Thanks for the opportunity. Congrats on a good start despite the difficult macro-led challenges. Amit, sir, just wanted to understand in a pivot from engineering services to EI, do you believe the productivity gain demand can take a lead versus a higher wallet share or both goes in a hand- to-hand and the impact on the growth may not be material?
Okay. And is it possible to throw some nature of the demand shaping up in the Europe -based auto segment, both with Tier-1 and the OEMs?
Yes, thanks. Thanks for the opportunity. Amit sir, just wanted to understand within Mobility and Sustainability, one can assume the worst is behind. Sustainability, we were anyway doing better. So, Mobility, you expect we can start growing QoQ starting from the first quarter? And even in Tech, when do you expect the worst to get over?
Yes, yes. And just in terms of Lakshya outlook, is it fair to assume whatever we are targeting, which is 12%-15% growth CAGR is largely organic or it also incorporates some inorganic?
Yes, thanks. Thanks for the opportunity and Happy New Year to all the management team. So, the first question is, Project Lakshya was in place for more than 2 -3 years at a group level. So, why suddenly this exercise versus last three months before we were not thinking about the same? I do agree, this will create a value -added portfolio with a higher margin. But what has led to this? Why I am asking is there has been more than 2 or 3 restructuring exercises which we have carried out in terms of growth strategy in the last 3-4 years. But somehow organic growth is not picking up. So, now with the new restructuring exercise, what will change in terms of changing that organic growth part?
Just a follow-up. In this rationalization exercise, once it's over, one can assume SWC seasonality which leads to volatile growth will now no longer be valid starting next year. And a question to CFO, sir. Sir, we are cutting down on low -profit portfolios, but our margin milestone has not been changed. It should have changed with the restructuring exercise. It could have been better than 16.5%. So, any reason for this?
Thanks for the opportunity. Just wanted to understand what percentage of revenue comes from Middle East and when you have given an outlook of growth to accelerate in the coming quarter, a re we expecting even the geopolitical issue are largely behind or may have some impact in the coming quarter as well?
Venu, when you say growth to improve in your outlook comment, are you talking organically and that too on a Q-o-Q CC term?
Yes, and thanks for the opportunity. Sir, you may have answered this in the previous question, but is it fair to assume the top client in high tech and top client in BFSI - We have not lost any wallet share and unlikely to lose wallet share because of the vendor consolidation.
Okay and sir do you believe the trend of productivity gains which you highlighted in a set of top five clients may extend beyond top five maybe in the coming quarters or coming years maybe for top 20?
Yes, thanks for the opportunity. It is good to see that under AI-led transformation bucket, we have disclosed a mega deal win of $800 million from SKF and that too net-new versus a market perception that the role of the system integrator in terms of AI-led transformation would be much lower. What has led for a client to award such deals to a system integrator? Do you believe it can spread to other verticals, other large clients, and this could be a start of some modernization brownfield kind of a demand? Second, with AI-led transformation, I think the tenure of execution could be lower. So in this kind of a scenario, though it's a mega deal, the ACV could be much bigger versus what it used to be in the earlier avatar.
My question is, are such prospects coming into pipeline across many sectors, or these kinds of deals sporadic? And second, with AI-led transformation, is it fair to assume the conversion of such kind of a mega deal to revenue could be faster because the tenure of the deal could be lower and ACV could be higher?
Yes, thanks for the opportunity I do agree where size is small, opportunity is big. But the issue in the ASIC and custom design, sometimes the end product also has a lot of innovation in terms of new chips coming in the market at a gap of 6 to 9 months which we are seeing from NVIDIA because what they launched 6 months before may not be relevant 6 months after. So how will we make sure on a longer -term basis the scale will keep happening without leaking buckets in terms of revenue growth?
Yes, thanks. And just a question in terms of Kinetic energy debt. That will also flow through the Semiconductor balance sheet, not the parent. So, the earlier debt which we have taken is closer to $90-$95 million to fund the candidate. And over and above that, there will be additional $20 million through the transaction we just announced?
