Interim report
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TO ALL STOCK EXCHANGES BSE LIMITED NATIONAL STOCK EXCHANGE OF INDIA LIMITED NEW YORK STOCK EXCHANGE October 23, 2026 Dear Sir/ Madam, Sub: Outcome of the Board meeting This has reference to our letter dated September 15, 2026, regarding the captioned subject. The Board, at their meeting held on October 22-23, 2026 transacted the following items of business: Financial Results: 1. Approved the audited consolidated financial results of the Company and its subsidiaries as per Indian Accounting Standards (“INDAS”) for the quarter and half year ended September 30, 2026; 2. Approved the audited standalone financial results of the Company as per INDAS for the quarter and half year ended September 30, 2026; 3. Approved the audited financial statements of the Company and its subsidiaries as per INDAS and International Financial Reporting Standard (“IFRS”) for the quarter and half year ended September 30, 2026; Dividend: 4. Declared an interim dividend of ₹ 26/- per equity share, fixed November 3, 2026 as a record date and November 11, 2026 as a payout date. Stock grants: 5. Based on the recommendations of the Nomination and Remuneration Committee, the Board approved the grant of 9,640 Restricted Stock Units (‘RSUs’) under the 2015 Incentive Compensation Plan (’2015 Plan’) to eligible employees . The grants made under the 2015 Plan would vest equally over a period of three years. The RSUs will be granted w.e.f., November 1, 2026 and the exercise price will be equal to the par value of the share.
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Allotment of equity shares: 6. A llotted 15,578 equity shares of face value of ₹ 5 /- each, pursuant to exercise of Restricted Stock Units by eligible employees as hereunder: • 2, 841 equity shares under the 2015 Incentive Compensation Plan; • 12,737 equity shares under the Infosys Expanded Stock Ownership Program 2019. C onsequently, effective from October 23, 2026, the issued and subscribed share capital of the Company stands increased to ₹ 20,29,14,60,780/- divided into 4,05,82,92,156 equity shares of ₹5/- each. The Board meeting was held on October 22 and 23, 2026. The Board meeting on October 23, 2026 commenced at 12.27 PM IST and concluded at 4.00 PM IST. We are hereby enclosing herewith the financial results, press releases, and other annexu res mentioned above. The same will also be made available on the Company’s website www.infosys.com. This is for your information and records. Yours sincerely, For Infosys Limited Manikantha A.G.S. Company Secretary Membership No: A21918
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Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2023 www.infosys.com Page 1 of 4 Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2027 1.2% QoQ 1.5% YoY CC Growth# 21.0% Operating Margin 8.7% YoY EPS Increase (₹ terms) $5.2 Bn Large Deal TCV (62% Net New) $0.93 Bn Free Cash Flow (FCF) 10.5% AI as a % of Revenue Revenue Growth- Q2 27 Reported CC 1.2% 1.2% 1.3% 1.5%YoY growth (%) QoQ growth (%) Revenues by Business Segments (in %) Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 Reported CC Financial Services 28.0 27.9 27.7 2.3 2.1 Manufacturing 16.0 15.9 16.5 (1.4) (0.7) Energy, Utilities, Resources & Services 14.2 13.4 13.4 7.4 7.3 Retail 11.5 12.8 12.7 (8.1) (7.7) Communication 12.5 12.0 12.1 4.4 4.1 Hi-Tech 6.8 7.7 8.3 (17.5) (17.3) Life Sciences 8.4 8.0 6.4 32.5 32.5 Others 2.6 2.3 2.9 (7.4) (4.7) Total 100.0 100.0 100.0 1.3 1.5 Quarter ended YoY Growth Revenues by Client Geography (in %) Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 Reported CC 54.6 56.4 56.3 (1.6) (1.5) 32.5 32.1 31.7 3.9 4.6 10.1 9.0 8.9 15.1 10.9 2.8 2.5 3.1 (10.5) (3.5) 100.0 100.0 100.0 1.3 1.5 India Total Quarter ended YoY Growth North America Europe Rest of the world Client Data Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 2,060 2,027 1,896 142 155 118 1,048 1,026 1,012 322 333 322 87 85 85 42 41 41 12.2% 12.1% 13.0% 19.8% 19.9% 20.7% 34.0% 33.9% 35.2% 64 63 71 Top 5 clients Top 10 clients Top 25 clients Days sales outstanding^ Number of clients Quarter ended Active Added during the period (gross) Number of Million dollar clients^ 1 Million dollar + 10 Million dollar + 50 Million dollar + 100 Million dollar + Client contribution to revenues ^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.
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Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2023 www.infosys.com Page 2 of 4 Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2027 Effort & Utilization – Consolidated IT Services (in %) Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 22.6 22.8 23.2 77.4 77.2 76.8 81.9 82.1 82.2 85.4 84.9 85.1 Including trainees Excluding trainees Quarter ended Effort Onsite Offshore Utilization Employee Metrics (Nos.) Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 332,542 328,062 331,991 314,508 310,039 314,500 18,034 18,023 17,491 12.7% 13.0% 14.3% 39.8% 39.6% 39.5% Voluntary Attrition % (LTM - IT Services) % of Women Employees Quarter ended Total employees S/W professionals Sales & Support Cash Metrics In US $ million Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 928 955 1,101 4,720 3,916 6,173 Quarter ended FCF(1) Consolidated cash and investments(2) In ₹ crore Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 8,898 9,051 9,677 45,232 37,065 54,809 Consolidated cash and investments(2) FCF(1) Quarter ended (1) 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) (2) 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
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Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2023 www.infosys.com Page 3 of 4 Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2027 Consolidated Statement of Comprehensive Income for three months ended, (Extracted from IFRS Financial Statement) In US $ million, except per equity share data Particulars Sep 30, 2026 Sep 30, 2025 Growth % YoY Jun 30, 2026 Growth % QoQ 5,145 5,076 1.3% 5,082 1.2% 3,547 3,516 0.9% 3,482 1.9% 1,598 1,560 2.4% 1,600 -0.1% 260 254 2.4% 270 -3.7% 259 241 7.5% 258 0.4% 519 495 4.8% 528 -1.7% 1,079 1,065 1.3% 1,072 0.7% 21.0 21.0 0.0% 21.1 -0.1% 77 100 -23.0% 91 -15.4% 1,156 1,165 -0.8% 1,163 -0.6% 337 325 3.7% 343 -1.7% 817 839 -2.5% 819 -0.2% 0.20 0.20 -0.3% 0.20 -0.3% 0.20 0.20 -0.2% 0.20 -0.3% 0.27 0.26 13.0% - - Revenues Cost of sales Gross profit Operating expenses: Selling and marketing expenses Administrative expenses Total operating expenses Operating profit Other income, net of finance cost Profit before income taxes Operating margin % Net profit (after non-controlling interests) Basic EPS ($) Diluted EPS ($) Dividend per share ($)(1) Income tax expense (1) Dividend Growth (%) calculated in INR terms. Consolidated Statement of Comprehensive Income for six months ended, (Extracted from IFRS Financial Statement) In US $ million, except per equity share data Particulars Sep 30, 2026 Sep 30, 2025 Growth % 10,227 10,018 2.1% 7,028 6,933 1.4% 3,199 3,085 3.7% 531 512 3.7% 517 480 7.7% 1,048 992 5.6% 2,151 2,093 2.8% 21.0 20.9 0.1% 168 210 -20.0% 2,319 2,303 0.7% 680 654 4.0% 1,637 1,647 -0.6% 0.40 0.40 1.7% 0.40 0.40 1.7% 0.27 0.26 13.0% Operating expenses: Selling and marketing expenses Administrative expenses Dividend per share ($)(1) Total operating expenses Revenues Cost of sales Gross profit Operating profit Other income, net of finance cost Profit before income taxes Income tax expense Net profit (after non-controlling interests) Operating margin % Basic EPS ($) Diluted EPS ($) (1) Dividend Growth (%) calculated in INR terms.
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Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2023 www.infosys.com Page 4 of 4 Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2027 Consolidated Statement of Comprehensive Income for three months ended, (Extracted from IFRS Financial Statement) In ₹ crore, except per equity share data Particulars Sep 30, 2026 Sep 30, 2025 Growth % YoY Jun 30, 2026 Growth % QoQ 49,244 44,490 10.7% 48,211 2.1% 33,943 30,800 10.2% 33,033 2.8% 15,301 13,690 11.8% 15,178 0.8% 2,489 2,224 11.9% 2,568 -3.1% 2,482 2,113 17.5% 2,447 1.4% 4,971 4,337 14.6% 5,015 -0.9% 10,330 9,353 10.4% 10,163 1.6% 21.0 21.0 0.0% 21.1 -0.1% 733 876 -16.3% 865 -15.3% 11,063 10,229 8.2% 11,028 0.3% 3,225 2,854 13.0% 3,253 -0.9% 7,823 7,364 6.2% 7,769 0.7% 19.32 17.76 8.7% 19.19 0.6% 19.30 17.74 8.8% 19.17 0.7% 26.00 23.00 13.0% - - Profit before income taxes Income tax expense Net profit (after non-controlling interests) Dividend per share (₹) Administrative expenses Total operating expenses Operating profit Operating margin % Other income, net of finance cost Revenues Cost of sales Gross profit Operating expenses: Selling and marketing expenses Diluted EPS (₹) Basic EPS (₹) Consolidated Statement of Comprehensive Income for six months ended, (Extracted from IFRS Financial Statement) In ₹ crore, except per equity share data Particulars Sep 30, 2026 Sep 30, 2025 Growth % 97,454 86,769 12.3% 66,975 60,025 11.6% 30,479 26,744 14.0% 5,057 4,431 14.1% 4,928 4,156 18.6% 9,985 8,587 16.3% 20,494 18,157 12.9% 21.0 20.9 0.1% 1,597 1,813 -11.9% 22,091 19,970 10.6% 6,478 5,670 14.3% 15,592 14,285 9.1% 38.51 34.47 11.7% 38.46 34.41 11.8% 26.00 23.00 13.0% Operating margin % Cost of sales Gross profit Operating expenses: Selling and marketing expenses Administrative expenses Total operating expenses Operating Profit Revenues Dividend per share (₹) Basic EPS (₹) Diluted EPS (₹) Other income, net of finance cost Profit before income taxes Income tax expense Net profit (after non-controlling interests) As the quarter and six months ended 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 quarter might not always add up to the six month ended figures reported in this statement.
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Deloitte Haskins & Sells LLP Chartered Accountants Prestige Trade Tower, Level 19 46, Palace Road, High Grounds Bengaluru-560 001 Karnataka, India Tel: +91 80 6188 6000 Fax: +91 80 6188 6011 INDEPENDENT AUDITOR'S REPORT ON AUDIT OF QUARTERLY AND HALF YEARLY 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 half year ended September 30, 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: (i) includes the financial results of the subsidiaries as given in the Annexure to this report; (ii) is presented in accordance with the requirements of Regulation 33 of the LODR Regulations; and (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 half year ended September 30, 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 half year ended September 30, 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 six months ended September 30, 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 LODR Regulations. Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
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Deloitte Haskins & Sells LLP 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 half year ended September 30, 2026 Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the quarter and half year ended September 30, 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: • 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. • 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. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors. • 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.
