Infosys Limited: 1QF27: Worse than feared

研报英文原文证据摘录

Infosys Limited: 1QF27: Worse than feared

Update

July 23, 2026 11:45 PM GMT

Morgan Stanley India Company Private Limited+MInfosys Limited | Asia Pacific Gaurav Rateria

Equity Analyst

1QF27: Worse than feared Gaurav.Rateria@morganstanley.comSulabh Govila, CFA +91 22 6118-2237

What’s Changed Sulabh.Govila@morganstanley.com +91 22 6118-2249

Shreshtha Chopra

Infosys Limited (INFY.NS) From To Research Associate

Price Target Rs1,112.00 Rs1,075.00 Shreshtha.Chopra@morganstanley.com +91 22 6118-2227

Sakshi Rana

Highlights: Sharp cut in F27 outlook could reflect Infosys-specific ResearchSakshi.Rana@morganstanley.comAssociate +91 22 6118-1002

reasons (multiple client challenges). However, we tend to

believe that growth has become more challenged for the

industry as a whole. F27 is likely to show erosion in growth

outlook along with lower margins, affecting EPS growth.

Infosys Limited (INFY.NS, INFO IS)

Key Takeaways India Technology | India

Ramp-down in EURS vertical and European automotive (impact >1% vs. Stock Rating Equal-weight

Industry View In-Line

previously anticipated 0.7-1% range) are hurting growth. Price target Rs1,075.00

Up/downside to price target (%) 3

Deal wins were strong, and the company is progressing well on new AI services. Shr price, close (Jul 23, 2026) Rs1,047.40

52-Week Range Rs1,728.00-982.40

Investors are likely to monitor for a smooth CEO transition phase. Sh out, dil, curr (mn) 4,186

Mkt cap, curr (mn) US$45,408

Avg daily trading value (mn) US$159.1

Negative surprises in 1Q: 1) One-time client-specific impact (~US$25mn) in the

Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

EURS vertical; 2) volumes staying weaker than expected, in general; 3) ramp-down in

EPS (Rs)** 75.11 77.70 79.47 81.53