Infosys is set to announce its June quarter (Q1FY27) results on July 23. While the IT major is projected to deliver steady sequential constant currency (CC) revenue growth of around 2–2.2 per cent, supported by recent acquisitions and ongoing cost-efficiency measures, brokerages remain divided on its full-year outlook, with guidance estimates ranging from 1.5–3 per cent to 2–4 per cent.Revenue and profitabilityBrokerage estimates suggest Infosys is likely to report a steady Q1, with revenue expected to be in the range of ₹48,086 crore to ₹48,659 crore, implying sequential cc growth of around 2-2.2 per cent, while reported revenue growth is estimated at 3.6-4.9 per cent quarter-on-quarter. On a year-on-year basis, revenue is expected to rise 13.7-14.9 per cent. Net profit is projected at ₹8,049 crore to ₹8,173 crore, reflecting a 3.9-5.3 per cent sequential decline, although it is still expected to grow 16-18.1 per cent YoY.A Motilal Oswal Financial Services report read that the IT giant may lead large-cap growth, supported by a two-month contribution from Optimum and Stratus. The company may post modest sequential improvement, supported by operating leverage and cost actions.Margins and GuidanceGuidance expectations remain mixed across brokerages. MOFSL expects Infosys to trim the upper end of its FY27 cc revenue growth guidance by 50 basis points (bps) to 1.5–3 per cent YoY. In contrast, BNP Paribas expects the company to revise it to 2–4 per cent YoY in cc terms to reflect the acquisition of Optimum Healthcare IT, while retaining its operating margin guidance of 20–22 per cent.Meanwhile, an Elara Securities report said, “There is a higher probability of Infosys cutting its upper-end revenue growth target for FY27 based on weak Q1. Historically, average CC QoQ revenue growth for Infosys in Q1 was >3%, and weaker Q1 growth this year, which implies risk on the upper end of the FY27 revenue growth target.”Operating margins are expected to improve by around 20–40 bps sequentially to approximately 21.2–21.4 per cent, supported by the absence of wage hikes in the June quarter, reversal of visa-related costs incurred in the previous quarter, and continued cost efficiencies under Project Maximus. The company is also expected to receive an inorganic revenue boost of around 20 bps from the Stratus acquisition and about 100 bps from Optimum Healthcare IT. However, while Project Maximus, favourable cross-currency movements and the absence of certain one-off costs are expected to support margins, the gains could be partly offset by acquisition-related amortisation, large deal ramp-ups, and continued investments in AI.“Infosys’ disappointing 4QFY26 revenue miss and soft FY27 organic growth guidance, driven by a higher offshore mix and the Daimler deal ramp-down, continue the concerning trend of weak fourth-quarter exits. While management’s reassurance that these headwinds are not caused by AI deflation might not fully comfort investors, the underlying business shows resilience through stable demand, expanding US client budgets, strong large deal wins, and strong growth in BFSI and EURS verticals,” the BNP Paribas report highlighted.Sectoral OutlookBrokerages expect Infosys’ US BFSI vertical to remain resilient in the June quarter, while telecom and manufacturing are likely to remain under pressure due to client-specific issues and the continued ramp-down of the Daimler contract. They estimate cc revenue growth of around 2.2 per cent sequentially, driven by a 0.9 per cent organic contribution and a 1.2 per cent inorganic boost, supported by improving momentum in the Financial Services and Energy, Utilities and Resources verticals.Published on July 19, 2026