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Deloitte Haskins & Sells LLP • 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 signifi cant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are requ ired to draw attention in our auditor 's report to the related disclosures in the Statement or, if such disclosures are inadequate, to mod ify 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 Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation. • • Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the LODR Regulations to the exten t applicable. • Obtain sufficient appropriate audit evidence regarding the Financial Informat ion 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 financia l information of such entities included in the State ment of which we are the independent auditors. Materiality is the magnitude of missta tements 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 qu·alitat ive 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 includ ed 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 eth ical 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: Hyderabad Date: October 23, 2026 For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) • (k;.~ - Partner (Membership No. 060408) UDIN:
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~ Deloitte Haskins & Sells LLP An nexure to Auditor's Report List of Entities: 1. Infosys Technologies (China) Co. Limited 2. Infosys Technologies S. de R. L. de C. V. 3. Infosys Technologies (Sweden) AB 4. Infosys Techno logies (Shanghai) Company Limited 5. I nfosys Nova Holdings LLC. 6. EdgeVerve Systems Limited 7. Infosys Austria GmbH 8. Infosys Chile SpA 9. Infos ys Arabia Limited (under liquidation) 10. Infosys Consulting Ltda. 11. Infosys Luxembourg S.a.r. l 12. Infosys Public Services, Inc. USA 13. Infosys BPM Limited 14. Infosys (Czech Republ ic) Limited s.r.o. 15. Infosys Poland Sp z.o.o 16. Infosys McCamish Systems LLC 17. Portland Group Pty Ltd 18. Infosys BPO Americas LLC 19. Infosys Consu lting Holding AG 20. Infosys Management Consulting Pty Limited 21. Infosys Consu lting AG 22. Infosys Consulting GmbH 23. Infosys Romania SRL 24. Infosys Consulting SAS 25. Infy Consulting Company Ltd. 26. Infy Consulting B.V. 27. Infosys Consulting S.R.L (Argentina) (for merly a majority owned and controlled subs idia ry of Infosys Limited) became the majority owned and controlled subsidiary of Infosys Nova Holdings LLC with effect from January 28, 2026. 28. Infosys Consulting (Belgium) NV 29 . Panaya Inc. 30. Infosys Financial Services GmbH 31. Pa nay a Ltd. 32. Brilli ant Basics Holdings Limited (un der liquidation) 33. Brilliant Basics Limited (under liquidation) 34. Infosys Singapore Pte. Ltd. 35. Infosys Middle East FZ LLC
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~ Deloitte Haskins & Sells LLP 36. Fluido Oy 37. Fluido Sweden AB 38. Fluido Norway A/S 39. Fluido Denmark A/S 40. Fluido Slovakia s.r.o 41. Infosys Compaz Pte. Ltd. 42. Infosys South Africa (Pty) Ltd. 43. HIPUS Co., Ltd. 44. Stater N.V. 45. Stater Nederland B.V. 46. Stater XXL B.V. 47. HypoCasso B.V. 48. Sim plus ANZ Pty Ltd . 49. Simplus Australia Pty Ltd. 50. Simp lus Philippines, Inc. 51. Infosys Fluido UK, Ltd . 52. Infosys Fluido Ireland, Ltd. 53. Infosys Limited Bulgaria EOOD 54. Infosys BPM UK Limited 55. GuideV ision s.r.o 56. GuideVision Deutschland GmbH 57. GuideVision Suomi Oy 58. GuideVision Magyarorszag Kft 59. GuideVision Polska Sp. z.o.o 60. Infosys Business Solutions LLC 61. Infosys German y 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) 62. GuideVision UK Ltd, a wholly-owned subsidiary of GuideVision, s.r.o. has been liquidated 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. effective September 01, 2026 Infosys Turkey Bilgi Teknolojileri Limited Sirketi Infosys Germany Holding Gmbh Infosys Automotive and Mobi lity GmbH & Co. KG Stater GmbH Infosys Green Forum Infosys (Malaysia) SDN. BHD. WongDoody GmbH WongDoody (Shanghai) Co. Limited WongDoody Limited (Taipei) Infosys Public Services Canada Inc.
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Deloitte Haskins & Sells LLP 73. BASE life science A/S 74. BASE life science AG 75. BASE life science GmbH 76. BASE life science Ltd . 77. BASE life science S.A.S 78. BASE life science S.r.l. 79. Innovisor Inc. 80. BASE life science Inc. 81. BASE life science S.L. 82 . Panaya Germany GmbH 83. Infosys Norway 84. Idunn Information Technology Private Limited 85. InSemi Technology Services Pvt. Ltd. 86. Elbrus Labs Private Limited 87 . Infosys Services (Thailand) Limited 88. Infy tech SAS 89. in-tech GmbH 90. in-tech Automotive Engineering SL 91. ProIT 92. in-tech Automotive Engineering de R.L. de C.V (liquidated effect ive May 07, 2025 ) 93. Drivetech Fahrversuch GmbH 94. Friedrich Wagner Hold ing Inc (under liquidation) 95. in-tech engineering s.r .o 96. in-tech engineering GmbH 97. in-tech engineering services S.R.L (merged into ProIT with effect from November 30, 2025) 98. in-tech Group Ltd. 99. in-tech Group India Private Limited 100. in-tech Automotive Engineering Shenyang Co. 101. in-tech Automotive Engineering Beijing Co., Ltd (''in-tech (Beijing) Information Technology Co.Ltd"), a wholly-owned subsidiary of In-tech Aut Engg Shenyang Co. Ltd, has been liquidated effective September· 02, 2026 102. Infosys Employees Welfare Trust 103. Infosys Employee Benefits Trust 104. Infosys Science Foundation 105. Infosys Expanded Stock Ownership Trust 106. Infosys Germany SE (formerly known as Blitz 24-893 SE) 107. Infosys Limited SPC 108. Infosys BPM Netherlands B.V. 109. Infosys Energy Consulting Services LLC, a wholly-owned subs idiary of Infosys Nova Holdings LLC was incorporated on April 16, 2025.
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~ Deloitte Haskins & Sells LLP 110. Infosys Saudi Arabia LLC, a wholly-owned subsidiary of Infosys Limited was incorporated on April 21, 2025. 111. Infosys Australia Technology Services Pty Ltd, a wholly-owned subsid iary of Infosys Singapore Pte. Limited was incorporated on April 23, 2025. 112. MRE Consulting Ltd, acquired by Infosys Nova Holdings LLC (a whol ly-owned subsidiary of Infosys Limited) with 98.21 % partnership interest and Infosys Energy Consulting Services LLC (a wholly-owned subsidiary of Infosys Nova Holdings LLC) with 1. 79% partnership interest on April 30, 2025. 113. MRE Technology Services LLC (a who lly-owned subsidiary of MRE Consulting Ltd) , acquired by Infosys Nova Holdings LLC (a wholly-owned subs idiary of Infosys Limited) with 98.21 % partnership interest and Infosys Energy Consu lting Services LLC (a wholly-owned subsidiary of Infosys Nova Holdings LLC) with 1. 79% partnership interest on April 30, 2025. 114. 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. 115. The Missing Link Network Integration Pty Ltd, acqu ired by Infosys Austra lia Technology Services Pty Ltd, a who lly-owned subsidiary of Infosys Singapore Pte. Limited (a wholly-owned subsidiary of Infosys Limited ) on Apr il 30, 2025. 116 . The Missing Link Secur ity Pty Ltd, acquired by Infosys Australia Techno logy Services Pty Ltd, a wholly-owned subsidiary of Infosys Singapore Pte. Limited (a wholly-owned subsidiary of Infosys Limited) on April 30, 2025. 117. The Missing Link Security Ltd, (a wholly-owned subsidiary of The Missing Link Security Pty Ltd ) acquired by Infosys Australia Technology Serv ices Pty Ltd, a wholly-o wned subsidiary of Infosys Singapore Pte. Limited (a wholly-ow ned subsid iary of Infosys Limited) on April 30, 2025. 118 . 119. 120. 121. 122. 123. 124. 125. 126. 127. 128. 129. Infosys BPM Canada Inc , a wholly-owned subsid iary of I nfosys BPM UK Limited was incorporated on July 28, 2025. Infosys Enterprise Business Services Pty Ltd, a wholly-owned subsidiary of Infosys Singapore Pte Ltd was incorporated on March 19, 2026. Stratus Canada Inc, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on April 21, 2026. Stratus Global (India ) Pvt Ltd, acquired by Infosys Nova Holdings LLC (a wholly-owned subsid iary of Infosys Limited) on April 21, 2026. Stratus Global LLC, acquired by Infosys Nova Holdings LLC (a wholly-owned subsid iary of Infosys Limited) on April 21, 2026. Stratus Holdings International Inc., acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on April 21, 2026. Stratus Technology Services LLC, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on April 21, 2026. New Heritage Capita l Fund III-B, LP, (acquired by Infosys Nova Holdings LLC on Apri l 21, 2026.) It was subsequently liquidated on April 22, 2026. Optimum Achieve Holdings, Inc, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on May 4, 2026. Optimum Healthcare IT, LLC, acquired by Infosys Nova Holdings LLC (a who lly-owned subsidiary of Infosys Limited) on May 4, 2026. TSC Compani es, LLC, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on May 4, 2026. Optimum CAN Holdings LLC, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) on May 4, 2026.
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Deloitte Haskins & Sells LLP 130. Optimum Tech Serv ices LLC, acquired by Infosys Nova Hold ings LLC (a wholly-owned subsidiary of Infosys Limited ) on May 4, 2026. 131. Optim um HIT Canada ULC, acquired by Infosys Nova Holdings LLC (a whol ly-owned subsidiary of Infosys Limited ) on May 4, 2026. 132. Optimum Healthcare IT Pty Ltd, acquired by Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited ) on May 4, 2026. 133. 3-102-936558 Sociedad De Responsabilidad Limitada, acquired by Infosys Nova Holdings LLC (a whol ly-owned subs idiary of Infosys Limited ) on May 4, 2026 .
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Deloitte Haskins & Sells LLP Chartered Accountants Prestige Trade Tower, Level 19 46, Palace Road, High Grounds Bengaluru-560 001 Karnataka, India Tel: +91 80 6188 6000 Fax: +91 80 6188 6011 INDEPENDENT AUDITOR'S REPORT ON THE AUDIT OF QUARTERLY AND HALF YEARLY 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 half year ended September 30, 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: (i) is presented in accordance with the requirements of Regulation 33 of the LODR Regulations; and (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 half year ended September 30, 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 half year ended September 30, 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 six months ended September 30, 2026. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and half year ended September 30, 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 Regd. Office : One International Center, Tower 3, 31st floor, Senapati Ba pat Marg, Elphinstone Road (West), Mumbai -400 013, Maharashtra, India . Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
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Deloitte Haskins & Sells LLP 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 half year ended September 30, 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: • 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. • 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. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors. • 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. • 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.
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Deloitte Haskins & Sells LLP • 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. • Obtain sufficient appropriate audit evidence regarding the Statement to express an opin ion on the Statement. Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decis ions 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 (i i) to evaluate the effect of any ident ified 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 prov ide those charged wit h 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: Hyderabad Date: October 23, 2026 For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-10001 8) Vikas Bagaria Partner (Membership No. 060408) UDIN:
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I tr'tC'\ c '~• 02 FY 27 n 1v.:,y.:, Financial Navigate your next Results Infosys Limited CIN: L85110KA1981PLC013115 Regd. Office: Electronics City, Hosur Road, Bengaluru 560 100, India. Website: www.infos s.com· Email: investors infos s.com; Tele hone: 91 80 2852 0261; Fax: 91 80 2852 0362 Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter and half-year ended September 30, 2026 prepared in compliance with the Indian Accounting Standards (Ind-AS) Particulars Revenue from operations Other income, net Total Income Expenses Employee benefit expenses Cost of technical sub-contractors Travel expenses Cost of software packages and others Communication expenses Consultancy and professional charges Depreciation and amortisation expenses Finance cost Other expenses Total expenses Profit before exceptional item and tax Exceptional item Impact of Labour Codes Profit before tax Tax expense: Current tax Deferred tax Profit for the period Other comprehensive income Items that will not be reclassified subsequently to profit or loss Remeasurement of the net defined benefit liability/asset, net Equity instruments through other comprehensive income, net Items that will be reclassified subsequently to profit or loss Fair value changes on derivatives designated as cash flow hedge, net Exchange differences on translation of foreign operations Fair value changes on investments, net Total other comprehensive income/(loss ), net of tax Total comprehensive income for the period Profit attributable to: Owners of the company Non-controlling interests Total comprehensive income attributable to: Owners of the company Non-controlling interests Paid up share capital (par value t5/- each, fully paid) Other equity •# Earnings per equity share (par value f5/- each)** Quarter ended September 30, 2026 Aud ited .. . . : 4 : I I' 25,483 4,393 691 4,573 151 677 1,359 11 5 1,587 39,029 11,063 11,063 3,398 (1 73) 7,838 (1 77) (9) (13) 212 (97) (84) 7,754 7,823 15 7,838 7,733 21 7,754 2,026 90,828 Quarter ended June 30, 2026 Aud ited . : . : . 25,287 4,181 701 4,421 150 603 1,246 119 1,459 38,167 11,028 11,028 3,356 (103) 7,775 296 60 49 (94) 60 371 8,146 7,769 6 7,775 8,142 4 8,146 2,025 90,828 Quarter ended September 30, 2025 Audited .• t . . . 45,472 23,438 3,879 539 4,025 160 480 1,182 106 1,434 35,243 10,229 10,229 3,178 (324) 7,375 (38) (8) 862 (34) 782 8,157 7,364 11 7,375 8,140 17 8,157 2,074 93,745 . : : Half-year ended September 30, 2026 Audited 50,770 8,574 1,392 8,993 301 1,280 2,605 235 3,045 77,195 22,091 22,091 6,754 (276) 15,613 119 51 36 118 (37) 287 15,900 15,592 21 15,613 15,875 25 15,900 2,026 90,828 : . ,: ,. . : . -. Year ended March 31 , 2025 2026 Audited Audited .. . . . . t t .. 46,284 95,094 7,376 15,421 1,055 2,097 7,771 15,722 303 603 943 2,090 2,323 4,902 211 416 2,557 5,343 68,823 141,688 19,970 41,284 1,289 19,970 39,995 6,232 11,767 (562) (1,246) 14,300 29,474 (108) (288) 27 397 6 (1) 1,881 3,256 89 (27) 1,895 3,337 16,195 32,81 1 14,285 29,440 15 34 14,300 29,474 16,165 32,750 30 61 16,195 32,811 2,074 2,024 93,745 90,828 Basic(intper share) 19.32 19.19 17.76 38.51 34.47 71.58 Diluted int er share 19.30 19.17 17.74 38.46 34.41 71.46 • Balances for the quarter and half year ended September 30, 2026 and quarter ended June 30, 2026 represent balances as per the audited Balance Sheet as at March 31, 2026 and balances for the quarter and half year ended September 30, 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 and half year ended September 30, 2026, quarter ended June 30, 2026 and quarter and half year ended September 30, 2025. # Excludes non-controlling interest 1. Notes a) The audited interim condensed consolidated financial statements for the quarter and half year ended September 30, 2026 have been taken on record by the Board of Directors at its meeting held on October 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) Update on employee stock grants The Board, on October 23, 2026, based on the recommendations of the Nomination and Remuneration Committee approved the grant of 9,640 Restricted Stock Units (RSUs) under the 2015 Incentive Compensation Plan ('2015 Plan') to eligible employees. The grants made under the 2015 Plan would vest equally over a period of three years. The RSUs will be granted w.e.f November 1, 2026 and the exercise price will be equal to the par value of the share.
