net |  | (245) | (144) | (285) | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity instruments through other comprehensive income, net |  | 374 | 30 | 397 | 19 |
| *Items that will be reclassified subsequently to profit or loss* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value changes on derivatives designated as cash flow hedge, net |  | (11) | (57) | (1) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value changes on investments, net |  | (91) | 63 | (26) | 191 |
| **Total other comprehensive income/ (loss), net of tax** |  | **27** | **(108)** | **85** | **105** |
| **Total comprehensive income for the period** |  | **8002** | **6520** | **29296** | **25673** |
| **Earnings per equity share** |  |  |  |  |  |
| Equity shares of par value ![rupee symbol](rupee-symbol.gif)5/- each |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (in ![rupee symbol](rupee-symbol.gif) per share) |  | 19.67 | 15.96 | 70.87 | 61.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (in ![rupee symbol](rupee-symbol.gif) per share) |  | 19.65 | 15.93 | 70.78 | 61.46 |
| **Weighted average equity shares used in computing earnings per equity share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (in shares) | 2.20 | 4054845495 | 4152456999 | 4121931567 | 4151936905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (in shares) | 2.20 | 4059227155 | 4159621677 | 4127028321 | 4159905476 |

---

 

*The accompanying notes form an integral part of the interim condensed standalone financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp;A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |

---

**INFOSYS LIMITED**

**Condensed Standalone Statement of Changes in Equity**

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | |
| | | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | |
| | | **Capital reserve** | **Capital reserve** | | | | | | **Special Economic Zone Re-investment reserve** *<sup>(1)</sup>* | | | | |
| **Particulars**<br>| **Equity Share Capital**<br>| **Capital reserve** | **Other reserves *<sup>(2)</sup>*** | **Capital redemption reserve** | **Securities Premium** | **Retained earnings** | **General reserve** | **Share Options Outstanding Account** | | **Equity Instruments through other comprehensive income** | **Effective portion of Cash flow hedges** | **Other items of other comprehensive income / (loss)** | **Total equity attributable to equity holders of the Company**<br>|
| **Balance as at April 1, 2024** | **2075** | **54** | **2862** | **169** | **580** | **62551** | **162** | **913** | **11787** | **279** | **6** | **(262)** | **81176** |
| **Changes in equity for the year ended March 31, 2025** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Profit for the year | *–* | *–* | *–* | *–* | *–* | 25568 | *–* | *–* | *–* | *–* | *–* | *–* | 25568 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (81) | (81) |
| Equity instruments through other comprehensive income, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 19 | *–* | *–* | 19 |
| Fair value changes on derivatives designated as cash flow hedge, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (24) | *–* | (24) |
| Fair value changes on investments, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 191 | 191 |
| **Total comprehensive income for the year** | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | **25568** | ***–*** | ***–*** | ***–*** | **19** | **(24)** | **110** | **25673** |
| Transferred from Special Economic Zone Re-investment reserve on utilization | *–* | *–* | *–* | *–* | *–* | 821 | *–* | *–* | (821) | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve to retained earnings | *–* | *–* | *–* | *–* | *–* | 2999 | *–* | *–* | (2999) | *–* | *–* | *–* | *–* |
| Transferred to Special Economic Zone Re-investment reserve | *–* | *–* | *–* | *–* | *–* | (74) | *–* | *–* | 74 |  |  |  |  |
| Transferred on account of exercise of stock options (Refer to note 2.11) | *–* | *–* | *–* | *–* | 472 | *–* | *–* | (472) | *–* | *–* | *–* | *–* | *–* |
| Transferred on account of options not exercised | *–* | *–* | *–* | *–* | *–* | *–* | 197 | (197) | *–* | *–* | *–* | *–* | *–* |
| Shares issued on exercise of employee stock options (Refer to note 2.11) | 1 | *–* | *–* | *–* | 2 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 3 |
| Employee stock compensation expense (Refer to note 2.11) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 786 | *–* | *–* | *–* | *–* | 786 |
| Income tax benefit arising on exercise of stock options | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 39 | *–* | *–* | *–* | *–* | 39 |
| Dividends | *–* | *–* | *–* | *–* | *–* | (20345) | *–* | *–* | *–* | *–* | *–* | *–* | (20345) |
| **Balance as at March 31, 2025** | **2076** | **54** | **2862** | **169** | **1054** | **71520** | **359** | **1069** | **8041** | **298** | **(18)** | **(152)** | **87332** |

---

**INFOSYS LIMITED**

**Condensed Standalone Statement of Changes in Equity (contd.)**

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | |
| | | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | |
| | | **Capital reserve** | | | | | | | **Special Economic Zone Re-investment reserve** *<sup>(1)</sup>* | | | | |
| **Particulars**<br>| **Equity Share Capital**<br>| **Capital reserve** | **Other reserves *<sup>(2)</sup>*** | **Capital redemption reserve** | **Securities Premium** | **Retained earnings** | **General reserve** | **Share Options Outstanding Account** | | **Equity Instruments through other comprehensive income** | **Effective portion of Cash flow hedges** | **Other items of other comprehensive income / (loss)** | **Total equity attributable to equity holders of the Company**<br>|
| **Balance as at April 1, 2025** | **2076** | **54** | **2862** | **169** | **1054** | **71520** | **359** | **1069** | **8041** | **298** | **(18)** | **(152)** | **87332** |
| **Changes in equity for the year ended March 31, 2026** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Profit for the year | *–* | *–* | *–* | *–* | *–* | 29211 | *–* | *–* | *–* | *–* | *–* | *–* | 29211 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (285) | (285) |
| Equity instruments through other comprehensive income, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 397 | *–* | *–* | 397 |
| Fair value changes on derivatives designated as cash flow hedge, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (1) | *–* | (1) |
| Fair value changes on investments, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (26) | (26) |
| **Total comprehensive income for the year** | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | **29211** | ***–*** | ***–*** | ***–*** | **397** | **(1)** | **(311)** | **29296** |
| Buyback of equity shares (Refer to note 2.11) | (50) | ***–*** | ***–*** | *–* | (1244) | (16346) | (360) | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | (18000) |
| Transaction cost relating to buyback (Refer to note 2.11) | *–* | ***–*** | ***–*** | *–* | (17) | (27) | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | (44) |
| Amount transferred to capital redemption reserve upon buyback (Refer to note 2.11) | *–* | ***–*** | ***–*** | 50 | ***–*** | ***–*** | (50) | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | *–* |
| Transferred to Special Economic Zone Re-investment reserve | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve on utilization | *–* | *–* | *–* | *–* | *–* | 1261 | *–* | *–* | (1261) | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve to retained earnings | *–* | *–* | *–* | *–* | *–* | 1956 | *–* | *–* | (1956) | *–* | *–* | *–* | *–* |
| Transferred on account of exercise of stock options (Refer to note 2.11) | *–* | *–* | *–* | *–* | 449 | *–* | *–* | (449) | *–* | *–* | *–* | *–* | *–* |
| Transferred on account of options not exercised | *–* | *–* | *–* | *–* | *–* | *–* | 63 | (63) | *–* | *–* | *–* | *–* | *–* |
| Shares issued on exercise of employee stock options (Refer to note 2.11) | 1 | *–* | *–* | *–* | 1 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 2 |
| Employee stock compensation expense (Refer to note 2.11) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 938 | *–* | *–* | *–* | *–* | 938 |
| Income tax benefit arising on exercise of stock options | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 44 | *–* | *–* | *–* | *–* | 44 |
| Dividends | *–* | *–* | *–* | *–* | *–* | (18694) | *–* | *–* | *–* | *–* | *–* | *–* | (18694) |
| **Balance as at March 31, 2026** | **2027** | **54** | **2862** | **219** | **243** | **68881** | **12** | **1539** | **4824** | **695** | **(19)** | **(463)** | **80874** |

---

*\** *net of tax*

*<sup>(1)</sup>* *The Special Economic Zone Re-investment Reserve has been created out of the profit of eligible SEZ units in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in the terms of the Sec 10AA(2) of the Income Tax Act, 1961.*

*<sup>(2)</sup>* *Profit / loss on transfer of business between entities under common control taken to reserve.*

 

*The accompanying notes form an integral part of the interim condensed standalone financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp;A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |

---

**INFOSYS LIMITED**

**Condensed Standalone Statement of Cash Flows**

**Accounting Policy**

Cash flows are reported using the indirect method, whereby profit for the year is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated. The Company considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Note No.** | **Year ended March 31,** | **Year ended March 31,** |
|  |  | **2026** | **2025** |
| **Cash flow from operating activities** |  |  |  |
| Profit for the year |  | 29211 | 25568 |
| **Adjustments to reconcile net profit to net cash provided by operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization |  | 2394 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 2.16 | 9546 | 9873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss recognized / (reversed) under expected credit loss model |  | 71 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost |  | 207 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income |  | (4885) | (3699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense |  | 846 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for post sale client support |  | (191) | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange differences on translation of assets and liabilities, net |  | 777 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable on income tax refund |  | (63) | (327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments |  | 169 | 165 |
| **Changes in assets and liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables and unbilled revenue |  | (6018) | (2994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, other financial assets and other assets |  | (3870) | (1942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables |  | 812 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities, other liabilities and provisions |  | 6330 | 3529 |
| **Cash generated from operations** |  | **35336** | **34010** |
| Income taxes paid |  | (7172) | (4601) |
| **Net cash generated by operating activities** |  | **28164** | **29409** |
| **Cash flow from investing activities** |  |  |  |
| Expenditure on property, plant and equipment and intangibles, net of sale proceeds *(Refer to note 2.1)* |  | (2170) | (1587) |
| Deposits placed with corporation |  | (660) | (1026) |
| Redemption of deposits placed with corporation |  | 459 | 593 |
| Interest and dividend received |  | 2269 | 1672 |
| Dividend received from subsidiary |  | 2676 | 1522 |
| Loan given to subsidiaries |  | *–* | (10) |
| Loan repaid by subsidiaries |  | 10 | *–* |
| Payment of contingent consideration pertaining to acquisition of business |  | (13) | *–* |
| Investment in subsidiaries |  | (781) | (4361) |
| Proceeds from sale of investment in subsidiaries |  | 4 | *–* |
| Payment towards acquisition |  | *–* | (184) |
| Other receipts |  | *–* | 2 |
| Payments to acquire investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units |  | (67178) | (66637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial papers |  | (2875) | (6058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | (12665) | (6138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds |  | (126) | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities |  | (2859) | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures |  | (3031) | (3240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments |  | (2) | (25) |
| Proceeds on sale of investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units |  | 66362 | 67597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund |  | 487 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial papers |  | 5250 | 7260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 8592 | 5984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures |  | 3818 | 2376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities |  | 5159 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds |  | 1356 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments |  | 4 | 12 |
| Escrow and deposits pertaining to buyback |  | (1815) | *–* |
| Redemption of escrow and other deposits pertaining to buyback |  | 1815 | *–* |
| **Net cash (used in) / generated from investing activities** |  | **4086** | **(1943)** |
| **Cash flow from financing activities** |  |  |  |
| Payment of Lease Liabilities |  | (912) | (859) |
| Shares issued on exercise of employee stock options |  | 2 | 3 |
| Other (payments)/receipts |  | (125) | (186) |
| Payment of dividends |  | (18694) | (20337) |
| Buyback of equity shares including transaction cost |  | (18058) | *–* |
| **Net cash used in financing activities** |  | **(37787)** | **(21379)** |
| Net increase / (decrease) in cash and cash equivalents |  | (5537) | 6087 |
| Effect of exchange rate changes on cash and cash equivalents |  | (1) | (13) |
| Cash and cash equivalents at the beginning of the period | 2.8 | 14265 | 8191 |
| **Cash and cash equivalents at the end of the period** | 2.8 | **8727** | **14265** |
| **Supplementary information:** |  |  |  |
| Restricted cash balance | 2.8 | 52 | 45 |

---

 

*The accompanying notes form an integral part of the interim condensed standalone financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp;A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |

---

**INFOSYS LIMITED**

**Overview and Notes to the Interim Condensed Standalone Financial Statements**

**1. Overview**

**1.1 Company overview**

Infosys Limited ('the Company' or 'Infosys') provides AI-first business consulting and technology services, to enable organizations to unlock AI value at scale. With over four decades of experience in managing the systems and workings of global enterprises, Infosys accelerates business transformation through its AI-first value framework, deep domain expertise, and unique ability to orchestrate innovations from its AI-native partner ecosystem. Infosys's strategy is to be the navigator for its clients as they ideate, plan and execute on their journey to an AI-first future

The Company is a public limited company incorporated and domiciled in India and has its registered office at Electronics City, Hosur Road, Bengaluru 560100, Karnataka, India. The company has its primary listings on the BSE Ltd. and National Stock Exchange of India Limited. The Company's American Depositary Shares (ADS) representing equity shares are listed on the New York Stock Exchange (NYSE).

The interim condensed standalone financial statements are approved for issue by the Company's Board of Directors on April 23, 2026.

**1.2 Basis of preparation of financial statements**

These interim condensed standalone financial statements are prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting, under the historical cost convention on accrual basis except for certain financial instruments which are measured at fair values and defined benefit liability/(asset) which is recognized at the present value of defined benefit obligation less fair value of plan assets, the provisions of the Companies Act, 2013 (''the Act'') and guidelines issued by the Securities and Exchange Board of India (SEBI). Accordingly, these interim condensed standalone financial statements do not include all the information required for a complete set of financial statements. These interim condensed standalone financial statements should be read in conjunction with the standalone financial statements and related notes included in the Company's Annual Report for the year ended March 31, 2025. The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. The material accounting policy information used in preparation of the audited interim condensed standalone financial statements have been discussed in the respective notes.

As the quarter and year-to-date figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the year-to-date figures reported in this statement.

**1.3 Use of estimates and judgments**

The preparation of the interim condensed standalone financial statements in conformity with Ind AS requires the management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim condensed standalone financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note no. 1.4. Critical accounting estimates and judgments could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgements are reflected in the interim condensed standalone financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim condensed standalone financial statements.

**1.4 Critical accounting estimates and judgments**

**a. Revenue recognition** 

The Company's contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Company assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgement.

Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Company's costs to fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

The Company uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-completion method requires the Company to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Company is acting as an agent between the customer and the vendor, and gross when the Company is the principal for the transaction. In doing so, the Company first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Company considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

**b. Income taxes**

The Company's two major tax jurisdictions are India and the United States, though the Company also files tax returns in other overseas jurisdictions. <br>Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

In assessing the realizability of deferred income tax assets, the management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, management believes that the company will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. (Refer to note 2.16).

**c. Property, plant and equipment**

Property, plant and equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Company's assets are determined by the management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. (Refer to note 2.1).

**2. Notes to the Interim Condensed Standalone Financial Statements**

**2.1 PROPERTY, PLANT AND EQUIPMENT**

**Accounting Policy**

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by the Management. The charge in respect of periodic depreciation is derived at after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The Company depreciates property, plant and equipment over their estimated useful lives using the straight-line method.

The estimated useful lives of assets are as follows:

---

| | |
|:---|:---|
| Building*<sup>(1)</sup>* | 22-25 years |
| Plant and machinery*<sup>(1)</sup>* | 5 years |
| Office equipment | 5 years |
| Computer equipment*<sup>(1)</sup>* | 3-5 years |
| Furniture and fixtures*<sup>(1)</sup>* | 5 years |
| Vehicles*<sup>(1)</sup>* | 5 years |
| Leasehold improvements | Lower of useful life of the asset or lease term |

---

*<sup>(1)</sup>* *Based on technical evaluation, the Management believes that the useful lives as given above best represent the period over which Management expects to use these assets. Hence, the useful lives for these assets is different from the useful lives as prescribed under Part C of Schedule II of the Companies Act 2013.*

Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year end. The useful lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

Advances paid towards the acquisition of property, plant and equipment outstanding at each Balance Sheet date is classified as capital advances under other non-current assets and the cost of assets not ready to use before such date are disclosed under 'Capital work-in-progress'. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Company and the cost of the item can be measured reliably. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset.

**Impairment**

Property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in the interim condensed Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the condensed Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognized for the asset in prior years.

The changes in the carrying value of property, plant and equipment for the three months ended March 31, 2026 are as follows:

(In ![rupee symbol](rupee-symbol.gif) crore)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land- Freehold** | **Buildings<sup>(1)(2)</sup>** | **Plant and machinery<sup>(2)</sup>** | **Office Equipment<sup>(2)</sup>** | **Computer equipment<sup>(2)</sup>** | **Furniture and fixtures<sup>(2)</sup>** | **Leasehold Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at January 1, 2026** | **1438** | **10632** | **3280** | **1451** | **7994** | **2105** | **794** | **43** | **27737** |
| Additions | *–* | 682 | 205 | 64 | 405 | 120 | 7 | *–* | 1483 |
| Deletions\* | *–* | (2) | (11) | (18) | (356) | (25) | (11) | (1) | (424) |
| **Gross carrying value as at March 31, 2026** | **1438** | **11312** | **3474** | **1497** | **8043** | **2200** | **790** | **42** | **28796** |
| **Accumulated depreciation as at January 1, 2026** | *–* | **(5264)** | **(2990)** | **(1244)** | **(5987)** | **(1826)** | **(641)** | **(40)** | **(17992)** |
| Depreciation | *–* | (100) | (46) | (23) | (224) | (37) | (17) | *–* | (447) |
| Accumulated depreciation on deletions\* | *–* | *–* | 11 | 18 | 351 | 25 | 11 | 1 | 417 |
| **Accumulated depreciation as at March 31, 2026** | ***–*** | **(5364)** | **(3025)** | **(1249)** | **(5860)** | **(1838)** | **(647)** | **(39)** | **(18022)** |
| **Carrying value as at January 1, 2026** | **1438** | **5368** | **290** | **207** | **2007** | **279** | **153** | **3** | **9745** |
| **Carrying value as at March 31, 2026** | **1438** | **5948** | **449** | **248** | **2183** | **362** | **143** | **3** | **10774** |

---

The changes in the carrying value of property, plant and equipment for the three months ended March 31, 2025 are as follows:

(In ![rupee symbol](rupee-symbol.gif) crore)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land- Freehold** | **Buildings<sup>(1)(2)</sup>** | **Plant and machinery<sup>(2)</sup>** | **Office Equipment<sup>(2)</sup>** | **Computer equipment<sup>(2)</sup>** | **Furniture and fixtures<sup>(2)</sup>** | **Leasehold Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at January 1, 2025** | **1430** | **10623** | **3241** | **1421** | **7439** | **2162** | **945** | **45** | **27306** |
| Additions | 47 | 3 | 6 | 15 | 576 | 6 | 17 | 1 | 671 |
| Deletions\*\* | *–* | (5) | (9) | (13) | (98) | (42) | (181) | *–* | (348) |
| **Gross carrying value as at March 31, 2025** | **1477** | **10621** | **3238** | **1423** | **7917** | **2126** | **781** | **46** | **27629** |
| **Accumulated depreciation as at January 1, 2025** | *–* | **(4867)** | **(2856)** | **(1183)** | **(5921)** | **(1801)** | **(770)** | **(42)** | **(17440)** |
| Depreciation | *–* | (98) | (40) | (24) | (238) | (36) | (22) | (1) | (459) |
| Accumulated depreciation on deletions\*\* | *–* | 1 | 8 | 12 | 97 | 41 | 181 | *–* | 340 |
| **Accumulated depreciation as at March 31, 2025** | ***–*** | **(4964)** | **(2888)** | **(1195)** | **(6062)** | **(1796)** | **(611)** | **(43)** | **(17559)** |
| **Carrying value as at January 1, 2025** | **1430** | **5756** | **385** | **238** | **1518** | **361** | **175** | **3** | **9866** |
| **Carrying value as at March 31, 2025** | **1477** | **5657** | **350** | **228** | **1855** | **330** | **170** | **3** | **10070** |

---

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2026 are as follows:

(In ![rupee symbol](rupee-symbol.gif) crore)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land- Freehold** | **Buildings<sup>(1)(2)</sup>** | **Plant and machinery<sup>(2)</sup>** | **Office Equipment<sup>(2)</sup>** | **Computer equipment<sup>(2)</sup>** | **Furniture and fixtures<sup>(2)</sup>** | **Leasehold Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2025** | **1477** | **10621** | **3238** | **1423** | **7917** | **2126** | **781** | **46** | **27629** |
| Additions | 27 | 704 | 260 | 116 | 1218 | 174 | 49 | 1 | 2549 |
| Deletions\* <sup>#</sup> | (66) | (13) | (24) | (42) | (1092) | (100) | (40) | (5) | (1382) |
| **Gross carrying value as at March 31, 2026** | **1438** | **11312** | **3474** | **1497** | **8043** | **2200** | **790** | **42** | **28796** |
| **Accumulated depreciation as at April 1, 2025** | *–* | **(4964)** | **(2888)** | **(1195)** | **(6062)** | **(1796)** | **(611)** | **(43)** | **(17559)** |
| Depreciation | *–* | (401) | (161) | (95) | (872) | (142) | (76) | (1) | (1748) |
| Accumulated depreciation on deletions\* <sup>#</sup> | *–* | 1 | 24 | 41 | 1074 | 100 | 40 | 5 | 1285 |
| **Accumulated depreciation as at March 31, 2026** | ***–*** | **(5364)** | **(3025)** | **(1249)** | **(5860)** | **(1838)** | **(647)** | **(39)** | **(18022)** |
| **Carrying value as at April 1, 2025** | **1477** | **5657** | **350** | **228** | **1855** | **330** | **170** | **3** | **10070** |
| **Carrying value as at March 31, 2026** | **1438** | **5948** | **449** | **248** | **2183** | **362** | **143** | **3** | **10774** |

---

\* During the three months and year ended March 31, 2026, certain assets which were not in use having gross book value of ![rupee symbol](rupee-symbol.gif)288 crore (net book value: ![rupee symbol](rupee-symbol.gif)Nil) and ![rupee symbol](rupee-symbol.gif)1022 crore (net book value: ![rupee symbol](rupee-symbol.gif)Nil), respectively were retired.

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2025 are as follows:

(In ![rupee symbol](rupee-symbol.gif) crore)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land- Freehold** | **Buildings<sup>(1)(2)</sup>** | **Plant and machinery<sup>(2)</sup>** | **Office Equipment<sup>(2)</sup>** | **Computer equipment<sup>(2)</sup>** | **Furniture and fixtures<sup>(2)</sup>** | **Leasehold Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2024** | **1430** | **10679** | **3214** | **1370** | **7379** | **2160** | **963** | **45** | **27240** |
| Additions | 47 | 32 | 45 | 97 | 1013 | 47 | 68 | 2 | 1351 |
| Deletions\*\* <sup>#</sup> | *–* | (90) | (21) | (44) | (475) | (81) | (250) | (1) | (962) |
| **Gross carrying value as at March 31, 2025** | **1477** | **10621** | **3238** | **1423** | **7917** | **2126** | **781** | **46** | **27629** |
| **Accumulated depreciation as at April 1, 2024** | *–* | **(4575)** | **(2732)** | **(1139)** | **(5497)** | **(1709)** | **(733)** | **(42)** | **(16427)** |
| Depreciation | *–* | (402) | (176) | (99) | (1034) | (166) | (125) | (2) | (2004) |
| Accumulated depreciation on deletions\*\* <sup>#</sup> | *–* | 13 | 20 | 43 | 469 | 79 | 247 | 1 | 872 |
| **Accumulated depreciation as at March 31, 2025** | ***–*** | **(4964)** | **(2888)** | **(1195)** | **(6062)** | **(1796)** | **(611)** | **(43)** | **(17559)** |
| **Carrying value as at April 1, 2024** | **1430** | **6104** | **482** | **231** | **1882** | **451** | **230** | **3** | **10813** |
| **Carrying value as at March 31, 2025** | **1477** | **5657** | **350** | **228** | **1855** | **330** | **170** | **3** | **10070** |

---

\*\* During the three months and year ended March 31, 2025, certain assets which were not in use having gross book value of ![rupee symbol](rupee-symbol.gif)76 crore (net book value: ![rupee symbol](rupee-symbol.gif)Nil) and ![rupee symbol](rupee-symbol.gif)411 crore (net book value: ![rupee symbol](rupee-symbol.gif)Nil), respectively were retired.

---

| | |
|:---|:---|
| <sup>#</sup> | Proceeds from sale of property plant and equipment amounted to ![rupee symbol](rupee-symbol.gif)267 crore and ![rupee symbol](rupee-symbol.gif)121 crore for the year ended March 31, 2026 and March 31, 2025, respectively. |

---

*<sup>(1)</sup>* *Buildings include ![rupee symbol](rupee-symbol.gif)250/- being the value of five shares of ![rupee symbol](rupee-symbol.gif)50/- each in Mittal Towers Premises Co-operative Society Limited.*

*<sup>(2)</sup>* *Includes certain assets provided on cancellable operating lease to subsidiaries.*

The aggregate depreciation has been included under depreciation and amortization expense in the condensed standalone statement of Profit and Loss.

Repairs and maintenance costs are recognized in the condensed standalone statement of Profit and Loss when incurred.

**2.2 GOODWILL AND OTHER INTANGIBLE ASSETS**

**2.2.1 Goodwill**

Following is a summary of changes in the carrying amount of goodwill:

(In ![rupee symbol](rupee-symbol.gif) crore)

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Carrying value at the beginning | 211 | 211 |
| **Carrying value at the end** | **211** | **211** |

---

**2.2.2 Other Intangible Assets**

**Accounting Policy**

Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry, and known technological advances), and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Amortization methods and useful lives are reviewed periodically including at each financial year end.

Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibility of the project is demonstrated, future economic benefits are probable, the Company has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The costs which can be capitalized include the cost of material, direct labor, overhead costs that are directly attributable to prepare the asset for its intended use.

**2.3 LEASES** 

**Accounting Policy**

**The Company as a lessee** 

The Company's lease asset classes primarily consist of leases for land, buildings and computers. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

As a lessee, the Company determines the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Company considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to Infosys's operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right-of-use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option. <br>Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

**The Company as a lessor** 

Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

For finance lease, finance income is recognized over the lease term based on a pattern reflecting a constant periodic rate of return on the lessor's net investment in the lease and for operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.

Following are the changes in the carrying value of right-of-use assets for the three months ended March 31, 2026:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Computers** | **Total**  |
| **Balance as at January 1, 2026** | **475** | **2074** | **432** | **2981** |
| Additions\* | *–* | 24 | 77 | 101 |
| Deletions | *–* | (16) | (57) | (73) |
| Depreciation | (2) | (101) | (55) | (158) |
| **Balance as at March 31, 2026** | **473** | **1981** | **397** | **2851** |

---

*\** *Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the three months ended March 31, 2025:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Computers** | **Total**  |
| **Balance as at January 1, 2025** | **531** | **2092** | **502** | **3125** |
| Additions\* | *–* | 212 | 48 | 260 |
| Deletions | *–* | (107) | (68) | (175) |
| Depreciation | (1) | (92) | (39) | (132) |
| **Balance as at March 31, 2025** | **530** | **2105** | **443** | **3078** |

---

*\** *Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2026:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Computers** | **Total**  |
| **Balance as at April 1, 2025** | **530** | **2105** | **443** | **3078** |
| Additions\* | *–* | 318 | 457 | 775 |
| Deletions | (53) | (22) | (271) | (346) |
| Depreciation | (4) | (420) | (232) | (656) |
| **Balance as at March 31, 2026** | **473** | **1981** | **397** | **2851** |

---

*\** *Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2025:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Computers** | **Total**  |
| **Balance as at April 1, 2024** | **534** | **2266** | **503** | **3303** |
| Additions\* | *–* | 430 | 353 | 783 |
| Deletions | *–* | (181) | (207) | (388) |
| Depreciation | (4) | (410) | (206) | (620) |
| **Balance as at March 31, 2025** | **530** | **2105** | **443** | **3078** |

---

*\** *Net of adjustments on account of modifications*

The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the interim condensed statement of Profit and Loss.

The following is the break-up of current and non-current lease liabilities as at March 31, 2026 and March 31, 2025:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Current lease liabilities | 934 | 765 |
| Non-current lease liabilities | 2815 | 2694 |
| **Total** | **3749** | **3459** |

---

**2.4 INVESTMENTS**

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity instruments of subsidiaries | 14507 | 13724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemable Preference shares of subsidiary | 2831 | 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference securities and equity securities | 743 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 59 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | 407 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | *–* | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures | 3279 | 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 4210 | 5240 |
| **Total non-current investments** | **26036** | **27371** |
| **Current investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | 2191 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | 1180 | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 7546 | 3257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | *–* | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | 101 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 240 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures | 781 | 1549 |
| **Total current investments** | **12039** | **11147** |
| **Total carrying value** | **38075** | **38518** |

---

*(In ![rupee symbol](rupee-symbol.gif) crore, except as otherwise stated)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unquoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment carried at cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in equity instruments of subsidiaries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys BPM Limited | 662 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,828 (33828) equity shares of ![rupee symbol](rupee-symbol.gif)10,000/- each, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Technologies (China) Co. Limited | 369 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Technologies, S. de R.L. de C.V., Mexico | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,49,99,990 (174999990) equity shares of MXN 1 par value, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Technologies (Sweden) AB | 76 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000 (1000) equity shares of SEK 100 par value, fully paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Technologies (Shanghai) Company Limited | 1010 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Public Services, Inc. | 99 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,50,00,000 (35000000) shares of USD 0.50 par value, fully paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting Holding AG | 1323 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,350 (23350) - Class A shares of CHF 1,000 each and |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,460 (26460) - Class B Shares of CHF 100 each, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeVerve Systems Limited | 1312 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,31,18,40,000 (1311840000) equity shares of ![rupee symbol](rupee-symbol.gif)10/- each, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Nova Holdings LLC<sup>#</sup> | 3308 | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Singapore Pte Ltd | 4821 | 4327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,88,39,411 (27319411) shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brilliant Basics Holding Limited | 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,346 (1346) shares of GBP 0.005 each, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Arabia Limited | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 (70) shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panaya Inc. | 582 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 (2) shares of USD 0.01 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Chile SpA | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 (100) shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Luxembourg S.a r.l. | 26 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,000 (30000) shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Austria GmbH | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80,000 (80000) shares of EUR 1 par value, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting Brazil | 337 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,50,71,070 (275071070) shares of BRL 1 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting S.R.L. (Romania) | 34 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,183 (99183) shares of RON 100 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Limited Bulgaria EOOD | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,58,000 (458000) shares of BGN 1 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Germany Holdings GmbH | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,000 (25000) shares EUR 1 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Green Forum | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,00,000 (1000000) shares ![rupee symbol](rupee-symbol.gif)10 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Automotive and Mobility GmbH | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Turkey Bilgi Teknolojileri Limited Sirketi | 79 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,70,326 (2770326) share Turkish Liras 100 (100) per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting S.R.L. (Argentina) | *–* | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil (294500) shares AR$100 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Business Solutions LLC | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000 (10000) shares USD 100 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idunn Information Technology Private Limited | 82 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,27,788 (327788) shares ![rupee symbol](rupee-symbol.gif) 10 per share fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InSemi Technology Services Private Limited | 198 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,33,440 (1033440) shares ![rupee symbol](rupee-symbol.gif) 10 per share fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in-tech Group India Private Limited | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000 (10000) shares ![rupee symbol](rupee-symbol.gif) 10 per share fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Services (Thailand) Limited | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,99,998 (4999998) shares THB 10 per share fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Redeemable Preference shares of subsidiary |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Singapore Pte Ltd | 2831 | 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,02,00,000 (510200000) shares |  |  |
|  | **17338** | **16555** |

---

*(In ![rupee symbol](rupee-symbol.gif) crore, except as otherwise stated)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and Preference securities | 52 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others <sup>(1)</sup> | 59 | 61 |
|  | **111** | **551** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference securities | 628 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 2 | 2 |
|  | **630** | **169** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Quoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at amortized cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | 407 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | *–* | 14 |
|  | **407** | **1479** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures | 3279 | 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities | 61 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 4210 | 5240 |
|  | **7550** | **8617** |
| **Total non-current investments** | **26036** | **27371** |
| **Current investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unquoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | 2191 | 1185 |
|  | **2191** | **1185** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | 1180 | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 7546 | 3257 |
|  | **8726** | **6699** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Quoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at amortized cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | *–* | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | 101 | *–* |
|  | **101** | **154** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 240 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures | 781 | 1549 |
|  | **1021** | **3109** |
| **Total current investments** | **12039** | **11147** |
| **Total investments** | **38075** | **38518** |
| Aggregate amount of quoted investments | 9079 | 13359 |
| Market value of quoted investments (including interest accrued), current | 1122 | 3266 |
| Market value of quoted investments (including interest accrued), non-current | 7981 | 10269 |
| Aggregate amount of unquoted investments | 28996 | 25159 |
| *<sup>#</sup>* Aggregate amount of impairment in value of investments | 94 | 94 |
| Reduction in the fair value of assets held for sale | 854 | 854 |
| Investments carried at cost | 17338 | 16555 |
| Investments carried at amortized cost | 508 | 1633 |
| Investments carried at fair value through other comprehensive income | 17927 | 18594 |
| Investments carried at fair value through profit or loss | 2302 | 1736 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Uncalled capital commitments outstanding as of March 31, 2026 and March 31, 2025 was ![rupee symbol](rupee-symbol.gif) 23 crore and ![rupee symbol](rupee-symbol.gif) 27 crore, respectively.* 

*Refer to note 2.10 for accounting policies on financial instruments.*

 

**Method of fair valuation:**

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| | | **Fair value as at** | **Fair value as at** |
| **Class of investment** | **Method** | **March 31, 2026** | **March 31, 2025** |
| Mutual fund units - carried at fair value through profit or loss | Quoted price | 2191 | 1185 |
| Target maturity fund units - carried at fair value through profit or loss | Quoted price | *–* | 465 |
| Tax free bonds and government bonds - carried at amortized cost | Quoted price and market observable inputs | 529 | 1796 |
| Non-convertible debentures - carried at fair value through other comprehensive income | Quoted price and market observable inputs | 4060 | 4869 |
| Government securities - carried at fair value through other comprehensive income | Quoted price and market observable inputs | 4450 | 6800 |
| Commercial Papers - carried at fair value through other comprehensive income | Market observable inputs | 1180 | 3442 |
| Certificates of deposit - carried at fair value through other comprehensive income | Market observable inputs | 7546 | 3257 |
| Quoted equity securities - carried at fair value through other comprehensive income | Quoted price | 61 | 57 |
| Unquoted equity and preference securities - carried at fair value through other comprehensive income | Discounted cash flows method, Market multiples method, Option pricing model | 630 | 169 |
| Unquoted equity and preference securities - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, Option pricing model | 52 | 25 |
| Others - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, Option pricing model | 59 | 61 |
| **Total** |  | **20758** | **22126** |

---

Note : Certain quoted investments are classified as Level 2 in the absence of active market for such investments.

**2.5 LOANS**

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non- Current** |  |  |
| Loan to subsidiary | *–* | 10 |
| Loans considered good - Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 5 | 16 |
|  | **5** | **26** |
| **Current** |  |  |
| Loans considered good - Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 189 | 207 |
| **Total current loans** | **189** | **207** |
| **Total Loans** | **194** | **233** |
| <sup>(1)</sup> Includes dues from subsidiaries | ***–*** | 10 |

---

**2.6 OTHER FINANCIAL ASSETS**

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits <sup>(1)</sup> | 214 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>(1)(5)#</sup> | 1356 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in lease<sup>(1)</sup> | 265 | 241 |
| **Total non-current other financial assets** | **1835** | **2350** |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits <sup>(1)</sup> | 10 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits placed with Corporation <sup>(1)\*</sup> | 2918 | 2716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>(1)(5)#</sup> | 7143 | 5681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued but not due <sup>(1)</sup> | 360 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward and options contracts <sup>(2)(3)</sup> | 80 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in lease <sup>(1)</sup> | 324 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others <sup>(1)(4)</sup> | 3935 | 3013 |
| **Total current other financial assets** | **14770** | **12569** |
| **Total other financial assets** | **16605** | **14919** |
| <sup>(1)</sup> Financial assets carried at amortized cost | 16525 | 14748 |
| <sup>(2)</sup> Financial assets carried at fair value through other comprehensive income | 56 | 28 |
| <sup>(3)</sup> Financial assets carried at fair value through Profit or Loss | 24 | 143 |
| *<sup>(4)</sup> Includes dues from subsidiaries* | 3776 | 2863 |
| *<sup>(5)</sup> Includes dues from subsidiaries* | 145 | 165 |

---

\* Deposits placed with corporation represent restricted deposits to settle employee related obligations as and when they arise during the normal course of business.

---

| | |
|:---|:---|
| **<sup>#</sup>** | Classified as financial asset as right to consideration is unconditional and is due only after a passage of time. |

---

**2.7 TRADE RECEIVABLES** 

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Receivable considered good - Unsecured <sup>(1)</sup> | 30766 | 26807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for expected credit loss | 429 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Receivable considered good - Unsecured | 30337 | 26413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Receivable - credit impaired - Unsecured | 111 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for credit impairment | 111 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Receivable - credit impaired - Unsecured | *–* | *–* |
| **Total trade receivables <sup>(2)</sup>** | **30337** | **26413** |
| *<sup>(1)</sup> Includes dues from subsidiaries* | 338 | 250 |
| *<sup>(2)</sup> Includes dues from companies where directors are interested* | *–* | *–* |

---

**2.8 CASH AND CASH EQUIVALENTS**

 *(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Balances with banks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In current and deposit accounts | 8727 | 14265 |
| Cash on hand | *–* | *–* |
| **Total Cash and cash equivalents** | **8727** | **14265** |
| *Balances with banks in unpaid dividend accounts* | 45 | 45 |
| *Deposit with more than 12 months maturity* | *–* | *–* |

---

Cash and cash equivalents as at March 31, 2026 and March 31, 2025 include restricted cash and bank balances of ![rupee symbol](rupee-symbol.gif)52 crore and ![rupee symbol](rupee-symbol.gif)45 crore, respectively.

The deposits maintained by the Company with banks and financial institutions comprise of time deposits, which can be withdrawn by the Company at any point without prior notice or penalty on the principal.

**2.9 OTHER ASSETS** 

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current** |  |  |
| Capital advances | 154 | 206 |
| Advances other than capital advances |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 510 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined benefit plan assets | 168 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred contract cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of obtaining a contract | 301 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of fulfillment | 590 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues<sup>(2)</sup> | 274 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others<sup>(3)</sup> | 593 | 512 |
| **Total non-current other assets** | **2590** | **2223** |
| **Current** |  |  |
| Advances other than capital advances |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment to vendors for supply of goods | 408 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses <sup>(1)</sup> | 3229 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues<sup>(2)</sup> | 4933 | 4284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred contract cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of obtaining a contract | 226 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of fulfillment | 472 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others<sup>(3)</sup> | 3329 | 2309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables <sup>(1)</sup> | 27 | 9 |
| **Total current other assets** | **12624** | **9618** |
| **Total other assets** | **15214** | **11841** |
| *<sup>(1)</sup> Includes dues from subsidiaries* | 141 | 151 |

---

*<sup>(2)</sup>* *Classified as non-financial asset as the contractual right to consideration is dependent on completion of contractual milestones.*

<sup>(3)</sup> Withholding taxes and others primarily consist of input tax credits and VAT recoverable from tax authorities.

**2.10 FINANCIAL INSTRUMENTS**

**Accounting Policy**

**2.10.1 Initial recognition**

The Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

**2.10.2 Subsequent measurement**

**a. Non-derivative financial instruments**

***(i) Financial assets carried at amortized cost***

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

***(ii) Financial assets carried at fair value through other comprehensive income (FVOCI)***

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company has made an irrevocable election for certain investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

***(iii) Financial assets carried at fair value through profit or loss (FVTPL)***

A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss.

***(iv) Financial liabilities***

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration recognized in a business combination which is subsequently measured at fair value through profit or loss.

***(v) Investment in subsidiaries***

Investment in subsidiaries is carried at cost in the separate financial statements.

**b. Derivative financial instruments**

The Company holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank.

***(i) Financial assets or financial liabilities, carried at fair value through profit or loss.***

This category includes derivative financial assets or liabilities which are not designated as hedges.

Although the Company believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under Ind AS 109, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per Ind AS 109, is categorized as a financial asset or financial liability, at fair value through profit or loss.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in net profit in the Statement of Profit and Loss when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the Balance Sheet date.

***(ii) Cash flow hedge***

Primarily the Company designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions. <br>When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the condensed standalone Statement of Profit and Loss. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedge reserve till the period the hedge was effective remains in cash flow hedge reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedge reserve is transferred to the net profit in the condensed standalone Statement of Profit and Loss upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedge reserve is reclassified to net profit in the Statement of Profit and Loss.

**2.10.3 Derecognition of financial instruments**

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. A financial liability (or a part of a financial liability) is derecognized from the Company's Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

**2.10.4 Fair value of financial instruments**

In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, option pricing model, market multiples, available quoted market prices and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized.

Refer to table 'Financial instruments by category' below for the disclosure on carrying value and fair value of financial assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date and which are not carried at fair value, the carrying amounts approximate fair value due to the short maturity of these instruments.

**2.10.5 Impairment** 

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets and unbilled revenues which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled revenues with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. <br>The Company determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Company considers current and anticipated future economic conditions relating to industries the Company deals with and the countries where it operates.

The amount of ECLs (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recorded is recognized as an impairment loss or gain in statement of profit and loss.

**Financial instruments by category**

The carrying value and fair value of financial instruments by categories as at March 31, 2026 were as follows:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/liabilities at fair value through OCI** | **Financial assets/liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents (Refer to note 2.8) | 8727 | *–* | *–* | *–* | *–* | 8727 | 8727 |
| Investments (Refer to note 2.4) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference securities, Equity securities and others | *–* | 52 | 59 | 691 | *–* | 802 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | 508 | *–* | *–* | *–* | *–* | 508 | 529<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | *–* | *–* | 2191 | *–* | *–* | 2191 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | *–* | *–* | *–* | *–* | 1180 | 1180 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | *–* | *–* | *–* | *–* | 7546 | 7546 | 7546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | *–* | *–* | *–* | *–* | 4060 | 4060 | 4060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | *–* | *–* | *–* | *–* | 4450 | 4450 | 4450 |
| Trade receivables (Refer to note 2.7) | 30337 | *–* | *–* | *–* | *–* | 30337 | 30337 |
| Loans (Refer to note 2.5) | 194 | *–* | *–* | *–* | *–* | 194 | 194 |
| Other financial assets (Refer to note 2.6) | 16525 | *–* | 24 | *–* | 56 | 16605 | 16585<sup>(2)</sup> |
| **Total** | **56291** | **52** | **2274** | **691** | **17292** | **76600** | **76601** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables (Refer to note 2.13) | 3539 | *–* | *–* | *–* | *–* | 3539 | 3539 |
| Lease liabilities (Refer to note 2.3) | 3749 | *–* | *–* | *–* | *–* | 3749 | 3749 |
| Other financial liabilities (Refer to note 2.12) | 15306 | *–* | 512 | *–* | 55 | 15873 | 15873 |
| **Total** | **22594** | *–* | **512** | *–* | **55** | **23161** | **23161** |

---

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on tax free bonds and government bonds carried at amortized cost of ![rupee symbol](rupee-symbol.gif)20 crore*

The carrying value and fair value of financial instruments by categories as at March 31, 2025 were as follows:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/liabilities at fair value through OCI** | **Financial assets/liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents (Refer to note 2.8) | 14265 | *–* | *–* | *–* | *–* | 14265 | 14265 |
| Investments (Refer to note 2.4) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference securities, Equity securities and others | *–* | 25 | 61 | 226 | *–* | 312 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | 1633 | *–* | *–* | *–* | *–* | 1633 | 1796<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | *–* | 465 | *–* | *–* | 465 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | *–* | *–* | 1185 | *–* | *–* | 1185 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | *–* | *–* | *–* | *–* | 3442 | 3442 | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | *–* | *–* | *–* | *–* | 3257 | 3257 | 3257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | *–* | *–* | *–* | *–* | 4869 | 4869 | 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | *–* | *–* | *–* | *–* | 6800 | 6800 | 6800 |
| Trade receivables (Refer to note 2.7) | 26413 | *–* | *–* | *–* | *–* | 26413 | 26413 |
| Loans (Refer to note 2.5) | 233 | *–* | *–* | *–* | *–* | 233 | 233 |
| Other financial assets (Refer to note 2.6) | 14748 | *–* | 143 | *–* | 28 | 14919 | 14839<sup>(2)</sup> |
| **Total** | **57292** | **25** | **1854** | **226** | **18396** | **77793** | **77876** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables (Refer to note 2.13) | 2728 | *–* | *–* | *–* | *–* | 2728 | 2728 |
| Lease Liabilities (Refer to note 2.3) | 3459 | *–* | *–* | *–* | *–* | 3459 | 3459 |
| Other financial liabilities (Refer to note 2.12) | 13593 | *–* | 54 | *–* | 33 | 13680 | 13680 |
| **Total** | **19780** | ***–*** | **54** | ***–*** | **33** | **19867** | **19867** |

---

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on tax free bonds and government bonds carried at amortized cost of ![rupee symbol](rupee-symbol.gif)80 crore*

For trade receivables, trade payables, other assets and payables maturing within one year from the Balance Sheet date, the carrying amounts approximate the fair value due to the short maturity of these instruments.

**Fair value hierarchy**

**Level 1** - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

**Level 2** – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

**Level 3** - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2026 is as follows:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at March 31, 2026** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.4)** |  |  |  |  |
| Investments in tax free bonds | 428 | 428 | *–* | *–* |
| Investments in government bonds | 101 | 101 | *–* | *–* |
| Investments in mutual fund units | 2191 | 2191 | *–* | *–* |
| Investments in certificates of deposit | 7546 | *–* | 7546 | *–* |
| Investments in commercial papers | 1180 | *–* | 1180 | *–* |
| Investments in non convertible debentures | 4060 | 3572 | 488 | *–* |
| Investments in government securities | 4450 | 4282 | 168 | *–* |
| Investments in equity securities | 63 | 61 | *–* | 2 |
| Investments in preference securities | 680 | *–* | *–* | 680 |
| Other investments | 59 | *–* | *–* | 59 |
| **Others** |  |  |  |  |
| Derivative financial instruments - gains (Refer to note 2.6) | 80 | *–* | 80 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - loss (Refer to note 2.12) | 547 | *–* | 547 | *–* |
| Liability towards contingent consideration (Refer to note 2.12)<sup>(1)</sup> | 20 | *–* | *–* | 20 |

---

*<sup>(1)</sup>* *Discount rate - 6 %*

During the year ended March 31, 2026, tax free bonds of ![rupee symbol](rupee-symbol.gif)57 crore and government securities ![rupee symbol](rupee-symbol.gif)36 crore was transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price. Further, non-convertible debentures of ![rupee symbol](rupee-symbol.gif) 487 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2025 was as follows:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at March 31, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.4)** |  |  |  |  |
| Investments in tax free bonds | 1781 | 1227 | 554 | *–* |
| Investments in target maturity fund units | 465 | 465 | *–* | *–* |
| Investments in government bonds | 15 | 15 | *–* | *–* |
| Investments in mutual fund units | 1185 | 1185 | *–* | *–* |
| Investments in certificates of deposit | 3257 | *–* | 3257 | *–* |
| Investments in commercial papers | 3442 | *–* | 3442 | *–* |
| Investments in non convertible debentures | 4869 | 4869 | *–* | *–* |
| Investments in government securities | 6800 | 6763 | 37 | *–* |
| Investments in equity securities | 59 | 57 | *–* | 2 |
| Investments in preference securities | 192 | *–* | *–* | 192 |
| Other investments | 61 | *–* | *–* | 61 |
| **Others** |  |  |  |  |
| Derivative financial instruments - gains (Refer to note 2.6) | 171 | *–* | 171 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - loss (Refer note 2.12) | 56 | *–* | 56 | *–* |
| Liability towards contingent consideration (Refer to note 2.12)<sup>(1)</sup> | 31 | *–* | *–* | 31 |

---

*<sup>(1)</sup>* *Discount rate - 6 %*

During the year ended March 31, 2025, government securities and non-convertible debentures of ![rupee symbol](rupee-symbol.gif)36 crore and ![rupee symbol](rupee-symbol.gif)261 crore were transferred from Level 2 to Level 1 of fair value hierarchy since these were valued based on quoted price. Further Tax free bond of ![rupee symbol](rupee-symbol.gif)554 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

A one percentage point change in the unobservable inputs used in fair valuation of Level 3 assets and liabilities does not have a significant impact in its value.

Majority of investments of the Company are fair valued based on Level 1 or Level 2 inputs. These investments primarily include investment in mutual fund units, target maturity fund units, tax free bonds, certificates of deposit, commercial papers, treasury bills, government securities, non-convertible debentures, quoted bonds issued by government and quasi-government organizations. The Company invests after considering counterparty risks based on multiple criteria including Tier I capital, Capital Adequacy Ratio, Credit Rating, Profitability, NPA levels and Deposit base of banks and financial institutions. These risks are monitored regularly as per Company's risk management program.

**2.11 EQUITY**

**Accounting policy**

**Ordinary Shares**

Ordinary shares are classified as equity share capital. Incremental costs directly attributable to the issuance of new ordinary shares, share options and buyback are recognized as a deduction from equity, net of any tax effects.

**Description of reserves**

**Capital redemption reserve**

In accordance with section 69 of the Indian Companies Act, 2013, the Company creates capital redemption reserve equal to the nominal value of the shares bought back as an appropriation from general reserve / retained earnings.

**Retained earnings**

Retained earnings represent the amount of accumulated earnings of the Company.

**Securities premium**

The amount received in excess of the par value of equity shares has been classified as securities premium. Amounts have been utilized for bonus issue and share buyback from share premium account.

**Share options outstanding account**

The Share options outstanding account is used to record the fair value of equity-settled share based payment transactions with employees. The amounts recorded in share options outstanding account are transferred to securities premium upon exercise of stock options and transferred to general reserve on account of stock options not exercised by employees.

**Special Economic Zone Re-investment reserve**

The Special Economic Zone Re-investment reserve has been created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA (1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA (2) of the Income Tax Act, 1961.

**Other components of equity**

Other components of equity include remeasurement of net defined benefit liability / asset, equity instruments fair valued through other comprehensive income, changes on fair valuation of investments and changes in fair value of derivatives designated as cash flow hedges, net of taxes.

**Cash flow hedge reserve**

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the condensed standalone Statement of Profit and Loss upon the occurrence of the related forecasted transaction.

**2.11.1 EQUITY SHARE CAPITAL**

*(In ![rupee symbol](rupee-symbol.gif) crore, except as otherwise stated)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Authorized** |  |  |
| Equity shares, ![rupee symbol](rupee-symbol.gif)5/- par value |  |  |
| 480,00,00,000 (4800000000) equity shares | 2400 | 2400 |
| **Issued, Subscribed and Paid-Up** |  |  |
| Equity shares, ![rupee symbol](rupee-symbol.gif)5/- par value<sup>(1)</sup> | 2027 | 2076 |
| 405,55,91,723 (4153263455) equity shares fully paid-up |  |  |
|  | **2027** | **2076** |

---

*<sup>(1)</sup>* *Refer to note 2.20 for details of basic and diluted shares*

Forfeited shares amounted to ![rupee symbol](rupee-symbol.gif)1,500/- (![rupee symbol](rupee-symbol.gif)1,500/-)

The Company has only one class of shares referred to as equity shares having a par value of ![rupee symbol](rupee-symbol.gif)5/-. Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depository Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company in proportion to the number of equity shares held by the shareholders, after distribution of all preferential amounts. However, no such preferential amounts exist currently.

There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans.

<br> For details of shares reserved for issue under the employee stock option plan of the Company, refer to the note below.

The reconciliation of the number of shares outstanding and the amount of share capital as at March 31, 2026 and March 31, 2025 is set out below:

*(in ![rupee symbol](rupee-symbol.gif) crore, except as stated otherwise)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at March 31, 2026** | **As at March 31, 2026** | **As at March 31, 2025** | **As at March 31, 2025** |
| **Particulars** | **Number of shares** | **Amount** | **Number of shares** | **Amount** |
| **As at the beginning of the period** | **4153263455** | **2076** | **4150867464** | **2075** |
| Add: Shares issued on exercise of employee stock options | 2328268 | 1 | 2395991 | 1 |
| Less: Shares bought back | 100000000 | 50 | *–* | *–* |
| **As at the end of the period** | **4055591723** | **2027** | **4153263455** | **2076** |

---

**Capital allocation policy** 

Effective fiscal 2025, the Company expects to continue its policy of returning approximately 85% of the free cash flow cumulatively over a 5-year period through a combination of semi-annual dividends and/or share buyback/ special dividends subject to applicable laws and requisite approvals, if any.

Under this policy, the Company expects to progressively increase its annual dividend per share (excluding special dividend if any).

Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS. Dividend and buyback include applicable taxes.

**Buyback completed in December 2025**

In line with the capital allocation policy, the Board, at its meeting held on September 11, 2025, approved a proposal for the Company to buyback its fully paid-up equity shares of face value of ![rupee symbol](rupee-symbol.gif)5/- each from the eligible equity shareholders of the Company for an amount of ![rupee symbol](rupee-symbol.gif)18,000 crore subject to shareholders' approval by way of Postal Ballot. The shareholders approved the said proposal of buyback of Equity Shares recommended by its Board of Directors by way of e-voting through postal ballot, the results of which were declared on November 6, 2025. The Buyback offer comprised a purchase of 10,00,00,000 Equity Shares comprising approximately 2.41% of the total paid-up equity share capital of the Company as of June 30, 2025 (on standalone basis) at a price of ![rupee symbol](rupee-symbol.gif)1,800 per Equity share. The buyback was offered to all eligible equity shareholders (including those who became equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity shares) of the Company as on the Record Date (i.e. November 14, 2025) on a proportionate basis through the "Tender offer" route. The tender period for buyback commenced on November 20, 2025 and was open until November 26, 2025. The Company concluded the buyback procedures on December 4, 2025 and 10,00,00,000 equity shares were bought back and extinguished. The buyback resulted in cash outflow of ![rupee symbol](rupee-symbol.gif)18,000 crore (excluding transaction costs). The Company funded the buyback from its free reserves including securities premium as explained in Section 68 of the Companies Act, 2013. In accordance with Section 69 of the Companies Act, 2013, as at March 31, 2026, the Company has created a Capital Redemption Reserve of ![rupee symbol](rupee-symbol.gif)50 crore equal to the nominal value of the shares bought back as an appropriation from the general reserve.

The Company's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, return capital to shareholders, issue new shares or buy back issued shares. As of March 31, 2026, the Company has only one class of equity shares and has no debt. Consequent to the above capital structure there are no externally imposed capital requirements.

**2.11.2 DIVIDEND**

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company's Board of Directors. Income tax consequences of dividends on financial instruments classified as equity will be recognized according to where the entity originally recognized those past transactions or events that generated distributable profits.

The Company declares and pays dividends in Indian rupees. Companies are required to pay/distribute dividend after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates.

The amount of per share dividend recognized as distribution to equity shareholders in accordance with Companies Act 2013 is as follows:-

*(in ![rupee symbol](rupee-symbol.gif))*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Interim dividend for fiscal 2026 | *–* | *–* | 23.00 | *–* |
| Final dividend for fiscal 2025 | *–* | *–* | 22.00 | *–* |
| Interim dividend for fiscal 2025 | *–* | *–* | *–* | 21.00 |
| Special dividend for fiscal 2024 | *–* | *–* | *–* | 8.00 |
| Final dividend for fiscal 2024 | *–* | *–* | *–* | 20.00 |

---

During the year ended March 31, 2026, on account of the final dividend for fiscal 2025 and interim dividend for fiscal 2026, the Company has incurred a net cash outflow of ![rupee symbol](rupee-symbol.gif)18,694 crore.

The Board of Directors in their meeting held on April 23, 2026 recommended a final dividend of ![rupee symbol](rupee-symbol.gif)25/- per equity share for the financial year ended March 31, 2026. The payment is subject to approval of shareholders in the Annual General Meeting (AGM) of the Company to be held on June 23, 2026 and if approved, would result in a net cash outflow of approximately ![rupee symbol](rupee-symbol.gif)10,139 crore.

**2.11.3 Employee Stock Option Plan (ESOP):**

**Accounting Policy**

The Company recognizes compensation expense relating to share-based payments in net profit based on estimated fair-values of the awards on the grant date. The estimated fair value of awards is recognized as an expense in the statement of profit and loss on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share options outstanding account.

**Infosys Expanded Stock Ownership Program 2019 (the 2019 Plan):**

On June 22, 2019 pursuant to approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 plan shall not exceed 5,00,00,000 equity shares. To implement the 2019 Plan, up to 4,50,00,000 equity shares may be issued by way of secondary acquisition of shares by Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

**2015 Stock Incentive Compensation Plan (the 2015 Plan):**

On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Plan. The maximum number of shares under the 2015 plan shall not exceed 2,40,38,883 equity shares (this includes 1,12,23,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years. The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.

The equity settled and cash settled RSUs and stock options would vest generally over a period of 4 years and shall be exercisable within the period as approved by the Nomination and Remuneration Committee (NARC). The exercise price of the RSUs will be equal to the par value of the shares and the exercise price of the stock options (ESOPs) would be the market price as on the date of grant.

Controlled trust holds 86,50,911 and 96,55,927 shares as at March 31, 2026 and March 31, 2025, respectively under the 2015 plan. Out of these shares, 200,000 equity shares each have been earmarked for welfare activities of the employees as at March 31, 2026 and March 31, 2025.

The following is the summary of grants made during the three months and year ended March 31, 2026 and March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| **2015 Plan: RSU** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | 100532 | 85674 | 377609 | 380842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 2137048 | 1722470 | 2254341 | 1874690 |
|  | **2237580** | **1808144** | **2631950** | **2255532** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 119800 | 94050 | 119800 | 94050 |
|  | **119800** | **94050** | **119800** | **94050** |
| **2015 Plan: Employee Stock Options (ESOPs)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | 237370 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | *–* | *–* | 5412790 | *–* |
|  | ***–*** | ***–*** | **5650160** | ***–*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | *–* | *–* | 108180 | *–* |
|  | ***–*** | ***–*** | **108180** | ***–*** |
| **Total Grants under 2015 Plan** | **2357380** | **1902194** | **8510090** | **2349582** |
| **2019 Plan: RSU** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | 60600 | 49000 | 126966 | 119699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 4419325 | 3617798 | 4422390 | 3624646 |
|  | **4479925** | **3666798** | **4549356** | **3744345** |
| **Total Grants under 2019 Plan** | **4479925** | **3666798** | **4549356** | **3744345** |

---

***Notes on grants to KMP:***

**CEO & MD**

**Under the 2015 plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2026. In accordance with such approval the following grants were made effective May 2, 2025.

2,30,621 performance-based RSUs (Annual performance equity grant) of fair value of ![rupee symbol](rupee-symbol.gif)34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets.

13,273 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of ![rupee symbol](rupee-symbol.gif)2 crore. These RSUs will vest in line with the employment agreement based on achievement of certain environment, social and governance milestones as determined by the Board.

33,183 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of ![rupee symbol](rupee-symbol.gif)5 crore. These RSUs will vest in line with the employment agreement based on Company's performance on cumulative relative TSR over the years and as determined by the Board.

Further, in accordance with the employee agreement which has been approved by the shareholders, the CEO is eligible to receive an annual grant of RSUs of fair value ![rupee symbol](rupee-symbol.gif)3 crore which will vest overtime in three equal annual installments upon the completion of each year of service from the respective grant date. Accordingly, annual time-based grant of 18,132 RSUs was made effective February 1, 2026 for fiscal 2026.

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of March 31, 2026, since the service commencement date precedes the grant date, the company has recorded employment stock compensation expense in accordance with Ind AS 102, Share based payment. The grant date for this purpose in accordance with Ind AS 102, Share based payment is July 1, 2022.

**Under the 2019 plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to ![rupee symbol](rupee-symbol.gif)10 crore for fiscal 2026 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 66,366 performance based RSU's were granted effective May 2, 2025.

**Other KMP**

**Under the 2015 plan:**

During the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved time based grants of 2,37,370 ESOPs to Other KMP under the 2015 Plan. These ESOPs will vest over a period of 4 years and shall be exercisable within the period as approved by the Committee. The exercise price of the ESOPs would be the market price as on the date of grant.

Further, during the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved 82,400 time based RSUs to Other KMPs under the 2015 Plan. Time based RSUs will vest over four years.

**Under the 2019 plan:**

During the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved performance based grants of 60,600 RSUs to other KMPs under the 2019 plan. These RSUs will vest over three years based on achievement of certain performance targets.

**The break-up of employee stock compensation expense is as follows:** 

*(in ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Granted to: |  |  |  |  |
| KMP | 18 | 18 | 70 | 70 |
| Employees other than KMP | 207 | 158 | 776 | 642 |
| **Total <sup>(1)</sup>** | **225** | **176** | **846** | **712** |
| *<sup>(1)</sup> Cash settled stock compensation expense included in the above* | *–* | 1 | 5 | 8 |

---

The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance-based options and Monte Carlo simulation model is used for TSR based options.

The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected term and the risk free rate of interest. Expected volatility during the expected term of the options is based on historical volatility of the observed market prices of the Company's publicly traded equity shares during a period equivalent to the expected term of the options. Expected volatility of the comparative company have been modelled based on historical movements in the market prices of their publicly traded equity shares during a period equivalent to the expected term of the options. Correlation coefficient is calculated between each peer entity and the indices as a whole or between each entity in the peer group.

The fair value of each equity settled award is estimated on the date of grant using the following assumptions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** |
| **Particulars** | **Fiscal 2026- <br> Equity Shares-RSU** | **Fiscal 2026- <br> ADR RSU** | **Fiscal 2026- <br> Equity Shares-ESOP** | **Fiscal 2026- <br> ADS-ESOP** | **Fiscal 2025- <br> Equity Shares-RSU** | **Fiscal 2025- <br> ADS-RSU** |
| Weighted average share price (![rupee symbol](rupee-symbol.gif)) / ($ ADS) | 1641 | 17.55 | 1554 | 17.93 | 1808 | 21.44 |
| Exercise price (![rupee symbol](rupee-symbol.gif)) / ($ ADS) | 5.00 | 0.10 | 1554 | 17.93 | 5.00 | 0.07 |
| Expected volatility (%) | 23-26 | 25-29 | 25-28 | 26-30 | 21-26 | 23-28 |
| Expected life of the option (years) | 1-4 | 1-4 | 3-7 | 3-7 | 1-4 | 1-4 |
| Expected dividends (%) | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 |
| Risk-free interest rate (%) | 6 | 4 | 6 | 4 | 7 | 4-5 |
| Weighted average fair value as on grant date (![rupee symbol](rupee-symbol.gif)) / ($ ADS) | 1331 | 14.16 | 390 | 4.09 | 1555 | 18.20 |

---

The expected life of the RSU/ESOP is estimated based on the vesting term and contractual term of the RSU/ESOP, as well as expected exercise behavior of the employee who receives the RSU/ESOP.

**2.12 OTHER FINANCIAL LIABILITIES**

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current** |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensated absences | 105 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation to employees <sup>(1)</sup> | 3 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses <sup>(1)</sup> | 1709 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for acquisition of business - Contingent consideration <sup>(2)</sup> | *–* | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables <sup>(1)</sup> | 63 | *–* |
| **Total non-current other financial liabilities** | **1880** | **1991** |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unpaid dividends <sup>(1)</sup> | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation to employees <sup>(1)</sup> | 4365 | 3781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses <sup>(1)(4)</sup> | 7423 | 6210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital creditors <sup>(1)</sup> | 254 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensated absences | 2714 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for acquisition of business - Contingent consideration <sup>(2)</sup> | 20 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables <sup>(1)(5)</sup> | 1444 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward and options contracts <sup>(2)(3)</sup> | 547 | 56 |
| **Total current other financial liabilities** | **16812** | **14101** |
| **Total other financial liabilities** | **18692** | **16092** |
| *<sup>(1)</sup> Financial liability carried at amortized cost* | 15306 | 13593 |
| *<sup>(2)</sup> Financial liability carried at fair value through profit or loss* | 512 | 54 |
| *<sup>(3)</sup> Financial liability carried at fair value through other comprehensive income* | 55 | 33 |
| *<sup>(4)</sup> Includes dues to subsidiaries* | 60 | 56 |
| *<sup>(5)</sup> Includes dues to subsidiaries* | 1232 | 669 |
| *Financial liability towards contingent consideration on an undiscounted basis* | 20 | 33 |

---

Accrued expenses primarily relate to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building expenses, overseas travel expenses, office maintenance and cost of third party software and hardware.

**2.13 TRADE PAYABLES**

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Outstanding dues of micro enterprises and small enterprises (MSME) | 9 | 8 |
| Outstanding dues of creditors other than micro enterprises and small enterprises *<sup>(1)</sup>* | 3530 | 2720 |
| **Total trade payables** | **3539** | **2728** |
| *<sup>(1)</sup> Includes dues to subsidiaries* | 1079 | 900 |

---

**2.14 OTHER LIABILITIES**

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current** |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued defined benefit liability | 464 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 31 | 21 |
| **Total non - current other liabilities** | **495** | **95** |
| **Current** |  |  |
| Unearned revenue | 9493 | 6713 |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others | 2972 | 2433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued defined benefit liability | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 10 | 10 |
| **Total current other liabilities** | **12478** | **9159** |
| **Total other liabilities** | **12973** | **9254** |

---

**2.15 PROVISIONS**

**Accounting Policy**

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The Company recognizes a reimbursement asset when, and only when, it is virtually certain that the reimbursement will be received if the Company settles the obligation.

**a. Post-sales client support**

The Company provides its clients with a fixed-period post sales support on its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in the Statement of Profit and Loss. The Company estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.

**b. Onerous contracts**

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on the assets associated with that contract.

**Provision for post-sales client support and other provisions**

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Current** |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-sales client support and other provisions | 1064 | 993 |
| **Total provisions** | **1064** | **993** |

---

Provision for post sales client support and other provisions majorly represents costs associated with providing post sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 year.

**2.16 INCOME TAXES**

**Accounting Policy**

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the Statement of Profit and Loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income taxes are not provided on the undistributed earnings of subsidiaries and branches where it is expected that the earnings of the subsidiary or branch will not be distributed in the foreseeable future.

The Company offsets current tax assets and current tax liabilities; deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The income tax provision for the interim period is made based on the best estimate of the annual average tax rate expected to be applicable for the full financial year. Tax benefits of deductions earned on exercise of employee share options in excess of compensation charged to income are credited to equity.

Income tax expense in the condensed Standalone statement of Profit and Loss comprises:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Current taxes | 2119 | 2408 | 10459 | 10836 |
| Deferred taxes | (138) | 25 | (913) | (963) |
| **Income tax expense** | **1981** | **2433** | **9546** | **9873** |

---

Income tax expense for the three months ended March 31, 2026 and March 31, 2025 includes reversals (net of provisions) of ![rupee symbol](rupee-symbol.gif)834 crore and ![rupee symbol](rupee-symbol.gif)116 crore, respectively. Income tax expense for the year ended March 31, 2026 and March 31, 2025 includes reversals (net of provisions) of ![rupee symbol](rupee-symbol.gif)779 crore and and provisions (net of reversals) ![rupee symbol](rupee-symbol.gif)97 crore, respectively. These provisions and reversals pertaining to prior periods are primarily on account of adjudication of certain disputed matters, upon filing of tax return and completion of assessments, across various jurisdictions.

During the quarter and year ended March 31, 2026, the Company received orders under section 250 and Section 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2013-14 and assessment years 2017-18 to 2021-22. These orders confirmed the Company's position with respect to tax treatment of certain matters. As a result interest income (pre-tax) of ![rupee symbol](rupee-symbol.gif)381 crore was recognized and provision for income tax aggregating ![rupee symbol](rupee-symbol.gif)869 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to ![rupee symbol](rupee-symbol.gif)86 crore has been reduced from contingent liabilities.

During the quarter ended March 31, 2025, the Company received orders under section 250 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2016-17 and 2019-20. These orders confirmed the Company's position with respect to tax treatment of certain matters. As a result interest income (pre-tax) of ![rupee symbol](rupee-symbol.gif)327 crore was recognized and provision for income tax aggregating ![rupee symbol](rupee-symbol.gif)183 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to ![rupee symbol](rupee-symbol.gif)1,068 crore has been reduced from contingent liabilities.

Deferred income tax for the three months and year ended March 31, 2026 and March 31, 2025 substantially relates to origination and reversal of temporary differences.

The Company's Advanced Pricing Arrangement (APA) with the Internal Revenue Service (IRS) for US branch income tax expired in March 2021. The Company has applied for renewal of APA and currently the US taxable income is based on the Company's best estimate determined based on the expected value method.

**2.17 REVENUE FROM OPERATIONS**

**Accounting Policy**

The Company derives revenues primarily from IT services comprising software development and related services, cloud and infrastructure services, maintenance, consulting and package implementation, licensing of software products and platforms across the Company's core and digital offerings (together called as "software related services"). Contracts with customers are either on a time-and-material, unit of work, fixed-price or on a fixed-timeframe basis.

Revenues from customer contracts are considered for recognition and measurement when the contract has been approved in writing, by the parties, to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. Revenue is recognized upon transfer of control of promised products or services ("performance obligations") to customers in an amount that reflects the consideration the Company has received or expects to receive in exchange for these products or services ("transaction price"). When there is uncertainty as to collectability, revenue recognition is postponed until such uncertainty is resolved.

The Company assesses the services promised in a contract and identifies distinct performance obligations in the contract. The Company allocates the transaction price to each distinct performance obligation based on the relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In the absence of such evidence, the primary method used to estimate standalone selling price is the expected cost plus a margin, under which the Company estimates the cost of satisfying the performance obligation and then adds an appropriate margin based on similar services.

The Company's contracts may include variable consideration including rebates, volume discounts and penalties. The Company includes variable consideration as part of transaction price when there is a basis to reasonably estimate the amount of the variable consideration and when it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

Revenue on time-and-material and unit of work based contracts, are recognized as the related services are performed. Fixed price maintenance revenue is recognized ratably either on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Company's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method. Efforts or costs expended are used to determine progress towards completion as there is a direct relationship between input and productivity. Progress towards completion is measured as the ratio of costs or efforts incurred to date (representing work performed) to the estimated total costs or efforts. Estimates of transaction price and total costs or efforts are continuously monitored over the term of the contracts and are recognized in net profit in the period when these estimates change or when the estimates are revised. Revenues and the estimated total costs or efforts are subject to revision as the contract progresses. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

The billing schedules agreed with customers include periodic performance based billing and / or milestone based progress billings. Revenues in excess of billing are classified as unbilled revenue while billing in excess of revenues are classified as contract liabilities (which we refer to as "unearned revenues").

In arrangements for software development and related services and maintenance services, by applying the revenue recognition criteria for each distinct performance obligation, the arrangements with customers generally meet the criteria for considering software development and related services as distinct performance obligations. For allocating the transaction price, the Company measures the revenue in respect of each performance obligation of a contract at its relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In cases where the Company is unable to determine the standalone selling price, the Company uses the expected cost plus margin approach in estimating the standalone selling price. For software development and related services, the performance obligations are satisfied as and when the services are rendered since the customer generally obtains control of the work as it progresses.

Certain cloud and infrastructure services contracts include multiple elements which may be subject to other specific accounting guidance, such as leasing guidance. These contracts are accounted in accordance with such specific accounting guidance. In such arrangements where the Company is able to determine that hardware and services are distinct performance obligations, it allocates the consideration to these performance obligations on a relative standalone selling price basis. In the absence of standalone selling price, the Company uses the expected cost-plus margin approach in estimating the standalone selling price. When such arrangements are considered as a single performance obligation, revenue is recognized over the period and measure of progress is determined based on promise in the contract.

Revenue from licenses where the customer obtains a "right to use" the licenses is recognized at the time the license is made available to the customer. Revenue from licenses where the customer obtains a "right to access" is recognized over the access period.

Arrangements to deliver software products generally have three elements: license, implementation and Annual Technical Services (ATS). When implementation services are provided in conjunction with the licensing arrangement and the license and implementation have been identified as two distinct separate performance obligations, the transaction price for such contracts are allocated to each performance obligation of the contract based on their relative standalone selling prices. In the absence of standalone selling price for implementation, the Company uses the expected cost plus margin approach in estimating the standalone selling price. Where the license is required to be substantially customized as part of the implementation service the entire arrangement fee for license and implementation is considered to be a single performance obligation and the revenue is recognized using the percentage-of-completion method as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the performance obligations are satisfied. ATS revenue is recognized ratably on a straight line basis over the period in which the services are rendered.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Company is acting as an agent between the customer and the vendor, and gross when the Company is the principal for the transaction. In doing so, the Company first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Company considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

A contract modification is a change in the scope or price or both of a contract that is approved by the parties to the contract. A contract modification that results in the addition of distinct performance obligations are accounted for either as a separate contract if the additional services are priced at the standalone selling price or as a termination of the existing contract and creation of a new contract if they are not priced at the standalone selling price. If the modification does not result in a distinct performance obligation, it is accounted for as part of the existing contract on a cumulative catch-up basis.

The incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had not been obtained) are recognized as an asset if the Company expects to recover them.

Certain eligible, nonrecurring costs (e.g. set-up or transition or transformation costs) that do not represent a separate performance obligation are recognized as an asset when such costs (a) relate directly to the contract; (b) generate or enhance resources of the Company that will be used in satisfying the performance obligation in the future; and (c) are expected to be recovered.

Capitalized contract costs relating to upfront payments to customers are amortized to revenue and other capitalized costs are amortized to expenses over the respective contract life on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates. Capitalized costs are monitored regularly for impairment. Impairment losses are recorded when present value of projected remaining operating cash flows is not sufficient to recover the carrying amount of the capitalized costs.

The Company presents revenues net of indirect taxes in its Statement of Profit and Loss.

Revenue from operations for the three months and year ended March 31, 2026 and March 31, 2025 is as follows:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Revenue from software services | 38393 | 33876 | 147806 | 135525 |
| Revenue from products and platforms | 248 | 260 | 1013 | 1067 |
| **Total revenue from operations** | **38641** | **34136** | **148819** | **136592** |

---

The percentage of revenue from fixed-price contracts for the three months ended March 31, 2026 and March 31, 2025 is 58% and 58%, respectively. The percentage of revenue from fixed-price contracts for the year ended March 31, 2026 and March 31, 2025 is 58% and 58%, respectively.

**Trade receivables and Contract Balances**

The timing of revenue recognition, billings and cash collections results in receivables, unbilled revenue, and unearned revenue on the Company's Balance Sheet. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly or quarterly) or upon achievement of contractual milestones.

The Company's receivables are rights to consideration that are unconditional. Unbilled revenues comprising revenues in excess of billings from time and material contracts and fixed price maintenance contracts are classified as financial asset when the right to consideration is unconditional and is due only after a passage of time.

Invoicing to the clients for other fixed price contracts is based on milestones as defined in the contract and therefore the timing of revenue recognition is different from the timing of invoicing to the customers. Therefore unbilled revenues for other fixed price contracts (contract asset) are classified as non-financial asset because the right to consideration is dependent on completion of contractual milestones.

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivables and unbilled revenues are presented net of impairment in the Balance Sheet.

**2.18 OTHER INCOME, NET**

**2.18.1 Other income** 

**Accounting Policy**

Other income is comprised primarily of interest income, dividend income, gain / loss on investments and exchange gain/loss on forward and options contracts and on translation of foreign currency assets and liabilities. Interest income is recognized using the effective interest method. Dividend income is recognized when the right to receive payment is established.

**2.18.2 Foreign currency** 

**Accounting Policy**

*Functional currency*

 

The functional currency of the Company is the Indian rupee. These financial statements are presented in Indian rupees (rounded off to crore; one crore equals ten million).

*Transactions and translations*

 

Foreign-currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are recognized in the condensed standalone Statement of Profit and Loss and reported within exchange gains/(losses) on translation of assets and liabilities, net, except when deferred in Other Comprehensive Income as qualifying cash flow hedges. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of the transaction. The related revenue and expense are recognized using the same exchange rate.

Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction.

Other Comprehensive Income, net of taxes includes translation differences on non-monetary financial assets measured at fair value at the reporting date, such as equities classified as financial instruments and measured at fair value through other comprehensive income (FVOCI).

**Government grant**

The Company recognizes government grants only when there is reasonable assurance that the conditions attached to them shall be complied with, and the grants will be received. Government grants related to assets are treated as deferred income and are recognized in the net profit in the Statement of Profit and Loss on a systematic and rational basis over the useful life of the asset. Government grants related to revenue are recognized on a systematic basis in the net profit in the Statement of Profit and Loss over the periods necessary to match them with the related costs which they are intended to compensate.

Other income for the three months and year ended March 31, 2026 and March 31, 2025 is as follows:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Interest income on financial assets carried at amortized cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | 7 | 30 | 55 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit with Bank and others | 159 | 287 | 1125 | 1051 |
| Interest income on financial assets carried at fair value through other comprehensive income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures, commercial papers, certificates of deposit and government securities | 256 | 294 | 1029 | 1005 |
| Income on investments carried at fair value through profit or loss |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain / (loss) on mutual funds and other investments | 66 | 47 | 240 | 242 |
| Gain / (loss) on investments carried at fair value through other comprehensive income | (1) | *–* | 16 | 2 |
| Income on investments carried at amortized cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain / (loss) on tax free bond | *–* | 4 | 81 | 4 |
| Dividend received from subsidiary | *–* | 200 | 2676 | 1522 |
| Interest income on income tax refund | 381 | 327 | 381 | 340 |
| Exchange gains/(losses) on foreign currency forward and options contracts | (897) | (98) | (2397) | (206) |
| Exchange gains/(losses) on translation of other assets and liabilities | 1022 | 197 | 2842 | 478 |
| Miscellaneous income, net\* | 70 | 35 | 443 | 223 |
| **Total other income** | **1063** | **1323** | **6491** | **4782** |

---

\* Includes profit on sale of property plant and equipment amounting to ![rupee symbol](rupee-symbol.gif)165 crore for the year ended March 31, 2026.

