Infosys: Multiple hits to growth momentum and CEO transition; downgrade to Neutral

研报英文原文证据摘录

Infosys: Multiple hits to growth momentum and CEO transition; downgrade to Neutral

J P M O R G A N Asia Pacific Equity Research

24 July 2026

Infosys

Multiple hits to growth momentum and CEO transition;

downgrade to Neutral

Infosys’s 1Q print missed sharply on revenues and revenue guidance was cut Head of APAC Telecoms and India

sharply for the second time in a row after a sharp miss in 4Q. Growth momentum TMT Research

has now taken multiple hits including weak demand, rising AI deflation Ankur Rudra, CFA AC

(sometimes mid-contract) in addition to contract challenges at Daimler and an (65) 6801-3237

Energy, Utilities Resources Services (EURS) contract termination. The new ankur.rudra@jpmorgan.com

organic guide at -0.2 to 1.3% (1.5-3% overall) points to a sharp slowdown YY that J.P. Morgan Securities Singapore Private Limited

depends on sustaining a 0.4-1.4% CQGR in a tough environment. While signings Bhavik Mehta, CFA

have been strong, AI deflation means revenue conversion remains soft. Margins (91-22) 6157-3871

bhavik.mehta@jpmchase.com

were largely in line and need some effort in defence over the rest of the year. Infosys J.P. Morgan India Private Limited, J.P. Morgan

has also announced a CEO transition to company lifer Ashiss Kumar Dash (head Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

of EURS) over the next nine months, which could pave the way for a smoother

Harshit Sharma

transition vs. historical leadership changes. With the growth engine sputtering in

(91-22) 6157-5879

a weak demand environment, we cut rev/earnings by 2% and downgrade to N. harshit.sharma@jpmchase.com

J.P. Morgan India Private Limited, J.P. Morgan

• 1Q27 print missed on revs, strong on signings and cash generation.