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2. Information on dividends for the quarter and half year ended September 30, 2026 The Board of Directors declared an interim dividend of ~26/- per equity share. The record date for the payment is November 3, 2026.The interim dividend will be paid on November 11, 2026. The interim dividend declared in the previous year was ~23/- per equity share. (inf) Quarter Quarter Quarter Half-year Year ended ended ended ended ended September 30, March 31 , Particulars September 30, June 30, September 30, 2026 2026 2025 2026 2025 2026 Dividend per share (par value ,5t- each) Interim dividend 26.00 - 23.00 26.00 23.00 23.00 Final dividend - - - - - 25.00 3. Audited Consolidated Balance Sheet (in if' crore) Particulars As at September 30, 2026 March 31 , 2026 ASSETS Non-current assets Property, plant and equipment 13,071 12,651 Right of use assets 6,176 6,177 Capital work-in-progress 423 526 Goodwill 14,864 12,117 Other Intangible assets 4.425 2,825 Financial assets Investments 8,390 8,930 Loans 3 6 Other financial assets 2,621 2,776 Deferred tax assets (net) 2,307 2,264 Income tax assets (net) 1,775 666 Other non-current assets 3674 3 540 Total non-current assets 57.729 52 478 Current assets Financial assets Investments 13,761 12,950 Trade receivables 34,821 35,234 Cash and cash equivalents 24,350 22,201 Loans 239 234 Other financial assets 17,859 15,890 Income tax assets (net) 38 1,835 Other current assets 14 683 15 145 Total current assets 105 751 103 489 Total Assets 163 480 155 967 EQUITY AND LIABILITIES Equity Equity share capital 2,026 2,024 Other equity 97 051 90828 Total equity attributable to equity holders of the Company 99,077 92,852 Non-controlling interests 466 445 Total equity 99543 93 297 Liabilities Non-current liabilities Financial liabilities Lease liabilities 4,942 6,016 Other financial liabilities 2,797 2,092 Deferred tax liabilities (net) 1,885 1,679 Other non-current liabilities 732 561 Total non-current liabilities 10 356 10 348 Current liabilities Financial liabilities Lease liabilities ,- 3,583 3,160 Trade payables 4,498 4,744 Other financial liabilities - 21,162 21 ,483 Other current liabilities 15,822 15,779 Provisions 1,963 1,512 Income tax liabilities (net) 6553 5644 Total current liabilities 53 581 52 322 Total equity and liabilities 163 480 155 967 The disclosure Is an extract of the audited Consohdated Balance Sheet as at September 30, 2026 and March 31, 2026 prepared m comphance with the Indian Accountmg Standards (Ind-AS).
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4. Audited Consolidated Statement of Cash Flows (in if crore) Particulars Half-year ended September 30, 2026 2025 Cash flow from operating activities Profit for the period 15,613 14,300 Adjustments to reconcile net profit to net cash provided by operating activities: Income tax expense 6,478 5,670 Depreciation and amortization 2,605 2,323 Interest and dividend income (1,277) (1,554) Finance cost 235 211 Impairment loss recognized I (reversed) under expected credit loss model 61 34 Exchange differences on translation of assets and liabilities, net 18 573 Stock compensation expense 460 471 Provision for post sale client support (47) (97) Other adjustments 960 658 Changes in assets and liabilities Trade receivables and unbilled revenue (325) (4,395) Loans, other financial assets and other assets 340 (175) Trade payables (359) (451) Other financial liabilities, other liabilities and provisions (688) 2 939 Cash generated from operations 24,074 20,507 Income taxes (paid) / received (5 116 (2 996 Net cash generated by operating activities 18 958 17 511 Cash flows from investing activities Expenditure on property, plant and equipment and intangibles, net of sale proceeds (1,585) (1 ,352) Deposits placed with corporation (775) (683) Redemption of deposits placed with corporation 515 392 Interest and dividend received 883 1,613 Payment towards acquisition of business, net of cash acquired (3,238) (637) Payment of contingent consideration pertaining to acquisition of business (27) (13) Other receipts 1 14 Payments to acquire Investments Tax free bonds and government bonds (345) (21 ) Mutual fund units (39,313) (36,091) Certificates of deposit (4,827) (7,149) Commercial Papers (2,817) (2,686) Non-convertib le debentures (1,332) (2,639) Government securities (717) (531) Other Investments (201) (22) Proceeds on sale of Investments Tax free bonds and government bonds 283 1,284 Mutual fund units 36,788 32,967 Certificates of deposit 8,850 5,857 Commercial Papers 2,575 4,675 Non-convertible debentures - 233 1,625 Government securities 1,022 3,265 Other Investments 10 - Net cash generated I (used in) from investing activities (4 017' (1321 Cash flows from financing activities: Payment of lease liabilities (1 ,819) (1,382) Payment of dividends (10,126) (9,122) Loan repayment of acquired entities (812) - Payment of dividend to non-controlling interest of subsidiary (4) (3) Shares issued on exercise of employee stock options 2 1 Other payments (57 (181) Net cash used in financing activities (12 816) (10 687' Net increase I (decrease) in cash and cash equivalents 2,125 6,692 Effect of exchange rate changes on cash and cash equivalents 24 685 Cash and cash equivalents at the beginning of the period 22,201 24,455 Cash and cash equivalents at the end of the period 24 350 31 832 Supplementary information: Restricted cash balance 443 410 The disclosure 1s an extract of the audited Consoltdated Statement of Cash flows for the half year ended September 30, 2026 and September 30, 2025 prepared m compltance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting . 5. Segment reporting (Consolidated - Audited) (in i crore) Quarter Quarter Quarter Half-year Year ended ended ended ended ended September 30, March 31 , Particulars September 30, June 30, September 30, 2026 2026 2025 2026 2025 2026 Revenue by business segment Financial Services <1J 13,774 13,463 12,320 27,237 24,116 49,908 Manufacturing 7,913 7,668 7,347 15,581 14,151 29,078 Energy, Utilities, Resources and Services 6,975 6,452 5,945 13,428 11,687 23,818 Retail <2> 5,664 6,172 5,639 11,835 11 ,290 23,077 Communication <3> 6,150 5,791 5,397 11,941 10,494 21,765 Life Sciences <4> 4,145 3,842 2,863 7,986 5,607 12,267 Hi-Tech 3,332 3,710 3,703 7,042 6,999 13,928 All other segments <5l 1,291 1,113 1,276 2,404 2,425 4,809 Total 49,244 48,211 44,490 97,454 86,769 178,650 Less: Inter-segment revenue Net revenue from operations 49,244 48,211 44,490 97,454 86,769 178,650 Segment Profit: Financial Services <1> 3,644 3,662 3,059 7,305 6,032 12,678 Manufacturing 1,694 1,685 1,752 3,380 3,169 6,444 Energy, Utilities , Resources and Services 1,986 1,576 1,506 3,562 2,943 5,984 Retail <2J 1,707 1,701 1,720 3,408 3,411 7,089 Communication <3J 1,146 1,180 1,017 2,326 1,897 3,861 Life Sciences <4l 631 619 534 1,250 1,087 2,444 Hi-Tech 795 911 763 1,706 1,532 3,228 All other segments <5> 86 75 184 162 409 717 Total 11,689 11,409 10,535 23,099 20,480 42,445 Less: Other Unallocable expenditure • 1,359 1,246 1,182 2,605 2,323 6,191 Add: Unallocable other income 848 984 982 1,832 2,024 4,157 Less: Finance cost 115 119 106 235 211 416 Profit before tax and non-controllin interests 11,063 11,028 10,229 22,091 19,970 39,995
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<1J Financial Services include enterprises in Financial Services and Insurance (2> Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics !3! Communication includes enterprises in Communication, Telecom OEM and Media !4! Life Sciences includes enterprises in Life sciences and Health care <5! All other segments include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services· * Unallocable expense includes ,1,289 crore towards impact of Labour Codes for the year ended March 31, 2026. 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) Particulars Revenue from operations Profit before exceptional item and tax Exceptional item - Impact of Labour Codes Profit before tax Profit for the eriod Quarter ended September 30, 2026 Audited 40,719 10,905 10,905 7,893 Quarter ended June 30, 2026 Audited • . 10,161 7,249 Quarter ended September 30, 2025 Audited ••• I .. • • 10,469 7,759 Half-year ended September 30, 2026 Audited : .. . •• 21 ,067 15,142 2025 Audited 19,130 13,874 . : Year ended March 31 , 2026 Audited 148,819 39,903 1,146 38,757 29,211 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. Bengaluru, India October 23, 2026 By order of the Board for Infosys Limited 0 nrOIP' L--- ~ Salil Parekh utive Officer and Managing Director The Board has also taken on record the consolidated results of Infosys Limited and its subsidiaries for the quarter and half-year ended September 30, 2026, prepared as per International Financial Reporting Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows: • Quarter Quarter Quarter Half-year ended ended ended ended September 30, Particulars Revenues Cost of sales Gross profit Operating expenses Operating profit # Other income, net Finance cost Profit before income taxes Income tax expense Net profit Earnings per equity share* Basic (in$ per share) Diluted (in$ per share) Total assets Cash and cash equivalents and current investments September 30, 2026 Audited 519 1,079 89 12 1,156 337 819 0.20 0.20 17,060 3,977 June 30, 2026 Audited _ 5,082 3,482 1,600 528 1,072 104 13 1,163 343 820 0.20 0.20 16,359 3,1 24 September 30, 2025 2026 Audited Audited • . • : • I .. I • : 1,065 2,151 112 193 12 25 1,165 2,319 325 680 840 1,639 0.20 0.40 0.20 0.40 18,064 17,060 5,005 3,977 * EPS is not annualized for the quarter and half year ended September 30, 2026, quarter ended June 30, 2026 and quarter and half year ended September 30, 2025. # includes $143 million towards impact of Labour Codes for the year ended March 31, 2026. •• , . . , Year ended March 31, 2025 2026 Audited Audited •• : •• . I; • I .. . .. 2,093 4,085 234 468 24 47 2,303 4,506 654 1,190 1,649 3,316 0.40 0.81 0.40 0.80 18,064 16,446 5,005 3,706 Certain statements in this release, including those concerning our future events, future growth prospects, our future financial or operating performance and our offerings and collaborations, are "forward looking statements" intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. These forward-looking statements are subject to substantial known and unknown risks, uncertainties and other factors, that could cause actual results or outcomes to differ materially from those implied by such forward-looking statements. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements include, but are not limited to, risk_s 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 work 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, particularly in the United States, our Environmental, Social, Governance ("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 future tariffs. These and additional 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, 2026. These filings are available at www.sec.gov. In light of these and other uncertainties, you should not conclude that the results or outcomes referred to in any of the forward-looking statements will be achieved. 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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I f7"\C\. c ''" Q2 FY 27 n I v.::,y..:, Financial Navigate your next Results Infosys Limited CIN: L85110KA1981PLC013115 Regd. Office: Electronics City, Hosur Road, Bengaluru - 560 100, India. Website: www.infosys.com; Email: investors@infosys.com; Telephone: 91 80 2852 0261; Fax: 91 80 2852 0362 Statement of Audited results of Infosys Limited for the quarter and half-year ended September 30, 2026 prepared in compliance with the Indian Accounting Standards (Ind-AS) (in f crore, except per equity share data) Quarter Quarter Quarter Half-year Year ended ended ended ended ended September 30, March 31 , Particulars September 30, June 30, September 30, 2026 2026 2025 2026 2025 2026 Audited Audited Audited Audited Audited Audited Revenue from operations 40,719 39,957 36,907 80,676 72,182 148,819 Other income, net 1,702 874 2,268 2,576 3,1 51 6,491 Total income 42,421 40,831 39,175 83,252 75,333 155,310 Expenses Employee benefit expenses 19,100 18,820 18,074 37,919 35,746 73,239 Cost of technical sub-contractors 6,272 6,035 5,613 12,307 10,821 22,388 Travel expenses 471 498 422 969 814 1,596 Cost of software packages and others - 2,994 2,922 2,294 5,916 4,511 9,274 Communication expenses 106 101 113 207 212 419 Consultancy and professional charges 556 492 449 1,048 841 1,846 Depreciation and amortisation expense 662 61 3 595 1,275 1,209 2,394 Finance cost 58 61 52 119 108 207 Other expenses 1,297 1,128 1,094 2,425 1,941 4,044 Total expenses 31,51 6 30,670 28,706 62,185 56,203 115,407 Profit before exceptional item and tax 10,905 10,161 10,469 21,067 19,130 39,903 Exceptional item Impact of Labour Codes - - - - - 1,146 Profit before tax 10,905 10,161 10,469 21,067 19,130 38,757 Tax expense: Current tax 3,156 3,041 2,991 6,197 5,752 10,459 Deferred tax (144) (129} (281) (272) (496) (913) Profit for the period 7,893 7,249 7,759 15,142 13,874 29,211 Other comprehensive income Items that will not be reclassified subsequently to profit or loss Remeasurement of the net defined benefit liability / asset, net (184} 275 (38) 91 (99) (285) Equity instruments through other comprehensive income, net (7) 60 (8) 53 27 397 Items that will be reclassified subsequently to profit or loss Fair value changes on derivatives designated as cash flow hedges, net (13) 49 - 36 6 (1) Fair value changes on investments, net (97) 59 (34) (38) 88 (26) Total other compre hensi ve income/ (loss ), net of tax (301) 443 (80) 142 22 85 Total comprehensive inco me for the period 7,592 7,692 7,679 15,284 13,896 29,296 ,_ Paid-up share capital (par value t5/- each fully paid) 2,029 2,028 2,077 2,029 2,077 2,027 Other Equity* 78,847 78,847 85,256 78,847 85,256 78,847 Earnings per equity share (par value ,s /- each)** Basic (in t per share) 19.45 17.87 18.68 37.32 33.40 70.87 Diluted (in t per share) 19.44 17.86 18.66 37.29 33.36 70.78 * Balances for the quarter and half year ended September 30, 2026 and quarter ended June 30, 2026 represent balances as per the audited Balance Sheet as at March 31, 2026 and balances for the quarter and half year ended September 30, 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 and half year ended September 30, 2026, quarter ended June 30, 2026 and quarter and half year ended September 30, 2025. 