**2.19 EXPENSES**

**Accounting Policy**

**2.19.1 Gratuity and Pension**

The Company provides for gratuity, a defined benefit retirement plan ('the Gratuity Plan') covering eligible Indian employees of Infosys. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Company. The Company contributes Gratuity liabilities to the Infosys Limited Employees' Gratuity Fund Trust (the Trust). Trustees administer contributions made to the Trusts and contributions are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law.

The Company operates defined benefit pension plan in certain overseas jurisdictions, in accordance with the local laws. These plans are managed by third party fund managers. The plans provide for periodic payouts after retirement and / or for a lumpsum payment as set out in rules of each fund and includes death and disability benefits. The defined benefit plans require contributions which are based on a percentage of salary that varies depending on the age of the respective employees.

Liabilities with regard to these defined benefit plans are determined by actuarial valuation, performed by an external actuary, at each Balance Sheet date using the projected unit credit method. These defined benefit plans expose the Company to actuarial risks, such as longevity risk, interest rate risk and market risk.

The Company recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability/(asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profit in the Statement of Profit and Loss.

**2.19.2 Provident fund**

Eligible employees of Infosys receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary. The Company contributes a portion to the Infosys Limited Employees' Provident Fund Trust. The trust invests in specific designated instruments as permitted by Indian law. The remaining portion is contributed to the government administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the Government of India. The Company has an obligation to make good the shortfall, if any, between the return from the investments of the Trust and the notified interest rate.

**2.19.3 Superannuation**

Certain employees of Infosys are participants in a defined contribution plan. The Company has no further obligations to the Plan beyond its monthly contributions which are periodically contributed to a trust fund, the corpus of which is invested with the Life Insurance Corporation of India.

**2.19.4 Compensated absences** 

The Company has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an external actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the Balance Sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| *Employee benefit expenses* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries including bonus | 17933 | 16430 | 69633 | 64296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution to provident and other funds | 674 | 535 | 2383 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based payments to employees (Refer to note 2.11) | 225 | 176 | 846 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staff welfare | 54 | 118 | 377 | 378 |
|  | **18886** | **17259** | **73239** | **67466** |
| *Cost of software packages and others* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For own use | 598 | 513 | 2217 | 1947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third party items bought for service delivery to clients | 1817 | 1629 | 7057 | 7670 |
|  | **2415** | **2142** | **9274** | **9617** |
| *Other expenses* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power and fuel | 47 | 44 | 196 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brand and Marketing | 329 | 310 | 1170 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rates and taxes | 40 | 55 | 209 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and Maintenance | 308 | 233 | 1138 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumables | 8 | 11 | 32 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 64 | 58 | 266 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for post-sales client support and others | (113) | (224) | (191) | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission to non-whole time directors | 5 | 5 | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss recognized / (reversed) under expected credit loss model | (43) | (93) | 71 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditor's remuneration |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statutory audit fees | 3 | 3 | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions towards Corporate Social Responsibility | 166 | 82 | 577 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 140 | 56 | 549 | 293 |
|  | **954** | **540** | **4044** | **3497** |

---

**2.19.5 Impact of Labour Codes**

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ('Labour Codes') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes, amongst other things introduces changes, including a uniform definition of wages and enhanced benefits relating to leave. The Company has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and increase in leave liability by ![rupee symbol](rupee-symbol.gif)1,146 crore. Considering the impact arising out of an enactment of the new legislation is an event of non-recurring nature, the Company has presented this incremental amount as "Impact of Labour Codes" under "Exceptional Item" in the Condensed Standalone Statement of Profit and Loss for the year ended March 31, 2026. The Company continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of the employee benefits liability.

**2.20 EARNINGS PER EQUITY SHARE**

**Accounting Policy**

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

**2.21 CONTINGENT LIABILITIES AND COMMITMENTS**

**Accounting Policy**

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Contingent liabilities:** |  |  |
| Claims against the Company, not acknowledged as debts<sup>(1)</sup> | 1944 | 1772 |
| [Amount paid to statutory authorities ![rupee symbol](rupee-symbol.gif)2,399 crore (![rupee symbol](rupee-symbol.gif)3,815 crore)] |  |  |
| **Commitments:** |  |  |
| Estimated amount of contracts remaining to be executed on capital contracts and not provided for <br> (net of advances and deposits)<sup>(2)</sup> | 1070 | 868 |
| Other Commitments\* | 23 | 27 |

---

*\** *Uncalled capital pertaining to investments*

---

| | |
|:---|:---|
| *<sup>(</sup>*<sup>1)</sup> | As at March 31, 2026 and March 31, 2025, claims against the Company not acknowledged as debts in respect of India income tax matters amounted to ![rupee symbol](rupee-symbol.gif) 1,326 crore and ![rupee symbol](rupee-symbol.gif)1,290 crore, respectively.*<br>* <br> The claims against the Company primarily represent demands arising on completion of assessment proceedings under the Income Tax Act, 1961. These claims are on account of issues of disallowance of expenditure towards software being held as capital in nature, payments made to Associated Enterprises held as liable for withholding of taxes, among others. These matters are pending before various Income Tax Authorities and the Management including its tax advisors expect that its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Company financial position and results of operations.<br>Amount paid to statutory authorities against the tax claims amounted to ![rupee symbol](rupee-symbol.gif) 2,381 crore and ![rupee symbol](rupee-symbol.gif)3,810 crore as at March 31, 2026 and March 31, 2025, respectively.  |

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<sup>(2)</sup> Capital contracts primarily comprises of commitments for infrastructure facilities and computer equipments.

**Legal Proceedings**

**Government Investigation**

The U.S. Department of Justice ("DOJ") is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees working for one of its clients in immigration documents filed with certain U.S. government authorities. The Company is engaged in discussions with the DOJ regarding its ongoing investigation and continues its own inquiry regarding the matter. At this stage, the Company is unable to predict the outcome of this matter, including whether such outcome could have a material adverse effect on the Company's business and results of operations.

**Others**

Apart from the foregoing, the Company is subject to legal proceedings and claims which have arisen in the ordinary course of business. The Company's management reasonably expects that such ordinary course legal actions, when ultimately concluded and determined, will not have a material and adverse effect on the Company's results of operations or financial condition.

**2.22 RELATED PARTY TRANSACTIONS**

Refer to the Company's Annual Report for the year ended March 31, 2025 for the full names and other details of the Company's subsidiaries and controlled trusts.

**Changes in Subsidiaries**

During the year ended March 31, 2026, the following are the changes in the subsidiaries:

**-** Infosys Energy Consulting Services LLC, a wholly-owned subsidiary of Infosys Nova Holdings LLC was incorporated on April 16, 2025.

**-** Infosys Saudi Arabia LLC, a wholly-owned subsidiary of Infosys Limited was incorporated on April 21, 2025.

**-** Infosys Australia Technology Service Pty Ltd, a wholly-owned subsidiary of Infosys Singapore Pte. Limited was incorporated on April 23, 2025.

On April 30, 2025, Infosys Nova Holdings LLC, a wholly-owned subsidiary of Infosys Limited, acquired 98.21% of voting interests in MRE Consulting Ltd along with its subsidiary MRE Technology Services, LLC. The remaining 1.79% was acquired by Infosys Energy Consulting Services LLC , a Wholly-owned subsidiary of Infosys Nova Holdings LLC.

On April 30, 2025, Infosys Australia Technology Service Pty Ltd, a wholly owned subsidiary of Infosys Singapore Pte. Limited, acquired 100% of voting interests in The Missing Link Automation Pty Ltd, The Missing Link Network Integration Pty Ltd and The Missing Link Security Pty Ltd along with its subsidiary The Missing Link Security Ltd

**-** in-tech Automotive Engineering de. R L de. C V, a wholly-owned subsidiary of in-tech GmbH has been liquidated effective May 07, 2025.

On May 13, 2025, Infosys Singapore Pte Ltd diluted 2% stake of HIPUS Co., Ltd to Mitsubishi Heavy Industries, Ltd.

**-** Infosys BPM Canada Inc, a Wholly-owned subsidiary of Infosys BPM UK Limited was incorporated on July 28, 2025

**-** Infosys Germany Gmbh, a Wholly-owned subsidiary of Infosys Singapore Pte Ltd merged into Infosys Germany SE (formerly known as Blitz 24-893 SE) effective September 24, 2025

**-** in-tech Engineering services S.R.L, (Wholly-owned subsidiary of in-tech GmbH) merged into ProIT (Wholly-owned subsidiary of in-tech GmbH) effective November 30, 2025

**-** Infosys Consulting S.R.L. (Argentina) (formerly a majority owned and controlled subsidiary of Infosys Limited) became the majority owned and controlled subsidiary of Infosys Nova Holdings LLC with effect from January 28, 2026

**-** Infosys Enterprise Business Services Pty Ltd , a wholly-owned subsidiary of Infosys Singapore Pte Ltd was incorporated on March 19, 2026.

The Company's related party transactions during the three months and year ended March 31, 2026 and March 31, 2025 and outstanding balances as at March 31, 2026 and March 31, 2025 are with its subsidiaries with whom the Company generally enters into transactions which are at arms length and in the ordinary course of business.

**Transactions with key management personnel**

The table below describes the compensation to key management personnel which comprise directors and executive officers:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Salaries and other short term employee benefits to whole-time directors and executive officers*<sup>(1)(2)</sup>* | 35 | 33 | 124 | 118 |
| Commission and other benefits to non-executive / independent directors | 5 | 5 | 20 | 19 |
| **Total** | **40** | **38** | **144** | **137** |

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*<sup>(1)</sup>* *Total employee stock compensation expense for the three months ended March 31, 2026 and March 31, 2025 includes a charge of ![rupee symbol](rupee-symbol.gif)18 crore and ![rupee symbol](rupee-symbol.gif)18 crore, respectively, towards key management personnel.For the year ended March 31, 2026 and March 31, 2025, includes a charge of ![rupee symbol](rupee-symbol.gif)70 crore and ![rupee symbol](rupee-symbol.gif)70 crore respectively, towards key management personnel. (Refer to note 2.11).*

*<sup>(2)</sup>* *Does not include post-employment benefits and other long-term benefits based on actuarial valuation as these are done for the Company as a whole.*

**2.23 SEGMENT REPORTING**

The Company publishes this financial statement along with the interim condensed consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the interim condensed consolidated financial statements.

---

| | | |
|:---|:---|:---|
| *for and on behalf of the Board of Directors of Infosys Limited* |  |  |
| Nandan M. Nilekani<br> *Chairman*<br> DIN: 00041245 | Salil Parekh<br> *Chief Executive Officer and Managing Director*<br> DIN: 01876159 | Bobby Parikh<br> *Director*<br> DIN: 00019437<br>|
| Bengaluru<br> April 23, 2026 | Jayesh Sanghrajka<br> *Chief Financial Officer* | A.G.S. Manikantha<br> *Company Secretary*<br> Membership No. A21918 |

---

**INDEPENDENT AUDITOR'S REPORT**

**TO THE MEMBERS OF INFOSYS LIMITED**

**Report on the Audit of the Standalone Financial Statements**

**Opinion**

We have audited the accompanying standalone financial statements of **INFOSYS LIMITED** (the "Company"), which comprise the Balance Sheet as at March 31, 2026, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date and notes to the financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the "Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013 (the "Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, its profit, and other comprehensive income, changes in equity and its cash flows for the year ended on that date.

**Basis for Opinion**

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing ("SA"s) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements.

**Key Audit Matters**

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Sr. No.** | &nbsp;&nbsp;**Key Audit Matter** | &nbsp;&nbsp;**Auditor's Response** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;**Revenue recognition** | &nbsp;&nbsp;Principal Audit Procedures Performed included the following: |
|  | &nbsp;&nbsp; The Company's contracts with customers include contracts with multiple products and services. The Company derives revenues from IT services comprising software development and related services, maintenance, consulting and package implementation, licensing of software products and platforms across the Company's core and digital offerings and business process management services. The Company assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables involves significant judgement.<br> In certain integrated services arrangements, contracts with customers include subcontractor services or third-party vendor equipment or software. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Company is acting as an agent between the customer and the vendor, and gross when the Company is the principal for the transaction. In doing so, the Company first evaluates whether it obtains control of the specified goods or service before it is transferred to the customer. The Company considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or service, inventory risk, pricing discretion and other factors to determine whether it controls the products or service and therefore, is acting as a principal or an agent.<br> Fixed price maintenance revenue is recognized ratably either on (1) a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or (2) using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the Company's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.<br> As certain contracts with customers involve management's judgment in (1) identifying distinct performance obligations, (2) determining whether the Company is acting as a principal or an agent and (3) whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of completion method, revenue recognition from these judgments were identified as a key audit matter and required a higher extent of audit effort.<br> Refer Notes 1.4 and 2.18 to the Standalone Financial Statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our audit procedures related to the (1) identification of distinct performance obligations, (2) determination of whether the Company is acting as a principal or agent and (3) whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of completion method included the following, among others:<br> · We tested the effectiveness of controls relating to the (a) identification of distinct performance obligations, (b) determination of whether the Company is acting as a principal or an agent and (c) determination of whether fixed price maintenance revenue for certain contracts is recognized on a straight-line basis or using the percentage of completion method. <br>· We selected a sample of contracts with customers and performed the following procedures: <br> – Obtained and read contract documents for each selection, including master service agreements, and other documents that were part of the agreement.<br> – Identified significant terms and deliverables in the contract to assess management's conclusions regarding the (i) identification of distinct performance obligations (ii) whether the Company is acting as a principal or an agent and (iii) whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of completion method. |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;**Revenue recognition - Fixed price contracts using the percentage of completion method** | &nbsp;&nbsp;Principal Audit Procedures Performed included the following: |
|  | &nbsp;&nbsp; Fixed price maintenance revenue is recognized ratably either (1) on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or (2) using a percentage of completion method when the pattern of benefits from services rendered to the customer and the Company's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method.<br> Use of the percentage-of-completion method requires the Company to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information. Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.<br> We identified the estimate of total efforts or costs to complete fixed price contracts measured using the percentage of completion method as a key audit matter as the estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information. This estimate has a high inherent uncertainty and requires consideration of progress of the contract, efforts or costs incurred to-date and estimates of efforts or costs required to complete the remaining contract performance obligations over the term of the contracts.<br> This required a high degree of auditor judgment in evaluating the audit evidence and a higher extent of audit effort to evaluate the reasonableness of the total estimated amount of revenue recognized on fixed-price contracts.<br> Refer Notes 1.4 and 2.18 to the Standalone Financial Statements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our audit procedures related to estimates of total expected costs or efforts to complete for fixed-price contracts included the following, among others:<br> · We tested the effectiveness of controls relating to (1) recording of efforts or costs incurred and estimation of efforts or costs required to complete the remaining contract performance obligations and (2) access and application controls pertaining to time recording, allocation and budgeting systems which prevents unauthorised changes to recording of efforts incurred.<br>· We selected a sample of fixed price contracts with customers measured the using percentage-of-completion method and performed the following:<br>– Evaluated management's ability to reasonably estimate the progress towards satisfying the performance obligation by comparing actual efforts or costs incurred to prior year estimates of efforts or costs budgeted for performance obligations that have been fulfilled.<br>– Compared efforts or costs incurred with Company's estimate of efforts or costs incurred to date to identify significant variations and evaluate whether those variations have been considered appropriately in estimating the remaining costs or efforts to complete the contract. <br>- Tested the estimate for consistency with the status of delivery of milestones and customer acceptances and sign off from customers to identify possible delays in achieving milestones, which require changes in estimated costs or efforts to complete the remaining performance obligations.<br>|

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**Information Other than the Financial Statements and Auditor's Report Thereon**

The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board's Report including Annexures to Board's Report, Business Responsibility and Sustainability Report, Corporate Governance and Shareholder's Information, but does not include the consolidated financial statements, Standalone Financial Statements and our auditor's report thereon.

Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

**Responsibilities of Management and Board of Directors for the Standalone Financial Statements**

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including Ind AS specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, management and Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Company's Board of Directors are also responsible for overseeing the Company's financial reporting process.

**Auditor's Responsibilities for the Audit of the Standalone Financial Statements**

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess
the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding
of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under
section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial
controls with reference to Standalone Financial Statements in place and the operating effectiveness of such controls.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness
of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

&nbsp;&nbsp;&nbsp;&nbsp;• Conclude on the
appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report
to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions
may cause the Company to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the overall
presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial
Statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

**Report on Other Legal and Regulatory Requirements**

1. As required by Section 143(3)
of the Act, based on our audit we report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) We have
sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes
of our audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) In our
opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The Balance
Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash
Flows dealt with by this Report are in agreement with the books of account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) In our
opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specified under Section 133 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) On
 the basis of the written representations received from the directors as on March 31, 2026 taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2026 from being appointed as a director in terms of Section 164(2) of the
 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) With respect
to the adequacy of the internal financial controls with reference to Standalone Financial Statements of the Company and the operating
effectiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the Company's internal financial controls with reference to Standalone Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) With respect to the other matters
to be included in the Auditor's Report in accordance with the requirements of section 197(16) of the Act, as amended, in our opinion
and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors
during the year is in accordance with the provisions of section 197 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) With respect to the other matters
to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended,
in our opinion and to the best of our information and according to the explanations given to us:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Company
has disclosed the impact of pending litigations on its financial position in its Standalone Financial Statements. Refer Note 2.23 to the
Standalone Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Company
has made provision as required under applicable law or accounting standards for material foreseeable losses. Refer Note 2.16 to the Standalone
Financial Statements. The Company did not have any long-term derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. There
has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. (a) The
Management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign
entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
<br>
(b) The Management
has represented, that, to the best of its knowledge and belief, no funds have been received by the Company from any person or entity,
including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company
shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;<br>
(c) Based on the
audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused
us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material
misstatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. As stated
in Note 2.12.3 to the Standalone Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The final
dividend proposed in the previous year, declared and paid by the Company during the year is in accordance with Section 123 of the Act,
as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The interim
dividend declared and paid by the Company during the year and until the date of this report is in compliance with Section 123 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board
of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual
General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Based
on our examination, which included test checks, the Company has used accounting software systems for maintaining its books of account
for the financial year ended March 31, 2026 which have the feature of recording audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded in the software systems. Further, during the course of our audit we did not
come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the Company as per the
statutory requirements for record retention.

2. As required by the Companies
(Auditor's Report) Order, 2020 (the "Order") issued by the Central Government in terms of Section 143(11) of the Act,
we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.

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| | |
|:---|:---|
| Place: Bengaluru<br> Date: April 23, 2026 | **For DELOITTE HASKINS & SELLS LLP**<br> Chartered Accountants<br> (Firm's Registration No. 117366W/W-100018)<br>**Vikas Bagaria**<br> Partner<br> (Membership No.060408)<br> UDIN: 26060408CPRNQV5105 |

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**ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT** 

**(Referred to in paragraph 1(f) under 'Report on Other Legal and Regulatory Requirements' section of our report to the Members of Infosys Limited of even date)**

**Report on the Internal Financial Controls with reference to Standalone Financial Statements under Clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 (the "Act")**

We have audited the internal financial controls with reference to Standalone Financial Statements of **INFOSYS LIMITED** (the "Company") as of March 31, 2026 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

**Management's and Board of Directors' Responsibilities for Internal Financial Controls**

The Company's Management and Board of Directors are responsible for establishing and maintaining internal financial controls with reference to Standalone Financial Statements based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the "ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

**Auditor's Responsibility**

Our responsibility is to express an opinion on the Company's internal financial controls with reference to Standalone Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to Standalone Financial Statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to Standalone Financial Statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to Standalone Financial Statements included obtaining an understanding of internal financial controls with reference to Standalone Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls with reference to Standalone Financial Statements.

**Meaning of Internal Financial Controls with reference to Standalone Financial Statements**

A company's internal financial control with reference to Standalone Financial Statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control with reference to Standalone Financial Statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

**Inherent Limitations of Internal Financial Controls with reference to Standalone Financial Statements**

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to Standalone Financial Statements to future periods are subject to the risk that the internal financial control with reference to Standalone Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

**Opinion**

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls with reference to Standalone Financial Statements and such internal financial controls with reference to Standalone Financial Statements were operating effectively as at March 31, 2026, based on the criteria for internal financial control with reference to Standalone Financial Statements established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.

---

| | |
|:---|:---|
| Place: Bengaluru<br> Date: April 23, 2026 | **For DELOITTE HASKINS & SELLS LLP**<br> Chartered Accountants<br> (Firm's Registration No. 117366W/W-100018)<br>**Vikas Bagaria**<br> Partner<br> (Membership No.060408)<br> UDIN: 26060408CPRNQV5105 |

---

****

<br> **ANNEXURE 'B' TO THE INDEPENDENT AUDITOR'S REPORT**

**** 

<br> **(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements' section of our report to the Members of Infosys Limited of even date)**

To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. In respect of the Company's
property, plant and equipment, right-of-use assets and intangible assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (A) The Company has
 maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment
 and relevant details of right-of-use assets.<br>(B)
 The Company has maintained proper records showing full particulars of intangible assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has a program of
physical verification of property, plant and equipment and right-of-use assets so to cover all the assets once every three years which,
in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain
property, plant and equipment and right-of-use assets were due for verification during the year and were physically verified by the Management
during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Based on our examination of the
property tax receipts and lease agreement for land on which building is constructed, registered sale deed / transfer deed / conveyance
deed provided to us, we report that, the title in respect of self-constructed buildings and title deeds of all other immovable properties
(other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee), disclosed
in the financial statements included under Property, Plant and Equipment are held in the name of the Company as at the balance sheet date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company has not revalued
any of its property, plant and equipment (including right-of-use assets) and intangible assets during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No proceedings have been initiated
during the year or are pending against the Company as at March 31, 2026 for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. (a) The Company does not have
any inventory and hence reporting under clause 3(ii)(a) of the Order is not applicable.<br>
(b) The Company has
not been sanctioned working capital limits in excess of ![rupee symbol](rupee-symbol.gif) 5 crore, in aggregate, at any points of time during the year, from banks
or financial institutions on the basis of security of current assets and hence reporting under clause 3(ii)(b) of the Order is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Company has made investments
in, Companies and granted unsecured loans to other parties, during the year, in respect of which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has not provided
any loans or advances in the nature of loans or stood guarantee, or provided security to any other entity during the year, and hence reporting
under clause 3(iii)(a) of the Order is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In our opinion, the investments
made and the terms and conditions of the grant of loans, during the year are, prima facie, not prejudicial to the Company's interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In respect of loans granted by
the Company, the schedule of repayment of principal and payment of interest has been stipulated and the repayments of principal amounts
and receipts of interest are generally regular as per stipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In respect of loans granted by
the Company, there is no overdue amount remaining outstanding as at the balance sheet date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No loan granted by the Company
which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdue of existing loans given
to the same parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company has not granted any
loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment during the
year. Hence, reporting under clause 3(iii)(f) is not applicable.

The Company has not made investments in Firms and Limited Liability Partnerships during the year. Further the Company has not provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to Companies, Firms, Limited Liability Partnerships or any other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The Company has complied with
the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans granted, investments made and guarantees and securities
provided, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The Company has not accepted
any deposit or amounts which are deemed to be deposits. Hence, reporting under clause 3(v) of the Order is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. The maintenance of cost records
has not been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013 for the business activities
carried out by the Company. Hence, reporting under clause (vi) of the Order is not applicable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. In respect of statutory dues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In our opinion, the Company has
generally been regular in depositing undisputed statutory dues, including Goods and Services tax, Provident Fund, Employees' State
Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues
applicable to it with the appropriate authorities.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues in arrears as at March 31, 2026 for a period of more than six months from the date they became payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Details of statutory dues referred
to in sub-clause (a) above which have not been deposited as on March 31, 2026 on account of disputes are given below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nature of the statute** | **Nature of dues** | **Forum where Dispute is Pending** | **Financial Period to which the <br> Amount Relates** | **Amount**<br> **![rupee symbol](rupee-symbol.gif)crore** |
| <br>The Income Tax Act, 1961 | Income Tax | Assessing Officer | 2009-10, 2021-22, 2024-25 | 1308 |
| <br>The Income Tax Act, 1961 | Income Tax | Commissioner (Appeals) | 2010-11, 2013-14,<br> 2019-20 to 2024-25 | 423 |
| <br>The Income Tax Act, 1961 | Income Tax | Income Tax Appellate Tribunal | 2015-16 and 2021-22 | 1 |
| Customs Act, 1962 | Duty of Custom | Specified Officer of Special Economic Zone | 2008-09 to 2011-12 | 5 |
| Central Excise Act, 1944 | Duty of Excise | Supreme Court <sup>(3)</sup> | 2005-06 to 2015-16 | 68 |
| Central Excise Act, 1944 | Duty of Excise | Customs Excise and Service Tax Appellate Tribunal<br>| 2015-16 | - <sup>(4)</sup> |
| Goods and Service Tax Act, 2017 | Goods and Services Tax | Joint Commissioner (Appeals) | 2017-18 to 2022-23, 2024-25 | 239 |
| Goods and Service Tax Act, 2017 | Goods and Services Tax | GST Appellate Tribunal<br>| 2017-18 to 2020-21 | 65 |
| Goods and Service Tax Act, 2017 | Goods and Services Tax | High Court of Karnataka<br>| 2017-18 and 2020-21 | 21 |
| Goods and Service Tax Act, 2017 | Goods and Services Tax | Assessing Officer | 2017-18 to 2021-22 | 1 |
| Sales Tax Act and VAT Laws | Sales Tax | Joint Commissioner (Appeals) <sup>(3)</sup> | 2006-07 and<br> 2014-15 | - |
| Sales Tax Act and VAT Laws | Sales Tax | Sales Tax Appellate Tribunal<br>| 2007-08 to 2010-11 | 1 |
| Sales Tax Act and VAT Laws | Sales Tax | High Court of Andhra Pradesh | 2007-08 | - <sup>(4)</sup> |
| Finance Act, 1994 | Service Tax | High Court of Karnataka<br>| 2008-09 | 2 |
| Finance Act, 1994 | Service Tax | Customs Excise and Service Tax Appellate Tribunal <sup>(2)</sup> | 2009-10 to 2010-11, 2012-13 to 2017-18 | 267 |
| The Karnataka [Gram Swaraj and Panchayat Raj] Act, 1993 | Panchayat Property Tax | High Court of Karnataka | 2017-18 to 2020-21 | 33 |
| Greater Hyderabad Municipal Corporation Act, 1955 | Trade Licence Fee | Ministry for Information Technology & Municipal Administration & Urban Development<br>| 2021-22 to 2022-23 | 3 |
| UK Finance Act 1998 | Corporation Tax | His Majesty's Revenue and Customs (HMRC) Tax Officer, United Kingdom<sup>(3)</sup> | 2014-15 to 2016-17 | 249 |
| Canada Pension Plan, RSC 1985 & Employment Insurance Act S.C. 1996 | Canada Pension Plan & Employment Insurance | Canada Revenue Agency | CY<sup>(1)</sup> 2019-24 | - <sup>(4)</sup> |

---

**Footnotes:**

<sup>(1)</sup> CY=Calendar Year.

<sup>(2)</sup> Stay order has been granted against ![rupee symbol](rupee-symbol.gif)60 crore disputed which has not been deposited.

<sup>(3)</sup> Stay order has been granted.

<sup>(4)</sup> Less than ![rupee symbol](rupee-symbol.gif) 1 crore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. There were no transactions relating
to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961 (43 of 1961).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. (a) The Company has not taken
any loans or other borrowings from any lender. Hence reporting under clause 3(ix)(a) of the Order is not applicable.<br>
<br> (b) The Company has not been
declared wilful defaulter by any bank or financial institution or government or any government authority.<br> (c) The Company has not taken any term
loan during the year and there are no outstanding term loans at the beginning of the year and hence, reporting under clause 3(ix)(c) of
the Order is not applicable.<br> (d) On an overall examination of the financial
statements of the Company, funds raised on short-term basis have, prima facie, not been used during the year for long-term purposes by
the Company.<br> (e) On an overall examination of the financial
statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its
subsidiaries.<br>(f) The Company has not raised any loans
during the year and hence reporting on clause 3(ix)(f) of the Order is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. (a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable. <br> (b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. (a) No fraud by the Company and
no material fraud on the Company has been noticed or reported during the year.<br>
<br> (b) No report under sub-section (12) of
section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014
with the Central Government, during the year and upto the date of this report. (c) We have taken into consideration the
whistle blower complaints received by the Company during the year (and upto the date of this report), while determining the nature, timing
and extent of our audit procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. The Company is not a Nidhi Company
and hence reporting under clause (xii) of the Order is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. In our opinion, the Company is
in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable transactions with the related parties and
the details of related party transactions have been disclosed in the Standalone Financial Statements as required by the applicable accounting
standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiv. (a) In our opinion, the Company
has an adequate internal audit system commensurate with the size and the nature of its business.<br>
(b) We have considered, the internal audit
reports for the year under audit, issued to the Company during the year and till date, in determining the nature, timing and extent of
our audit procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xv. In our opinion, during the year
the Company has not entered into any non-cash transactions with its Directors or persons connected with its directors and hence provisions
of section 192 of the Companies Act, 2013 are not applicable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvi. (a) In our opinion, the Company
is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a),
(b) and (c) of the Order is not applicable.<br>
(b) In our opinion, there is no core investment
company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under
clause 3(xvi)(d) of the Order is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvii. The Company has not incurred
cash losses during the financial year covered by our audit and the immediately preceding financial year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xviii. There has been no resignation
of the statutory auditors of the Company during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xix. On the basis of the financial
ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying
the financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence
supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the
date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and
when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the
future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither
give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get
discharged by the Company as and when they fall due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xx. (a) There are no unspent amounts
towards Corporate Social Responsibility ("CSR") on other than ongoing projects requiring a transfer to a Fund specified in
Schedule VII to the Companies Act, 2013 in compliance with second proviso to sub-section (5) of Section 135 of the said Act. Accordingly,
reporting under clause 3(xx)(a) of the Order is not applicable for the year.<br>
(b) In respect of ongoing projects, the
Company has transferred unspent CSR amount as at the end of the previous financial year, to a Special account within a period of 30 days
from the end of the said financial year in compliance with the provision of section 135(6) of the Companies Act, 2013.

In respect of ongoing projects, the Company has not transferred the unspent CSR amount as at the Balance Sheet date out of the amounts that was required to be spent during the year, to a Special Account in compliance with the provision of sub-section (6) of section 135 of the said Act till the date of our report since the time period for such transfer, i.e., 30 days from the end of the financial year has not elapsed till the date of our report.

---

| | |
|:---|:---|
| Place: Bengaluru<br> Date: April 23, 2026 | **For DELOITTE HASKINS & SELLS LLP**<br> Chartered Accountants<br> (Firm's Registration No. 117366W/W-100018)<br>**Vikas Bagaria**<br> Partner<br> (Membership No.060408)<br> UDIN: 26060408CPRNQV5105 |

---

**INFOSYS LIMITED**

***Standalone Financial Statements under Indian Accounting Standards (Ind AS) for the year ended March 31, 2026***

---

| |
|:---|
| **<u>Index</u>** |
| Balance Sheet |
| Statement of Profit and Loss |
| Statement of Changes in Equity |
| Statement of Cash Flows |
| **Overview and Notes to the Standalone Financial Statements** |
| **1. Overview** |
| 1.1 Company overview |
| 1.2 Basis of preparation of financial statements |
| 1.3 Use of estimates and judgments |
| 1.4 Critical accounting estimates and judgements |
| **2. Notes to the Standalone Financial Statements** |
| 2.1 Property, plant and equipment |
| 2.2 Goodwill and other intangible assets |
| 2.3 Leases |
| 2.4 Capital work-in-progress |
| 2.5 Investments |
| 2.6 Loans |
| 2.7 Other financial assets |
| 2.8 Trade Receivables |
| 2.9 Cash and cash equivalents |
| 2.10 Other assets |
| 2.11 Financial instruments |
| 2.12 Equity |
| 2.13 Other financial liabilities |
| 2.14 Trade payables |
| 2.15 Other liabilities |
| 2.16 Provisions |
| 2.17 Income taxes |
| 2.18 Revenue from operations |
| 2.19 Other income, net |
| 2.20 Expenses |
| 2.21 Employee Benefits |
| 2.22 Earnings per equity share |
| 2.23 Contingent liabilities and commitments |
| 2.24 Related party transactions |
| 2.25 Corporate social responsibility (CSR) |
| 2.26 Segment Reporting |
| 2.27 Ratios |

---

**INFOSYS LIMITED**

*(In ![](rupee-symbol.gif)crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Balance Sheet as at** | **Note No.** | **March 31, 2026** | **March 31, 2025** |
| **ASSETS** |  |  |  |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 2.1 | 10774 | 10070 |
| Right-of-use assets | 2.3 | 2851 | 3078 |
| Capital work-in-progress | 2.4 | 512 | 778 |
| Goodwill | 2.2 | 211 | 211 |
| Other intangible assets |  | *–* | *–* |
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2.5 | 26036 | 27371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | 2.6 | 5 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | 2.7 | 1835 | 2350 |
| Deferred tax assets (net) | 2.17 | 1347 | 497 |
| Income tax assets (net) | 2.17 | 99 | 1164 |
| Other non-current assets | 2.10 | 2590 | 2223 |
| **Total non-current assets** |  | **46260** | **47768** |
| **Current assets** |  |  |  |
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2.5 | 12039 | 11147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | 2.8 | 30337 | 26413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 2.9 | 8727 | 14265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | 2.6 | 189 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | 2.7 | 14770 | 12569 |
| Income tax assets (net) | 2.17 | 1745 | 2949 |
| Other current assets | 2.10 | 12624 | 9618 |
| **Total current assets** |  | **80431** | **77168** |
| **Total assets** |  | **126691** | **124936** |
| **EQUITY AND LIABILITIES** |  |  |  |
| **Equity** |  |  |  |
| Equity share capital | 2.12 | 2027 | 2076 |
| Other equity |  | 78847 | 85256 |
| **Total equity** |  | **80874** | **87332** |
| **LIABILITIES** |  |  |  |
| **Non-current liabilities** |  |  |  |
| Financial liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 2.3 | 2815 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | 2.13 | 1880 | 1991 |
| Deferred tax liabilities (net) | 2.17 | 990 | 1062 |
| Other non-current liabilities | 2.15 | 495 | 95 |
| **Total non - current liabilities** |  | **6180** | **5842** |
| **Current liabilities** |  |  |  |
| Financial liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 2.3 | 934 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables | 2.14 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total outstanding dues of micro enterprises and small enterprises |  | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total outstanding dues of creditors other than micro enterprises and small enterprises |  | 3530 | 2720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | 2.13 | 16812 | 14101 |
| Other current liabilities | 2.15 | 12478 | 9159 |
| Provisions | 2.16 | 1064 | 993 |
| Income tax liabilities (net) | 2.17 | 4810 | 4016 |
| **Total current liabilities** |  | **39637** | **31762** |
| **Total equity and liabilities** |  | **126691** | **124936** |

---

*The accompanying notes form an integral part of the standalone financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp;A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |

---

**INFOSYS LIMITED**

*(In ![](rupee-symbol.gif) crore except equity share and per equity share data)* 

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Profit and Loss for the** | **Note No.** | **Year ended March 31,** | **Year ended March 31,** |
|  |  | **2026** | **2025** |
| Revenue from operations | 2.18 | 148819 | 136592 |
| Other income, net | 2.19 | 6491 | 4782 |
| **Total income** |  | **155310** | **141374** |
| **Expenses** |  |  |  |
| Employee benefit expenses | 2.20 | 73239 | 67466 |
| Cost of technical sub-contractors |  | 22388 | 19353 |
| Travel expenses |  | 1596 | 1467 |
| Cost of software packages and others | 2.20 | 9274 | 9617 |
| Communication expenses |  | 419 | 448 |
| Consultancy and professional charges |  | 1846 | 1245 |
| Depreciation and amortization expenses | 2.1, 2.3 | 2394 | 2619 |
| Finance cost |  | 207 | 221 |
| Other expenses | 2.20 | 4044 | 3497 |
| **Total expenses** |  | **115407** | **105933** |
| **Profit before exceptional item and tax** |  | **39903** | **35441** |
| **Exceptional item** |  |  |  |
| Impact of Labour Codes | 2.20.1 | 1146 | *–* |
| **Profit before tax** |  | **38757** | **35441** |
| Tax expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax | 2.17 | 10459 | 10836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax | 2.17 | (913) | (963) |
| **Profit for the year** |  | **29211** | **25568** |
| **Other comprehensive income** |  |  |  |
| *Items that will not be reclassified subsequently to profit or loss* |  |  |  |
| Remeasurement of the net defined benefit liability/asset, net | 2.17 & 2.21 | (285) | (81) |
| Equity instruments through other comprehensive income, net | 2.5 & 2.17 | 397 | 19 |
| *Items that will be reclassified subsequently to profit or loss* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value changes on derivatives designated as cash flow hedge, net | 2.11 & 2.17 | (1) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value changes on investments, net | 2.5 & 2.17 | (26) | 191 |
| **Total other comprehensive income/ (loss), net of tax** |  | **85** | **105** |
| **Total comprehensive income for the year** |  | **29296** | **25673** |
| **Earnings per equity share** |  |  |  |
| Equity shares of par value ![](rupee-symbol.gif)5/- each |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (in ![](rupee-symbol.gif) per share) | 2.22 | 70.87 | 61.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (in ![](rupee-symbol.gif) per share) | 2.22 | 70.78 | 61.46 |
| **Weighted average equity shares used in computing earnings per equity share** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (in shares) | 2.22 | 4121931567 | 4151936905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (in shares) | 2.22 | 4127028321 | 4159905476 |

---

 

*The accompanying notes form an integral part of the standalone financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp;A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |

---

**INFOSYS LIMITED**

**Statement of Changes in Equity**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | |
| | | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | |
| | | **Capital reserve** | | | | | | | **Special Economic Zone Re-investment reserve** *<sup>(1)</sup>* | | | | |
| **Particulars**<br>| **Equity Share Capital**<br>| **Capital reserve** | **Other reserves *<sup>(2)</sup>*** | **Capital redemption reserve** | **Securities Premium** | **Retained earnings** | **General reserve** | **Share Options Outstanding Account** | | **Equity Instruments through other comprehensive income** | **Effective portion of Cash flow hedges** | **Other items of other comprehensive income / (loss)** | **Total equity attributable to equity holders of the Company**<br>|
| **Balance as at April 1, 2024** | **2075** | **54** | **2862** | **169** | **580** | **62551** | **162** | **913** | **11787** | **279** | **6** | **(262)** | **81176** |
| **Changes in equity for the year ended March 31, 2025** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Profit for the year | *–* | *–* | *–* | *–* | *–* | 25568 | *–* | *–* | *–* | *–* | *–* | *–* | 25568 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (81) | (81) |
| Equity instruments through other comprehensive income, net\* (Refer to note 2.5 and 2.17) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 19 | *–* | *–* | 19 |
| Fair value changes on derivatives designated as cash flow hedge, net\* (Refer to note 2.11 and 2.17) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (24) | *–* | (24) |
| Fair value changes on investments, net\* (Refer to note 2.5 and 2.17) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 191 | 191 |
| **Total comprehensive income for the year** | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | **25568** | ***–*** | ***–*** | ***–*** | **19** | **(24)** | **110** | **25673** |
| Transferred from Special Economic Zone Re-investment reserve on utilization | *–* | *–* | *–* | *–* | *–* | 821 | *–* | *–* | (821) | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve to retained earnings | *–* | *–* | *–* | *–* | *–* | 2999 | *–* | *–* | (2999) | *–* | *–* | *–* | *–* |
| Transferred to Special Economic Zone Re-investment reserve | *–* | *–* | *–* | *–* | *–* | (74) | *–* | *–* | 74 |  |  |  |  |
| Transferred on account of exercise of stock options (Refer to note 2.12) | *–* | *–* | *–* | *–* | 472 | *–* | *–* | (472) | *–* | *–* | *–* | *–* | *–* |
| Transferred on account of options not exercised | *–* | *–* | *–* | *–* | *–* | *–* | 197 | (197) | *–* | *–* | *–* | *–* | *–* |
| Shares issued on exercise of employee stock options (Refer to note 2.12) | 1 | *–* | *–* | *–* | 2 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 3 |
| Employee stock compensation expense (Refer to note 2.12) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 786 | *–* | *–* | *–* | *–* | 786 |
| Income tax benefit arising on exercise of stock options (Refer to note 2.17) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 39 | *–* | *–* | *–* | *–* | 39 |
| Dividends | *–* | *–* | *–* | *–* | *–* | (20345) | *–* | *–* | *–* | *–* | *–* | *–* | (20345) |
| **Balance as at March 31, 2025** | **2076** | **54** | **2862** | **169** | **1054** | **71520** | **359** | **1069** | **8041** | **298** | **(18)** | **(152)** | **87332** |

---

**INFOSYS LIMITED**

**Condensed Standalone Statement of Changes in Equity (contd.)**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | |
| | | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | |
| | | **Capital reserve** | | | | | | | **Special Economic Zone Re-investment reserve** *<sup>(1)</sup>* | | | | |
| **Particulars**<br>| **Equity Share Capital**<br>| **Capital reserve** | **Other reserves *<sup>(2)</sup>*** | **Capital redemption reserve** | **Securities Premium** | **Retained earnings** | **General reserve** | **Share Options Outstanding Account** | | **Equity Instruments through other comprehensive income** | **Effective portion of Cash flow hedges** | **Other items of other comprehensive income / (loss)** | **Total equity attributable to equity holders of the Company**<br>|
| **Balance as at April 1, 2025** | **2076** | **54** | **2862** | **169** | **1054** | **71520** | **359** | **1069** | **8041** | **298** | **(18)** | **(152)** | **87332** |
| **Changes in equity for the year ended March 31, 2026** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Profit for the year | *–* | *–* | *–* | *–* | *–* | 29211 | *–* | *–* | *–* | *–* | *–* | *–* | 29211 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (285) | (285) |
| Equity instruments through other comprehensive income, net\* (Refer to note 2.5 and 2.17) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 397 | *–* | *–* | 397 |
| Fair value changes on derivatives designated as cash flow hedge, net\* (Refer to note 2.11 and 2.17) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (1) | *–* | (1) |
| Fair value changes on investments, net\* (Refer to note 2.5 and 2.17) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (26) | (26) |
| **Total comprehensive income for the year** | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | **29211** | ***–*** | ***–*** | ***–*** | **397** | **(1)** | **(311)** | **29296** |
| Buyback of equity shares (Refer to note 2.12) | (50) | ***–*** | ***–*** | *–* | (1244) | (16346) | (360) | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | (18000) |
| Transaction cost relating to buyback (Refer to note 2.12) | *–* | ***–*** | ***–*** | *–* | (17) | (27) | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | (44) |
| Amount transferred to capital redemption reserve upon buyback (Refer to note 2.12) | *–* | ***–*** | ***–*** | 50 | ***–*** | ***–*** | (50) | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | *–* |
| Transferred to Special Economic Zone Re-investment reserve | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve on utilization | *–* | *–* | *–* | *–* | *–* | 1261 | *–* | *–* | (1261) | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve to retained earnings | *–* | *–* | *–* | *–* | *–* | 1956 | *–* | *–* | (1956) | *–* | *–* | *–* | *–* |
| Transferred on account of exercise of stock options (Refer to note 2.12) | *–* | *–* | *–* | *–* | 449 | *–* | *–* | (449) | *–* | *–* | *–* | *–* | *–* |
| Transferred on account of options not exercised | *–* | *–* | *–* | *–* | *–* | *–* | 63 | (63) | *–* | *–* | *–* | *–* | *–* |
| Shares issued on exercise of employee stock options (Refer to note 2.12) | 1 | *–* | *–* | *–* | 1 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 2 |
| Employee stock compensation expense (Refer to note 2.12) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 938 | *–* | *–* | *–* | *–* | 938 |
| Income tax benefit arising on exercise of stock options (Refer to note 2.17) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 44 | *–* | *–* | *–* | *–* | 44 |
| Dividends | *–* | *–* | *–* | *–* | *–* | (18694) | *–* | *–* | *–* | *–* | *–* | *–* | (18694) |
| **Balance as at March 31, 2026** | **2027** | **54** | **2862** | **219** | **243** | **68881** | **12** | **1539** | **4824** | **695** | **(19)** | **(463)** | **80874** |

---

*\** *net of tax*

*<sup>(1)</sup>* *The Special Economic Zone Re-investment Reserve has been created out of the profit of eligible SEZ units in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in the terms of the Sec 10AA(2) of the Income Tax Act, 1961.*

*<sup>(2)</sup>* *Profit / loss on transfer of business between entities under common control taken to reserve.*

 

*The accompanying notes form an integral part of the standalone financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp;A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |

---

**INFOSYS LIMITED**

**Statement of Cash Flows**

**Accounting Policy**

Cash flows are reported using the indirect method, whereby profit for the year is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated. The Company considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Note No.** | **Year ended March 31,** | **Year ended March 31,** |
|  |  | **2026** | **2025** |
| **Cash flow from operating activities** |  |  |  |
| Profit for the year |  | 29211 | 25568 |
| **Adjustments to reconcile net profit to net cash provided by operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization | 2.1, 2.3 | 2394 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 2.17 | 9546 | 9873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss recognized / (reversed) under expected credit loss model |  | 71 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost |  | 207 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | 2.19 | (4885) | (3699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 2.12 | 846 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for post sale client support |  | (191) | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange differences on translation of assets and liabilities, net |  | 777 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable on income tax refund |  | (63) | (327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments |  | 169 | 165 |
| **Changes in assets and liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables and unbilled revenue |  | (6018) | (2994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, other financial assets and other assets |  | (3870) | (1942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables |  | 812 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities, other liabilities and provisions |  | 6330 | 3529 |
| **Cash generated from operations** |  | **35336** | **34010** |
| Income taxes paid |  | (7172) | (4601) |
| **Net cash generated by operating activities** |  | **28164** | **29409** |
| **Cash flow from investing activities** |  |  |  |
| Expenditure on property, plant and equipment and intangibles, net of sale proceeds *(Refer to note 2.1)* |  | (2170) | (1587) |
| Deposits placed with corporation |  | (660) | (1026) |
| Redemption of deposits placed with corporation |  | 459 | 593 |
| Interest and dividend received |  | 2269 | 1672 |
| Dividend received from subsidiary |  | 2676 | 1522 |
| Loan given to subsidiaries |  | *–* | (10) |
| Loan repaid by subsidiaries |  | 10 | *–* |
| Payment of contingent consideration pertaining to acquisition of business |  | (13) | *–* |
| Investment in subsidiaries |  | (781) | (4361) |
| Proceeds from sale of investment in subsidiaries |  | 4 | *–* |
| Payment towards acquisition |  | *–* | (184) |
| Other receipts |  | *–* | 2 |
| Payments to acquire investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units |  | (67178) | (66637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial papers |  | (2875) | (6058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | (12665) | (6138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds |  | (126) | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities |  | (2859) | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures |  | (3031) | (3240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments |  | (2) | (25) |
| Proceeds on sale of investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units |  | 66362 | 67597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund |  | 487 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial papers |  | 5250 | 7260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 8592 | 5984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures |  | 3818 | 2376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities |  | 5159 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds |  | 1356 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments |  | 4 | 12 |
| Escrow and deposits pertaining to buyback |  | (1815) | *–* |
| Redemption of escrow and other deposits pertaining to buyback |  | 1815 | *–* |
| **Net cash (used in) / generated from investing activities** |  | **4086** | **(1943)** |
| **Cash flow from financing activities** |  |  |  |
| Payment of Lease Liabilities | 2.3 | (912) | (859) |
| Shares issued on exercise of employee stock options |  | 2 | 3 |
| Other (payments)/receipts |  | (125) | (186) |
| Payment of dividends |  | (18694) | (20337) |
| Buyback of equity shares including transaction cost |  | (18058) | *–* |
| **Net cash used in financing activities** |  | **(37787)** | **(21379)** |
| Net increase / (decrease) in cash and cash equivalents |  | (5537) | 6087 |
| Effect of exchange rate changes on cash and cash equivalents |  | (1) | (13) |
| Cash and cash equivalents at the beginning of the year | 2.9 | 14265 | 8191 |
| **Cash and cash equivalents at the end of the year** | 2.9 | **8727** | **14265** |
| **Supplementary information:** |  |  |  |
| Restricted cash balance | 2.9 | 52 | 45 |

---

 

*The accompanying notes form an integral part of the standalone financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp;A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |

---

**INFOSYS LIMITED**

**Overview and Notes to the Standalone Financial Statements**

**1. Overview**

**1.1 Company overview**

Infosys Limited ('the Company' or 'Infosys') provides AI-first business consulting and technology services, to enable organizations to unlock AI value at scale. With over four decades of experience in managing the systems and workings of global enterprises, Infosys accelerates business transformation through its AI-first value framework, deep domain expertise, and unique ability to orchestrate innovations from its AI-native partner ecosystem. Infosys's strategy is to be the navigator for its clients as they ideate, plan and execute on their journey to an AI-first future.

The Company is a public limited company incorporated and domiciled in India and has its registered office at Electronics City, Hosur Road, Bengaluru 560100, Karnataka, India. The company has its primary listings on the BSE Ltd. and National Stock Exchange of India Limited. The Company's American Depositary Shares (ADS) representing equity shares are listed on the New York Stock Exchange (NYSE).

The standalone financial statements are approved for issue by the Company's Board of Directors on April 23, 2026.

**1.2 Basis of preparation of financial statements**

These standalone financial statements are prepared in accordance with the provisions of the Companies Act, 2013 (''the Act''), guidelines issued by the Securities and Exchange Board of India (SEBI) and Indian Accounting Standard (Ind AS) under the historical cost convention on accrual basis except for certain financial instruments which are measured at fair values, defined benefit liability/(asset) which is recognized at the present value of defined benefit obligation less fair value of plan assets. The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. The material accounting policy information used in preparation of the audited standalone financial statements have been discussed in the respective notes.

As the year to date figures are taken from the source and rounded to the nearest digits, the figures reported for the previous quarters might not always add up to the year to date figures reported in this statement.

**1.3 Use of estimates and judgments**

The preparation of the financial statements in conformity with Ind AS requires the management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note no. 1.4. Critical accounting estimates and judgments could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgements are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the standalone financial statements.

**1.4 Critical accounting estimates and judgments**

**a. Revenue recognition** 

The Company's contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Company assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgement.

Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Company's costs to fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

The Company uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-completion method requires the Company to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Company is acting as an agent between the customer and the vendor, and gross when the Company is the principal for the transaction. In doing so, the Company first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Company considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

**b. Income taxes**

The Company's two major tax jurisdictions are India and the United States, though the Company also files tax returns in other overseas jurisdictions.

Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

In assessing the realizability of deferred income tax assets, the Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, management believes that the company will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. (Refer to note 2.17).

**c. Property, plant and equipment** 

Property, plant and equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Company's assets are determined by the management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. (Refer to note 2.1).

**2. Notes to the Standalone Financial Statements**

**2.1 PROPERTY, PLANT AND EQUIPMENT**

**Accounting Policy**

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by the Management. The charge in respect of periodic depreciation is derived at after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The Company depreciates property, plant and equipment over their estimated useful lives using the straight-line method.

The estimated useful lives of assets are as follows:

---

| | |
|:---|:---|
| Building*<sup>(1)</sup>* | 22-25 years |
| Plant and machinery*<sup>(1)</sup>* | 5 years |
| Office equipment | 5 years |
| Computer equipment*<sup>(1)</sup>* | 3-5 years |
| Furniture and fixtures*<sup>(1)</sup>* | 5 years |
| Vehicles*<sup>(1)</sup>* | 5 years |
| Leasehold improvements | Lower of useful life of the asset or lease term |

---

*<sup>(1)</sup>* *Based on technical evaluation, the Management believes that the useful lives as given above best represent the period over which Management expects to use these assets. Hence, the useful lives for these assets is different from the useful lives as prescribed under Part C of Schedule II of the Companies Act 2013.*

Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year end. The useful lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

Advances paid towards the acquisition of property, plant and equipment outstanding at each Balance Sheet date is classified as capital advances under other non-current assets and the cost of assets not ready to use before such date are disclosed under 'Capital work-in-progress'. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Company and the cost of the item can be measured reliably. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset.

**Impairment**

Property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in the Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognized for the asset in prior years.

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2026 are as follows:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land- Freehold** | **Buildings<sup>(1)(2)</sup>** | **Plant and machinery<sup>(2)</sup>** | **Office Equipment<sup>(2)</sup>** | **Computer equipment<sup>(2)</sup>** | **Furniture and fixtures<sup>(2)</sup>** | **Leasehold Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2025** | **1477** | **10621** | **3238** | **1423** | **7917** | **2126** | **781** | **46** | **27629** |
| Additions | 27 | 704 | 260 | 116 | 1218 | 174 | 49 | 1 | 2549 |
| Deletions\*\* <sup>#</sup> | (66) | (13) | (24) | (42) | (1092) | (100) | (40) | (5) | (1382) |
| **Gross carrying value as at March 31, 2026** | **1438** | **11312** | **3474** | **1497** | **8043** | **2200** | **790** | **42** | **28796** |
| **Accumulated depreciation as at April 1, 2025** | *–* | **(4964)** | **(2888)** | **(1195)** | **(6062)** | **(1796)** | **(611)** | **(43)** | **(17559)** |
| Depreciation | *–* | (401) | (161) | (95) | (872) | (142) | (76) | (1) | (1748) |
| Accumulated depreciation on deletions\*\* <sup>#</sup> | *–* | 1 | 24 | 41 | 1074 | 100 | 40 | 5 | 1285 |
| **Accumulated depreciation as at March 31, 2026** | ***–*** | **(5364)** | **(3025)** | **(1249)** | **(5860)** | **(1838)** | **(647)** | **(39)** | **(18022)** |
| **Carrying value as at April 1, 2025** | **1477** | **5657** | **350** | **228** | **1855** | **330** | **170** | **3** | **10070** |
| **Carrying value as at March 31, 2026** | **1438** | **5948** | **449** | **248** | **2183** | **362** | **143** | **3** | **10774** |

---

\*\* During the year ended March 31, 2026, certain assets which were not in use having gross book value of ![rupee symbol](rupee-symbol.gif)1,022 crore (net book value: ![rupee symbol](rupee-symbol.gif)Nil) were retired.

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2025 are as follows:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land- Freehold** | **Buildings<sup>(1)(2)</sup>** | **Plant and machinery<sup>(2)</sup>** | **Office Equipment<sup>(2)</sup>** | **Computer equipment<sup>(2)</sup>** | **Furniture and fixtures<sup>(2)</sup>** | **Leasehold Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2024** | **1430** | **10679** | **3214** | **1370** | **7379** | **2160** | **963** | **45** | **27240** |
| Additions | 47 | 32 | 45 | 97 | 1013 | 47 | 68 | 2 | 1351 |
| Deletions<sup>\*#</sup> | *–* | (90) | (21) | (44) | (475) | (81) | (250) | (1) | (962) |
| **Gross carrying value as at March 31, 2025** | **1477** | **10621** | **3238** | **1423** | **7917** | **2126** | **781** | **46** | **27629** |
| **Accumulated depreciation as at April 1, 2024** | *–* | **(4575)** | **(2732)** | **(1139)** | **(5497)** | **(1709)** | **(733)** | **(42)** | **(16427)** |
| Depreciation | *–* | (402) | (176) | (99) | (1034) | (166) | (125) | (2) | (2004) |
| Accumulated depreciation on deletions<sup>\*#</sup> | *–* | 13 | 20 | 43 | 469 | 79 | 247 | 1 | 872 |
| **Accumulated depreciation as at March 31, 2025** | ***–*** | **(4964)** | **(2888)** | **(1195)** | **(6062)** | **(1796)** | **(611)** | **(43)** | **(17559)** |
| **Carrying value as at April 1, 2024** | **1430** | **6104** | **482** | **231** | **1882** | **451** | **230** | **3** | **10813** |
| **Carrying value as at March 31, 2025** | **1477** | **5657** | **350** | **228** | **1855** | **330** | **170** | **3** | **10070** |

---

 

<sup>\*</sup> During the Year ended March 31, 2025, certain assets which were not in use having gross book value of ![rupee symbol](rupee-symbol.gif)411 crore (net book value: Nil) were retired.

---

| | |
|:---|:---|
| <sup>#</sup> | Proceeds from sale of property plant and equipment amounted to ![rupee symbol](rupee-symbol.gif)267 crore and ![rupee symbol](rupee-symbol.gif)121 crore for the year ended March 31, 2026 and March 31, 2025, respectively. |

---

*<sup>(1)</sup>* *Buildings include ![rupee symbol](rupee-symbol.gif)250/- being the value of five shares of ![rupee symbol](rupee-symbol.gif)50/- each in Mittal Towers Premises Co-operative Society Limited.*

*<sup>(2)</sup>* *Includes certain assets provided on cancellable operating lease to subsidiaries.*

The aggregate depreciation has been included under depreciation and amortization expense in the statement of Profit and Loss.

Repairs and maintenance costs are recognized in the statement of Profit and Loss when incurred.

Tangible assets provided on operating lease to subsidiaries as at March 31, 2026 and March 31, 2025 are as follows:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Cost** | **Accumulated depreciation** | **Net book value** |
| Land | 32 | *–* | 32 |
|  | *32* | *–* | *32* |
| Buildings | 333 | 162 | 171 |
|  | *333* | *150* | *183* |
| Plant and machinery | 36 | 35 | *1* |
|  | *36* | *34* | *2* |
| Furniture and fixtures | 28 | 26 | 2 |
|  | *28* | *25* | *3* |
| Computer Equipment | 2 | 2 | *–* |
|  | *2* | *2* | *–* |
| Leasehold Improvement | 40 | 33 | 7 |
|  | *40* | *30* | *10* |
| Office equipment<sup>(1)</sup> | 21 | 20 | 1 |
|  | *22* | *20* | *2* |

---

**

*<sup>(1)</sup>* *During the year ended March 31, 2026 and March 31, 2025, certain assets provided on operating lease which were not in use having gross book value of ![rupee symbol](rupee-symbol.gif)1 crore (net book value: Nil) and ![rupee symbol](rupee-symbol.gif)2 crore (net book value: Nil), respectively were retired.*

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Aggregate depreciation charged on above assets | 18 | 21 |

---

The rental income from subsidiary in current year is ![rupee symbol](rupee-symbol.gif)83 crore and in last year it was ![rupee symbol](rupee-symbol.gif)75 crore.

**2.2 GOODWILL AND OTHER INTANGIBLE ASSETS**

**2.2.1 Goodwill**

Following is a summary of changes in the carrying amount of goodwill:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Carrying value at the beginning | 211 | 211 |
| **Carrying value at the end** | **211** | **211** |

---

The allocation of goodwill to operating segments as at March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Segment**  | **March 31, 2026** | **March 31, 2025** |
| Financial services | 64 | 64 |
| Retail | 34 | 34 |
| Communication | 28 | 28 |
| Energy, Utilities, Resources and Services | 27 | 27 |
| Manufacturing | 21 | 21 |
|  | **174** | **174** |
| Operating segments without significant goodwill | 37 | 37 |
| **Total** | **211** | **211** |

---

**2.2.2 Other Intangible Assets**

**Accounting Policy**

Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry, and known technological advances), and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Amortization methods and useful lives are reviewed periodically including at each financial year end.

Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibility of the project is demonstrated, future economic benefits are probable, the Company has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The costs which can be capitalized include the cost of material, direct labor, overhead costs that are directly attributable to prepare the asset for its intended use.

During the year ender March 31, 2026 the acquired intangible assets is fully amortised and accordingly the carrying amount has been reduced to Nil, and accordingly theses assets have been derecognised.

The changes in the carrying value of acquired intangible assets for the year ended March 31, 2025 are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Customer related** | **Software related** | **Trade name related** | **Others** | **Total** |
| **Gross carrying value as at April 1, 2024** | **113** | **54** | **26** | **26** | **219** |
| Deletions | ***–*** | ***–*** | ***–*** | ***–*** | *–* |
| **Gross carrying value as at March 31, 2025** | **113** | **54** | **26** | **26** | **219** |
| **Accumulated amortization as at April 1, 2024** | **(113)** | **(54)** | **(26)** | **(26)** | **(219)** |
| Amortization expense | *–* | *–* | *–* | *–* | *–* |
| Accumulated amortization on deletions | ***–*** | ***–*** | ***–*** | ***–*** | *–* |
| **Accumulated amortization as at March 31, 2025** | **(113)** | **(54)** | **(26)** | **(26)** | **(219)** |
| **Carrying value as at March 31, 2025** | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** |
| **Carrying value as at April 1, 2024** | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** |
| **Estimated Useful Life** *(in years)* | ***–*** | ***–*** | ***–*** | ***–*** |  |
| **Estimated Remaining Useful Life** *(in years)* | *–* | *–* | *–* | *–* |  |

---

**Research and Development Expenditure**

Research and Development expense recognized in net profit in the statement of profit and loss for the year ended March 31, 2026 and March 31, 2025 are ![](rupee-symbol.gif)1,093 crore and ![](rupee-symbol.gif)850 crore, respectively.

**2.3 LEASES** 

**Accounting Policy**

**The Company as a lessee** 

The Company's lease asset classes primarily consist of leases for land, buildings and computers. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

As a lessee, the Company determines the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Company considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to Infosys's operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset.

Right-of-use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

**The Company as a lessor** 

Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

For finance lease, finance income is recognised over the lease term based on a pattern reflecting a constant periodic rate of return on the lessor's net investment in the lease and for operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.

Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2026:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Computers** | **Total**  |
| **Balance as at April 1, 2025** | 530 | 2105 | 443 | 3078 |
| Additions\* | *–* | 318 | 457 | 775 |
| Deletions | (53) | (22) | (271) | (346) |
| Depreciation | (4) | (420) | (232) | (656) |
| **Balance as at March 31, 2026** | **473** | **1981** | **397** | **2851** |

---

*\** *Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Computers** | **Total**  |
| **Balance as at April 1, 2024** | 534 | 2266 | 503 | 3303 |
| Additions\* | *–* | 430 | 353 | 783 |
| Deletions | *–* | (181) | (207) | (388) |
| Depreciation | (4) | (410) | (206) | (620) |
| **Balance as at March 31, 2025** | **530** | **2105** | **443** | **3078** |

---

*\** *Net of adjustments on account of modifications*

The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the statement of Profit and Loss.

The following is the break-up of current and non-current lease liabilities as at March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Current lease liabilities | 934 | 765 |
| Non-current lease liabilities | 2815 | 2694 |
| **Total** | **3749** | **3459** |

---

The movement in lease liabilities during the year ended March 31, 2026 and March 31, 2025 is as follows :

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars**  | **March 31, 2026** | **March 31, 2025** |
| **Balance at the beginning** | 3459 | 3766 |
| Additions | 762 | 718 |
| Finance cost accrued during the period | 169 | 162 |
| Deletions | (68) | (394) |
| Payment of lease liabilities | (912) | (859) |
| Translation Difference | 339 | 66 |
| **Balance at the end** | **3749** | **3459** |

---

The table below provides details regarding the contractual maturities of lease liabilities as at March 31, 2026 and March 31, 2025 on an undiscounted basis:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars**  | **March 31, 2026** | **March 31, 2025** |
| Less than one year | 1063 | 812 |
| One to five years | 2555 | 2152 |
| More than five years | 646 | 990 |
| **Total** | **4264** | **3954** |

---

The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

Rental expense recorded for short-term leases was ![](rupee-symbol.gif)23 crore and ![](rupee-symbol.gif)19 crore for the year ended March 31, 2026 and March 31, 2025.

Leases not yet commenced to which Company is committed is ![](rupee-symbol.gif)87 crore for a lease term up to 5 years.

The following is the movement in the net investment in lease during the year ended March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif)crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars**  | **March 31, 2026** | **March 31, 2025** |
| **Balance at the beginning** | **469** | **319** |
| Addition | 325 | 268 |
| Interest income accrued during the period | 23 | 11 |
| Others | 3 | (5) |
| Lease receipts | (245) | (133) |
| Translation Difference | 14 | 9 |
| **Balance at the end** | **589** | **469** |

---

**2.4 CAPITAL WORK -IN-PROGRESS**

Changes in capital work-in-progress are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Balance at the beginning** | **778** | **277** |
| Additions during the year | 2256 | 1805 |
| Capitalized during the year | (2522) | (1304) |
| **Balance at the end** | **512** | **778** |

---

The capital work-in-progress ageing schedule for the year ended March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Amount in CWIP for a period of** | **Amount in CWIP for a period of** | **Amount in CWIP for a period of** | **Amount in CWIP for a period of** | **Amount in CWIP for a period of** |
| **Particulars** | **Less than 1 year** | **1-2 years** | **2-3 years** | **More than 3 years** | **Total** |
| Projects in progress | 345 | 156 | 10 | 1 | 512 |
|  | *540* | *204* | *22* | *12* | *778* |
| **Total Capital work-in-progress** | **345** | **156** | **10** | **1** | **512** |
|  | *540* | *204* | *22* | *12* | *778* |

---

For capital-work-in progress, whose completion is overdue or has exceeded its cost compared to its original plan the project wise details of when the project is expected to be completed is given below as of March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **To be completed in** | **To be completed in** | **To be completed in** | **To be completed in** | **To be completed in** |
| **Particulars** | **Less than 1 year** | **1-2 years** | **2-3 years** | **More than 3 years** | **Total** |
| **Projects in progress** |  |  |  |  |  |
| BN-SP-SDB | 114 | *–* | *–* | *–* | 114 |
| NO-SZ-SDB | *256* | *–* | *–* | *–* | *256* |
| **Total Capital work-in-progress** | **114** | ***–*** | ***–*** | ***–*** | **114** |
|  | *256* | *–* | *–* | *–* | *256* |

---

Project execution plans are formulated based on capacity requirement assessments, and projects are executed accordingly.

**2.5 INVESTMENTS**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity instruments of subsidiaries | 14507 | 13724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemable Preference shares of subsidiary | 2831 | 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference securities and equity securities | 743 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 59 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | 407 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | *–* | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures | 3279 | 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 4210 | 5240 |
| **Total non-current investments** | **26036** | **27371** |
| **Current investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | 2191 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | 1180 | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 7546 | 3257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | *–* | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | 101 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 240 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures | 781 | 1549 |
| **Total current investments** | **12039** | **11147** |
| **Total carrying value** | **38075** | **38518** |

---

*(In ![](rupee-symbol.gif) crore, except as otherwise stated)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Non-current investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unquoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment carried at cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in equity instruments of subsidiaries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys BPM Limited | 662 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,828 (33828) equity shares of ![](rupee-symbol.gif)10,000/- each, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Technologies (China) Co. Limited | 369 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Technologies, S. de R.L. de C.V., Mexico | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,49,99,990 (174999990) equity shares of MXN 1 par value, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Technologies (Sweden) AB | 76 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000 (1000) equity shares of SEK 100 par value, fully paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Technologies (Shanghai) Company Limited | 1010 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Public Services, Inc. | 99 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,50,00,000 (35000000) shares of USD 0.50 par value, fully paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting Holding AG | 1323 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,350 (23350) - Class A shares of CHF 1,000 each and |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,460 (26460) - Class B Shares of CHF 100 each, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeVerve Systems Limited | 1312 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,31,18,40,000 (1311840000) equity shares of ![](rupee-symbol.gif)10/- each, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Nova Holdings LLC<sup>#</sup> | 3308 | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Singapore Pte Ltd | 4821 | 4327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,88,39,411 (27319411) shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brilliant Basics Holding Limited | 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,346 (1346) shares of GBP 0.005 each, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Arabia Limited | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 (70) shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panaya Inc. | 582 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 (2) shares of USD 0.01 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Chile SpA | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 (100) shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Luxembourg S.a r.l. | 26 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,000 (30000) shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Austria GmbH | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80,000 (80000) shares of EUR 1 par value, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting Brazil | 337 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,50,71,070 (275071070) shares of BRL 1 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting S.R.L. (Romania) | 34 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,183 (99183) shares of RON 100 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Limited Bulgaria EOOD | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,58,000 (458000) shares of BGN 1 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Germany Holdings GmbH | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,000 (25000) shares EUR 1 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Green Forum | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,00,000 (1000000) shares ![](rupee-symbol.gif)10 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Automotive and Mobility GmbH | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Turkey Bilgi Teknolojileri Limited Sirketi | 79 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,70,326 (2770326) share Turkish Liras 100 (100) per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting S.R.L. (Argentina) | *–* | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil (294500) shares AR$100 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Business Solutions LLC | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000 (10000) shares USD 100 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idunn Information Technology Private Limited | 82 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,27,788 (327788) shares ![](rupee-symbol.gif) 10 per share fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InSemi Technology Services Private Limited <sup>(2)</sup> | 198 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,33,440 (1033440) shares ![](rupee-symbol.gif) 10 per share fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in-tech Group India Private Limited | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000 (10000) shares ![](rupee-symbol.gif) 10 per share fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Services (Thailand) Limited | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,99,998 (4999998) shares THB 10 per share fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Redeemable Preference shares of subsidiary |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Singapore Pte Ltd | 2831 | 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,02,00,000 (51,02,00,000) shares |  |  |
|  | **17338** | **16555** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and Preference securities | 52 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others <sup>(1)</sup> | 59 | 61 |
|  | **111** | **551** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference securities | 628 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 2 | 2 |
|  | **630** | **169** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Quoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at amortized cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | 407 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | *–* | 14 |
|  | **407** | **1479** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures | 3279 | 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities | 61 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 4210 | 5240 |
|  | **7550** | **8617** |
| **Total non-current investments** | **26036** | **27371** |
| **Current investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unquoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | 2191 | 1185 |
|  | **2191** | **1185** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | 1180 | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 7546 | 3257 |
|  | **8726** | **6699** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Quoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at amortized cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | *–* | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | 101 | - |
|  | **101** | **154** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 240 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures | 781 | 1549 |
|  | **1021** | **3109** |
| **Total current investments** | **12039** | **11147** |
| **Total investments** | **38075** | **38518** |
| Aggregate amount of quoted investments | 9079 | 13359 |
| Market value of quoted investments (including interest accrued), current | 1122 | 3266 |
| Market value of quoted investments (including interest accrued), non-current | 7981 | 10269 |
| Aggregate amount of unquoted investments | 28996 | 25159 |
| *<sup>#</sup>* Aggregate amount of impairment in value of investments | 94 | 94 |
| Reduction in the fair value of assets held for sale | 854 | 854 |
| Investments carried at cost | 17338 | 16555 |
| Investments carried at amortized cost | 508 | 1633 |
| Investments carried at fair value through other comprehensive income | 17927 | 18594 |
| Investments carried at fair value through profit or loss | 2302 | 1736 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Uncalled capital commitments outstanding as of March 31, 2026 and March 31, 2025 was ![](rupee-symbol.gif) 23 crore and ![](rupee-symbol.gif) 27 crore, respectively.* 

*<sup>(2)</sup>* *On May 10, 2024, Infosys Ltd acquired 100% voting interests in InSemi Technology Services Private Limited, a semiconductor design services company headquartered in India. This acquisition is expected to strengthen our expertise in semiconductor ecosystem and Engineering R&D services. The business acquisition was conducted by entering into a share purchase agreement for a total consideration of ![](rupee-symbol.gif)198 crore as on acquisition date, which includes a cash consideration of ![](rupee-symbol.gif)168 crore and contingent consideration with an estimated fair value of ![](rupee-symbol.gif)30 crore as on the date of acquisition.*

*Refer to note 2.11 for accounting policies on financial instruments.*

**Details of amounts recorded in other comprehensive income:**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
| | **Gross** | **Tax** | **Net** | **Gross** | **Tax** | **Net** |
| **Net Gain/(loss) on** |  |  |  |  |  |  |
| Non-convertible debentures | (14) | 2 | (12) | 52 | (6) | 46 |
| Government Securities | 5 | (1) | 4 | 155 | (14) | 141 |
| Commercial Paper | (7) | 2 | (5) | 3 | (1) | 2 |
| Certificate of deposits | (18) | 5 | (13) | 3 | (1) | 2 |
| Equity and preference securities | 464 | (67) | 397 | 20 | (1) | 19 |

---

**Method of fair valuation:**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| | | **Fair value as at** | **Fair value as at** |
| **Class of investment** | **Method** | **March 31, 2026** | **March 31, 2025** |
| Mutual fund units - carried at fair value through profit or loss | Quoted price | 2191 | 1185 |
| Target maturity fund units - carried at fair value through profit or loss | Quoted price | *–* | 465 |
| Tax free bonds and government bonds - carried at amortized cost | Quoted price and market observable inputs | 529 | 1796 |
| Non-convertible debentures - carried at fair value through other comprehensive income | Quoted price and market observable inputs | 4060 | 4869 |
| Government securities - carried at fair value through other comprehensive income | Quoted price and market observable inputs | 4450 | 6800 |
| Commercial Papers - carried at fair value through other comprehensive income | Market observable inputs | 1180 | 3442 |
| Certificates of deposit - carried at fair value through other comprehensive income | Market observable inputs | 7546 | 3257 |
| Quoted equity securities - carried at fair value through other comprehensive income | Quoted price | 61 | 57 |
| Unquoted equity and preference securities - carried at fair value through other comprehensive income | Discounted cash flows method, Market multiples method, Option pricing model | 630 | 169 |
| Unquoted equity and preference securities - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, Option pricing model | 52 | 25 |
| Others - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, Option pricing model | 59 | 61 |
| **Total** |  | **20758** | **22126** |

---

Note : Certain quoted investments are classified as Level 2 in the absence of active market for such investments.

**2.5.1 Details of Investments**

The details of investments in preference, equity and other instruments at March 31, 2026 and March 31, 2025 are as follows:

*(In ![](rupee-symbol.gif) crore, except as otherwise stated)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| ***<u>Preference Securities</u>*** |  |  |
| **Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airviz Inc. | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,89,695 (289695) Series A Preferred Stock, fully paid up, par value USD 0.001 each |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whoop Inc | 576 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,10,59,340 (11059340) Series B Preferred Stock, fully paid up, par value USD 0.0001 each |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nivetti Systems Private Limited | 52 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,28,501 (228501) Preferred Stock, fully paid up, par value ![](rupee-symbol.gif)1/- each |  |  |
| **Investments carried at fair value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxeye Space Solutions Private Limited | 23 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,210 (1210) Series A compulsorily convertible cumulative Preference shares of ![](rupee-symbol.gif)10/- each, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4Basecare Precision Health Private Limited | 29 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,850 (18850) Series A compulsorily convertible cumulative Preference shares of ![](rupee-symbol.gif)1/- each, fully paid up |  |  |
| ***<u>Equity Instrument</u>*** |  |  |
| **Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merasport Technologies Private Limited | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,420 (2420) equity shares at ![](rupee-symbol.gif) 8,052/- each, fully paid up, par value ![](rupee-symbol.gif)10/- each |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Innovation and Technology Alliance | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,000 (15000) equity shares at ![](rupee-symbol.gif)1,000/- each, fully paid up, par value ![](rupee-symbol.gif)1,000/- each |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ideaforge Technology Limited | 61 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,47,314 (1647314) equity shares at ![](rupee-symbol.gif)10/-, fully paid up |  |  |
| **Investments carried at fair value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxeye Space Solutions Private Limited | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 (10) equity shares at ![](rupee-symbol.gif)1,36,080/- each, fully paid up, par value ![](rupee-symbol.gif)10/- each |  |  |
| ***<u>Others-Investments carried at fair value through profit or loss</u>*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stellaris Venture Partners India | 51 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yali Deeptech Fund I | 8 | 8 |
| **Total** | **802** | **312** |

---

**2.6 LOANS**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non- Current** |  |  |
| Loan to subsidiary | *–* | 10 |
| Loans considered good - Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 5 | 16 |
|  | **5** | **26** |
| **Current** |  |  |
| Loans considered good - Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 189 | 207 |
| **Total current loans** | **189** | **207** |
| **Total Loans** | **194** | **233** |
| <sup>(1)</sup> Includes dues from subsidiaries | ***–*** | 10 |

---

**2.7 OTHER FINANCIAL ASSETS**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits <sup>(1)</sup> | 214 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>(1)(5)#</sup> | 1356 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in lease<sup>(1)</sup> (Refer to note 2.3) | 265 | 241 |
| **Total non-current other financial assets** | **1835** | **2350** |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits <sup>(1)</sup> | 10 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits placed with Corporation <sup>(1)\*</sup> | 2918 | 2716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>(1)(5)#</sup> | 7143 | 5681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued but not due <sup>(1)</sup> | 360 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward and options contracts <sup>(2)(3)</sup> | 80 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in lease <sup>(1)</sup> (Refer to note 2.3) | 324 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others <sup>(1)(4)</sup> | 3935 | 3013 |
| **Total current other financial assets** | **14770** | **12569** |
| **Total other financial assets** | **16605** | **14919** |
| <sup>(1)</sup> Financial assets carried at amortized cost | 16525 | 14748 |
| <sup>(2)</sup> Financial assets carried at fair value through other comprehensive income | 56 | 28 |
| <sup>(3)</sup> Financial assets carried at fair value through Profit or Loss | 24 | 143 |
| *<sup>(4)</sup> Includes dues from subsidiaries* | 3776 | 2863 |
| *<sup>(5)</sup> Includes dues from subsidiaries* | 145 | 165 |

---

\* Deposits placed with corporation represent restricted deposits to settle employee related obligations as and when they arise during the normal course of business.