Thanks for the opportunity, and congratulations on a good execution as well as good growth in the DET. The first question is, just wanted to understand , there is a consistent growth in the aerospace. So, what are the subsegments which is driving? And in a furlough quarter, if we have delivered 1.9% CC growth, there could be a possibility of recoup of furloughs in the 4th Quarter. So, is it fair to assume the growth in the 4th Quarter would be higher than the third quarter? And what is the impact of furlough? It would not have been there, what would have been the growth in 3Q?
Can you quantify the impact of furlough in the third quarter?
Angan, as you rightly said, this is the sixth quarter in a row where we see Q-on-Q growth is flat or declining. Macro issues are common for the industry; at our base it should not have impacted so much. Despite that, the decline of 6.5% is one of the highest in revenue across many stocks. So in terms of creating a team around sales, delivery, AI, when you joined we also had done a restructuring round by making investment in new leaders, churning leaders, both on sales and delivery. So what has gone wrong in previous restructuring cycle and why you are confident this time in terms of again, a second round of restructuring?
Just a follow-up. You said most of the client-specific issues are behind now entering FY27. And second, as you had said, the team expansion on the sales will be over 40% by the middle of this financial year. In that scenario, pipeline creation and TCV conversion may not happen in the starting 1H of FY27. So, is it fair to assume because of all these changes, the benefits would be visible in FY28 rather than FY27? And most of the pains on the client-specific issues are behind? Or do you still believe those client-specific issues to continue in FY27 in the near term?
Congratulations on great execution in a difficult time and quarter. First question is, if I look at the offshore revenue mix, it has jumped materially in this quarter. So, is it fair to assume volume growth is materially higher versus the headline growth in constant currency terms? And, this shift to offshore is a deliberate attempt where we want to diversify beyond our staff augmentation business to managed services kind of a business?
And sir, second question in terms of vertical mix. Which vertical you believe still carries some demand headwinds, and which vertical is giving you confidence in terms of a better growth starting from 4Q and next financial year?
Angan, just one strategic question. If I look at last six to seven quarters, there has been a decline in the revenues or flattish. Except for one quarter where we have done well. So, in this transition where leakage could have been an issue, do you believe the current portfolio has now become more defensive, more sticky, more annuity? If you can share the number in terms of still the discretionary or a project-based portfolio versus defensive annuity sticky kind of a portfolio?
And just a related question. If I look at ERP, around almost 14 -16 quarters back, it used to be 37%. It is closer to 30%. Can you share a similar matrix here? What within ERP is still implementation project-based business versus the maintenance or upgrade kind of a business?
Yeah. Thanks. Thanks for the opportunity and congrats on a good set of execution and the increasing order book YoY. Nitin, first question is, if I look at your deal pipeline, 26% has been towards modernization. So, we do agree AI is accelerating this side of the spend, but most vendors are turning bullish on this side. So, how one can differentiate to win the wallet share in this side?
Okay. And just to follow up, is it fair to assume this side of the spend is not that sensitive to the macro headwinds? Because if you want to scale up the AI adoption, this spend is necessary. If yes, then why for the sector as a whole, the growth is not turning net accretive rather it's been dilutive. So, people are asking more savings to have the budget on this side; while spending they are more cautious in terms of release?
Thanks for the opportunity and congrats on a good set of numbers again. Hirday sir, this is a question to you with reference to earlier question. With Google's TPU and Amazon's Trainium OpenAI tie-up with Broadcom, have you also started doing some design R&D on these kind of a platform? Because as of now we are in prevalence and partnership with the AMD Intel and NVIDIA. So, do you believe these hyperscalers new chips can be also adopted by the enterprises or this could be more for their internal work?
Okay, fair enough and just a clarification our target of one third for strategic order by Q4 of this financial year is for the total strategic order size of Rs. 2,184 Cr. right?
Congrats again on great execution and large strategic orders. Sir, the first question is, if I look at the government AI mission, as of now, the approval is for INR10,000 crores, and we got two deals worth INR1,000 crores bids. So addressable market in INR10,000 crores was closer to around 40% to 50%. So that means INR4,500 to INR5,000 crores, so is it fair to assume we already won a wallet share of 45%, 50% and more strategic deals may come outside the government AI.
Okay. Okay. So then, sir, if you can clarify -- you said in the second statement, INR10,000 crores is the government-related budgets, so I didn't understand clearly?