1. Notes a) The audited interim condensed standalone financial statements for the quarter and half year ended September 30, 2026 have been taken on record by the Board of Directors at its meeting held on October 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) Update on employee stock grants The Board, on October 23, 2026, based on the recommendations of the Nomination and Remuneration Committee approved the grant of 9,640 Restricted Stock Units (RSUs) under the 2015 Incentive Compensation Plan ('2015 Plan') to eligible employees. The grants made under the 2015 Plan would vest equally over a period of three years. The RSUs will be granted w.e.f November 1, 2026 and the exercise price will be equal to the par value of the share.
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2. Information on dividends for the quarter and half year ended September 30, 2026 The Board of Directors declared an interim dividend of 1(.26/-per equity share. The record date for the payment is November 3, 2026.The interim dividend will be paid on November 11, 2026. The interim dividend declared in the previous year was 1(.23/-per equity share. Quarter Quarter Quarter Half -year Year ended Particulars ended ended ended ended September 30, March 31 , September 30, June 30, September 30, 2026 2026 2025 2026 2025 2026 Dividend per share (par value f5/- each) Interim dividend 26.00 - 23.00 26.00 23.00 23.00 Final dividend - - - - - 25.00 3. Audited Standalone Balance Sheet (Inf crore) Particulars As at September 30, 2026 March 31 , 2026 ASSETS Non-current assets Property, plant and equipment 11 ,052 10,774 Right of use assets 2,863 2,851 Capital work-in-progress 403 512 Goodwill 211 211 Financial assets Investments 25,378 26,036 Loans 2 5 Other financial assets 2,197 1,835 Deferred tax assets (net) 1,458 1,347 Income tax assets (net) 1,146 99 Other non-current assets 2,695 2,590 Total non-current assets 47,405 46,260 Current assets Financial assets Investments 12,819 12,039 Trade receivables 29,417 30,337 Cash and cash equivalents 14,930 8,727 Loans 179 189 Other financial assets 16,799 14,770 Income tax assets (net) - 1,745 Other current assets 11 ,984 12,624 Tota l current assets 86,128 80,431 Total assets 133 533 126 691 EQUITY AND LIABILITIES Equity Equity share capital 2,029 2,027 Other equity 84,459 78,847 Total equity 86,488 80 874 LIABILITIES Non-current liabilities Financial liabilities Lease liabilities 2,632 2,815 Other financial liabilities 2,244 1,880 Deferred tax liabilities (net) 814 990 Other non-current liabilities 61 7 495 Total non - current liabilities 6,307 6,180 Current liabilities Financial liabilities Lease liabilities 998 934 Trade payables Total outstanding dues of micro enterprises and small enterprises 2 9 Total outstanding dues of creditors other than micro enterprises and small enterprises 3,51 6 3,530 Other financial liabilities 16,530 16,812 Other current liabilities 12,451 12,478 Provisions 1,340 1,064 Income tax liabilities (net) 5,901 4,810 Total current liabilities 40,738 39,637 Total equity and liabilities 133 533 126 691 The disclosure is an extract of the audited Balance Sheet as at September 30, 2026 and March 31, 2026 prepared in compliance with the Indian Accounting Standards (Ind-AS).
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4. Audited Standalone Statement of Cash flows Particulars Half-year ended September 30, Cash flow from operating activities: Profit for the period Adjustments to reconcile net profit to net cash provided by operating activities: Depreciation and Amortization Income tax expense Impairment loss recognized/ (reversed) under expected credit loss model Finance cost Interest and dividend income Stock compensation expense Provision for post sale client support Exchange differences on translation of assets and liabilities, net Other adjustments Changes in assets and liabilities Trade receivables and unbilled revenue Loans, other financial assets and other assets Trade payables Other financial liabilities, other liabilities and provisions Cash generated from operations Income taxes (paid) / received Net cash generated by operating activities Cash flow from investing activities: Expenditure on property, plant and equipment , net of sale proceeds Deposits placed with corporation Redemption of deposits placed with corporation Interest and dividend received Dividend received from subsidiary Loan repaid by subsidiaries Payment of contingent consideration pertaining to acquisition of business Investment in subsidiaries Payments to acquire investments Mutual fund units Commercial papers Certificates of deposit Tax free bonds and government bonds Government Securities Non-convertible debentures Other investments Proceeds on sale of investments Mutual fund units Commercial papers Certificates of deposit Non-convertible debentures Government Securities Tax free bonds and government bonds Other investments Net cash (used in)/ generated from investing activities Cash flow from financing activities: Payment of lease liabilities Shares issued on exercise of employee stock options Other payments Payment of dividends Net cash used in financing activities Net increase/ (decrease) in cash and cash equivalents Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Supplementary information: Restricted cash balance - - 2026 2025 15,142 13,874 1,275 1,209 5,925 5,256 58 64 11 9 108 (2,033) (2,702) 409 419 (12) (103) 23 324 695 370 (716) (4,047) (274) (438) (21) 84 378 2,191 20,968 16,609 (4,406) (2,145 16 562 14,464 (1,188) (1,108) (563) (515) 329 313 703 1,324 957 1,398 - 10 (22) (13) (120) (785) (35,286) (32,639) (2,768) (2,331) (4,706) (6,457) (251) - (717) (531) (1,263) (2,360) (71) (1) 33,178 29,792 2,550 4,300 8,425 5,207 100 1,360 922 3,165 224 1,269 7 - 440 1,398 {634) {445) 2 1 (42) (93) (1 0,146' (9,142) (10 820) (9,679) 6,182 6,183 21 {39) 8,727 14,265 14,930 20,409 65 56 The disclosure is an extract of the audited Statement of Cash flows for the half year ended September 30, 2026 and September 30, 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 half-year ended September 30, 2026. Bengaluru, India October 23, 2026 By order of the Board for Infosys Limited Salil Parekh Certain statements in this release, including those concerning our future events, future growth prospects, our future financial or operating performance and our offerings and collaborations , are "forward looking statements" intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. These forward looking statements are subject to substantial known and unknown risks, uncertainties and other factors, that could cause actual results or outcomes to differ materially from those implied by such forward-looking statements. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking 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 work 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, particularly in the United States, our Environmental, Social, Governance ("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 future tariffs. These and additional 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, 2026. These filings are available at www.sec.gov. In light of these and other uncertainties, you should not conclude that the results or outcomes referred to in any of the forward-looking statements will be achieved. 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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IFRS – INR Press Release Infosys Limited – Press Release Page 1 of 8 11s31\ Bengaluru, India – October 23, 2026: Infosys (NSE, BSE, NYSE: INFY ), a global leader in AI -first business consulting and technology services , delivered $5,145 million in Q2 revenues, year on year growth of 1.5% and sequential growth of 1.2% in constant currency. Operating margin was stable at 21.0%. EPS growth was 8.7% year on year in rupee terms. TCV of large deal wins was $5.2 billion, with 62% net new. H1 revenues grew at 1.9% year on year in constant currency. Operating margin for H1 was at 21.0%. “We had strong large deals of $5.2 billion, including a mega deal of over $2 billion, reinforcing our position as a trusted partner in the marketplace when clients embark on large and complex transformation programs. Our AI revenue was at 10.5% and grew 29% quarter-on-quarter. As enterprises move to AI adoption at scale, the strong growth in AI revenues is a recognition of our differentiated market positioning and client confidence,” said Salil Parekh, CEO and MD . “We are advising some of the largest global enterprise on their AI strategy and continue to invest in deep domain and technology capabilities to bring new ideas and an integrated ecosystem to help businesses unlock AI value at scale,” he added. Guidance for FY 27: • Revenue growth of 1%-2% in constant currency • Operating margin of 20%-22% Key highlights: “We delivered operating margin s of 21.0% in Q2 amidst heightened volatility . Focus on cost and operational efficiency measures while making the required investments, have led to stable margins,” said Jayesh Sanghrajka, CFO. “Free cash flow of $928 million, representing 113.3% of net profit, underscores the financial strength of the business. The Board has announced an interim dividend of ₹26 per share, an increase of 13% from last year,” he added. IFRS – INR Press Release e $5.2 Bn Large Deal TCV (62% Net New) 21.0% Operating Margin 1.2% QoQ 1.5% YoY CC Growth $0.93 Bn Free Cash Flow (FCF) 8.7% YoY EPS Increase (` terms) 10.5% AI as a % of Revenue For the quarter ended September 30, 2026 • Revenues in CC terms grew by 1.5% YoY and 1.2% QoQ • Reported revenues at ₹49,244 crore, growth of 10.7% YoY • Operating margin was stable at 21.0% • Basic EPS at ₹19.32, growth of 8.7% YoY • FCF at ₹8,898 crore, decline of 8.1% YoY; FCF conversion at 113.5% of net profit For the six months ended September 30, 2026 • Revenues in CC terms grew by 1.9% YoY • Reported revenues at ₹97,454 crore, growth of 12.3% YoY • Operating margin was stable at 21.0% • Basic EPS at ₹38.51, growth of 11.7% YoY • FCF at ₹17,949 crore, growth of 4.3% YoY; FCF conversion at 115.0% of net profit Differentiated AI strategy and a sharp focus on value unlock propels 29% sequential growth in AI revenues Robust Q2 large deal TCV at $5.2 billion with 62% net new; lays solid foundation for future growth FY 27 revenue guidance revised to 1%-2% and margin guidance retained at 20%-22%