---

| | |
|:---|:---|
| **<sup>#</sup>** | Classified as financial asset as right to consideration is unconditional and is due only after a passage of time. |

---

**2.8 TRADE RECEIVABLES** 

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Receivable considered good - Unsecured <sup>(1)</sup> | 30766 | 26807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for expected credit loss | 429 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Receivable considered good - Unsecured | 30337 | 26413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Receivable - credit impaired - Unsecured | 111 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for credit impairment | 111 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Receivable - credit impaired - Unsecured | *–* | *–* |
| **Total trade receivables <sup>(2)</sup>** | **30337** | **26413** |
| *<sup>(1)</sup> Includes dues from subsidiaries* | 338 | 250 |
| *<sup>(2)</sup> Includes dues from companies where directors are interested* | *–* | *–* |

---

**Trade receivables ageing schedule for the year ended as on March 31, 2026 and March 31, 2025:**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | |
| **Particulars** | <br>**Not Due** | **Less than 6 months** | **6 months to 1 year** | **1-2 years** | **2-3 years** | **More than 3 years** | <br> **Total** |
| Undisputed Trade receivables – considered good | 24748 | 5990 | 17 | 7 | 2 | 2 | 30766 |
|  | *20082* | *6458* | *80* | *150* | *31* | *6* | *26807* |
| Undisputed Trade receivables – credit impaired | *–* | 2 | 13 | 12 | 4 | 62 | 93 |
|  | *–* | *5* | *4* | *2* | *5* | *87* | 103 |
| Disputed Trade receivables – considered good | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
|  | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Disputed Trade receivables – credit impaired | *–* | *–* | *–* | *–* | 3 | 15 | 18 |
|  | *–* | *–* | *–* | *42* | *23* | *1* | 66 |
|  | 24748 | 5992 | 30 | 19 | 9 | 79 | 30877 |
|  | *20082* | *6463* | *84* | *194* | *59* | *94* | *26976* |
| Less: Allowance for credit loss |  |  |  |  |  |  | 540 |
|  |  |  |  |  |  |  | *563* |
| **Total Trade Receivables** |  |  |  |  |  |  | 30337 |
|  |  |  |  |  |  |  | *26413* |

---

**2.9 CASH AND CASH EQUIVALENTS**

 *(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Balances with banks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In current and deposit accounts | 8727 | 14265 |
| Cash on hand | *–* | *–* |
| **Total Cash and cash equivalents** | **8727** | **14265** |
| *Balances with banks in unpaid dividend accounts* | 45 | 45 |
| *Deposit with more than 12 months maturity* | *–* | - |

---

Cash and cash equivalents as at March 31, 2026 and March 31, 2025 include restricted cash and bank balances of ![](rupee-symbol.gif)52 crore and ![](rupee-symbol.gif)45 crore, respectively.

The deposits maintained by the Company with banks and financial institutions comprise of time deposits, which can be withdrawn by the Company at any point without prior notice or penalty on the principal.

**2.10 OTHER ASSETS** 

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current** |  |  |
| Capital advances | 154 | 206 |
| Advances other than capital advances |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 510 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined benefit plan assets (Refer note no 2.21) | 168 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred contract cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of obtaining a contract | 301 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of fulfillment | 590 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues<sup>(2)</sup> | 274 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others<sup>(3)</sup> | 593 | 512 |
| **Total non-current other assets** | **2590** | **2223** |
| **Current** |  |  |
| Advances other than capital advances |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment to vendors for supply of goods | 408 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses <sup>(1)</sup> | 3229 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues<sup>(2)</sup> | 4933 | 4284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred contract cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of obtaining a contract | 226 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of fulfillment | 472 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others<sup>(3)</sup> | 3329 | 2309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables <sup>(1)</sup> | 27 | 9 |
| **Total current other assets** | **12624** | **9618** |
| **Total other assets** | **15214** | **11841** |
| *<sup>(1)</sup> Includes dues from subsidiaries* | 141 | 151 |
| *<sup>(2)</sup> Classified as non-financial asset as the contractual right to consideration is dependent on completion of contractual milestones.* |  |  |
| *<sup>(3)</sup> Withholding taxes and others primarily consist of input tax credits and VAT recoverable from tax authorities.* |  |  |

---

**2.11 FINANCIAL INSTRUMENTS**

**Accounting Policy**

**2.11.1 Initial recognition**

The Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

**2.11.2 Subsequent measurement**

**a. Non-derivative financial instruments**

***(i) Financial assets carried at amortized cost***

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

***(ii) Financial assets carried at fair value through other comprehensive income (FVOCI)***

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company has made an irrevocable election for certain investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

***(iii) Financial assets carried at fair value through profit or loss (FVTPL)***

A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss.

***(iv) Financial liabilities***

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration recognized in a business combination which is subsequently measured at fair value through profit or loss.

***(v) Investment in subsidiaries***

Investment in subsidiaries is carried at cost in the separate financial statements.

**b. Derivative financial instruments**

The Company holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank.

***(i) Financial assets or financial liabilities, carried at fair value through profit or loss.***

This category includes derivative financial assets or liabilities which are not designated as hedges.

Although the Company believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under Ind AS 109, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per Ind AS 109, is categorized as a financial asset or financial liability, at fair value through profit or loss.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in net profit in the Statement of Profit and Loss when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the Balance Sheet date.

***(ii) Cash flow hedge***

Primarily the Company designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the Statement of Profit and Loss. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedge reserve till the period the hedge was effective remains in cash flow hedge reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedge reserve is transferred to the net profit in the Statement of Profit and Loss upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedge reserve is reclassified to net profit in the Statement of Profit and Loss.

**2.11.3 Derecognition of financial instruments**

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. A financial liability (or a part of a financial liability) is derecognized from the Company's Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

**2.11.4 Fair value of financial instruments**

In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, option pricing model, market multiples, available quoted market prices and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized.

Refer to table 'Financial instruments by category' below for the disclosure on carrying value and fair value of financial assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date and which are not carried at fair value, the carrying amounts approximate fair value due to the short maturity of these instruments.

**2.11.5 Impairment** 

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets and unbilled revenues which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled revenues with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL.

The Company determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Company considers current and anticipated future economic conditions relating to industries the Company deals with and the countries where it operates.

The amount of ECLs (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recorded is recognized as an impairment loss or gain in statement of profit and loss.

**Financial instruments by category**

The carrying value and fair value of financial instruments by categories as at March 31, 2026 were as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets/ liabilities at fair value through profit or loss** | | **Financial assets/liabilities at fair value through OCI** | | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents (Refer to note 2.9) | 8727 | *–* | *–* | *–* | *–* | 8727 | 8727 |
| Investments (Refer to note 2.5) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference securities, Equity securities and others | *–* | 52 | 59 | 691 | *–* | 802 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | 508 | *–* | *–* | *–* | *–* | 508 | 529<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | *–* | *–* | 2191 | *–* | *–* | 2191 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | *–* | *–* | *–* | *–* | 1180 | 1180 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | *–* | *–* | *–* | *–* | 7546 | 7546 | 7546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | *–* | *–* | *–* | *–* | 4060 | 4060 | 4060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | *–* | *–* | *–* | *–* | 4450 | 4450 | 4450 |
| Trade receivables (Refer to note 2.8) | 30337 | *–* | *–* | *–* | *–* | 30337 | 30337 |
| Loans (Refer to note 2.6) | 194 | *–* | *–* | *–* | *–* | 194 | 194 |
| Other financial assets (Refer to note 2.7) | 16525 | *–* | 24 | *–* | 56 | 16605 | 16585<sup>(2)</sup> |
| **Total** | **56291** | **52** | **2274** | **691** | **17292** | **76600** | **76601** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables (Refer to note 2.14) | 3539 | *–* | *–* | *–* | *–* | 3539 | 3539 |
| Lease liabilities (Refer to note 2.3) | 3749 | *–* | *–* | *–* | *–* | 3749 | 3749 |
| Other financial liabilities (Refer to note 2.13) | 15306 | *–* | 512 | *–* | 55 | 15873 | 15873 |
| **Total** | **22594** | *–* | **512** | *–* | **55** | **23161** | **23161** |

---

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on tax free bonds and government bonds carried at amortized cost of ![](rupee-symbol.gif)20 crore*

The carrying value and fair value of financial instruments by categories as at March 31, 2025 were as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets/ liabilities at fair value through profit or loss** | | **Financial assets/liabilities at fair value through OCI** | | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents (Refer to note 2.9) | 14265 | *–* | *–* | *–* | *–* | 14265 | 14265 |
| Investments (Refer to note 2.5) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference securities, Equity securities and others | *–* | 25 | 61 | 226 | *–* | 312 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | 1633 | *–* | *–* | *–* | *–* | 1633 | 1796<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | *–* | 465 | *–* | *–* | 465 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | *–* | *–* | 1185 | *–* | *–* | 1185 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | *–* | *–* | *–* | *–* | 3442 | 3442 | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | *–* | *–* | *–* | *–* | 3257 | 3257 | 3257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | *–* | *–* | *–* | *–* | 4869 | 4869 | 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | *–* | *–* | *–* | *–* | 6800 | 6800 | 6800 |
| Trade receivables (Refer to note 2.8) | 26413 | *–* | *–* | *–* | *–* | 26413 | 26413 |
| Loans (Refer to note 2.6) | 233 | *–* | *–* | *–* | *–* | 233 | 233 |
| Other financial assets (Refer to note 2.7) | 14748 | *–* | 143 | *–* | 28 | 14919 | 14839<sup>(2)</sup> |
| **Total** | **57292** | **25** | **1854** | **226** | **18396** | **77793** | **77876** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables (Refer to note 2.14) | 2728 | *–* | *–* | *–* | *–* | 2728 | 2728 |
| Lease Liabilities (Refer to note 2.3) | 3459 | *–* | *–* | *–* | *–* | 3459 | 3459 |
| Other financial liabilities (Refer to note 2.13) | 13593 | *–* | 54 | *–* | 33 | 13680 | 13680 |
| **Total** | **19780** | ***–*** | **54** | ***–*** | **33** | **19867** | **19867** |

---

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on tax free bonds and government bonds carried at amortized cost of ![](rupee-symbol.gif)80 crore*

For trade receivables, trade payables, other assets and payables maturing within one year from the Balance Sheet date, the carrying amounts approximate the fair value due to the short maturity of these instruments.

**Fair value hierarchy**

**Level 1** - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

**Level 2** – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

**Level 3** - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2026 is as follows:

 *(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at March 31, 2026** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.5)** |  |  |  |  |
| Investments in tax free bonds | 428 | 428 | *–* | *–* |
| Investments in government bonds | 101 | 101 | *–* | *–* |
| Investments in mutual fund units | 2191 | 2191 | *–* | *–* |
| Investments in certificates of deposit | 7546 | *–* | 7546 | *–* |
| Investments in commercial papers | 1180 | *–* | 1180 | *–* |
| Investments in non convertible debentures | 4060 | 3572 | 488 | *–* |
| Investments in government securities | 4450 | 4282 | 168 | *–* |
| Investments in equity securities | 63 | 61 | *–* | 2 |
| Investments in preference securities | 680 | *–* | *–* | 680 |
| Other investments | 59 | *–* | *–* | 59 |
| **Others** |  |  |  |  |
| Derivative financial instruments - gains (Refer to note 2.7) | 80 | *–* | 80 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - loss (Refer to note 2.13) | 547 | *–* | 547 | *–* |
| Liability towards contingent consideration (Refer to note 2.13)<sup>(1)</sup> | 20 | *–* | *–* | 20 |

---

*<sup>(1)</sup>* *Discount rate - 6 %*

During the year ended March 31, 2026, tax free bonds of ![](rupee-symbol.gif)57 crore and government securities ![](rupee-symbol.gif)36 crore was transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price. Further, non-convertible debentures of ![](rupee-symbol.gif) 487 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2025 was as follows:

 *(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at March 31, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.5)** |  |  |  |  |
| Investments in tax free bonds | 1781 | 1227 | 554 | *–* |
| Investments in target maturity fund units | 465 | 465 | *–* | *–* |
| Investments in government bonds | 15 | 15 | *–* | *–* |
| Investments in mutual fund units | 1185 | 1185 | *–* | *–* |
| Investments in certificates of deposit | 3257 | *–* | 3257 | *–* |
| Investments in commercial papers | 3442 | *–* | 3442 | *–* |
| Investments in non convertible debentures | 4869 | 4869 | *–* | *–* |
| Investments in government securities | 6800 | 6763 | 37 | *–* |
| Investments in equity securities | 59 | 57 | *–* | 2 |
| Investments in preference securities | 192 | *–* | *–* | 192 |
| Other investments | 61 | *–* | *–* | 61 |
| **Others** |  |  |  |  |
| Derivative financial instruments - gains (Refer to note 2.7) | 171 | *–* | 171 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - loss (Refer note 2.13) | 56 | *–* | 56 | *–* |
| Liability towards contingent consideration (Refer to note 2.13)<sup>(1)</sup> | 31 | *–* | *–* | 31 |

---

*<sup>(1)</sup>* *Discount rate - 6 %*

During the year ended March 31, 2025, government securities and non-convertible debentures of ![](rupee-symbol.gif)36 crore and ![](rupee-symbol.gif)261 crore were transferred from Level 2 to Level 1 of fair value hierarchy since these were valued based on quoted price. Further Tax free bond of ![](rupee-symbol.gif)554 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

Majority of investments of the Company are fair valued based on Level 1 or Level 2 inputs. These investments primarily include investment in mutual fund units, target maturity fund units, tax free bonds, certificates of deposit, commercial papers, treasury bills, government securities, non-convertible debentures, quoted bonds issued by government and quasi-government organizations. The Company invests after considering counterparty risks based on multiple criteria including Tier I capital, Capital Adequacy Ratio, Credit Rating, Profitability, NPA levels and Deposit base of banks and financial institutions. These risks are monitored regularly as per Company's risk management program.

The following tables present movement of assets and liabilities valued using level 3 inputs for the year ended March 31, 2026 and March 31, 2025:

**i) Investments**

 

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** |
| **Particulars** | **Equity** | **Preference** | **Others** | **Equity** | **Preference** | **Others** |
| **Balance at the beginning** | **2** | **192** | **61** | **2** | **91** | **84** |
| Purchase of investments | *–* | *–* | 2 | *–* | 25 | 8 |
| Fair value gain/(loss) recognised through other comprehensive income | *–* | 443 | *–* | *–* | 75 | *–* |
| Fair value gain/(loss) recognised through profit and loss | *–* | 28 | *–* | *–* | *–* | (20) |
| Sale of investments | *–* | *–* | (4) | *–* | *–* | (11) |
| Translation difference | *–* | 17 | *–* | *–* | 1 | *–* |
| **Balance at the end** | **2** | **680** | **59** | **2** | **192** | **61** |

---

**ii) Liability towards contingent consideration**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| **Particulars** | **Year Ended March 31, 2026** | **Year Ended March 31, 2025** |
| **Balance at the beginning** | **31** | ***–*** |
| Addition due to business combination *(Refer Note - 2.5)* | *–* | 30 |
| Finance cost | 2 | 1 |
| Payments | (13) | *–* |
| Translation difference |  | *–* |
| **Balance at the end** | **20** | **31** |

---

A one percentage point change in the unobservable inputs used in fair valuation of Level 3 assets and liabilities does not have a significant impact in its value.

**Financial risk management**

**Financial risk factors**

The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company's primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The primary market risk to the Company is foreign exchange risk. The Company uses derivative financial instruments to mitigate foreign exchange related risk exposures. The Company's exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers.

**Market risk**

The Company operates internationally and a major portion of the business is transacted in several currencies and consequently the Company is exposed to foreign exchange risk through its sales and services in the United States and elsewhere, and purchases from overseas suppliers in various foreign currencies. The Company holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The company is also exposed to foreign exchange risk arising on intercompany transaction in foreign currencies. The exchange rate between the Indian rupee and foreign currencies has changed substantially in recent years and may fluctuate substantially in the future. Consequently, the results of the Company's operations are adversely affected as the rupee appreciates/ depreciates against these currencies.

The following table analyses the foreign currency risk from financial assets and liabilities as at March 31, 2026:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **U.S. dollars** | **Euro** | **United Kingdom Pound Sterling** | **Australian dollars** | **Other currencies** | **Total** |
| Net financial assets | 25934 | 10443 | 2074 | 1679 | 3507 | 43637 |
| Net financial liabilities | (12788) | (2725) | (1266) | (794) | (1097) | (18670) |
| **Total** | **13146** | **7718** | **808** | **885** | **2410** | **24967** |

---

The following table analyses the foreign currency risk from financial assets and liabilities as at March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **U.S. dollars** | **Euro** | **United Kingdom Pound Sterling** | **Australian dollars** | **Other currencies** | **Total** |
| Net financial assets | 24242 | 9143 | 1943 | 1322 | 2842 | 39492 |
| Net financial liabilities | (11234) | (2132) | (977) | (690) | (997) | (16030) |
| **Total** | **13008** | **7011** | **966** | **632** | **1845** | **23462** |

---

**Sensitivity analysis between Indian Rupee and U.S. dollars**

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Impact on the Company's incremental Operating Margins | 0.47% | 0.46% |

---

Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upon conversion into functional currency, due to exchange rate fluctuations between the previous reporting period and the current reporting period.

**Derivative financial instruments**

The Company primarily holds derivative financial instruments such as foreign currency forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for these contracts is generally a bank. These derivative financial instruments are valued based on quoted prices for similar assets and liabilities in active markets or inputs that are directly or indirectly observable in the marketplace.

The details in respect of outstanding foreign currency forward and option contracts are as follows :

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at** | **As at** | **As at** | **As at** |
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
| **Particulars**<br>| **In million** | **In** ![](rupee-symbol.gif) **crore** | **In million** | **In** ![](rupee-symbol.gif) **crore** |
| **Derivatives designated as cash flow hedges** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Forward contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Swiss Franc | *–* | *–* | 53 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Option contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Euro | 417 | 4546 | 341 | 3140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Australian dollars | 87 | 566 | 93 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Swiss Franc | 26 | 303 | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In United Kingdom Pound Sterling | 18 | 230 | 17 | 188 |
| **Other derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Forward contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In U.S. dollars | 1359 | 12886 | 1098 | 9386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Euro | 787 | 8584 | 652 | 6009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Singapore dollars | 149 | 1093 | 133 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Swiss Franc | 70 | 837 | 51 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In United Kingdom Pound Sterling | 41 | 510 | 26 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Australian dollars | 58 | 377 | 24 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Norwegian Krone | 300 | 291 | 167 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Hongkong dollar | 106 | 128 | 40 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In New Zealand dollars | 22 | 122 | 37 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In South African rand | 152 | 84 | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Danish Krone | 50 | 73 | 152 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Hungarian Forint | 2280 | 64 | 2000 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Canadian dollars | 3 | 17 | *–* | *–* |
|  | *–* | *–* | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Option contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In U.S. dollars | 685 | 6499 | 796 | 6800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Euro | 48 | 523 | 179 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Australian dollars | 25 | 163 | 11 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In United Kingdom Pound Sterling | 10 | 125 | *–* | *–* |
| **Total forwards and option contracts** |  | **38021** |  | **30588** |

---

The foreign exchange forward and option contracts mature within 12 months. The table below analyses the derivative financial instruments into relevant maturity groupings based on the remaining period as at the Balance Sheet date:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Not later than one month | 19944 | 14515 |
| Later than one month and not later than three months | 17034 | 15175 |
| Later than three months and not later than one year | 1043 | 898 |
| **Total** | **38021** | **30588** |

---

During the year ended March 31, 2026 and March 31, 2025 the Company has designated certain foreign exchange forward and option contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions. The related hedge transactions for balance in cash flow hedge reserve as at March 31, 2026 are expected to occur and reclassified to statement of profit and loss within 3 months.

The Company determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of its forecasted cash flows. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument, including whether the hedging instrument is expected to offset changes in cash flows of hedged items.

If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in the Statement of Profit or Loss at the time of the hedge relationship rebalancing.

**The following table provides the reconciliation of cash flow hedge reserve for the year ended March 31, 2026 and March 31, 2025:**

 *(In ![](rupee-symbol.gif) crore)* 

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| **Gain / (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance at the beginning of the year | (18) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain / (Loss) recognized in other comprehensive income during the year | (306) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount reclassified to profit and loss during the year | 304 | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax impact on above | 1 | 8 |
| **Balance at the end of the year** | **(19)** | **(18)** |

---

The Company offsets a financial asset and a financial liability when it currently has a legally enforceable right to set off the recognized amounts and the Company intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

The quantitative information about offsetting of derivative financial assets and derivative financial liabilities is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at** | **As at** | **As at** | **As at** |
| | **March 31, 2026** | | **March 31, 2025** | |
| **Particulars**<br>| **Derivative financial asset** | **Derivative financial liability** | **Derivative financial <br> asset** | **Derivative financial liability** |
| Gross amount of recognized financial asset / liability | 175 | (642) | 226 | (111) |
| Amount set off | (95) | 95 | (55) | 55 |
| **Net amount presented in Balance Sheet** | **80** | **(547)** | **171** | **(56)** |

---

**Credit risk**

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to ![](rupee-symbol.gif)30,337 crore and ![](rupee-symbol.gif)26,413 crore as at March 31, 2026 and March 31, 2025, respectively and unbilled revenue amounting to ![](rupee-symbol.gif)13,706 crore and ![](rupee-symbol.gif)11,988 crore as at March 31, 2026 and March 31, 2025, respectively. Trade receivables and unbilled revenue are typically unsecured and are derived from revenue from customers majorly located in the United States of America and Europe. Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of the customers to which the Company grants credit terms in the normal course of business. The Company uses the expected credit loss model to assess any required allowances; and uses a provision matrix to compute the expected credit loss allowance for trade receivables and unbilled revenues. This matrix takes into account credit reports and other related credit information to the extent available.

The Company's exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers. Exposure to customers is diversified and there is no single customer contributing more than 10% of outstanding trade receivables and unbilled revenues.

The following table gives details in respect of percentage of revenues generated from top five customers and top ten customers:

*(In %)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Revenue from top five customers | 12.7 | 12.0 |
| Revenue from top ten customers | 20.5 | 19.9 |

---

**Credit risk exposure**

The Company's credit period generally ranges from 30-75 days.

The allowance for lifetime expected credit loss on customer balances recognized for the year ended March 31, 2026 and March 31, 2025 is ![](rupee-symbol.gif)113 crore and ![](rupee-symbol.gif)63 crore, respectively.

**The movement in credit loss allowance on customer balance is as follows:** 

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Balance at the beginning | 702 | 721 |
| Impairment loss recognized/ (reversed), net | 113 | 63 |
| Amounts written off | (165) | (69) |
| Translation differences | 71 | (13) |
| **Balance at the end** | **721** | **702** |

---

The gross carrying amount of a financial asset is written off (either partially or in full) when there is no realistic prospect of recovery.

**Credit exposure**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Trade receivables | 30337 | 26413 |
| Unbilled revenues | 13,706 | 11,988 |

---

Credit risk on cash and cash equivalents is limited as the Company generally invest in deposits with banks with high ratings assigned by international and domestic credit rating agencies. Ratings are monitored periodically and the Company has considered the latest available credit ratings as at the date of approval of these financial statements.

The investments of the Company primarily include investment in mutual fund units, target maturity fund units, tax free bonds, certificates of deposit, commercial paper, treasury bills, government securities, non-convertible debentures, quoted bonds issued by government and quasi government organizations. The Company invests after considering counterparty risks based on multiple criteria including Tier I Capital, Capital Adequacy Ratio, credit rating, profitability, NPA levels and deposit base of banks and financial institutions. These risks are monitored regularly as per Group's risk management program.

**Liquidity risk**

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time.

The Company's principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The Company has no outstanding borrowings. The Company believes that the working capital is sufficient to meet its current requirements.

As at March 31, 2026, the Company had a working capital of ![](rupee-symbol.gif)40,794 crore including cash and cash equivalents of ![](rupee-symbol.gif)8,727 crore and current investments of ![](rupee-symbol.gif)12,039 crore. As at March 31, 2025, the Company had a working capital of ![](rupee-symbol.gif)45,406 crore including cash and cash equivalents of ![](rupee-symbol.gif)14,265 crore and current investments of ![](rupee-symbol.gif)11,147 crore.

As at March 31, 2026 and March 31, 2025, the outstanding compensated absences were ![](rupee-symbol.gif)2,819 crore and ![](rupee-symbol.gif)2,412 crore, respectively, which have been substantially funded. Accordingly, no liquidity risk is perceived.

Refer to Note 2.3 for remaining contractual maturities of lease liabilities.

The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2026:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Less than 1 year** | **1-2 years** | **2-4 years** | **4-7 years** | **Total** |
| Trade payables | 3539 | *–* | *–* | *–* | 3539 |
| Other financial liabilities (excluding liability towards contingent consideration) on an undiscounted basis (Refer to note 2.13) | 13531 | 1582 | 191 | 2 | 15306 |
| Liability towards contingent consideration on an undiscounted basis (Refer to note 2.13) | 20 | *–* | *–* | *–* | 20 |
|  | **17090** | **1582** | **191** | **2** | **18865** |

---

The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Less than 1 year** | **1-2 years** | **2-4 years** | **4-7 years** | **Total** |
| Trade payables | 2728 | *–* | *–* | *–* | 2728 |
| Other financial liabilities (excluding liability towards contingent consideration) on an undiscounted basis (Refer to note 2.13) | 11712 | 1732 | 138 | 11 | 13593 |
| Liability towards contingent consideration on an undiscounted basis (Refer to note 2.13) | 11 | 20 | *–* | *–* | 31 |

---

**2.12 EQUITY**

**Accounting policy**

**Ordinary Shares**

Ordinary shares are classified as equity share capital. Incremental costs directly attributable to the issuance of new ordinary shares, share options and buyback are recognized as a deduction from equity, net of any tax effects.

**Description of reserves**

**Capital redemption reserve**

In accordance with section 69 of the Indian Companies Act, 2013, the Company creates capital redemption reserve equal to the nominal value of the shares bought back as an appropriation from general reserve / retained earnings.

**Retained earnings**

Retained earnings represent the amount of accumulated earnings of the Company.

**Securities premium**

The amount received in excess of the par value of equity shares has been classified as securities premium. Amounts have been utilized for bonus issue and share buyback from share premium account.

**Share options outstanding account**

The Share options outstanding account is used to record the fair value of equity-settled share based payment transactions with employees. The amounts recorded in share options outstanding account are transferred to securities premium upon exercise of stock options and transferred to general reserve on account of stock options not exercised by employees.

**Special Economic Zone Re-investment reserve**

The Special Economic Zone Re-investment reserve has been created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA (1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA (2) of the Income Tax Act, 1961.

**Other components of equity**

Other components of equity include remeasurement of net defined benefit liability / asset, equity instruments fair valued through other comprehensive income, changes on fair valuation of investments and changes in fair value of derivatives designated as cash flow hedges, net of taxes.

**Cash flow hedge reserve**

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the Statement of Profit and Loss upon the occurrence of the related forecasted transaction.

**2.12.1 EQUITY SHARE CAPITAL**

*(In ![](rupee-symbol.gif) crore, except as otherwise stated)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Authorized** |  |  |
| Equity shares, ![](rupee-symbol.gif)5/- par value |  |  |
| 480,00,00,000 (4800000000) equity shares | 2400 | 2400 |
| **Issued, Subscribed and Paid-Up** |  |  |
| Equity shares, ![](rupee-symbol.gif)5/- par value<sup>(1)</sup> | 2027 | 2076 |
| 405,55,91,723 (4153263455) equity shares fully paid-up |  |  |
|  | **2027** | **2076** |

---

*<sup>(1)</sup>* *Refer to note 2.22 for details of basic and diluted shares*

Forfeited shares amounted to ![](rupee-symbol.gif)1,500/- (![](rupee-symbol.gif)1,500/-)

The Company has only one class of shares referred to as equity shares having a par value of ![](rupee-symbol.gif)5/-. Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depository Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company in proportion to the number of equity shares held by the shareholders, after distribution of all preferential amounts. However, no such preferential amounts exist currently.

There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans.

For details of shares reserved for issue under the employee stock option plan of the Company, refer to the note below.

**In the period of five years immediately preceding March 31, 2026:**

**Buyback**

In the period of five years immediately preceding March 31, 2026, the Company had purchased and extinguished a total of 21,62,33,685 fully paid-up equity shares of face value ![](rupee-symbol.gif)5/- each from the stock exchange. The Company has only one class of equity shares.

**Capital allocation policy** 

Effective fiscal 2025, the Company expects to continue its policy of returning approximately 85% of the free cash flow cumulatively over a 5-year period through a combination of semi-annual dividends and/or share buyback/ special dividends subject to applicable laws and requisite approvals, if any.

Under this policy, the Company expects to progressively increase its annual dividend per share (excluding special dividend if any).

Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS. Dividend and buyback include applicable taxes.

**Buyback completed in December 2025**

In line with the capital allocation policy, the Board, at its meeting held on September 11, 2025, approved a proposal for the Company to buyback its fully paid-up equity shares of face value of ![](rupee-symbol.gif)5/- each from the eligible equity shareholders of the Company for an amount of ![](rupee-symbol.gif)18,000 crore subject to shareholders' approval by way of Postal Ballot. The shareholders approved the said proposal of buyback of Equity Shares recommended by its Board of Directors by way of e-voting through postal ballot, the results of which were declared on November 6, 2025. The Buyback offer comprised a purchase of 10,00,00,000 Equity Shares comprising approximately 2.41% of the total paid-up equity share capital of the Company as of June 30, 2025 (on standalone basis) at a price of ![](rupee-symbol.gif)1,800 per Equity share. The buyback was offered to all eligible equity shareholders (including those who became equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity shares) of the Company as on the Record Date (i.e. November 14, 2025) on a proportionate basis through the "Tender offer" route. The tender period for buyback commenced on November 20, 2025 and was open until November 26, 2025. The Company concluded the buyback procedures on December 4, 2025 and 10,00,00,000 equity shares were bought back and extinguished. The buyback resulted in cash outflow of ![](rupee-symbol.gif)18,000 crore (excluding transaction costs). The Company funded the buyback from its free reserves including securities premium as explained in Section 68 of the Companies Act, 2013. In accordance with Section 69 of the Companies Act, 2013, as at March 31, 2026, the Company has created a Capital Redemption Reserve of ![](rupee-symbol.gif)50 crore equal to the nominal value of the shares bought back as an appropriation from the general reserve.

The Company's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, return capital to shareholders, issue new shares or buy back issued shares. As of March 31, 2026, the Company has only one class of equity shares and has no debt. Consequent to the above capital structure there are no externally imposed capital requirements.

**2.12.2 Shareholding of promoter** 

The details of shares held by promoters as at March 31, 2026 and the change during the year ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Promoter name** | **No. of shares** | **% of total shares** | **% Change during the year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sudha Gopalakrishnan | 95357000 | 2.35% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rohan Murty | 60812892 | 1.50% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. Gopalakrishnan | 31853808 | 0.79% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nandan M. Nilekani | 40783162 | 1.01% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akshata Murty | 38957096 | 0.96% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asha Dinesh | 38579304 | 0.95% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sudha N. Murty | 34550626 | 0.85% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rohini Nilekani | 34335092 | 0.85% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dinesh Krishnaswamy | 32479590 | 0.80% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shreyas Shibulal | 17937000 | 0.44% | (10.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. R. Narayana Murthy | 15145638 | 0.37% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nihar Nilekani | 12677752 | 0.31% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janhavi Nilekani | 8589721 | 0.21% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kumari Shibulal | 4945935 | 0.12% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deeksha Dinesh | 7646684 | 0.19% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divya Dinesh | 7646684 | 0.19% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meghana Gopalakrishnan | 14834928 | 0.37% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shruti Shibulal | 8705651 | 0.21% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. D. Shibulal | 5208673 | 0.13% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Promoters Group** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ekagrah Rohan Murty | 1500000 | 0.04% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaurav Manchanda | 5773233 | 0.14% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milan Shibulal Manchanda | 6106302 | 0.15% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nikita Shibulal Manchanda | 6106302 | 0.15% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bhairavi Madhusudhan Shibulal | 4885500 | 0.12% | (9.99%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shray Chandra | 719424 | 0.02% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanush Nilekani Chandra | 3356017 | 0.08% | *–* |

---

**2.12.3 DIVIDEND**

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company's Board of Directors. Income tax consequences of dividends on financial instruments classified as equity will be recognized according to where the entity originally recognized those past transactions or events that generated distributable profits.

The Company declares and pays dividends in Indian rupees. Companies are required to pay/distribute dividend after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates.

The amount of per share dividend recognized as distribution to equity shareholders in accordance with Companies Act 2013 is as follows:-

*(in ![](rupee-symbol.gif))*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Interim dividend for fiscal 2026 | 23.00 | *–* |
| Final dividend for fiscal 2025 | 22.00 | *–* |
| Interim dividend for fiscal 2025 | *–* | 21.00 |
| Special dividend for fiscal 2024 | *–* | 8.00 |
| Final dividend for fiscal 2024 | *–* | 20.00 |

---

During the year ended March 31, 2026, on account of the final dividend for fiscal 2025 and interim dividend for fiscal 2026, the Company has incurred a net cash outflow of ![](rupee-symbol.gif)18,694 crore.

The Board of Directors in their meeting held on April 23, 2026 recommended a final dividend of ![](rupee-symbol.gif)25/- per equity share for the financial year ended March 31, 2026. The payment is subject to approval of shareholders in the Annual General Meeting (AGM) of the Company to be held on June 23, 2026 and if approved, would result in a net cash outflow of approximately ![](rupee-symbol.gif)10,139 crore.

The details of shareholders holding more than 5% shares as at March 31, 2026 and March 31, 2025 are set out below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at March 31, 2026** | **As at March 31, 2026** | **As at March 31, 2025** | **As at March 31, 2025** |
| **Name of the shareholder** | **Number of shares** | **% held** | **Number of shares** | **% held** |
| Deutsche Bank Trust Company Americas (Depository of ADR's - legal ownership) | 305054064 | 7.52 | 439860715 | 10.59 |
| Life Insurance Corporation of India | 432782872 | 10.67 | 388112531 | 9.34 |

---

The reconciliation of the number of shares outstanding and the amount of share capital as at March 31, 2026 and March 31, 2025 is set out below:

*(in ![](rupee-symbol.gif) crore, except as stated otherwise)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at March 31, 2026** | **As at March 31, 2026** | **As at March 31, 2025** | **As at March 31, 2025** |
| **Particulars** | **Number of shares** | **Amount** | **Number of shares** | **Amount** |
| **As at the beginning of the period** | **4153263455** | **2076** | **4150867464** | **2075** |
| Add: Shares issued on exercise of employee stock options | 2328268 | 1 | 2395991 | 1 |
| Less: Shares bought back | 100000000 | 50 | *–* | *–* |
| **As at the end of the period** | **4055591723** | **2027** | **4153263455** | **2076** |

---

**2.12.4 Employee Stock Option Plan (ESOP):**

**Accounting Policy**

The Company recognizes compensation expense relating to share-based payments in net profit based on estimated fair-values of the awards on the grant date. The estimated fair value of awards is recognized as an expense in the statement of profit and loss on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share options outstanding account.

**Infosys Expanded Stock Ownership Program 2019 (the 2019 Plan):**

On June 22, 2019 pursuant to approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 plan shall not exceed 5,00,00,000 equity shares. To implement the 2019 Plan, up to 4,50,00,000 equity shares may be issued by way of secondary acquisition of shares by Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

**2015 Stock Incentive Compensation Plan (the 2015 Plan):**

On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Plan. The maximum number of shares under the 2015 plan shall not exceed 2,40,38,883 equity shares (this includes 1,12,23,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years. The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.

The equity settled and cash settled RSUs and stock options would vest generally over a period of 4 years and shall be exercisable within the period as approved by the Nomination and Remuneration Committee (NARC). The exercise price of the RSUs will be equal to the par value of the shares and the exercise price of the stock options (ESOPs) would be the market price as on the date of grant.

Controlled trust holds 86,50,911 and 96,55,927 shares as at March 31, 2026 and March 31, 2025, respectively under the 2015 plan. Out of these shares, 2,00,000 equity shares each have been earmarked for welfare activities of the employees as at March 31, 2026 and March 31, 2025.

The following is the summary of grants during the year ended March 31, 2026 and March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| **2015 Plan: RSU** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | 377609 | 380842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 2254341 | 1874690 |
|  | **2631950** | **2255532** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash settled RSUs** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 119800 | 94050 |
|  | **119800** | **94050** |
| **2015 Plan: Employee Stock Options (ESOPs)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | 237370 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 5412790 | *–* |
|  | **5650160** | ***–*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash settled RSUs** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 108180 | *–* |
|  | **108180** | ***–*** |
| **Total Grants under 2015 Plan** | **8510090** | **2349582** |
| **2019 Plan: RSU** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | 126966 | 119699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 4422390 | 3624646 |
|  | **4549356** | **3744345** |
| **Total Grants under 2019 Plan** | **4549356** | **3744345** |

---

 ****

***Notes on grants to KMP:***

**CEO & MD**

**Under the 2015 plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2026. In accordance with such approval the following grants were made effective May 2, 2025.

2,30,621 performance-based RSUs (Annual performance equity grant) of fair value of ![](rupee-symbol.gif)34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets.

13,273 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of ![](rupee-symbol.gif)2 crore. These RSUs will vest in line with the employment agreement based on achievement of certain environment, social and governance milestones as determined by the Board.

33,183 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of ![](rupee-symbol.gif)5 crore. These RSUs will vest in line with the employment agreement based on Company's performance on cumulative relative TSR over the years and as determined by the Board.

Further, in accordance with the employee agreement which has been approved by the shareholders, the CEO is eligible to receive an annual grant of RSUs of fair value ![](rupee-symbol.gif)3 crore which will vest overtime in three equal annual installments upon the completion of each year of service from the respective grant date. Accordingly, annual time-based grant of 18,132 RSUs was made effective February 1, 2026 for fiscal 2026.

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of March 31, 2026, since the service commencement date precedes the grant date, the company has recorded employment stock compensation expense in accordance with Ind AS 102, Share based payment. The grant date for this purpose in accordance with Ind AS 102, Share based payment is July 1, 2022.

**Under the 2019 plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to ![](rupee-symbol.gif)10 crore for fiscal 2026 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 66,366 performance based RSU's were granted effective May 2, 2025.

**Other KMP**

**Under the 2015 plan:**

During the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved time based grants of 237,370 ESOPs to Other KMP under the 2015 Plan. These ESOPs will vest over a period of 4 years and shall be exercisable within the period as approved by the Committee. The exercise price of the ESOPs would be the market price as on the date of grant.

Further, during the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved 82,400 time based RSUs to Other KMPs under the 2015 Plan. Time based RSUs will vest over four years.

**Under the 2019 plan:**

During the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved performance based grants of 60,600 RSUs to other KMPs under the 2019 plan. These RSUs will vest over three years based on achievement of certain performance targets.

**The break-up of employee stock compensation expense is as follows:** 

*(in ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Granted to: |  |  |
| KMP | 70 | 70 |
| Employees other than KMP | 776 | 642 |
| **Total <sup>(1)</sup>** | **846** | **712** |
| *<sup>(1)</sup> Cash settled stock compensation expense included in the above* | 5 | 8 |

---

The activity in the 2015 and 2019 Plan for equity-settled share based payment transactions during the year ended March 31, 2026 and March 31, 2025 is set out as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2025** | **Year ended March 31, 2025** |
| **Particulars** | **Shares arising out of options** | **Weighted average exercise price (![](rupee-symbol.gif))** | **Shares arising out of options** | **Weighted average exercise price (![](rupee-symbol.gif))** |
| **2015 Plan: RSUs** |  |  |  |  |
| Outstanding at the beginning | 7259464 | 5.00 | 8076058 | 5.00 |
| Granted | 2631950 | 5.00 | 2255532 | 5.00 |
| Exercised | 1865144 | 5.00 | 2080865 | 5.00 |
| Forfeited and expired | 646821 | 5.00 | 991261 | 5.00 |
| **Outstanding at the end** | **7379449** | **5.00** | **7259464** | **5.00** |
| Exercisable at the end | 1043401 | 4.98 | 629138 | 4.97 |
| **2015 Plan: Employee Stock Options (ESOPs)** |  |  |  |  |
| Outstanding at the beginning | 17554 | 499 | 82050 | 551 |
| Granted | 5650160 | 1580 | *–* | *–* |
| Exercised | 14728 | 499 | 61672 | 573 |
| Forfeited and expired | 291820 | 1586 | 2824 | 499 |
| **Outstanding at the end** | **5361166** | **1663** | **17554** | **499** |
| Exercisable at the end | 28096 | 1212 | 17554 | 499 |
| **2019 Plan: RSUs** |  |  |  |  |
| Outstanding at the beginning | 8072635 | 5.00 | 8023855 | 5.00 |
| Granted | 4549356 | 5.00 | 3744345 | 5.00 |
| Exercised | 1453412 | 5.00 | 1514356 | 5.00 |
| Forfeited and expired | 745697 | 5.00 | 2181209 | 5.00 |
| **Outstanding at the end** | **10422882** | **5.00** | **8072635** | **5.00** |
| Exercisable at the end | 2353433 | 5.00 | 770321 | 5.00 |

---

The weighted average share price of option exercised is set out as follows:

(in ![](rupee-symbol.gif))

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2019 Plan** | **2019 Plan** | **2015 Plan** | **2015 Plan** |
| | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| <br>**Particulars** | **2026** | **2025** | **2026** | **2025** |
| Weighted average share price of options exercised | 1471 | 1587 | 1488 | 1601 |

---

The summary of information about equity settled RSUs and ESOPs outstanding as at March 31, 2026 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2019 plan - Options outstanding** | **2019 plan - Options outstanding** | **2019 plan - Options outstanding** | **2015 plan - Options outstanding** | **2015 plan - Options outstanding** | **2015 plan - Options outstanding** |
| <br>**Range of exercise prices per share (![](rupee-symbol.gif))** | **No. of shares arising out of options** | **Weighted average remaining contractual life** | **Weighted average exercise price (![](rupee-symbol.gif))** | **No. of shares arising out of options** | **Weighted average remaining contractual life** | **Weighted average exercise price (![](rupee-symbol.gif))** |
| 0 - 5 (RSU) | 10422882 | 1.19 | 5.00 | 7379449 | 1.37 | 5.00 |
| 490 - 1,700 (ESOP) | *–* | *–* | *–* | 5361166 | 7.17 | 1663 |

---

The summary of information about equity settled RSUs and ESOPs outstanding as at March 31, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2019 plan - Options outstanding** | **2019 plan - Options outstanding** | **2019 plan - Options outstanding** | **2015 plan - Options outstanding** | **2015 plan - Options outstanding** | **2015 plan - Options outstanding** |
| <br>**Range of exercise prices per share (![](rupee-symbol.gif))** | **No. of shares arising out of options** | **Weighted average remaining contractual life** | **Weighted average exercise price (![](rupee-symbol.gif))** | **No. of shares arising out of options** | **Weighted average remaining contractual life** | **Weighted average exercise price (![](rupee-symbol.gif))** |
| 0 - 5 (RSU) | 8072635 | 1.23 | 5.00 | 7259464 | 1.51 | 5.00 |
| 450 - 640 (ESOP) | *–* | *–* | *–* | 17554 | 0.58 | 499 |

---

As at March 31, 2026 and March 31, 2025, 3,87,949 and 2,88,384 cash settled options were outstanding respectively. The carrying value of liability towards cash settled share based payments was ![](rupee-symbol.gif)5 crore and ![](rupee-symbol.gif)8 crore as at March 31, 2026 and March 31, 2025 respectively.

The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance-based options and Monte Carlo simulation model is used for TSR based options.

The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected term and the risk free rate of interest. Expected volatility during the expected term of the options is based on historical volatility of the observed market prices of the Company's publicly traded equity shares during a period equivalent to the expected term of the options. Expected volatility of the comparative company have been modelled based on historical movements in the market prices of their publicly traded equity shares during a period equivalent to the expected term of the options. Correlation coefficient is calculated between each peer entity and the indices as a whole or between each entity in the peer group.

The fair value of each equity settled award is estimated on the date of grant using the following assumptions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** |
| **Particulars** | **Fiscal 2026- <br> Equity Shares-RSU** | **Fiscal 2026- <br> ADS-RSU** | **Fiscal 2026- <br> Equity Shares-ESOP** | **Fiscal 2026- <br> ADS-ESOP** | **Fiscal 2025- <br> Equity Shares-RSU** | **Fiscal 2025- <br> ADS-RSU** |
| Weighted average share price (![](rupee-symbol.gif)) / ($ ADS) | 1641 | 17.55 | 1554 | 17.93 | 1808 | 21.44 |
| Exercise price (![](rupee-symbol.gif)) / ($ ADS) | 5.00 | 0.10 | 1554 | 17.93 | 5.00 | 0.07 |
| Expected volatility (%) | 23-26 | 25-29 | 25-28 | 26-30 | 21-26 | 23-28 |
| Expected life of the option (years) | 1-4 | 1-4 | 3-7 | 3-7 | 1-4 | 1-4 |
| Expected dividends (%) | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 |
| Risk-free interest rate (%) | 6 | 4 | 6 | 4 | 7 | 4-5 |
| Weighted average fair value as on grant date (![](rupee-symbol.gif)) / ($ ADS) | 1331 | 14.16 | 390 | 4.09 | 1555 | 18.20 |

---

The expected life of the RSU/ESOP is estimated based on the vesting term and contractual term of the RSU/ESOP, as well as expected exercise behavior of the employee who receives the RSU/ESOP.

**2.13 OTHER FINANCIAL LIABILITIES**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current** |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensated absences | 105 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation to employees <sup>(1)</sup> | 3 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses <sup>(1)</sup> | 1709 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for acquisition of business - Contingent consideration <sup>(2)</sup> |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables <sup>(1)</sup> | 63 | - |
| **Total non-current other financial liabilities** | **1880** | **1991** |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unpaid dividends <sup>(1)</sup> | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation to employees <sup>(1)</sup> | 4365 | 3781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses <sup>(1)(4)</sup> | 7423 | 6210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital creditors <sup>(1)</sup> | 254 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensated absences | 2714 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for acquisition of business - Contingent consideration <sup>(2)</sup> | 20 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables <sup>(1)(5)</sup> | 1444 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward and options contracts <sup>(2)(3)</sup> | 547 | 56 |
| **Total current other financial liabilities** | **16812** | **14101** |
| **Total other financial liabilities** | **18692** | **16092** |
| *<sup>(1)</sup> Financial liability carried at amortized cost* | 15306 | 13593 |
| *<sup>(2)</sup> Financial liability carried at fair value through profit or loss* | 512 | 54 |
| *<sup>(3)</sup> Financial liability carried at fair value through other comprehensive income* | 55 | 33 |
| *<sup>(4)</sup> Includes dues to subsidiaries* | 60 | 56 |
| *<sup>(5)</sup> Includes dues to subsidiaries* | 1232 | 669 |
| *Financial liability towards contingent consideration on an undiscounted basis* | 20 | 33 |

---

Accrued expenses primarily relate to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building expenses, overseas travel expenses, office maintenance and cost of third party software and hardware.

**2.14 TRADE PAYABLES**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Outstanding dues of micro enterprises and small enterprises (MSME) | 9 | 8 |
| Outstanding dues of creditors other than micro enterprises and small enterprises<sup>(1)</sup> | 3530 | 2720 |
| **Total trade payables** | **3539** | **2728** |
| *<sup>(1)</sup> Includes dues to subsidiaries* | 1079 | 900 |

---

The information as required to be disclosed pursuant under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) has been determined to the extent such parties have been identified on the basis of information available with the Company

 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Amount remaining unpaid : |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest |  |  |
| Interest paid by the Company under MSMED Act, 2006 along with the amounts of the payment made to the supplier beyond the appointed day | 19 | 9 |
| Interest due and payable for the period of delay in making payment (which has been paid but beyond the appointed day during the year) but without adding the interest specified under the MSMED Act, 2006); |  |  |
| Interest accrued and remaining unpaid at the end of the year |  |  |
| Interest remaining due and payable (pertaining to prior years), until such date when the interest dues as above are actually paid to the small enterprise, for the purpose of disallowance as a deductible expenditure under section 23 of MSMED Act 2006. | - | - |

---

**Trade payables ageing schedule for the year ended as on March 31, 2026 and March 31, 2025:**

 *(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** |
| **Particulars** | <br>**Not Due** | **Less than 1 year** | **1-2 years** | **2-3 years** | **More than 3 years** | **Total** |
| Outstanding dues to MSME | 9 |  |  |  |  | 9 |
|  | 8 |  |  |  |  | 8 |
| Others | 3429 | 101 |  |  |  | 3530 |
|  | *1557* | *1163* | - | - | - | *2720* |
| Total trade payables | 3438 | 101 |  |  |  | 3539 |
|  |  ***1565*** |  ***1163*** |  ***-*** |  ***-*** |  ***-*** |  ***2728*** |

---

**Relationship with struck off companies**

There are no transactions with struck off companies for the year ending March 31, 2026 and March 31, 2025.

**2.15 OTHER LIABILITIES**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current** |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued defined benefit liability | 464 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 31 | 21 |
| **Total non - current other liabilities** | **495** | **95** |
| **Current** |  |  |
| Unearned revenue | 9493 | 6713 |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others | 2972 | 2433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued defined benefit liability | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 10 | 10 |
| **Total current other liabilities** | **12478** | **9159** |
| **Total other liabilities** | **12973** | **9254** |

---

**2.16 PROVISIONS**

**Accounting Policy**

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The Company recognizes a reimbursement asset when, and only when, it is virtually certain that the reimbursement will be received if the Company settles the obligation.

**a. Post-sales client support**

The Company provides its clients with a fixed-period post sales support on its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in the Statement of Profit and Loss. The Company estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.

**b. Onerous contracts**

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on the assets associated with that contract.

**Provision for post-sales client support and other provisions**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Current** |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-sales client support and other provisions | 1064 | 993 |
| **Total provisions** | **1064** | **993** |

---

**The movement in the provision for post-sales client support is as follows :**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended** | **Year ended** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Balance at the beginning** | **993** | **1464** |
| Provision recognized/(reversed) | 310 | 119 |
| Provision utilized | (344) | (618) |
| Translation difference | 105 | 28 |
| **Balance at the end** | **1064** | **993** |

---

Provision for post sales client support majorly represents costs associated with providing post sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 year.

**2.17 INCOME TAXES**

**Accounting Policy**

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the Statement of Profit and Loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income taxes are not provided on the undistributed earnings of subsidiaries and branches where it is expected that the earnings of the subsidiary or branch will not be distributed in the foreseeable future.

The Company offsets current tax assets and current tax liabilities; deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The income tax provision for the interim period is made based on the best estimate of the annual average tax rate expected to be applicable for the full financial year. Tax benefits of deductions earned on exercise of employee share options in excess of compensation charged to income are credited to equity.

Income tax expense in the statement of Profit and Loss comprises:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Current taxes | 10459 | 10836 |
| Deferred taxes | (913) | (963) |
| **Income tax expense** | **9546** | **9873** |

---

A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to the income before income taxes is summarized below:

*(In ![](rupee-symbol.gif)crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Profit before income taxes | 38757 | 35441 |
| Enacted tax rates in India | 25.17% | 25.17% |
| Computed expected tax expense | 9754 | 8920 |
| Overseas taxes | 1080 | 1064 |
| Tax provision (reversals) | (779) | 97 |
| Effect of exempt non-operating income | (687) | (413) |
| Effect of non-deductible expenses | 254 | 168 |
| Others | (76) | 37 |
| **Income tax expense** | **9546** | **9873** |

---

The applicable Indian corporate statutory tax rate for the year ended March 31, 2026 is 25.17% and for the year ended March 31, 2025 is 25.17%.

Income tax expense for the year ended March 31, 2026 and March 31, 2025 includes reversal (net of provisions) of ![](rupee-symbol.gif)779 crore and provisions (net of reversals) of ![](rupee-symbol.gif)97 crore, respectively. These provisions and reversals pertaining to prior periods are primarily on account of adjudication of certain disputed matters, upon filing of tax return and completion of assessments, across various jurisdictions.

During the year ended March 31, 2026, the Company received orders under section 250 and Section 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2013-14 and assessment years 2017-18 to 2021-22. These orders confirmed the Company's position with respect to tax treatment of certain matters. As a result interest income (pre-tax) of ![](rupee-symbol.gif)381 crore was recognized and provision for income tax aggregating ![](rupee-symbol.gif)869 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to ![](rupee-symbol.gif)86 crore has been reduced from contingent liabilities.

During the quarter ended March 31, 2025, the Company received orders under section 250 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2016-17 and 2019-20. These orders confirmed the Company's position with respect to tax treatment of certain matters. As a result interest income (pre-tax) of ![](rupee-symbol.gif)327 crore was recognised and provision for income tax aggregating ![](rupee-symbol.gif)183 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to ![](rupee-symbol.gif)1,068 crore has been reduced from contingent liabilities.

The foreign tax expense is due to income taxes payable overseas, principally in the United States.

In India, the Company has benefited from certain income tax incentives that the Government of India had provided for export of software and services from the units registered under the Special Economic Zones Act (SEZs), 2005 in the prior years. SEZ units which began the provision of services on or after April 1, 2005 are eligible for a deduction of 100% of profits or gains derived from the export of services for the first five years from the financial year in which the unit commenced the provision of services and 50% of such profits or gains for further five years. Up to 50% of such profits or gains is also available for a further five years subject to creation of a Special Economic Zone re-investment Reserve out of the profit for the eligible SEZ units and utilization of such reserve by the Company for acquiring new plant and machinery for the purpose of its business as per the provisions of the Income Tax Act, 1961. (Refer to Special Economic Zone Re-investment reserve under Note 2.12 Equity).

Deferred income tax for the year ended March 31, 2026 and March 31, 2025 substantially relates to origination and reversal of temporary differences.

Infosys is subject to a 15% Branch Profit Tax (BPT) in the U.S. to the extent its U.S. branch's net profit during the year is greater than the increase in the net assets of the U.S. branch during the year, computed in accordance with the Internal Revenue Code. As at March 31, 2026, Infosys' U.S. branch net assets amounted to approximately ![](rupee-symbol.gif)7,736 crore. As at March 31, 2026, the Company has a deferred tax liability for branch profit tax of ![](rupee-symbol.gif)207 crore (net of credits), as the Company estimates that these branch profits are expected to be distributed in the foreseeable future.

Deferred income tax liabilities have not been recognized on temporary differences amounting to ![](rupee-symbol.gif)19,270 crore and ![](rupee-symbol.gif)16,593 crore as at March 31, 2026 and March 31, 2025, respectively, associated with investments in subsidiaries and branches as the Company is able to control the timing of reversal of the temporary difference and it is probable that the temporary differences will not reverse in the foreseeable future. The Company majorly intends to repatriate earnings from subsidiaries and branches only to the extent these can be distributed in a tax free manner.

Deferred income tax assets have not been recognized on accumulated losses of ![](rupee-symbol.gif)1,310 crore and ![](rupee-symbol.gif)1,466 crore as at March 31, 2026 and March 31, 2025, respectively as it is probable that future taxable profit will not be available against which the unused tax losses can be utilized in the foreseeable future. Majority of the accumulated losses as at March 31, 2026 will expire between financial years 2028 to 2033.

The following table provides details of income tax assets and income tax liabilities as at March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Income tax assets | 1844 | 4113 |
| Current income tax liabilities | 4810 | 4016 |
| **Net current income tax assets/(liabilities) at the end** | **(2966)** | **97** |

---

The gross movement in the current income tax assets/ (liabilities) for the year ended March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Net current income tax assets/(liabilities) at the beginning** | **97** | **5950** |
| Income tax paid<sup>\*</sup> | 7172 | 4601 |
| Interest income on income tax refund | 381 | 327 |
| Current income tax expense | (10459) | (10836) |
| Income tax benefit arising on exercise of stock options | 44 | 39 |
| Tax impact on buyback expenses | 15 |  |
| Income tax on other comprehensive income | (3) | 13 |
| Transfer on account of liquidation of subsidiary |  | 3 |
| Translation differences | (213) | - |
| **Net current income tax assets/ (liabilities) at the end** | **(2966)** | **97** |

---

**<sup>\*</sup>** *net of refund*

The movement in gross deferred income tax assets and liabilities (before set off) for the year ended March 31, 2026 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Carrying value as of April 1, 2025** | **Changes through profit and loss** | **Changes through OCI** | **Translation difference** | **Carrying value as of March 31, 2026** |
| **Deferred income tax assets/(liabilities)** |  |  |  |  |  |
| Property, plant and equipment | 296 | (62) |  |  | 234 |
| Lease liabilities | 120 | 87 |  |  | 207 |
| Trade receivables | 176 | 5 |  |  | 181 |
| Compensated absences | 607 | 102 |  |  | 709 |
| Post sales client support | 33 | (13) |  |  | 20 |
| Derivative financial instruments | (24) | 148 | 1 |  | 125 |
| Credits related to branch profits | 791 | (59) |  | 51 | 783 |
| Intangibles through business transfer |  | (1) |  |  | (1) |
| Branch profit tax | (1062) | 146 |  | (74) | (990) |
| SEZ reinvestment reserve | (1385) | 495 |  |  | (890) |
| Interest receivable on income tax refund | (71) | 66 |  |  | (5) |
| Others | (46) | (1) | 31 | - | (16) |
| **Total deferred income tax assets/(liabilities)** | **(565)** | **913** | **32** | **(23)** | **357** |

---

The movement in gross deferred income tax assets and liabilities (before set off) for the year ended March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Carrying value as of April 1, 2024** | **Changes through profit and loss** | **Changes through OCI** | **Translation difference** | **Carrying value as of March 31, 2025** |
| **Deferred income tax assets/(liabilities)** |  |  |  |  |  |
| Property, plant and equipment | 280 | 15 |  | 1 | 296 |
| Lease liabilities | 173 | (53) |  |  | 120 |
| Trade receivables | 181 | (5) |  |  | 176 |
| Compensated absences | 542 | 65 |  |  | 607 |
| Post sales client support | 19 | 14 |  |  | 33 |
| Derivative financial instruments | (11) | (21) | 8 |  | (24) |
| Credits related to branch profits | 811 | (37) |  | 17 | 791 |
| Intangibles through business transfer | 1 | (1) |  |  |  |
| Branch profit tax | (1080) | 41 |  | (23) | (1062) |
| SEZ reinvestment reserve | (1939) | 554 |  |  | (1385) |
| Interest receivable on income tax refund | (487) | 416 |  |  | (71) |
| Others | 1 | (25) | (21) | (1) | (46) |
| **Total deferred income tax assets/(liabilities)** | **(1509)** | **963** | **(13)** | **(6)** | **(565)** |

---

The tax effects of significant temporary differences that resulted in deferred income tax assets and liabilities are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Deferred income tax assets after set off | 1347 | 497 |
| Deferred income tax liabilities after set off | (990) | (1062) |

---

In assessing the realizability of deferred income tax assets, the management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. The management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, management believes that the Company will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced.

The Company's Advanced Pricing Arrangement (APA) with the Internal Revenue Service (IRS) for US branch income tax expired in March 2021. The Company has applied for renewal of APA and currently the US taxable income is based on the Company's best estimate determined based on the expected value method.

**2.18 REVENUE FROM OPERATIONS**

**Accounting Policy**

The Company derives revenues primarily from IT services comprising software development and related services, cloud and infrastructure services, maintenance, consulting and package implementation, licensing of software products and platforms across the Company's core and digital offerings (together called as "software related services"). Contracts with customers are either on a time-and-material, unit of work, fixed-price or on a fixed-timeframe basis.

Revenues from customer contracts are considered for recognition and measurement when the contract has been approved in writing, by the parties, to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. Revenue is recognized upon transfer of control of promised products or services ("performance obligations") to customers in an amount that reflects the consideration the Company has received or expects to receive in exchange for these products or services ("transaction price"). When there is uncertainty as to collectability, revenue recognition is postponed until such uncertainty is resolved.

The Company assesses the services promised in a contract and identifies distinct performance obligations in the contract. The Company allocates the transaction price to each distinct performance obligation based on the relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In the absence of such evidence, the primary method used to estimate standalone selling price is the expected cost plus a margin, under which the Company estimates the cost of satisfying the performance obligation and then adds an appropriate margin based on similar services.

The Company's contracts may include variable consideration including rebates, volume discounts and penalties. The Company includes variable consideration as part of transaction price when there is a basis to reasonably estimate the amount of the variable consideration and when it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

Revenue on time-and-material and unit of work based contracts, are recognized as the related services are performed. Fixed price maintenance revenue is recognized ratably either on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Company's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method. Efforts or costs expended are used to determine progress towards completion as there is a direct relationship between input and productivity. Progress towards completion is measured as the ratio of costs or efforts incurred to date (representing work performed) to the estimated total costs or efforts. Estimates of transaction price and total costs or efforts are continuously monitored over the term of the contracts and are recognized in net profit in the period when these estimates change or when the estimates are revised. Revenues and the estimated total costs or efforts are subject to revision as the contract progresses. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

The billing schedules agreed with customers include periodic performance based billing and / or milestone based progress billings. Revenues in excess of billing are classified as unbilled revenue while billing in excess of revenues are classified as contract liabilities (which we refer to as "unearned revenues").

In arrangements for software development and related services and maintenance services, by applying the revenue recognition criteria for each distinct performance obligation, the arrangements with customers generally meet the criteria for considering software development and related services as distinct performance obligations. For allocating the transaction price, the Company measures the revenue in respect of each performance obligation of a contract at its relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In cases where the Company is unable to determine the standalone selling price, the Company uses the expected cost plus margin approach in estimating the standalone selling price. For software development and related services, the performance obligations are satisfied as and when the services are rendered since the customer generally obtains control of the work as it progresses.

Certain cloud and infrastructure services contracts include multiple elements which may be subject to other specific accounting guidance, such as leasing guidance. These contracts are accounted in accordance with such specific accounting guidance. In such arrangements where the Company is able to determine that hardware and services are distinct performance obligations, it allocates the consideration to these performance obligations on a relative standalone selling price basis. In the absence of standalone selling price, the Company uses the expected cost-plus margin approach in estimating the standalone selling price. When such arrangements are considered as a single performance obligation, revenue is recognized over the period and measure of progress is determined based on promise in the contract.

Revenue from licenses where the customer obtains a "right to use" the licenses is recognized at the time the license is made available to the customer. Revenue from licenses where the customer obtains a "right to access" is recognized over the access period.

Arrangements to deliver software products generally have three elements: license, implementation and Annual Technical Services (ATS). When implementation services are provided in conjunction with the licensing arrangement and the license and implementation have been identified as two distinct separate performance obligations, the transaction price for such contracts are allocated to each performance obligation of the contract based on their relative standalone selling prices. In the absence of standalone selling price for implementation, the Company uses the expected cost plus margin approach in estimating the standalone selling price. Where the license is required to be substantially customized as part of the implementation service the entire arrangement fee for license and implementation is considered to be a single performance obligation and the revenue is recognized using the percentage-of-completion method as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the performance obligations are satisfied. ATS revenue is recognized ratably on a straight line basis over the period in which the services are rendered.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Company is acting as an agent between the customer and the vendor, and gross when the Company is the principal for the transaction. In doing so, the Company first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Company considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

A contract modification is a change in the scope or price or both of a contract that is approved by the parties to the contract. A contract modification that results in the addition of distinct performance obligations are accounted for either as a separate contract if the additional services are priced at the standalone selling price or as a termination of the existing contract and creation of a new contract if they are not priced at the standalone selling price. If the modification does not result in a distinct performance obligation, it is accounted for as part of the existing contract on a cumulative catch-up basis.

The incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had not been obtained) are recognized as an asset if the Company expects to recover them.

Certain eligible, nonrecurring costs (e.g. set-up or transition or transformation costs) that do not represent a separate performance obligation are recognized as an asset when such costs (a) relate directly to the contract; (b) generate or enhance resources of the Company that will be used in satisfying the performance obligation in the future; and (c) are expected to be recovered.

Capitalized contract costs relating to upfront payments to customers are amortized to revenue and other capitalized costs are amortized to expenses over the respective contract life on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates. Capitalized costs are monitored regularly for impairment. Impairment losses are recorded when present value of projected remaining operating cash flows is not sufficient to recover the carrying amount of the capitalized costs.

The Company presents revenues net of indirect taxes in its Statement of Profit and Loss.

Revenue from operations for the year ended March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Revenue from software services | 147806 | 135525 |
| Revenue from products and platforms | 1013 | 1067 |
| **Total revenue from operations** | **148819** | **136592** |

---

**Products & platforms**

The Company derives revenues from the sale of products and platforms including Infosys Applied AI which applies next-generation AI and machine learning.

The percentage of revenue from fixed-price contracts for each of the year ended March 31, 2026 and March 31, 2025 is 58%.

**Trade receivables and Contract Balances**

The timing of revenue recognition, billings and cash collections results in receivables, unbilled revenue, and unearned revenue on the Company's Balance Sheet. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly or quarterly) or upon achievement of contractual milestones.

The Company's receivables are rights to consideration that are unconditional. Unbilled revenues comprising revenues in excess of billings from time and material contracts and fixed price maintenance contracts are classified as financial asset when the right to consideration is unconditional and is due only after a passage of time.

Invoicing to the clients for other fixed price contracts is based on milestones as defined in the contract and therefore the timing of revenue recognition is different from the timing of invoicing to the customers. Therefore unbilled revenues for other fixed price contracts (contract asset) are classified as non-financial asset because the right to consideration is dependent on completion of contractual milestones.

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivables and unbilled revenues are presented net of impairment in the Balance Sheet.

During the year ended March 31, 2026 and March 31, 2025 , the company recognized revenue of ![](rupee-symbol.gif)5,276 crore and ![](rupee-symbol.gif)4,404 crore arising from opening unearned revenue as of April 1, 2025 and April 1, 2024 respectively.

During the year ended March 31, 2026 and March 31, 2025, ![](rupee-symbol.gif)4,413 crore and ![](rupee-symbol.gif)4,448 crore of unbilled revenue pertaining to other fixed price and fixed time frame contracts as of April 1, 2025 and April 1, 2024, respectively has been reclassified to Trade receivables upon billing to customers on completion of milestones.

**Remaining performance obligation disclosure**

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognized as at the end of the reporting period and an explanation as to when the Company expects to recognize these amounts in revenue. Applying the practical expedient as given in Ind AS 115, the Company has not disclosed the remaining performance obligation related disclosures for contracts where the revenue recognized corresponds directly with the value to the customer of the entity's performance completed to date, typically those contracts where invoicing is on time-and-material and unit of work-based contracts. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, periodic revalidations, adjustment for revenue that has not materialized and adjustments for currency fluctuations.

The aggregate value of performance obligations that are completely or partially unsatisfied as at March 31, 2026, other than those meeting the exclusion criteria mentioned above, is ![](rupee-symbol.gif)113,675 crore. Out of this, the Company expects to recognize revenue of around 50.1% within the next one year and around 21.6% between one and two years and remaining thereafter. The aggregate value of performance obligations that are completely or partially unsatisfied as at March 31, 2025 is ![](rupee-symbol.gif)90,815 crore. The contracts can generally be terminated by the customers and typically includes an enforceable termination penalty payable by them. Generally, customers have not terminated contracts without cause.

**2.19 OTHER INCOME, NET**

**2.19.1 Other income** 

**Accounting Policy**

Other income is comprised primarily of interest income, dividend income, gain / loss on investments and exchange gain/loss on forward and options contracts and on translation of foreign currency assets and liabilities. Interest income is recognized using the effective interest method. Dividend income is recognized when the right to receive payment is established.

**2.19.2 Foreign currency** 

**Accounting Policy**

*Functional currency*

The functional currency of the Company is the Indian rupee. These financial statements are presented in Indian rupees (rounded off to crore; one crore equals ten million).

*Transactions and translations*

Foreign-currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are recognized in the standalone Statement of Profit and Loss and reported within exchange gains/(losses) on translation of assets and liabilities, net, except when deferred in Other Comprehensive Income as qualifying cash flow hedges. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of the transaction. The related revenue and expense are recognized using the same exchange rate.

Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction.

Other Comprehensive Income, net of taxes includes translation differences on non-monetary financial assets measured at fair value at the reporting date, such as equities classified as financial instruments and measured at fair value through other comprehensive income (FVOCI).

**Government grant**

The Company recognizes government grants only when there is reasonable assurance that the conditions attached to them shall be complied with, and the grants will be received. Government grants related to assets are treated as deferred income and are recognized in the net profit in the Statement of Profit and Loss on a systematic and rational basis over the useful life of the asset. Government grants related to revenue are recognized on a systematic basis in the net profit in the Statement of Profit and Loss over the periods necessary to match them with the related costs which they are intended to compensate.

Other income for the year ended March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Interest income on financial assets carried at amortized cost |  |  |
| &nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | 55 | 121 |
| &nbsp;&nbsp;&nbsp;Deposit with Bank and others | 1125 | 1051 |
| Interest income on financial assets carried at fair value through other comprehensive income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures, commercial papers, certificates of deposit and government securities | 1029 | 1005 |
| Gain / (loss) on mutual funds and other investments | 240 | 242 |
| Gain/(loss) on investments carried at fair value through other comprehensive income | 16 | 2 |
| Gain/(loss) on investments carried at amortized cost | 81 | 4 |
| Interest on income tax refund | 381 | 340 |
| Dividend received from subsidiary | 2676 | 1522 |
| Exchange gains/(losses) on foreign currency forward and options contracts | (2397) | (206) |
| Exchange gains/(losses) on translation of other assets and liabilities | 2842 | 478 |
| Miscellaneous income, net\* | 443 | 223 |
| **Total other income** | **6491** | **4782** |

---

\* Includes profit on sale of property plant and equipment amounting to ![](rupee-symbol.gif)165 crore during the year ended March 31, 2026.

**2.20 EXPENSES**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| *Employee benefit expenses* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries including bonus | 69633 | 64296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution to provident and other funds | 2383 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based payments to employees (Refer to note 2.12) | 846 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staff welfare | 377 | 378 |
|  | **73239** | **67466** |
| *Cost of software packages and others* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For own use | 2217 | 1947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third party items bought for service delivery to clients | 7057 | 7670 |
|  | **9274** | **9617** |
| *Other expenses* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power and fuel | 196 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brand and Marketing | 1170 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rates and taxes | 209 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and Maintenance | 1138 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumables | 32 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 266 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for post-sales client support and others | (191) | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission to non-whole time directors | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss recognized / (reversed) under expected credit loss model | 71 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditor's remuneration |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statutory audit fees | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions towards Corporate Social Responsibility (Refer to note 2.25) | 577 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 549 | 293 |
|  | **4044** | **3497** |

---

**2.20.1 Impact of Labour Codes**

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ('Labour Codes') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes, amongst other things introduces changes, including a uniform definition of wages and enhanced benefits relating to leave. The Company has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and increase in leave liability by ![](rupee-symbol.gif) 1,146 crore. Considering the impact arising out of an enactment of the new legislation is an event of non-recurring nature, the Company has presented this incremental amount as "Impact of Labour Codes" under "Exceptional Item" in the Standalone Statement of Profit and Loss for the year ended March 31, 2026. The Company continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of the employee benefits liability.

**2.21 EMPLOYEE BENEFITS**

**Accounting Policy**

**2.21.1 Gratuity and Pensions** 

The Company provides for gratuity, a defined benefit retirement plan ('the Gratuity Plan') covering eligible Indian employees of Infosys. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Company. The Company contributes Gratuity liabilities to the Infosys Limited Employees' Gratuity Fund Trust (the Trust). Trustees administer contributions made to the Trusts and contributions are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law.

The Company operates defined benefit pension plan in certain overseas jurisdictions, in accordance with the local laws. These plans are managed by third party fund managers. The plans provide for periodic payouts after retirement and/or a lumpsum payment as set out in rules of each fund and includes death and disability benefits. The defined benefit plans require contributions which are based on a percentage of salary that varies depending on the age of the respective employees.

Liabilities with regard to these defined benefit plans are determined by actuarial valuation, performed by an external actuary, at each Balance Sheet date using the projected unit credit method. These defined benefit plans expose the Company to actuarial risks, such as longevity risk, interest rate risk and market risk.

The Company recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability/(asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profit in the Statement of Profit and Loss.

**2.21.2 Provident fund**

Eligible employees of Infosys receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary. The Company contributes a portion to the Infosys Limited Employees' Provident Fund Trust. The trust invests in specific designated instruments as permitted by Indian law. The remaining portion is contributed to the government administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the Government of India. The Company has an obligation to make good the shortfall, if any, between the return from the investments of the Trust and the notified interest rate.

**2.21.3 Superannuation**

Certain employees of Infosys are participants in a defined contribution plan. The Company has no further obligations to the Plan beyond its monthly contributions which are periodically contributed to a trust fund, the corpus of which is invested with the Life Insurance Corporation of India.

**2.21.4 Compensated absences**

The Company has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an external actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid / availed as a result of the unused entitlement that has accumulated at the Balance Sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

**a. Gratuity and Pension**

The following table sets out the details of the defined benefit retirement plans and the amounts recognized in the standalone financial statements as at March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif)crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Pension** | **Pension** |
| | **As at March 31,** | **As at March 31,** | **As at March 31,** | **As at March 31,** |
| **Particulars**<br>| **2026** | **2025** | **2026** | **2025** |
| **Change in benefit obligations** |  |  |  |  |
| Benefit obligations at the beginning | 2177 | 1830 | 825 | 686 |
| Service cost | 397 | 305 | 34 | 28 |
| Interest expense | 157 | 122 | 9 | 11 |
| Past service cost - plan amendments (Refer to Note 2.20.1) | 1088 |  |  |  |
| Transfer | 3 | 4 | 1 |  |
| Remeasurements - Actuarial (gains)/ losses | (43) | 73 | 94 | 57 |
| Employee contribution |  |  | 33 | 24 |
| Benefits paid | (187) | (158) | 161 | (18) |
| Translation difference | 3 | 1 | 199 | 37 |
| **Benefit obligations at the end** | **3595** | **2177** | **1356** | **825** |
| **Change in plan assets** |  |  |  |  |
| Fair value of plan assets at the beginning | 2407 | 1817 | 775 | 650 |
| Interest income | 168 | 132 | 9 | 11 |
| Transfer | 5 | 4 | 1 |  |
| Remeasurements- Return on plan assets excluding amounts included in interest income | 47 | 20 | 76 | 48 |
| Employee contribution |  |  | 33 | 24 |
| Employer contribution | 1281 | 590 | 41 | 28 |
| Benefits paid | (178) | (155) | 161 | (18) |
| Translation difference | (1) | (1) | 190 | 32 |
| **Fair value of plan assets at the end** | **3729** | **2407** | **1286** | **775** |
| **Funded status** | **134** | **230** | **(70)** | **(50)** |
| Defined benefit plan asset *(Refer note 2.10)* | 168 | 257 |  |  |
| Defined benefit plan liability | (34) | (27) | (70) | (50) |

---

The amount for the year ended March 31, 2026 and March 31, 2025 recognized in the Statement of Profit and Loss under employee benefit expense are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Pension** | **Pension** |
| | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars**<br>| **2026** | **2025** | **2026** | **2025** |
| Service cost | 397 | 305 | 34 | 28 |
| Net interest on the net defined benefit liability/asset | (11) | (10) |  |  |
| Plan amendments | 1088 | - | - | - |
| **Net cost** | 1474 | 295 | 34 | 28 |

---

The amount for the year ended March 31, 2026 and March 31, 2025 recognized in the statement of other comprehensive income are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Pension** | **Pension** |
| | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars**<br>| **2026** | **2025** | **2026** | **2025** |
| **Remeasurements of the net defined benefit liability/ (asset)** |  |  |  |  |
| Actuarial (gains) / losses | (43) | 73 | 94 | 57 |
| (Return) / loss on plan assets excluding amounts included in the net interest on the net defined benefit liability/(asset) | (47) | (20) | (76) | (48) |
|  | **(90)** | **53** | **18** | **9** |

---

Break up of actuarial (gains)/losses for year ended March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Pension** | **Pension** |
| | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars**<br>| **2026** | **2025** | **2026** | **2025** |
| (Gain)/loss from change in demographic assumptions |  |  | (29) |  |
| (Gain)/loss from change in financial assumptions | (5) | 39 | 25 | 36 |
| (Gain) / loss from change in experience assumptions | (38) | 34 | 98 | 21 |
|  | **(43)** | **73** | **94** | **57** |

---

The weighted-average assumptions used to determine benefit obligations as at March 31, 2026 and March 31, 2025 are set out below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Pension** | **Pension** |
| | **As at March 31,** | **As at March 31,** | **As at March 31,** | **As at March 31,** |
| **Particulars**<br>| **2026** | **2025** | **2026** | **2025** |
| Discount Rate <sup>(1)</sup> | 6.50% | 6.5% | 1.1%-4.1% | 0.9%-3.4% |
| Weighted average rate of increase in compensation levels <sup>(2)</sup> | 6% | 6% | 1%-3% | 1%-3% |
| Weighted average duration of defined benefit obligation <sup>(3)</sup> | 5.7 years | 5.7 years | 12 years | 13 years |

---

The weighted-average assumptions used to determine net periodic benefit cost for the year ended March 31, 2026 and March 31, 2025 are set out below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Pension** | **Pension** |
| | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars**<br>| **2026** | **2025** | **2026** | **2025** |
| Discount rate | 6.5% | 7.0% | 0.9%-3.4% | 1.5%-3.4% |
| Weighted average rate of increase in compensation levels | 6% | 6% | 1%-3% | 1%-3% |

---

*<sup>(1)</sup>* *For domestic defined benefit plan in India, the market for high quality corporate bonds being not developed, the yield of government bonds is considered as the discount rate. For most of our overseas defined benefit plan, given that the market for high quality corporate bonds is not developed, the Government bond rate adjusted for corporate spreads is used.*

*<sup>(2)</sup>* *The average rate of increase in compensation levels is determined by the Company, considering factors such as, the Company's past compensation revision trends, inflation in respective markets and management's estimate of future salary increases.*

*<sup>(3)</sup>* *Attrition rate considered is the management's estimate based on the past long-term trend of employee turnover in the Company. The tenure has been considered taking into account the past long-term trend of employees' average remaining service life which reflects the average estimated term of post-employment benefit obligation*.

For domestic defined benefit plan in India, assumptions regarding future mortality experience are set in accordance with the published statistics by the Life Insurance Corporation of India. For overseas defined benefit plan, the assumptions regarding future mortality experience are set with regard to the latest statistics in life expectancy, plan experience and other relevant data.

The Company assesses all the above assumptions with its projected long-term plans of growth and prevalent industry standards.

The Company contributes all ascertained liabilities towards gratuity to the Infosys Limited Employees' Gratuity Fund Trust. Trustees administer contributions made to the trust. The plan assets of the overseas defined benefit plan have been primarily invested in insurer managed funds and the asset allocation for plan assets is determined based on the investment criteria prescribed under the relevant regulations applicable to pension funds and the insurer managers. The insurers' investment are diversified and provide for guaranteed interest rates arrangements.

Actual return on assets (including remeasurement) of the gratuity plan for the year ended March 31, 2026 and March 31, 2025 were ![](rupee-symbol.gif)215 crore and ![](rupee-symbol.gif)152 crore, respectively and for the pension plan were ![](rupee-symbol.gif)80 crore and ![](rupee-symbol.gif)59 crore, respectively.