Yes, thanks. Thanks for the opportunity. Just one question in terms of deal TCV. So, I do agree, mega deals are lumpy and cannot repeat every quarter. But based on the efforts and the pipeline, and the success ratio in terms of winning the deals, Mohit, is it fair to assume on an annual basis, we can now achieve $3.5 to $4 billion worth of new business TCVs?
Okay, and the last question, Mohit, for you in your opening remarks, you called out there are certain one-time or seasonal strength in the revenues. Can you repeat the same? Where were it? Is it mostly to do with the BPO and Retail in U.S. or also in Pininfarina, which you called out?
Yes. Thanks for the opportunity and congrats on a good set of numbers. Salil, first question, are you witnessing the average size of AI-led deals going up materially on a Y-o-Y basis across sectors? External Document © 2026 Infosys Limited 18 And just a follow-up, if answer to this is being yes, one can see clients are now in a state of mind where they do not fear in terms of modernization of legacy applications. And if that is true, can it lead to a better discretionary spend on that side of the services in CY '26 versus last year?
Okay. And just a follow-up to this. Is there a tr action in terms of number of deals below $50 mn has now started increasing and this could be a trend to continue rather than volatile trend earlier? And just two questions to Jayesh. Is it fair to assume third-party items as their cost line, as a percentage to revenue for this year, which we guided at the start of the year, may be stable here on or may further decline beyond FY'26. And Jayesh, this INR165 crores profit on property, plant and equipment, will it be a headwind in the fourth quarter?
Yes. Thanks for the opportunity and congrats on a good set of numbers. Salil, first question, are you witnessing the average size of AI-led deals going up materially on a Y-o-Y basis across sectors? External Document © 2026 Infosys Limited 18 And just a follow-up, if answer to this is being yes, one can see clients are now in a state of mind where they do not fear in terms of modernization of legacy applications. And if that is true, can it lead to a better discretionary spend on that side of the services in CY '26 versus last year?
Okay. And just a follow-up to this. Is there a tr action in terms of number of deals below $50 mn has now started increasing and this could be a trend to continue rather than volatile trend earlier? And just two questions to Jayesh. Is it fair to assume third-party items as their cost line, as a percentage to revenue for this year, which we guided at the start of the year, may be stable here on or may further decline beyond FY'26. And Jayesh, this INR165 crores profit on property, plant and equipment, will it be a headwind in the fourth quarter?
Yes, thanks. Thanks for the opportunity and congrats on a very strong set of numbers across many attributes. Sir, the first question is in terms of commentary about ACV being highest in the four years, as well as if I look at your services growth guidance on the 4Q exit at the upper end, you will have a strong exit in services in Q4 of this year versus Q4 of last year? I'm not asking for guidance, but if there are no further macro negatives, directionally you believe the organic services growt h could be better in the next year versus last year. And just related to that, this can also fill ip if clients try to increase the investment on the AI adoption more on system integration phase rather than just on the capex side?
Yes. Sir, just last couple of questions. In terms of TCV last quarter earnings, you said you target now $10 billion new business TCV, which could have some volatility on QoQ. And you have also closed $3 billion in this quarter, last quarter on $2.5 billio n, so looking at the pipeline and the closure, you still believe plus or minus $2.5 billion could be a new normal going forward, at least in the near term per quarter?
Thanks for the opportunity. Sir the first question, generally, if I look at the TCV which we disclosed, the second half is generally heavier in terms of TCV wins for KPIT versus first half. Do you believe the same trend may continue this year or do you believe because of macro decision making delays can lead to a normalized trend over all four quarters rather than second half heavy than the first half?
Okay. And sir, the explanation which you gave on $65 million revenue leakage, can you correlate with which period it was in terms of last year, this year, how, what is that definition?
Yes. Thanks for the opportunity. Manish, if I look at the book-to-bill in this quarter being 0.97x, which is one of the lowest in the last 11 quarters, and even if you need to report a flat TCV this year, the ask rate in the next second half would be about $220 million. That looks like a tall task. And business visibility in terms of growth beyond FY '26 will be dependent upon TCV growth happening in FY '26. So, in that scenario, are you worried that the billed TCV this year may hamper the growth in the next year outside TMT as a concern which you have highlighted?
Okay. Manish, just further here, are you targeting TCV growth this year that will happen on $775 million TCV booked in FY '25?