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IFRS – INR Press Release Infosys Limited – Press Release Page 2 of 8 Client Wins & Testimonials • Infosys collaborated with Mondelez International to drive its supply chain transformation through AI-enabled decision-making, data standardization, and intelligent enterprise workflows. Sanjay Gurbaxani, Global Vice President, Digital Supply Chain, Mondelez International, said, “From digitally connected supply chain to standardizing data and enabling more informed decision-making, the opportunity lies in bringing together people, processes, data, and technology to deliver meaningful business outcomes. As AI evolves towards agentic AI, the potential extends beyond generating insights to enable more autonomous, responsive, and intelligent workflows. The real value comes from embedding intelligence into everyday business decisions, rethinking established processes, and scaling solutions across the enterprise. With Infosys we are building a compelling solution where technology, aligned with business priorities, can become a catalyst for operational excellence and long-term impact.” • Infosys entered a ten -year strategic agreement with Crocs, Inc. to accelerate its IT transformation and support scalable global growth. Tom Britt, Chief Information Officer, Crocs, Inc. said, "As our organization reimagines its IT landscape, we sought a collaborator who could combine deep domain expertise with a commitment to innovation and operational excellence. By leveraging Infosys’ proven delivery frameworks 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, Inc. for the future." • Infosys collaborated with Knorr-Bremse to accelerate its AI-enabled enterprise transformation. Satheeskaran Navaratnam, Chief Digital Officer & VP Transformation & Governance IT, Knorr-Bremse, said, “At Knorr-Bremse, we are building a future -ready technology foundation that supports innovation and long -term value creation. Our Tech4Value program is central to this journey, helping us create a more agile, efficient, and scalable IT environment a cross the organization. By working with Infosys, we aim to make our technology estate as optimized and reliable as the systems we build for our customers, ensuring that every layer of our infrastructure is equipped to support the pace of change our business demands.” • Infosys expanded collaboration with Metsä Group to drive AI -led transformation of its IT landscape. Kristiina Lammila, Chief Information Officer of Metsä Group, said, “This engagement marks a new chapter in Metsä's long -standing collaboration with Infosys, as we simplify and transform our IT sourcing model to meet the efficiency demands of today's business environment. We are confident in our joint ability to deliver on these targets and accelerate the transformation of Metsä's IT, powered by AI.” • Infosys collaborated with NTN Corporation to drive its digital growth with seamless SAP cloud adoption. Kenji Kitazato, Head - ICT Strategy Department, NTN Corporation, said, “This migration to SAP Commerce Cloud powered by Infosys has streamlined our IT operations, improved agility, and laid a strong foundation for future digital growth. This transformation enables us to utilize this new foundation and further promote the use of digital technology.” • Infosys collaborated with Telia to drive AI -powered transformation across its network and cybersecurity operations. Hein Müskens, Group CIO, Telia, said, "Infosys' proven expertise in AI, automation, and telecom transformation made them the ideal partner for this initiative. Leveraging Infosys Topaz and deep industry knowledge, we look forward to accelerating the modernization of our network and cybe rsecurity operations, enhancing efficiency and agility, and strengthening our foundation for future innovation." • Infosys collaborated with KnitWell Group to develop an AI -powered platform for its customer engagement. Jaap van Riel, CTO, KnitWell Group, said, “Our relationship with our customers lnfos)s Navigate your next
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IFRS – INR Press Release Infosys Limited – Press Release Page 3 of 8 truly comes to life in our stores. That’s why we partnered with Infosys to build the Engage platform and help our store associates reach customers in a more efficient and engaging way. Once we identified the opportunity, Infosys was quick to develop a solution and approach. From there, we engineered and built Engage together, and we’ve seen great results.” • Infosys Finacle was selected by Investec to drive its digital banking transformation through the Finacle SaaS platform on Microsoft Azure. Lyndon Subroyen, Global Head of Digital and Technology for Investec Group, said, “Our partnership with Infosys Finacle and Microsoft Azure marks a step change in our digital transformation journey. We are building a stronger digital foundation that allows us to scale with our clients, deliver a more seamless and personalized experience, and operate with greater precision. Digital is no longer a layer that supports the business, it is integral to how we grow, deepen client relationships, and improve our efficiency”. Recognitions & Awards Brand & Corporate • Recognized as one of India's Best Employers Among Nation-Builders by Great Place to Work® for the sixth year in a row. • Recognized across four Avtar & Seramount indices, including Hall of Fame – Best Companies for Women India 2026; Exemplar in the Most Inclusive Companies Index India 2026; Top 10 Best Companies for Workplace Wellness (BCWW); and Top 10 Best Companies for ES G (BCESG). • Received three Brandon Hall Group ™ 2026 HCM Excellence Awards® for Best Corporate Learning University; Best Senior Manager Development Program; and Best Sourcing and Assessment Strategy. • Received The Asset Corporate Sustainability Leadership Awards 2026 in four categories – Platinum Award; Best in Transition; Best Initiative in Environmental Responsibility for the Infosys Agroforestry Program; and Best Investor Relations Team. • Infosys BPM honored with multiple Tata Institute of Social Sciences LeapVault CLO Awards India for Best Skill Development Initiative, Best Corporate University, and Best Diversity & Inclusion Training Program. • Infosys BPM won the 17th CSR Summit & Awards 2026 for Best Skill Development Initiative. AI and Cloud Services • Rated as a Leader in the Gartner® Magic Quadrant ™ for Public Cloud Optimization and Transformation Services. • Recognized as a Leader in the IDC MarketScape: Worldwide Cloud Professional Services in the AI Era 2026 Vendor Assessment. • Positioned as a Leader among the top providers in the Everest Group Microsoft Azure Services PEAK Matrix® Assessment 2026. • Positioned as a Leader in the Everest Group Quality Engineering (QE) Services for AI Applications and Systems PEAK Matrix® Assessment 2026. • Featured as a Leader in the NelsonHall NEAT Evaluation for AI -Enabled Cloud Infrastructure Management Services. • Recognized as a Leader in the 2026 Constellation ShortList™ for AI Services. lnfos)s Navigate your next
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IFRS – INR Press Release Infosys Limited – Press Release Page 4 of 8 • Recognized as a Leader on the 2026 Constellation ShortList™ for Public Cloud Transformation Services. • Recognized as a Leader in the 2026 Constellation ShortList ™ for Artificial Intelligence and Machine Learning Best-of-Breed Platforms. • Recognized as a Leader in the 2026 Constellation ShortList ™ for Decision Intelligence Platforms. Key Digital Services • Rated as a Leader in The Forrester Wave™: Infrastructure Outsourcing Services, Q3 2026. • Recognized as a Leader in the IDC MarketScape: Worldwide ServiceNow Implementation Services 2026 Vendor Assessment. • Recognized as a Leader in the IDC MarketScape: Worldwide Oracle Implementation Services 2026 Vendor Assessment. • Recognized as a Leader in the IDC MarketScape: Worldwide Digital Workplace Services 2026 Vendor Assessment. • Positioned as a Leader in the Everest Group Digital Workplace Services (DWS) PEAK Matrix® Assessment 2026: North America. • Positioned as a Leader in the Everest Group Digital Workplace Services (DWS) PEAK Matrix® Assessment 2026: Europe. • Positioned as a Leader in the Everest Group Retail Digital Services PEAK Matrix® Assessment 2026. • Positioned as a Leader in the Everest Group GCC Setup Capabilities in India PEAK Matrix® Assessment 2026. • Recognized as a Leader in the 2026 Constellation ShortList ™ for AI-Native Global Capability Center (GCC) Services. • Rated as a Leader in HFS Horizons: Customer Experience Services, 2026. • Featured as a Leader in the NelsonHall NEAT Evaluation for Salesforce Services 2026. • Featured as a Leader in the NelsonHall NEAT Evaluation for SAP Ecosystem Services. • Infosys BPM received the Avasant Digital Masters: Technology and Process Transformation Leaders Award at Avasant Partner Connect 2026. • Infosys BPM received three GSA UK Awards 2026 for Service Provider of the Year (Large); Business Services Programme of the Year with Microsoft; and Collaboration Programme of the Year with Lloyd’s Register. Industry & Solutions • Recognized as a Leader in the IDC MarketScape: Worldwide AI -Driven Professional Services for Oil and Gas Companies 2026 Vendor Assessment. • Recognized as a Leader in the IDC MarketScape: Worldwide AI -Driven Digital Strategy and Consulting Services for Oil and Gas Companies 2026 Vendor Assessment. • Positioned as a Leader in the Everest Group Pharmaceutical R&D IT Services PEAK Matrix® Assessment 2026. • Positioned as a Leader in the Everest Group Life and Annuity (L&A) Insurance IT Services PEAK Matrix® Assessment 2026. • Infosys Finacle recognized as a Leader in the IDC MarketScape: Worldwide Trade Finance Systems 2026 Vendor Assessment. lnfos)s Navigate your next
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IFRS – INR Press Release Infosys Limited – Press Release Page 5 of 8 • Infosys Finacle rated as a Leader in the 2026 Gartner® Magic Quadrant ™ for Retail Core Banking Systems in Europe. • Infosys Finacle received Global BankTech Awards 2026 by the Digital Banker 2026 in three categories: Outstanding Trade Finance Solution by a Vendor; Best Liquidity Management Solutions Provider by a Vendor; and Best Treasury Management Solutions Provider by a Vendor. Read more about our Awards & Recognitions here. lnfos)s Navigate your next
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IFRS – INR Press Release Infosys Limited – Press Release Page 6 of 8 About Infosys Infosys (NSE, BSE, NYSE: INFY) 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 59 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 recognized as the fastest growing IT services brand globally, 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. Safe Harbor Certain statements in this release, including those concerning our future events, future growth prospects, our future financial or operating performance and our offerings and collaborations, are “forward looking statements” intended to qualify for the 'saf e harbor' under the Private Securities Litigation Reform Act of 1995. Such forward -looking statements are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. These forward - looking statements are subject to substantial known and unknown risks, uncertainties and other factors, that could cause actual results or outcomes to differ materially from those implied by such forwar d-looking statements. Important factors that may cause actual results or outcomes to differ from those implied by the forward -looking 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 work 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, particularly in the United States, our Environmental, Social, Governance (“ESG”) vision, our capital alloc ation 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 gove rnment investigation, and the effect of current and future tariffs. These and additional 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, 2026. These filings are available at www.sec.gov. In light of these and other uncertainties, you should not conclude that the results or outcomes referred to in any of the forward -looking statements will be achieved. Infosys may, from time to time, make additional written and oral forward -looking statem ents, 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 b ehalf of the Company unless it is required by law. Contact Investor Relations Sandeep Mahindroo +91 80 3980 1018 Sandeep_Mahindroo@infosys.com Media Relations Rishi Basu +91 80 4156 3998 Rajarshi.Basu@infosys.com Chad Darwin +1 323 422 3815 Chad.darwin@infosys.com lnfos)s Navigate your next
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IFRS – INR Press Release Infosys Limited – Press Release Page 7 of 8 Infosys Limited and Subsidiaries Extracted from the Condensed Consolidated Balance Sheet under IFRS as at: ( In ₹ crore) Particulars September 30, 2026 March 31, 2026 ASSETS Current assets Cash and cash equivalents 24,350 22,201 Current investments 13,761 12,950 Trade receivables 34,821 35,234 Unbilled revenue 16,609 15,483 Other current assets 16,210 17,621 Total current assets 105,751 103,489 Non-current assets Property, plant and equipment and Right-of-use assets 19,820 19,508 Goodwill and other Intangible assets 19,289 14,942 Non-current investments 8,390 8,930 Unbilled revenue 2,146 1,738 Other non-current assets 8,084 7,360 Total non-current assets 57,729 52,478 Total assets 163,480 155,967 LIABILITIES AND EQUITY Current liabilities Trade payables 4,498 4,744 Unearned revenue 11,823 11,838 Employee benefit obligations 3,546 3,524 Other current liabilities and provisions 33,714 32,216 Total current liabilities 53,581 52,322 Non-current liabilities Lease liabilities 4,942 6,016 Other non-current liabilities 5,414 4,332 Total non-current liabilities 10,356 10,348 Total liabilities 63,937 62,670 Total equity attributable to equity holders of the company 99,077 92,852 Non-controlling interests 466 445 Total equity 99,543 93,297 Total liabilities and equity 163,480 155,967 Extracted from the Condensed Consolidated Statement of Comprehensive Income under IFRS for: (In ₹ crore except per equity share data) Particulars 3 months ended September 30, 2026 3 months ended September 30, 2025 6 months ended September 30, 2026 6 months ended September 30, 2025 Revenues 49,244 44,490 97,454 86,769 Cost of sales 33,943 30,800 66,975 60,025 Gross profit 15,301 13,690 30,479 26,744 Operating expenses: Selling and marketing expenses 2,489 2,224 5,057 4,431 Administrative expenses 2,482 2,113 4,928 4,156 Total operating expenses 4,971 4,337 9,985 8,587 Operating profit 10,330 9,353 20,494 18,157 Other income, net of finance cost 733 876 1,597 1,813 Profit before income taxes 11,063 10,229 22,091 19,970 Income tax expense 3,225 2,854 6,478 5,670 Net profit (before non-controlling interests) 7,838 7,375 15,613 14,300 Net profit (after non-controlling interests) 7,823 7,364 15,592 14,285 Basic EPS (₹) 19.32 17.76 38.51 34.47 Diluted EPS (₹) 19.30 17.74 38.46 34.41 lnfos)s Navigate your next