The contributions for gratuity are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law. The table below sets out the details of major plan assets into various categories as at March 31, 2026 and March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Pension** | **Pension** |
| | **As at March 31,** | **As at March 31,** |
| **Particulars**<br>| **2026** | **2025** |
| Equity | 38% | 34% |
| Bonds | 22% | 30% |
| Real Estate/Property | 24% | 26% |
| Cash and Cash Equivalents | 1% | 1% |
| Other | 15% | 9% |

---

These defined benefit plans expose the Company to actuarial risk which are set out below:

Interest rate risk: The present value of the defined benefit plan liability is generally calculated using a discount rate determined by reference to government bond yields and in certain overseas jurisdictions, it is calculated in reference to government bond yield adjusted for a corporate spread. If bond yields fall, the defined benefit obligation will tend to increase.

Life expectancy and investment risk: The pension fund offers the choice between a lifelong pension and a cash lump sum upon retirement. The pension fund has defined rates for converting the lump sum to a pension and there is the risk that the members live longer than implied by these conversion rates and that the pension assets don't achieve the investment return implied by these conversion rates.

Asset volatility: A proportion of the pension fund is held in equities, which is expected to outperform corporate bonds in the long term but give exposure to volatility and risk in the short term. The pension fund board of insurer is responsible for the investment strategy and equity allocation is justified given the long-term investment horizon of the pension fund and the objective to provide a reasonable long term return on members' account balances.

The sensitivity of significant assumptions used for valuation of defined benefit obligation is as follows :

*(in ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at March 31, 2026** | **As at March 31, 2026** |
| | **Gratuity** | **Pension** |
| **Impact from**<br>| **1% point increase / decrease** | **0.5% point increase / decrease** |
| Discount Rate | 185 | 56 |
| Weighted average rate of increase in compensation level | 199 | 9 |

---

Sensitivity for significant actuarial assumptions is computed by varying one actuarial assumption used for the valuation of defined benefit obligation, keeping all other actuarial assumptions constant. In practice, this is not probable, and changes in some of the assumptions may be correlated.

The Company expects to contribute ![](rupee-symbol.gif)490 crore to gratuity and ![](rupee-symbol.gif)48 crore to pension during the fiscal 2027.

Maturity profile of defined benefit obligation:

*(in ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Gratuity** | **Pension** |
| Within 1 year | 591 | 88 |
| 1-2 year | 491 | 99 |
| 2-3 year | 464 | 95 |
| 3-4 year | 429 | 86 |
| 4-5 year | 399 | 94 |
| 5-10 years | 1,507 | 407 |

---

**b. Superannuation** 

The Company contributed ![](rupee-symbol.gif)541 crore and ![](rupee-symbol.gif)493 crore to the Superannuation trust during the year ended March 31, 2026 and March 31, 2025 respectively and the same has been recognized in the Statement of Profit and Loss account under the head employee benefit expense.

**c. Provident fund** 

Infosys has an obligation to fund any shortfall on the yield of the trust's investments over the administered interest rates on an annual basis. These administered rates are determined annually predominantly considering the social and economic factors. The actuary has provided a valuation for provident fund liabilities on the basis of guidance issued by Actuarial Society of India.

The following tables set out the funded status of the defined benefit provident fund plan of Infosys limited and the amounts recognized in the Company's financial statements as at March 31, 2026 and March 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at March 31,** | **As at March 31,** |
| **Particulars** | **2026** | **2025** |
| **Change in benefit obligations** |  |  |
| Benefit obligations at the beginning | 13867 | 11879 |
| Service cost | 1088 | 952 |
| Employee contribution | 2036 | 1683 |
| Interest expense | 940 | 862 |
| Actuarial (gains) / loss | 95 | 218 |
| Benefits paid | (1929) | (1727) |
| **Benefit obligations at the end** | **16097** | **13867** |
| **Change in plan assets** |  |  |
| Fair value of plan assets at the beginning | 13928 | 11812 |
| Interest income | 944 | 858 |
| Remeasurements- Return on plan assets excluding amounts included in interest income | (415) | 245 |
| Employer contribution | 1170 | 1057 |
| Employee contribution | 2036 | 1683 |
| Benefits paid | (1929) | (1727) |
| **Fair value of plan assets at the end** | **15734** | **13928** |
| Funded status [surplus/(deficit)] | (363) | 61 |
| Irrecoverable Surplus (Effect of Asset Ceiling) | - | (61) |
| **Net defined benefit asset/ (liability)** | **(363)** | **-** |

---

Amount for the year ended March 31, 2026 and March 31, 2025 recognized in the Statement of Profit and Loss under employee benefit expense:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Service cost | 1088 | 952 |
| Net interest on the net defined benefit liability | - | 4 |
| **Net provident fund cost** | **1,088** | **956** |

---

Amount for the year ended March 31, 2026 and March 31, 2025 recognized in the statement of other comprehensive income:

&nbsp;&nbsp;&nbsp;&nbsp;*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| **Remeasurements of the net defined benefit liability/ (asset)**<br>|  |  |
| Actuarial (gains) / losses | 95 | 218 |
| (Return) / loss on plan assets excluding amounts included in the net interest on the net defined benefit liability/(asset) | 415 | (245) |
| Asset Ceiling Effect | (61) | 61 |
| Net interest on the net defined benefit asset | (4) | - |
|  | **445** | **34** |

---

The assumptions used in determining the present value obligation of the defined benefit plan under the Deterministic Approach are as follows:

---

| | | |
|:---|:---|:---|
| | **As at March 31,** | |
| **Particulars** | **2026** | **2025** |
| Government of India (GOI) bond yield <sup>(1)</sup> | 6.50% | 6.50% |
| Expected rate of return on plan assets | 8.25% | 8.00% |
| Remaining term to maturity of portfolio | 6 years | 6 years |
| Expected guaranteed interest rate | 8.25% | 8.25% |

---

<sup>(1)</sup> In India, the market for high quality corporate bonds being not developed, the yield of government bonds is considered as the discount rate. The tenure has been considered taking into account the past long-term trend of employees' average remaining service life which reflects the average estimated term of the post- employment benefit obligations.

The breakup of the plan assets into various categories as at March 31, 2026 and March 31, 2025 is as follows:

 

---

| | | |
|:---|:---|:---|
| | **As at March 31,** | **As at March 31,** |
| **Particulars** | **2026** | **2025** |
| Central and State government bonds | 63% | 60% |
| Public sector undertakings and Private sector bonds | 26% | 28% |
| Others | 11% | 12% |

---

*The asset allocation for plan assets is determined based on the investment criteria prescribed under the relevant regulations.*

The actuarial valuation of Provident Fund liability exposes the Company to interest rate risk. The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

As at March 31, 2026 the defined benefit obligation would be affected by approximately ![](rupee-symbol.gif)76 crore and ![](rupee-symbol.gif)151 crore on account of a 0.25% increase / decrease in the expected rate of return on plan assets.

The Company contributed ![](rupee-symbol.gif)1,321 crore and ![](rupee-symbol.gif)1,158 crore to the provident fund during the year ended March 31, 2026 and March 31, 2025, respectively. The same has been recognized in the net profit in the statement of profit and loss under the head employee benefit expense.

The provident plans are applicable only to employees drawing a salary in Indian rupees.

**Employee benefits cost include:**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Salaries and bonus<sup>(1)</sup> | 70931 | 65425 |
| Defined contribution plans | 631 | 560 |
| Defined benefit plans | 2823 | 1481 |
|  | **74385** | **67466** |

---

*<sup>(1)</sup>* *Includes employee stock compensation expense of ![](rupee-symbol.gif)846 crore and ![](rupee-symbol.gif)712 crore for the year ended March 31, 2026 and March 31, 2025, respectively (Refer to note 2.12).*

**2.22 EARNINGS PER EQUITY SHARE**

**Accounting Policy**

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

The following is the computation of basic earnings per equity share:

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Profit for the year | 29211 | 25568 |
| Basic earnings per equity share - weighted average number of equity shares outstanding | 4121931567 | 4151936905 |
| Basic earnings per equity share | **70.87** | **61.58** |

---

The following is a reconciliation of the equity shares used in the computation of basic and diluted earnings per equity share:

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Profit for the year | 29211 | 25568 |
| Basic earnings per equity share - weighted average number of equity shares outstanding | 4121931567 | 4151936905 |
| Effect of dilutive common equivalent shares - share options outstanding | 5096754 | 7968571 |
| Diluted earnings per equity share - weighted average number of equity shares and common equivalent shares outstanding | **4127028321** | **4159905476** |
| Diluted earnings per equity share | **70.78** | **61.46** |

---

For the years ended March 31, 2026 and March 31, 2025, there were 858,370 and Nil options to purchase equity shares which had an anti-dilutive effect.

**2.23 CONTINGENT LIABILITIES AND COMMITMENTS**

**Accounting Policy**

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Contingent liabilities:** |  |  |
| Claims against the Company, not acknowledged as debts<sup>(1)</sup> | 1944 | 1772 |
| [Amount paid to statutory authorities ![rupee symbol](rupee-symbol.gif)2,399 crore (![rupee symbol](rupee-symbol.gif)3,815 crore)] |  |  |
| **Commitments:** |  |  |
| Estimated amount of contracts remaining to be executed on capital contracts and not provided for <br> (net of advances and deposits)<sup>(2)</sup> | 1070 | 868 |
| Other Commitments\* | 23 | 27 |

---

 

*\** *Uncalled capital pertaining to investments*

<sup>(1)</sup> As at March 31, 2026 and March 31, 2025, claims against the Company not acknowledged as debts in respect of India income tax matters amounted to ![rupee symbol](rupee-symbol.gif)1,326 crore and ![rupee symbol](rupee-symbol.gif)1,290 crore, respectively. The claims against the Company primarily represent demands arising on completion of assessment proceedings under the Income Tax Act, 1961. These claims are on account of issues of disallowance of expenditure towards software being held as capital in nature, payments made to Associated Enterprises held as liable for withholding of taxes, among others. These matters are pending before various Income Tax Authorities and the Management including its tax advisors expect that its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Company financial position and results of operations. Amount paid to statutory authorities against the tax claims amounted to ![rupee symbol](rupee-symbol.gif) 2,381 crore and ![rupee symbol](rupee-symbol.gif)3,810 crore as at March 31, 2026 and March 31, 2025, respectively.

<sup>(2)</sup> Capital contracts primarily comprises of commitments for infrastructure facilities and computer equipments.

**Legal Proceedings**

**Government Investigation**

The U.S. Department of Justice ("DOJ") is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees working for one of its clients in immigration documents filed with certain U.S. government authorities. The Company is engaged in discussions with the DOJ regarding its ongoing investigation and continues its own inquiry regarding the matter. At this stage, the Company is unable to predict the outcome of this matter, including whether such outcome could have a material adverse effect on the Company's business and results of operations.

**Others**

Apart from the foregoing, the Company is subject to legal proceedings and claims which have arisen in the ordinary course of business. The Company's management reasonably expects that such ordinary course legal actions, when ultimately concluded and determined, will not have a material and adverse effect on the Company's results of operations or financial condition.

**2.24 RELATED PARTY TRANSACTIONS**

**List of related parties**

---

| | | | |
|:---|:---|:---|:---|
| | | **Holdings as at** | **Holdings as at** |
| **Name of subsidiaries** | **Country** | **March 31, 2026** | **March 31, 2025** |
| Infosys Technologies (China) Co. Limited (Infosys China)<sup>(1)</sup> | China | 100% | 100% |
| Infosys Technologies S. de R. L. de C. V. (Infosys Mexico)<sup>(1)</sup> | Mexico | 100% | 100% |
| Infosys Technologies (Sweden) AB (Infosys Sweden)<sup>(1)</sup> | Sweden | 100% | 100% |
| Infosys Technologies (Shanghai) Company Limited (Infosys Shanghai)<sup>(1)</sup> | China | 100% | 100% |
| EdgeVerve Systems Limited (EdgeVerve)<sup>(1)</sup> | India | 100% | 100% |
| Infosys Austria GmbH<sup>(1)</sup> | Austria | 100% | 100% |
| Skava Systems Private Limited (Skava Systems)<sup>(1)(28)</sup> | India | *–* | *–* |
| Infosys Chile SpA<sup>(1)</sup> | Chile | 100% | 100% |
| Infosys Arabia Limited<sup>(2)</sup> | Saudi Arabia | 70% | 70% |
| Infosys Consulting Ltda.<sup>(1)</sup> | Brazil | 100% | 100% |
| Infosys Luxembourg S.a.r.l<sup>(1)</sup> | Luxembourg | 100% | 100% |
| Infosys Consulting S.R.L.<sup>(45)</sup> | Argentina | 100% | 100% |
| Infosys Romania S.r.l. (formerly Infosys Consulting S.R.L. (Romania))<sup>(1)</sup> | Romania | 100% | 100% |
| Infosys Limited Bulgaria EOOD<sup>(1)</sup> | Bulgaria | 100% | 100% |
| Infosys Turkey Bilgi Teknolojileri Limited Sirketi<sup>(1)</sup> | Turkey | 100% | 100% |
| Infosys Germany Holding Gmbh<sup>(1)</sup> | Germany | 100% | 100% |
| Infosys Automotive and Mobility GmbH & Co. KG<sup>(1)</sup> | Germany | 100% | 100% |
| Infosys Green Forum<sup>(1)</sup> | India | 100% | 100% |
| Infosys Business Solutions LLC<sup>(1)</sup> | Qatar | 100% | 100% |
| WongDoody Inc.<sup>(30)</sup> | U.S. | *–* | *–* |
| IDUNN Information Technology Private Limited <sup>(1)</sup> | India | 100% | 100% |
| Infosys Public Services, Inc. USA (Infosys Public Services)<sup>(1)</sup> | U.S. | 100% | 100% |
| Infosys Public Services Canada Inc. <sup>(11)</sup> | Canada | 100% | 100% |
| Infosys BPM Limited<sup>(1)</sup> | India | 100% | 100% |
| Infosys BPM UK Limited<sup>(3)</sup> | U.K. | 100% | 100% |
| Infosys (Czech Republic) Limited s.r.o.<sup>(3)</sup> | Czech Republic | 100% | 100% |
| Infosys Poland Sp z.o.o<sup>(3)</sup> | Poland | 100% | 100% |
| Infosys McCamish Systems LLC<sup>(3)</sup> | U.S. | 100% | 100% |
| Portland Group Pty Ltd<sup>(3)</sup> | Australia | 100% | 100% |
| Infosys BPO Americas LLC.<sup>(3)</sup> | U.S. | 100% | 100% |
| Panaya Inc. (Panaya)<sup>(1)</sup> | U.S. | 100% | 100% |
| Panaya Ltd.<sup>(4)</sup> | Israel | 100% | 100% |
| Panaya Germany GmbH <sup>(4)</sup> | Germany | 100% | 100% |
| Brilliant Basics Holdings Limited (Brilliant Basics)<sup>(1)(20)</sup> | U.K. | 100% | 100% |
| Brilliant Basics Limited <sup>(5)(20)</sup> | U.K. | 100% | 100% |
| Infosys Consulting Holding AG <sup>(1)</sup> | Switzerland | 100% | 100% |
| Infosys Management Consulting Pty Limited<sup>(6)</sup> | Australia | 100% | 100% |
| Infosys Consulting AG<sup>(6)</sup> | Switzerland | 100% | 100% |
| Infosys Consulting GmbH<sup>(6)</sup> | Germany | 100% | 100% |
| Infosys Consulting SAS<sup>(6)</sup> | France | 100% | 100% |
| Infy Consulting B.V.<sup>(6)</sup> | The Netherlands | 100% | 100% |
| Infosys Consulting (Belgium) NV<sup>(6)</sup> | Belgium | 100% | 100% |
| Infy Consulting Company Ltd<sup>(6)</sup> | U.K. | 100% | 100% |
| GuideVision s.r.o.<sup>(7)</sup> | Czech Republic | 100% | 100% |
| GuideVision Deutschland GmbH<sup>(8)</sup> | Germany | 100% | 100% |
| GuideVision Suomi Oy<sup>(8)</sup> | Finland | 100% | 100% |
| GuideVision Magyarország Kft<sup>(8)</sup> | Hungary | 100% | 100% |
| GuideVision Polska Sp. z.o.o<sup>(8)</sup> | Poland | 100% | 100% |
| GuideVision UK Ltd<sup>(8)(20)</sup> | U.K. | 100% | 100% |
| Infosys Nova Holdings LLC. (Infosys Nova)<sup>(1)</sup> | U.S. | 100% | 100% |
| Outbox systems Inc. dba Simplus (US)<sup>(31)</sup> | U.S. | *–* | *–* |
| Simplus ANZ Pty Ltd.<sup>(9)</sup> | Australia | 100% | 100% |
| Simplus Australia Pty Ltd<sup>(10)</sup> | Australia | 100% | 100% |
| Simplus Philippines, Inc.<sup>(9)</sup> | Philippines | 100% | 100% |
| Kaleidoscope Animations, Inc.<sup>(31)</sup> | U.S. | *–* | *–* |
| Blue Acorn iCi Inc <sup>(31)</sup> | U.S. | *–* | *–* |
| Infosys Singapore Pte. Ltd. <sup>(1)(41)</sup> | Singapore | 100% | 100% |
| Infosys Financial Services GmbH. <sup>(12)</sup> | Germany | 100% | 100% |
| Infosys South Africa (Pty) Ltd<sup>(12)</sup> | South Africa | 100% | 100% |
| Infosys (Malaysia) SDN. BHD. <sup>(12)</sup> | Malaysia | 100% | 100% |
| Infosys Middle East FZ LLC <sup>(12)</sup> | U.A.E | 100% | 100% |
| Infosys Norway <sup>(12)</sup> | Norway | 100% | 100% |
| Infosys Compaz Pte. Ltd <sup>(13)</sup> | Singapore | 60% | 60% |
| HIPUS Co., Ltd<sup>(13)(41)</sup> | Japan | 79% | 81% |
| Fluido Oy <sup>(12)</sup> | Finland | 100% | 100% |
| Fluido Sweden AB <sup>(14)</sup> | Sweden | 100% | 100% |
| Fluido Norway A/S<sup>(14)</sup> | Norway | 100% | 100% |
| Fluido Denmark A/S<sup>(14)</sup> | Denmark | 100% | 100% |
| Fluido Slovakia s.r.o<sup>(14)</sup> | Slovakia | 100% | 100% |
| Infosys Fluido UK, Ltd.<sup>(14)</sup> | U.K. | 100% | 100% |
| Infosys Fluido Ireland, Ltd.<sup>(15)</sup> | Ireland | 100% | 100% |
| Stater N.V.<sup>(13)</sup> | The Netherlands | 75% | 75% |
| Stater Nederland B.V.<sup>(16)</sup> | The Netherlands | 75% | 75% |
| Stater XXL B.V.<sup>(16)</sup> | The Netherlands | 75% | 75% |
| HypoCasso B.V.<sup>(16)</sup> | The Netherlands | 75% | 75% |
| Stater Belgium N.V./S.A.<sup>(16)</sup> | Belgium | 75% | 75% |
| Stater Gmbh<sup>(16)</sup> | Germany | 75% | 75% |
| Infosys Germany GmbH <sup>(12)(43)</sup> | Germany | *–* | 100% |
| Wongdoody Gmbh <sup>(18)(43)</sup> | Germany | 100% | 100% |
| WongDoody (Shanghai) Co. Limited <sup>(19)</sup> | China | 100% | 100% |
| WongDoody limited (Taipei) <sup>(19)</sup> | Taiwan | 100% | 100% |
| WongDoody d.o.o <sup>(19)</sup> | Serbia | 100% | 100% |
| BASE life science A/S <sup>(12)</sup> | Denmark | 100% | 100% |
| BASE life science AG <sup>(21)</sup> | Switzerland | 100% | 100% |
| BASE life science GmbH <sup>(21)</sup> | Germany | 100% | 100% |
| BASE life science S.A.S <sup>(21)</sup> | France | 100% | 100% |
| BASE life science Ltd. <sup>(21)</sup> | U.K. | 100% | 100% |
| BASE life science S.r.l. <sup>(21)</sup> | Italy | 100% | 100% |
| Innovisor Inc.<sup>(21)</sup> | U.S. | 100% | 100% |
| BASE life science Inc.<sup>(17)</sup> | U.S. | 100% | 100% |
| BASE life science S.L.<sup>(21)</sup> | Spain | 100% | 100% |
| InSemi Technology Services Private Limited <sup>(23)</sup> | India | 100% | 100% |
| Elbrus Labs Private Limited <sup>(23)(22)</sup> | India | 100% | 100% |
| Infosys Services (Thailand) Limited <sup>(1)(25)</sup> | Thailand | 100% | 100% |
| Infy tech SAS <sup>(12)(24)</sup> | France | 100% | 100% |
| in-tech Holding GmbH <sup>(26)(32)</sup> | Germany | *–* | *–* |
| in-tech GmbH <sup>(26)</sup> | Germany | 100% | 100% |
| Friedrich & Wagner Asia Pacific GmbH <sup>(26)(32)</sup> | Germany | *–* | *–* |
| drivetech Fahrversuch GmbH <sup>(26)</sup> | Germany | 100% | 100% |
| in-tech Engineering S.R.L. (formerly known as ProIT) <sup>(26)(44)</sup> | Romania | 100% | 100% |
| in-tech Automotive Engineering de R.L. de C.V <sup>(26)(40)</sup> | Mexico | *–* | 100% |
| Friedrich Wagner Holding Inc.<sup>(26)(20)</sup> | U.S. | 100% | 100% |
| in-tech Automotive Engineering SL <sup>(26)</sup> | Spain | 100% | 100% |
| in-tech Automotive Engineering LLC <sup>(26)(29)</sup> | U.S. | *–* | *–* |
| in-tech Services LLC <sup>(26)(29)</sup> | U.S. | *–* | *–* |
| in-tech Engineering s.r.o <sup>(26)</sup> | Czech Republic | 100% | 100% |
| in-tech Engineering GmbH <sup>(26)</sup> | Austria | 100% | 100% |
| in-tech Engineering services S.R.L <sup>(26)(44)</sup> | Romania | *–* | 100% |
| in-tech Group Ltd <sup>(26)</sup> | U.K. | 100% | 100% |
| In-tech Automotive Engineering Shenyang Co. Ltd <sup>(26)</sup> | China | 100% | 100% |
| in-tech Group India Private Ltd <sup>(26)</sup> | India | 100% | 100% |
| In-tech Automotive Engineering Beijing Co., Ltd <sup>(26)</sup> | China | 100% | 100% |
| Infosys Germany SE (formerly known as Blitz 24-893 SE) <sup>(27)(43)</sup> | Germany | 100% | 100% |
| Infosys Limited SPC <sup>(1)(33)</sup> | Oman | 100% | 100% |
| Infosys BPM Netherlands B.V. <sup>(17)(34)</sup> | The Netherlands | 100% | 100% |
| Infosys Energy Consulting Services LLC <sup>(9)(35)</sup> | U.S. | 100% | *–* |
| Infosys Saudi Arabia LLC <sup>(1)(36)</sup> | Saudi Arabia | 100% | *–* |
| Infosys Australia Technology Service Pty Ltd <sup>(12)(37)</sup> | Australia | 100% | *–* |
| MRE Consulting Ltd <sup>(38)</sup> | U.S. | 100% | *–* |
| MRE Technology Services, LLC <sup>(38)</sup> | U.S. | 100% | *–* |
| The Missing Link Automation Pty Ltd <sup>(39)</sup> | Australia | 100% | *–* |
| The Missing Link Network Integration Pty Ltd <sup>(39)</sup> | Australia | 100% | *–* |
| The Missing Link Security Pty Ltd <sup>(39)</sup> | Australia | 100% | *–* |
| The Missing Link Security Ltd <sup>(39)</sup> | U.K. | 100% | *–* |
| Infosys BPM Canada Inc <sup>(17)(42)</sup> | Canada | 100% | *–* |
| Infosys Enterprise Business Services Pty Ltd <sup>(12)(46)</sup> | Australia | 100% | *–* |

---

<sup>(1)</sup> Wholly-owned subsidiary of Infosys Limited

<sup>(2)</sup> Majority owned and controlled subsidiary of Infosys Limited

<sup>(3)</sup> Wholly-owned subsidiary of Infosys BPM Limited

<sup>(4)</sup> Wholly-owned subsidiary of Panaya Inc<sup>.</sup>

<sup>(5)</sup> Wholly-owned subsidiary of Brilliant Basics Holding Limited.

<sup>(6)</sup> Wholly-owned subsidiary of Infosys Consulting Holding AG

<sup>(7)</sup> Wholly-owned subsidiary of Infy Consulting Company Limited

<sup>(8)</sup> Wholly-owned subsidiary of GuideVision s.r.o.

<sup>(9)</sup> Wholly-owned subsidiary of Infosys Nova Holdings LLC

<sup>(10)</sup> Wholly-owned subsidiary of Simplus ANZ Pty Ltd

<sup>(11)</sup> Wholly-owned subsidiary of Infosys Public Services, Inc.

<sup>(12)</sup> Wholly-owned subsidiary of Infosys Singapore Pte. Ltd.

<sup>(13)</sup> Majority owned and controlled subsidiary of Infosys Singapore Pte. Ltd.

<sup>(14)</sup> Wholly-owned subsidiary of Fluido Oy

<sup>(15)</sup> Wholly-owned subsidiary of Infosys Fluido UK, Ltd.

<sup>(16)</sup> Wholly-owned subsidiary of Stater N.V

<sup>(17)</sup> Wholly-owned subsidiary of Infosys BPM UK Ltd.

<sup>(18)</sup> Wholly-owned subsidiary of Infosys Germany GmbH

<sup>(19)</sup> Wholly-owned subsidiary of Wongdoody Gmbh

<sup>(20)</sup> Under liquidation

<sup>(21)</sup> Wholly-owned subsidiary of BASE life science A/S

<sup>(22)</sup> Wholly-owned subsidiary of InSemi Technology Services Private Limited

<sup>(23)</sup> On May 10, 2024 Infosys Ltd. acquired 100% of voting interests in InSemi Technology Services Private Limited along with its subsidiary Elbrus Labs Private Limited

<sup>(24)</sup> Incorporated on July 03, 2024

<sup>(25)</sup> Incorporated on July 26, 2024

<sup>(26)</sup> On July 17, 2024, Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited, acquired 100% of voting interests in in-tech Holding GmbH along with its subsidiary in-tech GmbH along with its six subsidiaries in-tech Automotive Engineering SL, in-tech Engineering S.R.L. (formerly known as ProIT), in-tech Automotive Engineering de R.L. de C.V, drivetech Fahrversuch GmbH, Friedrich Wagner Holding Inc along with its two subsidiaries (in-tech Automotive Engineering LLC and in-tech Services LLC) and Friedrich & Wagner Asia Pacific GmbH along with its five subsidiaries in-tech engineering s.r.o, in-tech engineering GmbH, in-tech engineering services S.R.L, in-tech Group Ltd along with its subsidiary (in-tech Group India Private Limited) and In-tech Automotive Engineering Shenyang Co., Ltd along with its subsidiary (In-tech Automotive Engineering Beijing Co., Ltd). Subsequently on September 01, 2024 in-tech Group India Private Limited became a wholly-owned subsidiary of Infosys limited.

<sup>(27)</sup> On October 17, 2024, Infosys Singapore Pte Ltd. acquired 100% of voting interests in Infosys Germany SE (formerly known as Blitz 24-893 SE)

<sup>(28)</sup> Liquidated effective November 14, 2024

<sup>(29)</sup> Liquidated effective November 30, 2024

<sup>(30)</sup> WongDoody Inc, a wholly-owned subsidiary of Infosys limited merged into Infosys Nova Holdings LLC effective January 1, 2025

<sup>(31)</sup> Kaleidoscope Animations, Blue Acorn iCi Inc and Outbox systems Inc. dba Simplus (US) merged into Infosys Nova Holdings LLC effective January 1, 2025

<sup>(32)</sup> in-tech Holding GmbH and Friedrich & Wagner Asia Pacific GmbH merged into in-tech GmbH effective January 1, 2025

<sup>(33)</sup> Incorporated on December 12, 2024

<sup>(34)</sup> Incorporated on March 20, 2025

<sup>(35)</sup> Incorporated on April 16, 2025

<sup>(36)</sup> Incorporated on April 21, 2025

<sup>(37)</sup> Incorporated on April 23, 2025

<sup>(38)</sup> On April 30, 2025, Infosys Nova Holdings LLC, a wholly-owned subsidiary of Infosys Limited, acquired 98.21% of partnership interests in MRE Consulting Ltd along with its subsidiary MRE Technology Services, LLC.The remaining 1.79% was acquired by Infosys Energy Consulting Services LLC, a Wholly-owned subsidiary of Infosys Nova Holdings LLC

<sup>(39)</sup> On April 30, 2025, Infosys Australia Technology Service Pty Ltd, a wholly owned subsidiary of Infosys Singapore Pte. Limited, acquired 100% of voting interests in The Missing Link Automation Pty Ltd, The Missing Link Network Integration Pty Ltd and The Missing Link Security Pty Ltd along with its subsidiary The Missing Link Security Ltd

<sup>(40)</sup> Liquidated effective May 07, 2025

<sup>(41)</sup> On May 13, 2025, Infosys Singapore Pte Ltd diluted 2% stake of HIPUS Co., Ltd to Mitsubishi Heavy Industries, Ltd.

<sup>(42)</sup> Incorporated on July 28, 2025

<sup>(43)</sup> Infosys Germany Gmbh, a Wholly-owned subsidiary of Infosys Singapore Pte Ltd merged into Infosys Germany SE (formerly known as Blitz 24-893 SE) effective September 24, 2025

<sup>(44)</sup> in-tech Engineering services S.R.L, (Wholly-owned subsidiary of in-tech GmbH) merged into in-tech Engineering S.R.L. (formerly known as ProIT and wholly-owned subsidiary of in-tech GmbH) effective November 30, 2025

<sup>(45)</sup> Infosys Consulting S.R.L. (Argentina) (formerly a majority owned and controlled subsidiary of Infosys Limited) became the majority owned and controlled subsidiary of Infosys Nova Holdings LLC with effect from January 28, 2026

<sup>(46)</sup> Incorporated on March 19, 2026

 

*Infosys has provided guarantee for performance of certain contracts entered into by its subsidiaries.*

**List of other related party** 

---

| | | |
|:---|:---|:---|
| **Particulars** | **Country** | **Nature of relationship** |
| Infosys Limited Employees' Gratuity Fund Trust | India | Post-employment benefit plan of Infosys Limited |
| Infosys Limited Employees' Provident Fund Trust | India | Post-employment benefit plan of Infosys Limited |
| Infosys Limited Employees' Superannuation Fund Trust | India | Post-employment benefit plan of Infosys Limited |
| Infosys Employees Welfare Trust | India | Controlled trust |
| Infosys Employee Benefits Trust | India | Controlled trust |
| Infosys Science Foundation | India | Controlled trust |
| Infosys Expanded Stock Ownership Trust | India | Controlled trust |
| Infosys Foundation | India | Trust jointly controlled by KMP |

---

Refer to note 2.21 for information on transactions with post-employment benefit plans mentioned above.

**List of key management personnel**

**Whole-time directors**

Salil Parekh, Chief Executive Officer and Managing Director

**Non-whole-time directors**

Nandan M. Nilekani

D. Sundaram

Micheal Gibbs

Bobby Parikh

Chitra Nayak

Govind Iyer

Helene Auriol Potier

Nitin Paranjpe

**Executive Officers**

Inderpreet Sawhney, Chief Legal Officer and Chief Compliance Officer

Jayesh Sanghrajka, Chief Financial Officer

Shaji Mathew, Chief Human Resources Officer

**Company Secretary**

A. G. S. Manikantha

The details of amounts due to or due from related parties as at March 31, 2026 and March 31, 2025 are as follows:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Trade receivables** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science A/S | 8 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science AG | 2 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys China | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Mexico | 5 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys BPM Limited | 14 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infy Consulting Company Limited | 12 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Public Services | 61 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Public Services Canada Inc. | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Sweden | 13 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Oy | 11 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Denmark A/S | 21 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys McCamish Systems LLC | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panaya Ltd | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Compaz Pte Ltd | 63 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stater Nederland B.V. | 21 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Luxembourg S.a.r.l | 19 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Chile SPA | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys South Africa (Pty) Ltd | *–* | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIPUS Co., Ltd | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Middle East FZ LLC | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Nova Holdings LLC | 1 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting S.R.L. (Romania) | 2 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRE Consulting, Ltd. | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Missing Link Security Pty Ltd | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Missing Link Network Int Pty Ltd | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stater N.V. | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeVerve Systems Limited | 31 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Business Solutions LLC | 5 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INFY Tech SAS | 10 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insemi Technology Service | 2 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portland Group Pty Ltd | 11 | *–* |
|  | **338** | **250** |
| **Loans** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insemi Technology Service | *–* | 10 |
|  | ***–*** | **10** |
| **Prepaid expense and other receivabes** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panaya Ltd | 115 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GuideVision, s.r.o. | 5 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeVerve Systems Limited | 17 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Green Forum | 4 | *–* |
|  | **141** | **151** |
| **Other financial assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys BPM Limited | 17 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting GmbH | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys China | 27 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Shanghai | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infy Consulting Company Limited | 35 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Management Consulting Pty Ltd | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting AG | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infy Consulting B.V. | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Oy | 15 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys McCamish Systems LLC | *–* | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Automotive and Mobility GmbH & Co. KG | 3458 | 2584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Sweden AB | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Denmark A/S | 4 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Fluido UK Ltd | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting S.R.L. (Romania) | 4 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Public Services | *–* | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simplus Philippines, Inc. | 2 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simplus Australia Pty Ltd | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Luxembourg S.a.r.l | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Business Solutions LLC | *–* | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Compaz PTE Ltd | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GuideVision, s.r.o. | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDUNN Information Technology Private Limited | *–* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WongDoody GmbH | 26 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Turkey Bilgi Teknolojikeri Limited Sirketi | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting S.R.L. (Argentina) | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science SL | 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science A/S | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Norway | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Green Forum | 2 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Sweden | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIPUS Co., Ltd | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeVerve | 63 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science AG | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science GmbH | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Norway AS | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GuideVision Magyarország Kft. | *–* | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Nova | 73 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Services Thailand | *–* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys South Africa (Pty) Ltd | *–* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science Ltd | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insemi Technology Service | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRE Consulting, Ltd. | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panaya | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Slovakia s.r.o | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-tech GmbH | 1 | *–* |
|  | **3776** | **2908** |
| **Unbilled revenues** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeVerve Systems Limited | 122 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting S.R.L.(Romania) | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys McCamish Systems LLC | *–* | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Poland sp. z o o | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stater Nederland B.V. | 7 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in-tech GmbH | 14 | *–* |
|  | **145** | **198** |
| **Trade payables** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys China | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys BPM Limited | 150 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys (Czech Republic) Limited s.r.o. | 18 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Mexico | 80 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Sweden | *–* | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Shanghai | 16 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Management Consulting Pty Ltd | 45 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Singapore Pte. Ltd | 21 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infy Consulting Company Limited | 470 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys (Malaysia) SDN. BHD. | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panaya Ltd | 16 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Public Services | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portland Group Pty Ltd | *–* | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Chile SpA | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Compaz Pte Ltd | 3 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Middle East FZ LLC | 2 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Poland Sp. Z.o.o | 45 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Luxembourg S.a.r.l | 3 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting S.R.L. (Romania) | 24 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Oy | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Sweden AB | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeVerve Systems Limited | *–* | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Denmark A/S | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Fluido UK Ltd | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science AG | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science GmbH | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science Ltd. | 12 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wongdoody D.O.O | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WongDoody GmbH | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science SL | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science S.r.l. | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science Inc. | *–* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Business Solutions LLC | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys South Africa (Pty) Ltd | 2 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Norway | 2 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Automotive and Mobility GmbH & Co. KG | 3 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Limited Bulgaria EOOD | 16 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting Ltda | 19 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science A/S | 8 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Nova | 52 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science S.A.S | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in-tech GmbH | 2 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Germany Holding GmbH | 2 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Missing Link Security Pty Ltd | 6 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Norway AS | 1 | *–* |
|  | **1079** | **907** |
| **Other financial liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys BPM Limited | 51 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Mexico | 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Norway | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GuideVision, s.r.o. | 27 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simplus Australia Pty Ltd | 20 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simplus Philippines, Inc. | 5 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GuideVision Polska SP. Z O.O. | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Public Services | 1 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GuideVision Magyarország Kft. | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting Ltda | 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting AG | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Automotive and Mobility GmbH & Co. KG | 197 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDUNN Information Technology Private Limited | *–* | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeVerve Systems Limited | 416 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infy Consulting Company Limited | *–* | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys South Africa (Pty) Ltd | *–* | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Sweden | *–* | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Compaz PTE Ltd | 1 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys McCamish Systems LLC | 35 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Green Forum | 6 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GuideVision Deutschland GmbH | *–* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Middle East FZ LLC | 8 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science A/S | 5 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting GmbH | *–* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insemi Technology Service | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Luxembourg S.a.r.l | 1 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Nova | 387 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Singapore Pte. Ltd | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRE Consulting, Ltd. | 48 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Public Services Canada Inc. | 2 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Turkey Bilgi Teknoloji | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Chile SPA | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Business Solutions LLC | 4 | *–* |
|  | **1232** | **962** |
| **Accrued expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science A/S | 5 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeVerve Systems Limited | 16 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys BPM Limited | 31 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science Ltd | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Germany Holding GmbH | *–* | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Nova Holdings LLC | 1 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-tech group Ltd. | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life sciences SL. | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in-tech GmbH | 2 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in-tech Group India Private Ltd, | 1 | *–* |
|  | **60** | **56** |

---

 

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Maximum amount outstanding during the** | **Maximum amount outstanding during the** |
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars**<br>| **2026** | **2025** |
| **Loans and advances in the nature of loans given to subsidiaries** |  |  |
| Insemi Technology Service | 10 | 10 |

---

The details of the related parties transactions entered into by the Company for the year ended March 31, 2026 and March 31, 2025 are as follows:

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| **Capital transactions:** |  |  |
| **Financing transactions** |  |  |
| **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Singapore Pte Ltd. | 494 | 4317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Nova Holdings LLC | 291 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Turkey Bilgi Teknolojileri Limited Sirketi | *–* | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insemi Technology Service | *–* | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in-tech | *–* | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting S.R.L (Argentina) | (2) | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Services (Thailand) Limited | *–* | 13 |
|  | **783** | **4574** |
| **Loans given** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insemi Technology Service | *–* | 10 |
|  | ***–*** | **10** |
| **Loans repaid** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insemi Technology Service | 10 | *–* |
|  | **10** | ***–*** |
| **Revenue transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys China | 224 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Management Consulting Pty Ltd | 486 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infy Consulting Company Limited | 2689 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Singapore Pte. Ltd | 237 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portland Group Pty Ltd | 18 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys (Czech Republic) Limited s.r.o. | 190 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys BPM Limited | 2156 | 2216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Sweden | 125 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Shanghai | 172 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Mexico | 392 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Public Services | 7 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panaya Ltd | 137 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Poland Sp. Z.o.o | 479 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting S.R.L. (Romania) | 298 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Compaz Pte Ltd | 31 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting Ltda | 186 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science A/S | 80 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaleidoscope Animations, Inc. | *–* | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Chile SpA | 23 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Middle East FZ LLC | 31 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Oy | 44 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Sweden AB | 19 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Denmark A/S | 9 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys McCamish Systems LLC | 12 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GuideVision, s.r.o. | 173 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GuideVision Polska SP. Z O.O. | 21 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simplus Australia Pty Ltd | 85 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simplus Philippines, Inc. | 26 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outbox systems Inc. dba Simplus (US) | *–* | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Fluido UK Ltd | 67 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Acorn iCi Inc | *–* | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GuideVision Deutschland GmbH | *–* | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GuideVision Suomi Oy | 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GuideVision Magyarország Kft. | 6 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Limited Bulgaria EOOD | 89 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WongDoody, Inc | *–* | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Luxembourg S.a.r.l | 26 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys (Malaysia) SDN. BHD. | 157 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wongdoody D.O.O | 11 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WongDoody limited Taipei | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Norway A/S | 4 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting S.R.L. (Argentina) | *–* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys South Africa (Pty) Ltd | 48 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Business Solutions LLC | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WongDoody GmbH | 13 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science AG | 18 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science S.r.l. | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science Inc. | *–* | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science Ltd. | 18 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science GmbH | 8 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science SL | 26 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Norway | 43 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insemi Technology Service | 48 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeVerve Systems Limited | 48 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Germany Holding GmbH | *–* | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Nova Holdings LLC | 2240 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-tech group Ltd. | 12 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science S.A.S | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in-tech GmbH | 14 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in-tech Engineering S.R.L | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in-tech Group India Private Ltd, | 8 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Missing Link Security Pty Ltd | 6 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Automotive and Mobility GmbH & Co. KG | 3 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRE Consulting, Ltd. | 46 | *–* |
|  | **11322** | **9522** |
| **Purchase of shared services including facilities and personnel** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys BPM Limited | 195 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys China | 8 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WongDoody, Inc | *–* | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys McCamish Systems LLC | 34 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Green Forum | 44 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaleidoscope Animations, Inc. | *–* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Mexico | *–* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outbox systems Inc. dba Simplus (US) | *–* | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting AG | 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Automotive and Mobility GmbH & Co.KG | 163 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WongDoody GmbH | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Nova Holdings LLC | 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Technologies (Sweden) AB. | *–* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Singapore Pte. Ltd. | 3 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Compaz Pte. Ltd | 2 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GuideVision, s.r.o. | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WongDoody Code d.o.o | *–* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science A/S | 4 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Poland Sp. z.o.o. | 10 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Oy | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infy Consulting Company Limited | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRE Consulting, Ltd. | 1 | *–* |
|  | **484** | **240** |
| **Interest income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insemi Technology Service | *–* | 1 |
|  | ***–*** | **1** |
| **Guarantee income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Singapore Pte. Ltd. | 1 | 1 |
|  | **1** | **1** |
| **Dividend income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeVerve Systems Limited | 1574 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting Holding AG | 168 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Sweden | 135 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys BPM Limited | 799 | 849 |
|  | **2676** | **1522** |
| **Sale of services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys China | 9 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Mexico | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infy Consulting Company Limited | 66 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys BPM Limited | 168 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Oy | 3 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Denmark A/S | 15 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Luxembourg S.a.r.l | 143 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Middle East FZ LLC | 32 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys McCamish Systems LLC | 78 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Sweden | 76 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Shanghai | *–* | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeVerve Systems Limited | 956 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Public Services | 682 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Compaz Pte Ltd | 171 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting Ltda | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simplus Australia Pty Ltd | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Chile SpA | 5 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Acorn iCi Inc | *–* | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portland Group Pty Ltd | 3 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaleidoscope Animations, Inc. | *–* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Singapore Pte. Ltd. | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science A/S | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science GmbH | *–* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Business Solutions LLC | 13 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys South Africa (Pty) Ltd | 5 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science AG | 2 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Public Services Canada Inc. | 14 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stater N.V. | 2 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stater Nederland B.V. | 92 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infosys Consulting S.R.L.(Romania) | 2 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Nova Holdings LLC. | 3 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insemi Technology Service | 2 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infy Tech SAS | 11 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in-tech GmbH | 14 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stater Belgium N.V./S.A. | 2 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRE Consulting, Ltd. | 1 | *–* |
|  | **2611** | **2580** |
| **Sale of shared services including facilities and personnel** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeVerve Systems Limited | 58 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panaya Ltd | 12 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GuideVision, s.r.o. | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infy Consulting Company Limited | 19 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Public Services, Inc. | 4 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Public Services Canada Inc. | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys McCamish System LLC | 2 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys China | 8 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Luxembourg S.a.r.l | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Singapore Pte. Ltd | 1 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Shanghai | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portland Group Pty. Limited | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Poland Sp. z.o.o. | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WongDoody, Inc. | *–* | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wongdoody GmbH | 9 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Oy | 8 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Denmark A/S | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Fluido U.K., Ltd | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outbox systems Inc. dba Simplus (US) | *–* | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys BPO Americas LLC | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting AG | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infy Consulting B.V. | 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting SAS | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting GmbH | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIPUS Co. Limited | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaleidoscope Animations, Inc | *–* | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Acorn iCi Inc. | *–* | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Automotive and Mobility GmbH & Co.KG | 791 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Green Forum | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys BPM Limited <sup>(1)</sup> | 181 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Management Consulting Pty Ltd | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Sweden | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Mexico | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Compaz PTE Ltd | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting Ltda | *–* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science A/S | 4 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life science Ltd | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASE life sciences SL. | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting S.R.L. (Romania) | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Sweden AB | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simplus Australia Pty Ltd | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simplus Philippines, Inc. | 3 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Nova Holdings LLC | 32 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GuideVision Magyarország Kft. | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluido Norway AS | 2 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Germany Holding GmbH | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insemi Technology Service | 10 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRE Consulting, Ltd. | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Missing Link Security Pty Ltd | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Missing Link Network Integration Pty Ltd | 1 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in-tech GmbH | 1 | *–* |
|  | **1196** | **1070** |
| **Revenue Transfer** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeVerve Systems Limited | 3433 | 3059 |
|  | **3433** | **3059** |
| **Cost Transfer** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeVerve Systems Limited | 414 | 569 |
|  | **414** | **569** |
| **Any other transaction** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Foundation | 351 | 390 |
|  | **351** | **390** |

---

*<sup>(1)</sup>* *Includes sale of fixed assets of ![rupee symbol](rupee-symbol.gif)11 crore and ![rupee symbol](rupee-symbol.gif)4 crore for the year ending March 31, 2026 and March 31, 2025, respectively*

The Company's related party transactions during the year ended March 31, 2026 and March 31, 2025 and outstanding balances as at March 31, 2026 and March 31, 2025 are with its subsidiaries with whom the Company generally enters into transactions which are at arms length and in the ordinary course of business.

**Transactions with key management personnel**

The table below describes the compensation to key management personnel which comprise directors and executive officers:

 

*(In ![rupee symbol](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Salaries and other short term employee benefits to whole-time directors and executive officers*<sup>(1)(2)</sup>* | 124 | 118 |
| Commission and other benefits to non-executive / independent directors | 20 | 19 |
| **Total** | **144** | **137** |

---

*<sup>(1)</sup>* *Total employee stock compensation expense for the year ended March 31, 2026 and March 31, 2025, includes a charge of ![rupee symbol](rupee-symbol.gif)70 crore and ![rupee symbol](rupee-symbol.gif)70 crore respectively, towards key management personnel.(Refer to note 2.12)*

*<sup>(2)</sup>* *Does not include post-employment benefits and other long-term benefits based on actuarial valuation as these are done for the Company as a whole.*

**2.25 CORPORATE SOCIAL RESPONSIBILITY (CSR)**

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas for CSR activities are education, skilling & livelihoods, environment sustainability and ecological balance, healthcare including preventive health and others (promotion of national heritage, art and culture, rural development and disaster relief and rehabilitation). A CSR committee has been formed by the company as per the Act. The funds were primarily utilized through the year on these activities which are specified in Schedule VII of the Companies Act, 2013:

*(In ![rupee symbol](rupee-symbol.gif)crore)*

---

| | | | |
|:---|:---|:---|:---|
| |  | **As at** | **As at** |
| **Particulars** | | **March 31, 2026** | **March 31, 2025** |
| i) | Amount required to be spent by the company during the year | 577 | 540 |
| ii) | Amount of expenditure incurred | 558 | 524 |
| iii) | Shortfall at the end of the year\* | 19 | 16 |
| iv) | Total of previous years shortfall | 7 | *–* |
| v) | Reason for shortfall | Pertains to ongoing projects | Pertains to ongoing projects |
| vi) | Nature of CSR activities | Education, skilling & livelihoods, environment sustainability and ecological balance, healthcare including preventive health and others (promotion of national heritage, art and culture, rural development and disaster relief and rehabilitation) | Promoting education, promoting gender equality by empowering women, healthcare, environment sustainability, art and culture, destitute care and rehabilitation, disaster relief, COVID-19 relief and rural development projects. |
| vii) | Details of related party transactions, e.g. contribution to a trust controlled by the company in relation to CSR expenditure as per relevant Accounting Standard | 351 | 390 |
| viii) | Where a provision is made with respect to a liability incurred by entering into a contractual obligation, the movements in the provision during the year shall be shown separately | NA | NA |

---

\* The unspent amount will be transferred to unspent CSR account within 30 days from the end of the financial year, in accordance with the Companies Act, 2013 read with the CSR Amendment Rules.

**2.26 SEGMENT REPORTING**

The Company publishes this financial statement along with the consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the consolidated financial statements.

**2.27 Ratios**

The ratios for the years ended March 31, 2026 and March 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Numerator** | **Denominator** | **March 31, 2026** | **March 31, 2025** | **Variance** |
| Current Ratio | Current assets | Current liabilities | 2.0 | 2.4 | (16.5%) |
| Debt – Equity Ratio | Total Debt (represents lease liabilities) <sup>(1)</sup> | Shareholder's Equity | 0.0 | 0.0 | 0.7% |
| Debt Service Coverage Ratio | Earnings available for debt service<sup>(2)</sup> | Debt Service<sup>(3)</sup> | 35.8 | 33.9 | 5.6% |
| Return on Equity (ROE) | Net Profits after taxes | Average Shareholder's Equity | 34.7% | 30.3% | 4.4% |
| Trade receivables turnover ratio | Revenue | Average Trade Receivable | 5.2 | 5.3 | -1.0% |
| Trade payables turnover ratio | Purchases of services and other expenses | Average Trade Payables | 12.5 | 13.5 | -7.5% |
| Net capital turnover ratio | Revenue | Working Capital | 3.6 | 3.0 | 21.3% |
| Net profit ratio | Net Profit | Revenue | 19.6% | 18.7% | 0.9% |
| Return on capital employed (ROCE) | Earning before interest and taxes | Capital Employed<sup>(4)</sup> | 45.6% | 38.9% | 6.7% |
| Return on Investment(ROI) |  |  |  |  |  |
| Unquoted | Income generated from investments | Time weighted average investments | 15.1% | 9.7% | 5.4% |
| Quoted | Income generated from investments | Time weighted average investments | 7.6% | 8.2% | (0.6%) |

---

*<sup>(1)</sup>* *Debt represents only lease liabilities*

*<sup>(2)</sup>* *Net Profit after taxes + Non-cash operating expenses + Interest + other adjustments like loss on sale of Fixed assets etc.*

*<sup>(3)</sup>* *Lease payments for the current year*

*<sup>(4)</sup>* *Tangible net worth + deferred tax liabilities + Lease Liabilities*

*for and on behalf of the Board of Directors of Infosys Limited*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br> DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br> DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br> DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br> Membership No. A21918 |  |

---

## Exhibit 99.10

**Exhibit 99.10**<br> **Ind AS Consolidated**

**INDEPENDENT AUDITOR'S REPORT**

**TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED**

**Report on the Audit of the Interim Condensed Consolidated Financial Statements** 

**Opinion**

We have audited the accompanying interim condensed consolidated financial statements of **INFOSYS LIMITED** (the "Company"), and its subsidiaries (the Company and its subsidiaries together referred to as the "Group"), which comprise the Condensed Consolidated Balance Sheet as at March 31, 2026, the Condensed Consolidated Statement of Profit and Loss (including Other Comprehensive Income) for the three months and year ended on that date, the Condensed Consolidated Statement of Changes in Equity, and the Condensed Consolidated Statement of Cash Flows for the year ended on that date, and notes to the financial statements including a summary of the material accounting policies and other explanatory information (hereinafter referred to as the "interim condensed consolidated financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid interim condensed consolidated financial statements give a true and fair view in conformity with the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34") prescribed under section 133 of the Companies Act, 2013 (the "Act"), read with relevant rules issued thereunder and other accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at March 31, 2026, its consolidated profit, its consolidated other comprehensive income for the three months and year ended on that date, its consolidated changes in equity and its consolidated cash flows for the year ended on that date.

**Basis for Opinion**

We conducted our audit of the interim condensed consolidated financial statements in accordance with the Standards on Auditing ("SAs") specified under section 143 (10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Interim Condensed Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the interim condensed consolidated financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the interim condensed consolidated financial statements.

**Responsibilities of Management and Board of Directors for the Interim Condensed Consolidated Financial Statements**

The Company's Board of Directors is responsible for the preparation and presentation of these interim condensed consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance, consolidated other comprehensive income, consolidated changes in equity and consolidated cash flows of the Group in accordance with Ind AS 34 and other accounting principles generally accepted in India. The respective Boards of Directors of the entities included in the Group are responsible for maintenance of the adequate accounting records for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective interim financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the interim condensed consolidated financial statements by the Directors of the Company, as aforesaid.

In preparing the interim condensed consolidated financial statements, the respective Boards of Directors of the entities included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intend to liquidate their own respective entities or to cease operations, or have no realistic alternative but to do so.

The respective Boards of Directors of the entities included in the Group are also responsible for overseeing the financial reporting process of the Group.

**Auditor's Responsibilities for the Audit of the Interim Condensed Consolidated Financial Statements**

Our objectives are to obtain reasonable assurance about whether the interim condensed consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these interim condensed consolidated financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;· Identify and assess the risks of material misstatement of the interim condensed consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain an understanding of internal financial controls relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of such controls.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.

&nbsp;&nbsp;&nbsp;&nbsp;· Conclude on the appropriateness of management's use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor's report to the related disclosures in the interim condensed consolidated financial statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the overall presentation, structure and content of the interim condensed consolidated financial
statements, including the disclosures, and whether the interim condensed consolidated financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain sufficient appropriate audit evidence regarding the financial information of the entities within
the Group to express an opinion on the interim condensed consolidated financial statements. We are responsible for the direction, supervision
and performance of the audit of financial statements of such entities included in the interim condensed consolidated financial statements
of which we are independent auditors.

Materiality is the magnitude of misstatements in the interim condensed consolidated financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the interim condensed consolidated financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the interim condensed consolidated financial statements.

We communicate with those charged with governance of the Company and such other entities included in the Interim Condensed Consolidated Financial Statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

---

| | |
|:---|:---|
| Place: Bengaluru<br> Date: April 23, 2026 | **For DELOITTE HASKINS & SELLS LLP**<br> Chartered Accountants<br> (Firm's Registration No. 117366W/W-100018)<br>**Vikas Bagaria**<br> Partner<br> (Membership No.060408)<br> UDIN: 26060408FLCUAW6564  |

---

 ****

**INFOSYS LIMITED AND SUBSIDIARIES**

***Condensed Consolidated Financial Statements under Indian Accounting Standards (Ind AS) for the three months and year ended March 31, 2026***

---

| |
|:---|
| &nbsp;&nbsp;**Index** |
| &nbsp;&nbsp;Condensed Consolidated Balance Sheet |
| &nbsp;&nbsp;Condensed Consolidated Statement of Profit and Loss |
| &nbsp;&nbsp;Condensed Consolidated Statement of Changes in Equity |
| &nbsp;&nbsp;Condensed Consolidated Statement of Cash Flows |
| &nbsp;&nbsp;**Overview and Notes to the Interim Condensed Consolidated Financial Statements** |
| &nbsp;&nbsp;**1. Overview** |
| &nbsp;&nbsp;1.1 Company overview |
| &nbsp;&nbsp;1.2 Basis of preparation of financial statements |
| &nbsp;&nbsp;1.3 Basis of consolidation |
| &nbsp;&nbsp;1.4 Use of estimates and judgments |
| &nbsp;&nbsp;1.5 Critical accounting estimates and judgments |
| &nbsp;&nbsp;**2. Notes to the Interim Condensed Consolidated Financial Statements** |
| &nbsp;&nbsp;2.1 Business Combinations |
| &nbsp;&nbsp;2.2 Property, plant and equipment |
| &nbsp;&nbsp;2.3 Goodwill and other intangible assets |
| &nbsp;&nbsp;2.4 Investments |
| &nbsp;&nbsp;2.5 Loans |
| &nbsp;&nbsp;2.6 Other financial assets |
| &nbsp;&nbsp;2.7 Trade receivables |
| &nbsp;&nbsp;2.8 Cash and cash equivalents |
| &nbsp;&nbsp;2.9 Other assets |
| &nbsp;&nbsp;2.10 Financial instruments |
| &nbsp;&nbsp;2.11 Equity |
| &nbsp;&nbsp;2.12 Other financial liabilities |
| &nbsp;&nbsp;2.13 Other liabilities |
| &nbsp;&nbsp;2.14 Provisions |
| &nbsp;&nbsp;2.15 Income taxes |
| &nbsp;&nbsp;2.16 Revenue from operations |
| &nbsp;&nbsp;2.17 Other income, net |
| &nbsp;&nbsp;2.18 Expenses |
| &nbsp;&nbsp;2.19 Leases |
| &nbsp;&nbsp;2.20 Earnings per equity share |
| &nbsp;&nbsp;2.21 Contingent liabilities and commitments |
| &nbsp;&nbsp;2.22 Related party transactions |
| &nbsp;&nbsp;2.23 Segment reporting |

---

**INFOSYS LIMITED AND SUBSIDIARIES**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Condensed Consolidated Balance Sheets as at** | **Note No.** | **March 31, 2026** | **March 31, 2025** |
| **ASSETS** |  |  |  |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 2.2 | 12651 | 11778 |
| Right-of-use assets | 2.19 | 6177 | 6311 |
| Capital work-in-progress |  | 526 | 814 |
| Goodwill | 2.3 | 12117 | 10106 |
| Other intangible assets |  | 2825 | 2766 |
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2.4 | 8930 | 11059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | 2.5 | 6 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | 2.6 | 2776 | 3511 |
| Deferred tax assets (net) |  | 2264 | 1108 |
| Income tax assets (net) |  | 666 | 1622 |
| Other non-current assets | 2.9 | 3540 | 2713 |
| **Total non-current assets** |  | **52478** | **51804** |
| **Current assets** |  |  |  |
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2.4 | 12950 | 12482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | 2.7 | 35234 | 31158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 2.8 | 22201 | 24455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | 2.5 | 234 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | 2.6 | 15890 | 13840 |
| Income tax assets (net) |  | 1835 | 2975 |
| Other current assets | 2.9 | 15145 | 11940 |
| **Total current assets** |  | **103489** | **97099** |
| **Total assets** |  | **155967** | **148903** |
| **EQUITY AND LIABILITIES** |  |  |  |
| **Equity** |  |  |  |
| Equity share capital | 2.11 | 2024 | 2073 |
| Other equity |  | 90828 | 93745 |
| **Total equity attributable to equity holders of the Company** |  | **92852** | **95818** |
| Non-controlling interests |  | 445 | 385 |
| **Total equity** |  | **93297** | **96203** |
| **Liabilities** |  |  |  |
| **Non-current liabilities** |  |  |  |
| Financial Liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 2.19 | 6016 | 5772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | 2.12 | 2092 | 2141 |
| Deferred tax liabilities (net) |  | 1679 | 1722 |
| Other non-current liabilities | 2.13 | 561 | 215 |
| **Total non-current liabilities** |  | **10348** | **9850** |
| **Current liabilities** |  |  |  |
| Financial Liabilities |  |  |  |
| Lease liabilities | 2.19 | 3160 | 2455 |
| Trade payables |  | 4744 | 4164 |
| Other financial liabilities | 2.12 | 21483 | 18138 |
| Other current liabilities | 2.13 | 15779 | 11765 |
| Provisions | 2.14 | 1512 | 1475 |
| Income tax liabilities (net) |  | 5644 | 4853 |
| **Total current liabilities** |  | **52322** | **42850** |
| **Total equity and liabilities** |  | **155967** | **148903** |

---

*The accompanying notes form an integral part of the interim condensed consolidated financial statements*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408<br>| &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159 | &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |

---

*(In ![](rupee-symbol.gif) crore, except equity share and per equity share data)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Condensed Consolidated Statement of Profit and Loss for the** | **Note No.** | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  |  | **2026** | **2025** | **2026** | **2025** |
| Revenue from operations | 2.16 | 46402 | 40925 | 178650 | 162990 |
| Other income, net | 2.17 | 1159 | 1190 | 4322 | 3600 |
| **Total income** |  | **47561** | **42115** | **182972** | **166590** |
| **Expenses** |  |  |  |  |  |
| Employee benefit expenses | 2.18 | 24688 | 22015 | 95094 | 85950 |
| Cost of technical sub-contractors |  | 3952 | 3276 | 15421 | 12937 |
| Travel expenses |  | 532 | 520 | 2097 | 1894 |
| Cost of software packages and others | 2.18 | 3969 | 3899 | 15722 | 15911 |
| Communication expenses |  | 141 | 147 | 603 | 620 |
| Consultancy and professional charges |  | 661 | 301 | 2090 | 1655 |
| Depreciation and amortization expenses |  | 1424 | 1299 | 4902 | 4812 |
| Finance cost |  | 105 | 102 | 416 | 416 |
| Other expenses | 2.18 | 1292 | 893 | 5343 | 4787 |
| **Total expenses** |  | **36764** | **32452** | **141688** | **128982** |
| **Profit before exceptional item and tax** |  | **10797** | **9663** | **41284** | **37608** |
| **Exceptional item** |  |  |  |  |  |
| Impact of Labour Codes | 2.18.1 | *–* | *–* | 1289 | *–* |
| **Profit before tax** |  | **10797** | **9663** | **39995** | **37608** |
| Tax expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax | 2.15 | 2664 | 2784 | 11767 | 12130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax | 2.15 | (376) | (159) | (1246) | (1272) |
| **Profit for the period** |  | **8509** | **7038** | **29474** | **26750** |
| **Other comprehensive income** |  |  |  |  |  |
| *Items that will not be reclassified subsequently to profit or loss* |  |  |  |  |  |
| Remeasurement of the net defined benefit liability/asset, net |  | (236) | (145) | (288) | (92) |
| Equity instruments through other comprehensive income, net |  | 374 | 29 | 397 | 19 |
|  |  | **138** | **(116)** | **109** | **(73)** |
| *Items that will be reclassified subsequently to profit or loss* |  |  |  |  |  |
| Fair value changes on derivatives designated as cash flow hedge, net |  | (11) | (56) | (1) | (24) |
| Exchange differences on translation of foreign operations |  | 1021 | 384 | 3256 | 357 |
| Fair value changes on investments, net |  | (93) | 63 | (27) | 199 |
|  |  | **917** | **391** | **3228** | **532** |
| **Total other comprehensive income /(loss), net of tax** |  | **1055** | **275** | **3337** | **459** |
| **Total comprehensive income for the period** |  | **9564** | **7313** | **32811** | **27209** |
| **Profit attributable to:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owners of the Company |  | 8501 | 7033 | 29440 | 26713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests |  | 8 | 5 | 34 | 37 |
|  |  | **8509** | **7038** | **29474** | **26750** |
| **Total comprehensive income attributable to:** |  |  |  |  |  |
| Owners of the Company |  | 9546 | 7304 | 32750 | 27167 |
| Non-controlling interests |  | 18 | 9 | 61 | 42 |
|  |  | **9564** | **7313** | **32811** | **27209** |
| **Earnings per equity share** |  |  |  |  |  |
| Equity shares of par value ![](rupee-symbol.gif)5/- each |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (![](rupee-symbol.gif)) |  | 21.01 | 16.98 | 71.58 | 64.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (![](rupee-symbol.gif)) |  | 20.98 | 16.94 | 71.46 | 64.34 |
| Weighted average equity shares used in computing earnings per equity share |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (in shares) | 2.20 | 4046019309 | 4142429577 | 4112814745 | 4141611738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (in shares) | 2.20 | 4052169447 | 4151537321 | 4120108168 | 4152051184 |

---

*The accompanying notes form an integral part of the interim condensed consolidated financial statements*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |

---

**Condensed Consolidated Statement of Changes in Equity**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | | | |
| | | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | | | |
| **Particulars**<br>| <br>**Equity Share capital <sup>(1)</sup>** | **Capital reserve** | **Capital redemption reserve** | **Securities Premium** | **Retained earnings** | **General reserve** | **Share Options Outstanding Account** | **Special Economic Zone Re-investment reserve <sup>(2)</sup>** | **Other reserves <sup>(3)</sup>** | **Equity instruments through other comprehensive income** | **Exchange differences on translating the financial statements of a foreign operation** | **Effective portion of Cash Flow Hedges** | **Other items of other comprehensive income / (loss)** | <br>**Total equity attributable to equity holders of the Company** | <br>**Non-controlling interest** | <br>**Total equity** |
| **Balance as at April 1, 2024** | **2071** | **54** | **169** | **616** | **68405** | **1214** | **913** | **12104** | **22** | **266** | **2552** | **6** | **(276)** | **88116** | **345** | **88461** |
| **Changes in equity for the year ended March 31, 2025** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Profit for the year | *–* | *–* | *–* | *–* | 26713 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 26713 | 37 | 26750 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (92) | (92) | *–* | (92) |
| Equity instruments through other comprehensive income, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 19 | *–* | *–* | *–* | 19 | *–* | 19 |
| Fair value changes on derivatives designated as cash flow hedge, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (24) | *–* | (24) | *–* | (24) |
| Exchange differences on translation of foreign operations | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 352 | *–* | *–* | 352 | 5 | 357 |
| Fair value changes on investments, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 199 | 199 | *–* | 199 |
| **Total Comprehensive income for the year** |  ***–*** |  ***–*** |  ***–*** |  ***–*** | **26713** |  ***–*** |  ***–*** |  ***–*** |  ***–*** | **19** | **352** | **(24)** | **107** | **27167** | **42** | **27209** |
| Shares issued on exercise of employee stock options *(Refer to Note 2.11)* | 2 | *–* | *–* | 4 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 6 | *–* | 6 |
| Employee stock compensation expense *(Refer to Note 2.11)* | *–* | *–* | *–* | *–* | *–* | *–* | 785 | *–* | *–* | *–* | *–* | *–* | *–* | 785 | *–* | 785 |
| Transferred on account of exercise of stock options (Refer to note 2.11) | *–* | *–* | *–* | 471 | *–* | *–* | (471) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred on account of options not exercised | *–* | *–* | *–* | *–* | *–* | 198 | (198) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Income tax benefit arising on exercise of stock options | *–* | *–* | *–* | *–* | *–* | *–* | 39 | *–* | *–* | *–* | *–* | *–* | *–* | 39 | *–* | 39 |
| Transfer to legal reserve | *–* | *–* | *–* | *–* | (2) | *–* | *–* | *–* | 2 | *–* | *–* | *–* | *–* | *–* |  | *–* |
| Dividends <sup>(1)</sup> | *–* | *–* | *–* | *–* | (20295) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (20295) | *–* | (20295) |
| Dividends paid to non controlling interest of subsidiary | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (2) | (2) |
| Transferred to Special Economic Zone Re-investment reserve | *–* | *–* | *–* | *–* | (74) | *–* | *–* | 74 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve to retained earnings | *–* | *–* | *–* | *–* | 2999 | *–* | *–* | (2999) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve on utilization | *–* | *–* | *–* | *–* | 881 | *–* | *–* | (881) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| **Balance as at March 31, 2025** | **2073** | **54** | **169** | **1091** | **78627** | **1412** | **1068** | **8298** | **24** | **285** | **2904** | **(18)** | **(169)** | **95818** | **385** | **96203** |

---

**Condensed Consolidated Statement of Changes in Equity (contd.)**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | | | |
| | | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | | | |
| **Particulars**<br>| <br>**Equity Share capital <sup>(1)</sup>** | **Capital reserve** | **Capital redemption reserve** | **Securities Premium** | **Retained earnings** | **General reserve** | **Share Options Outstanding Account** | **Special Economic Zone Re-investment reserve <sup>(2)</sup>** | **Other reserves <sup>(3)</sup>** | **Equity instruments through other comprehensive income** | **Exchange differences on translating the financial statements of a foreign operation** | **Effective portion of Cash Flow Hedges** | **Other items of other comprehensive income / (loss)** | <br>**Total equity attributable to equity holders of the Company** | <br>**Non-controlling interest** | <br>**Total equity** |
| **Balance as at April 1, 2025** | **2073** | **54** | **169** | **1091** | **78627** | **1412** | **1068** | **8298** | **24** | **285** | **2904** | **(18)** | **(169)** | **95818** | **385** | **96203** |
| **Changes in equity for the year ended March 31, 2026** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Profit for the year | *–* | *–* | *–* | *–* | 29440 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 29440 | 34 | 29474 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (288) | (288) | *–* | (288) |
| Equity instruments through other comprehensive income, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 397 | *–* | *–* | *–* | 397 | *–* | 397 |
| Fair value changes on derivatives designated as cash flow hedge, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (1) | *–* | (1) | *–* | (1) |
| Exchange differences on translation of foreign operations | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 3229 | *–* | *–* | 3229 | 27 | 3256 |
| Fair value changes on investments, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (27) | (27) | *–* | (27) |
| **Total Comprehensive income for the year** |  ***–*** |  ***–*** |  ***–*** |  ***–*** | **29440** |  ***–*** |  ***–*** |  ***–*** |  ***–*** | **397** | **3229** | **(1)** | **(315)** | **32750** | **61** | **32811** |
| Shares issued on exercise of employee stock options *(Refer to Note 2.11)* | 1 | *–* | *–* | 1 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 2 | *–* | 2 |
| Employee stock compensation expense *(Refer to Note 2.11)* | *–* | *–* | *–* | *–* | *–* | *–* | 938 | *–* | *–* | *–* | *–* | *–* | *–* | 938 | *–* | 938 |
| Transferred on account of exercise of stock options (Refer to Note 2.11) | *–* | *–* | *–* | 449 | *–* | *–* | (449) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred on account of options not exercised | *–* | *–* | *–* | *–* | *–* | 63 | (63) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Income tax benefit arising on exercise of stock options | *–* | *–* | *–* | *–* | *–* | *–* | 44 | *–* | *–* | *–* | *–* | *–* | *–* | 44 | *–* | 44 |
| Financial liability under option arrangements | *–* | *–* | *–* | *–* | (10) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (10) | *–* | (10) |
| Changes in the controlling stake of a subsidiary | *–* | *–* | *–* | *–* | 7 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 7 | 2 | 9 |
| Transfer to legal reserve | *–* | *–* | *–* | *–* | (9) | *–* | *–* | *–* | 9 | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Buyback of equity shares | (50) | *–* | *–* | (1244) | (16346) | (360) | *–* | *–* | *–* | *–* | *–* |  | *–* | (18000) | *–* | (18000) |
| Transaction cost relating to buyback\* | *–* | *–* | *–* | (17) | (27) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (44) | *–* | (44) |
| Amount transferred to capital redemption reserve upon Buyback | *–* | *–* | 50 | *–* | *–* | (50) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Dividends <sup>(1)</sup> | *–* | *–* | *–* | *–* | (18653) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (18653) | *–* | (18653) |
| Dividends paid to non controlling interest of subsidiary | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (3) | (3) |
| Transferred to Special Economic Zone Re-investment reserve | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve to retained earnings | *–* | *–* | *–* | *–* | 2214 | *–* | *–* | (2214) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve on utilization | *–* | *–* | *–* | *–* | 1260 | *–* | *–* | (1260) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| **Balance as at March 31, 2026** | **2024** | **54** | **219** | **280** | **76503** | **1065** | **1538** | **4824** | **33** | **682** | **6133** | **(19)** | **(484)** | **92852** | **445** | **93297** |

---

*\** *Net of tax*

*<sup>(1)</sup>* *Net of treasury shares*

*<sup>(2)</sup>* *The Special Economic Zone Re-investment Reserve has been created out of the profit of eligible SEZ units in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Group for acquiring new plant and machinery for the purpose of its business in the terms of the Sec 10AA(2) of the Income Tax Act, 1961.*

*<sup>(3)</sup>* *Under the Swiss Code of Obligation, few subsidiaries of Infosys Consulting are required to appropriate a certain percentage of the annual profit to legal reserve which may be used only to cover losses or for measures designed to sustain the Company through difficult times, to prevent unemployment or to mitigate its consequences.*

*The accompanying notes form an integral part of the interim condensed consolidated financial statements*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |

---

**Condensed Consolidated Statement of Cash Flows**

**Accounting policy**

Cash flows are reported using the indirect method, whereby profit for the year is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Group are segregated. The Group considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Note No.** | **Year ended March 31,** | **Year ended March 31,** |
|  |  | **2026** | **2025** |
| **Cash flow from operating activities** |  |  |  |
| Profit for the year |  | 29474 | 26750 |
| **Adjustments to reconcile net profit to net cash provided by operating activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 2.15 | 10521 | 10858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization |  | 4902 | 4812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income |  | (2630) | (2570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost |  | 416 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss recognized / (reversed) under expected credit loss model |  | 33 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange differences on translation of assets and liabilities, net |  | 954 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense |  | 952 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable on income tax refund |  | (63) | (327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for post sale client support |  | (167) | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments |  | 881 | 833 |
| **Changes in assets and liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables and unbilled revenue |  | (5177) | (1769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, other financial assets and other assets |  | (2645) | (1024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables |  | (26) | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities, other liabilities and provisions |  | 5209 | 2322 |
| **Cash generated from operations** |  | **42634** | **41296** |
| Income taxes paid |  | (8648) | (5602) |
| **Net cash generated by operating activities** |  | **33986** | **35694** |
| **Cash flows from investing activities** |  |  |  |
| Expenditure on property, plant and equipment and intangibles, net of sale proceeds *(Refer to note 2.2)* |  | (2727) | (2237) |
| Deposits placed with corporation |  | (944) | (1225) |
| Redemption of deposits placed with Corporation |  | 725 | 776 |
| Interest and dividend received |  | 2713 | 2040 |
| Payment towards acquisition of business, net of cash acquired | 2.1 | (637) | (3155) |
| Payment of contingent consideration pertaining to acquisition of business |  | (13) | *–* |
| Escrow and other deposits pertaining to Buyback |  | (1815) | *–* |
| Redemption of escrow and other deposits pertaining to Buyback |  | 1815 | *–* |
| Other receipts |  | 15 | 10 |
| Payments to acquire Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds |  | (153) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units |  | (72878) | (73048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | (14035) | (6978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers |  | (3255) | (6403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures |  | (3438) | (3240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities |  | (2859) | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investments |  | (38) | (60) |
| Proceeds on sale of Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds |  | 1378 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Maturity funds |  | 487 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds units |  | 72682 | 73987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 9767 | 6688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers |  | 5810 | 7735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures |  | 4083 | 2591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities |  | 5259 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investments |  | 4 | 11 |
| **Net cash generated / (used in) from investing activities** |  | **1946** | **(1946)** |
| **Cash flows from financing activities** |  |  |  |
| Payment of lease liabilities |  | (2824) | (2355) |
| Payment of dividends |  | (18653) | (20287) |
| Loan repayment of in-tech Holding GmbH |  | *–* | (985) |
| Payment of dividend to non-controlling interest of subsidiary |  | (3) | (2) |
| Shares issued on exercise of employee stock options |  | 2 | 6 |
| Buyback of equity shares including transaction costs |  | (18058) | *–* |
| Other payments |  | (250) | (538) |
| **Net cash used in financing activities** |  | **(39786)** | **(24161)** |
| Net increase / (decrease) in cash and cash equivalents |  | (3854) | 9587 |
| Effect of exchange rate changes on cash and cash equivalents |  | 1600 | 82 |
| **Cash and cash equivalents at the beginning of the period** | 2.8 | 24455 | 14786 |
| **Cash and cash equivalents at the end of the period** | 2.8 | **22201** | **24455** |
| **Supplementary information:** |  |  |  |
| Restricted cash balance | 2.8 | 422 | 424 |

---

*The accompanying notes form an integral part of the interim condensed consolidated financial statements*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018 | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |

---

**Overview and notes to the Interim Condensed Consolidated Financial Statements** 

**1. Overview**

**1.1 Company overview**

Infosys Limited ('the Company' or 'Infosys') provides AI-first business consulting and technology services, to enable organizations to unlock AI value at scale. With over four decades of experience in managing the systems and workings of global enterprises, Infosys accelerates business transformation through its AI-first value framework, deep domain expertise, and unique ability to orchestrate innovations from its AI-native partner ecosystem. Infosys's strategy is to be the navigator for its clients as they ideate, plan and execute on their journey to an AI-first future.

Infosys together with its subsidiaries and controlled trusts is hereinafter referred to as the "Group".

The Company is a public limited company incorporated and domiciled in India and has its registered office at Electronics city, Hosur Road, Bengaluru 560100, Karnataka, India. The Company has its primary listings on the BSE Ltd. and National Stock Exchange of India Limited. The Company's American Depositary Shares (ADS) representing equity shares are listed on the New York Stock Exchange (NYSE).

The Group's interim condensed consolidated financial statements are approved for issue by the Company's Board of Directors on April 23, 2026.

**1.2 Basis of preparation of financial statements**

These interim condensed consolidated financial statements are prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting , under the historical cost convention on accrual basis except for certain financial instruments which are measured at fair values and defined benefit liability/(asset) which is recognised at the present value of defined benefit obligation less fair value of plan assets, the provisions of the Companies Act, 2013 ('the Act') and guidelines issued by the Securities and Exchange Board of India (SEBI). Accordingly, these interim condensed consolidated financial statements do not include all the information required for a complete set of financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report for the year ended March 31, 2025. The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. The material accounting policy information used in preparation of the audited interim condensed consolidated financial statements have been discussed in the respective notes.

As the quarter and year-to-date figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the year-to-date figures reported in this statement.

**1.3 Basis of consolidation**

Infosys consolidates entities which it owns or controls. The interim condensed consolidated financial statements comprise the financial statements of the Company, its controlled trusts and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity's returns. Subsidiaries are consolidated from the date control commences until the date control ceases.

The financial statements of the Group companies are consolidated on a line-by-line basis and intra-group balances and transactions including unrealized gain / loss from such transactions are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the Company, are excluded.

**1.4 Use of estimates and judgments**

The preparation of the interim condensed consolidated financial statements in conformity with Ind AS requires the Management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in *Note no. 1.5*. Critical accounting estimates and judgments could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgements are reflected in the interim condensed consolidated financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim condensed consolidated financial statements.

**1.5 Critical accounting estimates and judgments**

**a. Revenue recognition**

The Group's contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgment.

Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the Group's costs to fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

The Group uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-completion method requires the Group to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgment and is assessed throughout the period of the contract to reflect any changes based on the latest available information.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

**b. Income taxes**

The Group's two major tax jurisdictions are India and the United States, though the Company also files tax returns in other overseas jurisdictions.

Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid / recovered for uncertain tax positions.

In assessing the realizability of deferred income tax assets, the Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, the Management believes that the Group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced *(Refer to Notes 2.15).*

**c. Business combinations and intangible assets**

Business combinations are accounted for using Ind AS 103, Business Combinations. Ind AS 103 requires us to fair value identifiable intangible assets and contingent consideration to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. These valuations are conducted by external valuation experts. Estimates are required to be made in determining the value of contingent consideration, value of option arrangements and intangible assets. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by the Management *(Refer to Note 2.1 and 2.3)*.

**d. Property, plant and equipment** 

Property, plant and equipment represent a significant proportion of the asset base of the Group. The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Group's assets are determined by the Management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology *(Refer to Note 2.2).*

**e. Impairment of Goodwill**

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGUs) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGUs which benefit from the synergies of the acquisition and which represent the lowest level at which goodwill is monitored for internal management purposes.

The recoverable amount of CGUs is determined based on higher of value-in-use and fair value less cost to sell. Key assumptions in the cash flow projections are prepared based on current economic conditions and comprises estimated long term growth rates, weighted average cost of capital and estimated operating margins *(Refer to note 2.3).*

**2. Notes to the Consolidated Financial Statements**

**2.1 BUSINESS COMBINATIONS**

**Accounting policy**

Business combinations have been accounted for using the acquisition method under the provisions of Ind AS 103, Business Combinations.

The purchase price in an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition, which is the date on which control is transferred to the Group. The purchase price also includes the fair value of any contingent consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Contingent consideration is remeasured at fair value at each reporting date and changes in the fair value of the contingent consideration are recognized in the Consolidated Statement of Profit and Loss.

The interest of non-controlling shareholders is initially measured either at fair value or at the non-controlling interests' proportionate share of the acquiree's identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity of subsidiaries.

Business combinations between entities under common control is accounted for at carrying value of the assets acquired and liabilities assumed in the Group's consolidated financial statements.

The payments related to options issued by the Group over the non-controlling interests in its subsidiaries are accounted as financial liabilities and initially recognized at the estimated present value of gross obligations. Such options are subsequently measured at fair value in order to reflect the amount payable under the option at the date at which it becomes exercisable. In the event that the option expires unexercised, the liability is derecognized.

**Acquisition during the year ended March 31, 2026**

During the year ended March 31, 2026 the Group, completed two business combinations by acquiring 100% partnership interests/voting interests in:

1) MRE Consulting Ltd., a leading Energy and business consulting services company, headquartered in Texas, U.S. on April 30, 2025, which is expected to bring newer capabilities for the Group in trading and risk management, especially in the energy sector.

2) The Missing Link Security Pty. Ltd., The Missing Link Security Limited and The Missing Link Automation Pty. Ltd. (collectively known as "The Missing Link"), a leading Cybersecurity service provider headquartered in Australia on April 30, 2025, which is expected to further strengthen the Group's capabilities in the cybersecurity sector and bolster its presence in the fast growing Australian Market.

The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Component** | **Acquiree's carrying amount** | **Fair value adjustments** | **Purchase price allocated** |
| Net Assets <sup>(1)</sup> | 118 | *–* | 118 |
| Intangible assets: |  |  |  |
| Customer related<sup>#</sup> | *–* | 222 | 222 |
| Vendor relationship<sup>#</sup> | *–* | 55 | 55 |
| Brand<sup>#</sup> | *–* | 20 | 20 |
| Deferred tax liabilities on intangible assets | *–* | (46) | (46) |
| **Total** | **118** | **251** | **369** |
| Goodwill |  |  | 444 |
| **Total purchase price** |  |  | **813** |

---

*<sup>(1)</sup>* *Includes cash and cash equivalents acquired of ![](rupee-symbol.gif)102 crore.*

*<sup>#</sup>* *The estimated useful life is around 1 year to 7 years*

The excess of the purchase consideration paid over the fair value of assets acquired has been attributed to goodwill. The primary items that generated this goodwill are the value of the acquired assembled workforce and estimated synergies, neither of which qualify as an intangible asset.

Goodwill amounting to ![](rupee-symbol.gif)79 crore is expected to be deductible for tax purposes.

The total purchase consideration of ![](rupee-symbol.gif)813 crore includes upfront cash consideration of ![](rupee-symbol.gif)743 crore and contingent consideration with an estimated fair value of ![](rupee-symbol.gif)70 crore as on the date of acquisition.

At the acquisition date, the key inputs used in determination of the fair value of contingent consideration are the probabilities assigned towards achievement of financial targets and discount rates ranging from 2% - 3%. The undiscounted value of contingent consideration as of March 31, 2026 was approximately ![](rupee-symbol.gif)88 crore.

Additionally, these acquisitions have retention bonus and management incentives payable to the employees of the acquiree over 2-3 years, subject to their continuous employment with the Group and achievement of financial targets for the respective years. Retention bonus and management incentives are recognized in employee benefit expenses in the Consolidated Statement of Profit and Loss over the period of service.

Fair value of trade receivables acquired is ![](rupee-symbol.gif)194 crore as of acquisition date and as of March 31, 2026, the amounts are substantially collected.

Transaction costs that the Group incurs in connection with a business combination such as finder's fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of ![](rupee-symbol.gif)34 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Profit and Loss for the year ended March 31, 2026.

**Proposed Acquisition**

1. On August 13, 2025, Infosys Singapore Pte. Ltd., a wholly owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 75% of the equity share capital in Telstra Purple Pty Ltd, including some of its subsidiaries (together known as Versent Group), Australia's leading Digital Transformation Solutions Provider for a consideration including earn-outs and deferred consideration amounting up to AUD 233 million (approximately ![](rupee-symbol.gif)1,335 crore), excluding retention bonus and management incentives, subject to regulatory approvals and customary closing adjustments.

2. On March 25, 2026, Infosys Nova Holdings LLC , a wholly-owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 100% of the equity share capital of Optimum Achieve Holdings Inc., a leading healthcare digital transformation and consulting firm headquartered in USA, along with its other subsidiaries including Optimum Healthcare IT, LLC, for a consideration including earn-outs amounting up to $465 million (approximately ![](rupee-symbol.gif)4,410 crore), excluding management incentives and retention bonus, subject to customary closing adjustments.

**Update on acquisition completed after the end of the reporting period**

On March 25, 2026, Infosys Nova Holdings LLC a wholly-owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 100% of the partnership interests of Stratus Global LLC, a leading insurance technology partner serving P&C insurers and managing general agents (MGAs), headquartered in USA, for a consideration including earn-outs amounting up to $95 million (approximately ![](rupee-symbol.gif)901 crore), excluding management incentives, and retention bonus, subject to customary closing adjustments. Subsequently in April 2026, as on the date these financial statements were authorized for issuance, Infosys Nova Holdings LLC has completed its acquisition of Stratus Global LLC. Given the recent timing of the acquisition and pending completion of the valuations for identifiable net assets acquired and liabilities assumed, at the time these financial statements were authorized for issuance, the initial accounting for the business combination is incomplete. Accordingly, all the required disclosures for the business combination have not been made.

**2.2 PROPERTY, PLANT AND EQUIPMENT**

**Accounting policy**

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by the Management. The charge in respect of periodic depreciation is derived at after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The Group depreciates property, plant and equipment over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

---

| | |
|:---|:---|
| Buildings *<sup>(1)</sup>* | 22-25 years |
| Plant and machinery *<sup>(1)(2)</sup>* | 5 years |
| Office equipment | 5 years |
| Computer equipment *<sup>(1)</sup>* | 3-5 years |
| Furniture and fixtures *<sup>(1)</sup>* | 5 years |
| Vehicles*<sup>(1)</sup>* | 5 years |
| Leasehold improvements | Lower of useful life of the asset or lease term |

---

*<sup>(1)</sup>* *Based on technical evaluation, the Management believes that the useful lives as given above best represent the period over which the Management expects to use these assets. Hence, the useful lives for these assets is different from the useful lives as prescribed under Part C of Schedule II of the Companies Act 2013*

*<sup>(2)</sup>* *Includes Solar plant with a useful life of 25 years*

Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year end. The useful lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

Advances paid towards the acquisition of property, plant and equipment outstanding at each Balance Sheet date is classified as capital advances under other non-current assets and the cost of assets not ready to use before such date are disclosed under 'Capital work-in-progress'. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Group and the cost of the item can be measured reliably. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset.

**Impairment**

Property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in the Consolidated Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the Consolidated Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognized for the asset in prior years.

The changes in the carrying value of property, plant and equipment for the three months ended March 31, 2026 are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land - Freehold** | **Buildings *<sup>(1)</sup>*** | **Plant and machinery** | **Office Equipment** | **Computer equipment** | **Furniture and fixtures** | **Leasehold Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at January 1, 2026** | **1440** | **11825** | **3512** | **1678** | **9495** | **2332** | **1345** | **45** | **31672** |
| Additions | *–* | 684 | 209 | 69 | 486 | 127 | 19 | *–* | 1594 |
| Deletions\*\* | *–* | (2) | (12) | (20) | (402) | (29) | (13) | (1) | (479) |
| Translation difference | *–* | 67 | 5 | 5 | 28 | 8 | 18 | *–* | 131 |
| **Gross carrying value as at March 31, 2026** | **1440** | **12574** | **3714** | **1732** | **9607** | **2438** | **1369** | **44** | **32918** |
| **Accumulated depreciation as at January 1, 2026** |  ***–*** | **(5721)** | **(2938)** | **(1404)** | **(6949)** | **(1974)** | **(1095)** | **(40)** | **(20121)** |
| Depreciation | *–* | (113) | (53) | (29) | (279) | (43) | (26) | *–* | (543) |
| Accumulated depreciation on deletions\*\* | *–* | 1 | 12 | 20 | 395 | 28 | 13 | 1 | 470 |
| Translation difference | *–* | (23) | (6) | (4) | (17) | (6) | (17) | *–* | (73) |
| **Accumulated depreciation as at March 31, 2026** | *–* | **(5856)** | **(2985)** | **(1417)** | **(6850)** | **(1995)** | **(1125)** | **(39)** | **(20267)** |
| **Carrying value as at January 1, 2026** | **1440** | **6104** | **574** | **274** | **2546** | **358** | **250** | **5** | **11551** |
| **Carrying value as at March 31, 2026** | **1440** | **6718** | **729** | **315** | **2757** | **443** | **244** | **5** | **12651** |

---

The changes in the carrying value of property, plant and equipment for the three months ended March 31, 2025 are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land - Freehold** | **Buildings *<sup>(1)</sup>*** | **Plant and machinery** | **Office Equipment** | **Computer equipment** | **Furniture and fixtures** | **Leasehold Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at January 1, 2025** | **1432** | **11716** | **3459** | **1608** | **8734** | **2371** | **1451** | **48** | **30819** |
| Additions | 47 | 5 | 11 | 31 | 697 | 12 | 40 | *–* | 843 |
| Deletions\* | *–* | (6) | (9) | (13) | (140) | (46) | (189) | *–* | (403) |
| Translation difference | *–* | 6 | *–* | 2 | 15 | 3 | 5 | *–* | 31 |
| **Gross carrying value as at March 31, 2025** | **1479** | **11721** | **3461** | **1628** | **9306** | **2340** | **1307** | **48** | **31290** |
| **Accumulated depreciation as at January 1, 2025** |  ***–*** | **(5247)** | **(2774)** | **(1319)** | **(6846)** | **(1930)** | **(1171)** | **(43)** | **(19330)** |
| Depreciation |  ***–*** | (109) | (47) | (30) | (292) | (41) | (30) | *–* | (549) |
| Accumulated depreciation on deletions\* |  ***–*** | 1 | 9 | 13 | 133 | 44 | 187 | *–* | 387 |
| Translation difference |  ***–*** | (3) | (1) | (1) | (8) | (2) | (5) | *–* | (20) |
| **Accumulated depreciation as at March 31, 2025** |  ***–*** | **(5358)** | **(2813)** | **(1337)** | **(7013)** | **(1929)** | **(1019)** | **(43)** | **(19512)** |
| **Carrying value as at January 1, 2025** | **1432** | **6469** | **685** | **289** | **1888** | **441** | **280** | **5** | **11489** |
| **Carrying value as at March 31, 2025** | **1479** | **6363** | **648** | **291** | **2293** | **411** | **288** | **5** | **11778** |

---

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2026 are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land - Freehold** | **Buildings <sup>(1)</sup>** | **Plant and machinery** | **Office Equipment** | **Computer equipment** | **Furniture and fixtures** | **Leasehold Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2025** | **1479** | **11721** | **3461** | **1628** | **9306** | **2340** | **1307** | **48** | **31290** |
| Additions | 27 | 713 | 270 | 137 | 1524 | 195 | 64 | 1 | 2931 |
| Additions on Business Combinations *(Refer to note 2.1)* | *–* | *–* | *–* | *–* | 3 | *–* | *–* | *–* | 3 |
| Deletions\*\* <sup>#</sup> | (66) | (13) | (31) | (50) | (1325) | (121) | (55) | (5) | (1666) |
| Translation difference | *–* | 153 | 14 | 17 | 99 | 24 | 53 | *–* | 360 |
| **Gross carrying value as at March 31, 2026** | **1440** | **12574** | **3714** | **1732** | **9607** | **2438** | **1369** | **44** | **32918** |
| **Accumulated depreciation as at April 1, 2025** |  ***–*** | **(5358)** | **(2813)** | **(1337)** | **(7013)** | **(1929)** | **(1019)** | **(43)** | **(19512)** |
| Depreciation | *–* | (449) | (188) | (118) | (1079) | (167) | (111) | (1) | (2113) |
| Accumulated depreciation on deletions\*\* <sup>#</sup> | *–* | 2 | 30 | 50 | 1302 | 119 | 55 | 5 | 1563 |
| Translation difference | *–* | (51) | (14) | (12) | (60) | (18) | (50) | *–* | (205) |
| **Accumulated depreciation as at March 31, 2026** |  ***–*** | **(5856)** | **(2985)** | **(1417)** | **(6850)** | **(1995)** | **(1125)** | **(39)** | **(20267)** |
| **Carrying value as at April 1, 2025** | **1479** | **6363** | **648** | **291** | **2293** | **411** | **288** | **5** | **11778** |
| **Carrying value as at March 31, 2026** | **1440** | **6718** | **729** | **315** | **2757** | **443** | **244** | **5** | **12651** |

---

\*\* During the three months and year ended March 31, 2026, certain assets which were not in use having gross book value of ![](rupee-symbol.gif)323 crore (net book value: ![](rupee-symbol.gif) Nil) and ![](rupee-symbol.gif)1,165 crore (net book value: ![](rupee-symbol.gif) Nil), respectively were retired.

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2025 are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land - Freehold** | **Buildings <sup>(1)</sup>** | **Plant and machinery** | **Office Equipment** | **Computer equipment** | **Furniture and fixtures** | **Leasehold Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2024** | **1432** | **11770** | **3428** | **1528** | **8611** | **2326** | **1447** | **45** | **30587** |
| Additions | 47 | 43 | 63 | 139 | 1317 | 93 | 139 | 2 | 1843 |
| Additions on Business Combinations *(Refer to note 2.1)* | *–* | 1 | *–* | 11 | 6 | 23 | *–* | 2 | 43 |
| Deletions\* <sup>#</sup> | *–* | (113) | (31) | (52) | (633) | (101) | (290) | (1) | (1221) |
| Translation difference | *–* | 20 | 1 | 2 | 5 | (1) | 11 | *–* | 38 |
| **Gross carrying value as at March 31, 2025** | **1479** | **11721** | **3461** | **1628** | **9306** | **2340** | **1307** | **48** | **31290** |
| **Accumulated depreciation as at April 1, 2024** |  ***–*** | **(4921)** | **(2630)** | **(1269)** | **(6380)** | **(1837)** | **(1138)** | **(42)** | **(18217)** |
| Depreciation |  ***–*** | (444) | (203) | (118) | (1249) | (187) | (157) | (2) | (2360) |
| Accumulated depreciation on deletions\* <sup>#</sup> |  ***–*** | 13 | 21 | 51 | 616 | 94 | 286 | 1 | 1082 |
| Translation difference |  ***–*** | (6) | (1) | (1) | *–* | 1 | (10) |  ***–*** | (17) |
| **Accumulated depreciation as at March 31, 2025** |  ***–*** | **(5358)** | **(2813)** | **(1337)** | **(7013)** | **(1929)** | **(1019)** | **(43)** | **(19512)** |
| **Carrying value as at April 1, 2024** | **1432** | **6849** | **798** | **259** | **2231** | **489** | **309** | **3** | **12370** |
| **Carrying value as at March 31, 2025** | **1479** | **6363** | **648** | **291** | **2293** | **411** | **288** | **5** | **11778** |

---

\* During the three months and year ended March 31, 2025, certain assets which were not in use having gross book value of ![](rupee-symbol.gif)113 crore (net book value: ![](rupee-symbol.gif) Nil) and ![](rupee-symbol.gif)513 crore (net book value: ![](rupee-symbol.gif) Nil), respectively were retired.

---

| | |
|:---|:---|
| <sup>#</sup> | Proceeds from sale of property plant and equipment amounted to ![](rupee-symbol.gif)271 crore and ![](rupee-symbol.gif)171 crore for the year ended March 31, 2026 and March 31, 2025, respectively. |

---

*<sup>(1)</sup>* *Buildings include ![](rupee-symbol.gif)250/- being the value of five shares of ![](rupee-symbol.gif)50/- each in Mittal Towers Premises Co-operative Society Limited.*

The aggregate depreciation has been included under depreciation and amortization expense in the condensed Consolidated Statement of Profit and Loss.

Repairs and maintenance costs are recognized in the condensed Consolidated Statement of Profit and Loss when incurred.

Consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 ("the Rules"), the Company was required to transfer its CSR capital assets installed prior to January 2021. Towards this the Company had incorporated a subsidiary 'Infosys Green Forum' (IGF) under Section 8 of the Companies Act, 2013. During the year ended March 31, 2022, the Company had completed the transfer of assets upon obtaining the required approvals from regulatory authorities, as applicable. During fiscal 2024, the application filed by IGF for regularization of the provisional registration was rejected and registration cancelled vide order dated March 26, 2024 by Income Tax Commissioner (Exemption). IGF had filed an appeal before Income Tax Appellate Tribunal (ITAT) against the order. During fiscal 2026, ITAT had upheld the order of Commissioner (Exemption) and dismissed the IGF's appeals. IGF has filed an appeal before the Hon'ble High Court against the ITAT order.

**2.3 GOODWILL AND OTHER INTANGIBLE ASSETS**

**2.3.1 Goodwill**

**Accounting policy**

Goodwill represents the purchase consideration in excess of the Group's interest in the net fair value of identifiable assets, liabilities and contingent liabilities of the acquired entity. When the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds purchase consideration, the fair value of net assets acquired is reassessed and the bargain purchase gain is recognized in capital reserve. Goodwill is measured at cost less accumulated impairment losses.

**Impairment**

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGU) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGUs which benefit from the synergies of the acquisition and which represents the lowest level at which goodwill is monitored for internal management purposes. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. Impairment occurs when the carrying amount of a CGU including the goodwill, exceeds the estimated recoverable amount of the CGU. The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use. Value-in-use is the present value of future cash flows expected to be derived from the CGU. Key assumptions in the cash flow projections are prepared based on current economic conditions and includes estimated long term growth rates, weighted average cost of capital and estimated operating margins.

Following is a summary of changes in the carrying amount of goodwill:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Carrying value at the beginning** | **10106** | **7303** |
| Goodwill on acquisitions *(Refer to note 2.1)* | 444 | 2593 |
| Translation differences | 1567 | 210 |
| **Carrying value at the end** | **12117** | **10106** |

---

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the CGU or groups of CGUs, which benefit from the synergies of the acquisition.

**2.3.2 Other Intangible Assets**

**Accounting policy**

Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry, and known technological advances) and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Amortization methods and useful lives are reviewed periodically including at each financial year end.

Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibility of the project is demonstrated, future economic benefits are probable, the Group has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The costs which can be capitalized include the cost of material, direct labor, overhead costs that are directly attributable to prepare the asset for its intended use.

**Impairment**

Intangible assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the CGU to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in the Consolidated Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the Consolidated Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization) had no impairment loss been recognized for the asset in prior years.

**2.4 INVESTMENTS**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unquoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference securities | 628 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 2 | 2 |
|  | **630** | **169** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units |  | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and Preference securities | 52 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others <sup>(1)</sup> | 263 | 196 |
|  | **315** | **686** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Quoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at amortized cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | 24 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | 407 | 1465 |
|  | **431** | **1481** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | 3278 | 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 61 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities | 4215 | 5346 |
|  | **7554** | **8723** |
| **Total non-current investments** | **8930** | **11059** |
| **Current Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unquoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units. | 2383 | 1957 |
|  | **2383** | **1957** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Paper | 1205 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 8008 | 3504 |
|  | **9213** | **7145** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Quoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at amortized cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | 100 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | *–* | 154 |
|  | **100** | **169** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | 911 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities | 343 | 1662 |
|  | **1254** | **3211** |
| **Total current investments** | **12950** | **12482** |
| **Total investments** | **21880** | **23541** |
| Aggregate amount of quoted investments | 9339 | 13584 |
| Market value of quoted investments (including interest accrued), current | 1356 | 3369 |
| Market value of quoted investments (including interest accrued), non current | 8009 | 10392 |
| Aggregate amount of unquoted investments | 12541 | 9957 |
| Investments carried at amortized cost | 531 | 1650 |
| Investments carried at fair value through other comprehensive income | 18651 | 19248 |
| Investments carried at fair value through profit or loss | 2698 | 2643 |

---

*<sup>(1)</sup>* *Uncalled capital commitments outstanding as at March 31, 2026 and March 31, 2025 was ![](rupee-symbol.gif)93 crore and ![](rupee-symbol.gif)122 crore, respectively.*

*Refer to Note 2.10 for Accounting policies on Financial Instruments.*

**Method of fair valuation:**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| | | **Fair value as at** | **Fair value as at** |
| **Class of investment** | **Method** | **March 31, 2026** | **March 31, 2025** |
| Mutual fund units - carried at fair value through profit or loss | Quoted price | 2383 | 1957 |
| Target maturity fund units - carried at fair value through profit or loss | Quoted price |  | 465 |
| Tax free bonds and government bonds - carried at amortized cost | Quoted price and market observable inputs | 552 | 1812 |
| Non-convertible debentures - carried at fair value through other comprehensive income | Quoted price and market observable inputs | 4189 | 4869 |
| Government securities - carried at fair value through other comprehensive income | Quoted price and market observable inputs | 4558 | 7008 |
| Commercial Papers - carried at fair value through other comprehensive income | Market observable inputs | 1205 | 3641 |
| Certificates of deposit - carried at fair value through other comprehensive income | Market observable inputs | 8008 | 3504 |
| Quoted Equity securities - carried at fair value through other comprehensive income | Quoted price | 61 | 57 |
| Unquoted equity and preference securities - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, Option pricing model | 52 | 25 |
| Unquoted equity and preference securities - carried at fair value through other comprehensive income | Discounted cash flows method, Market multiples method, Option pricing model | 630 | 169 |
| Others - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, Option pricing model | 263 | 196 |
| **Total** |  | **21901** | **23703** |

---

*Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments.*

**2.5 LOANS**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non Current** |  |  |
| Loans considered good - Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 6 | 16 |
|  | **6** | **16** |
| Loans credit impaired - Unsecured |  |  |
| Other loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for credit impairment | (3) | (3) |
|  | **–** | **–** |
| **Total non-current loans** | **6** | **16** |
| **Current** |  |  |
| Loans considered good - Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 234 | 249 |
| **Total current loans** | **234** | **249** |
| **Total loans** | **240** | **265** |

---

**2.6 OTHER FINANCIAL ASSETS**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits <sup>(1)</sup> | 281 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>(1)#</sup> | 1417 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted deposits <sup>(1)\*</sup> | 79 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in lease<sup>(1)</sup> | 957 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others <sup>(1)</sup> | 42 | 19 |
| **Total non-current other financial assets** | **2776** | **3511** |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits <sup>(1)</sup> | 75 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted deposits <sup>(1)\*</sup> | 3170 | 2949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>(1)#</sup> | 10064 | 8183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued but not due <sup>(1)</sup> | 448 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward and options contracts <sup>(2) (3)</sup> | 83 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in lease<sup>(1)</sup> | 1613 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others <sup>(1)</sup> | 437 | 470 |
| **Total current other financial assets** | **15890** | **13840** |
| **Total other financial assets** | **18666** | **17351** |
| <sup>(1)</sup> Financial assets carried at amortized cost | 18583 | 17159 |
| <sup>(2)</sup> Financial assets carried at fair value through other comprehensive income | 56 | 28 |
| <sup>(3)</sup> Financial assets carried at fair value through profit or loss | 27 | 164 |

---

\* Restricted deposits represent deposits with financial institutions to settle employee related obligations as and when they arise during the normal course of business.

# Classified as financial asset as right to consideration is unconditional and is due only after a passage of time.

**2.7 TRADE RECEIVABLES**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Receivable considered good - Unsecured | 35772 | 31670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for expected credit loss | 538 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Receivable considered good - Unsecured | 35234 | 31158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Receivable - credit impaired - Unsecured | 123 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for credit impairment | 123 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Receivable - credit impaired - Unsecured | *–* | *–* |
| **Total trade receivables** | **35234** | **31158** |

---

**2.8 CASH AND CASH EQUIVALENTS**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Balances with banks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In current and deposit accounts | 22201 | 24455 |
| Cash on hand | *–* | *–* |
| **Total cash and cash equivalents** | **22201** | **24455** |
| *Balances with banks in unpaid dividend accounts* | 45 | 45 |
| *Deposit with more than 12 months maturity* | 125 | 75 |

---

Cash and cash equivalents as at March 31, 2026 and March 31, 2025 include restricted cash and bank balances of ![](rupee-symbol.gif)422 crore and ![](rupee-symbol.gif)424 crore respectively. The restrictions are primarily on account of bank balances held by irrevocable trusts controlled by the company.

The deposits maintained by the Group with banks and financial institutions comprise of time deposits, which can be withdrawn by the Group at any point without prior notice or penalty on the principal.

**2.9 OTHER ASSETS**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital advances | 154 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances other than capital advances |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others\* | 626 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>#</sup> | 321 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined benefit plan assets | 205 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 775 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Contract Cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of obtaining a contract | 491 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of fulfillment | 968 | 879 |
| **Total non-current other assets** | **3540** | **2713** |
| **Current** |  |  |
| Advances other than capital advances |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment to vendors for supply of goods | 474 | 413 |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>#</sup> | 5419 | 4668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others\* | 3901 | 2841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 4265 | 3080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Contract Cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of obtaining a contract | 285 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of fulfillment | 667 | 504 |
| Other receivables | 134 | 91 |
| **Total current other assets** | **15145** | **11940** |
| **Total other assets** | **18685** | **14653** |

---

<sup>#</sup> Classified as non financial asset as the contractual right to consideration is dependent on completion of contractual milestones.

\* Withholding taxes and others primarily consist of input tax credits and VAT recoverable from tax authorities.

**2.10 FINANCIAL INSTRUMENTS**

**Accounting policy**

**2.10.1 Initial recognition**

The Group recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

**2.10.2 Subsequent measurement**

**a. Non-derivative financial instruments**

***(i) Financial assets carried at amortized cost***

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

***(ii) Financial assets carried at fair value through other comprehensive income (FVOCI)***

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group has made an irrevocable election for certain investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

***(iii) Financial assets carried at fair value through profit or loss (FVTPL)***

A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss.

***(iv) Financial liabilities***

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration and financial liability under option arrangements recognized in a business combination which is subsequently measured at fair value through profit or loss.

**b. Derivative financial instruments**

The Group holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank.

***(i) Financial assets or financial liabilities, carried at fair value through profit or loss.***

This category includes derivative financial assets or liabilities which are not designated as hedges.

Although the Group believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under Ind AS 109, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per Ind AS 109, is categorized as a financial asset or financial liability, at fair value through profit or loss.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in net profit in the Consolidated Statement of Profit and Loss when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the Balance Sheet date.

***(ii) Cash flow hedge***

Primarily, the Group designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the interim condensed Consolidated Statement of Profit and Loss. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedging reserve till the period the hedge was effective remains in cash flow hedge reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedge reserve is transferred to the net profit in the Interim condensed Consolidated Statement of Profit and Loss upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedge reserve is reclassified to net profit in the Interim condensed Consolidated Statement of Profit and Loss.

**2.10.3 Derecognition of financial instruments**

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. A financial liability (or a part of a financial liability) is derecognized from the Group's Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

**2.10.4 Fair value of financial instruments**

In determining the fair value of its financial instruments, the Group uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, option pricing model, market multiples, available quoted market prices and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized.

Refer to table 'Financial instruments by category' below for the disclosure on carrying value and fair value of financial assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date and which are not carried at fair value, the carrying amounts approximates fair value due to the short maturity of these instruments.

**2.10.5 Impairment** 

The Group recognizes loss allowances using the expected credit loss (ECL) model for the financial assets and unbilled revenue which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled revenues with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, ECLs are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL.

The Group determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Group considers current and anticipated future economic conditions relating to industries the Group deals with and the countries where it operates.

The amount of ECL (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recorded is recognized as an impairment loss or gain in Interim condensed Consolidated Statement of Profit and Loss.

**Financial instruments by category**

The carrying value and fair value of financial instruments by categories as at March 31, 2026 were as follows:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/liabilities at fair value through OCI** | **Financial assets/liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized <br> cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents *(Refer to Note 2.8)* | 22201 |  |  |  |  | 22201 | 22201 |
| Investments *(Refer to Note 2.4)* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and preference securities |  | 52 |  | 691 |  | 743 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | 531 |  |  |  |  | 531 | 552<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units |  |  | 2383 |  |  | 2383 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures |  |  |  |  | 4189 | 4189 | 4189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities |  |  |  |  | 4558 | 4558 | 4558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial paper |  |  |  |  | 1205 | 1205 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  |  |  |  | 8008 | 8008 | 8008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments |  |  | 263 |  |  | 263 | 263 |
| Trade receivables *(Refer to Note 2.7)* | 35234 |  |  |  |  | 35234 | 35234 |
| Loans *(Refer to Note 2.5)* | 240 |  |  |  |  | 240 | 240 |
| Other financials assets *(Refer to Note 2.6)* | 18583 | – | 27 | – | 56 | 18666 | 18645<sup>(2)</sup> |
| **Total** | **76789** | **52** | **2673** | **691** | **18016** | **98221** | **98221** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables | 4744 |  |  |  |  | 4744 | 4744 |
| Lease liabilities *(Refer to Note 2.19)* | 9176 |  |  |  |  | 9176 | 9176 |
| Financial Liability under option arrangements *(Refer to Note 2.12)* |  |  | 876 |  |  | 876 | 876 |
| Other financial liabilities *(Refer to Note 2.12)* | 18361 | – | 642 | – | 55 | 19058 | 19058 |
| **Total** | **32281** | **–** | **1518** | **–** | **55** | **33854** | **33854** |

---

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on tax free bonds and government bonds carried at amortized cost of ![](rupee-symbol.gif)21 crore*

The carrying value and fair value of financial instruments by categories as at March 31, 2025 were as follows:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/liabilities at fair value through OCI** | **Financial assets/liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents *(Refer to Note 2.8)* | 24455 |  |  |  |  | 24455 | 24455 |
| Investments *(Refer to Note 2.4)* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and preference securities |  | 25 |  | 226 |  | 251 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | 1650 |  |  |  |  | 1650 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units |  |  | 1957 |  |  | 1957 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units |  |  | 465 |  |  | 465 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures |  |  |  |  | 4869 | 4869 | 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities |  |  |  |  | 7008 | 7008 | 7008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial paper |  |  |  |  | 3641 | 3641 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  |  |  |  | 3504 | 3504 | 3504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments |  |  | 196 |  |  | 196 | 196 |
| Trade receivables *(Refer to Note 2.7)* | 31158 |  |  |  |  | 31158 | 31158 |
| Loans *(Refer to Note 2.5)* | 265 |  |  |  |  | 265 | 265 |
| Other financials assets *(Refer to Note 2.6)* | 17159 | – | 164 | – | 28 | 17351 | 17271 |
| **Total** | **74687** | **25** | **2782** | **226** | **19050** | **96770** | **96852** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables | 4164 |  |  |  |  | 4164 | 4164 |
| Lease liabilities *(Refer to Note 2.19)* | 8227 |  |  |  |  | 8227 | 8227 |
| Financial Liability under option arrangements *(Refer to Note 2.12)* |  |  | 667 |  |  | 667 | 667 |
| Other financial liabilities *(Refer to Note 2.12)* | 16511 | – | 61 | – | 33 | 16605 | 16605 |
| **Total** | **28902** | **–** | **728** | **–** | **33** | **29663** | **29663** |

---

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on tax free bonds and government bonds carried at amortized cost of ![](rupee-symbol.gif)80 crore*

For trade receivables, trade payables, other assets and payables maturing within one year from the Balance Sheet date, the carrying amounts approximate the fair value due to the short maturity of these instruments.

**Fair value hierarchy**

**Level 1** - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

**Level 2 -** Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

**Level 3** - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2026 is as follows:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at <br> March 31, 2026** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.4)** |  |  |  |  |
| Investments in mutual fund units | 2383 | 2383 |  |  |
| Investments in target maturity fund units |  |  |  |  |
| Investments in tax free bonds | 428 | 428 |  |  |
| Investments in government bonds | 124 | 124 |  |  |
| Investments in non convertible debentures | 4189 | 3572 | 617 |  |
| Investments in government securities | 4558 | 4389 | 169 |  |
| Investments in equity securities | 63 | 61 |  | 2 |
| Investments in preference securities | 680 |  |  | 680 |
| Investments in commercial paper | 1205 |  | 1205 |  |
| Investments in certificates of deposit | 8008 |  | 8008 |  |
| Other investments | 263 |  |  | 263 |
| **Others** |  |  |  |  |
| Derivative financial instruments - gain *(Refer to Note 2.6)* | 83 |  | 83 |  |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - loss *(Refer to Note 2.12)* | 593 |  | 593 |  |
| Financial liability under option arrangements *(Refer to Note 2.12)* <sup>(1)</sup> | 876 |  |  | 876 |
| Liability towards contingent consideration *(Refer to Note 2.12)*<sup>(2)</sup> | 104 | – | – | 104 |

---

*<sup>(1)</sup>* *Discount rate ranges from 9.5% to 14.5%*

*<sup>(2)</sup>* *Discount rate ranges from 2.5% to 6%*

During the year ended March 31, 2026, government securities and tax free bonds of ![](rupee-symbol.gif)93 crore was transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price. Further, non convertible debentures of ![](rupee-symbol.gif)487 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2025 was as follows:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at <br> March 31, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.4)** |  |  |  |  |
| Investments in mutual fund units | 1957 | 1957 |  |  |
| Investments in target maturity fund units | 465 | 465 |  |  |
| Investments in tax free bonds | 1781 | 1227 | 554 |  |
| Investments in government bonds | 31 | 31 |  |  |
| Investments in non convertible debentures | 4869 | 4869 |  |  |
| Investments in government securities | 7008 | 6972 | 36 |  |
| Investments in equity securities | 59 | 57 |  | 2 |
| Investments in preference securities | 192 |  |  | 192 |
| Investments in commercial paper | 3641 |  | 3641 |  |
| Investments in certificates of deposit | 3504 |  | 3504 |  |
| Other investments | 196 |  |  | 196 |
| **Others** |  |  |  |  |
| Derivative financial instruments - gain *(Refer to Note 2.6)* | 192 |  | 192 |  |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - loss *(Refer to Note 2.12)* | 63 |  | 63 |  |
| Financial liability under option arrangements *(Refer to Note 2.12)* <sup>(1)</sup> | 667 |  |  | 667 |
| Liability towards contingent consideration *(Refer to Note 2.12)* <sup>(2)</sup> | 31 | – | – | 31 |

---

*<sup>(1)</sup>* *Discount rate ranges from 9% to 15%*

*<sup>(2)</sup>* *Discount rate - 6%*

During the year ended March 31, 2025, government securities and non convertible debentures of ![](rupee-symbol.gif)297 crore was transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price. Further, non convertible debentures and tax free bonds of ![](rupee-symbol.gif)554 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

A one percentage point change in the unobservable inputs used in fair valuation of Level 3 assets and liabilities does not have a significant impact in its value.

Majority of investments of the Group are fair valued based on Level 1 or Level 2 inputs. These investments primarily include investment in mutual fund units, target maturity fund units, tax-free bonds, certificates of deposit, commercial papers, treasury bills, government securities, non-convertible debentures, quoted bonds issued by government and quasi-government organizations. The Group invests after considering counterparty risks based on multiple criteria including Tier I capital, Capital Adequacy Ratio, Credit Rating, Profitability, NPA levels and Deposit base of banks and financial institutions. These risks are monitored regularly as per Group's risk management program.

**2.11 EQUITY**

**Accounting policy**

**Ordinary Shares**

Ordinary shares are classified as equity share capital. Incremental costs directly attributable to the issuance of new ordinary shares, share options and buyback are recognized as a deduction from equity, net of any tax effects.

**Treasury Shares**

When any entity within the Group purchases the company's ordinary shares, the consideration paid including any directly attributable incremental cost is presented as a deduction from total equity, until they are cancelled, sold or reissued. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to / from securities premium.

**Description of reserves**

**Capital Redemption Reserve**

In accordance with section 69 of the Indian Companies Act, 2013, the Company creates capital redemption reserve equal to the nominal value of the shares bought back as an appropriation from general reserve / retained earnings.

**Retained earnings**

Retained earnings represent the amount of accumulated earnings of the Group.

**Securities premium**

The amount received in excess of the par value of equity shares has been classified as securities premium. Amounts have been utilized for bonus issue and share buyback from share premium account.

**Share options outstanding account**

The share options outstanding account is used to record the fair value of equity-settled share based payment transactions with employees. The amounts recorded in share options outstanding account are transferred to securities premium upon exercise of stock options and transferred to general reserve on account of stock options not exercised by employees.

**Special Economic Zone Re-investment reserve**

The Special Economic Zone Re-investment reserve has been created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA (1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA (2) of the Income Tax Act, 1961.

**Other components of equity**

Other components of equity include currency translation, remeasurement of net defined benefit liability / asset, equity instruments fair valued through other comprehensive income, changes on fair valuation of investments and changes in fair value of derivatives designated as cash flow hedges, net of taxes.

**Currency translation reserve**

The exchange differences arising from the translation of financial statements of foreign subsidiaries with functional currency other than Indian rupees is recognized in other comprehensive income and is presented within equity.

**Cash flow hedge reserve**

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the interim condensed Consolidated Statement of Profit and Loss upon the occurrence of the related forecasted transaction.

**EQUITY SHARE CAPITAL**

*(In ![](rupee-symbol.gif) crore, except as otherwise stated)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Authorized** |  |  |
| Equity shares, ![](rupee-symbol.gif)5 par value |  |  |
| 480,00,00,000 (4800000000) equity shares | 2400 | 2400 |
| **Issued, Subscribed and Paid-Up** |  |  |
| Equity shares, ![](rupee-symbol.gif)5 par value<sup>(1)</sup> | 2024 | 2073 |
| 404,69,40,812 (4143607528) equity shares fully paid-up<sup>(2)</sup> |  |  |
|  | **2024** | **2073** |

---

Note: Forfeited shares amounted to ![](rupee-symbol.gif)1,500 (![](rupee-symbol.gif)1,500)

*<sup>(1)</sup>* *Refer to Note 2.20 for details of basic and diluted shares*

*<sup>(2)</sup>* *Net of treasury shares 86,50,911 (96,55,927)*

The Company has only one class of shares referred to as equity shares having a par value of ![](rupee-symbol.gif)5/-. Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depositary Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company in proportion to the number of equity shares held by the shareholders, after distribution of all preferential amounts. However, no such preferential amounts exist currently, other than the amounts held by irrevocable controlled trusts. For irrevocable controlled trusts, the corpus would be settled in favor of the beneficiaries.

There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans.

For details of shares reserved for issue under the employee stock option plan of the Company refer to the note below.

The reconciliation of the number of shares outstanding and the amount of share capital as at March 31, 2026 and March 31, 2025 are as follows:

*(In ![](rupee-symbol.gif) crore, except as stated otherwise)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at March 31, 2026** | **As at March 31, 2026** | **As at March 31, 2025** | **As at March 31, 2025** |
| **Particulars** | **Number of shares** | **Amount** | **Number of shares** | **Amount** |
| **As at the beginning of the period** | **4143607528** | **2073** | **4139950635** | **2071** |
| Add: Shares issued on exercise of employee stock options | 3333284 | 1 | 3656893 | 2 |
| Less: Shares bought back | 100000000 | 50 | *–* | *–* |
| **As at the end of the period** | **4046940812** | **2024** | **4143607528** | **2073** |

---

**Capital allocation policy** 

Effective fiscal 2025, the Company expects to continue its policy of returning approximately 85% of the free cash flow cumulatively over a 5-year period through a combination of semi-annual dividends and/or share buyback/ special dividends subject to applicable laws and requisite approvals, if any.

Under this policy, the Company expects to progressively increase its annual dividend per share (excluding special dividend if any).

Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS. Dividend and buyback include applicable taxes.

**Buyback completed in December 2025**

In line with the capital allocation policy, the Board, at its meeting held on September 11, 2025, approved a proposal for the Company to buyback its fully paid-up equity shares of face value of ![](rupee-symbol.gif)5/- each from the eligible equity shareholders of the Company for an amount of ![](rupee-symbol.gif)18,000 crore subject to shareholders' approval by way of Postal Ballot. The shareholders approved the said proposal of buyback of Equity Shares recommended by its Board of Directors by way of e-voting through postal ballot, the results of which were declared on November 6, 2025. The Buyback offer comprised a purchase of 10,00,00,000 Equity Shares comprising approximately 2.41% of the total paid-up equity share capital of the Company as of June 30, 2025 (on standalone basis) at a price of ![](rupee-symbol.gif)1,800 per Equity share. The buyback was offered to all eligible equity shareholders (including those who became equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity shares) of the Company as on the Record Date (i.e. November 14, 2025) on a proportionate basis through the "Tender offer" route. The tender period for buyback commenced on November 20, 2025 and was open until November 26, 2025. The Company concluded the buyback procedures on December 4, 2025 and 10,00,00,000 equity shares were bought back and extinguished. The buyback resulted in cash outflow of ![](rupee-symbol.gif)18,000 crore (excluding transaction costs). The Company funded the buyback from its free reserves including securities premium as explained in Section 68 of the Companies Act, 2013. In accordance with Section 69 of the Companies Act, 2013, as at March 31, 2026, the Company has created a Capital Redemption Reserve of ![](rupee-symbol.gif)50 crore equal to the nominal value of the shares bought back as an appropriation from the general reserve.

The Company's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, return capital to shareholders, issue new shares or buy back issued shares. As of March 31, 2026, the Company has only one class of equity shares and has no debt. Consequent to the above capital structure there are no externally imposed capital requirements.

**Dividend**

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company's Board of Directors. Income tax consequences of dividends on financial instruments classified as equity will be recognized according to where the entity originally recognized those past transactions or events that generated distributable profits.

The Company declares and pays dividends in Indian rupees. Companies are required to pay/distribute dividend after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates.

The amount of per share dividend recognized as distribution to equity shareholders in accordance with Companies Act 2013 is as follows:

*(in ![](rupee-symbol.gif))*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Interim dividend for fiscal 2026 | *–* | *–* | 23.00 | *–* |
| Final dividend for fiscal 2025 | *–* | *–* | 22.00 | *–* |
| Interim dividend for fiscal 2025 | *–* | *–* | *–* | 21.00 |
| Special dividend for fiscal 2024 | *–* | *–* | *–* | 8.00 |
| Final dividend for fiscal 2024 | *–* | *–* | *–* | 20.00 |

---

During the year ended March 31, 2026, on account of the final dividend for fiscal 2025 and interim dividend for fiscal 2026, the Company has incurred a net cash outflow of ![](rupee-symbol.gif)18,653 crore (excluding dividend paid on treasury shares).

The Board of Directors in their meeting held on April 23, 2026 recommended a final dividend of ![](rupee-symbol.gif)25/- per equity share for the financial year ended March 31, 2026. The payment is subject to the approval of shareholders in the Annual General Meeting (AGM) of the Company to be held on June 23, 2026 and if approved, would result in a net cash outflow of approximately ![](rupee-symbol.gif)10,117 crore (excluding dividend paid on treasury shares).

**Employee Stock Option Plan (ESOP):**

**Accounting policy**

The Group recognizes compensation expense relating to share-based payments in net profit based on estimated fair values of the awards on the grant date. The estimated fair value of awards is recognized as an expense in the statement of profit and loss on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share options outstanding account.

**Infosys Expanded Stock Ownership Program 2019 (the 2019 Plan) :**

On June 22, 2019 pursuant to approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 Plan shall not exceed 5,00,00,000 equity shares. To implement the 2019 Plan, up to 4,50,00,000 equity shares may be issued by way of secondary acquisition of shares by Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 Plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the Company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

**2015 Stock Incentive Compensation Plan (the 2015 Plan) :**

On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Stock Incentive Compensation Plan. The maximum number of shares under the 2015 Plan shall not exceed 2,40,38,883 equity shares (this includes 1,12,23,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years. The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.

The equity settled and cash settled RSUs and stock options would vest generally over a period of 4 years and shall be exercisable within the period as approved by the Nomination and Remuneration Committee (NARC). The exercise price of the RSUs will be equal to the par value of the shares and the exercise price of the stock options (ESOPs) would be the market price as on the date of grant.

Controlled trust holds 86,50,911 and 96,55,927 shares as at March 31, 2026 and March 31, 2025, respectively, under the 2015 Plan. Out of these shares, 200,000 equity shares each have been earmarked for welfare activities of the employees as at March 31, 2026 and March 31, 2025.

The following is the summary of grants made during the three months and year ended March 31, 2026 and March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| **2015 Plan: RSU** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | 100532 | 85674 | 377609 | 380842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 2137048 | 1722470 | 2254341 | 1874690 |
|  | **2237580** | **1808144** | **2631950** | **2255532** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 119800 | 94050 | 119800 | 94050 |
|  | **119800** | **94050** | **119800** | **94050** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2015 Plan: Employee Stock Options (ESOPs)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | 237370 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | *–* | *–* | 5412790 | *–* |
|  |  ***–*** |  ***–*** | **5650160** |  ***–*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | *–* | *–* | 108180 | *–* |
|  |  ***–*** |  ***–*** | **108180** |  ***–*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Grants under 2015 Plan** | **2357380** | **1902194** | **8510090** | **2349582** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2019 Plan: RSU** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | 60600 | 49000 | 126966 | 119699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 4419325 | 3617798 | 4422390 | 3624646 |
|  | **4479925** | **3666798** | **4549356** | **3744345** |
| **Total Grants under 2019 Plan** | **4479925** | **3666798** | **4549356** | **3744345** |

---

***Notes on grants to KMP:***

**CEO & MD**

**Under the 2015 Plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2026. In accordance with such approval the following grants were made effective May 2, 2025.

- 2,30,621 performance-based RSUs (Annual performance equity grant) of fair value of ![](rupee-symbol.gif)34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets.

- 13,273 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of ![](rupee-symbol.gif)2 crore. These RSUs will vest in line with the employment agreement based on achievement of certain environment, social and governance milestones as determined by the Board.

- 33,183 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of ![](rupee-symbol.gif)5 crore. These RSUs will vest in line with the employment agreement based on Company's performance on cumulative relative TSR over the years and as determined by the Board.

Further, in accordance with the employee agreement which has been approved by the shareholders, the CEO is eligible to receive an annual grant of RSUs of fair value ![](rupee-symbol.gif)3 crore which will vest overtime in three equal annual installments upon the completion of each year of service from the respective grant date. Accordingly, annual time-based grant of 18,132 RSUs was made effective February 1, 2026 for fiscal 2026.

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of March 31, 2026, since the service commencement date precedes the grant date, the company has recorded employment stock compensation expense in accordance with Ind AS 102, Share based payment. The grant date for this purpose in accordance with Ind AS 102, Share based payment is July 01, 2022.

**Under the 2019 Plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to ![](rupee-symbol.gif)10 crore for fiscal 2026 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 66,366 performance based RSU's were granted effective May 2, 2025.

**Other KMP**

**Under the 2015 plan:**

During the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved time based grants of 237,370 ESOPs to Other KMP under the 2015 Plan. These ESOPs will vest over a period of 4 years and shall be exercisable within the period as approved by the Committee. The exercise price of the ESOPs would be the market price as on the date of grant.

Further, during the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved 82,400 time based RSUs to Other KMPs under the 2015 Plan. Time based RSUs will vest over four years.

**Under the 2019 plan:**

During the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved performance based grants of 60,600 RSUs to other KMPs under the 2019 plan. These RSUs will vest over three years based on achievement of certain performance targets.

**The break-up of employee stock compensation expense is as follows:**

*(in ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| *Granted to:* |  |  |  |  |
| KMP | 18 | 18 | 70 | 70 |
| Employees other than KMP | 232 | 180 | 882 | 732 |
| **Total *<sup>(1)</sup>*** | **250** | **198** | **952** | **802** |
| *<sup>(1)</sup> Cash-settled stock compensation expense included in the above* | 1 | 3 | 16 | 17 |

---

The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance based options and Monte Carlo simulation model is used for TSR based options.

The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected term and the risk free rate of interest. Expected volatility during the expected term of the options is based on historical volatility of the observed market prices of the Company's publicly traded equity shares during a period equivalent to the expected term of the options. Expected volatility of the comparative company have been modelled based on historical movements in the market prices of their publicly traded equity shares during a period equivalent to the expected term of the options. Correlation coefficient is calculated between each peer entity and the indices as a whole or between each entity in the peer group.

The fair value of each equity settled award is estimated on the date of grant using the following assumptions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** |
| **Particulars** | **Fiscal 2026- <br> Equity Shares-RSU** | **Fiscal 2026- <br> ADR RSU** | **Fiscal 2026- <br> Equity Shares-ESOP** | **Fiscal 2026- <br> ADS-ESOP** | **Fiscal 2025- <br> Equity Shares-RSU** | **Fiscal 2025- <br> ADS-RSU** |
| Weighted average share price (![](rupee-symbol.gif)) / ($ ADS) | 1641 | 17.55 | 1554 | 17.93 | 1808 | 21.44 |
| Exercise price (![](rupee-symbol.gif)) / ($ ADS) | 5.00 | 0.10 | 1554 | 17.93 | 5.00 | 0.07 |
| Expected volatility (%) | 23-26 | 25-29 | 25-28 | 26-30 | 21-26 | 23-28 |
| Expected life of the option (years) | 1-4 | 1-4 | 3-7 | 3-7 | 1-4 | 1-4 |
| Expected dividends (%) | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 |
| Risk-free interest rate (%) | 6 | 4 | 6 | 4 | 7 | 4-5 |
| Weighted average fair value as on grant date (![](rupee-symbol.gif)) / ($ ADS) | 1331 | 14.16 | 390 | 4.09 | 1555 | 18.20 |

---

The expected life of the RSU/ESOP is estimated based on the vesting term and contractual term of the RSU/ESOP, as well as expected exercise behavior of the employee who receives the RSU/ESOP.

**2.12 OTHER FINANCIAL LIABILITIES**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current** |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation to employees <sup>(1)</sup> | 10 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses <sup>(1)</sup> | 1725 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensated absences | 117 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liability under option arrangements <sup>(2) #</sup> | 122 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for acquisition of business - Contingent consideration <sup>(2)</sup> | 31 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Payables <sup>(1)</sup> | 87 | 5 |
| **Total non-current other financial liabilities** | **2092** | **2141** |
| **Current** |  |  |
| Unpaid dividends <sup>(1)</sup> | 45 | 45 |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation to employees <sup>(1)</sup> | 5898 | 4924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses <sup>(1)</sup> | 9683 | 8467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for acquisition of business - Contingent consideration <sup>(2)</sup> | 73 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable by controlled trusts <sup>(1)</sup> | 173 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensated absences | 3524 | 2908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liability under option arrangements <sup>(2) #</sup> | 754 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward and options contracts <sup>(2) (3)</sup> | 593 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital creditors <sup>(1)</sup> | 284 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables <sup>(1)</sup> | 456 | 475 |
| **Total current other financial liabilities** | **21483** | **18138** |
| **Total other financial liabilities** | **23575** | **20279** |
| <sup>(1)</sup> Financial liability carried at amortized cost | 18361 | 16511 |
| <sup>(2)</sup> Financial liability carried at fair value through profit or loss | 1518 | 728 |
| <sup>(3)</sup> Financial liability carried at fair value through other comprehensive income | 55 | 33 |

---

<sup>#</sup> Represents liability related to options issued by the Group over the non-controlling interests in its subsidiaries

Accrued expenses primarily relate to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building expenses, overseas travel expenses, office maintenance and cost of third party software and hardware.

**2.13 OTHER LIABILITIES**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current** |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued defined benefit liability | 473 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 88 | 100 |
| **Total non-current other liabilities** | **561** | **215** |
| **Current** |  |  |
| Unearned revenue | 11838 | 8492 |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others | 3881 | 3256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued defined benefit liability | 49 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 11 | 11 |
| **Total current other liabilities** | **15779** | **11765** |
| **Total other liabilities** | **16340** | **11980** |

---

**2.14 PROVISIONS**

**Accounting policy**

A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The Group recognizes a reimbursement asset when, and only when, it is virtually certain that the reimbursement will be received if the Group settles the obligation.

**a. Post sales client support**

The Group provides its clients with a fixed-period post sales support on its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in Consolidated Statement of Profit and Loss. The Group estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.

**b. Onerous contracts**

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established the Group recognizes any impairment loss on the assets associated with that contract.

**Provision for post-sales client support and other provisions:**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Current** |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-sales clie nt support and others | 1512 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other provisions pertaining to settlement (refer to note 2.21.2) | – | 150 |
| **Total provisions** | **1512** | **1475** |

---

Provision for post-sales client support majorly represents costs associated with providing post sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 year.

**2.15 INCOME TAXES**

**Accounting policy**

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the Consolidated Statement of Profit and Loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income taxes are not provided on the undistributed earnings of subsidiaries and branches where it is expected that the earnings of the subsidiary or branch will not be distributed in the foreseeable future.

The Group offsets current tax assets and current tax liabilities; deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The income tax provision for the interim period is made based on the best estimate of the annual average tax rate expected to be applicable for the full financial year. Tax benefits of deductions earned on exercise of employee share options in excess of compensation charged to income are credited to equity.

Income tax expense in the condensed Consolidated Statement of Profit and Loss comprises:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Current taxes | 2664 | 2784 | 11767 | 12130 |
| Deferred taxes | (376) | (159) | (1246) | (1272) |
| **Income tax expense** | **2288** | **2625** | **10521** | **10858** |

---

Income tax expense for the three months ended March 31, 2026 and March 31, 2025 includes reversals (net of provisions) of ![](rupee-symbol.gif)882 crore and reversals (net of provisions) of ![](rupee-symbol.gif)117 crore, respectively. Income tax expense for the year ended March 31, 2026 and March 31, 2025 includes reversals (net of provisions) of ![](rupee-symbol.gif)877 crore and provisions (net of reversals) of ![](rupee-symbol.gif)132 crore, respectively .These provisions and reversals pertaining to prior periods are primarily on account of adjudication of certain disputed matters, upon filing of tax return and completion of assessments, across various jurisdictions.

During the quarter and year ended March 31, 2026, the Company received orders under section 250 and Section 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2013-14 and assessment years 2017-18 to 2021-22. These orders confirmed the Company's position with respect to tax treatment of certain matters. As a result interest income (pre-tax) of ![](rupee-symbol.gif)381 crore was recognized and provision for income tax aggregating ![](rupee-symbol.gif)869 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to ![](rupee-symbol.gif)86 crore has been reduced from contingent liabilities.

During the quarter ended March 31, 2025, the Company received orders under section 250 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2016-17 and 2019-20. These orders confirmed the Company's position with respect to tax treatment of certain matters. As a result interest income (pre-tax) of ![](rupee-symbol.gif)327 crore was recognised and provision for income tax aggregating ![](rupee-symbol.gif)183 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to ![](rupee-symbol.gif)1,068 crore has been reduced from contingent liabilities.

Deferred income tax for the three months and year ended March 31, 2026 and March 31, 2025 substantially relates to origination and reversal of temporary differences.

The Company's Advanced Pricing Arrangement (APA) with the Internal Revenue Service (IRS) for US branch income tax expired in March 2021. The Company has applied for renewal of APA and currently the US taxable income is based on the Company's best estimate determined based on the expected value method.

**2.16 REVENUE FROM OPERATIONS**

**Accounting policy**

The Group derives revenues primarily from IT services comprising software development and related services, cloud and infrastructure services, maintenance, consulting and package implementation, licensing of software products and platforms across the Group's core and digital offerings (together called as "software related services") and business process management services. Contracts with customers are either on a time-and-material, unit of work, fixed-price or on a fixed-timeframe basis.

Revenues from customer contracts are considered for recognition and measurement when the contract has been approved in writing by the parties, to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. Revenue is recognized upon transfer of control of promised products or services ("performance obligations") to customers in an amount that reflects the consideration the Group has received or expects to receive in exchange for these products or services ("transaction price"). When there is uncertainty as to collectability, revenue recognition is postponed until such uncertainty is resolved.

The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. The Group allocates the transaction price to each distinct performance obligation based on the relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In the absence of such evidence, the primary method used to estimate standalone selling price is the expected cost plus a margin, under which the Group estimates the cost of satisfying the performance obligation and then adds an appropriate margin based on similar services.

The Group's contracts may include variable consideration including rebates, volume discounts and penalties. The Group includes variable consideration as part of transaction price when there is a basis to reasonably estimate the amount of the variable consideration and when it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

Revenue on time-and-material and unit of work based contracts, are recognized as the related services are performed. Fixed price maintenance revenue is recognized ratably either on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the Group's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method. Efforts or costs expended are used to determine progress towards completion as there is a direct relationship between input and productivity. Progress towards completion is measured as the ratio of costs or efforts incurred to date (representing work performed) to the estimated total costs or efforts. Estimates of transaction price and total costs or efforts are continuously monitored over the term of the contracts and are recognized in net profit in the period when these estimates change or when the estimates are revised. Revenues and the estimated total costs or efforts are subject to revision as the contract progresses. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

The billing schedules agreed with customers include periodic performance based billing and / or milestone based progress billings. Revenues in excess of billing are classified as unbilled revenue while billing in excess of revenues are classified as contract liabilities (which we refer to as unearned revenues).

In arrangements for software development and related services and maintenance services, by applying the revenue recognition criteria for each distinct performance obligation, the arrangements with customers generally meet the criteria for considering software development and related services as distinct performance obligations. For allocating the transaction price, the Group measures the revenue in respect of each performance obligation of a contract at its relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In cases where the Group is unable to determine the standalone selling price, the Group uses the expected cost plus margin approach in estimating the standalone selling price. For software development and related services, the performance obligations are satisfied as and when the services are rendered since the customer generally obtains control of the work as it progresses.

Certain cloud and infrastructure services contracts include multiple elements which may be subject to other specific accounting guidance, such as leasing guidance. These contracts are accounted in accordance with such specific accounting guidance. In such arrangements where the Group is able to determine that hardware and services are distinct performance obligations, it allocates the consideration to these performance obligations on a relative standalone selling price basis. In the absence of standalone selling price, the Group uses the expected cost-plus margin approach in estimating the standalone selling price. When such arrangements are considered as a single performance obligation, revenue is recognized over the period and measure of progress is determined based on promise in the contract.

Revenue from licenses where the customer obtains a "right to use" the licenses is recognized at the time the licenses are made available to the customer. Revenue from licenses where the customer obtains a "right to access" is recognized over the access period.

Arrangements to deliver software products generally have three elements: license, implementation and Annual Technical Services (ATS).When implementation services are provided in conjunction with the licensing arrangement and the license and implementation have been identified as two distinct separate performance obligations, the transaction price for such contracts are allocated to each performance obligation of the contract based on their relative standalone selling prices. In the absence of standalone selling price for implementation, the Group uses the expected cost plus margin approach in estimating the standalone selling price. Where the license is required to be substantially customized as part of the implementation service the entire arrangement fee for license and implementation is considered to be a single performance obligation and the revenue is recognized using the percentage-of-completion method as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the performance obligations are satisfied. ATS revenue is recognized ratably on a straight line basis over the period in which the services are rendered.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

A contract modification is a change in the scope or price or both of a contract that is approved by the parties to the contract. A contract modification that results in the addition of distinct performance obligations are accounted for either as a separate contract if the additional services are priced at the standalone selling price or as a termination of the existing contract and creation of a new contract if they are not priced at the standalone selling price. If the modification does not result in a distinct performance obligation, it is accounted for as part of the existing contract on a cumulative catch-up basis.

The incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had not been obtained) are recognized as an asset if the Group expects to recover them.

Certain eligible, nonrecurring costs (e.g. set-up or transition or transformation costs) that do not represent a separate performance obligation are recognized as an asset when such costs (a) relate directly to the contract; (b) generate or enhance resources of the Group that will be used in satisfying the performance obligation in the future; and (c) are expected to be recovered.

Capitalized contract costs relating to upfront payments to customers are amortized to revenue and other capitalized costs are amortized to expenses over the respective contract life on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates. Capitalized costs are monitored regularly for impairment. Impairment losses are recorded when present value of projected remaining operating cash flows is not sufficient to recover the carrying amount of the capitalized costs.

The Group presents revenues net of indirect taxes in its Consolidated Statement of Profit and Loss.

Revenue from operation for the three months and year ended March 31, 2026 and March 31, 2025 are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Revenue from software services | 44143 | 38999 | 170122 | 155395 |
| Revenue from products and platforms | 2259 | 1926 | 8528 | 7595 |
| **Total revenue from operations** | **46402** | **40925** | **178650** | **162990** |

---

**Products & platforms**

The Group also derives revenues from the sale of products and platforms like Finacle – core banking solution, Edge Suite of products, Panaya platform, Stater digital platform and Infosys McCamish – insurance platform.

**Disaggregated revenue information**

Revenue disaggregation by business segments has been included in segment information *(Refer to Note 2.23)*. The table below presents disaggregated revenues from contracts with customers by geography and contract type. The Group believes that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors.

For the three months and year ended March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| **Revenues by Geography\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North America | 25851 | 23344 | 100167 | 94397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe | 15142 | 12771 | 57454 | 48595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 1216 | 1206 | 5102 | 5014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest of the world | 4193 | 3604 | 15927 | 14984 |
| **Total** | **46402** | **40925** | **178650** | **162990** |

---

*<sup>\*</sup> Geographical revenue is based on the domicile of customer*

The percentage of revenue from fixed-price contracts for the three months ended March 31, 2026 and March 31, 2025 is 54% and 54%, respectively. The percentage of revenue from fixed-price contracts for the year ended March 31, 2026 and March 31, 2025 is 54% and 54%, respectively.

**Trade Receivables and Contract Balances**

The timing of revenue recognition, billings and cash collections results in receivables, unbilled revenue, and unearned revenue on the Group's Consolidated Balance Sheet. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly or quarterly) or upon achievement of contractual milestones.

The Group's receivables are rights to consideration that are unconditional. Unbilled revenues comprising revenues in excess of billings from time and material contracts and fixed price maintenance contracts are classified as financial asset when the right to consideration is unconditional and is due only after a passage of time.

Invoicing to the clients for other fixed price contracts is based on milestones as defined in the contract and therefore the timing of revenue recognition is different from the timing of invoicing to the customers. Therefore unbilled revenues for other fixed price contracts (contract asset) are classified as non-financial asset because the right to consideration is dependent on completion of contractual milestones.

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivables and unbilled revenues are presented net of impairment in the consolidated Balance Sheet.

**2.17 OTHER INCOME, NET**

**Accounting policy**

Other income is comprised primarily of interest income, dividend income, gain/loss on investment and exchange gain/loss on forward and options contracts and on translation of foreign currency assets and liabilities. Interest income is recognized using the effective interest method. Dividend income is recognized when the right to receive payment is established.

**Foreign currency** 

**Accounting policy**

*Functional currency*

The functional currency of Infosys, its Indian subsidiaries and controlled trusts is the Indian rupee. The functional currencies for foreign subsidiaries are their respective local currencies. These financial statements are presented in Indian rupees (rounded off to crore; one crore equals ten million).

*Transactions and translations*

Foreign-currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are recognized in the Condensed Consolidated Statement of Profit and Loss and reported within exchange gains/ (losses) on translation of assets and liabilities, net, except when deferred in Other Comprehensive Income as qualifying cash flow hedges. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. The related revenue and expense are recognized using the same exchange rate.

Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction.

The translation of financial statements of the foreign subsidiaries to the presentation currency is performed for assets and liabilities using the exchange rate in effect at the Balance Sheet date and for revenue, expense and cash-flow items using the average exchange rate for the respective periods. The gains or losses resulting from such translation are included in currency translation reserves under other components of equity. When a subsidiary is disposed off, in full, the relevant amount is transferred to net profit in the Condensed Consolidated Statement of Profit and Loss. However when a change in the parent's ownership does not result in loss of control of a subsidiary, such changes are recorded through equity.

Other Comprehensive Income, net of taxes includes translation differences on non-monetary financial assets measured at fair value at the reporting date, such as equities classified as financial instruments and measured at fair value through other comprehensive income (FVOCI).

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rate in effect at the Balance Sheet date.

**Government grant**

The Group recognizes government grants only when there is reasonable assurance that the conditions attached to them shall be complied with, and the grants will be received. Government grants related to assets are treated as deferred income and are recognized in net profit in the Consolidated Statement of Profit and Loss on a systematic and rational basis over the useful life of the asset. Government grants related to revenue are recognized on a systematic basis in net profit in the Consolidated Statement of Profit and Loss over the periods necessary to match them with the related costs which they are intended to compensate.

Other income for the three months and year ended March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Interest income on financial assets carried at amortized cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and Government bonds | 7 | 30 | 56 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit with Bank and others | 266 | 386 | 1568 | 1401 |
| Interest income on financial assets carried at fair value through other comprehensive income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures, commercial paper, certificates of deposit and government securities | 267 | 305 | 1069 | 1047 |
| Income on investments carried at fair value through profit or loss |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain / (loss) on mutual funds and other investments | 84 | 54 | 295 | 287 |
| Gain / (loss) on investments carried at fair value through other comprehensive income | (1) | *–* | 17 | 2 |
| Income on investments carried at amortized cost | *–* | *–* | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain/(loss) on tax free bond | *–* | 4 | 81 | 4 |
| Interest on income tax refund | 408 | 328 | 421 | 343 |
| Exchange gains / (losses) on forward and options contracts | (955) | (70) | (2451) | (205) |
| Exchange gains / (losses) on translation of other assets and liabilities | 1097 | 180 | 2948 | 464 |
| Miscellaneous income, net\* | (14) | (27) | 318 | 135 |
| **Total other income** | **1159** | **1190** | **4322** | **3600** |

---

\*Includes profit on sale of property plant and equipment amounting to ![](rupee-symbol.gif)165 crore for the year ended March 31, 2026.

**2.18 EXPENSES**

**Accounting policy**

**Gratuity and Pensions**

The Group provides for gratuity, a defined benefit retirement plan ('the Gratuity Plan') covering eligible employees majorly of Infosys and its Indian subsidiaries. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Group. The Company contributes Gratuity liabilities to the Infosys Limited Employees' Gratuity Fund Trust (the Trust). In case of Infosys BPM and EdgeVerve, contributions are made to the Infosys BPM Employees' Gratuity Fund Trust and EdgeVerve Systems Limited Employees' Gratuity Fund Trust, respectively. Trustees administer contributions made to the Trusts and contributions are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law.

The Group operates defined benefit pension plan in certain overseas jurisdictions, in accordance with the local laws. These plans are managed by third party fund managers. The plans provide for periodic payouts after retirement and/or for a lumpsum payment as set out in rules of each fund and includes death and disability benefits. The defined benefit plans require contributions which are based on a percentage of salary that varies depending on the age of the respective employees.

Liabilities with regard to these defined benefit plans are determined by actuarial valuation, performed by an external actuary, at each Balance Sheet date using the projected unit credit method. These defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate risk and market risk.

The Group recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability / (asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profit in the Consolidated Statement of Profit and Loss.

**Provident fund**

Eligible employees of Infosys receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary. The Company contributes a portion to the Infosys Limited Employees' Provident Fund Trust. The trust invests in specific designated instruments as permitted by Indian law. The remaining portion is contributed to the government administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the Government of India. The Company has an obligation to make good the shortfall, if any, between the return from the investments of the trust and the notified interest rate.

In respect of Indian subsidiaries, eligible employees receive benefits from a provident fund, which is a defined contribution plan. Both the eligible employee and the respective companies make monthly contributions to this provident fund plan equal to a specified percentage of the covered employee's salary. Amounts collected under the provident fund plan are deposited in a government administered provident fund. The Companies have no further obligation to the plan beyond its monthly contributions.

**Superannuation**

Certain employees of Infosys, Infosys BPM and EdgeVerve are participants in a defined contribution plan. The Group has no further obligations to the plan beyond its monthly contributions which are periodically contributed to a trust fund, the corpus of which is invested with the Life Insurance Corporation of India.

**Compensated absences**

The Group has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an external actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the Balance Sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| *Employee benefit expenses* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries including bonus | 23538 | 21059 | 90837 | 82232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution to provident and other funds | 750 | 599 | 2707 | 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based payments to employees *(Refer to Note 2.11)* | 250 | 198 | 952 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staff welfare | 150 | 159 | 598 | 578 |
|  | **24688** | **22015** | **95094** | **85950** |
| *Cost of software packages and others* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For own use | 759 | 655 | 2846 | 2467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third party items bought for service delivery to clients | 3210 | 3244 | 12876 | 13444 |
|  | **3969** | **3899** | **15722** | **15911** |
| *Other expenses* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 409 | 322 | 1531 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power and fuel | 54 | 50 | 223 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brand and marketing | 363 | 344 | 1351 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rates and taxes | 64 | 77 | 308 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumables | 64 | 66 | 248 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 82 | 73 | 335 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for post-sales client support and others | (106) | (228) | (167) | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission to non-whole time directors | 5 | 5 | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss recognized / (reversed) under expected credit loss model | (55) | (53) | 33 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions towards Corporate Social Responsibility | 177 | 92 | 623 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 235 | 145 | 840 | 607 |
|  | **1292** | **893** | **5343** | **4787** |

---

**2.18.1 Impact of Labour Codes**

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ('Labour Codes') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes, amongst other things introduces changes, including a uniform definition of wages and enhanced benefits relating to leave. The Group has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and increase in leave liability by ![](rupee-symbol.gif)1,289 crore. Considering the impact arising out of an enactment of the new legislation is an event of non-recurring nature, the Group has presented this incremental amount as "Impact of Labour Codes" under "Exceptional Item" in the Condensed Consolidated Statement of Profit and Loss for the year ended March 31, 2026. The Group continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of the employee benefits liability.

**2.19 Leases**

**Accounting Policy**

**The Group as a lessee** 

The Group's lease asset classes primarily consist of leases for land, buildings and computers. The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the group assesses whether: (1) the contract involves the use of an identified asset (2) the Group has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the Group has the right to direct the use of the asset.

At the date of commencement of the lease, the Group recognizes a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

As a lessee, the Group determines the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Group makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Group considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to Group's operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset.

Right-of-use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right-of-use asset if the Group changes its assessment if whether it will exercise an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

**The Group as a lessor** 

Leases for which the Group is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

For finance lease, finance income is recognised over the lease term based on a pattern reflecting a constant periodic rate of return on the lessor's net investment in the lease and for operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.

Following are the changes in the carrying value of right-of-use assets for the three months ended March 31, 2026:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | <br>**Total** |
| **Balance as at January 1, 2026** | **548** | **3270** | **24** | **2273** | **6115** |
| Additions<sup>\*</sup> | *–* | 161 | 5 | 677 | 843 |
| Deletions | *–* | (18) | (1) | (383) | (402) |
| Depreciation | (1) | (186) | (4) | (281) | (472) |
| Translation difference | 3 | 23 | 2 | 65 | 93 |
| **Balance as at March 31, 2026** | **550** | **3250** | **26** | **2351** | **6177** |

---

** 

*<sup>\*</sup> Net of adjustments on account of modifications.*

Following are the changes in the carrying value of right-of-use assets for the three months ended March 31, 2025:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | <br>**Total** |
| **Balance as of January 1, 2025** | **601** | **3339** | **24** | **2381** | **6345** |
| Additions<sup>\*</sup> | *–* | 284 | 2 | 370 | 656 |
| Deletions | *–* | (104) | *–* | (192) | (296) |
| Depreciation | (1) | (180) | (3) | (223) | (407) |
| Translation difference | *–* | 9 | 1 | 3 | 13 |
| **Balance as of March 31, 2025** | **600** | **3348** | **24** | **2339** | **6311** |

---

** 

*<sup>\*</sup> Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2026:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | <br>**Total** |
| **Balance as of April 1, 2025** | **600** | **3348** | **24** | **2339** | **6311** |
| Additions<sup>\*</sup> | *–* | 585 | 12 | 1940 | 2537 |
| Deletions | (54) | (50) | (3) | (1072) | (1179) |
| Depreciation | (6) | (748) | (12) | (1124) | (1890) |
| Translation difference | 10 | 115 | 5 | 268 | 398 |
| **Balance as of March 31, 2026** | **550** | **3250** | **26** | **2351** | **6177** |

---

*<sup>\*</sup> Net of adjustments on account of modifications.*

Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2025:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | <br>**Total** |
| **Balance as of April 1, 2024** | **605** | **3298** | **17** | **2632** | **6552** |
| Additions<sup>\*</sup> | *–* | 816 | 13 | 1306 | 2135 |
| Addition due to Business Combination *(Refer to Note 2.1)* | *–* | 155 | 5 | *–* | 160 |
| Deletions | *–* | (236) | (6) | (652) | (894) |
| Depreciation | (6) | (714) | (11) | (965) | (1696) |
| Translation difference | 1 | 29 | 6 | 18 | 54 |
| **Balance as of March 31, 2025** | **600** | **3348** | **24** | **2339** | **6311** |

---

*<sup>\*</sup> Net of adjustments on account of modifications*

The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the interim condensed Consolidated Statement of Profit and Loss.

The following is the break-up of current and non-current lease liabilities as at March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Current lease liabilities | 3160 | 2455 |
| Non-current lease liabilities | 6016 | 5772 |
| **Total** | **9176** | **8227** |

---

**2.20 EARNINGS PER EQUITY SHARE**

**Accounting policy**

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

**2.21 CONTINGENT LIABILITIES AND COMMITMENTS** 

**Accounting policy**

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

**2.21.1 Contingent liability**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Contingent liabilities :** |  |  |
| Claims against the Group, not acknowledged as debts*<sup>(1)</sup>* | 3117 | 2953 |
| [Amount paid to statutory authorities ![](rupee-symbol.gif) 2,621 crore *(![](rupee-symbol.gif)4,207 crore)*] |  |  |

---

*<sup>(1)</sup>* As at March 31, 2026 and March 31, 2025, claims against the Group not acknowledged as debts in respect of income tax matters amounted to ![](rupee-symbol.gif) 1,964 crore and ![](rupee-symbol.gif)1,933 crore, respectively.

The claims against the Group primarily represent demands arising on completion of assessment proceedings under the Income Tax Act, 1961. These claims are on account of issues of disallowance of expenditure towards software being held as capital in nature, payments made to Associated Enterprises held as liable for withholding of taxes, among others. These matters are pending before various Income Tax Authorities and the Management including its tax advisors expect that its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Group's financial position and results of operations.

Amount paid to statutory authorities against the tax claims amounted to ![](rupee-symbol.gif)2,594 crore and ![](rupee-symbol.gif)4,199 crore as at March 31, 2026 and March 31, 2025, respectively.

**2.21.2 Legal Proceedings**

**McCamish Cybersecurity incident**

In November 2023, certain systems of Infosys McCamish Systems LLC ("McCamish"), a subsidiary of Infosys BPM Limited (a wholly owned subsidiary of Infosys Limited), were encrypted by ransomware, resulting in the non-availability of certain applications and systems. McCamish initiated its incident response and engaged cybersecurity and other specialists to assist in its investigation of and response to the incident and remediation and restoration of impacted applications and systems. By December 31, 2023, McCamish, with external specialists' assistance, substantially remediated and restored the affected applications and systems. McCamish in coordination with its third-party eDiscovery vendor has identified corporate customers and individuals whose information was subject to unauthorized access and exfiltration. McCamish processes personal data on behalf of its corporate customers.

From March 6, 2024 through July 25, 2024, six actions were filed in the U.S. District Court for the Northern District of Georgia against McCamish. The actions arise out of the cybersecurity incident at McCamish initially disclosed on November 3, 2023. All six actions have since been consolidated, and the consolidated class action complaint was filed on November 7, 2024, purportedly on behalf of all persons residing in the United States whose personally identifiable information was compromised in the incident, including all who were sent a notice of the incident. On March 13, 2025, McCamish and the plaintiffs engaged in mediation, resulting in an in-principle agreement that sets forth the terms of a proposed settlement of the class action lawsuits against McCamish, as well as seven class action lawsuits arising out of the incident that have been filed against McCamish's customers. Under the settlement terms, McCamish agreed to pay $17.5 million (approximately ![](rupee-symbol.gif)150 crore) into a fund to settle these matters. McCamish had accrued for the settlement amount along with the insurance reimbursement receivable during the quarter ended March 31, 2025. On December 18, 2025, the Court granted final approval of the class action lawsuit settlement. The settlement amount has since been paid. The settlement has become effective and resolves all allegations made in the class action lawsuits filed against Infosys and certain of its customers without admission of any liability.

McCamish may incur additional costs including from indemnities or damages/claims, which are indeterminable at this time.

**Government Investigation**

The U.S. Department of Justice ("DOJ") is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees working for one of its clients in immigration documents filed with certain U.S. government authorities. The Company is engaged in discussions with the DOJ regarding its ongoing investigation and continues its own inquiry regarding the matter. At this stage, the Company is unable to predict the outcome of this matter, including whether such outcome could have a material adverse effect on the Company's business and results of operations.