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IFRS – INR Press Release Infosys Limited – Press Release Page 8 of 8 NOTES: a) The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter and six months ended September 30, 2026, which have been taken on record at the Board meeting held on October 23, 2026. b) 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. c) A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com. d) As the quarter and six months ended 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 quarter might not always add up to the six months ended figures reported in this statement. lnfos)s Navigate your next
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IFRS – USD Press Release Infosys Limited – Press Release Page 1 of 8 11s31\ Bengaluru, India – October 23, 2026: Infosys (NSE, BSE, NYSE: INFY), a global leader in AI -first business consulting and technology services , delivered $5,145 million in Q2 revenues, year on year growth of 1.5% and sequential growth of 1.2% in constant currency. Operating margin was stable at 21.0%. EPS growth was 8.7% year on year in rupee terms. TCV of large deal wins was $5.2 billion, with 62% net new. H1 revenues grew at 1.9% year on year in constant currency. Operating margin for H1 was at 21.0%. “We had strong large deals of $5.2 billion, including a mega deal of over $2 billion, reinforcing our position as a trusted partner in the marketplace when clients embark on large and complex transformation programs. Our AI revenue was at 10.5% and grew 29% quarter-on-quarter. As enterprises move to AI adoption at scale, the strong growth in AI revenues is a recognition of our differentiated market positioning and client confidence,” said Salil Parekh, CEO and MD . “We are advising some of the largest global enterprise on their AI strategy and continue to invest in deep domain and technology capabilities to bring new ideas and an integrated ecosystem to help businesses unlock AI value at scale,” he added. Guidance for FY 27: • Revenue growth of 1%-2% in constant currency • Operating margin of 20%-22% Key highlights: “We delivered operating margin s of 21.0% in Q2 amidst heightened volatility . Focus on cost and operational efficiency measures while making the required investments, have led to stable margins,” said Jayesh Sanghrajka, CFO. “Free cash flow of $928 million, representing 113.3% of net profit, underscores the financial strength of the business. The Board has announced an interim dividend of ₹26 per share, an increase of 13% from last year,” he added. IFRS – USD Press Release e Differentiated AI strategy and a sharp focus on value unlock propels 29% sequential growth in AI revenues Robust Q2 large deal TCV at $5.2 billion with 62% net new; lays solid foundation for future growth FY 27 revenue guidance revised to 1%-2% and margin guidance retained at 20%-22% $5.2 Bn Large Deal TCV (62% Net New) 21.0% Operating Margin 1.2% QoQ 1.5% YoY CC Growth $0.93 Bn Free Cash Flow (FCF) 8.7% YoY EPS Increase (` terms) 10.5% AI as a % of Revenue For the quarter ended September 30, 2026 • Revenues in CC terms grew by 1.5% YoY and 1.2% QoQ • Reported revenues at $5,145 million, growth of 1.3% YoY • Operating margin was stable at 21.0% • Basic EPS at $0.20, decline of 0.3% YoY • FCF at $928 million, decline of 15.7% YoY; FCF conversion at 113.3% of net profit For the six months ended September 30, 2026 • Revenues in CC terms grew by 1.9% YoY • Reported revenues at $10,227 million, growth of 2.1% YoY • Operating margin was stable at 21.0% • Basic EPS at $0.40, growth of 1.7% YoY • FCF at $1,883 million, decline of 5.1% YoY; FCF conversion at 114.9% of net profit
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IFRS – USD Press Release Infosys Limited – Press Release Page 2 of 8 Client Wins & Testimonials • Infosys collaborated with Mondelez International to drive its supply chain transformation through AI-enabled decision-making, data standardization, and intelligent enterprise workflows. Sanjay Gurbaxani, Global Vice President, Digital Supply Chain, Mondelez International, said, “From digitally connected supply chain to standardizing data and enabling more informed decision-making, the opportunity lies in bringing together people, processes, data, and technology to deliver meaningful business outcomes. As AI evolves towards agentic AI, the potential extends beyond generating insights to enable more autonomous, responsive, and intelligent workflows. The real value comes from embedding intelligence into everyday business decisions, rethinking established processes, and scaling solutions across the enterprise. With Infosys we are building a compelling solution where technology, aligned with business priorities, can become a catalyst for operational excellence and long-term impact.” • Infosys entered a ten -year strategic agreement with Crocs, Inc. to accelerate its IT transformation and support scalable global growth. Tom Britt, Chief Information Officer, Crocs, Inc. said, "As our organization reimagines its IT landscape, we sought a collaborator who could combine deep domain expertise with a commitment to innovation and operational excellence. By leveraging Infosys’ proven delivery frameworks 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, Inc. for the future." • Infosys collaborated with Knorr-Bremse to accelerate its AI-enabled enterprise transformation. Satheeskaran Navaratnam, Chief Digital Officer & VP Transformation & Governance IT, Knorr-Bremse, said, “At Knorr-Bremse, we are building a future -ready technology foundation that supports innovation and long -term value creation. Our Tech4Value program is central to this journey, helping us create a more agile, efficient, and scalable IT environment a cross the organization. By working with Infosys, we aim to make our technology estate as optimized and reliable as the systems we build for our customers, ensuring that every layer of our infrastructure is equipped to support the pace of change our business demands.” • Infosys expanded collaboration with Metsä Group to drive AI -led transformation of its IT landscape. Kristiina Lammila, Chief Information Officer of Metsä Group, said, “This engagement marks a new chapter in Metsä's long -standing collaboration with Infosys, as we simplify and transform our IT sourcing model to meet the efficiency demands of today's business environment. We are confident in our joint ability to deliver on these targets and accelerate the transformation of Metsä's IT, powered by AI.” • Infosys collaborated with NTN Corporation to drive its digital growth with seamless SAP cloud adoption. Kenji Kitazato, Head - ICT Strategy Department, NTN Corporation, said, “This migration to SAP Commerce Cloud powered by Infosys has streamlined our IT operations, improved agility, and laid a strong foundation for future digital growth. This transformation enables us to utilize this new foundation and further promote the use of digital technology.” • Infosys collaborated with Telia to drive AI -powered transformation across its network and cybersecurity operations. Hein Müskens, Group CIO, Telia, said, "Infosys' proven expertise in AI, automation, and telecom transformation made them the ideal partner for this initiative. Leveraging Infosys Topaz and deep industry knowledge, we look forward to accelerating the modernization of our network and cybe rsecurity operations, enhancing efficiency and agility, and strengthening our foundation for future innovation." • Infosys collaborated with KnitWell Group to develop an AI -powered platform for its customer engagement. Jaap van Riel, CTO, KnitWell Group, said, “Our relationship with our customers lnfos)s Navigate your next
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IFRS – USD Press Release Infosys Limited – Press Release Page 3 of 8 truly comes to life in our stores. That’s why we partnered with Infosys to build the Engage platform and help our store associates reach customers in a more efficient and engaging way. Once we identified the opportunity, Infosys was quick to develop a solution and approach. From there, we engineered and built Engage together, and we’ve seen great results.” • Infosys Finacle was selected by Investec to drive its digital banking transformation through the Finacle SaaS platform on Microsoft Azure. Lyndon Subroyen, Global Head of Digital and Technology for Investec Group, said, “Our partnership with Infosys Finacle and Microsoft Azure marks a step change in our digital transformation journey. We are building a stronger digital foundation that allows us to scale with our clients, deliver a more seamless and personalized experience, and operate with greater precision. Digital is no longer a layer that supports the business, it is integral to how we grow, deepen client relationships, and improve our efficiency.” Recognitions & Awards Brand & Corporate • Recognized as one of India's Best Employers Among Nation-Builders by Great Place to Work® for the sixth year in a row. • Recognized across four Avtar & Seramount indices, including Hall of Fame – Best Companies for Women India 2026; Exemplar in the Most Inclusive Companies Index India 2026; Top 10 Best Companies for Workplace Wellness (BCWW); and Top 10 Best Companies for ES G (BCESG). • Received three Brandon Hall Group ™ 2026 HCM Excellence Awards® for Best Corporate Learning University; Best Senior Manager Development Program; and Best Sourcing and Assessment Strategy. • Received The Asset Corporate Sustainability Leadership Awards 2026 in four categories – Platinum Award; Best in Transition; Best Initiative in Environmental Responsibility for the Infosys Agroforestry Program; and Best Investor Relations Team. • Infosys BPM honored with multiple Tata Institute of Social Sciences LeapVault CLO Awards India for Best Skill Development Initiative, Best Corporate University, and Best Diversity & Inclusion Training Program. • Infosys BPM won the 17th CSR Summit & Awards 2026 for Best Skill Development Initiative. AI and Cloud Services • Rated as a Leader in the Gartner® Magic Quadrant ™ for Public Cloud Optimization and Transformation Services. • Recognized as a Leader in the IDC MarketScape: Worldwide Cloud Professional Services in the AI Era 2026 Vendor Assessment. • Positioned as a Leader among the top providers in the Everest Group Microsoft Azure Services PEAK Matrix® Assessment 2026. • Positioned as a Leader in the Everest Group Quality Engineering (QE) Services for AI Applications and Systems PEAK Matrix® Assessment 2026. • Featured as a Leader in the NelsonHall NEAT Evaluation for AI -Enabled Cloud Infrastructure Management Services. • Recognized as a Leader in the 2026 Constellation ShortList™ for AI Services. lnfos)s Navigate your next
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IFRS – USD Press Release Infosys Limited – Press Release Page 4 of 8 • Recognized as a Leader on the 2026 Constellation ShortList™ for Public Cloud Transformation Services. • Recognized as a Leader in the 2026 Constellation ShortList ™ for Artificial Intelligence and Machine Learning Best-of-Breed Platforms. • Recognized as a Leader in the 2026 Constellation ShortList ™ for Decision Intelligence Platforms. Key Digital Services • Rated as a Leader in The Forrester Wave™: Infrastructure Outsourcing Services, Q3 2026. • Recognized as a Leader in the IDC MarketScape: Worldwide ServiceNow Implementation Services 2026 Vendor Assessment. • Recognized as a Leader in the IDC MarketScape: Worldwide Oracle Implementation Services 2026 Vendor Assessment. • Recognized as a Leader in the IDC MarketScape: Worldwide Digital Workplace Services 2026 Vendor Assessment. • Positioned as a Leader in the Everest Group Digital Workplace Services (DWS) PEAK Matrix® Assessment 2026: North America. • Positioned as a Leader in the Everest Group Digital Workplace Services (DWS) PEAK Matrix® Assessment 2026: Europe. • Positioned as a Leader in the Everest Group Retail Digital Services PEAK Matrix® Assessment 2026. • Positioned as a Leader in the Everest Group GCC Setup Capabilities in India PEAK Matrix® Assessment 2026. • Recognized as a Leader in the 2026 Constellation ShortList ™ for AI-Native Global Capability Center (GCC) Services. • Rated as a Leader in HFS Horizons: Customer Experience Services, 2026. • Featured as a Leader in the NelsonHall NEAT Evaluation for Salesforce Services 2026. • Featured as a Leader in the NelsonHall NEAT Evaluation for SAP Ecosystem Services. • Infosys BPM received the Avasant Digital Masters: Technology and Process Transformation Leaders Award at Avasant Partner Connect 2026. • Infosys BPM received three GSA UK Awards 2026 for Service Provider of the Year (Large); Business Services Programme of the Year with Microsoft; and Collaboration Programme of the Year with Lloyd’s Register. Industry & Solutions • Recognized as a Leader in the IDC MarketScape: Worldwide AI -Driven Professional Services for Oil and Gas Companies 2026 Vendor Assessment. • Recognized as a Leader in the IDC MarketScape: Worldwide AI -Driven Digital Strategy and Consulting Services for Oil and Gas Companies 2026 Vendor Assessment. • Positioned as a Leader in the Everest Group Pharmaceutical R&D IT Services PEAK Matrix® Assessment 2026. • Positioned as a Leader in the Everest Group Life and Annuity (L&A) Insurance IT Services PEAK Matrix® Assessment 2026. • Infosys Finacle recognized as a Leader in the IDC MarketScape: Worldwide Trade Finance Systems 2026 Vendor Assessment. lnfos)s Navigate your next