**Others**

Apart from the foregoing, the Group is subject to legal proceedings and claims which have arisen in the ordinary course of business. The Group's management reasonably expects that such ordinary course legal actions, when ultimately concluded and determined, will not have a material and adverse effect on the Group's results of operations or financial condition.

**2.21.3 Commitments**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Estimated amount of contracts remaining to be executed on capital contracts and not provided for (net of advances and deposits)*<sup>(1)</sup>* | 1341 | 935 |
| Other commitments\* | 93 | 122 |

---

*<sup>(1)</sup>* Capital contracts primarily comprises of commitments for infrastructure facilities and computer equipment.

*\** *Uncalled capital pertaining to investments*

**2.22 RELATED PARTY TRANSACTIONS**

Refer Note 2.20 "Related party transactions" in the Company's 2026 Annual Report for the full names and other details of the Company's subsidiaries and controlled trusts.

**Changes in Subsidiaries**

During the year ended March 31, 2026, the following are the changes in the subsidiaries:

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| | |
|:---|:---|
| **.** | Infosys Energy Consulting Services LLC , a wholly-owned subsidiary of Infosys Nova Holdings LLC was incorporated on April 16, 2025. |

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| | |
|:---|:---|
| **.** | Infosys Saudi Arabia LLC, a wholly-owned subsidiary of Infosys Limited was incorporated on April 21, 2025. |

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| | |
|:---|:---|
| **.** | Infosys Australia Technology Service Pty Ltd, a wholly-owned subsidiary of Infosys Singapore Pte. Limited was incorporated on April 23, 2025. |

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| | |
|:---|:---|
| **.** | On April 30, 2025, Infosys Nova Holdings LLC , a wholly owned subsidiary of Infosys Limited, acquired 98.21% of voting interests in MRE Consulting Ltd along with its subsidiary MRE Technology Services, LLC. The remaining 1.79% was acquired by Infosys Energy Consulting Services LLC , a Wholly-owned subsidiary of Infosys Nova Holdings LLC. |

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| | |
|:---|:---|
| **.** | On April 30, 2025, Infosys Australia Technology Service Pty Ltd, a wholly owned subsidiary of Infosys Singapore Pte. Limited, acquired 100% of voting interests in The Missing Link Automation Pty Ltd, The Missing Link Network Integration Pty Ltd and The Missing Link Security Pty Ltd along with its subsidiary The Missing Link Security Ltd. |

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| | |
|:---|:---|
| **.** | in-tech Automotive Engineering de. R L de. C V, a wholly-owned subsidiary of in-tech GmbH has been liquidated effective May 07, 2025. |

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| | |
|:---|:---|
| **.** | On May 13, 2025, Infosys Singapore Pte Ltd diluted 2% stake of HIPUS Co., Ltd to Mitsubishi Heavy Industries, Ltd. |

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| | |
|:---|:---|
| **.** | Infosys BPM Canada Inc, a Wholly-owned subsidiary of Infosys BPM UK Limited was incorporated on July 28, 2025 |

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| | |
|:---|:---|
| **.** | Infosys Germany Gmbh, a Wholly-owned subsidiary of Infosys Singapore Pte Ltd merged into Infosys Germany SE (formerly known as Blitz 24-893 SE) effective September 24, 2025 |

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| | |
|:---|:---|
| **.** | in-tech Engineering services S.R.L, (Wholly-owned subsidiary of in-tech GmbH) merged into ProIT (Wholly-owned subsidiary of in-tech GmbH) effective November 30, 2025 |

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| | |
|:---|:---|
| **.** | Infosys Consulting S.R.L. (Argentina) (formerly a majority owned and controlled subsidiary of Infosys Limited) became the majority owned and controlled subsidiary of Infosys Nova Holdings LLC with effect from January 28, 2026 |

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| | |
|:---|:---|
| **.** | Infosys Enterprise Business Services Pty Ltd , a wholly-owned subsidiary of Infosys Singapore Pte Ltd was incorporated on March 19, 2026. |

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**Transaction with key management personnel:**

The table below describes the compensation to key management personnel which comprise directors and executive officers:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** | **2026** | **2025** |
| Salaries and other short term employee benefits to whole-time directors and executive officers *<sup>(1)(2)</sup>* | 35 | 33 | 124 | 118 |
| Commission and other benefits to non-executive/independent directors | 5 | 5 | 20 | 19 |
| **Total** | **40** | **38** | **144** | **137** |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Total employee stock compensation expense for the three months ended March 31, 2026 and March 31, 2025 includes a charge of ![](rupee-symbol.gif) 18 crore and ![](rupee-symbol.gif) 18 crore, respectively, towards key management personnel. For the year ended March 31, 2026 and March 31, 2025 includes a charge of ![](rupee-symbol.gif) 70 crore and ![](rupee-symbol.gif) 70 crore, respectively, towards key management personnel. (Refer to Note 2.11)* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Does not include post-employment benefits and other long-term benefits based on actuarial valuation as these are done for the Company as a whole.* 

**2.23 SEGMENT REPORTING**

Ind AS 108, Operating segments, establishes standards for the way that public business enterprises report information about operating segments and related disclosures about products and services, geographic areas, and major customers. The Group's operations predominantly relate to providing end-to-end business solutions to enable clients to enhance business performance. The Chief Operating Decision Maker (CODM) evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the accounting policies.

Business segments of the Group are primarily enterprises in Financial Services and Insurance, enterprises in Manufacturing, enterprises in Retail, Consumer Packaged Goods and Logistics, enterprises in the Energy, Utilities, Resources and Services, enterprises in Communication, Telecom OEM and Media, enterprises in Hi-Tech, enterprises in Life Sciences and Healthcare and all other segments. The Financial services reportable segments has been aggregated to include the Financial Services operating segment and Finacle operating segment because of the similarity of the economic characteristics. All other segments represent the operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services.

Revenue and identifiable operating expenses in relation to segments are categorized based on items that are individually identifiable to that segment. Revenue for 'all other segments' represents revenue generated by Infosys Public services and revenue generated from customers located in India, Japan and China and other enterprises in Public services. Allocated expenses of segments include expenses incurred for rendering services from the Group's offshore software development centers and on-site expenses, which are categorized in relation to the associated efforts of the segment. Certain expenses such as depreciation and amortization, which form a significant component of total expenses, are not specifically allocable to specific segments as the underlying assets are used interchangeably. The Management believes that it is not practical to provide segment disclosures relating to those costs and expenses, and accordingly these expenses are separately disclosed as "unallocated" and adjusted against the total income of the Group.

Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

Business segment revenue information is collated based on individual customers invoiced or in relation to which the revenue is otherwise recognized.

Disclosure of revenue by geographic locations is given in note 2.16 Revenue from operations.

**Business Segments**

Three months ended March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Financial Services <sup>(1)</sup>** | **Manufacturing** | **Energy, Utilities, Resources and Services** | **Retail <sup>(2)</sup>** | **Communication <sup>(3)</sup>** | **Hi-Tech** | **Life Sciences <sup>(4)</sup>** | **All other segments <sup>(5)</sup>** | **Total** |
| Revenue from operations | 12976 | 7358 | 6114 | 5958 | 5752 | 3558 | 3393 | 1293 | 46402 |
|  | *11614* | *6527* | *5308* | *5440* | *4798* | *3397* | *2765* | *1076* | *40925* |
| Identifiable operating expenses | 6977 | 4501 | 3349 | 2952 | 3635 | 1974 | 2148 | 769 | 26305 |
|  | *6665* | *4182* | *2771* | *2736* | *3074* | *2005* | *1639* | *613* | 23685 |
| Allocated expenses | 2589 | 1316 | 1217 | 1195 | 1090 | 654 | 586 | 283 | 8930 |
|  | *2001* | *1149* | *960* | *1064* | *888* | *597* | *509* | *198* | *7366* |
| **Segment Profit** | **3410** | **1541** | **1548** | **1811** | **1027** | **930** | **659** | **241** | **11167** |
|  | *2948* | *1196* | *1577* | *1640* | *836* | *795* | *617* | *265* | *9874* |
| Unallocable expenses |  |  |  |  |  |  |  |  | 1424 |
|  |  |  |  |  |  |  |  |  | *1299* |
| Other income, net |  |  |  |  |  |  |  |  | 1159 |
|  |  |  |  |  |  |  |  |  | *1190* |
| Finance cost |  |  |  |  |  |  |  |  | 105 |
|  |  |  |  |  |  |  |  |  | *102* |
| **Profit before tax** |  |  |  |  |  |  |  |  | **10797** |
|  |  |  |  |  |  |  |  |  | *9663* |
| Income tax expense |  |  |  |  |  |  |  |  | 2288 |
|  |  |  |  |  |  |  |  |  | *2625* |
| **Net Profit** |  |  |  |  |  |  |  |  | **8509** |
|  |  |  |  |  |  |  |  |  | *7038* |
| Depreciation and amortization |  |  |  |  |  |  |  |  | 1424 |
|  |  |  |  |  |  |  |  |  | *1299* |
| Non-cash expenses other than depreciation and amortization |  |  |  |  |  |  |  |  | – |

---

Year ended March 31, 2026 and March 31, 2025:

 

 

 

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Financial Services <sup>(1)</sup>** | **Manufacturing** | **Energy, Utilities, Resources and Services** | **Retail <sup>(2)</sup>** | **Communication <sup>(3)</sup>** | **Hi-Tech** | **Life Sciences <sup>(4)</sup>** | **All other segments <sup>(5)</sup>** | **Total** |
| Revenue from operations | 49908 | 29078 | 23818 | 23077 | 21765 | 13928 | 12267 | 4809 | 178650 |
|  | *45175* | *25207* | *21710* | *22059* | *19108* | *13090* | *11831* | *4810* | *162990* |
| Identifiable operating expenses | 27877 | 17797 | 13327 | 11529 | 13908 | 8286 | 7667 | 2956 | 103347 |
|  | *25871* | *16167* | *11882* | *10931* | *12420* | *7592* | *7166* | *2986* | *95015* |
| Allocated expenses | 9353 | 4837 | 4507 | 4459 | 3996 | 2414 | 2156 | 1136 | 32858 |
|  | *8205* | *4184* | *3731* | *3995* | *3347* | *2278* | *2002* | *997* | *28739* |
| **Segment Profit** | **12678** | **6444** | **5984** | **7089** | **3861** | **3228** | **2444** | **717** | **42445** |
|  | *11099* | *4856* | *6097* | *7133* | *3341* | *3220* | *2663* | *827* | *39236* |
| Unallocable expenses\* |  |  |  |  |  |  |  |  | 6191 |
|  |  |  |  |  |  |  |  |  | *4812* |
| Other income, net |  |  |  |  |  |  |  |  | 4157 |
|  |  |  |  |  |  |  |  |  | *3600* |
| Finance cost |  |  |  |  |  |  |  |  | 416 |
|  |  |  |  |  |  |  |  |  | *416* |
| **Profit before tax** |  |  |  |  |  |  |  |  | **39995** |
|  |  |  |  |  |  |  |  |  | *37608* |
| Income tax expense |  |  |  |  |  |  |  |  | 10521 |
|  |  |  |  |  |  |  |  |  | *10858* |
| **Net Profit** |  |  |  |  |  |  |  |  | **29474** |
|  |  |  |  |  |  |  |  |  | *26750* |
| Depreciation and amortization expense |  |  |  |  |  |  |  |  | 4902 |
|  |  |  |  |  |  |  |  |  | *4812* |
| Non-cash expenses other than depreciation and amortization |  |  |  |  |  |  |  |  | – |

---

*<sup>(1)</sup>* *Financial Services include enterprises in Financial Services and Insurance*

*<sup>(2)</sup>* *Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics*

*<sup>(3)</sup>* *Communication includes enterprises in Communication, Telecom OEM and Media*

*<sup>(4)</sup>* *Life Sciences includes enterprises in Life sciences and Health care*

*<sup>(5)</sup>* *Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services*

*\** *Unallocable expense includes impact of* ![](rupee-symbol.gif) *1289 crore towards impact of Labour Codes for the year ended March 31, 2026 (refer to note 2.18.1)*

**Significant clients**

No client individually accounted for more than 10% of the revenues for the three months and year ended March 31, 2026 and March 31, 2025, respectively.

*for and on behalf of the Board of Directors of Infosys Limited*

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br> DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br> DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br> DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br> Membership No. A21918 |

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**INDEPENDENT AUDITOR'S REPORT**

**TO THE MEMBERS OF INFOSYS LIMITED**

**Report on the Audit of the Consolidated Financial Statements**

**Opinion**

We have audited the accompanying consolidated financial statements of **INFOSYS LIMITED** (the "Company") and its subsidiaries (the Company and its subsidiaries together referred to as the "Group") which comprise the Consolidated Balance Sheet as at March 31, 2026, and the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows for the year ended on that date, and notes to the financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the "Consolidated Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Consolidated Financial Statements, give the information required by the Companies Act, 2013 (the "Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act, ("Ind AS") and other accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at March 31, 2026 and their consolidated profit, their consolidated other comprehensive income, their consolidated changes in equity and their consolidated cash flows for the year ended on that date.

**Basis for Opinion**

We conducted our audit of the Consolidated Financial Statements in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the Consolidated Financial Statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Consolidated Financial Statements.

**Key Audit Matters**

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Consolidated Financial Statements of the current period. These matters were addressed in the context of our audit of the Consolidated Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

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| | | |
|:---|:---|:---|
| **Sr. No.** | **Key Audit Matter** | **Auditor's Response** |
| 1 | **Revenue recognition** | &nbsp;&nbsp; Principal Audit Procedures Performed included the following:<br>|
|  | &nbsp;&nbsp; The Group's contracts with customers include contracts with multiple products and services. The group derives revenues from IT services comprising software development and related services, maintenance, consulting and package implementation, licensing of software products and platforms across the Group's core and digital offerings and business process management services. The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables involves significant judgement.<br>In certain integrated services arrangements, contracts with customers include subcontractor services or third-party vendor equipment or software. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before it is transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the products or service and therefore, is acting as a principal or an agent.<br>Fixed price maintenance revenue is recognized ratably either on (1) a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or (2) using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the Group's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.<br>As certain contracts with customers involve management's judgment in (1) identifying distinct performance obligations, (2) determining whether the Group is acting as a principal or an agent and (3) whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of completion method, revenue recognition from these judgments were identified as a key audit matter and required a higher extent of audit effort.<br>Refer Notes 1.5 and 2.18 to the Consolidated Financial Statements.<br>| &nbsp;&nbsp; Our audit procedures related to the (1) identification of distinct performance obligations, (2) determination of whether the Group is acting as a principal or agent and (3) whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of completion method included the following, among others:<br>· We tested the effectiveness of controls relating to the (a) identification of distinct performance obligations, (b) determination of whether the Group is acting as a principal or an agent and (c) determination of whether fixed price maintenance revenue for certain contracts is recognized on a straight-line basis or using the percentage of completion method. <br>· We selected a sample of contracts with customers and performed the following procedures: <br> – Obtained and read contract documents for each selection, including master service agreements, and other documents that were part of the agreement.<br>– Identified significant terms and deliverables in the contract to assess management's conclusions regarding the (i) identification of distinct performance obligations (ii) whether the Group is acting as a principal or an agent and (iii) whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of completion method |
| 2 | &nbsp;&nbsp; **Revenue recognition - Fixed price contracts using the percentage of completion method** <br> **** | &nbsp;&nbsp; Principal Audit Procedures Performed included the following:<br> **** |
|  | &nbsp;&nbsp; Fixed price maintenance revenue is recognized ratably either (1) on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or (2) using a percentage of completion method when the pattern of benefits from services rendered to the customer and the Group's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method.<br>Use of the percentage-of-completion method requires the Group to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information. Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.<br>We identified the estimate of total efforts or costs to complete fixed price contracts measured using the percentage of completion method as a key audit matter as the estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information. This estimate has a high inherent uncertainty and requires consideration of progress of the contract, efforts or costs incurred to-date and estimates of efforts or costs required to complete the remaining contract performance obligations over the term of the contracts.<br>This required a high degree of auditor judgment in evaluating the audit evidence and a higher extent of audit effort to evaluate the reasonableness of the total estimated amount of revenue recognized on fixed-price contracts.<br>Refer Notes 1.5 and 2.18 to the Consolidated Financial Statements.<br>| &nbsp;&nbsp; Our audit procedures related to estimates of total expected costs or efforts to complete for fixed-price contracts included the following, among others:<br>· We tested the effectiveness of controls relating to (1) recording of efforts or costs incurred and estimation of efforts or costs required to complete the remaining contract performance obligations and (2) access and application controls pertaining to time recording, allocation and budgeting systems which prevents unauthorised changes to recording of efforts incurred. <br> · We selected a sample of fixed price contracts with customers measured the using percentage-of-completion method and performed the following: <br> – Evaluated management's ability to reasonably estimate the progress towards satisfying the performance obligation by comparing actual efforts or costs incurred to prior year estimates of efforts or costs budgeted for performance obligations that have been fulfilled.<br>– Compared efforts or costs incurred with Group's estimate of efforts or costs incurred to date to identify significant variations and evaluate whether those variations have been considered appropriately in estimating the remaining costs or efforts to complete the contract. <br>– Tested the estimate for consistency with the status of delivery of milestones and customer acceptances and sign off from customers to identify possible delays in achieving milestones, which require changes in estimated costs or efforts to complete the remaining performance obligations. <br>|

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**Information Other than the Financial Statements and Auditor's Report Thereon**

The Company's Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board's Report including Annexures to Board's Report, Business Responsibility and Sustainability Report, Corporate Governance and Shareholder's Information, but does not include the Consolidated Financial Statements, standalone financial statements and our auditor's report thereon.

Our opinion on the Consolidated Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the other information, consider whether the other information is materially inconsistent with the Consolidated Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

**Responsibilities of Management and Board of Directors for the Consolidated Financial Statements**

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation and presentation of these Consolidated Financial Statements that give a true and fair view of the consolidated financial position, consolidated financial performance including other comprehensive income, consolidated changes in equity and consolidated cash flows of the Group in accordance with the accounting principles generally accepted in India, including Ind AS specified under section 133 of the Act. The respective Boards of Directors/Trustees of the entities included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Consolidated Financial Statements by the Directors of the Company, as aforesaid.

In preparing the Consolidated Financial Statements, the respective Boards of Directors/Trustees of the entities included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intends to liquidate their respective entities or to cease operations, or have no realistic alternative but to do so.

The respective Boards of Directors/Trustees of the entities included in the Group are also responsible for overseeing the financial reporting process of the Group.

**Auditor's Responsibilities for the Audit of the Consolidated Financial Statements**

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks
of material misstatement of the Consolidated Financial Statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal
financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Act, we are also responsible for expressing our opinion on whether the Company and its subsidiary companies which are companies
incorporated in India, has adequate internal financial controls with reference to Consolidated Financial Statements in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness
of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness
of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures
in the Consolidated Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease
to continue as a going concern.

• Evaluate the overall presentation,
structure and content of the Consolidated Financial Statements, including the disclosures, and whether the Consolidated Financial Statements
represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate
audit evidence regarding the financial information of the entities within the Group to express an opinion on the Consolidated Financial
Statements.

Materiality is the magnitude of misstatements in the Consolidated Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Consolidated Financial Statements.

We communicate with those charged with governance of the Company and such other entities included in the Consolidated Financial Statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Consolidated Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

**Report on Other Legal and Regulatory Requirements**

1. As required by Section 143(3)
of the Act, based on our audit we report that:

a) We have
sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes
of our audit of the aforesaid Consolidated Financial Statements.

b) In our
opinion, proper books of account as required by law relating to preparation of the aforesaid Consolidated Financial Statements have been
kept by the Group, including relevant records so far as it appears from our examination of those books.

c) The Consolidated
Balance Sheet, the Consolidated Statement of Profit and Loss including Other Comprehensive Income, Consolidated Statement of Changes in
Equity and the Consolidated Statement of Cash Flows dealt with by this Report are in agreement with the relevant books of account maintained
for the purpose of preparation of the Consolidated Financial Statements.

d) In our
opinion, the aforesaid Consolidated Financial Statements comply with the Ind AS specified under section 133 of the Act.

e) On the
basis of the written representations received from the directors of the Company as on March 31, 2026 taken on record by the Board of Directors
of the Company and the reports of the statutory auditors of its subsidiary companies incorporated in India, none of the directors of the
Group companies incorporated in India is disqualified as on March 31, 2026 from being appointed as a director in terms of Section 164
(2) of the Act.

f) With respect
to the adequacy of the internal financial controls with reference to Consolidated Financial Statements and the operating effectiveness
of such controls, refer to our separate Report in "Annexure A" which is based on the auditors' reports of the Company
and its subsidiary companies incorporated in India. Our report expresses an unmodified opinion on the adequacy and operating effectiveness
of internal financial controls with reference to Consolidated Financial Statements of those companies.

g) With respect
to the other matters to be included in the Auditor's Report in accordance with the requirements of section 197(16) of the Act, as
amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the
Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

h) With respect
to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014, as amended in our opinion and to the best of our information and according to the explanations given to us:

i) The Consolidated Financial Statements
disclose the impact of pending litigations on the consolidated financial position of the Group. Refer Note 2.24 to the Consolidated Financial
Statements.

ii) The Group has made provision as required under applicable law or accounting standards for material foreseeable losses. Refer Note 2.16 to the Consolidated Financial Statements. The Group did not have any long-term derivative contracts.

iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company and its subsidiary companies incorporated in India.

iv) (a) The respective Managements of the Company and its subsidiaries which are companies incorporated in India, whose financial statements have been audited under the Act, have represented to us that, to the best of their knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company or any of such subsidiaries to or in any other person or entity, outside the Group, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company or any of such subsidiaries ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. (b) The respective Managements of the Company and its subsidiaries which are companies incorporated in India, whose financial statements have been audited under the Act, have represented to us that, to the best of their knowledge and belief, no funds have been received by the Company or any of such subsidiaries from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company or any of such subsidiaries shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. (c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us on the Company and its subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v) As stated in Note 2.12 to the
Consolidated Financial Statements

a. The final dividend proposed in
the previous year, declared and paid by the Company during the year is in accordance with Section 123 of the Act, as applicable.

b. The interim dividend declared
and paid by the Company during the year and until the date of this report is in compliance with Section 123 of the Act.

c. The Board of Directors of the
Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting.
The amount of dividend proposed is in accordance with section 123 of the Act, as applicable.

vi) Based on our examination which included test checks, performed by us on the Company and its subsidiaries incorporated in India, except for the instances mentioned below, have used accounting software systems for maintaining their respective books of account for the financial year ended March 31, 2026 which have the feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software systems. Further, during the course of audit, we have not come across any instance of the audit trail feature being tampered with. Additionally, the audit trail has been preserved by the Parent Company and above referred subsidiary companies incorporated in India as per the statutory requirements for record retention. The financial statements of five subsidiaries that are not material to the Consolidated Financial Statements of the Group, have not been audited under the provisions of the Act as of the date of this report. Therefore, we are unable to comment on the reporting requirement under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 in respect of these five subsidiaries.

2. With respect to the matters specified
in paragraphs 3(xxi) and 4 of the Companies (Auditor's Report) Order, 2020 (the "Order"/ "CARO") issued
by the Central Government in terms of Section 143(11) of the Act, to be included in the Auditor's report, according to the information
and explanations given to us, and based on the Auditor's Reports on the financial statements of Company and its subsidiaries as
at and for the year ended March 31, 2026, included in the Consolidated Financial Statements of the Group, we report in respect of those
companies where audits have been completed under section 143 of the Act, we have not reported any qualifications or adverse remarks. In
respect of the following company included in the consolidated financial statements of the Company, whose audit under section 143 of the
Act has not yet been completed, the CARO report as applicable in respect of these subsidiaries are not available.

---

| | | |
|:---|:---|:---|
| Name of the Company | CIN | Relationship |
| Idunn Information Technology Private Limited | U74900KA2012PTC063260 | Subsidiary |
| InSemi Technology Services Private Limited | U72200KA2013PTC069109 | Subsidiary |
| Elbrus Labs Private Limited | U72200DL2018PTC339939 | Subsidiary |
| in-tech Group India Private Limited | U72900KL2022FTC076055 | Subsidiary |

---

---

| | |
|:---|:---|
| Place: Bengaluru<br> Date: April 23, 2026 | **For DELOITTE HASKINS & SELLS LLP**<br> Chartered Accountants<br> (Firm's Registration No. 117366W/W-100018)<br>**Vikas Bagaria**<br> Partner<br> (Membership No.060408)<br> UDIN: 26060408HXRWWF7979  |

---

**ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT**

(Referred to in paragraph 1(f) under 'Report on Other Legal and Regulatory Requirements' section of our report to the Members of Infosys Limited of even date)

**Report on the Internal Financial Controls with reference to Consolidated Financial Statements under Clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 (the "Act")**

In conjunction with our audit of the Consolidated Financial Statements of the Company as of and for the year ended March 31, 2026, we have audited the internal financial controls with reference to Consolidated Financial Statements of **INFOSYS LIMITED** (hereinafter referred to as the "Company") and its subsidiary companies, which are companies incorporated in India, as of that date.

**Management's and Board of Directors' Responsibilities for Internal Financial Controls**

The respective Company's management and Boards of Directors of the Company and its subsidiary companies, which are companies incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the respective Companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the "ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

**Auditor's Responsibility**

Our responsibility is to express an opinion on the internal financial controls with reference to Consolidated Financial Statements of the Company and its subsidiary companies, which are companies incorporated in India, based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India ("ICAI") and the Standards on Auditing, prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to Consolidated Financial Statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to Consolidated Financial Statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to Consolidated Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to Consolidated Financial Statements included obtaining an understanding of internal financial controls with reference to Consolidated Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to Consolidated Financial Statements of the Company and its subsidiary companies, which are companies incorporated in India.

**Meaning of Internal Financial Controls with reference to Consolidated Financial Statements**

A company's internal financial control with reference to Consolidated Financial Statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control with reference to Consolidated Financial Statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

**Inherent Limitations of Internal Financial Controls with reference to Consolidated Financial Statements**

Because of the inherent limitations of internal financial controls with reference to Consolidated Financial Statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to Consolidated Financial Statements to future periods are subject to the risk that the internal financial control with reference to Consolidated Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

**Opinion**

In our opinion and to the best of our information and according to the explanations given to us, the Company and its subsidiary companies, which are companies incorporated in India, have, in all material respects, an adequate internal financial controls system with reference to Consolidated Financial Statements and such internal financial controls with reference to Consolidated Financial Statements were operating effectively as at March 31, 2026, based on the criteria for internal financial control with reference to Consolidated Financial Statements established by the respective companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For DELOITTE HASKINS & SELLS LLP**<br> Chartered Accountants<br> (Firm's Registration No. 117366W/W-100018) |
| Place: Bengaluru<br> Date: April 23, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Vikas Bagaria**<br> Partner<br> (Membership No.060408)<br> UDIN: 26060408HXRWWF7979<br>|

---

**INFOSYS LIMITED AND SUBSIDIARIES**

<br> ***Consolidated Financial Statements under Indian Accounting Standards (Ind AS) for the year ended March 31, 2026***

---

| |
|:---|
| &nbsp;&nbsp;**Index** |
| &nbsp;&nbsp;Consolidated Balance Sheet |
| &nbsp;&nbsp;Consolidated Statement of Profit and Loss |
| &nbsp;&nbsp;Consolidated Statement of Changes in Equity |
| &nbsp;&nbsp;Consolidated Statement of Cash Flows |
| &nbsp;&nbsp;**Overview and Notes to the Consolidated Financial Statements** |
| &nbsp;&nbsp;**1. Overview** |
| &nbsp;&nbsp;1.1 Company overview |
| &nbsp;&nbsp;1.2 Basis of preparation of financial statements |
| &nbsp;&nbsp;1.3 Basis of consolidation |
| &nbsp;&nbsp;1.4 Use of estimates and judgments |
| &nbsp;&nbsp;1.5 Critical accounting estimates and judgments |
| &nbsp;&nbsp;**2. Notes to the Consolidated Financial Statements** |
| &nbsp;&nbsp;2.1 Business Combinations |
| &nbsp;&nbsp;2.2 Property, plant and equipment |
| &nbsp;&nbsp;2.3 Capital work*–*in*–*progress |
| &nbsp;&nbsp;2.4 Goodwill and other intangible assets |
| &nbsp;&nbsp;2.5 Investments |
| &nbsp;&nbsp;2.6 Loans |
| &nbsp;&nbsp;2.7 Other financial assets |
| &nbsp;&nbsp;2.8 Trade receivables |
| &nbsp;&nbsp;2.9 Cash and cash equivalents |
| &nbsp;&nbsp;2.10 Other assets |
| &nbsp;&nbsp;2.11 Financial instruments |
| &nbsp;&nbsp;2.12 Equity |
| &nbsp;&nbsp;2.13 Other financial liabilities |
| &nbsp;&nbsp;2.14 Trade Payables |
| &nbsp;&nbsp;2.15 Other liabilities |
| &nbsp;&nbsp;2.16 Provisions |
| &nbsp;&nbsp;2.17 Income taxes |
| &nbsp;&nbsp;2.18 Revenue from operations |
| &nbsp;&nbsp;2.19 Other income, net |
| &nbsp;&nbsp;2.20 Expenses |
| &nbsp;&nbsp;2.21 Leases |
| &nbsp;&nbsp;2.22 Employee benefits |
| &nbsp;&nbsp;2.23 Earnings per equity share |
| &nbsp;&nbsp;2.24 Contingent liabilities and commitments |
| &nbsp;&nbsp;2.25 Related party transactions |
| &nbsp;&nbsp;2.26 Segment reporting |

---

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Consolidated Balance Sheets as at** | **Note No.** | **March 31, 2026** | **March 31, 2025** |
| **ASSETS** |  |  |  |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 2.2 | 12651 | 11778 |
| Right-of-use assets | 2.21 | 6177 | 6311 |
| Capital work-in-progress | 2.3 | 526 | 814 |
| Goodwill | 2.4.1 and 2.1 | 12117 | 10106 |
| Other intangible assets | 2.4.2 | 2825 | 2766 |
| Financial assets |  |  |  |
| Investments | 2.5 | 8930 | 11059 |
| Loans | 2.6 | 6 | 16 |
| Other financial assets | 2.7 | 2776 | 3511 |
| Deferred tax assets (net) | 2.17 | 2264 | 1108 |
| Income tax assets (net) | 2.17 | 666 | 1622 |
| Other non-current assets | 2.10 | 3540 | 2713 |
| **Total non-current assets** |  | **52478** | **51804** |
| **Current assets** |  |  |  |
| Financial assets |  |  |  |
| Investments | 2.5 | 12950 | 12482 |
| Trade receivables | 2.8 | 35234 | 31158 |
| Cash and cash equivalents | 2.9 | 22201 | 24455 |
| Loans | 2.6 | 234 | 249 |
| Other financial assets | 2.7 | 15890 | 13840 |
| Income tax assets (net) | 2.17 | 1835 | 2975 |
| Other current assets | 2.10 | 15145 | 11940 |
| **Total current assets** |  | **103489** | **97099** |
| **Total assets** |  | **155967** | **148903** |
| **EQUITY AND LIABILITIES** |  |  |  |
| **Equity** |  |  |  |
| Equity share capital | 2.12 | 2024 | 2073 |
| Other equity |  | 90828 | 93745 |
| **Total equity attributable to equity holders of the Company** |  | **92852** | **95818** |
| Non-controlling interests |  | 445 | 385 |
| **Total equity** |  | **93297** | **96203** |
| **Liabilities** |  |  |  |
| **Non-current liabilities** |  |  |  |
| Financial Liabilities |  |  |  |
| Lease liabilities | 2.21 | 6016 | 5772 |
| Other financial liabilities | 2.13 | 2092 | 2141 |
| Deferred tax liabilities (net) | 2.17 | 1679 | 1722 |
| Other non-current liabilities | 2.15 | 561 | 215 |
| **Total non-current liabilities** |  | **10348** | **9850** |
| **Current liabilities** |  |  |  |
| Financial Liabilities |  |  |  |
| Lease liabilities | 2.21 | 3160 | 2455 |
| Trade payables | 2.14 | 4744 | 4164 |
| Other financial liabilities | 2.13 | 21483 | 18138 |
| Other current liabilities | 2.15 | 15779 | 11765 |
| Provisions | 2.16 | 1512 | 1475 |
| Income tax liabilities (net) | 2.17 | 5644 | 4853 |
| **Total current liabilities** |  | **52322** | **42850** |
| **Total equity and liabilities** |  | **155967** | **148903** |

---

 

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br> DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br> DIN: 01876159 | &nbsp;&nbsp; Bobby Parikh<br> *Director*<br> DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br> Membership No. A21918 |  |

---

 

 

*(In ![](rupee-symbol.gif) crore, except equity share and per equity share data)*

---

| | | | |
|:---|:---|:---|:---|
| **Consolidated Statement of Profit and Loss for the** | **Note No.** | **Year ended March 31,** | **Year ended March 31,** |
|  |  | **2026** | **2025** |
| Revenue from operations | 2.18 | 178650 | 162990 |
| Other income, net | 2.19 | 4322 | 3600 |
| **Total income** |  | **182972** | **166590** |
| **Expenses** |  |  |  |
| Employee benefit expenses | 2.22 | 95094 | 85950 |
| Cost of technical sub-contractors |  | 15421 | 12937 |
| Travel expenses |  | 2097 | 1894 |
| Cost of software packages and others | 2.20 | 15722 | 15911 |
| Communication expenses |  | 603 | 620 |
| Consultancy and professional charges |  | 2090 | 1655 |
| Depreciation and amortization expenses | 2.2, 2.4.2 and 2.21 | 4902 | 4812 |
| Finance cost |  | 416 | 416 |
| Other expenses | 2.20 | 5343 | 4787 |
| **Total expenses** |  | **141688** | **128982** |
| **Profit before exceptional item and tax** |  | **41284** | **37608** |
| **Exceptional item** |  |  |  |
| Impact of Labour Codes | 2.20.1 | 1289 | *–* |
| **Profit before tax** |  | **39995** | **37608** |
| Tax expense: |  |  |  |
| Current tax | 2.17 | 11767 | 12130 |
| Deferred tax | 2.17 | (1246) | (1272) |
| **Profit for the year** |  | **29474** | **26750** |
| **Other comprehensive income** |  |  |  |
| *Items that will not be reclassified subsequently to profit or loss* |  |  |  |
| Remeasurement of the net defined benefit liability/asset, net | 2.22 | (288) | (92) |
| Equity instruments through other comprehensive income, net | 2.5 | 397 | 19 |
|  |  | **109** | **(73)** |
| *Items that will be reclassified subsequently to profit or loss* |  |  |  |
| Fair value changes on derivatives designated as cash flow hedge, net | 2.11 | (1) | (24) |
| Exchange differences on translation of foreign operations |  | 3256 | 357 |
| Fair value changes on investments, net | 2.5 | (27) | 199 |
|  |  | **3228** | **532** |
| **Total other comprehensive income /(loss), net of tax** |  | **3337** | **459** |
| **Total comprehensive income for the year** |  | **32811** | **27209** |
| **Profit attributable to:** |  |  |  |
| Owners of the Company |  | 29440 | 26713 |
| Non-controlling interests |  | 34 | 37 |
|  |  | **29474** | **26750** |
| **Total comprehensive income attributable to:** |  |  |  |
| Owners of the Company |  | 32750 | 27167 |
| Non-controlling interests |  | 61 | 42 |
|  |  | **32811** | **27209** |
| **Earnings per equity share** |  |  |  |
| Equity shares of par value ![](rupee-symbol.gif)5/- each |  |  |  |
| Basic (![](rupee-symbol.gif)) | 2.23 | 71.58 | 64.50 |
| Diluted (![](rupee-symbol.gif)) | 2.23 | 71.46 | 64.34 |
| Weighted average equity shares used in computing earnings per equity share |  |  |  |
| Basic (in shares) | 2.23 | 4112814745 | 4141611738 |
| Diluted (in shares) | 2.23 | 4120108168 | 4152051184 |

---

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br> DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br> DIN: 01876159 | &nbsp;&nbsp; Bobby Parikh<br> *Director*<br> DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br> Membership No. A21918 |  |

---

**Consolidated Statement of Changes in Equity**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | | | |
| | | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | | | |
| **Particulars**<br>| <br>**Equity Share capital <sup>(1)</sup>** | **Capital reserve** | **Capital redemption reserve** | **Securities Premium** | **Retained earnings** | **General reserve** | **Share Options Outstanding Account** | **Special Economic Zone Re-investment reserve <sup>(2)</sup>** | **Other reserves <sup>(3)</sup>** | **Equity instruments through other comprehensive income** | **Exchange differences on translating the financial statements of a foreign operation** | **Effective portion of Cash Flow Hedges** | **Other items of other comprehensive income / (loss)** | <br>**Total equity attributable to equity holders of the Company** | <br>**Non-controlling interest** | <br>**Total equity** |
| **Balance as at April 1, 2024** | **2071** | **54** | **169** | **616** | **68405** | **1214** | **913** | **12104** | **22** | **266** | **2552** | **6** | **(276)** | **88116** | **345** | **88461** |
| **Changes in equity for the year ended March 31, 2025** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Profit for the year | *–* | *–* | *–* | *–* | 26713 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 26713 | 37 | 26750 |
| Remeasurement of the net defined benefit liability/asset, net\* (Refer to<br> Note 2.22) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (92) | (92) | *–* | (92) |
| Equity instruments through other comprehensive income, net\* (Refer to Notes 2.5 and 2.17) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 19 | *–* | *–* | *–* | 19 | *–* | 19 |
| Fair value changes on derivatives designated as cash flow hedge, net\* (Refer to <br> Note 2.11) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (24) | *–* | (24) | *–* | (24) |
| Exchange differences on translation of foreign operations | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 352 | *–* | *–* | 352 | 5 | 357 |
| Fair value changes on investments, net\* (Refer to Notes 2.5 and 2.17) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 199 | 199 | *–* | 199 |
| **Total Comprehensive income for the year** |  ***–*** |  ***–*** |  ***–*** |  ***–*** | **26713** |  ***–*** |  ***–*** |  ***–*** |  ***–*** | **19** | **352** | **(24)** | **107** | **27167** | **42** | **27209** |
| Shares issued on exercise of employee stock options *(Refer to Note 2.12)* | 2 | *–* | *–* | 4 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 6 | *–* | 6 |
| Employee stock compensation expense *(Refer to Note 2.12)* | *–* | *–* | *–* | *–* | *–* | *–* | 785 | *–* | *–* | *–* | *–* | *–* | *–* | 785 | *–* | 785 |
| Transferred on account of exercise of stock options (Refer to note 2.12) | *–* | *–* | *–* | 471 | *–* | *–* | (471) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred on account of options not exercised | *–* | *–* | *–* | *–* | *–* | 198 | (198) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Income tax benefit arising on exercise of stock options | *–* | *–* | *–* | *–* | *–* | *–* | 39 | *–* | *–* | *–* | *–* | *–* | *–* | 39 | *–* | 39 |
| Transfer to legal reserve | *–* | *–* | *–* | *–* | (2) | *–* | *–* | *–* | 2 | *–* | *–* | *–* | *–* | *–* |  | *–* |
| Dividends <sup>(1)</sup> | *–* | *–* | *–* | *–* | (20295) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (20295) | *–* | (20295) |
| Dividends paid to non controlling interest of subsidiary | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (2) | (2) |
| Transferred to Special Economic Zone Re-investment reserve | *–* | *–* | *–* | *–* | (74) | *–* | *–* | 74 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve to retained earnings | *–* | *–* | *–* | *–* | 2999 | *–* | *–* | (2999) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve on utilization | *–* | *–* | *–* | *–* | 881 | *–* | *–* | (881) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| **Balance as at March 31, 2025** | **2073** | **54** | **169** | **1091** | **78627** | **1412** | **1068** | **8298** | **24** | **285** | **2904** | **(18)** | **(169)** | **95818** | **385** | **96203** |

---

**Consolidated Statement of Changes in Equity (contd.)**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | | | |
| | | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | | | |
| **Particulars**<br>| <br>**Equity Share capital <sup>(1)</sup>** | **Capital reserve** | **Capital redemption reserve** | **Securities Premium** | **Retained earnings** | **General reserve** | **Share Options Outstanding Account** | **Special Economic Zone Re-investment reserve <sup>(2)</sup>** | **Other reserves <sup>(3)</sup>** | **Equity instruments through other comprehensive income** | **Exchange differences on translating the financial statements of a foreign operation** | **Effective portion of Cash Flow Hedges** | **Other items of other comprehensive income / (loss)** | <br>**Total equity attributable to equity holders of the Company** | <br>**Non-controlling interest** | <br>**Total equity** |
| **Balance as at April 1, 2025** | **2073** | **54** | **169** | **1091** | **78627** | **1412** | **1068** | **8298** | **24** | **285** | **2904** | **(18)** | **(169)** | **95818** | **385** | **96203** |
| **Changes in equity for the year ended March 31, 2026** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Profit for the year | *–* | *–* | *–* | *–* | 29440 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 29440 | 34 | 29474 |
| Remeasurement of the net defined benefit liability/asset, net\* (Refer to<br> Note 2.22) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (288) | (288) | *–* | (288) |
| Equity instruments through other comprehensive income, net\* (Refer to Notes 2.5 and 2.17) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 397 | *–* | *–* | *–* | 397 | *–* | 397 |
| Fair value changes on derivatives designated as cash flow hedge, net\* (Refer to <br> Note 2.11) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (1) | *–* | (1) | *–* | (1) |
| Exchange differences on translation of foreign operations | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 3229 | *–* | *–* | 3229 | 27 | 3256 |
| Fair value changes on investments, net\* (Refer to Notes 2.5 and 2.17) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (27) | (27) | *–* | (27) |
| **Total Comprehensive income for the year** |  ***–*** |  ***–*** |  ***–*** |  ***–*** | **29440** |  ***–*** |  ***–*** |  ***–*** |  ***–*** | **397** | **3229** | **(1)** | **(315)** | **32750** | **61** | **32811** |
| Shares issued on exercise of employee stock options *(Refer to Note 2.12)* | 1 | *–* | *–* | 1 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 2 | *–* | 2 |
| Employee stock compensation expense *(Refer to Note 2.12)* | *–* | *–* | *–* | *–* | *–* | *–* | 938 | *–* | *–* | *–* | *–* | *–* | *–* | 938 | *–* | 938 |
| Transferred on account of exercise of stock options (Refer to Note 2.12) | *–* | *–* | *–* | 449 | *–* | *–* | (449) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred on account of options not exercised | *–* | *–* | *–* | *–* | *–* | 63 | (63) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Income tax benefit arising on exercise of stock options | *–* | *–* | *–* | *–* | *–* | *–* | 44 | *–* | *–* | *–* | *–* | *–* | *–* | 44 | *–* | 44 |
| Financial liability under option arrangements | *–* | *–* | *–* | *–* | (10) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (10) | *–* | (10) |
| Changes in the controlling stake of a subsidiary | *–* | *–* | *–* | *–* | 7 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 7 | 2 | 9 |
| Transfer to legal reserve | *–* | *–* | *–* | *–* | (9) | *–* | *–* | *–* | 9 | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Buyback of equity shares (Refer to Note 2.12) | (50) | *–* | *–* | (1244) | (16346) | (360) | *–* | *–* | *–* | *–* | *–* |  | *–* | (18000) | *–* | (18000) |
| Transaction cost relating to buyback (Refer to Note 2.12)\* | *–* | *–* | *–* | (17) | (27) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (44) | *–* | (44) |
| Amount transferred to capital redemption reserve upon Buyback (Refer to Note 2.12) | *–* | *–* | 50 | *–* | *–* | (50) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Dividends <sup>(1)</sup> | *–* | *–* | *–* | *–* | (18653) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (18653) | *–* | (18653) |
| Dividends paid to non controlling interest of subsidiary | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (3) | (3) |
| Transferred to Special Economic Zone Re-investment reserve | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve to retained earnings | *–* | *–* | *–* | *–* | 2214 | *–* | *–* | (2214) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve on utilization | *–* | *–* | *–* | *–* | 1260 | *–* | *–* | (1260) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| **Balance as at March 31, 2026** | **2024** | **54** | **219** | **280** | **76503** | **1065** | **1538** | **4824** | **33** | **682** | **6133** | **(19)** | **(484)** | **92852** | **445** | **93297** |

---

*\** *Net of tax*

*<sup>(1)</sup>* *Net of treasury shares*

*<sup>(2)</sup>* *The Special Economic Zone Re-investment Reserve has been created out of the profit of eligible SEZ units in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Group for acquiring new plant and machinery for the purpose of its business in the terms of the Sec 10AA(2) of the Income Tax Act, 1961.*

*<sup>(3)</sup>* *Under the Swiss Code of Obligation, few subsidiaries of Infosys Consulting are required to appropriate a certain percentage of the annual profit to legal reserve which may be used only to cover losses or for measures designed to sustain the Company through difficult times, to prevent unemployment or to mitigate its consequences.*

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br> DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br> DIN: 01876159 | &nbsp;&nbsp; Bobby Parikh<br> *Director*<br> DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br> Membership No. A21918 |  |

---

**Consolidated Statement of Cash Flows**

**Accounting policy**

Cash flows are reported using the indirect method, whereby profit for the year is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Group are segregated. The Group considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Note No.** | **Year ended March 31,** | **Year ended March 31,** |
|  |  | **2026** | **2025** |
| **Cash flow from operating activities** |  |  |  |
| Profit for the year |  | 29474 | 26750 |
| **Adjustments to reconcile net profit to net cash provided by operating activities:** |  |  |  |
| Income tax expense | 2.17 | 10521 | 10858 |
| Depreciation and amortization | 2.2, 2.4.2 and 2.21 | 4902 | 4812 |
| Interest and dividend income | 2.19 | (2630) | (2570) |
| Finance cost |  | 416 | 416 |
| Impairment loss recognized / (reversed) under expected credit loss model |  | 33 | 48 |
| Exchange differences on translation of assets and liabilities, net |  | 954 | 79 |
| Stock compensation expense | 2.12 | 952 | 802 |
| Interest receivable on income tax refund |  | (63) | (327) |
| Provision for post sale client support |  | (167) | (110) |
| Other adjustments |  | 881 | 833 |
| **Changes in assets and liabilities** |  |  |  |
| Trade receivables and unbilled revenue |  | (5177) | (1769) |
| Loans, other financial assets and other assets |  | (2645) | (1024) |
| Trade payables |  | (26) | 176 |
| Other financial liabilities, other liabilities and provisions |  | 5209 | 2322 |
| **Cash generated from operations** |  | **42634** | **41296** |
| Income taxes paid |  | (8648) | (5602) |
| **Net cash generated by operating activities** |  | **33986** | **35694** |
| **Cash flows from investing activities** |  |  |  |
| Expenditure on property, plant and equipment and intangibles, net of sale proceeds *(Refer to note 2.2)* |  | (2727) | (2237) |
| Deposits placed with corporation |  | (944) | (1225) |
| Redemption of deposits placed with Corporation |  | 725 | 776 |
| Interest and dividend received |  | 2713 | 2040 |
| Payment towards acquisition of business, net of cash acquired | 2.1 | (637) | (3155) |
| Payment of contingent consideration pertaining to acquisition of business |  | (13) | *–* |
| Escrow and other deposits pertaining to Buyback |  | (1815) | *–* |
| Redemption of escrow and other deposits pertaining to Buyback |  | 1815 | *–* |
| Other receipts |  | 15 | 10 |
| Payments to acquire Investments |  |  |  |
| Tax free bonds and government bonds |  | (153) | (2) |
| Mutual fund units |  | (72878) | (73048) |
| Certificates of deposit |  | (14035) | (6978) |
| Commercial Papers |  | (3255) | (6403) |
| Non-convertible debentures |  | (3438) | (3240) |
| Government securities |  | (2859) | *–* |
| Other Investments |  | (38) | (60) |
| Proceeds on sale of Investments |  |  |  |
| Tax free bonds and government bonds |  | 1378 | 109 |
| Target Maturity funds |  | 487 | *–* |
| Mutual funds units |  | 72682 | 73987 |
| Certificates of deposit |  | 9767 | 6688 |
| Commercial Papers |  | 5810 | 7735 |
| Non-convertible debentures |  | 4083 | 2591 |
| Government securities |  | 5259 | 455 |
| Other Investments |  | 4 | 11 |
| **Net cash generated / (used in) from investing activities** |  | **1946** | **(1946)** |
| **Cash flows from financing activities** |  |  |  |
| Payment of lease liabilities |  | (2824) | (2355) |
| Payment of dividends |  | (18653) | (20287) |
| Loan repayment of in-tech Holding GmbH |  | *–* | (985) |
| Payment of dividend to non-controlling interest of subsidiary |  | (3) | (2) |
| Shares issued on exercise of employee stock options |  | 2 | 6 |
| Buyback of equity shares including transaction costs |  | (18058) | *–* |
| Other payments |  | (250) | (538) |
| **Net cash used in financing activities** |  | **(39786)** | **(24161)** |
| Net increase / (decrease) in cash and cash equivalents |  | (3854) | 9587 |
| Effect of exchange rate changes on cash and cash equivalents |  | 1600 | 82 |
| **Cash and cash equivalents at the beginning of the period** | 2.9 | 24455 | 14786 |
| **Cash and cash equivalents at the end of the period** | 2.9 | **22201** | **24455** |
| **Supplementary information:** |  |  |  |
| Restricted cash balance | 2.9 | 422 | 424 |

---

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br> DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br> DIN: 01876159 | &nbsp;&nbsp; Bobby Parikh<br> *Director*<br> DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br> Membership No. A21918 |  |

---

**INFOSYS LIMITED AND SUBSIDIARIES**

**Overview and notes to the Consolidated Financial Statements** 

**1. Overview**

**1.1 Company overview**

Infosys Limited ('the Company' or 'Infosys') provides AI-first business consulting and technology services, to enable organizations to unlock AI value at scale. With over four decades of experience in managing the systems and workings of global enterprises, Infosys accelerates business transformation through its AI-first value framework, deep domain expertise, and unique ability to orchestrate innovations from its AI-native partner ecosystem. Infosys's strategy is to be the navigator for its clients as they ideate, plan and execute on their journey to an AI-first future.

Infosys together with its subsidiaries and controlled trusts is hereinafter referred to as the "Group".

The Company is a public limited company incorporated and domiciled in India and has its registered office at Electronics city, Hosur Road, Bengaluru 560100, Karnataka, India. The Company has its primary listings on the BSE Ltd. and National Stock Exchange of India Limited. The Company's American Depositary Shares (ADS) representing equity shares are listed on the New York Stock Exchange (NYSE).

The Group's consolidated financial statements are approved for issue by the Company's Board of Directors on April 23, 2026.

**1.2 Basis of preparation of financial statements**

These consolidated financial statements are prepared in accordance with the provisions of the Companies Act, 2013 (''the Act''), guidelines issued by the Securities and Exchange Board of India (SEBI) and Indian Accounting Standard (Ind AS) under the historical cost convention on accrual basis except for certain financial instruments which are measured at fair values and defined benefit liability/(asset) which is recognized at the present value of defined benefit obligation less fair value of plan assets. The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. The material accounting policy information used in preparation of the audited consolidated financial statements have been discussed in the respective notes.

As the quarter and year-to-date figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the year-to-date figures reported in this statement.

**1.3 Basis of consolidation**

Infosys consolidates entities which it owns or controls. The consolidated financial statements comprise the financial statements of the Company, its controlled trusts and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity's returns. Subsidiaries are consolidated from the date control commences until the date control ceases.

The financial statements of the Group companies are consolidated on a line-by-line basis and intra-group balances and transactions including unrealized gain / loss from such transactions are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the Company, are excluded.

Refer to Note 2.25 for the list of subsidiaries and controlled trusts of the Company

**1.4 Use of estimates and judgments**

The preparation of the consolidated financial statements in conformity with Ind AS requires the Management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in *Note no. 1.5*. Critical accounting estimates and judgments could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgements are reflected in the consolidated financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the consolidated financial statements.

**1.5 Critical accounting estimates and judgments**

**a. Revenue recognition**

The Group's contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgment.

Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the Group's costs to fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

The Group uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-completion method requires the Group to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgment and is assessed throughout the period of the contract to reflect any changes based on the latest available information.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

**b. Income taxes**

The Group's two major tax jurisdictions are India and the United States, though the Company also files tax returns in other overseas jurisdictions.

Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid / recovered for uncertain tax positions.

In assessing the realizability of deferred income tax assets, the Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, the Management believes that the Group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced *(Refer to Notes 2.17).*

**c. Business combinations and intangible assets**

Business combinations are accounted for using Ind AS 103, Business Combinations. Ind AS 103 requires us to fair value identifiable intangible assets and contingent consideration to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. These valuations are conducted by external valuation experts. Estimates are required to be made in determining the value of contingent consideration, value of option arrangements and intangible assets. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by the Management *(Refer to Note 2.1 and 2.4.2)*.

**d. Property, plant and equipment** 

Property, plant and equipment represent a significant proportion of the asset base of the Group. The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Group's assets are determined by the Management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology *(Refer to Note 2.2).*

**e. Impairment of Goodwill**

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGUs) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGUs which benefit from the synergies of the acquisition and which represent the lowest level at which goodwill is monitored for internal management purposes.

The recoverable amount of CGUs is determined based on higher of value-in-use and fair value less cost to sell. Key assumptions in the cash flow projections are prepared based on current economic conditions and comprises estimated long term growth rates, weighted average cost of capital and estimated operating margins *(Refer to note 2.4.1).*

**2. Notes to the Consolidated Financial Statements**

**2.1 BUSINESS COMBINATIONS**

**Accounting policy**

Business combinations have been accounted for using the acquisition method under the provisions of Ind AS 103, Business Combinations.

The purchase price in an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition, which is the date on which control is transferred to the Group. The purchase price also includes the fair value of any contingent consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Contingent consideration is remeasured at fair value at each reporting date and changes in the fair value of the contingent consideration are recognized in the Consolidated Statement of Profit and Loss.

The interest of non-controlling shareholders is initially measured either at fair value or at the non-controlling interests' proportionate share of the acquiree's identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity of subsidiaries.

Business combinations between entities under common control is accounted for at carrying value of the assets acquired and liabilities assumed in the Group's consolidated financial statements.

The payments related to options issued by the Group over the non-controlling interests in its subsidiaries are accounted as financial liabilities and initially recognized at the estimated present value of gross obligations. Such options are subsequently measured at fair value in order to reflect the amount payable under the option at the date at which it becomes exercisable. In the event that the option expires unexercised, the liability is derecognized.

**Acquisition during the year ended March 31, 2026**

During the year ended March 31, 2026 the Group, completed two business combinations by acquiring 100% partnership interests/voting interests in:

1) MRE Consulting Ltd., a leading Energy and business consulting services company, headquartered in Texas, U.S. on April 30, 2025, which is expected to bring newer capabilities for the Group in trading and risk management, especially in the energy sector.

2) The Missing Link Security Pty. Ltd., The Missing Link Security Limited and The Missing Link Automation Pty. Ltd. (collectively known as "The Missing Link"), a leading Cybersecurity service provider headquartered in Australia on April 30, 2025, which is expected to further strengthen the Group's capabilities in the cybersecurity sector and bolster its presence in the fast growing Australian Market.

The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Component** | **Acquiree's carrying amount** | **Fair value adjustments** | **Purchase price allocated** |
| Net Assets <sup>(1)</sup> | 118 | *–* | 118 |
| Intangible assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Customer related | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp;Vendor relationship | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;Brand | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities on intangible assets | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; (46) | &nbsp;&nbsp;&nbsp; (46) |
| **Total** | **118** | **251** | **369** |
| Goodwill |  |  | 444 |
| **Total purchase price** |  |  | **813** |

---

*<sup>(1)</sup> Includes cash and cash equivalents acquired of ![](rupee-symbol.gif)102 crore.*

The excess of the purchase consideration paid over the fair value of assets acquired has been attributed to goodwill. The primary items that generated this goodwill are the value of the acquired assembled workforce and estimated synergies, neither of which qualify as an intangible asset.

Goodwill amounting to ![](rupee-symbol.gif)79 crore is expected to be deductible for tax purposes.

The total purchase consideration of ![](rupee-symbol.gif)813 crore includes upfront cash consideration of ![](rupee-symbol.gif)743 crore and contingent consideration with an estimated fair value of ![](rupee-symbol.gif)70 crore as on the date of acquisition.

At the acquisition date, the key inputs used in determination of the fair value of contingent consideration are the probabilities assigned towards achievement of financial targets and discount rates ranging from 2% - 3%. The undiscounted value of contingent consideration as of March 31, 2026 was approximately ![](rupee-symbol.gif)88 crore.

Additionally, these acquisitions have retention bonus and management incentives payable to the employees of the acquiree over 2-3 years, subject to their continuous employment with the Group and achievement of financial targets for the respective years. Retention bonus and management incentives are recognized in employee benefit expenses in the Consolidated Statement of Profit and Loss over the period of service.

Fair value of trade receivables acquired is ![](rupee-symbol.gif)194 crore as of acquisition date and as of March 31, 2026, the amounts are substantially collected.

Transaction costs that the Group incurs in connection with a business combination such as finder's fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of ![](rupee-symbol.gif)34 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Profit and Loss for the year ended March 31, 2026.

**Acquisition during the year ended March 31, 2025**

**InSemi**

On May 10, 2024, Infosys Ltd acquired 100% voting interests in InSemi Technology Services Private Limited, a semiconductor design services company headquartered in India. This acquisition is expected to strengthen our expertise in semiconductor ecosystem and Engineering R&D services.

The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Component** | **Acquiree's carrying amount** | **Fair value adjustments** | **Purchase price allocated** |
| Net Assets<sup>(1)</sup> | 40 | *–* | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer related | *–* | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brand | *–* | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities on intangible assets | *–* | (18) | (18) |
| **Total** |  |  | **95** |
| Goodwill |  |  | 103 |
| **Total purchase price** |  |  | **198** |

---

*<sup>(1)</sup> Includes cash and cash equivalents acquired of ![](rupee-symbol.gif)41 crore.*

The excess of the purchase consideration paid over the fair value of assets acquired has been attributed to goodwill. The primary items that generated this goodwill are the value of the acquired assembled workforce and estimated synergies, neither of which qualify as an intangible asset.

Goodwill is not tax-deductible.

The purchase consideration of ![](rupee-symbol.gif)198 crore includes cash of ![](rupee-symbol.gif)168 crore and contingent consideration with an estimated fair value of ![](rupee-symbol.gif)30 crore as on the date of acquisition.

At the acquisition date, the key inputs used in determination of the fair value of contingent consideration are the probabilities assigned towards achievement of financial targets and discount rate of 5.9%. The undiscounted value of contingent consideration as of March 31, 2026 was approximately ![](rupee-symbol.gif)20 crore.

Additionally, this acquisition has retention bonus and management incentive payable to the employees of the acquiree over three years, subject to their continuous employment with the Group and achievement of financial targets for the respective years. Bonus and incentives are recognized in employee benefit expenses in the Statement of Profit and loss over the period of service.

Fair value of trade receivables acquired is ![](rupee-symbol.gif)32 crore as of acquisition date and as of March 31, 2026 the amounts are fully collected.

Transaction costs that the Group incurs in connection with a business combination such as finder's fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of ![](rupee-symbol.gif)2 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Profit and loss for the year ended March 31, 2025.

**in-tech Holding GmbH**

On July 17, 2024, Infosys Germany GmbH a wholly owned step down subsidiary of Infosys Limited acquired 100% voting interests in in-tech Holding GmbH, a leading provider of engineering R&D services headquartered in Germany. This acquisition is expected to strengthen Infosys' engineering R&D capabilities and reaffirms its continued commitment to global clients to navigate their digital engineering journey.

The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| **Component** | **Acquiree's carrying amount** | **Fair value adjustments** | **Purchase price allocated** |
| Assets<sup>(1)</sup> | 731 | *–* | 731 |
| Liabilities | (364) | *–* | (364) |
| Intangible assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer related | *–* | 1720 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brand | *–* | 147 | 147 |
| Deferred tax liabilities on intangible assets | *–* | (511) | (511) |
| Goodwill | *–* | *–* | 2490 |
| Loan | (985) |  | (985) |
| **Total purchase price** |  |  | **3228** |
| Loan repayment |  |  | 985 |
| **Total cash outflow** |  |  | **4213** |

---

*<sup>(1)</sup> Includes cash and cash equivalents acquired of ![](rupee-symbol.gif)197 crore.*

The excess of the purchase consideration paid over the fair value of assets acquired has been attributed to goodwill. The primary items that generated this goodwill are the value of the acquired assembled workforce and estimated synergies, neither of which qualify as an intangible asset.

Goodwill is not tax-deductible.

The total purchase consideration of EUR 356 million (![](rupee-symbol.gif)3,228 crore) comprises the cash consideration paid to selling shareholders at the acquisition date.

Additionally, this acquisition has retention bonus and management incentive payable to the employees of the acquiree over two to five years, subject to their continuous employment with the Group and achievement of financial targets for the respective years. Bonus and incentives are recognized in employee benefit expenses in the Statement of Profit and loss over the period of service.

Fair value of trade receivables acquired is ![](rupee-symbol.gif)139 crore as of acquisition date and as of March 31, 2026 the amounts are fully collected.

Transaction costs that the Group incurs in connection with a business combination such as finder's fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of ![](rupee-symbol.gif)4 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Profit and loss for the year ended March 31, 2025.

**Proposed Acquisition**

1. On August 13, 2025, Infosys Singapore Pte. Ltd., a wholly owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 75% of the equity share capital in Telstra Purple Pty Ltd, including some of its subsidiaries (together known as Versent Group), Australia's leading Digital Transformation Solutions Provider for a consideration including earn-outs and deferred consideration amounting up to AUD 233 million (approximately ![](rupee-symbol.gif)1,335 crore), excluding retention bonus and management incentives, subject to regulatory approvals and customary closing adjustments.

2. On March 25, 2026, Infosys Nova Holdings LLC , a wholly-owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 100% of the equity share capital of Optimum Achieve Holdings Inc., a leading healthcare digital transformation and consulting firm headquartered in USA, along with its other subsidiaries including Optimum Healthcare IT, LLC, for a consideration including earn-outs amounting up to $465 million (approximately ![](rupee-symbol.gif)4,410 crore), excluding management incentives and retention bonus, subject to customary closing adjustments.

**Update on acquisition completed after the end of the reporting period**

On March 25, 2026, Infosys Nova Holdings LLC a wholly-owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 100% of the partnership interests of Stratus Global LLC, a leading insurance technology partner serving P&C insurers and managing general agents (MGAs), headquartered in USA, for a consideration including earn-outs amounting up to $95 million (approximately ![](rupee-symbol.gif)901 crore), excluding management incentives, and retention bonus, subject to customary closing adjustments. Subsequently in April 2026, as on the date these financial statements were authorized for issuance, Infosys Nova Holdings LLC has completed its acquisition of Stratus Global LLC. Given the recent timing of the acquisition and pending completion of the valuations for identifiable net assets acquired and liabilities assumed, at the time these financial statements were authorized for issuance, the initial accounting for the business combination is incomplete. Accordingly, all the required disclosures for the business combination have not been made.

**2.2 PROPERTY, PLANT AND EQUIPMENT**

**Accounting policy**

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by the Management. The charge in respect of periodic depreciation is derived at after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The Group depreciates property, plant and equipment over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

---

| | |
|:---|:---|
| Buildings *<sup>(1)</sup>* | 22-25 years |
| Plant and machinery *<sup>(1)(2)</sup>* | 5 years |
| Office equipment | 5 years |
| Computer equipment *<sup>(1)</sup>* | 3-5 years |
| Furniture and fixtures *<sup>(1)</sup>* | 5 years |
| Vehicles*<sup>(1)</sup>* | 5 years |
| Leasehold improvements | Lower of useful life of the asset or lease term |

---

*<sup>(1)</sup>* *Based on technical evaluation, the Management believes that the useful lives as given above best represent the period over which the Management expects to use these assets. Hence, the useful lives for these assets is different from the useful lives as prescribed under Part C of Schedule II of the Companies Act 2013*

*<sup>(2)</sup>* *Includes Solar plant with a useful life of 25 years*

Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year end. The useful lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

Advances paid towards the acquisition of property, plant and equipment outstanding at each Balance Sheet date is classified as capital advances under other non-current assets and the cost of assets not ready to use before such date are disclosed under 'Capital work-in-progress'. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Group and the cost of the item can be measured reliably. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset.

**Impairment**

Property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in the Consolidated Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the Consolidated Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognized for the asset in prior years.

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2026 are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land - Freehold** | **Buildings *<sup>(1)</sup>*** | **Plant and machinery** | **Office Equipment** | **Computer equipment** | **Furniture and fixtures** | **Leasehold Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2025** | **1479** | **11721** | **3461** | **1628** | **9306** | **2340** | **1307** | **48** | **31290** |
| Additions | 27 | 713 | 270 | 137 | 1524 | 195 | 64 | 1 | 2931 |
| Additions on Business Combinations *(Refer to note 2.1)* | *–* | *–* | *–* | *–* | 3 | *–* | *–* | *–* | 3 |
| Deletions\*\* <sup>#</sup> | (66) | (13) | (31) | (50) | (1325) | (121) | (55) | (5) | (1666) |
| Translation difference | *–* | 153 | 14 | 17 | 99 | 24 | 53 | *–* | 360 |
| **Gross carrying value as at March 31, 2026** | **1440** | **12574** | **3714** | **1732** | **9607** | **2438** | **1369** | **44** | **32918** |
| **Accumulated depreciation as at April 1, 2025** |  ***–*** | **(5358)** | **(2813)** | **(1337)** | **(7013)** | **(1929)** | **(1019)** | **(43)** | **(19512)** |
| Depreciation | *–* | (449) | (188) | (118) | (1079) | (167) | (111) | (1) | (2113) |
| Accumulated depreciation on deletions\*\* <sup>#</sup> | *–* | 2 | 30 | 50 | 1302 | 119 | 55 | 5 | 1563 |
| Translation difference | *–* | (51) | (14) | (12) | (60) | (18) | (50) | *–* | (205) |
| **Accumulated depreciation as at March 31, 2026** | *–* | **(5856)** | **(2985)** | **(1417)** | **(6850)** | **(1995)** | **(1125)** | **(39)** | **(20267)** |
| **Carrying value as at April 1, 2025** | **1479** | **6363** | **648** | **291** | **2293** | **411** | **288** | **5** | **11778** |
| **Carrying value as at March 31, 2026** | **1440** | **6718** | **729** | **315** | **2757** | **443** | **244** | **5** | **12651** |

---

\*\* During the year ended March 31, 2026, certain assets which were not in use having gross book value of ![](rupee-symbol.gif)1,165 crore (net book value: Nil) were retired.

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2025 are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land - Freehold** | **Buildings *<sup>(1)</sup>*** | **Plant and machinery** | **Office Equipment** | **Computer equipment** | **Furniture and fixtures** | **Leasehold Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2024** | **1432** | **11770** | **3428** | **1528** | **8611** | **2326** | **1447** | **45** | **30587** |
| Additions | 47 | 43 | 63 | 139 | 1317 | 93 | 139 | 2 | 1843 |
| Additions on Business Combinations *(Refer to note 2.1)* | *–* | 1 | *–* | 11 | 6 | 23 | *–* | 2 | 43 |
| Deletions\* <sup>#</sup> | *–* | (113) | (31) | (52) | (633) | (101) | (290) | (1) | (1221) |
| Translation difference | *–* | 20 | 1 | 2 | 5 | (1) | 11 | *–* | 38 |
| **Gross carrying value as at March 31, 2025** | **1479** | **11721** | **3461** | **1628** | **9306** | **2340** | **1307** | **48** | **31290** |
| **Accumulated depreciation as at April 1, 2024** |  ***–*** | **(4921)** | **(2630)** | **(1269)** | **(6380)** | **(1837)** | **(1138)** | **(42)** | **(18217)** |
| Depreciation | *–* | (444) | (203) | (118) | (1249) | (187) | (157) | (2) | (2360) |
| Accumulated depreciation on deletions\* <sup>#</sup> | *–* | 13 | 21 | 51 | 616 | 94 | 286 | 1 | 1082 |
| Translation difference |  ***–*** | (6) | (1) | (1) | *–* | 1 | (10) | *–* | (17) |
| **Accumulated depreciation as at March 31, 2025** |  ***–*** | **(5358)** | **(2813)** | **(1337)** | **(7013)** | **(1929)** | **(1019)** | **(43)** | **(19512)** |
| **Carrying value as at April 1, 2024** | **1432** | **6849** | **798** | **259** | **2231** | **489** | **309** | **3** | **12370** |
| **Carrying value as at March 31, 2025** | **1479** | **6363** | **648** | **291** | **2293** | **411** | **288** | **5** | **11778** |

---

\* During the year ended March 31, 2025, certain assets which were not in use having gross book value of ![](rupee-symbol.gif)513 crore (net book value: Nil) were retired.

---

| | |
|:---|:---|
| <sup>#</sup> | Proceeds from sale of property plant and equipment amounted to ![](rupee-symbol.gif)271 crore and ![](rupee-symbol.gif)171 crore for the year ended March 31, 2026 and March 31, 2025, respectively. |

---

*<sup>(1)</sup>* *Buildings include ![](rupee-symbol.gif)250/- being the value of five shares of ![](rupee-symbol.gif)50/- each in Mittal Towers Premises Co-operative Society Limited.*

The aggregate depreciation has been included under depreciation and amortization expense in the Consolidated Statement of Profit and Loss.

Repairs and maintenance costs are recognized in the Consolidated Statement of Profit and Loss when incurred.

Consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 ("the Rules"), the Company was required to transfer its CSR capital assets installed prior to January 2021. Towards this the Company had incorporated a subsidiary 'Infosys Green Forum' (IGF) under Section 8 of the Companies Act, 2013. During the year ended March 31, 2022, the Company had completed the transfer of assets upon obtaining the required approvals from regulatory authorities, as applicable. During fiscal 2024, the application filed by IGF for regularization of the provisional registration was rejected and registration cancelled vide order dated March 26, 2024 by Income Tax Commissioner (Exemption). IGF had filed an appeal before Income Tax Appellate Tribunal (ITAT) against the order. During fiscal 2026, ITAT had upheld the order of Commissioner (Exemption) and dismissed the IGF's appeals. IGF has filed an appeal before the Hon'ble High Court against the ITAT order.

**2.3 CAPITAL WORK-IN-PROGRESS**

The changes in capital work-in-progress for the year ended March 31, 2026 and March 31, 2025 are as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Balance at the beginning** | **814** | **293** |
| Additions during the year | 2612 | 2316 |
| Capitalised during the year | (2904) | (1796) |
| Translation difference | 4 | 1 |
| **Balance at the end** | **526** | **814** |

---

Capital work-in-progress ageing schedule for the year ended March 31, 2026 and *March 31, 2025 is as follows*:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Amount in CWIP for a period of** | **Amount in CWIP for a period of** | **Amount in CWIP for a period of** | **Amount in CWIP for a period of** | **Amount in CWIP for a period of** |
| **Particulars** | **Less than 1 year** | **1-2 years** | **2-3 years** | **More than 3 years** | **Total** |
| Projects in progress | 349 | 166 | 10 | 1 | 526 |
|  | *576* | *204* | *22* | *12* | *814* |
| **Total Capital work-in-progress** | **349** | **166** | **10** | **1** | **526** |
|  |  ***576*** |  ***204*** |  ***22*** |  ***12*** |  ***814*** |

---

For capital-work-in progress, whose completion is overdue or has exceeded its cost compared to its original plan the project wise details of when the project is expected to be completed is given below as of March 31, 2026 and March 31, 2025:

(In ![](rupee-symbol.gif) crore)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **To be completed in** | **To be completed in** | **To be completed in** | **To be completed in** | **To be completed in** |
| **Particulars** | **Less than 1 year** | **1-2 years** | **2-3 years** | **More than 3 years** | **Total** |
| Projects in progress |  |  |  |  |  |
| BN-SP-SDB | 114 | *–* | *–* | *–* | 114 |
| NO-SZ-SDB | *256* | *–* | *–* | *–* | *256* |
| **Total Capital work-in-progress\*** | **114** |  ***–*** |  ***–*** |  ***–*** | **114** |
|  |  ***256*** |  ***–*** |  ***–*** |  ***–*** |  ***256*** |

---

\* There are no subsidiaries in the group having more than 10% of the total capital work in progress.

Project execution plans are formulated based on capacity requirement assessments, and projects are executed accordingly.

**2.4 GOODWILL AND OTHER INTANGIBLE ASSETS**

**2.4.1 Goodwill**

**Accounting policy**

Goodwill represents the purchase consideration in excess of the Group's interest in the net fair value of identifiable assets, liabilities and contingent liabilities of the acquired entity. When the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds purchase consideration, the fair value of net assets acquired is reassessed and the bargain purchase gain is recognized in capital reserve. Goodwill is measured at cost less accumulated impairment losses.

**Impairment**

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGU) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGUs which benefit from the synergies of the acquisition and which represents the lowest level at which goodwill is monitored for internal management purposes. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. Impairment occurs when the carrying amount of a CGU including the goodwill, exceeds the estimated recoverable amount of the CGU. The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use. Value-in-use is the present value of future cash flows expected to be derived from the CGU. Key assumptions in the cash flow projections are prepared based on current economic conditions and includes estimated long term growth rates, weighted average cost of capital and estimated operating margins.

Following is a summary of changes in the carrying amount of goodwill:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Carrying value at the beginning** | **10106** | **7303** |
| Goodwill on acquisitions *(Refer to note 2.1)* | 444 | 2593 |
| Translation differences | 1567 | 210 |
| **Carrying value at the end** | **12117** | **10106** |

---

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the CGU or groups of CGUs, which benefit from the synergies of the acquisition. The Group internally reviews the goodwill for impairment at the operating segment level, after allocation of the goodwill to CGUs or groups of CGUs.

The allocation of goodwill to operating segments as at March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Segment** | **March 31, 2026** | **March 31, 2025** |
| Financial services | 1842 | 1510 |
| Retail | 1123 | 961 |
| Communication | 813 | 691 |
| Energy, Utilities, Resources and Services | 1763 | 1337 |
| Manufacturing | 3523 | 2986 |
| Life Sciences | 1155 | 975 |
|  | **10219** | **8460** |
| Operating segments without significant goodwill | 785 | 650 |
| Total | **11004** | **9110** |

---

The goodwill pertaining to Panaya amounting to ![](rupee-symbol.gif)1,113 crore and ![](rupee-symbol.gif)996 crore as at March 31, 2026 and March 31, 2025, respectively is tested for impairment at the entity level.

The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use. The fair value of a CGU is determined based on the market capitalization. Value-in-use is determined based on discounted future cash flows. The key assumptions used for the calculations are as follows:

(in %)

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
| | **March 31, 2026** | **March 31, 2025** |
| Long term growth rate | 7-10 | 7-10 |
| Operating margins | 19-21 | 19-21 |
| Discount rate | 14 | 13 |

---

The above discount rate is based on the Weighted Average Cost of Capital (WACC) of the Company. As at March 31, 2026, the estimated recoverable amount of the CGU exceeded its carrying amount. Reasonable sensitivities in key assumptions is unlikely to cause the carrying amount to exceed the recoverable amount of the cash generating units.

**2.4.2 Other Intangible Assets**

**Accounting policy**

Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry, and known technological advances) and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Amortization methods and useful lives are reviewed periodically including at each financial year end.

Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibility of the project is demonstrated, future economic benefits are probable, the Group has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The costs which can be capitalized include the cost of material, direct labor, overhead costs that are directly attributable to prepare the asset for its intended use.

**Impairment**

Intangible assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the CGU to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in the Consolidated Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the Consolidated Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization) had no impairment loss been recognized for the asset in prior years.

The changes in the carrying value of acquired intangible assets for the year ended March 31, 2026 are as follows :

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Customer related** | **Software related** | **Intellectual property rights related** | **Brand or Trademark Related** | **Others\*** | **Total** |
| **Gross carrying value as at April 1, 2025** | **4383** | **1280** | **1** | **519** | **801** | **6984** |
| Additions | *–* | 184 | *–* | *–* | *–* | 184 |
| Acquisition through business combination *(Refer to Note 2.1)* | 222 | *–* | *–* | 20 | 55 | 297 |
| Deletions | *–* | (3) | *–* | *–* | *–* | (3) |
| Translation difference | 730 | 181 | *–* | 72 | 105 | 1088 |
| **Gross carrying value as at March 31, 2026** | **5335** | **1642** | **1** | **611** | **961** | **8550** |
| **Accumulated amortization as at April 1, 2025** | **(2377)** | **(869)** | **(1)** | **(291)** | **(680)** | **(4218)** |
| Amortization expense<sup>#</sup> | (644) | (121) | *–* | (65) | (79) | (909) |
| Deletions | *–* | 3 | *–* | *–* | *–* | 3 |
| Translation differences | (371) | (106) | *–* | (38) | (86) | (601) |
| **Accumulated amortization as at March 31, 2026** | **(3392)** | **(1093)** | **(1)** | **(394)** | **(845)** | **(5725)** |
| **Carrying value as at April 1, 2025** | **2006** | **411** |  ***–*** | **228** | **121** | **2766** |
| **Carrying value as at March 31, 2026** | **1943** | **549** |  ***–*** | **217** | **116** | **2825** |
| **Estimated Useful Life** *(in years)* | *1-15* | *3-10* | *–* | *3-10* | *3-7* |  |
| **Estimated Remaining Useful Life** *(in years)* | *1-9* | *1-4* | *–* | *1-5* | *1-2* |  |

---

*\** *Majorly includes intangibles related to vendor relationships*

---

| | |
|:---|:---|
| <sup>#</sup> | During the year ended March 31, 2026, a decline in the revenue estimates led to the carrying value of the customer related intangibles assets recognized on business combination exceeding the estimated recoverable amount. Consequently, the Company has recognized ![](rupee-symbol.gif)241 crore as the excess of carrying value over the estimated recoverable value for the year ended March 31, 2026. |

---

The changes in the carrying value of acquired intangible assets for the year ended March 31, 2025 are as follows :

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Customer related** | **Software related** | **Intellectual property rights related** | **Brand or Trademark Related** | **Others\*** | **Total** |
| **Gross carrying value as at April 1, 2024** | **2512** | **1110** | **1** | **349** | **782** | **4754** |
| Additions | *–* | 143 | *–* | *–* | *–* | 143 |
| Acquisition through business combination *(Refer to Note 2.1)* | 1780 | *–* | *–* | 160 | *–* | 1940 |
| Deletions | *–* | *–* | *–* | *–* | *–* | *–* |
| Translation difference | 91 | 27 | *–* | 10 | 19 | 147 |
| **Gross carrying value as at March 31, 2025** | **4383** | **1280** | **1** | **519** | **801** | **6984** |
| **Accumulated amortization as at April 1, 2024** | **(1800)** | **(765)** | **(1)** | **(235)** | **(556)** | **(3357)** |
| Amortization expense<sup>#</sup> | (530) | (87) | *–* | (50) | (110) | (777) |
| Deletions | *–* | *–* | *–* | *–* | *–* | *–* |
| Translation differences | (47) | (17) | *–* | (6) | (14) | (84) |
| **Accumulated amortization as at March 31, 2025** | **(2377)** | **(869)** | **(1)** | **(291)** | **(680)** | **(4218)** |
| **Carrying value as at April 1, 2024** | **712** | **345** |  ***–*** | **114** | **226** | **1397** |
| **Carrying value as at March 31, 2025** | **2006** | **411** |  ***–*** | **228** | **121** | **2766** |
| **Estimated Useful Life** *(in years)* | *1-15* | *3-10* | *–* | *3-10* | *3-7* |  |
| **Estimated Remaining Useful Life** *(in years)* | *1-9* | *1-4* | *–* | *1-6* | *1-3* |  |

---

*\** *Majorly includes intangibles related to vendor relationships*

---

| | |
|:---|:---|
| <sup>#</sup> | During the year ended March 31, 2025, a decline in the revenue estimates led to the carrying value of the customer related intangibles assets recognized on business combination exceeding the estimated recoverable amount. Consequently, the Company has recognized ![](rupee-symbol.gif)188 crore as the excess of carrying value over the estimated recoverable value for the year ended March 31, 2025. |

---

**Research and Development Expenditure**

Research and development expense recognized in the Consolidated Statement of Profit and Loss for the year ended March 31, 2026 and March 31, 2025 are ![](rupee-symbol.gif)1,832 crore and ![](rupee-symbol.gif)1,296 crore respectively.