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IFRS – USD Press Release Infosys Limited – Press Release Page 5 of 8 • Infosys Finacle rated as a Leader in the 2026 Gartner® Magic Quadrant ™ for Retail Core Banking Systems in Europe. • Infosys Finacle received Global BankTech Awards 2026 by the Digital Banker 2026 in three categories: Outstanding Trade Finance Solution by a Vendor; Best Liquidity Management Solutions Provider by a Vendor; and Best Treasury Management Solutions Provider by a Vendor. Read more about our Awards & Recognitions here. lnfos)s Navigate your next
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IFRS – USD Press Release Infosys Limited – Press Release Page 6 of 8 About Infosys Infosys (NSE, BSE, NYSE: INFY) 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 59 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 recognized as the fastest growing IT services brand globally, 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. Safe Harbor Certain statements in this release, including those concerning our future events, future growth prospects, our future financial or operating performance and our offerings and collaborations, are “forward looking statements” intended to qualify for the 'saf e harbor' under the Private Securities Litigation Reform Act of 1995. Such forward -looking statements are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. These forward - looking statements are subject to substantial known and unknown risks, uncertainties and other factors, that could cause actual results or outcomes to differ materially from those implied by such forwar d-looking statements. Important factors that may cause actual results or outcomes to differ from those implied by the forward -looking 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 work 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, particularly in the United States, our Environmental, Social, Governance (“ESG”) vision, our capital alloc ation 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 gove rnment investigation, and the effect of current and future tariffs. These and additional 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, 2026. These filings are available at www.sec.gov. In light of these and other uncertainties, you should not conclude that the results or outcomes referred to in any of the forward -looking statements will be achieved. Infosys may, from time to time, make additional written and oral forward -looking statem ents, 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 b ehalf of the Company unless it is required by law. Contact Investor Relations Sandeep Mahindroo +91 80 3980 1018 Sandeep_Mahindroo@infosys.com Media Relations Rishi Basu +91 80 4156 3998 Rajarshi.Basu@infosys.com Chad Darwin +1 323 422 3815 Chad.darwin@infosys.com lnfos)s Navigate your next
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IFRS – USD Press Release Infosys Limited – Press Release Page 7 of 8 Infosys Limited and Subsidiaries Extracted from the Condensed Consolidated Balance Sheet under IFRS as at: ( In $ million) Particulars September 30, 2026 March 31, 2026 ASSETS Current assets Cash and cash equivalents 2,541 2,341 Current investments 1,436 1,365 Trade receivables 3,634 3,715 Unbilled revenue 1,733 1,633 Other current assets 1,691 1,858 Total current assets 11,035 10,912 Non-current assets Property, plant and equipment and Right-of-use assets 2,069 2,057 Goodwill and other Intangible assets 2,013 1,576 Non-current investments 875 942 Unbilled revenue 224 183 Other non-current assets 844 776 Total non-current assets 6,025 5,534 Total assets 17,060 16,446 LIABILITIES AND EQUITY Current liabilities Trade payables 469 500 Unearned revenue 1,234 1,248 Employee benefit obligations 370 372 Other current liabilities and provisions 3,517 3,396 Total current liabilities 5,590 5,516 Non-current liabilities Lease liabilities 516 634 Other non-current liabilities 565 456 Total non-current liabilities 1,081 1,090 Total liabilities 6,671 6,606 Total equity attributable to equity holders of the company 10,333 9,786 Non-controlling interests 56 54 Total equity 10,389 9,840 Total liabilities and equity 17,060 16,446 Extracted from the Condensed Consolidated Statement of Comprehensive Income under IFRS for: (In $ million except per equity share data) Particulars 3 months ended September 30, 2026 3 months ended September 30, 2025 6 months ended September 30, 2026 6 months ended September 30, 2026 Revenues 5,145 5,076 10,227 10,018 Cost of sales 3,547 3,516 7,028 6,933 Gross profit 1,598 1,560 3,199 3,085 Operating expenses: Selling and marketing expenses 260 254 531 512 Administrative expenses 259 241 517 480 Total operating expenses 519 495 1,048 992 Operating profit 1,079 1,065 2,151 2,093 Other income, net of finance cost 77 100 168 210 Profit before income taxes 1,156 1,165 2,319 2,303 Income tax expense 337 325 680 654 Net profit (before non-controlling interests) 819 840 1,639 1,649 Net profit (after non-controlling interests) 817 839 1,637 1,647 Basic EPS ($) 0.20 0.20 0.40 0.40 Diluted EPS ($) 0.20 0.20 0.40 0.40 lnfos)s Navigate your next
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IFRS – USD Press Release Infosys Limited – Press Release Page 8 of 8 NOTES: a) The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter and six months ended September 30, 2026, which have been taken on record at the Board meeting held on October 23, 2026. b) 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. c) A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com. d) As the quarter and six months ended 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 quarter might not always add up to the six months ended figures reported in this statement. lnfos)s Navigate your next
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Deloitte Haskins & Sells LLP INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED Chartered Accountants Prestige Trade Tower, Level 19 46, Palace Road, High Grounds Bengaluru-560 001 Karnataka, India Tel: +91806188 6000 Fax: +91 80 6188 6011 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 September 30, 2026, the Condensed Consolidated Statement of Comprehensive Income for the three months and six months ended on that date, the Condensed Consolidated Statement of Changes in Equity, and the Condensed Consolidated Statement of Cash Flows for the six months 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 September 30, 2026, its consolidated profit and its consolidated other comprehensive income for the three months and six months ended on that date, its consolidated changes in equity and its consolidated cash flows for the six months 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. Regd. Office : One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai -400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
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Deloitte Haskins & Sells LLP 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.
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Deloitte Haskins & Sells LLP 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 requi rements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where appl icable, related safeguards . Place: Hyderabad Date: October 23, 2026 For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) ~ g~t Partner (Membership No.060408) UDIN:
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Index Page No. Condensed Consolidated Balance Sheet………………………………………………………………………………..1 Condensed Consolidated Statement of Comprehensive Income………………………………………………………..2 Condensed Consolidated Statement of Changes in Equity ……………………………………..……………………………………..3 Condensed Consolidated Statement of Cash Flows……………………………………………………………………….5 Overview and Notes to the Interim Condensed Consolidated Financial Statements 1. Overview 1.1 Company overview …………………………………………………….…………………………………………………….6 1.2 Basis of preparation of financial statements …………………………………………………….…………………………………………………….6 1.3 Basis of consolidation……………………………………………………………………………… 6 1.4 Use of estimates and judgments…………………………………………………………………. 6 1.5 Critical accounting estimates and judgments…………………………………………………… 6 1.6 Recent accounting pronouncements…………………………………………………………….. 7 2. Notes to the Interim Condensed Consolidated Financial Statements 2.1 Cash and cash equivalents ……………………………………………………………………….. 8 2.2 Investments…………………………………………………………………………………………….. 8 2.3 Financial instruments………………………………………………………………………………. 9 2.4 Prepayments and other assets………………………………………………………………………. 12 2.5 Other liabilities……………………………………………………………………………………….. 13 2.6 Provisions and other contingencies……………………………………………………………………………………………13 2.7 Property, plant and equipment……………………………………………………………………….. 15 2.8 Leases……………………..……………………………………………………………………….. 17 2.9 Goodwill and Intangible assets...……………………………………………………………..... 19 2.10 Business combinations ………………………………...………………………………………. 20 2.11 Employees' Stock Option Plans (ESOP)…………………………………………………………………………22 2.12 Income Taxes……………………………………………………………………………………. 24 2.13 Earnings per equity share…………………………………………………………………………………….24 2.14 Related party transactions………………………………………………………………………………………………..25 2.15 Segment reporting…………………………………………………………………………………………26 2.16 Revenue from Operations…………………………………………………………………………………..28 2.17 Unbilled Revenue……………………………………………………………………………….. 29 2.18 Equity…………………….………………………………………………………………………… 30 2.19 Break-up of expenses and other income, net………………...……………………………………………………………32 INFOSYS LIMITED AND SUBSIDIARIES Condensed Consolidated Financial Statements under International Financial Reporting Standards (IFRS) in US Dollars for the three months and six months ended September 30, 2026
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Infosys Limited and subsidiaries (Dollars in millions except equity share data) Condensed Consolidated Balance Sheet as at Note September 30, 2026 March 31, 2026 ASSETS Current assets Cash and cash equivalents 2.1 2,541 2,341 Current investments 2.2 1,436 1,365 Trade receivables 3,634 3,715 Unbilled revenue 2.17 1,733 1,633 Prepayments and other current assets 2.4 1,667 1,656 Income tax assets 2.12 4 193 Derivative financial instruments 2.3 20 9 Total current assets 11,035 10,912 Non-current assets Property, plant and equipment 2.7 1,424 1,406 Right-of-use assets 2.8 645 651 Goodwill 2.9 1,551 1,278 Intangible assets 2.9 462 298 Non-current investments 2.2 875 942 Unbilled revenue 2.17 224 183 Deferred income tax assets 2.12 241 239 Income tax assets 2.12 185 70 Other non-current assets 2.4 418 467 Total Non-current assets 6,025 5,534 Total assets 17,060 16,446 Current liabilities Trade payables 469 500 Lease liabilities 2.8 374 333 Derivative financial instruments 2.3 7 63 Current income tax liabilities 2.12 682 594 Unearned revenue 1,234 1,248 Employee benefit obligations 370 372 Provisions 2.6 205 159 Other current liabilities 2.5 2,249 2,247 Total current liabilities 5,590 5,516 Non-current liabilities Lease liabilities 2.8 516 634 Deferred income tax liabilities 2.12 197 177 Employee benefit obligations 13 12 Other non-current liabilities 2.5 355 267 Total Non-current liabilities 1,081 1,090 Total liabilities 6,671 6,606 Equity 2.18 319 319 Share premium 490 462 Retained earnings 14,317 13,459 Cash flow hedge reserves 2 (2) Other reserves 503 773 Capital redemption reserve 30 30 Other components of equity (5,328) (5,255) Total equity attributable to equity holders of the Company 10,333 9,786 Non-controlling interests 56 54 Total equity 10,389 9,840 Total liabilities and equity 17,060 16,446 The accompanying notes form an integral part of the interim condensed 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 Firm’s Registration No: 117366W/ W-100018 Vikas Bagaria Nandan M. Nilekani Salil Parekh Bobby Parikh Partner Chairman Chief Executive Officer Director Membership No. 060408 and Managing Director Jayesh Sanghrajka A.G.S. Manikantha Chief Financial Officer Company Secretary Hyderabad Bengaluru October 23, 2026 October 23, 2026 LIABILITIES AND EQUITY Share capital - ₹5 ($0.16) par value 4,800,000,000 (4,800,000,000) equity shares authorized, issued and outstanding 4,050,360,983 (4,046,940,812) equity shares fully paid up, net of 7,915,595 (8,650,911) treasury shares as at September 30, 2026 (March 31, 2026) 1