**2.5 INVESTMENTS**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current Investments** |  |  |
| **Unquoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference securities | 628 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 2 | 2 |
|  | **630** | **169** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and Preference securities | 52 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others <sup>(1)</sup> | 263 | 196 |
|  | **315** | **686** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Quoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at amortized cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | 24 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | 407 | 1465 |
|  | **431** | **1481** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | 3278 | 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 61 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities | 4215 | 5346 |
|  | **7554** | **8723** |
| **Total non-current investments** | **8930** | **11059** |
| **Current Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unquoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | 2383 | 1957 |
|  | **2383** | **1957** |
| **Investments carried at fair value through other comprehensive income** |  |  |
| Commercial Paper | 1205 | 3641 |
| Certificates of deposit | 8008 | 3504 |
|  | **9213** | **7145** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Quoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at amortized cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | 100 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | *–* | 154 |
|  | **100** | **169** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | 911 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities | 343 | 1662 |
|  | **1254** | **3211** |
| **Total current investments** | **12950** | **12482** |
| **Total investments** | **21880** | **23541** |
| Aggregate amount of quoted investments | 9339 | 13584 |
| Market value of quoted investments (including interest accrued), current | 1356 | 3369 |
| Market value of quoted investments (including interest accrued), non current | 8009 | 10392 |
| Aggregate amount of unquoted investments | 12541 | 9957 |
| Investments carried at amortized cost | 531 | 1650 |
| Investments carried at fair value through other comprehensive income | 18651 | 19248 |
| Investments carried at fair value through profit or loss | 2698 | 2643 |

---

*<sup>(1)</sup>* *Uncalled capital commitments outstanding as at March 31, 2026 and March 31, 2025 was ![](rupee-symbol.gif)93 crore and ![](rupee-symbol.gif)122 crore, respectively.*

*Refer to Note 2.11 for Accounting policies on Financial Instruments.*

Details of amounts recorded in Other comprehensive income :

 

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** |
| | **Gross** | **Tax** | **Net** | **Gross** | **Tax** | **Net** |
| **Net Gain/(loss) on** |  |  |  |  |  |  |
| Non-convertible debentures | (14) | 2 | (12) | 54 | (6) | 48 |
| Commercial Paper | (7) | 2 | (5) | 3 | (1) | 2 |
| Certificates of deposit | (19) | 4 | (15) | 3 | (1) | 2 |
| Government securities | 6 | (1) | 5 | 162 | (15) | 147 |
| Equity and preference securities | 464 | (67) | 397 | 20 | (1) | 19 |

---

**Method of fair valuation:**

 

*(In ![](rupee-symbol.gif) crore)*

---

| | | | |
|:---|:---|:---|:---|
| | | **Fair value as at** | **Fair value as at** |
| **Class of investment** | **Method** | **March 31, 2026** | **March 31, 2025** |
| Mutual fund units - carried at fair value through profit or loss | Quoted price | 2383 | 1957 |
| Target maturity fund units - carried at fair value through profit or loss | Quoted price | *–* | 465 |
| Tax free bonds and government bonds - carried at amortized cost | Quoted price and market observable inputs | 552 | 1812 |
| Non-convertible debentures - carried at fair value through other comprehensive income | Quoted price and market observable inputs | 4189 | 4869 |
| Government securities - carried at fair value through other comprehensive income | Quoted price and market observable inputs | 4558 | 7008 |
| Commercial Papers - carried at fair value through other comprehensive income | Market observable inputs | 1205 | 3641 |
| Certificates of deposit - carried at fair value through other comprehensive income | Market observable inputs | 8008 | 3504 |
| Quoted Equity securities - carried at fair value through other comprehensive income | Quoted price | 61 | 57 |
| Unquoted equity and preference securities - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, Option pricing model | 52 | 25 |
| Unquoted equity and preference securities - carried at fair value through other comprehensive income | Discounted cash flows method, Market multiples method, Option pricing model | 630 | 169 |
| Others - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, Option pricing model | 263 | 196 |
| **Total** |  | **21901** | **23703** |

---

 

*Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments.*

**2.5.1 Details of investments**

The details of investments in preference, equity and other instruments at March 31, 2026 and March 31, 2025 are as follows:

*(In ![](rupee-symbol.gif) crore, except otherwise stated)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| ***Preference securities*** |  |  |
| **Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;Airviz, Inc. | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; *–* |
| &nbsp;&nbsp;&nbsp;2,89,695 (289695) Series A Preferred Stock, fully paid up, par value USD 0.001 each |  |  |
| &nbsp;&nbsp;&nbsp;Whoop, Inc. | &nbsp;&nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;1,10,59,340 (11059340) Series B Preferred Stock, fully paid up, par value USD 0.0001 each |  |  |
| &nbsp;&nbsp;&nbsp;Nivetti Systems Private Limited | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;2,28,501 (228501) Preferred Stock, fully paid up, par value ![](rupee-symbol.gif)1/- each |  |  |
| **Investments carried at fair value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;Galaxeye Space Solutions Private Limited | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;1,210 (1210) Series A compulsorily convertible cumulative Preference shares of ![](rupee-symbol.gif)10/- each, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;4Basecare Precision Health Private Limited | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;18,850 (18850) Series A compulsorily convertible cumulative Preference shares of ![](rupee-symbol.gif)1/- each, fully paid up |  |  |
| **Total investment in preference securities** | **680** | **192** |
| ***<u>Equity Instruments</u>*** |  |  |
| **Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;Merasport Technologies Private Limited | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; *–* |
| &nbsp;&nbsp;&nbsp;2,420 (2420) equity shares at ![](rupee-symbol.gif)8,052/- each, fully paid up, par value ![](rupee-symbol.gif)10/- each |  |  |
| &nbsp;&nbsp;&nbsp;Global Innovation and Technology Alliance | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;15,000 (15000) equity shares at ![](rupee-symbol.gif)1,000/- each, fully paid up, par value ![](rupee-symbol.gif)1,000/- each |  |  |
| &nbsp;&nbsp;&nbsp;Ideaforge Technology Limited | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;16,47,314 (1647314) equity shares at ![](rupee-symbol.gif)10/-, fully paid up |  |  |
| **Investments carried at fair value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;Galaxeye Space Solutions Private Limited | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; *–* |
| &nbsp;&nbsp;&nbsp;10 (10) equity shares at ![](rupee-symbol.gif)1,36,080/- each, fully paid up, par value ![](rupee-symbol.gif)10/- each |  |  |
| **Total investment in equity instruments** | **63** | **59** |
| ***Others - Investments carried at fair value through profit or loss*** |  |  |
| &nbsp;&nbsp;&nbsp;Stellaris Venture Partners India | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;UVC Fonds IV GmbH & Co. KG | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;The House Fund II, L.P. | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;The House Fund III, L.P. | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;Yali Deeptech Fund I | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 8 |
| **Total investment in others** | **263** | **196** |
| **Total** | **1006** | **447** |

---

**2.6 LOANS**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non Current** |  |  |
| Loans considered good - Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 6 | 16 |
|  | **6** | **16** |
| Loans credit impaired - Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for credit impairment | (3) | (3) |
|  |  ***–*** |  ***–*** |
| **Total non-current loans** | **6** | **16** |
| **Current** |  |  |
| Loans considered good - Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 234 | 249 |
| **Total current loans** | **234** | **249** |
| **Total loans** | **240** | **265** |

---

**2.7 OTHER FINANCIAL ASSETS**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits <sup>(1)</sup> | 281 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>(1)#</sup> | 1417 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted deposits <sup>(1)\*</sup> | 79 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in lease<sup>(1)</sup> (Refer to Note 2.21) | 957 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others <sup>(1)</sup> | 42 | 19 |
| **Total non-current other financial assets** | **2776** | **3511** |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits <sup>(1)</sup> | 75 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted deposits <sup>(1)\*</sup> | 3170 | 2949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>(1)#</sup> | 10064 | 8183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued but not due <sup>(1)</sup> | 448 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward and options contracts <sup>(2) (3)</sup> | 83 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in lease<sup>(1)</sup>(Refer to Note 2.21) | 1613 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others <sup>(1)</sup> | 437 | 470 |
| **Total current other financial assets** | **15890** | **13840** |
| **Total other financial assets** | **18666** | **17351** |
| <sup>(1)</sup> Financial assets carried at amortized cost | 18583 | 17159 |
| <sup>(2)</sup> Financial assets carried at fair value through other comprehensive income | 56 | 28 |
| <sup>(3)</sup> Financial assets carried at fair value through profit or loss | 27 | 164 |

---

\* Restricted deposits represent deposits with financial institutions to settle employee related obligations as and when they arise during the normal course of business.

# Classified as financial asset as right to consideration is unconditional and is due only after a passage of time.

**2.8 TRADE RECEIVABLES**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Current** |  |  |
| Trade Receivable considered good - Unsecured | 35772 | 31670 |
| Less: Allowance for expected credit loss | 538 | 512 |
| Trade Receivable considered good - Unsecured | 35234 | 31158 |
| Trade Receivable - credit impaired - Unsecured | 123 | 206 |
| Less: Allowance for credit impairment | 123 | 206 |
| Trade Receivable - credit impaired - Unsecured | *–* | *–* |
| **Total trade receivables** | **35234** | **31158** |

---

Trade receivables ageing schedule for the year ended as on March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** |
| **Particulars** | <br>**Not Due** | **Less than 6 months** | **6 months to 1 year** | **1-2 years** | **2-3 years** | **More than 3 years** | **Total** |
| Undisputed Trade receivables – considered good | 28651 | 6986 | 118 | 6 | 9 | 2 | 35772 |
|  | *23696* | *7505* | *202* | *223* | *44* | *-* | *31670* |
| Undisputed Trade receivables – credit impaired | *–* | 3 | 15 | 12 | 4 | 71 | 105 |
|  | *-* | *5* | *4* | *6* | *6* | *113* | *134* |
| Disputed Trade receivables – considered good | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
|  | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Disputed Trade receivables – credit impaired | *–* | *–* | *–* | *–* | 3 | 15 | 18 |
|  | *–* | *–* | *–* | *43* | *28* | *1* | *72* |
|  | 28651 | 6989 | 133 | 18 | 16 | 88 | 35895 |
|  | *23696* | *7510* | *206* | *272* | *78* | *114* | *31876* |
| Less: Allowance for credit loss |  |  |  |  |  |  | 661 |
|  |  |  |  |  |  |  | *718* |
| **Total Trade Receivables** |  |  |  |  |  |  | 35234 |
|  |  |  |  |  |  |  | *31158* |

---

**2.9 CASH AND CASH EQUIVALENTS**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Balances with banks |  |  |
| In current and deposit accounts | 22201 | 24455 |
| Cash on hand | *–* | *–* |
| **Total cash and cash equivalents** | **22201** | **24455** |
| *Balances with banks in unpaid dividend accounts* | 45 | 45 |
| *Deposit with more than 12 months maturity* | 125 | 75 |

---

Cash and cash equivalents as at March 31, 2026 and March 31, 2025 include restricted cash and bank balances of ![](rupee-symbol.gif)422 crore and ![](rupee-symbol.gif)424 crore respectively. The restrictions are primarily on account of bank balances held by irrevocable trusts controlled by the company.

The deposits maintained by the Group with banks and financial institutions comprise of time deposits, which can be withdrawn by the Group at any point without prior notice or penalty on the principal.

**2.10 OTHER ASSETS**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital advances | 154 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances other than capital advances |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others\* | 626 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>#</sup> | 321 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined benefit plan assets | 205 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 775 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Contract Cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of obtaining a contract | 491 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of fulfillment | 968 | 879 |
| **Total non-current other assets** | **3540** | **2713** |
| **Current** |  |  |
| Advances other than capital advances |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment to vendors for supply of goods | 474 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>#</sup> | 5419 | 4668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others\* | 3901 | 2841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 4265 | 3080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Contract Cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of obtaining a contract | 285 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of fulfillment | 667 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 134 | 91 |
| **Total current other assets** | **15145** | **11940** |
| **Total other assets** | **18685** | **14653** |

---

<sup>#</sup> Classified as non financial asset as the contractual right to consideration is dependent on completion of contractual milestones.

\* Withholding taxes and others primarily consist of input tax credits and VAT recoverable from tax authorities.

**2.11 FINANCIAL INSTRUMENTS**

**Accounting policy**

**2.11.1 Initial recognition**

The Group recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

**2.11.2 Subsequent measurement**

**a. Non-derivative financial instruments**

***(i) Financial assets carried at amortized cost***

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

***(ii) Financial assets carried at fair value through other comprehensive income (FVOCI)***

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group has made an irrevocable election for certain investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

***(iii) Financial assets carried at fair value through profit or loss (FVTPL)***

A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss.

***(iv) Financial liabilities***

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration and financial liability under option arrangements recognized in a business combination which is subsequently measured at fair value through profit or loss.

**b. Derivative financial instruments**

The Group holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank.

***(i) Financial assets or financial liabilities, carried at fair value through profit or loss.***

This category includes derivative financial assets or liabilities which are not designated as hedges.

Although the Group believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under Ind AS 109, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per Ind AS 109, is categorized as a financial asset or financial liability, at fair value through profit or loss.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in net profit in the Consolidated Statement of Profit and Loss when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the Balance Sheet date.

***(ii) Cash flow hedge***

Primarily, the Group designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the Consolidated Statement of Profit and Loss. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedge reserve till the period the hedge was effective remains in cash flow hedge reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedge reserve is transferred to the net profit in the Consolidated Statement of Profit and Loss upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedge reserve is reclassified to net profit in the Consolidated Statement of Profit and Loss.

**2.11.3 Derecognition of financial instruments**

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. A financial liability (or a part of a financial liability) is derecognized from the Group's Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

**2.11.4 Fair value of financial instruments**

In determining the fair value of its financial instruments, the Group uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, option pricing model, market multiples, available quoted market prices and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized.

Refer to table 'Financial instruments by category' below for the disclosure on carrying value and fair value of financial assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date and which are not carried at fair value, the carrying amounts approximates fair value due to the short maturity of these instruments.

**2.11.5 Impairment** 

The Group recognizes loss allowances using the expected credit loss (ECL) model for the financial assets and unbilled revenue which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled revenues with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, ECLs are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL.

The Group determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Group considers current and anticipated future economic conditions relating to industries the Group deals with and the countries where it operates.

The amount of ECL (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recorded is recognized as an impairment loss or gain in Consolidated Statement of Profit and Loss.

**Financial instruments by category**

The carrying value and fair value of financial instruments by categories as at March 31, 2026 were as follows:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/liabilities at fair value through OCI** | **Financial assets/liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized <br> cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents *(Refer to Note 2.9)* | 22201 | *–* | *–* | *–* | *–* | 22201 | 22201 |
| Investments *(Refer to Note 2.5)* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and preference securities | *–* | 52 | *–* | 691 | *–* | 743 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | 531 | *–* | *–* | *–* | *–* | 531 | 552<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | *–* | *–* | 2383 | *–* | *–* | 2383 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | *–* | *–* | *–* | *–* | 4189 | 4189 | 4189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities | *–* | *–* | *–* | *–* | 4558 | 4558 | 4558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial paper | *–* | *–* | *–* | *–* | 1205 | 1205 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | *–* | *–* | *–* | *–* | 8008 | 8008 | 8008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | *–* | *–* | 263 | *–* | *–* | 263 | 263 |
| Trade receivables *(Refer to Note 2.8)* | 35234 | *–* | *–* | *–* | *–* | 35234 | 35234 |
| Loans *(Refer to Note 2.6)* | 240 | *–* | *–* | *–* | *–* | 240 | 240 |
| Other financials assets *(Refer to Note 2.7)* | 18583 | *–* | 27 | *–* | 56 | 18666 | 18645<sup>(2)</sup> |
| **Total** | **76789** | **52** | **2673** | **691** | **18016** | **98221** | **98221** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables (Refer to Note 2.14) | 4744 | *–* | *–* | *–* | *–* | 4744 | 4744 |
| Lease liabilities *(Refer to Note 2.21)* | 9176 | *–* | *–* | *–* | *–* | 9176 | 9176 |
| Financial Liability under option arrangements *(Refer to Note 2.13)* | *–* | *–* | 876 | *–* | *–* | 876 | 876 |
| Other financial liabilities *(Refer to Note 2.13)* | 18361 | *–* | 642 | *–* | 55 | 19058 | 19058 |
| **Total** | **32281** |  ***–*** | **1518** |  ***–*** | **55** | **33854** | **33854** |

---

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on tax free bonds and government bonds carried at amortized cost of ![](rupee-symbol.gif)21 crore*

The carrying value and fair value of financial instruments by categories as at March 31, 2025 were as follows:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/liabilities at fair value through OCI** | **Financial assets/liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents *(Refer to Note 2.9)* | 24455 | *–* | *–* | *–* | *–* | 24455 | 24455 |
| Investments *(Refer to Note 2.5)* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and preference securities | *–* | 25 | *–* | 226 | *–* | 251 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | 1650 | *–* | *–* | *–* | *–* | 1650 | 1812<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | *–* | *–* | 1957 | *–* | *–* | 1957 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | *–* | 465 | *–* | *–* | 465 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | *–* | *–* | *–* | *–* | 4869 | 4869 | 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities | *–* | *–* | *–* | *–* | 7008 | 7008 | 7008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial paper | *–* | *–* | *–* | *–* | 3641 | 3641 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | *–* | *–* | *–* | *–* | 3504 | 3504 | 3504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | *–* | *–* | 196 | *–* | *–* | 196 | 196 |
| Trade receivables *(Refer to Note 2.8)* | 31158 | *–* | *–* | *–* | *–* | 31158 | 31158 |
| Loans *(Refer to Note 2.6)* | 265 | *–* | *–* | *–* | *–* | 265 | 265 |
| Other financials assets *(Refer to Note 2.7)* | 17159 | *–* | 164 | *–* | 28 | 17351 | 17271<sup>(2)</sup> |
| **Total** | **74687** | **25** | **2782** | **226** | **19050** | **96770** | **96852** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables (Refer to Note 2.14) | 4164 | *–* | *–* | *–* | *–* | 4164 | 4164 |
| Lease liabilities *(Refer to Note 2.21)* | 8227 | *–* | *–* | *–* | *–* | 8227 | 8227 |
| Financial Liability under option arrangements *(Refer to Note 2.13)* | *–* | *–* | 667 | *–* | *–* | 667 | 667 |
| Other financial liabilities *(Refer to Note 2.13)* | 16511 | *–* | 61 | *–* | 33 | 16605 | 16605 |
| **Total** | **28902** |  ***–*** | **728** |  ***–*** | **33** | **29663** | **29663** |

---

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on tax free bonds and government bonds carried at amortized cost of ![](rupee-symbol.gif)80 crore*

For trade receivables, trade payables, other assets and payables maturing within one year from the Balance Sheet date, the carrying amounts approximate the fair value due to the short maturity of these instruments.

**Fair value hierarchy**

**Level 1** - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

**Level 2 -** Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

**Level 3** - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2026 is as follows:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at March 31, 2026** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.5)** |  |  |  |  |
| Investments in mutual fund units | 2383 | 2383 | *–* | *–* |
| Investments in target maturity fund units | *–* | *–* | *–* | *–* |
| Investments in tax free bonds | 428 | 428 | *–* | *–* |
| Investments in government bonds | 124 | 124 | *–* | *–* |
| Investments in non convertible debentures | 4189 | 3572 | 617 | *–* |
| Investments in government securities | 4558 | 4389 | 169 | *–* |
| Investments in equity securities | 63 | 61 | *–* | 2 |
| Investments in preference securities | 680 | *–* | *–* | 680 |
| Investments in commercial paper | 1205 | *–* | 1205 | *–* |
| Investments in certificates of deposit | 8008 | *–* | 8008 | *–* |
| Other investments | 263 | *–* | *–* | 263 |
| **Others** |  |  |  |  |
| Derivative financial instruments - gain *(Refer to Note 2.7)* | 83 | *–* | 83 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - loss *(Refer to Note 2.13)* | 593 | *–* | 593 | *–* |
| Financial liability under option arrangements *(Refer to Note 2.13)* <sup>(1)</sup> | 876 | *–* | *–* | 876 |
| Liability towards contingent consideration *(Refer to Note 2.13)*<sup>(2)</sup> | 104 | *–* | *–* | 104 |

---

*<sup>(1)</sup>* *Discount rate ranges from 9.5% to 14.5%*

*<sup>(2)</sup>* *Discount rate ranges from 2.5% to 6%*

During the year ended March 31, 2026, government securities and tax free bonds of ![](rupee-symbol.gif)93 crore was transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price. Further, non convertible debentures of ![](rupee-symbol.gif)487 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2025 was as follows:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at March 31, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.5)** |  |  |  |  |
| Investments in mutual fund units | 1957 | 1957 | *–* | *–* |
| Investments in target maturity fund units | 465 | 465 | *–* | *–* |
| Investments in tax free bonds | 1781 | 1227 | 554 | *–* |
| Investments in government bonds | 31 | 31 | *–* | *–* |
| Investments in non convertible debentures | 4869 | 4869 | *–* | *–* |
| Investments in government securities | 7008 | 6972 | 36 | *–* |
| Investments in equity securities | 59 | 57 | *–* | 2 |
| Investments in preference securities | 192 | *–* | *–* | 192 |
| Investments in commercial paper | 3641 | *–* | 3641 | *–* |
| Investments in certificates of deposit | 3504 | *–* | 3504 | *–* |
| Other investments | 196 | *–* | *–* | 196 |
| **Others** |  |  |  |  |
| Derivative financial instruments - gain *(Refer to Note 2.7)* | 192 | *–* | 192 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - loss *(Refer to Note 2.13)* | 63 | *–* | 63 | *–* |
| Financial liability under option arrangements *(Refer to Note 2.13)* <sup>(1)</sup> | 667 | *–* | *–* | 667 |
| Liability towards contingent consideration *(Refer to Note 2.13)* <sup>(2)</sup> | 31 | *–* | *–* | 31 |

---

*<sup>(1)</sup>* *Discount rate ranges from 9% to 15%*

*<sup>(2)</sup>* *Discount rate - 6%*

During the year ended March 31, 2025, government securities and non convertible debentures of ![](rupee-symbol.gif)297 crore was transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price. Further, non convertible debentures and tax free bonds of ![](rupee-symbol.gif)554 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

Majority of investments of the Group are fair valued based on Level 1 or Level 2 inputs. These investments primarily include investment in mutual fund units, target maturity fund units, tax-free bonds, certificates of deposit, commercial papers, treasury bills, government securities, non-convertible debentures, quoted bonds issued by government and quasi-government organizations. The Group invests after considering counterparty risks based on multiple criteria including Tier I capital, Capital Adequacy Ratio, Credit Rating, Profitability, NPA levels and Deposit base of banks and financial institutions. These risks are monitored regularly as per Group's risk management program.

The following tables present movement of assets and liabilities valued using level 3 inputs for the year ended March 31, 2026 and March 31, 2025:

**i) Investments**

 

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** |
| **Particulars** | **Equity** | **Preference** | **Others** | **Equity** | **Preference** | **Others** |
| **Balance at the beginning** | **2** | **192** | **196** | **2** | **91** | **198** |
| Purchase of investments | *–* | *–* | 38 | *–* | 25 | 35 |
| Fair value gain/(loss) recognised through profit and loss | *–* | 28 | 15 | *–* | *–* | (28) |
| Fair value gain/(loss) recognised through other comprehensive income | *–* | 443 | *–* | *–* | 75 | *–* |
| Sale of investments | *–* | *–* | (4) | *–* | *–* | (11) |
| Translation difference | *–* | 17 | 18 | *–* | 1 | 2 |
| **Balance at the end** | **2** | **680** | **263** | **2** | **192** | **196** |

---

**ii) Financial liability under option arrangements**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| **Particulars** | **Year Ended March 31, 2026** | **Year Ended March 31, 2025** |
| **Balance at the beginning** | **667** | **597** |
| Additions | 10 | *–* |
| Change in fair value | 91 | 55 |
| Translation difference | 108 | 15 |
| **Balance at the end** | **876** | **667** |

---

**iii) Liability towards contingent consideration**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| **Particulars** | **Year Ended March 31, 2026** | **Year Ended March 31, 2025** |
| **Balance at the beginning** | **31** |  ***–*** |
| Addition due to business combination *(Refer Note - 2.1)* | 70 | 30 |
| Finance cost | 3 | 1 |
| Payments | (13) | *–* |
| Translation difference | 13 | *–* |
| **Balance at the end** | **104** | **31** |

---

A one percentage point change in the unobservable inputs used in fair valuation of Level 3 assets and liabilities does not have a significant impact in its value.

**Financial risk management**

**Financial risk factors**

The Group's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Group's primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The primary market risk to the Group is foreign exchange risk. The Group uses derivative financial instruments to mitigate foreign exchange related risk exposures. The Group's exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers.

**Market risk**

The Group operates internationally and a major portion of the business is transacted in several currencies and consequently the Group is exposed to foreign exchange risk through its sales and services in the United States and elsewhere, and purchases from overseas suppliers in various foreign currencies. The Group holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The Group is also exposed to foreign exchange risk arising on intercompany transaction in foreign currencies. The exchange rate between the Indian rupee and foreign currencies has changed substantially in recent years and may fluctuate substantially in the future. Consequently, the results of the Group's operations are adversely affected as the rupee appreciates/ depreciates against these currencies.

The following table analyses the foreign currency risk from financial assets and liabilities as at March 31, 2026:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **U.S. dollars** | **Euro** | **United Kingdom Pound Sterling** | **Australian dollars** | **Other currencies** | **Total** |
| Net financial assets | 28688 | 13119 | 2458 | 2229 | 4197 | 50691 |
| Net financial liabilities | (14708) | (4566) | (1351) | (1246) | (2713) | (24584) |
| **Total** | **13980** | **8553** | **1107** | **983** | **1484** | **26107** |

---

The following table analyses the foreign currency risk from financial assets and liabilities as at March 31, 2025:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **U.S. dollars** | **Euro** | **United Kingdom Pound Sterling** | **Australian dollars** | **Other currencies** | **Total** |
| Net financial assets | 26821 | 11791 | 2228 | 1356 | 3090 | 45286 |
| Net financial liabilities | (13154) | (3766) | (1026) | (706) | (2161) | (20813) |
| **Total** | **13667** | **8025** | **1202** | **650** | **929** | **24473** |

---

**Sensitivity analysis between Indian rupee and U.S. Dollar**

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Impact on the Group's incremental operating margins | 0.44% | 0.43% |

---

Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upon conversion into functional currency, due to exchange rate fluctuations between the previous reporting period and the current reporting period.

**Derivative financial instruments**

The Group primarily holds derivative financial instruments such as foreign currency forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for these contracts is generally a bank. These derivative financial instruments are valued based on quoted prices for similar assets and liabilities in active markets or inputs that are directly or indirectly observable in the marketplace.

The details in respect of outstanding foreign currency forward and option contracts are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at** | **As at** | **As at** | **As at** |
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
| **Particulars**<br>| **In million** | **In ![](rupee-symbol.gif) crore** | **In million** | **In ![](rupee-symbol.gif) crore** |
| **Derivatives designated as cash flow hedges** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Forward contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Swiss Franc | *–* | *–* | 53 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Euro | 417 | 4546 | 341 | 3140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Australian dollars | 87 | 566 | 93 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Swiss Franc | 26 | 303 | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In United Kingdom Pound Sterling | 18 | 230 | 17 | 188 |
| **Other derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Forward contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In U.S. dollars | 1509 | 14307 | 1284 | 10976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Euro | 853 | 9298 | 698 | 6432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Singapore dollars | 149 | 1093 | 133 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Swiss Franc | 70 | 837 | 51 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In United Kingdom Pound Sterling | 65 | 811 | 53 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Australian dollars | 58 | 377 | 24 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n Norwegian Krone | 300 | 291 | 167 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Hongkong Dollars | 106 | 128 | 40 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In New Zealand dollars | 22 | 122 | 37 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In South African rand | 152 | 84 | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Danish Krone | 50 | 73 | 152 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Hungarian Forint | 2280 | 64 | 2000 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Canadian dollars | 7 | 45 | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Czech Koruna | 99 | 44 | 176 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Philippine Peso | *–* | *–* | 500 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In U.S. dollars | 685 | 6499 | 796 | 6800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Euro | 48 | 523 | 179 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Australian dollars | 25 | 163 | 11 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In United Kingdom Pound Sterling | 10 | 125 | *–* | *–* |
| **Total forwards and options contracts** |  | **40529** |  | **33045** |

---

The group recognized a net loss of ![](rupee-symbol.gif)2,309 crore during the year ended March 31, 2026 and a net loss of ![](rupee-symbol.gif)99 crore for the year ended March 31, 2025, respectively, on derivative financial instruments not designated as cash flow hedges which are included in other income.

The foreign exchange forward and option contracts mature within 12 months. The table below analyses the derivative financial instruments into relevant maturity groupings based on the remaining period as at the Balance Sheet date:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Not later than one month | 20734 | 15506 |
| Later than one month and not later than three months | 18657 | 16641 |
| Later than three months and not later than one year | 1138 | 898 |
| **Total** | **40529** | **33045** |

---

During the year ended March 31, 2026 and March 31, 2025, the Group has designated certain foreign exchange forward and option contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions. The related hedge transactions for balance in cash flow hedges as of March 31, 2026 are expected to occur and will be reclassified to the Consolidated Statement of Profit and Loss within 3 months.

The Group determines the existence of an economic relationship between the hedging instrument and the hedged item based on the currency, amount and timing of its forecasted cash flows. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument, including whether the hedging instrument is expected to offset changes in cash flows of hedged items.

If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in the Consolidated Statement of Profit and Loss at the time of the hedge relationship rebalancing.

The following table provides reconciliation of cash flow hedge reserve for the year ended March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| **Gain/(Loss)** |  |  |
| Balance at the beginning of the year | (18) | 6 |
| Gain / (Loss) recognized in other comprehensive income during the year | (306) | (5) |
| Amount reclassified to profit or loss during the year | 304 | (27) |
| Tax impact on above | 1 | 8 |
| **Balance at the end of the year** | **(19)** | **(18)** |

---

The Group offsets a financial asset and a financial liability when it currently has a legally enforceable right to set off the recognized amounts and the Group intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

The quantitative information about offsetting of derivative financial assets and derivative financial liabilities is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at** | **As at** | **As at** | **As at** |
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
| **Particulars**<br>| **Derivative financial asset** | **Derivative financial liability** | **Derivative financial asset** | **Derivative financial liability** |
| Gross amount of recognized financial asset/liability | 179 | (689) | 250 | (121) |
| Amount set off | (96) | 96 | (58) | 58 |
| **Net amount presented in Balance Sheet** | **83** | **(593)** | **192** | **(63)** |

---

**Credit risk**

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to ![](rupee-symbol.gif)35,234 crore and ![](rupee-symbol.gif)31,158 crore as at March 31, 2026 and March 31, 2025, respectively and unbilled revenues amounting to ![](rupee-symbol.gif)17,221 crore and ![](rupee-symbol.gif)15,083 crore as at March 31, 2026 and March 31, 2025, respectively. Trade receivables and unbilled revenues are typically unsecured and are derived from revenues from customers primarily located in the United States of America and Europe. Credit risk has always been managed by the Group through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Group grants credit terms in the normal course of business. The Group uses the expected credit loss model to assess any required allowances; and uses a provision matrix to compute the expected credit loss allowance for trade receivables and unbilled revenues. This matrix takes into account credit reports and other related credit information to the extent available.

The Group's exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers. Exposure to customers is diversified and there is no single customer contributing more than 10% of outstanding trade receivables and unbilled revenues.

The following table gives details in respect of percentage of revenues generated from top five customers and top ten customers:

*(In %)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Revenue from five top customers | 12.9 | 13.2 |
| Revenue from top ten customers | 20.5 | 20.5 |

---

**Credit risk exposure**

The Group's credit period generally ranges from 30-75 days.

The allowance for lifetime expected credit loss on customer balances for the year ended March 31, 2026 and March 31, 2025 was ![](rupee-symbol.gif)75 crore and ![](rupee-symbol.gif)108 crore, respectively.

**The movement in credit loss allowance on customer balance is as follows:**

*(In ![](rupee-symbol.gif) crore)* 

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Balance at the beginning | 973 | 953 |
| Impairment loss recognized/ (reversed), net | 75 | 108 |
| Amounts written off | (270) | (91) |
| Translation differences | 108 | 3 |
| **Balance at the end** | **886** | **973** |

---

The gross carrying amount of a financial asset is written off (either partially or in full) when there is no realistic prospect of recovery.

**Credit exposure**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Trade receivables | 35234 | 31158 |
| Unbilled revenues | 17,221 | 15,082 |

---

Days sales outstanding was 67 days and 69 days as of March 31, 2026 and March 31, 2025, respectively.

Credit risk on cash and cash equivalents is limited as the Group generally invest in deposits with banks with high ratings assigned by international and domestic credit rating agencies. Ratings are monitored periodically and the Group has considered the latest available credit ratings as at the date of approval of these Consolidated financial statements.

The investments of the Group primarily include investment in mutual fund units, target maturity fund units, tax free bonds, certificates of deposit, commercial paper, treasury bills, government securities, non-convertible debentures, quoted bonds issued by government and quasi government organizations. The Group invests after considering counterparty risks based on multiple criteria including Tier I Capital, Capital Adequacy Ratio, credit rating, profitability, NPA levels and deposit base of banks and financial institutions. These risks are monitored regularly as per Group's risk management program.

**Liquidity risk**

Liquidity risk is defined as the risk that the Group will not be able to settle or meet its obligations on time.

The Group's principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The Group has no outstanding borrowings. The Group believes that the working capital is sufficient to meet its current requirements.

As at March 31, 2026, the Group had a working capital of ![](rupee-symbol.gif)51,167 crore including cash and cash equivalents of ![](rupee-symbol.gif)22,201 crore and current investments of ![](rupee-symbol.gif)12,950 crore. As at March 31, 2025, the Group had a working capital of ![](rupee-symbol.gif)54,249 crore including cash and cash equivalents of ![](rupee-symbol.gif)24,455 crore and current investments of ![](rupee-symbol.gif)12,482 crore.

As at March 31, 2026 and March 31, 2025, the outstanding compensated absences were ![](rupee-symbol.gif)3,641 crore and ![](rupee-symbol.gif)3,007 crore, respectively, which have been substantially funded. Accordingly no liquidity risk is perceived.

Refer to Note 2.21 Leases for remaining contractual maturities of lease liabilities.

The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2026:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Less than 1 year** | **1-2 years** | **2-4 years** | **4-7 years** | **Total** |
| Trade payables | 4744 | *–* | *–* | *–* | 4744 |
| Financial liability under option arrangements on an undiscounted basis (Refer to Note 2.13) | 839 | *–* | 142 | *–* | 981 |
| Liability towards contingent consideration on an undiscounted basis (Refer to Note 2.13) | 75 | 33 | *–* | *–* | 108 |
| Other financial liabilities (excluding liability towards contingent consideration) on an undiscounted basis (Refer to Note 2.13) | 16539 | 1617 | 201 | 4 | 18361 |

---

The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2025:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Less than 1 year** | **1-2 years** | **2-4 years** | **4-7 years** | **Total** |
| Trade payables | 4164 | *–* | *–* | *–* | 4164 |
| Financial liability under option arrangements on an undiscounted basis (Refer to Note 2.13) | 612 | *–* | 149 | *–* | 761 |
| Liability towards contingent consideration on an undiscounted basis (Refer to Note 2.13) | 12 | 21 | *–* | *–* | 33 |
| Other financial liabilities (excluding liability towards contingent consideration) on an undiscounted basis (Refer to Note 2.13) | 14606 | 1750 | 145 | 12 | 16513 |

---

**2.12 EQUITY**

**Accounting policy**

**Ordinary Shares**

Ordinary shares are classified as equity share capital. Incremental costs directly attributable to the issuance of new ordinary shares, share options and buyback are recognized as a deduction from equity, net of any tax effects.

**Treasury Shares**

When any entity within the Group purchases the company's ordinary shares, the consideration paid including any directly attributable incremental cost is presented as a deduction from total equity, until they are cancelled, sold or reissued. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to / from securities premium.

**Description of reserves**

**Capital Redemption Reserve**

In accordance with section 69 of the Indian Companies Act, 2013, the Company creates capital redemption reserve equal to the nominal value of the shares bought back as an appropriation from general reserve / retained earnings.

**Retained earnings**

Retained earnings represent the amount of accumulated earnings of the Group.

**Securities premium**

The amount received in excess of the par value of equity shares has been classified as securities premium. Amounts have been utilized for bonus issue and share buyback from share premium account.

**Share options outstanding account**

The share options outstanding account is used to record the fair value of equity-settled share based payment transactions with employees. The amounts recorded in share options outstanding account are transferred to securities premium upon exercise of stock options and transferred to general reserve on account of stock options not exercised by employees.

**Special Economic Zone Re-investment reserve**

The Special Economic Zone Re-investment reserve has been created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA (1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA (2) of the Income Tax Act, 1961.

**Other components of equity**

Other components of equity include currency translation, remeasurement of net defined benefit liability / asset, equity instruments fair valued through other comprehensive income, changes on fair valuation of investments and changes in fair value of derivatives designated as cash flow hedges, net of taxes.

**Currency translation reserve**

The exchange differences arising from the translation of financial statements of foreign subsidiaries with functional currency other than Indian rupees is recognized in other comprehensive income and is presented within equity.

**Cash flow hedge reserve**

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedging reserve. The cumulative gain or loss previously recognized in the cash flow hedge reserve is transferred to the Consolidated Statement of Profit and Loss upon the occurrence of the related forecasted transaction.

**EQUITY SHARE CAPITAL**

*(In ![](rupee-symbol.gif) crore, except as otherwise stated)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Authorized** |  |  |
| Equity shares, ![](rupee-symbol.gif)5 par value |  |  |
| 480,00,00,000 (4800000000) equity shares | 2400 | 2400 |
| **Issued, Subscribed and Paid-Up** |  |  |
| Equity shares, ![](rupee-symbol.gif)5 par value<sup>(1)</sup> | 2024 | 2073 |
| 404,69,40,812 (4143607528) equity shares fully paid-up<sup>(2)</sup> |  |  |
|  | **2024** | **2073** |

---

Note: Forfeited shares amounted to ![](rupee-symbol.gif)1,500 (![](rupee-symbol.gif)1,500)

*<sup>(1)</sup>* *Refer to Note 2.23 for details of basic and diluted shares*

*<sup>(2)</sup>* *Net of treasury shares 86,50,911 (96,55,927)*

The Company has only one class of shares referred to as equity shares having a par value of ![](rupee-symbol.gif)5/-. Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depositary Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company in proportion to the number of equity shares held by the shareholders, after distribution of all preferential amounts. However, no such preferential amounts exist currently, other than the amounts held by irrevocable controlled trusts. For irrevocable controlled trusts, the corpus would be settled in favor of the beneficiaries.

There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans

For details of shares reserved for issue under the employee stock option plan of the Company refer to the note below.

**In the period of five years immediately preceding March 31, 2026:**

**Buyback**

In the period of five years immediately preceding March 31, 2026, the Company had purchased and extinguished a total of 21,62,33,685 fully paid-up equity shares of face value ![](rupee-symbol.gif)5/- each from the stock exchange.

**Capital allocation policy**

Effective fiscal 2025, the Company expects to continue its policy of returning approximately 85% of the free cash flow cumulatively over a 5-year period through a combination of semi-annual dividends and/or share buyback/ special dividends subject to applicable laws and requisite approvals, if any.

Under this policy, the Company expects to progressively increase its annual dividend per share (excluding special dividend if any).

Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS. Dividend and buyback include applicable taxes.

**Buyback completed in December 2025**

In line with the capital allocation policy, the Board, at its meeting held on September 11, 2025, approved a proposal for the Company to buyback its fully paid-up equity shares of face value of ![](rupee-symbol.gif)5/- each from the eligible equity shareholders of the Company for an amount of ![](rupee-symbol.gif)18,000 crore subject to shareholders' approval by way of Postal Ballot. The shareholders approved the said proposal of buyback of Equity Shares recommended by its Board of Directors by way of e-voting through postal ballot, the results of which were declared on November 6, 2025. The Buyback offer comprised a purchase of 10,00,00,000 Equity Shares comprising approximately 2.41% of the total paid-up equity share capital of the Company as of June 30, 2025 (on standalone basis) at a price of ![](rupee-symbol.gif)1,800 per Equity share. The buyback was offered to all eligible equity shareholders (including those who became equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity shares) of the Company as on the Record Date (i.e. November 14, 2025) on a proportionate basis through the "Tender offer" route. The tender period for buyback commenced on November 20, 2025 and was open until November 26, 2025. The Company concluded the buyback procedures on December 4, 2025 and 10,00,00,000 equity shares were bought back and extinguished. The buyback resulted in cash outflow of ![](rupee-symbol.gif)18,000 crore (excluding transaction costs). The Company funded the buyback from its free reserves including securities premium as explained in Section 68 of the Companies Act, 2013. In accordance with Section 69 of the Companies Act, 2013, as at March 31, 2026, the Company has created a Capital Redemption Reserve of ![](rupee-symbol.gif)50 crore equal to the nominal value of the shares bought back as an appropriation from the general reserve.

The Company's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, return capital to shareholders, issue new shares or buy back issued shares. As of March 31, 2026, the Company has only one class of equity shares and has no debt. Consequent to the above capital structure there are no externally imposed capital requirements.

**2.12.2 Shareholding of promoter**

**The details of shares held by promoters as at March 31, 2026 and the change during the year ended March 31, 2026:**

---

| | | | |
|:---|:---|:---|:---|
| **Promoter name** | **No. of shares** | **% of total shares** | **% Change during the year** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sudha Gopalakrishnan | 95357000 | 2.35% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rohan Murty | 60812892 | 1.50% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. Gopalakrishnan | 31853808 | 0.79% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nandan M. Nilekani | 40783162 | 1.01% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akshata Murty | 38957096 | 0.96% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asha Dinesh | 38579304 | 0.95% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sudha N. Murty | 34550626 | 0.85% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rohini Nilekani | 34335092 | 0.85% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dinesh Krishnaswamy | 32479590 | 0.80% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shreyas Shibulal | 17937000 | 0.44% | (10.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. R. Narayana Murthy | 15145638 | 0.37% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nihar Nilekani | 12677752 | 0.31% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janhavi Nilekani | 8589721 | 0.21% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kumari Shibulal | 4945935 | 0.12% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deeksha Dinesh | 7646684 | 0.19% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divya Dinesh | 7646684 | 0.19% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meghana Gopalakrishnan | 14834928 | 0.37% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shruti Shibulal | 8705651 | 0.21% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. D. Shibulal | 5208673 | 0.13% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Promoters Group** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ekagrah Rohan Murty | 1500000 | 0.04% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaurav Manchanda | 5773233 | 0.14% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milan Shibulal Manchanda | 6106302 | 0.15% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nikita Shibulal Manchanda | 6106302 | 0.15% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bhairavi Madhusudhan Shibulal | 4885500 | 0.12% | (9.99%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shray Chandra | 719424 | 0.02% | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanush Nilekani Chandra | 3356017 | 0.08% | *–* |

---

The percentage shareholding above has been computed considering the outstanding number of shares of 4,055,591,723 as at March 31, 2026.

**Dividend**

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company's Board of Directors. Income tax consequences of dividends on financial instruments classified as equity will be recognized according to where the entity originally recognized those past transactions or events that generated distributable profits.

The Company declares and pays dividends in Indian rupees. Companies are required to pay/distribute dividend after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates.

The amount of per share dividend recognized as distribution to equity shareholders in accordance with Companies Act 2013 is as follows:

*(in ![](rupee-symbol.gif))*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Interim dividend for fiscal 2026 | 23.00 | *–* |
| Final dividend for fiscal 2025 | 22.00 | *–* |
| Interim dividend for fiscal 2025 | *–* | 21.00 |
| Special dividend for fiscal 2024 | *–* | 8.00 |
| Final dividend for fiscal 2024 | *–* | 20.00 |

---

During the year ended March 31, 2026, on account of the final dividend for fiscal 2025 and interim dividend for fiscal 2026, the Company has incurred a net cash outflow of ![](rupee-symbol.gif)18,653 crore (excluding dividend paid on treasury shares)

The Board of Directors in their meeting held on April 23, 2026 recommended a final dividend of ![](rupee-symbol.gif)25/-per equity share for the financial year ended March 31, 2026. The payment is subject to the approval of shareholders in the Annual General Meeting (AGM) of the Company to be held on June 23, 2026 and if approved, would result in a net cash outflow of approximately ![](rupee-symbol.gif)10,117 crore (excluding dividend paid on treasury shares).

The details of shareholders holding more than 5% shares as at March 31, 2026 and March 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at March 31, 2026** | **As at March 31, 2026** | **As at March 31, 2025** | **As at March 31, 2025** |
| **Name of the shareholder** | **Number of shares** | **% held** | **Number of shares** | **% held** |
| Deutsche Bank Trust Company Americas (Depository of ADR's - legal ownership) | 305054064 | 7.52 | 439860715 | 10.59 |
| Life Insurance Corporation of India | 432782872 | 10.67 | 388112531 | 9.34 |

---

The reconciliation of the number of shares outstanding and the amount of share capital as at March 31, 2026 and March 31, 2025 are as follows:

*(In ![](rupee-symbol.gif) crore, except as stated otherwise)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at March 31, 2026** | **As at March 31, 2026** | **As at March 31, 2025** | **As at March 31, 2025** |
| **Particulars** | **Number of shares** | **Amount** | **Number of shares** | **Amount** |
| **As at the beginning of the year** | **4143607528** | **2073** | **4139950635** | **2071** |
| Add: Shares issued on exercise of employee stock options | 3333284 | 1 | 3656893 | 2 |
| Less: Shares bought back | 100000000 | 50 | *–* | *–* |
| **As at the end of the year** | **4046940812** | **2024** | **4143607528** | **2073** |

---

**Employee Stock Option Plan (ESOP):**

**Accounting policy**

The Group recognizes compensation expense relating to share-based payments in net profit based on estimated fair values of the awards on the grant date. The estimated fair value of awards is recognized as an expense in the statement of profit and loss on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share options outstanding account.

**Infosys Expanded Stock Ownership Program 2019 (the 2019 Plan) :**

On June 22, 2019 pursuant to approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 Plan shall not exceed 5,00,00,000 equity shares. To implement the 2019 Plan, up to 4,50,00,000 equity shares may be issued by way of secondary acquisition of shares by Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 Plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the Company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

**2015 Stock Incentive Compensation Plan (the 2015 Plan) :** 

On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Stock Incentive Compensation Plan. The maximum number of shares under the 2015 Plan shall not exceed 2,40,38,883 equity shares (this includes 1,12,23,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years. The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.

The equity settled and cash settled RSUs and stock options would vest generally over a period of 4 years and shall be exercisable within the period as approved by the Nomination and Remuneration Committee (NARC). The exercise price of the RSUs will be equal to the par value of the shares and the exercise price of the stock options (ESOPs) would be the market price as on the date of grant.

Controlled trust holds 86,50,911 and 96,55,927 shares as at March 31, 2026 and March 31, 2025, respectively, under the 2015 Plan. Out of these shares, 200,000 equity shares each have been earmarked for welfare activities of the employees as at March 31, 2026 and March 31, 2025.

The following is the summary of grants made during year ended March 31, 2026 and March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| **2015 Plan: RSU** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | 377609 | 380842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 2254341 | 1874690 |
|  | **2631950** | **2255532** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash settled RSUs** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) |  ***–*** |  ***–*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 119800 | 94050 |
|  | **119800** | **94050** |
| **2015 Plan: Employee Stock Options (ESOPs)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | 237370 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 5412790 | *–* |
|  | **5650160** |  ***–*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash settled RSUs** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 108180 | *–* |
|  | **108180** |  ***–*** |
| **Total Grants under 2015 Plan** | **8510090** | **2349582** |
| **2019 Plan: RSU** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | 126966 | 119699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 4422390 | 3624646 |
|  | **4549356** | **3744345** |
| **Total Grants under 2019 Plan** | **4549356** | **3744345** |

---

***Notes on grants to KMP:***

**CEO & MD**

**Under the 2015 Plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2026. In accordance with such approval the following grants were made effective May 2, 2025.

- 2,30,621 performance-based RSUs (Annual performance equity grant) of fair value of ![](rupee-symbol.gif)34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets.

- 13,273 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of ![](rupee-symbol.gif)2 crore. These RSUs will vest in line with the employment agreement based on achievement of certain environment, social and governance milestones as determined by the Board.

- 33,183 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of ![](rupee-symbol.gif)5 crore. These RSUs will vest in line with the employment agreement based on Company's performance on cumulative relative TSR over the years and as determined by the Board.

Further, in accordance with the employee agreement which has been approved by the shareholders, the CEO is eligible to receive an annual grant of RSUs of fair value ![](rupee-symbol.gif)3 crore which will vest overtime in three equal annual installments upon the completion of each year of service from the respective grant date. Accordingly, annual time-based grant of 18,132 RSUs was made effective February 1, 2026 for fiscal 2026.

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of March 31, 2026, since the service commencement date precedes the grant date, the company has recorded employment stock compensation expense in accordance with Ind AS 102, Share based payment. The grant date for this purpose in accordance with Ind AS 102, Share based payment is July 01, 2022.

**Under the 2019 Plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to ![](rupee-symbol.gif)10 crore for fiscal 2026 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 66,366 performance based RSU's were granted effective May 2, 2025.

**Other KMP**

**Under the 2015 plan:**

During the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved time based grants of 2,37,370 ESOPs to Other KMP under the 2015 Plan. These ESOPs will vest over a period of 4 years and shall be exercisable within the period as approved by the Committee. The exercise price of the ESOPs would be the market price as on the date of grant.

Further, during the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved 82,400 time based RSUs to Other KMPs under the 2015 Plan. Time based RSUs will vest over four years.

**Under the 2019 plan:**

During the year ended March 31, 2026, based on recommendations of Nomination and Remuneration Committee, the Board approved performance based grants of 60,600 RSUs to other KMPs under the 2019 plan. These RSUs will vest over three years based on achievement of certain performance targets.

**The break-up of employee stock compensation expense is as follows:**

*(in ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| *Granted to:* |  |  |
| KMP | 70 | 70 |
| Employees other than KMP | 882 | 732 |
| **Total *<sup>(1)</sup>*** | **952** | **802** |
| *<sup>(1)</sup> Cash-settled stock compensation expense included in the above* | 16 | 17 |

---

The activity in the 2015 and 2019 Plan for equity-settled share based payment transactions during the year ended March 31, 2026 and March 31, 2025 is set out as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended March 31, 2026** | **Year ended March 31, 2026** | **Year ended March 31, 2025** | **Year ended March 31, 2025** |
| **Particulars** | **Shares arising out of options** | **Weighted average exercise price (![](rupee-symbol.gif))** | **Shares arising out of options** | **Weighted average exercise price (![](rupee-symbol.gif))** |
| **2015 Plan: RSU** |  |  |  |  |
| Outstanding at the beginning | 7259464 | 5.00 | 8076058 | 5.00 |
| Granted | 2631950 | 5.00 | 2255532 | 5.00 |
| Exercised | 1865144 | 5.00 | 2080865 | 5.00 |
| Forfeited and expired | 646821 | 5.00 | 991261 | 5.00 |
| **Outstanding at the end** | **7379449** | **5.00** | **7259464** | **5.00** |
| Exercisable at the end | 1043401 | 4.98 | 629138 | 4.97 |
| **2015 Plan: Employee Stock Options (ESOPs)** |  |  |  |  |
| Outstanding at the beginning | 17554 | 499 | 82050 | 551 |
| Granted | 5650160 | 1580 | *–* | *–* |
| Exercised | 14728 | 499 | 61672 | 573 |
| Forfeited and expired | 291820 | 1586 | 2824 | 499 |
| **Outstanding at the end** | **5361166** | **1663** | **17554** | **499** |
| Exercisable at the end | 28096 | 1212 | 17554 | 499 |
| **2019 Plan: RSU** |  |  |  |  |
| Outstanding at the beginning | 8072635 | 5.00 | 8023855 | 5.00 |
| Granted | 4549356 | 5.00 | 3744345 | 5.00 |
| Exercised | 1453412 | 5.00 | 1514356 | 5.00 |
| Forfeited and expired | 745697 | 5.00 | 2181209 | 5.00 |
| **Outstanding at the end** | **10422882** | **5.00** | **8072635** | **5.00** |
| Exercisable at the end | 2353433 | 5.00 | 770321 | 5.00 |

---

The weighted average share price of option exercised is set out as follows:

*(in ![](rupee-symbol.gif))*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2019 Plan** | **2019 Plan** | **2015 Plan** | **2015 Plan** |
| | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| <br>**Particulars** | **2026** | **2025** | **2026** | **2025** |
| Weighted average share price of options exercised | 1471 | 1587 | 1488 | 1601 |

---

The summary of information about equity settled RSUs and ESOPs outstanding as at March 31, 2026 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2019 Plan - Options outstanding** | **2019 Plan - Options outstanding** | **2019 Plan - Options outstanding** | **2015 Plan - Options outstanding** | **2015 Plan - Options outstanding** | **2015 Plan - Options outstanding** |
| <br>**Range of exercise prices per share (![](rupee-symbol.gif))** | **No. of shares arising out of options** | **Weighted average remaining contractual life** | **Weighted average exercise price (![](rupee-symbol.gif))** | **No. of shares arising out of options** | **Weighted average remaining contractual life** | **Weighted average exercise price (![](rupee-symbol.gif))** |
| 0 - 5 (RSU) | 10422882 | 1.19 | 5.00 | 7379449 | 1.37 | 5.00 |
| 490 - 1,700 (ESOP) | *–* | *–* | *–* | 5361166 | 7.17 | 1663 |

---

The summary of information about equity settled RSUs and ESOPs outstanding as at March 31, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2019 Plan - Options outstanding** | **2019 Plan - Options outstanding** | **2019 Plan - Options outstanding** | **2015 Plan - Options outstanding** | **2015 Plan - Options outstanding** | **2015 Plan - Options outstanding** |
| <br>**Range of exercise prices per share (![](rupee-symbol.gif))** | **No. of shares arising out of options** | **Weighted average remaining contractual life** | **Weighted average exercise price (![](rupee-symbol.gif))** | **No. of shares arising out of options** | **Weighted average remaining contractual life** | **Weighted average exercise price (![](rupee-symbol.gif))** |
| 0 - 5 (RSU) | 8072635 | 1.23 | 5.00 | 7259464 | 1.51 | 5.00 |
| 450 - 640 (ESOP) | *–* | *–* | *–* | 17554 | 0.58 | 499 |

---

As at March 31, 2026 and March 31, 2025, 3,87,949 and 2,88,384 cash settled options were outstanding respectively. The carrying value of liability towards cash settled share based payments was ![](rupee-symbol.gif)15 crore and ![](rupee-symbol.gif)18 crore as at March 31, 2026 and March 31, 2025 respectively.

The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance based options and Monte Carlo simulation model is used for TSR based options.

The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected term and the risk free rate of interest. Expected volatility during the expected term of the options is based on historical volatility of the observed market prices of the Company's publicly traded equity shares during a period equivalent to the expected term of the options. Expected volatility of the comparative company have been modelled based on historical movements in the market prices of their publicly traded equity shares during a period equivalent to the expected term of the options. Correlation coefficient is calculated between each peer entity and the indices as a whole or between each entity in the peer group.

The fair value of each equity settled award is estimated on the date of grant using the following assumptions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** |
| **Particulars** | **Fiscal 2026- <br> Equity Shares-RSU** | **Fiscal 2026- <br> ADR RSU** | **Fiscal 2026- <br> Equity Shares-ESOP** | **Fiscal 2026- <br> ADS-ESOP** | **Fiscal 2025- <br> Equity Shares-RSU** | **Fiscal 2025- <br> ADS-RSU** |
| Weighted average share price (![](rupee-symbol.gif)) / ($ ADS) | 1641 | 17.55 | 1554 | 17.93 | 1808 | 21.44 |
| Exercise price (![](rupee-symbol.gif)) / ($ ADS) | 5.00 | 0.10 | 1554 | 17.93 | 5.00 | 0.07 |
| Expected volatility (%) | 23-26 | 25-29 | 25-28 | 26-30 | 21-26 | 23-28 |
| Expected life of the option (years) | 1-4 | 1-4 | 3-7 | 3-7 | 1-4 | 1-4 |
| Expected dividends (%) | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 |
| Risk-free interest rate (%) | 6 | 4 | 6 | 4 | 7 | 4-5 |
| Weighted average fair value as on grant date (![](rupee-symbol.gif)) / ($ ADS) | 1331 | 14.16 | 390 | 4.09 | 1555 | 18.20 |

---

The expected life of the RSU/ESOP is estimated based on the vesting term and contractual term of the RSU/ESOP, as well as expected exercise behavior of the employee who receives the RSU/ESOP.

**2.13 OTHER FINANCIAL LIABILITIES**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current** |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation to employees <sup>(1)</sup> | 10 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses <sup>(1)</sup> | 1725 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensated absences | 117 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liability under option arrangements <sup>(2) #</sup> | 122 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for acquisition of business - Contingent consideration <sup>(2)</sup> | 31 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Payables <sup>(1)</sup> | 87 | 5 |
| **Total non-current other financial liabilities** | **2092** | **2141** |
| **Current** |  |  |
| Unpaid dividends <sup>(1)</sup> | 45 | 45 |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation to employees <sup>(1)</sup> | 5898 | 4924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses <sup>(1)</sup> | 9683 | 8467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for acquisition of business - Contingent consideration <sup>(2)</sup> | 73 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable by controlled trusts <sup>(1)</sup> | 173 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensated absences | 3524 | 2908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liability under option arrangements <sup>(2) #</sup> | 754 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward and options contracts <sup>(2) (3)</sup> | 593 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital creditors <sup>(1)</sup> | 284 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables <sup>(1)</sup> | 456 | 475 |
| **Total current other financial liabilities** | **21483** | **18138** |
| **Total other financial liabilities** | **23575** | **20279** |
| <sup>(1)</sup> Financial liability carried at amortized cost | 18361 | 16511 |
| <sup>(2)</sup> Financial liability carried at fair value through profit or loss | 1518 | 728 |
| <sup>(3)</sup> Financial liability carried at fair value through other comprehensive income | 55 | 33 |
| Financial liability under option arrangements on an undiscounted basis | 981 | 761 |
| Financial liability towards contingent consideration on an undiscounted basis | 108 | 33 |

---

<sup>#</sup> Represents liability related to options issued by the Group over the non-controlling interests in its subsidiaries

Accrued expenses primarily relate to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building expenses, overseas travel expenses, office maintenance and cost of third party software and hardware.

**2.14 TRADE PAYABLES**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Outstanding dues of micro enterprises and small enterprises (MSME) | 12 | 8 |
| Outstanding dues of creditors other than micro enterprises and small enterprises | 4732 | 4156 |
| **Total trade payables** | **4744** | **4164** |

---

Trade payables ageing schedule for the year ended as on March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** | **Outstanding for following periods from due date of payment** |
| **Particulars** | **Not Due** | **Less than 1 year** | **1-2 years** | **2-3 years** | **More than 3 years** | **Total** |
| Outstanding dues to MSME | 12 | *–* | *–* | *–* | *–* | 12 |
|  | *8* | *–* | *–* | *–* | *–* | *8* |
| Others | 4622 | 110 | *–* | *–* | *–* | 4732 |
|  | *3742* | *414* | *–* | *–* | *–* | *4156* |
| **Total trade payables** | **4634** | **110** |  ***–*** |  ***–*** |  ***–*** | **4744** |
|  |  ***3750*** |  ***414*** |  ***–*** |  ***–*** |  ***–*** |  ***4164*** |

---

**Relationship with struck off companies**

There are no transactions with struck off companies for the year ending March 31, 2026 and March 31, 2025.

**2.15 OTHER LIABILITIES**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Non-current** |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued defined benefit liability | 473 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 88 | 100 |
| **Total non-current other liabilities** | **561** | **215** |
| **Current** |  |  |
| Unearned revenue | 11838 | 8492 |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others | 3881 | 3256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued defined benefit liability | 49 | 6 |
| Others | 11 | 11 |
| **Total current other liabilities** | **15779** | **11765** |
| **Total other liabilities** | **16340** | **11980** |

---

**2.16 PROVISIONS**

**Accounting policy**

A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The Group recognizes a reimbursement asset when, and only when, it is virtually certain that the reimbursement will be received if the Group settles the obligation.

**a. Post sales client support**

The Group provides its clients with a fixed-period post sales support on its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in Consolidated Statement of Profit and Loss. The Group estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.

**b. Onerous contracts**

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established the Group recognizes any impairment loss on the assets associated with that contract.

**Provision for post-sales client support and other provisions:**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Current** |  |  |
| Others |  |  |
| Post-sales client support and others | 1512 | 1325 |
| Other provisions pertaining to settlement (refer to note 2.24.2) | – | 150 |
| **Total provisions** | **1512** | **1475** |

---

**The movement in the provision for post-sales client support and others is as follows:**

---

| | |
|:---|:---|
| | **Year ended** |
| **Particulars** | **March 31, 2026** |
| Balance at the beginning | 1325 |
| Provision recognized / (reversed) | 482 |
| Provision utilized | (445) |
| Translation difference | 150 |
| **Balance at the end** | **1512** |

---

Provision for post-sales client support majorly represents costs associated with providing post sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 year.

**2.17 INCOME TAXES**

**Accounting policy**

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the Consolidated Statement of Profit and Loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income taxes are not provided on the undistributed earnings of subsidiaries and branches where it is expected that the earnings of the subsidiary or branch will not be distributed in the foreseeable future.

The Group offsets current tax assets and current tax liabilities; deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The income tax provision for the interim period is made based on the best estimate of the annual average tax rate expected to be applicable for the full financial year. Tax benefits of deductions earned on exercise of employee share options in excess of compensation charged to income are credited to equity.

Income tax expense in the Consolidated Statement of Profit and Loss comprises:

*(In ![](rupee-symbol.gif) crore)*

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| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Current taxes | 11767 | 12130 |
| Deferred taxes | (1246) | (1272) |
| **Income tax expense** | **10521** | **10858** |

---

A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to the income before income taxes is summarized below:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Profit before income taxes | 39995 | 37608 |
| Enacted tax rates in India | 25.17% | 25.17% |
| Computed expected tax expense | 10066 | 9465 |
| Overseas taxes | 1114 | 1109 |
| Tax provision (reversals) | (877) | 132 |
| Effect of exempt non-operating income | (13) | (31) |
| Effect of unrecognized deferred tax assets | 99 | 161 |
| Effect of differential tax rates | (69) | (79) |
| Effect of non-deductible expenses | 336 | 276 |
| Others | (135) | (175) |
| **Income tax expense** | **10521** | **10858** |

---

The applicable Indian corporate statutory tax rate for the year ended March 31, 2026 is 25.17% and for the year ended March 31, 2025 is 25.17%.

Income tax expense for the year ended March 31, 2026 and March 31, 2025 includes reversal (net of provisions) of ![](rupee-symbol.gif)877 crore and provisions (net of reversals) of ![](rupee-symbol.gif)132 crore, respectively. These provisions and reversals pertaining to prior periods are primarily on account of adjudication of certain disputed matters, upon filing of tax return and completion of assessments, across various jurisdictions.

During the year ended March 31, 2026, the Company received orders under section 250 and Section 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2013-14 and assessment years 2017-18 to 2021-22. These orders confirmed the Company's position with respect to tax treatment of certain matters. As a result interest income (pre-tax) of ![](rupee-symbol.gif)381 crore was recognized and provision for income tax aggregating ![](rupee-symbol.gif)869 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to ![](rupee-symbol.gif)86 crore has been reduced from contingent liabilities.

During the year ended March 31, 2025, the Company received orders under section 250 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2016-17 and 2019-20. These orders confirmed the Company's position with respect to tax treatment of certain matters. As a result interest income (pre-tax) of ![](rupee-symbol.gif)327 crore was recognised and provision for income tax aggregating ![](rupee-symbol.gif)183 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to ![](rupee-symbol.gif)1,068 crore has been reduced from contingent liabilities.

The foreign tax expense is due to income taxes payable overseas principally in the United States. In India, the Group has benefited from certain tax incentives that the Government of India had provided for export of software and services from the units registered under the Special Economic Zones (SEZs) Act, 2005 in the prior years. SEZ units which began the provision of services on or after April 1, 2005 are eligible for a deduction of 100% of profits or gains derived from the export of services for the first five years from the financial year in which the unit commenced the provision of services and 50% of such profits or gains for further five years. Up to 50% of such profits or gains is also available for a further five years subject to creation of a Special Economic Zone re-Investment Reserve out of the profit of the eligible SEZ units and utilization of such reserve by the Group for acquiring new plant and machinery for the purpose of its business as per the provisions of the Income Tax Act, 1961. (Refer to Special Economic Zone Re-investment reserve under Note 2.12 Equity)

Deferred income tax for the year ended March 31, 2026 and March 31, 2025 substantially relates to origination and reversal of temporary differences.

Infosys is subject to a 15% Branch Profit Tax (BPT) in the U.S. to the extent its U.S. branch's net profit during the year is greater than the increase in the net assets of the U.S. branch during the year, computed in accordance with the Internal Revenue Code. As at March 31, 2026, Infosys' U.S. branch net assets amounted to approximately ![](rupee-symbol.gif)7,736 crore. As at March 31, 2026, the Company has a deferred tax liability for Branch Profit Tax of ![](rupee-symbol.gif)207 crore (net of credits), as the Company estimates that these branch profits are expected to be distributed in the foreseeable future

Deferred income tax liabilities have not been recognized on temporary differences amounting to ![](rupee-symbol.gif)19,270 crore and ![](rupee-symbol.gif)16,593 crore as at March 31, 2026 and March 31, 2025, respectively, associated with investments in subsidiaries and branches as the Company is able to control the timing of reversal of the temporary difference and it is probable that the temporary differences will not reverse in the foreseeable future. The Group majorly intends to repatriate earnings from subsidiaries and branches only to the extent these can be distributed in a tax free manner.

Deferred income tax assets have not been recognized on accumulated losses of ![](rupee-symbol.gif)4,868 crore and ![](rupee-symbol.gif)4,597 crore as at March 31, 2026 and March 31, 2025, respectively, as it is probable that future taxable profit will not be available against which the unused tax losses can be utilized in the foreseeable future.

The following table provides details of expiration of unused tax losses as at March 31, 2026:

*(In ![](rupee-symbol.gif) crore)*

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| | |
|:---|:---|
| | **As at** |
| **Year** | **March 31, 2026** |
| 2027 | 145 |
| 2028 | 365 |
| 2029 | 741 |
| 2030 | 481 |
| 2031 | 193 |
| Thereafter | 2943 |
| **Total** | **4868** |

---

The following table provides details of expiration of unused tax losses as at March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | |
|:---|:---|
| | **As at** |
| **Year** | **March 31, 2025** |
| 2026 | 209 |
| 2027 | 140 |
| 2028 | 508 |
| 2029 | 686 |
| 2030 | 443 |
| Thereafter | 2611 |
| **Total** | **4597** |

---

The following table provides the details of income tax assets and income tax liabilities as at March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Income tax assets | 2501 | 4597 |
| Current income tax liabilities | 5644 | 4853 |
| **Net current income tax asset / (liability) at the end** | **(3143)** | **(256)** |

---

The gross movement in the current income tax assets / (liabilities) for the year ended March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

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| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| **Net current income tax asset / (liability) at the beginning** | **(256)** | **5857** |
| Income tax paid<sup>\*</sup> | 8648 | 5602 |
| Interest income on income tax refund | 381 | 327 |
| Current income tax expense | (11767) | (12130) |
| Income tax benefit arising on exercise of stock options | 44 | 39 |
| Additions through business combination | (2) | (1) |
| Tax impact on buyback expenses | 15 |  |
| Income tax on other comprehensive income |  | 19 |
| Translation differences | (206) | 31 |
| **Net current income tax asset / (liability) at the end** | **(3143)** | **(256)** |

---

** 

*<sup>\*</sup> net of refund*

The movement in gross deferred income tax assets / liabilities (before set off) for the year ended March 31, 2026 is as follows:

 

*(In ![](rupee-symbol.gif) crore)*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Carrying value as at April 1, 2025** | **Changes through profit and loss** | **Addition through business combination** | **Changes through OCI** | **Translation difference** | **Carrying value as at March 31, 2026** |
| **Deferred income tax assets/(liabilities)** |  |  |  |  |  |  |
| Property, plant and equipment | 239 | (90) | *–* | *–* | (16) | 133 |
| Lease liabilities | 154 | 87 | *–* | *–* | 1 | 242 |
| Accrued compensation to employees | 80 | 43 | *–* | *–* | 13 | 136 |
| Trade receivables | 220 | (27) | *–* | *–* | 2 | 195 |
| Compensated absences | 706 | 124 | 3 | *–* | 10 | 843 |
| Post sales client support | 68 | (28) | *–* | *–* | 3 | 43 |
| Credits related to branch profits | 791 | (59) | *–* | *–* | 51 | 783 |
| Derivative financial instruments | (28) | 157 | *–* | 1 | 1 | 131 |
| Intangible assets | 71 | 6 | *–* | *–* | 8 | 85 |
| Intangibles arising on business combinations | (684) | 177 | (46) | *–* | (114) | (667) |
| Branch profit tax | (1062) | 146 | *–* | *–* | (74) | (990) |
| SEZ reinvestment reserve | (1433) | 543 | *–* | *–* | *–* | (890) |
| Interest receivable on income tax refund | (71) | 66 | *–* | *–* | *–* | (5) |
| Others | 335 | 101 | 10 | 32 | 68 | 546 |
| **Total deferred income tax assets/(liabilities)** | **(614)** | **1246** | **(33)** | **33** | **(47)** | **585** |

---

The movement in gross deferred income tax assets / liabilities (before set off) for the year ended March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Carrying value as at April 1, 2024** | **Changes through profit and loss** | **Addition through business combination** | **Changes through OCI** | **Translation difference** | **Carrying value as at March 31, 2025** |
| **Deferred income tax assets/(liabilities)** |  |  |  |  |  |  |
| Property, plant and equipment | 244 | (4) | *–* | *–* | (1) | 239 |
| Lease liabilities | 198 | (45) | *–* | *–* | 1 | 154 |
| Accrued compensation to employees | 62 | 18 | *–* | *–* | *–* | 80 |
| Trade receivables | 223 | (3) | *–* | *–* | *–* | 220 |
| Compensated absences | 627 | 77 | 2 | *–* | *–* | 706 |
| Post sales client support | 56 | 11 | *–* | *–* | 1 | 68 |
| Credits related to branch profits | 811 | (37) | *–* | *–* | 17 | 791 |
| Derivative financial instruments | (11) | (25) | *–* | 8 | *–* | (28) |
| Intangible assets | 64 | 5 | *–* | *–* | 2 | 71 |
| Intangibles arising on business combinations | (282) | 141 | (529) | *–* | (14) | (684) |
| Branch profit tax | (1080) | 41 | *–* | *–* | (23) | (1062) |
| SEZ reinvestment reserve | (1996) | 563 | *–* | *–* | *–* | (1433) |
| Interest receivable on income tax refund | (487) | 416 | *–* | *–* | *–* | (71) |
| Others | 231 | 114 | 9 | (22) | 3 | 335 |
| **Total deferred income tax assets/(liabilities)** | **(1340)** | **1272** | **(518)** | **(14)** | **(14)** | **(614)** |

---

The deferred income tax assets and liabilities are as follows:

 

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Deferred income tax assets after set off | 2264 | 1108 |
| Deferred income tax liabilities after set off | (1679) | (1722) |

---

In assessing the realizability of deferred income tax assets, the management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. The management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, the Management believes that the Group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced.

The Company's Advanced Pricing Arrangement (APA) with the Internal Revenue Service (IRS) for US branch income tax expired in March 2021. The Company has applied for renewal of APA and currently the US taxable income is based on the Company's best estimate determined based on the expected value method.

**2.18 REVENUE FROM OPERATIONS**

**Accounting policy**

The Group derives revenues primarily from IT services comprising software development and related services, cloud and infrastructure services, maintenance, consulting and package implementation, licensing of software products and platforms across the Group's core and digital offerings (together called as "software related services") and business process management services. Contracts with customers are either on a time-and-material, unit of work, fixed-price or on a fixed-timeframe basis.

Revenues from customer contracts are considered for recognition and measurement when the contract has been approved in writing by the parties, to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. Revenue is recognized upon transfer of control of promised products or services ("performance obligations") to customers in an amount that reflects the consideration the Group has received or expects to receive in exchange for these products or services ("transaction price"). When there is uncertainty as to collectability, revenue recognition is postponed until such uncertainty is resolved.

The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. The Group allocates the transaction price to each distinct performance obligation based on the relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In the absence of such evidence, the primary method used to estimate standalone selling price is the expected cost plus a margin, under which the Group estimates the cost of satisfying the performance obligation and then adds an appropriate margin based on similar services.

The Group's contracts may include variable consideration including rebates, volume discounts and penalties. The Group includes variable consideration as part of transaction price when there is a basis to reasonably estimate the amount of the variable consideration and when it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

Revenue on time-and-material and unit of work based contracts, are recognized as the related services are performed. Fixed price maintenance revenue is recognized ratably either on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the Group's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method. Efforts or costs expended are used to determine progress towards completion as there is a direct relationship between input and productivity. Progress towards completion is measured as the ratio of costs or efforts incurred to date (representing work performed) to the estimated total costs or efforts. Estimates of transaction price and total costs or efforts are continuously monitored over the term of the contracts and are recognized in net profit in the period when these estimates change or when the estimates are revised. Revenues and the estimated total costs or efforts are subject to revision as the contract progresses. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

The billing schedules agreed with customers include periodic performance based billing and / or milestone based progress billings. Revenues in excess of billing are classified as unbilled revenue while billing in excess of revenues are classified as contract liabilities (which we refer to as unearned revenues).

In arrangements for software development and related services and maintenance services, by applying the revenue recognition criteria for each distinct performance obligation, the arrangements with customers generally meet the criteria for considering software development and related services as distinct performance obligations. For allocating the transaction price, the Group measures the revenue in respect of each performance obligation of a contract at its relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In cases where the Group is unable to determine the standalone selling price, the Group uses the expected cost plus margin approach in estimating the standalone selling price. For software development and related services, the performance obligations are satisfied as and when the services are rendered since the customer generally obtains control of the work as it progresses.

Certain cloud and infrastructure services contracts include multiple elements which may be subject to other specific accounting guidance, such as leasing guidance. These contracts are accounted in accordance with such specific accounting guidance. In such arrangements where the Group is able to determine that hardware and services are distinct performance obligations, it allocates the consideration to these performance obligations on a relative standalone selling price basis. In the absence of standalone selling price, the Group uses the expected cost-plus margin approach in estimating the standalone selling price. When such arrangements are considered as a single performance obligation, revenue is recognized over the period and measure of progress is determined based on promise in the contract.

Revenue from licenses where the customer obtains a "right to use" the licenses is recognized at the time the licenses are made available to the customer. Revenue from licenses where the customer obtains a "right to access" is recognized over the access period.

Arrangements to deliver software products generally have three elements: license, implementation and Annual Technical Services (ATS). When implementation services are provided in conjunction with the licensing arrangement and the license and implementation have been identified as two distinct separate performance obligations, the transaction price for such contracts are allocated to each performance obligation of the contract based on their relative standalone selling prices. In the absence of standalone selling price for implementation, the Group uses the expected cost plus margin approach in estimating the standalone selling price. Where the license is required to be substantially customized as part of the implementation service the entire arrangement fee for license and implementation is considered to be a single performance obligation and the revenue is recognized using the percentage-of-completion method as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the performance obligations are satisfied. ATS revenue is recognized ratably on a straight line basis over the period in which the services are rendered.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

A contract modification is a change in the scope or price or both of a contract that is approved by the parties to the contract. A contract modification that results in the addition of distinct performance obligations are accounted for either as a separate contract if the additional services are priced at the standalone selling price or as a termination of the existing contract and creation of a new contract if they are not priced at the standalone selling price. If the modification does not result in a distinct performance obligation, it is accounted for as part of the existing contract on a cumulative catch-up basis.

The incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had not been obtained) are recognized as an asset if the Group expects to recover them.

Certain eligible, nonrecurring costs (e.g. set-up or transition or transformation costs) that do not represent a separate performance obligation are recognized as an asset when such costs (a) relate directly to the contract; (b) generate or enhance resources of the Group that will be used in satisfying the performance obligation in the future; and (c) are expected to be recovered.

Capitalized contract costs relating to upfront payments to customers are amortized to revenue and other capitalized costs are amortized to expenses over the respective contract life on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates. Capitalized costs are monitored regularly for impairment. Impairment losses are recorded when present value of projected remaining operating cash flows is not sufficient to recover the carrying amount of the capitalized costs.

The Group presents revenues net of indirect taxes in its Consolidated Statement of Profit and Loss.

Revenue from operations for the year ended March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

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| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Revenue from software services | 170122 | 155395 |
| Revenue from products and platforms | 8528 | 7595 |
| **Total revenue from operations** | **178650** | **162990** |

---

**Products & platforms**

The Group also derives revenues from the sale of products and platforms like Finacle – core banking solution, Edge Suite of products, Panaya platform, Stater digital platform and Infosys McCamish – insurance platform.

**Disaggregated revenue information**

Revenue disaggregation by business segments has been included in segment information *(Refer to Note 2.26)*. The table below presents disaggregated revenues from contracts with customers by geography and contract type. The Group believes that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors.

For the year ended March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

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| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| **Revenues by Geography\*** |  |  |
| North America | 100167 | 94397 |
| Europe | 57454 | 48595 |
| India | 5102 | 5014 |
| Rest of the world | 15927 | 14984 |
| **Total** | **178650** | **162990** |

---

*<sup>\*</sup> Geographical revenue is based on the domicile of customer*

The percentage of revenue from fixed-price contracts for the year ended March 31, 2026 and March 31, 2025 is 54% and 54%, respectively.

**Trade Receivables and Contract Balances**

The timing of revenue recognition, billings and cash collections results in receivables, unbilled revenue, and unearned revenue on the Group's Consolidated Balance Sheet. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly or quarterly) or upon achievement of contractual milestones.

The Group's receivables are rights to consideration that are unconditional. Unbilled revenues comprising revenues in excess of billings from time and material contracts and fixed price maintenance contracts are classified as financial asset when the right to consideration is unconditional and is due only after a passage of time.

Invoicing to the clients for other fixed price contracts is based on milestones as defined in the contract and therefore the timing of revenue recognition is different from the timing of invoicing to the customers. Therefore unbilled revenues for other fixed price contracts (contract asset) are classified as non-financial asset because the right to consideration is dependent on completion of contractual milestones.

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivables and unbilled revenues are presented net of impairment in the consolidated Balance Sheet.

During the year ended March 31, 2026 and March 31, 2025, the Company recognized revenue of ![](rupee-symbol.gif)6,608 crore and ![](rupee-symbol.gif)5,669 crore arising from opening unearned revenue as of April 1, 2025 and April 1, 2024 respectively.

During the year ended March 31, 2026 and March 31, 2025, ![](rupee-symbol.gif)4,839 crore and ![](rupee-symbol.gif)4,896 crore of unbilled revenue pertaining to other fixed price and fixed time frame contracts as of April 1, 2025 and April 1, 2024, respectively has been reclassified to Trade receivables upon billing to customers on completion of milestones.

**Remaining performance obligation disclosure**

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognized as at the end of the reporting period and an explanation as to when the Group expects to recognize these amounts in revenue. Applying the practical expedient as given in Ind AS 115, the Group has not disclosed the remaining performance obligation related disclosures for contracts where the revenue recognized corresponds directly with the value to the customer of the entity's performance completed to date, typically those contracts where invoicing is on time and material and unit of work based contracts. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, periodic revalidations, adjustment for revenue that has not materialized and adjustments for currency fluctuations.

The aggregate value of performance obligations that are completely or partially unsatisfied as at March 31, 2026, other than those meeting the exclusion criteria mentioned above, is ![](rupee-symbol.gif)130,017 crore. Out of this, the Group expects to recognize revenue of around 49.7% within the next one year and the remaining thereafter. The aggregate value of performance obligations that are completely or partially unsatisfied as at March 31, 2025 is ![](rupee-symbol.gif)104,785 crore. The contracts can generally be terminated by the customers and typically includes an enforceable termination penalty payable by them. Generally, customers have not terminated contracts without cause.

**2.19 OTHER INCOME, NET**

**Accounting policy**

Other income is comprised primarily of interest income, dividend income, gain/loss on investment and exchange gain/loss on forward and options contracts and on translation of foreign currency assets and liabilities. Interest income is recognized using the effective interest method. Dividend income is recognized when the right to receive payment is established.

**Foreign currency** 

**Accounting policy**

*Functional currency*

The functional currency of Infosys, its Indian subsidiaries and controlled trusts is the Indian rupee. The functional currencies for foreign subsidiaries are their respective local currencies. These financial statements are presented in Indian rupees (rounded off to crore; one crore equals ten million).

*Transactions and translations*

Foreign-currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are recognized in the Consolidated Statement of Profit and Loss and reported within exchange gains/ (losses) on translation of assets and liabilities, net, except when deferred in Other Comprehensive Income as qualifying cash flow hedges. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. The related revenue and expense are recognized using the same exchange rate.

Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction.

The translation of financial statements of the foreign subsidiaries to the presentation currency is performed for assets and liabilities using the exchange rate in effect at the Balance Sheet date and for revenue, expense and cash-flow items using the average exchange rate for the respective periods. The gains or losses resulting from such translation are included in currency translation reserves under other components of equity. When a subsidiary is disposed off, in full, the relevant amount is transferred to net profit in the Consolidated Statement of Profit and Loss. However when a change in the parent's ownership does not result in loss of control of a subsidiary, such changes are recorded through equity.

Other Comprehensive Income, net of taxes includes translation differences on non-monetary financial assets measured at fair value at the reporting date, such as equities classified as financial instruments and measured at fair value through other comprehensive income (FVOCI).

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rate in effect at the Balance Sheet date.

**Government grant**

The Group recognizes government grants only when there is reasonable assurance that the conditions attached to them shall be complied with, and the grants will be received. Government grants related to assets are treated as deferred income and are recognized in net profit in the Consolidated Statement of Profit and Loss on a systematic and rational basis over the useful life of the asset. Government grants related to revenue are recognized on a systematic basis in net profit in the Consolidated Statement of Profit and Loss over the periods necessary to match them with the related costs which they are intended to compensate.

Other income for the year ended March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

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| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Interest income on financial assets carried at amortized cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and Government bonds | 56 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit with Bank and others | 1568 | 1401 |
| Interest income on financial assets carried at fair value through other comprehensive income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures, commercial paper, certificates of deposit and government securities | 1069 | 1047 |
| Income on investments carried at fair value through profit or loss |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain / (loss) on mutual funds and other investments | 295 | 287 |
| Gain / (loss) on investments carried at fair value through other comprehensive income | 17 | 2 |
| Income on investments carried at amortized cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain/(loss) on tax free bond | 81 | 4 |
| Interest on income tax refund | 421 | 343 |
| Exchange gains / (losses) on forward and options contracts | (2451) | (205) |
| Exchange gains / (losses) on translation of other assets and liabilities | 2948 | 464 |
| Miscellaneous income, net\* | 318 | 135 |
| **Total other income** | **4322** | **3600** |

---

\* Includes profit on sale of property plant and equipment amounting to ![](rupee-symbol.gif)165 crore for the year ended ended March 31, 2026.

**2.20 EXPENSES**

*(In ![](rupee-symbol.gif) crore)* 

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| *Employee benefit expenses* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries including bonus | 90837 | 82232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution to provident and other funds | 2707 | 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based payments to employees *(Refer to Note 2.12)* | 952 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staff welfare | 598 | 578 |
|  | **95094** | **85950** |
| *Cost of software packages and others* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For own use | 2846 | 2467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third party items bought for service delivery to clients | 12876 | 13444 |
|  | **15722** | **15911** |
| *Other expenses* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and maintenance | 1531 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power and fuel | 223 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brand and marketing | 1351 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rates and taxes | 308 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumables | 248 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 335 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for post-sales client support and others | (167) | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission to non-whole time directors | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss recognized / (reversed) under expected credit loss model | 33 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions towards Corporate Social Responsibility | 623 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 840 | 607 |
|  | **5343** | **4787** |

---

**2.20.1 Impact of Labour Codes**

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ('Labour Codes') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes, amongst other things introduces changes, including a uniform definition of wages and enhanced benefits relating to leave. The Group has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and increase in leave liability by ![](rupee-symbol.gif)1,289 crore. Considering the impact arising out of an enactment of the new legislation is an event of non-recurring nature, the Group has presented this incremental amount as "Impact of Labour Codes" under "Exceptional Item" in the Consolidated Statement of Profit and Loss for the year ended March 31, 2026. The Group continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of the employee benefits liability.

**2.21 Leases**

**Accounting Policy**

**The Group as a lessee** 

The Group's lease asset classes primarily consist of leases for land, buildings and computers. The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the group assesses whether: (1) the contract involves the use of an identified asset (2) the Group has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the Group has the right to direct the use of the asset.

At the date of commencement of the lease, the Group recognizes a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

As a lessee, the Group determines the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Group makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Group considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to Group's operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset.

Right-of-use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right-of-use asset if the Group changes its assessment if whether it will exercise an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

**The Group as a lessor** 

Leases for which the Group is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

For finance lease, finance income is recognised over the lease term based on a pattern reflecting a constant periodic rate of return on the lessor's net investment in the lease and for operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.

Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2026:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | <br>**Total** |
| **Balance as of April 1, 2025** | **600** | **3348** | **24** | **2339** | **6311** |
| Additions<sup>\*</sup> |  | 585 | 12 | 1940 | 2537 |
| Deletions | (54) | (50) | (3) | (1072) | (1179) |
| Depreciation | (6) | (748) | (12) | (1124) | (1890) |
| Translation difference | 10 | 115 | 5 | 268 | 398 |
| **Balance as of March 31, 2026** | **550** | **3250** | **26** | **2351** | **6177** |

---

** 

*<sup>\*</sup> Net of adjustments on account of modifications.*

Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2025:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | <br>**Total** |
| **Balance as of April 1, 2024** | **605** | **3298** | **17** | **2632** | **6552** |
| Additions<sup>\*</sup> | *–* | 816 | 13 | 1306 | 2135 |
| Addition due to Business Combination *(Refer to Note 2.1)* | *–* | 155 | 5 | *–* | 160 |
| Deletions | *–* | (236) | (6) | (652) | (894) |
| Depreciation | (6) | (714) | (11) | (965) | (1696) |
| Translation difference | 1 | 29 | 6 | 18 | 54 |
| **Balance as of March 31, 2025** | **600** | **3348** | **24** | **2339** | **6311** |

---

** 

*<sup>\*</sup> Net of adjustments on account of modifications*

 

The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the Consolidated Statement of Profit and Loss.

The following is the break-up of current and non-current lease liabilities as at March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)* 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Current lease liabilities | 3160 | 2455 |
| Non-current lease liabilities | 6016 | 5772 |
| **Total** | **9176** | **8227** |

---

The movement in lease liabilities during the year ended March 31, 2026 and March 31, 2025 is as follows

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| **Balance at the beginning** | **8227** | **8359** |
| Additions | 2518 | 2156 |
| Addition due to Business Combination *(Refer to Note 2.1)* | *–* | 160 |
| Deletions | (161) | (553) |
| Finance cost accrued during the period | 359 | 341 |
| Payment of lease liabilities | (2824) | (2355) |
| Translation difference | 1057 | 119 |
| **Balance at the end** | **9176** | **8227** |

---

The table below provides details regarding the contractual maturities of lease liabilities as at March 31, 2026 and March 31, 2025 on an undiscounted basis:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Less than one year | 3393 | 2483 |
| One to five years | 5782 | 5195 |
| More than five years | 1044 | 1296 |
| **Total** | **10219** | **8974** |

---

The Group does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

Rental expense recorded for short-term leases was ![](rupee-symbol.gif)119 crore and ![](rupee-symbol.gif)85 crore for the year ended March 31, 2026 and March 31, 2025, respectively

Leases not yet commenced to which Group is committed is ![](rupee-symbol.gif)254 crore for a lease term up to 6 years.

The following is the movement in the net investment in lease during the year ended March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31** | **Year ended March 31** |
| **Particulars** | **2026** | **2025** |
| **Balance at the beginning** | **2245** | **1824** |
| Additions | 1192 | 1013 |
| Interest income accrued during the period | 63 | 37 |
| Others | 20 | (25) |
| Lease receipts | (1292) | (676) |
| Translation difference | 342 | 72 |
| **Balance at the end** | **2570** | **2245** |

---

**2.22 EMPLOYEE BENEFITS**

**Accounting policy**

**Gratuity and Pensions**

The Group provides for gratuity, a defined benefit retirement plan ('the Gratuity Plan') covering eligible employees majorly of Infosys and its Indian subsidiaries. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Group. The Company contributes Gratuity liabilities to the Infosys Limited Employees' Gratuity Fund Trust (the Trust). In case of Infosys BPM and EdgeVerve, contributions are made to the Infosys BPM Employees' Gratuity Fund Trust and EdgeVerve Systems Limited Employees' Gratuity Fund Trust, respectively. Trustees administer contributions made to the Trusts and contributions are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law.

The Group operates defined benefit pension plan in certain overseas jurisdictions, in accordance with the local laws. These plans are managed by third party fund managers. The plans provide for periodic payouts after retirement and/or a lumpsum payment as set out in rules of each fund and includes death and disability benefits. The defined benefit plans require contributions which are based on a percentage of salary that varies depending on the age of the respective employees.

Liabilities with regard to these defined benefit plans are determined by actuarial valuation, performed by an external actuary, at each Balance Sheet date using the projected unit credit method. These defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate risk and market risk.

The Group recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability / (asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profit in the Consolidated Statement of Profit and Loss.

**Provident fund**

Eligible employees of Infosys receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary. The Company contributes a portion to the Infosys Limited Employees' Provident Fund Trust. The trust invests in specific designated instruments as permitted by Indian law. The remaining portion is contributed to the government administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the Government of India. The Company has an obligation to make good the shortfall, if any, between the return from the investments of the trust and the notified interest rate.

In respect of Indian subsidiaries, eligible employees receive benefits from a provident fund, which is a defined contribution plan. Both the eligible employee and the respective companies make monthly contributions to this provident fund plan equal to a specified percentage of the covered employee's salary. Amounts collected under the provident fund plan are deposited in a government administered provident fund. The Companies have no further obligation to the plan beyond its monthly contributions.

**Superannuation**

Certain employees of Infosys, Infosys BPM and EdgeVerve are participants in a defined contribution plan. The Group has no further obligations to the plan beyond its monthly contributions which are periodically contributed to a trust fund, the corpus of which is invested with the Life Insurance Corporation of India.

**Compensated absences**

The Group has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an external actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid / availed as a result of the unused entitlement that has accumulated at the Balance Sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

**2.22.1 Gratuity and Pension**

The following table sets out the details of the defined benefit retirement plans and the amounts recognized in the Group's financial statements as at March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Pension** | **Pension** |
| | **As at** | **As at** | **As at** | **As at** |
| **Particulars**<br>| **March 31, 2026** | **March 31, 2025** | **March 31, 2026** | **March 31, 2025** |
| **Change in benefit obligations** |  |  |  |  |
| Benefit obligations at the beginning | 2511 | 2116 | 1183 | 1020 |
| Transfer | 3 | 5 | 1 | *–* |
| Service cost | 436 | 335 | 58 | 52 |
| Interest expense | 180 | 141 | 16 | 18 |
| Remeasurements - Actuarial (gains) / losses | (24) | 93 | 84 | 69 |
| Past service cost - plan amendments (Refer to note 2.20.1) | 1209 | *–* | *–* | *–* |
| Employee contribution | *–* | *–* | 44 | 33 |
| Benefits paid | (214) | (181) | 84 | (60) |
| Translation difference | 6 | 2 | 277 | 51 |
| **Benefit obligations at the end** | **4107** | **2511** | **1747** | **1183** |
| **Change in plan assets** |  |  |  |  |
| Fair value of plan assets at the beginning | 2733 | 2079 | 1137 | 991 |
| Transfer | 3 | *–* | 1 | *–* |
| Interest income | 189 | 151 | 17 | 19 |
| Remeasurements- Return on plan assets excluding amounts included in interest income | 52 | 22 | 73 | 60 |
| Employer contribution | 1441 | 656 | 63 | 46 |
| Employee contribution |  |  | 44 | 33 |
| Benefits paid | (203) | (176) | 84 | (60) |
| Translation difference | 1 | 1 | 265 | 48 |
| **Fair value of plan assets at the end** | **4216** | **2733** | **1684** | **1137** |
| Funded status | 109 | 222 | (63) | (46) |
| Defined benefit plan asset (Refer note 2.10) | 192 | 286 | 13 | 11 |
| Defined benefit plan liability (Refer note 2.15) | (83) | (64) | (76) | (57) |

---

Amount for the year ended March 31, 2026 and March 31, 2025 recognized in the Consolidated Statement of Profit and Loss under employee benefit expense:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Pension** | **Pension** |
| | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars**<br>| **2026** | **2025** | **2026** | **2025** |
| Service cost | 436 | 335 | 58 | 52 |
| Net interest on the net defined benefit liability / (asset) | (9) | (10) | (1) | (1) |
| Plan amendments | 1209 | *–* | *–* | *–* |
| **Net cost** | **1636** | **325** | **57** | **51** |

---

Amount for the year ended March 31, 2026 and March 31, 2025 recognized in the Consolidated Statement of Other Comprehensive Income:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Pension** | **Pension** |
| | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars**<br>| **2026** | **2025** | **2026** | **2025** |
| **Remeasurements of the net defined benefit liability / (asset)** |  |  |  |  |
| Actuarial (gains) / losses | (24) | 93 | 84 | 69 |
| (Return) / loss on plan assets excluding amounts included in the net interest on the net defined benefit liability/(asset) | (52) | (22) | (73) | (60) |
|  | **(76)** | **71** | **11** | **9** |

---

Break up of actuarial (gains)/losses for the year ended March 31, 2026 and March 31, 2025 is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Pension** | **Pension** |
| | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars**<br>| **2026** | **2025** | **2026** | **2025** |
| (Gain) / loss from change in demographic assumptions | *–* | *–* | (32) | *–* |
| (Gain) / loss from change in financial assumptions | (10) | 38 | 24 | 47 |
| (Gain) / loss from experience adjustment | (14) | 55 | 92 | 22 |
|  | **(24)** | **93** | **84** | **69** |

---

The weighted-average assumptions used to determine benefit obligations as at March 31, 2026 and March 31, 2025 are set out below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Pension** | **Pension** |
| | **As at** | **As at** | **As at** | **As at** |
| **Particulars**<br>| **March 31, 2026** | **March 31, 2025** | **March 31, 2026** | **March 31, 2025** |
| Discount rate <sup>(1)</sup> | 6.5% | 6.5% | 1.1%-4.2% | 0.9%-3.7% |
| Weighted average rate of increase in compensation levels <sup>(2)</sup> | 6.0% | 6.0% | 1%-3.3% | 1%-3% |
| Weighted average duration of defined benefit obligation <sup>(3)</sup> | 5.7 years | 5.7 years | 12 years | 13 years |

---

The weighted-average assumptions used to determine net periodic benefit cost for the year ended March 31, 2026 and March 31, 2025 are set out below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gratuity** | **Gratuity** | **Pension** | **Pension** |
| | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars**<br>| **2026** | **2025** | **2026** | **2025** |
| Discount rate | 6.5% | 7.0% | 0.9%-3.7% | 1.5%-3.4% |
| Weighted average rate of increase in compensation levels | 6.0% | 6.0% | 1%-3.3% | 1%-3% |

---

<sup>(1)</sup> For domestic defined benefit plan in India, the market for high quality corporate bonds being not developed, the yield of government bonds is considered as the discount rate. For most of our overseas defined benefit plan, given that the market for high quality corporate bonds is not developed, the Government bond rate adjusted for corporate spreads is used.

<sup>(2)</sup> The average rate of increase in compensation levels is determined by the Company, considering factors such as, the Company's past compensation revision trends, inflation in respective markets and management's estimate of future salary increases.

<sup>(3)</sup> Attrition rate considered is the management's estimate based on the past long-term trend of employee turnover in the Company. The tenure has been considered taking into account the past long-term trend of employees' average remaining service life which reflects the average estimated term of post-employment benefit obligation.

For domestic defined benefit plan in India, assumptions regarding future mortality experience are set in accordance with the published statistics by the Life Insurance Corporation of India. For overseas defined benefit plan, the assumptions regarding future mortality experience are set with regard to the latest statistics in life expectancy, plan experience and other relevant data.

The Group assesses all of the above assumptions with its projected long-term plans of growth and prevalent industry standards.

The Company contributes all ascertained liabilities towards gratuity to the Infosys Limited Employees' Gratuity Fund Trust. In case of Infosys BPM and EdgeVerve, contributions are made to the Infosys BPM Employees' Gratuity Fund Trust and EdgeVerve Systems Limited Employees Gratuity Fund Trust, respectively. Trustees administer contributions made to the trust as at March 31, 2026 and March 31, 2025, and contributions for gratuity are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law. The plan assets of the overseas defined benefit plan have been primarily invested in insurer managed funds and the asset allocation for plan assets is determined based on the investment criteria prescribed under the relevant regulations applicable to pension funds and the insurer managers. The insurers' investment are diversified and provide for guaranteed interest rates arrangements.

Actual return on assets (including remeasurements) of the gratuity plan for the year ended March 31, 2026 and March 31, 2025 were ![](rupee-symbol.gif)241 crore and ![](rupee-symbol.gif)173 crore, respectively and for the pension plan were ![](rupee-symbol.gif)90 crore and ![](rupee-symbol.gif)79 crore, respectively.

The contributions for gratuity are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law.

The table below sets out the details of major plan assets into various categories as at March 31, 2026 and March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Pension** | **Pension** |
| | **As at** | **As at** |
| **Particulars**<br>| **March 31, 2026** | **March 31, 2025** |
| Equity | 37% | 34% |
| Bonds | 21% | 30% |
| Real Estate/Property | 23% | 26% |
| Cash and Cash Equivalents | 1% | 1% |
| Other | 18% | 9% |

---

These defined benefit plans expose the Group to actuarial risk which are set out below:

Interest rate risk: The present value of the defined benefit plan liability is generally calculated using a discount rate determined by reference to government bond yields and in certain overseas jurisdictions, it is calculated in reference to government bond yield adjusted for a corporate spread. If bond yields fall, the defined benefit obligation will tend to increase.

Life expectancy and investment risk: The pension fund offers the choice between a lifelong pension and a cash lump sum upon retirement. The pension fund has defined rates for converting the lump sum to a pension and there is the risk that the members live longer than implied by these conversion rates and that the pension assets don't achieve the investment return implied by these conversion rates.

Asset volatility: A proportion of the pension fund is held in equities, which is expected to outperform corporate bonds in the long term but give exposure to volatility and risk in the short term. The pension fund board of insurer is responsible for the investment strategy and equity allocation is justified given the long-term investment horizon of the pension fund and the objective to provide a reasonable long term return on members' account balances.

**Sensitivity of significant assumptions used for valuation of defined benefit obligation:**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at March 31, 2026** | **As at March 31, 2026** |
| **Impact from** | **Gratuity** | **Pension** |
| | **1% point increase / decrease** | **0.5% point increase / decrease** |
| Discount rate | 205 | 70 |
| Weighted average rate of increase in compensation levels | 220 | 12 |

---

Sensitivity to significant actuarial assumptions is computed by varying one actuarial assumption used for the valuation of the defined benefit obligation and keeping all other actuarial assumptions constant. In practice, this is not probable, and changes in some of the assumptions may be correlated.

The Group expects to contribute ![](rupee-symbol.gif)540 crore to gratuity and ![](rupee-symbol.gif)66 crore to pension during the fiscal 2027.

The maturity profile of defined benefit obligation is as follows:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Gratuity** | **Pension** |
| Within 1 year | 721 | 118 |
| 1-2 year | 589 | 126 |
| 2-3 year | 543 | 117 |
| 3-4 year | 493 | 110 |
| 4-5 year | 451 | 121 |
| 5-10 years | 1,660 | 556 |

---

**2.22.2 Provident fund** 

Infosys has an obligation to fund any shortfall on the yield of the trust's investments over the administered interest rates on an annual basis. These administered rates are determined annually predominantly considering the social and economic factors. The actuary has provided a valuation for provident fund liabilities on the basis of guidance issued by the Actuarial Society of India.

The following tables set out the funded status of the defined benefit provident fund plan of Infosys Limited and the amounts recognized in the Group's financial statements as at March 31, 2026 and March 31, 2025:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Change in benefit obligations** |  |  |
| Benefit obligations at the beginning | 13867 | 11879 |
| Service cost | 1088 | 952 |
| Employee contribution | 2036 | 1683 |
| Interest expense | 940 | 862 |
| Actuarial (gains) / loss | 95 | 218 |
| Benefits paid | (1929) | (1727) |
| **Benefit obligations at the end** | **16097** | **13867** |
| **Change in plan assets** |  |  |
| Fair value of plan assets at the beginning | 13928 | 11812 |
| Interest income | 944 | 858 |
| Remeasurements- Return on plan assets excluding amounts included in interest income | (415) | 245 |
| Employer contribution | 1170 | 1057 |
| Employee contribution | 2036 | 1683 |
| Benefits paid | (1929) | (1727) |
| **Fair value of plan assets at the end** | **15734** | **13928** |
| Funded status surplus/(deficit) | (363) | 61 |
| Irrecoverable surplus - effect of asset ceiling | *–* | (61) |
| **Net defined benefit asset/ (liability) (Refer note 2.15)** | **(363)** |  ***–*** |

---

Amount for the year ended March 31, 2026 and March 31, 2025 recognized in the Consolidated Statement of Profit and Loss under employee benefit expense:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Service cost | 1088 | 952 |
| Net interest on the net defined benefit liability | *–* | 4 |
| **Net provident fund cost** | **1,088** | **956** |

---

Amount for the year ended March 31, 2026 and March 31, 2025 recognized in the Consolidated Statement of Other Comprehensive Income:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| **Remeasurements of the net defined benefit liability / (asset)** |  |  |
| Actuarial (gains) / losses | 95 | 218 |
| (Return) / loss on plan assets excluding amounts included in the net interest on the net defined benefit liability / (asset) | 415 | (245) |
| Irrecoverable surplus - effect of asset ceiling | (61) | 61 |
| Net interest on the net defined benefit asset | (4) | - |
|  | **445** | **34** |

---

The assumptions used in determining the present value obligation of the defined benefit plan under the Deterministic Approach are as follows:

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Government of India (GOI) bond yield <sup>(1)</sup> | 6.50% | 6.50% |
| Expected rate of return on plan assets | 8.25% | 8.00% |
| Remaining term to maturity of portfolio | 6 years | 6 years |
| Expected guaranteed interest rate | 8.25% | 8.25% |

---

<sup>(1)</sup> In India, the market for high quality corporate bonds being not developed, the yield of government bonds is considered as the discount rate. The tenure has been considered taking into account the past long-term trend of employees' average remaining service life which reflects the average estimated term of the post- employment benefit obligations.

The breakup of the plan assets into various categories as at March 31, 2026 and March 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Central and State government bonds | 63% | 60% |
| Public sector undertakings and Private sector bonds | 26% | 28% |
| Cash and cash equivalents | 3% | 4% |
| Others | 8% | 8% |

---

 

*The asset allocation for plan assets is determined based on the investment criteria prescribed under the relevant regulations.*

The actuarial valuation of provident fund liability exposes the Group to interest rate risk. The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

As at March 31, 2026 the defined benefit obligation would be affected by approximately ![](rupee-symbol.gif)76 crore and ![](rupee-symbol.gif)151 crore on account of a 0.25% increase / decrease in the expected rate of return on plan assets.

The Group contributed ![](rupee-symbol.gif)1,515 crore and ![](rupee-symbol.gif)1,323 crore to the provident fund during the year ended March 31, 2026 and March 31, 2025, respectively. The same has been recognized in the Consolidated Statement of Profit and Loss under the head employee benefit expense.

The provident plans are applicable only to employees drawing a salary in Indian rupees.

**2.22.3 Superannuation**

The Group contributed ![](rupee-symbol.gif)570 crore and ![](rupee-symbol.gif)512 crore during the year ended March 31, 2026 and March 31, 2025, respectively and the same has been recognized in the Consolidated Statement of Profit and Loss under the head employee benefit expense.

**2.22.4 Employee benefit costs include:** 

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Salaries and bonus<sup>(1)</sup> | 92505 | 83667 |
| Defined contribution plans | 861 | 749 |
| Defined benefit plans | 3017 | 1534 |
|  | **96383** | **85950** |

---

 

*(1) Includes employee stock compensation expense of ![](rupee-symbol.gif)952 crore and ![](rupee-symbol.gif)802 crore for the year ended March 31, 2026 and March 31, 2025 respectively.*

**2.23 EARNINGS PER EQUITY SHARE**

**Accounting policy**

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

The following is the computation of basic earnings per equity share:

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| **Profit attributable to equity holders of the Company** *(in ![](rupee-symbol.gif) crore)* | 29440 | 26713 |
| Basic earnings per equity share - weighted average number of equity shares outstanding *<sup>(1)</sup>* | 4112814745 | 4141611738 |
| **Basic earnings per equity share (![](rupee-symbol.gif))** | 71.58 | 64.50 |

---

*<sup>(1)</sup> excludes treasury shares*

The following is a reconciliation of the equity shares used in the computation of basic and diluted earnings per equity share and computation of diluted earnings per equity share:

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| **Profit attributable to equity holders of the Company *(in ![](rupee-symbol.gif) crore)*** | 29440 | 26713 |
| Weighted average number of equity shares outstanding used in computing in basic earnings per equity share | 4112814745 | 4141611738 |
| Effect of dilutive common equivalent shares - share options outstanding | 7293423 | 10439446 |
| Weighted average number of equity shares and common equivalent shares outstanding used in computing diluted earnings per equity share | 4120108168 | 4152051184 |
| **Diluted earnings per equity share (![](rupee-symbol.gif))** | **71.46** | **64.34** |

---

For the years ended March 31, 2026 and March 31, 2025, there were 1,235,321 and 13,931 options to purchase equity shares which had an anti-dilutive effect.

**2.24 CONTINGENT LIABILITIES AND COMMITMENTS** 

**Accounting policy**

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

**2.24.1 Contingent liability**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| **Contingent liabilities :** |  |  |
| Claims against the Group, not acknowledged as debts*<sup>(1)</sup>* | 3117 | 2953 |
| [Amount paid to statutory authorities ![](rupee-symbol.gif)2,621 crore *(![](rupee-symbol.gif)4,207 crore)*] |  |  |

---

 

*<sup>(1)</sup>* As at March 31, 2026 and March 31, 2025, claims against the Group not acknowledged as debts in respect of income tax matters amounted to ![](rupee-symbol.gif)1,964 crore and ![](rupee-symbol.gif)1,933 crore, respectively.

The claims against the Group primarily represent demands arising on completion of assessment proceedings under the Income Tax Act, 1961. These claims are on account of issues of disallowance of expenditure towards software being held as capital in nature, payments made to Associated Enterprises held as liable for withholding of taxes, among others. These matters are pending before various Income Tax Authorities and the Management including its tax advisors expect that its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Group's financial position and results of operations.

Amount paid to statutory authorities against the tax claims amounted to ![](rupee-symbol.gif)2,594 crore and ![](rupee-symbol.gif)4,199 crore as at March 31, 2026 and March 31, 2025, respectively.

**2.24.2 Legal proceedings**

**McCamish Cybersecurity incident**

In November 2023, certain systems of Infosys McCamish Systems LLC ("McCamish"), a subsidiary of Infosys BPM Limited (a wholly owned subsidiary of Infosys Limited), were encrypted by ransomware, resulting in the non-availability of certain applications and systems. McCamish initiated its incident response and engaged cybersecurity and other specialists to assist in its investigation of and response to the incident and remediation and restoration of impacted applications and systems. By December 31, 2023, McCamish, with external specialists' assistance, substantially remediated and restored the affected applications and systems. McCamish in coordination with its third-party eDiscovery vendor has identified corporate customers and individuals whose information was subject to unauthorized access and exfiltration. McCamish processes personal data on behalf of its corporate customers.

From March 6, 2024 through July 25, 2024, six actions were filed in the U.S. District Court for the Northern District of Georgia against McCamish. The actions arise out of the cybersecurity incident at McCamish initially disclosed on November 3, 2023. All six actions have since been consolidated, and the consolidated class action complaint was filed on November 7, 2024, purportedly on behalf of all persons residing in the United States whose personally identifiable information was compromised in the incident, including all who were sent a notice of the incident. On March 13, 2025, McCamish and the plaintiffs engaged in mediation, resulting in an in-principle agreement that sets forth the terms of a proposed settlement of the class action lawsuits against McCamish, as well as seven class action lawsuits arising out of the incident that have been filed against McCamish's customers. Under the settlement terms, McCamish agreed to pay $17.5 million (approximately ![](rupee-symbol.gif)150 crore) into a fund to settle these matters. McCamish had accrued for the settlement amount along with the insurance reimbursement receivable during the quarter ended March 31, 2025. On December 18, 2025, the Court granted final approval of the class action lawsuit settlement. The settlement amount has since been paid. The settlement has become effective and resolves all allegations made in the class action lawsuits filed against Infosys and certain of its customers without admission of any liability.

McCamish may incur additional costs including from indemnities or damages/claims, which are indeterminable at this time.

**Government Investigation**

The U.S. Department of Justice ("DOJ") is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees working for one of its clients in immigration documents filed with certain U.S. government authorities. The Company is engaged in discussions with the DOJ regarding its ongoing investigation and continues its own inquiry regarding the matter. At this stage, the Company is unable to predict the outcome of this matter, including whether such outcome could have a material adverse effect on the Company's business and results of operations.

**Others**

Apart from the foregoing, the Group is subject to legal proceedings and claims which have arisen in the ordinary course of business. The Group's management reasonably expects that such ordinary course legal actions, when ultimately concluded and determined, will not have a material and adverse effect on the Group's results of operations or financial condition.

**2.24.3 Commitments**

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **March 31, 2026** | **March 31, 2025** |
| Estimated amount of contracts remaining to be executed on capital contracts and not provided for (net of advances and deposits)*<sup>(1)</sup>* | 1341 | 935 |
| Other commitments\* | 93 | 122 |

---

** 

*<sup>(1)</sup>* Capital contracts primarily comprises of commitments for infrastructure facilities and computer equipment.

*\* Uncalled capital pertaining to investments*

**2.25 RELATED PARTY TRANSACTIONS**

**List of related parties:**

---

| | | | |
|:---|:---|:---|:---|
| | | **Holdings as at** | **Holdings as at** |
| **Name of subsidiaries** | **Country** | **March 31, 2026** | **March 31, 2025** |
| Infosys Technologies (China) Co. Limited (Infosys China)<sup>(1)</sup> | China | 100% | 100% |
| Infosys Technologies S. de R. L. de C. V. (Infosys Mexico)<sup>(1)</sup> | Mexico | 100% | 100% |
| Infosys Technologies (Sweden) AB (Infosys Sweden)<sup>(1)</sup> | Sweden | 100% | 100% |
| Infosys Technologies (Shanghai) Company Limited (Infosys Shanghai)<sup>(1)</sup> | China | 100% | 100% |
| EdgeVerve Systems Limited (EdgeVerve)<sup>(1)</sup> | India | 100% | 100% |
| Infosys Austria GmbH<sup>(1)</sup> | Austria | 100% | 100% |
| Skava Systems Private Limited (Skava Systems)<sup>(1)(28)</sup> | India | *–* | *–* |
| Infosys Chile SpA<sup>(1)</sup> | Chile | 100% | 100% |
| Infosys Arabia Limited<sup>(2)</sup> | Saudi Arabia | 70% | 70% |
| Infosys Consulting Ltda.<sup>(1)</sup> | Brazil | 100% | 100% |
| Infosys Luxembourg S.a.r.l<sup>(1)</sup> | Luxembourg | 100% | 100% |
| Infosys Consulting S.R.L.<sup>(45)</sup> | Argentina | 100% | 100% |
| Infosys Romania S.r.l. (formerly Infosys Consulting S.R.L. (Romania))<sup>(1)</sup> | Romania | 100% | 100% |
| Infosys Limited Bulgaria EOOD<sup>(1)</sup> | Bulgaria | 100% | 100% |
| Infosys Turkey Bilgi Teknolojileri Limited Sirketi<sup>(1)</sup> | Turkey | 100% | 100% |
| Infosys Germany Holding Gmbh<sup>(1)</sup> | Germany | 100% | 100% |
| Infosys Automotive and Mobility GmbH & Co. KG<sup>(1)</sup> | Germany | 100% | 100% |
| Infosys Green Forum<sup>(1)</sup> | India | 100% | 100% |
| Infosys Business Solutions LLC<sup>(1)</sup> | Qatar | 100% | 100% |
| WongDoody Inc.<sup>(30)</sup> | U.S. | *–* | *–* |
| IDUNN Information Technology Private Limited <sup>(1)</sup> | India | 100% | 100% |
| Infosys Public Services, Inc. USA (Infosys Public Services)<sup>(1)</sup> | U.S. | 100% | 100% |
| Infosys Public Services Canada Inc. <sup>(11)</sup> | Canada | 100% | 100% |
| Infosys BPM Limited<sup>(1)</sup> | India | 100% | 100% |
| Infosys BPM UK Limited<sup>(3)</sup> | U.K. | 100% | 100% |
| Infosys (Czech Republic) Limited s.r.o.<sup>(3)</sup> | Czech Republic | 100% | 100% |
| Infosys Poland Sp z.o.o<sup>(3)</sup> | Poland | 100% | 100% |
| Infosys McCamish Systems LLC<sup>(3)</sup> | U.S. | 100% | 100% |
| Portland Group Pty Ltd<sup>(3)</sup> | Australia | 100% | 100% |
| Infosys BPO Americas LLC.<sup>(3)</sup> | U.S. | 100% | 100% |
| Panaya Inc. (Panaya)<sup>(1)</sup> | U.S. | 100% | 100% |
| Panaya Ltd.<sup>(4)</sup> | Israel | 100% | 100% |
| Panaya Germany GmbH <sup>(4)</sup> | Germany | 100% | 100% |
| Brilliant Basics Holdings Limited (Brilliant Basics)<sup>(1)(20)</sup> | U.K. | 100% | 100% |
| Brilliant Basics Limited <sup>(5)(20)</sup> | U.K. | 100% | 100% |
| Infosys Consulting Holding AG <sup>(1)</sup> | Switzerland | 100% | 100% |
| Infosys Management Consulting Pty Limited<sup>(6)</sup> | Australia | 100% | 100% |
| Infosys Consulting AG<sup>(6)</sup> | Switzerland | 100% | 100% |
| Infosys Consulting GmbH<sup>(6)</sup> | Germany | 100% | 100% |
| Infosys Consulting SAS<sup>(6)</sup> | France | 100% | 100% |
| Infy Consulting B.V.<sup>(6)</sup> | The Netherlands | 100% | 100% |
| Infosys Consulting (Belgium) NV<sup>(6)</sup> | Belgium | 100% | 100% |
| Infy Consulting Company Ltd<sup>(6)</sup> | U.K. | 100% | 100% |
| GuideVision s.r.o.<sup>(7)</sup> | Czech Republic | 100% | 100% |
| GuideVision Deutschland GmbH<sup>(8)</sup> | Germany | 100% | 100% |
| GuideVision Suomi Oy<sup>(8)</sup> | Finland | 100% | 100% |
| GuideVision Magyarország Kft<sup>(8)</sup> | Hungary | 100% | 100% |
| GuideVision Polska Sp. z.o.o<sup>(8)</sup> | Poland | 100% | 100% |
| GuideVision UK Ltd<sup>(8)(20)</sup> | U.K. | 100% | 100% |
| Infosys Nova Holdings LLC. (Infosys Nova)<sup>(1)</sup> | U.S. | 100% | 100% |
| Outbox systems Inc. dba Simplus (US)<sup>(31)</sup> | U.S. | *–* | *–* |
| Simplus ANZ Pty Ltd.<sup>(9)</sup> | Australia | 100% | 100% |
| Simplus Australia Pty Ltd<sup>(10)</sup> | Australia | 100% | 100% |
| Simplus Philippines, Inc.<sup>(9)</sup> | Philippines | 100% | 100% |
| Kaleidoscope Animations, Inc.<sup>(31)</sup> | U.S. | *–* | *–* |
| Blue Acorn iCi Inc<sup>(31)</sup> | U.S. | *–* | *–* |
| Infosys Singapore Pte. Ltd. <sup>(1)(41)</sup> | Singapore | 100% | 100% |
| Infosys Financial Services GmbH. <sup>(12)</sup> | Germany | 100% | 100% |
| Infosys South Africa (Pty) Ltd<sup>(12)</sup> | South Africa | 100% | 100% |
| Infosys (Malaysia) SDN. BHD. <sup>(12)</sup> | Malaysia | 100% | 100% |
| Infosys Middle East FZ LLC <sup>(12)</sup> | U.A.E | 100% | 100% |
| Infosys Norway <sup>(12)</sup> | Norway | 100% | 100% |
| Infosys Compaz Pte. Ltd <sup>(13)</sup> | Singapore | 60% | 60% |
| HIPUS Co., Ltd<sup>(13)(41)</sup> | Japan | 79% | 81% |
| Fluido Oy <sup>(12)</sup> | Finland | 100% | 100% |
| Fluido Sweden AB <sup>(14)</sup> | Sweden | 100% | 100% |
| Fluido Norway A/S<sup>(14)</sup> | Norway | 100% | 100% |
| Fluido Denmark A/S<sup>(14)</sup> | Denmark | 100% | 100% |
| Fluido Slovakia s.r.o<sup>(14)</sup> | Slovakia | 100% | 100% |
| Infosys Fluido UK, Ltd.<sup>(14)</sup> | U.K. | 100% | 100% |
| Infosys Fluido Ireland, Ltd.<sup>(15)</sup> | Ireland | 100% | 100% |
| Stater N.V.<sup>(13)</sup> | The Netherlands | 75% | 75% |
| Stater Nederland B.V.<sup>(16)</sup> | The Netherlands | 75% | 75% |
| Stater XXL B.V.<sup>(16)</sup> | The Netherlands | 75% | 75% |
| HypoCasso B.V.<sup>(16)</sup> | The Netherlands | 75% | 75% |
| Stater Belgium N.V./S.A.<sup>(16)</sup> | Belgium | 75% | 75% |
| Stater Gmbh<sup>(16)</sup> | Germany | 75% | 75% |
| Infosys Germany GmbH <sup>(12)(43)</sup> | Germany | *–* | 100% |
| Wongdoody Gmbh <sup>(18)(43)</sup> | Germany | 100% | 100% |
| WongDoody (Shanghai) Co. Limited <sup>(19)</sup> | China | 100% | 100% |
| WongDoody limited (Taipei) <sup>(19)</sup> | Taiwan | 100% | 100% |
| WongDoody d.o.o <sup>(19)</sup> | Serbia | 100% | 100% |
| BASE life science A/S <sup>(12)</sup> | Denmark | 100% | 100% |
| BASE life science AG <sup>(21)</sup> | Switzerland | 100% | 100% |
| BASE life science GmbH <sup>(21)</sup> | Germany | 100% | 100% |
| BASE life science S.A.S <sup>(21)</sup> | France | 100% | 100% |
| BASE life science Ltd. <sup>(21)</sup> | U.K. | 100% | 100% |
| BASE life science S.r.l. <sup>(21)</sup> | Italy | 100% | 100% |
| Innovisor Inc.<sup>(21)</sup> | U.S. | 100% | 100% |
| BASE life science Inc.<sup>(17)</sup> | U.S. | 100% | 100% |
| BASE life science S.L.<sup>(21)</sup> | Spain | 100% | 100% |
| InSemi Technology Services Private Limited <sup>(23)</sup> | India | 100% | 100% |
| Elbrus Labs Private Limited <sup>(23)(22)</sup> | India | 100% | 100% |
| Infosys Services (Thailand) Limited <sup>(1)(25)</sup> | Thailand | 100% | 100% |
| Infy tech SAS <sup>(12)(24)</sup> | France | 100% | 100% |
| in-tech Holding GmbH <sup>(26)(32)</sup> | Germany | *–* | *–* |
| in-tech GmbH <sup>(26)</sup> | Germany | 100% | 100% |
| Friedrich & Wagner Asia Pacific GmbH <sup>(26)(32)</sup> | Germany | *–* | *–* |
| drivetech Fahrversuch GmbH <sup>(26)</sup> | Germany | 100% | 100% |
| in-tech Engineering S.R.L. (formerly known as ProIT) <sup>(26)(44)</sup> | Romania | 100% | 100% |
| in-tech Automotive Engineering de R.L. de C.V <sup>(26)(40)</sup> | Mexico | *–* | 100% |
| Friedrich Wagner Holding Inc.<sup>(26)(20)</sup> | U.S. | 100% | 100% |
| in-tech Automotive Engineering SL <sup>(26)</sup> | Spain | 100% | 100% |
| in-tech Automotive Engineering LLC <sup>(26)(29)</sup> | U.S. | *–* | *–* |
| in-tech Services LLC <sup>(26)(29)</sup> | U.S. | *–* | *–* |
| in-tech Engineering s.r.o <sup>(26)</sup> | Czech Republic | 100% | 100% |
| in-tech Engineering GmbH <sup>(26)</sup> | Austria | 100% | 100% |
| in-tech Engineering services S.R.L <sup>(26)(44)</sup> | Romania | *–* | 100% |
| in-tech Group Ltd <sup>(26)</sup> | U.K. | 100% | 100% |
| In-tech Automotive Engineering Shenyang Co. Ltd <sup>(26)</sup> | China | 100% | 100% |
| in-tech Group India Private Ltd <sup>(26)</sup> | India | 100% | 100% |
| In-tech Automotive Engineering Beijing Co., Ltd <sup>(26)</sup> | China | 100% | 100% |
| Infosys Germany SE (formerly known as Blitz 24-893 SE) <sup>(27)(43)</sup> | Germany | 100% | 100% |
| Infosys Limited SPC <sup>(1)(33)</sup> | Oman | 100% | 100% |
| Infosys BPM Netherlands B.V. <sup>(17)(34)</sup> | The Netherlands | 100% | 100% |
| Infosys Energy Consulting Services LLC <sup>(9)(35)</sup> | U.S. | 100% | *–* |
| Infosys Saudi Arabia LLC <sup>(1)(36)</sup> | Saudi Arabia | 100% | *–* |
| Infosys Australia Technology Service Pty Ltd <sup>(12)(37)</sup> | Australia | 100% | *–* |
| MRE Consulting Ltd <sup>(38)</sup> | U.S. | 100% | *–* |
| MRE Technology Services, LLC <sup>(38)</sup> | U.S. | 100% | *–* |
| The Missing Link Automation Pty Ltd <sup>(39)</sup> | Australia | 100% | *–* |
| The Missing Link Network Integration Pty Ltd <sup>(39)</sup> | Australia | 100% | *–* |
| The Missing Link Security Pty Ltd <sup>(39)</sup> | Australia | 100% | *–* |
| The Missing Link Security Ltd <sup>(39)</sup> | U.K. | 100% | *–* |
| Infosys BPM Canada Inc <sup>(17)(42)</sup> | Canada | 100% | *–* |
| Infosys Enterprise Business Services Pty Ltd <sup>(12)(46)</sup> | Australia | 100% | - |

---

<sup>(1)</sup> Wholly-owned subsidiary of Infosys Limited

<sup>(2)</sup> Majority owned and controlled subsidiary of Infosys Limited

<sup>(3)</sup> Wholly-owned subsidiary of Infosys BPM Limited

<sup>(4)</sup> Wholly-owned subsidiary of Panaya Inc<sup>.</sup>

<sup>(5)</sup> Wholly-owned subsidiary of Brilliant Basics Holding Limited.

<sup>(6)</sup> Wholly-owned subsidiary of Infosys Consulting Holding AG

<sup>(7)</sup> Wholly-owned subsidiary of Infy Consulting Company Limited

<sup>(8)</sup> Wholly-owned subsidiary of GuideVision s.r.o.

<sup>(9)</sup> Wholly-owned subsidiary of Infosys Nova Holdings LLC

<sup>(10)</sup> Wholly-owned subsidiary of Simplus ANZ Pty Ltd

<sup>(11)</sup> Wholly-owned subsidiary of Infosys Public Services, Inc.

<sup>(12)</sup> Wholly-owned subsidiary of Infosys Singapore Pte. Ltd.

<sup>(13)</sup> Majority owned and controlled subsidiary of Infosys Singapore Pte. Ltd.

<sup>(14)</sup> Wholly-owned subsidiary of Fluido Oy

<sup>(15)</sup> Wholly-owned subsidiary of Infosys Fluido UK, Ltd.

<sup>(16)</sup> Wholly-owned subsidiary of Stater N.V

<sup>(17)</sup> Wholly-owned subsidiary of Infosys BPM UK Ltd.

<sup>(18)</sup> Wholly-owned subsidiary of Infosys Germany GmbH

<sup>(19)</sup> Wholly-owned subsidiary of Wongdoody Gmbh

<sup>(20)</sup> Under liquidation

<sup>(21)</sup> Wholly-owned subsidiary of BASE life science A/S

<sup>(22)</sup> Wholly-owned subsidiary of InSemi Technology Services Private Limited

<sup>(23)</sup> On May 10, 2024 Infosys Ltd. acquired 100% of voting interests in InSemi Technology Services Private Limited along with its subsidiary Elbrus Labs Private Limited

<sup>(24)</sup> Incorporated on July 03, 2024

<sup>(25)</sup> Incorporated on July 26, 2024

<sup>(26)</sup> On July 17, 2024, Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited, acquired 100% of voting interests in in-tech Holding GmbH along with its subsidiary in-tech GmbH along with its six subsidiaries in-tech Automotive Engineering SL, in-tech Engineering S.R.L. (formerly known as ProIT), in-tech Automotive Engineering de R.L. de C.V, drivetech Fahrversuch GmbH, Friedrich Wagner Holding Inc along with its two subsidiaries (in-tech Automotive Engineering LLC and in-tech Services LLC) and Friedrich & Wagner Asia Pacific GmbH along with its five subsidiaries in-tech engineering s.r.o, in-tech engineering GmbH, in-tech engineering services S.R.L, in-tech Group Ltd along with its subsidiary (in-tech Group India Private Limited) and In-tech Automotive Engineering Shenyang Co., Ltd along with its subsidiary (In-tech Automotive Engineering Beijing Co., Ltd). Subsequently on September 01, 2024 in-tech Group India Private Limited became a wholly-owned subsidiary of Infosys limited.

<sup>(27)</sup> On October 17, 2024, Infosys Singapore Pte Ltd. acquired 100% of voting interests in Infosys Germany SE (formerly known as Blitz 24-893 SE)

<sup>(28)</sup> Liquidated effective November 14, 2024

<sup>(29)</sup> Liquidated effective November 30, 2024

<sup>(30)</sup> WongDoody Inc, a wholly-owned subsidiary of Infosys limited merged into Infosys Nova Holdings LLC effective January 1, 2025

<sup>(31)</sup> Kaleidoscope Animations, Blue Acorn iCi Inc and Outbox systems Inc. dba Simplus (US) merged into Infosys Nova Holdings LLC effective January 1, 2025

<sup>(32)</sup> in-tech Holding GmbH and Friedrich & Wagner Asia Pacific GmbH merged into in-tech GmbH effective January 1, 2025

<sup>(33)</sup> Incorporated on December 12, 2024

<sup>(34)</sup> Incorporated on March 20, 2025

<sup>(35)</sup> Incorporated on April 16, 2025

<sup>(36)</sup> Incorporated on April 21, 2025

<sup>(37)</sup> Incorporated on April 23, 2025

<sup>(38)</sup> On April 30, 2025, Infosys Nova Holdings LLC, a wholly-owned subsidiary of Infosys Limited, acquired 98.21% of partnership interests in MRE Consulting Ltd along with its subsidiary MRE Technology Services, LLC.The remaining 1.79% was acquired by Infosys Energy Consulting Services LLC, a Wholly-owned subsidiary of Infosys Nova Holdings LLC

<sup>(39)</sup> On April 30, 2025, Infosys Australia Technology Service Pty Ltd, a wholly owned subsidiary of Infosys Singapore Pte. Limited, acquired 100% of voting interests in The Missing Link Automation Pty Ltd, The Missing Link Network Integration Pty Ltd and The Missing Link Security Pty Ltd along with its subsidiary The Missing Link Security Ltd

<sup>(40)</sup> Liquidated effective May 07, 2025

<sup>(41)</sup> On May 13, 2025, Infosys Singapore Pte Ltd diluted 2% stake of HIPUS Co., Ltd to Mitsubishi Heavy Industries, Ltd.

<sup>(42)</sup> Incorporated on July 28, 2025

<sup>(43)</sup> Infosys Germany Gmbh, a Wholly-owned subsidiary of Infosys Singapore Pte Ltd merged into Infosys Germany SE (formerly known as Blitz 24-893 SE) effective September 24, 2025

<sup>(44)</sup> in-tech Engineering services S.R.L, (Wholly-owned subsidiary of in-tech GmbH) merged into in-tech Engineering S.R.L. (formerly known as ProIT and wholly-owned subsidiary of in-tech GmbH) effective November 30, 2025

<sup>(45)</sup> Infosys Consulting S.R.L. (Argentina) (formerly a majority owned and controlled subsidiary of Infosys Limited) became the majority owned and controlled subsidiary of Infosys Nova Holdings LLC with effect from January 28, 2026

<sup>(46)</sup> Incorporated on March 19, 2026

**List of other related party** 

---

| | |
|:---|:---|
| **Particulars** | **Nature of relationship** <br>|
| Infosys Limited Employees' Gratuity Fund Trust India | Post-employment benefit plan of Infosys |
| Infosys Limited Employees' Provident Fund Trust India | Post-employment benefit plan of Infosys |
| Infosys Limited Employees' Superannuation Fund Trust India | Post-employment benefit plan of Infosys<br>|
| Infosys BPM Limited Employees' Superannuation Fund Trust India | Post-employment benefit plan of Infosys BPM |
| Infosys BPM Limited Employees' Gratuity Fund Trust India | Post-employment benefit plan of Infosys BPM |
| EdgeVerve Systems Limited Employees' Gratuity Fund Trust India | Post-employment benefit plan of EdgeVerve |
| EdgeVerve Systems Limited Employees' Superannuation Fund Trust India | Post-employment benefit plan of EdgeVerve |
| Infosys Employees Welfare Trust India | Controlled trust |
| Infosys Employee Benefits Trust India | Controlled trust |
| Infosys Science Foundation India | Controlled trust |
| Infosys Expanded Stock Ownership Trust India | Controlled trust |
| Infosys Foundation <sup>(1)</sup> India | Trust jointly controlled by KMPs |

---

Refer to Note 2.22 for information on transactions with post-employment benefit plans mentioned above.

*<sup>(1)</sup>* *During the year ended March 31, 2026 and March 31, 2025, the Group contributed ![](rupee-symbol.gif)395 crore and ![](rupee-symbol.gif)434 crore, respectively towards CSR.*

**List of key management personnel**

**Whole-time Directors**

Salil Parekh, Chief Executive Officer and Managing Director

**Non-whole-time Directors**

Nandan M. Nilekani

D. Sundaram

Micheal Gibbs

Bobby Parikh

Chitra Nayak

Govind Iyer

Helene Auriol Potier

Nitin Paranjpe

**Executive Officers**

Inderpreet Sawhney, Chief Legal Officer and Chief Compliance Officer

Jayesh Sanghrajka (appointed as Chief Financial Officer effective April 1, 2024)

Shaji Mathew , Chief Human Resources Officer

**Company Secretary**

A.G.S. Manikantha

**Transaction with key management personnel:**

The table below describes the compensation to key management personnel which comprise directors and executive officers:

*(In ![](rupee-symbol.gif) crore)*

---

| | | |
|:---|:---|:---|
| | **Year ended March 31,** | **Year ended March 31,** |
| **Particulars** | **2026** | **2025** |
| Salaries and other short term employee benefits to whole-time directors and executive officers <sup>(1)(2)</sup> | 124 | 118 |
| Commission and other benefits to non-executive/independent directors | 20 | 19 |
| **Total** | **144** | **137** |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Total employee stock compensation expense for the year ended March 31, 2026 and March 31, 2025 includes a charge of ![](rupee-symbol.gif) 70 crore and ![](rupee-symbol.gif) 70 crore, respectively, towards key management personnel. (Refer to Note 2.12)* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Does not include post-employment benefits and other long-term benefits based on actuarial valuation as these are done for the Company as a whole.* 

**Additional information pursuant to para 2 of general instructions for the preparation of Consolidated Financial Statements**

*(In ![](rupee-symbol.gif) crore)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Assets** | **Net Assets** | **Share in profit or loss** | **Share in profit or loss** | **Share in other comprehensive income** | **Share in other comprehensive income** | **Share in total comprehensive income** | **Share in total comprehensive income** |
| **Name of entity** | **as % age of consolidated net assets** | **Amount** | **as % age of consolidated profit or loss** | **Amount** | **as % age of consolidated other comprehensive income** | **Amount** | **as % age of consolidated total comprehensive income** | **Amount** |
| Infosys Ltd. | 71.56% | 80874 | 90.36% | 29211 | 106.25% | 85 | 90.41% | 29296 |
| *Indian Subsidiaries* |  |  |  |  |  |  |  |  |
| Infosys BPM Limited | 2.87% | 3250 | 2.42% | 781 | (11.25%) | (9) | 2.38% | 772 |
| EdgeVerve Systems Limited (EdgeVerve) | 1.29% | 1467 | 3.88% | 1258 | *–* | *–* | 3.88% | 1258 |
| Infosys Green Forum | 0.28% | 313 | 0.02% | 8 | *–* | *–* | 0.02% | 8 |
| Idunn Information Technology Private Limited | 0.07% | 77 | (0.01%) | (3) | *–* | *–* | (0.01%) | (3) |
| Elbrus Labs Private Limited | 0.00% | 2 | (0.01%) | (2) | *–* | *–* | (0.01%) | (2) |
| Insemi Technology Service Private Limited | 0.03% | 30 | (0.03%) | (11) | (1.25%) | (1) | (0.04%) | (12) |
| in-tech Group India Private Ltd, | 0.00% | 3 | 0.01% | 2 | *–* | *–* | 0.01% | 2 |
| *Foreign Subsidiaries* |  |  |  |  |  |  |  |  |
| Infosys Australia Technology Services Pty Ltd | 0.39% | 438 | (0.00%) | (1) | *–* | *–* | (0.00%) | (1) |
| Infosys Technologies (China) Co. Limited (Infosys China) | 0.85% | 958 | 0.37% | 121 | *–* | *–* | 0.37% | 121 |
| Infosys Technologies S. de R. L. de C. V. (Infosys Mexico) | 0.65% | 738 | 0.17% | 55 | *–* | *–* | 0.17% | 55 |
| Infosys Technologies (Sweden) AB. (Infosys Sweden) | 0.15% | 171 | 0.04% | 13 | *–* | *–* | 0.04% | 13 |
| Infosys Technologies (Shanghai) Company Limited (Infosys Shanghai) | 0.31% | 355 | (0.25%) | (81) | *–* | *–* | (0.25%) | (81) |
| Panaya Inc. (Panaya) | 0.15% | 173 | (0.02%) | (5) | *–* | *–* | (0.02%) | (5) |
| Infosys Nova Holdings LLC. (Infosys Nova) | 3.56% | 4026 | 0.55% | 178 | *–* | *–* | 0.54% | 178 |
| Panaya Ltd | (0.12%) | (134) | 0.13% | 43 | *–* | *–* | 0.13% | 43 |
| Infosys Financial Services GmbH | 0.00% | 5 | *–* | *–* | *–* | *–* | *–* | *–* |
| Infosys Middle East FZ LLC | (0.01%) | (12) | (0.00%) | (1) | (1.25%) | (1) | (0.01%) | (2) |
| Infosys Chile SpA | 0.06% | 73 | 0.02% | 7 | *–* | *–* | 0.02% | 7 |
| Fluido Oy | 0.15% | 174 | 0.01% | 3 | *–* | *–* | 0.01% | 3 |
| Fluido Sweden AB (Extero) | 0.10% | 108 | 0.05% | 15 | *–* | *–* | 0.05% | 15 |
| Fluido Norway AS | 0.08% | 85 | 0.02% | 6 | *–* | *–* | 0.02% | 6 |
| Fluido Denmark A/S | (0.26%) | (298) | (0.87%) | (280) | *–* | *–* | (0.86%) | (280) |
| Fluido Slovakia s.r.o | 0.01% | 10 | 0.00% | 1 | *–* | *–* | 0.00% | 1 |
| Infosys Fluido UK Ltd | 0.01% | 12 | 0.05% | 16 | *–* | *–* | 0.05% | 16 |
| Infosys Fluido Ireland Ltd | 0.01% | 11 | 0.01% | 3 | *–* | *–* | 0.01% | 3 |
| Infosys Consulting Holding AG | 0.58% | 653 | 0.43% | 141 | *–* | *–* | 0.43% | 141 |
| Infosys Management Consulting Pty Ltd | 0.09% | 97 | 0.08% | 27 | *–* | *–* | 0.08% | 27 |
| Infosys Consulting AG | 0.15% | 173 | 0.29% | 94 | *–* | *–* | 0.29% | 94 |
| Infosys Consulting (Belgium) NV | 0.01% | 6 | 0.02% | 5 | *–* | *–* | 0.02% | 5 |
| Infosys Consulting GmbH | 0.19% | 211 | 0.05% | 15 | *–* | *–* | 0.05% | 15 |
| Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) | 6.46% | 7317 | 0.27% | 86 | *–* | *–* | 0.27% | 86 |
| Infosys Consulting SAS | 0.01% | 14 | 0.03% | 10 | *–* | *–* | 0.03% | 10 |
| Infosys Consulting S.R.L. | (0.04%) | (41) | (0.08%) | (25) | *–* | *–* | (0.08%) | (25) |
| Infosys Austria GMBH | 0.01% | 6 | 0.01% | 2 | *–* | *–* | 0.01% | 2 |
| Infy Consulting B.V. | 0.08% | 85 | 0.02% | 8 | *–* | *–* | 0.02% | 8 |
| Infosys Consulting Ltda | 0.19% | 218 | 0.04% | 14 | *–* | *–* | 0.04% | 14 |
| Infosys Consulting S.R.L. (Romania) | 0.15% | 170 | 0.05% | 15 | *–* | *–* | 0.05% | 15 |
| Infosys McCamish Systems LLC | 1.42% | 1609 | 0.69% | 223 | *–* | *–* | 0.69% | 223 |
| Stater N.V. | 0.47% | 534 | 0.12% | 40 | *–* | *–* | 0.12% | 40 |
| Stater Nederland B.V. | 0.17% | 188 | 0.09% | 29 | *–* | *–* | 0.09% | 29 |
| Stater XXL B.V. | 0.00% | 3 | 0.01% | 3 | *–* | *–* | 0.01% | 3 |
| HypoCasso B.V. | 0.02% | 28 | 0.04% | 14 | *–* | *–* | 0.04% | 14 |
| Stater Gmbh | (0.09%) | (99) | (0.07%) | (24) | *–* | *–* | (0.07%) | (24) |
| Stater Belgium N.V./S.A. | 0.12% | 140 | 0.08% | 25 | *–* | *–* | 0.08% | 25 |
| Infosys South Africa (Pty) Ltd | 0.02% | 17 | 0.01% | 4 | *–* | *–* | 0.01% | 4 |
| Infosys Limited Bulgaria EOOD | 0.02% | 21 | 0.02% | 6 | *–* | *–* | 0.02% | 6 |
| GuideVision, s.r.o.. | 0.19% | 220 | 0.13% | 41 | *–* | *–* | 0.13% | 41 |
| GuideVision Deutschland GmbH | (0.01%) | (11) | (0.00%) | (1) | *–* | *–* | (0.00%) | (1) |
| GuideVision Suomi Oy | (0.01%) | (8) | (0.01%) | (4) | *–* | *–* | (0.01%) | (4) |
| GuideVision Magyarország Kft. | 0.01% | 9 | 0.03% | 10 | *–* | *–* | 0.03% | 10 |
| GuideVision Polska SP. Z O.O. | (0.00%) | (5) | (0.01%) | (4) | *–* | *–* | (0.01%) | (4) |
| GuideVision UK Ltd | 0.00% | 3 | *–* | *–* | *–* | *–* | *–* | *–* |
| Infosys Germany Holding Gmbh | *–* | *–* | (0.01%) | (2) | *–* | *–* | (0.01%) | (2) |
| Infosys Automotive and Mobility GmbH & Co. KG | (1.11%) | (1259) | 0.62% | 199 | 5.00% | 4 | 0.63% | 203 |
| Infosys Turkey Bilgi Teknolojikeri Limited Sirketi | (0.00%) | (2) | (0.03%) | (10) | *–* | *–* | (0.03%) | (10) |
| Infosys Germany GmbH | *–* | *–* | (0.05%) | (15) | *–* | *–* | (0.05%) | (15) |
| Infosys Energy Consulting Services LLC | 0.01% | 6 | *–* | *–* | *–* | *–* | *–* | *–* |
| WongDoody GmbH | 0.02% | 20 | (0.06%) | (21) | *–* | *–* | (0.06%) | (21) |
| WongDoody (Shanghai) Co., Ltd. | 0.01% | 7 | *–* | *–* | *–* | *–* | *–* | *–* |
| WongDoody Limited(Taipei) | 0.00% | 1 | *–* | *–* | *–* | *–* | *–* | *–* |
| WongDoody d.o.o (formerly known as oddity code d.o.o) | 0.01% | 9 | 0.01% | 2 | *–* | *–* | 0.01% | 2 |
| Infosys Business Solutions LLC | 0.06% | 72 | 0.05% | 16 | *–* | *–* | 0.05% | 16 |
| Panaya Germany GmbH | (0.00%) | (1) | 0.00% | 1 | *–* | *–* | 0.00% | 1 |
| Infosys Arabia Limited | 0.00% | 3 | (0.00%) | (1) | *–* | *–* | (0.00%) | (1) |
| Infosys Norway AS | 0.00% | 1 | *–* | *–* | *–* | *–* | *–* | *–* |
| Simplus Australia Pty Ltd | 0.04% | 42 | 0.06% | 20 | *–* | *–* | 0.06% | 20 |
| Simplus ANZ Pty Ltd. | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Innovisor Inc. | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Simplus Philippines, Inc. | 0.02% | 22 | 0.01% | 2 | *–* | *–* | 0.01% | 2 |
| BASE life science AG | 0.01% | 6 | 0.02% | 7 | 2.50% | 2 | 0.03% | 9 |
| BASE life science GmbH | (0.00%) | (1) | *–* | *–* | *–* | *–* |  | *–* |
| BASE life science A/S | 0.05% | 53 | (0.04%) | (13) | *–* | *–* | (0.04%) | (13) |
| BASE life science S.A.S | 0.00% | 1 | (0.01%) | (2) | *–* | *–* | (0.01%) | (2) |
| BASE life science Ltd. | 0.02% | 19 | 0.03% | 9 | *–* | *–* | 0.03% | 9 |
| BASE life science S.r.l. | *–* | *–* | *–* | *–* | *–* | *–* |  | *–* |
| BASE life science Inc. | 0.00% | 5 | 0.01% | 2 | *–* | *–* | 0.01% | 2 |
| BASE life science S.L. | 0.01% | 7 | (0.02%) | (6) | *–* | *–* | (0.02%) | (6) |
| Infosys Public Services, Inc. USA (Infosys Public Services) | 1.87% | 2117 | 0.52% | 171 | *–* | *–* | 0.53% | 171 |
| Infosys Luxembourg S.a.r.l | 0.10% | 112 | 0.13% | 43 | *–* | *–* | 0.13% | 43 |
| Infosys Compaz PTE Ltd (Temasek) | 0.37% | 416 | 0.19% | 63 | *–* | *–* | 0.19% | 63 |
| Infy Consulting Company Limited | 0.44% | 492 | 0.41% | 133 | *–* | *–* | 0.41% | 133 |
| Infosys Poland Sp. Z.o.o | 1.40% | 1585 | 0.52% | 167 | *–* | *–* | 0.52% | 167 |
| Portland Group Pty Ltd | 0.05% | 58 | (0.00%) | (3) | *–* | *–* | (0.01%) | (3) |
| Infosys BPO Americas LLC | 0.11% | 120 | 0.04% | 12 | *–* | *–* | 0.04% | 12 |
| Infosys BPM Netherlands B.V. | 0.01% | 6 | *–* | *–* | *–* | *–* | *–* | *–* |
| Infosys (Czech Republic) Limited s.r.o. | 0.09% | 106 | (0.05%) | (16) | *–* | *–* | (0.05%) | (16) |
| HIPUS Co., Ltd | 0.18% | 198 | 0.17% | 56 | *–* | *–* | 0.17% | 56 |
| Infosys (Malaysia) SDN. BHD. | 0.03% | 36 | 0.01% | 4 | *–* | *–* | 0.01% | 4 |
| Infosys BPM UK Limited | 0.02% | 25 | *–* | *–* | *–* | *–* | *–* | *–* |
| Infosys Public Services Canada Inc. | 0.03% | 32 | (0.00%) | (3) | *–* | *–* | (0.01%) | (3) |
| Brilliant Basics Holdings Limited | 0.07% | 80 | 0.00% | 1 | *–* | *–* | 0.00% | 1 |
| Brilliant Basics Limited | 0.00% | 1 | *–* | *–* | *–* | *–* | *–* | *–* |
| Infy tech SAS | 0.02% | 18 | (0.00%) | (4) | *–* | *–* | (0.01%) | (4) |
| In-tech Automotive Engineering Shenyang Co. Ltd | 0.03% | 31 | 0.05% | 17 | *–* | *–* | 0.05% | 17 |
| In-tech Automotive Engineering Bejing Co., Ltd | 0.00% | 1 | (0.00%) | (1) | *–* | *–* | 0.00% | (1) |
| in-tech GmbH | 0.30% | 339 | (0.58%) | (187) | *–* | *–* | (0.58%) | (187) |
| drivetech Fahrversuch GmbH | 0.00% | 4 | 0.00% | 1 | *–* | *–* | 0.00% | 1 |
| in-tech Engineering S.R.L. (formerly ProIT SRL) | 0.01% | 15 | (0.04%) | (14) | *–* | *–* | (0.04%) | (14) |
| in-tech Engineering services S.R.L, RO | *–* | *–* | 0.01% | 4 | *–* | *–* | 0.01% | 4 |
| in-tech Automotive Engineering SL | (0.01%) | (6) | (0.00%) | (1) | *–* | *–* | (0.00%) | (1) |
| in-tech Engineering GmbH, Austria | 0.01% | 8 | 0.00% | 1 | *–* | *–* | 0.00% | 1 |
| Friedrich & Wagner Holding Inc. | (0.00%) | (2) | *–* | *–* | *–* | *–* | *–* | *–* |
| in-tech Automotive Engineering de R.L. de C.V | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| in-tech Engineering s.r.o | 0.02% | 17 | 0.01% | 3 | *–* | *–* | 0.01% | 3 |
| in-tech Group Ltd | 0.01% | 15 | 0.02% | 6 | *–* | *–* | 0.02% | 6 |
| MRE Consulting, Ltd. | 0.09% | 100 | 0.08% | 28 | *–* | *–* | 0.09% | 28 |
| MRE Technology Services LLC | 0.02% | 26 | 0.01% | 2 | *–* | *–* | 0.01% | 2 |
| The Missing Link Security Pty Ltd | 0.06% | 68 | 0.04% | 15 | *–* | *–* | 0.05% | 15 |
| The Missing Link Automation Pty Ltd | (0.02%) | (28) | (0.00%) | (2) | *–* | *–* | (0.01%) | (2) |
| The Missing Link Network Integration Pty Ltd | 0.02% | 26 | (0.01%) | (4) | *–* | *–* | (0.01%) | (4) |
| The Missing Link Security Ltd | (0.01%) | (15) | (0.00%) | (1) | *–* | *–* | (0.00%) | (1) |
| Infosys Germany SE (formerly known as Blitz 24-893 SE) | 3.12% | 3521 | (1.36%) | (441) | *–* | *–* | (1.36%) | (441) |
| Infosys Services (Thailand) Limited | 0.01% | 7 | (0.02%) | (5) | *–* | *–* | (0.02%) | (5) |
| ***Subtotal*** | **100.00%** | **113007** | **100.00%** | **32324** | **100.00%** | **80** | **100.00%** | **32404** |
| Adjustment arising out of consolidation |  | (20016) |  | (2870) |  | 3230 |  | 360 |
| Controlled Trusts |  | (139) |  | (14) |  | *–* |  | (14) |
|  |  | 92852 |  | 29440 |  | 3310 |  | 32750 |
| *Non-controlling Interests* |  | 445 |  | 34 |  | 27 |  | 61 |
| **Total** |  | **93297** |  | **29474** |  | **3337** |  | **32811** |

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**2.26 SEGMENT REPORTING**

Ind AS 108, Operating segments, establishes standards for the way that public business enterprises report information about operating segments and related disclosures about products and services, geographic areas, and major customers. The Group's operations predominantly relate to providing end-to-end business solutions to enable clients to enhance business performance. The Chief Operating Decision Maker (CODM) evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the accounting policies.

Business segments of the Group are primarily enterprises in Financial Services and Insurance, enterprises in Manufacturing, enterprises in Retail, Consumer Packaged Goods and Logistics, enterprises in the Energy, Utilities, Resources and Services, enterprises in Communication, Telecom OEM and Media, enterprises in Hi-Tech, enterprises in Life Sciences and Healthcare and all other segments. The Financial services reportable segments has been aggregated to include the Financial Services operating segment and Finacle operating segment because of the similarity of the economic characteristics. All other segments represent the operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services.

Revenue and identifiable operating expenses in relation to segments are categorized based on items that are individually identifiable to that segment. Revenue for 'all other segments' represents revenue generated by Infosys Public services and revenue generated from customers located in India, Japan and China and other enterprises in Public services. Allocated expenses of segments include expenses incurred for rendering services from the Group's offshore software development centers and on-site expenses, which are categorized in relation to the associated efforts of the segment. Certain expenses such as depreciation and amortization, which form a significant component of total expenses, are not specifically allocable to specific segments as the underlying assets are used interchangeably. The Management believes that it is not practical to provide segment disclosures relating to those costs and expenses, and accordingly these expenses are separately disclosed as "unallocated" and adjusted against the total income of the Group.

Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

Business segment revenue information is collated based on individual customers invoiced or in relation to which the revenue is otherwise recognized.

Disclosure of revenue by geographic locations is given in note 2.18 Revenue from operations.

**Business Segments**

**Year ended March 31, 2026 and March 31, 2025:**

*(In ![](rupee-symbol.gif) crore)*

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Financial Services <sup>(1)</sup>** | **Manufacturing** | **Energy, Utilities, Resources and Services** | **Retail <sup>(2)</sup>** | **Communication <sup>(3)</sup>** | **Hi-Tech** | **Life Sciences <sup>(4)</sup>** | **All other segments <sup>(5)</sup>** | **Total** |
| Revenue from operations | 49908 | 29078 | 23818 | 23077 | 21765 | 13928 | 12267 | 4809 | 178650 |
|  | *45175* | *25207* | *21710* | *22059* | *19108* | *13090* | *11831* | *4810* | *162990* |
| Identifiable operating expenses | 27877 | 17797 | 13327 | 11529 | 13908 | 8286 | 7667 | 2956 | 103347 |
|  | *25871* | *16167* | *11882* | *10931* | *12420* | *7592* | *7166* | 2986 | *95015* |
| Allocated expenses | 9353 | 4837 | 4507 | 4459 | 3996 | 2414 | 2156 | 1136 | 32858 |
|  | *8205* | *4184* | *3731* | *3995* | *3347* | *2278* | *2002* | *997* | *28739* |
| **Segment Profit** | **12678** | **6444** | **5984** | **7089** | **3861** | **3228** | **2444** | **717** | **42445** |
|  | *11099* | *4856* | *6097* | *7133* | *3341* | *3220* | *2663* | *827* | *39236* |
| Unallocable expenses\* |  |  |  |  |  |  |  |  | 6191 |
|  |  |  |  |  |  |  |  |  | *4812* |
| Other income, net |  |  |  |  |  |  |  |  | 4157 |
|  |  |  |  |  |  |  |  |  | *3600* |
| Finance cost |  |  |  |  |  |  |  |  | 416 |
|  |  |  |  |  |  |  |  |  | *416* |
| **Profit before tax** |  |  |  |  |  |  |  |  | **39995** |
|  |  |  |  |  |  |  |  |  | *37608* |
| Income tax expense |  |  |  |  |  |  |  |  | 10521 |
|  |  |  |  |  |  |  |  |  | *10858* |
| **Net Profit** |  |  |  |  |  |  |  |  | **29474** |
|  |  |  |  |  |  |  |  |  | *26750* |
| Depreciation and amortization expense |  |  |  |  |  |  |  |  | 4902 |
|  |  |  |  |  |  |  |  |  | *4812* |
| Non-cash expenses other than depreciation and amortization |  |  |  |  |  |  |  |  | *–* |

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*<sup>(1)</sup>* *Financial Services include enterprises in Financial Services and Insurance*

*<sup>(2)</sup>* *Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics*

*<sup>(3)</sup>* *Communication includes enterprises in Communication, Telecom OEM and Media*

*<sup>(4)</sup>* *Life Sciences includes enterprises in Life sciences and Health care*

*<sup>(5)</sup>* *Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services*

*\** *Unallocable expense includes impact of* ![](rupee-symbol.gif)*1,289 crore towards impact of Labour Codes for the year ended March 31, 2026 (refer to note 2.20.1)*

**Significant clients**

No client individually accounted for more than 10% of the revenues for the year ended March 31, 2026 and March 31, 2025, respectively.

*for and on behalf of the Board of Directors of Infosys Limited*

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br> DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br> DIN: 01876159 | &nbsp;&nbsp; Bobby Parikh<br> *Director*<br> DIN: 00019437<br>|
| &nbsp;&nbsp; Bengaluru<br> April 23, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br> Membership No. A21918 |

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