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(Dollars in millions except equity share and per equity share data) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Revenues 2.16 5,145 5,076 10,227 10,018 Cost of sales 2.19 3,547 3,516 7,028 6,933 Gross profit 1,598 1,560 3,199 3,085 Operating expenses Selling and marketing expenses 2.19 260 254 531 512 Administrative expenses 2.19 259 241 517 480 Total operating expenses 519 495 1,048 992 Operating profit 1,079 1,065 2,151 2,093 Other income, net 2.19 89 112 193 234 Finance cost 12 12 25 24 Profit before income taxes 1,156 1,165 2,319 2,303 Income tax expense 2.12 337 325 680 654 Net profit 819 840 1,639 1,649 Other comprehensive income Items that will not be reclassified subsequently to profit or loss Remeasurement of the net defined benefit liability/asset, net (18) (5) 13 (13) Equity instruments through other comprehensive income, net 2.2 (1) (1) 5 3 (19) (6) 18 (10) Items that will be reclassified subsequently to profit or loss Fair value changes on investments, net 2.2 (10) (4) (4) 10 Fair value changes on derivatives designated as cash flow hedge, net (1) - 4 1 Exchange differences on translation of foreign operations (98) (290) (87) (210) (109) (294) (87) (199) Total other comprehensive income/(loss), net of tax (128) (300) (69) (209) Total comprehensive income 691 540 1,570 1,440 Profit attributable to: Owners of the Company 817 839 1,637 1,647 Non-controlling interests 2 1 2 2 819 840 1,639 1,649 Total comprehensive income attributable to: Owners of the Company 689 538 1,568 1,437 Non-controlling interests 2 2 2 3 691 540 1,570 1,440 Earnings per equity share Basic ($) 2.13 0.20 0.20 0.40 0.40 Diluted ($) 2.13 0.20 0.20 0.40 0.40 Basic (in shares) 2.13 4,049,987,827 4,145,208,267 4,048,846,535 4,144,593,296 Diluted (in shares) 2.13 4,054,326,796 4,151,315,578 4,054,149,523 4,151,441,800 The accompanying notes form an integral part of the interim condensed 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 Firm’s Registration No: 117366W/ W-100018 Vikas Bagaria Nandan M. Nilekani Bobby Parikh Partner Chairman Director Membership No. 060408 Jayesh Sanghrajka A.G.S. Manikantha Chief Financial Officer Company Secretary Hyderabad Bengaluru October 23, 2026 October 23, 2026 Salil Parekh Chief Executive Officer and Managing Director Six months ended Infosys Limited and subsidiaries Weighted average equity shares used in computing earnings per equity share Condensed Consolidated Statement of Comprehensive Income for the Note Three months ended 2
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(Dollars in millions) Condensed Consolidated Statement of Changes in Equity Number of Shares(1) Share capital Share premium Retained earnings Other reserves(2) 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, 2025 4,143,607,528 325 500 13,766 1,171 24 (2) (4,579) 11,205 50 11,255 Net profit - - - 1,647 - - - - 1,647 2 1,649 - - - - - - - (13) (13) - (13) - - - - - - - 3 3 - 3 - - - - - - 1 - 1 - 1 - - - - - - - (211) (211) 1 (210) - - - - - - - 10 10 - 10 - - - 1,647 - - 1 (211) 1,437 3 1,440 1,702,418 - - - - - - - - - - - - 53 - - - - - 53 - 53 Financial liability under option arrangements - - - (1) - - - - (1) - (1) Changes in the controlling stake of a subsidiary - - - 1 - - - - 1 - 1 - - (7) 7 - - - - - - - - - 1 - - - - - 1 - 1 - - - 47 (47) - - - - - - - - - 259 (259) - - - - - - - - - (1,062) - - - - (1,062) - (1,062) Balance as at September 30, 2025 4,145,309,946 325 547 14,664 865 24 (1) (4,790) 11,634 53 11,687 Equity instruments through other comprehensive income, net* Fair value changes on investments, net* Total comprehensive income for the period Shares issued on exercise of employee stock options (Refer to note 2.11) Infosys Limited and subsidiaries Changes in equity for the six months ended September 30, 2025 Remeasurement of the net defined benefit liability/asset, net* Fair value changes on derivatives designated as Cash flow hedge, net* Exchange differences on translation of foreign operations Transferred from other reserves on utilization Dividends# Employee stock compensation expense (Refer to note 2.11) Transferred on account of options not exercised Income tax benefit arising on exercise of stock options (Refer to note 2.12) Transferred from other reserves to retained earnings 3
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(Dollars in millions) Condensed Consolidated Statement of Changes in Equity Number of Shares(1) Share capital Share premium Retained earnings Other reserves(2) 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 Infosys Limited and subsidiaries Balance as at April 1, 2026 4,046,940,812 319 462 13,459 773 30 (2) (5,255) 9,786 54 9,840 Net profit - - - 1,637 - - - - 1,637 2 1,639 - - - - - - - 13 13 - 13 - - - - - - - 5 5 - 5 - - - - - - 4 - 4 - 4 - - - - - - - (87) (87) - (87) - - - - - - - (4) (4) - (4) - - - 1,637 - - 4 (73) 1,568 2 1,570 3,420,171 - - - - - - - - - - - - 48 - - - - - 48 - 48 - - (21) 21 - - - - - - - - - 1 - - - - - 1 - 1 - - - 78 (78) - - - - - - - - - 192 (192) - - - - - - - - - (1,070) - - - - (1,070) - (1,070) Balance as at September 30, 2026 4,050,360,983 319 490 14,317 503 30 2 (5,328) 10,333 56 10,389 * net of tax # net of treasury shares The accompanying notes form an integral part of the interim condensed consolidated financial statements. for and on behalf of the Board of Directors of Infosys Limited Chartered Accountants Firm’s Registration No: 117366W/ W-100018 Vikas Bagaria Nandan M. Nilekani Salil Parekh Bobby Parikh Partner Chairman Chief Executive Officer Director Membership No. 060408 and Managing Director Jayesh Sanghrajka A.G.S. Manikantha Chief Financial Officer Company Secretary Hyderabad October 23, 2026 Bengaluru October 23, 2026 Remeasurement of the net defined benefit liability/asset, net* Fair value changes on derivatives designated as Cash flow hedge, net* Exchange differences on translation of foreign operations Equity instruments through other comprehensive income, net* Fair value changes on investments, net* Total comprehensive income for the period Shares issued on exercise of employee stock options (Refer to note 2.11) Employee stock compensation expense (Refer to note 2.11) Income tax benefit arising on exercise of stock options (Refer to note 2.12) Transferred from other reserves on utilization Dividends# (1) excludes treasury shares of 7,915,595 as at September 30, 2026, 8,650,911 as at April 1, 2026, 9,091,403 as at September 30, 2025 and 9,655,927 as at April 1, 2025 held by consolidated trust (2) 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. As per our report of even date attached for Deloitte Haskins & Sells LLP Transferred from other reserves to retained earnings Transferred on account of options not exercised Changes in equity for the six months ended September 30, 2026 4
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Infosys Limited and subsidiaries Condensed Consolidated Statement of Cash Flows Accounting Policy (Dollars in millions) Particulars Note September 30, 2026 September 30, 2025 Operating activities Net Profit 1,639 1,649 Adjustments to reconcile net profit to net cash provided by operating activities Depreciation and amortization 273 268 Interest and dividend income (64) (72) Finance cost 25 24 Income tax expense 2.12 680 654 Exchange differences on translation of assets and liabilities, net 1 67 Impairment loss recognized/(reversed) under expected credit loss model 6 4 Stock compensation expense 48 54 Provision for post-sales client support and other provisions (5) (12) Other adjustments 96 77 Changes in working capital Trade receivables and unbilled revenue (34) (506) Prepayments and other assets 32 (8) Trade payables (38) (52) Unearned revenue (4) 59 Other liabilities and provisions (68) 279 Cash generated from operations 2,587 2,485 Income taxes paid (537) (345) Net cash generated by operating activities 2,050 2,140 Investing activities Expenditure on property, plant and equipment and intangibles, net of sale proceeds 2.7 (167) (155) Deposits placed with Corporation (81) (79) Redemption of deposits placed with Corporation 54 45 Interest and dividend received 33 65 Payment for acquisition of business, net of cash acquired 2.10 (340) (76) Payment of contingent consideration pertaining to acquisition of business (3) (1) Other receipts - 1 Mutual funds units (4,126) (4,161) Certificates of deposit (507) (824) Quoted debt securities (251) (367) Commercial paper (296) (310) Other investments (22) (3) Proceeds on sale of investments Mutual funds units 3,861 3,801 Certificates of deposit 929 675 Quoted debt securities 161 711 Commercial paper 270 539 Other investments 1 - Net cash generated from investing activities (484) (139) Financing activities Payment of lease liabilities (191) (159) Payment of dividends (1,070) (1,063) Loan repayment of acquired entities 2.10 (85) - Other payments (6) (21) Net cash used in financing activities (1,352) (1,243) Net increase/(decrease) in cash and cash equivalents 214 758 Effect of exchange rate changes on cash and cash equivalents (14) (34) Cash and cash equivalents at the beginning of the period 2.1 2,341 2,861 Cash and cash equivalents at the end of the period 2.1 2,541 3,585 Supplementary information: Restricted cash balance 2.1 46 46 The accompanying notes form an integral part of the interim condensed 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 Firm’s Registration No: 117366W/ W-100018 Vikas Bagaria Nandan M. Nilekani Salil Parekh Bobby Parikh Partner Chairman Chief Executive Officer Director Membership No. 060408 and Managing Director Jayesh Sanghrajka A.G.S. Manikantha Chief Financial Officer Company Secretary Hyderabad Bengaluru October 23, 2026 October 23, 2026 Cash flows are reported using the indirect method, whereby profit for the period 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. Six months ended Payments to acquire Investments 5
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INFOSYS LIMITED AND SUBSIDIARIES 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 Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE). 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 October 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, 2026. 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. 6
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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 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 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. 7
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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) September 30, 2026 March 31, 2026 Cash and bank deposits 2,541 2,341 Total Cash and cash equivalents 2,541 2,341 2.2 Investments (Dollars in millions) Particulars September 30, 2026 March 31, 2026 (i) Current Investments Amortized Cost Quoted debt securities 17 11 Quoted Debt Securities 296 132 Certificates of deposits 442 844 Commercial Paper 156 127 Fair Value through profit or loss Mutual fund units 525 251 Total current investments 1,436 1,365 (ii) Non-current Investments Amortized Cost Quoted debt securities 45 46 Fair Value through other comprehensive income Quoted debt securities 698 790 Quoted equity securities 13 6 Unquoted equity and preference securities 66 66 Fair Value through profit or loss Unquoted equity securities 3 - Unquoted preference securities 12 6 Others(1) 38 28 Total Non-current investments 875 942 Total investments 2,311 2,307 Investments carried at amortized cost 62 57 Investments carried at fair value through other comprehensive income 1,671 1,965 Investments carried at fair value through profit or loss 578 285 (1) Uncalled capital commitments outstanding as at September 30, 2026 and March 31, 2026 was $17 million and $10 million, respectively. Refer to note 2.3 for accounting policies on financial instruments. Method of fair valuation: (Dollars in millions) Class of Investment Method September 30, 2026 March 31, 2026 Mutual fund units - carried at fair value through profit or loss 525 251 Quoted debt securities- carried at amortized cost 63 59 994 922 Commercial Paper - carried at fair value through other comprehensive income 156 127 Certificates of Deposit - carried at fair value through other comprehensive income 442 844 15 6 66 66 Quoted equity securities - carried at fair value through other comprehensive income Quoted price 13 6 Others - carried at fair value through profit or loss 38 28 Total 2,312 2,309 Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments. Quoted price and market observable inputs Particulars As at Cash and cash equivalents as at September 30, 2026 and March 31, 2026 include restricted cash and bank balances of $46 million and $44 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 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. The carrying value of the investments are as follows: As at Fair Value through other comprehensive income Fair value as at Quoted price Discounted cash flows method, Market multiples method, Option pricing model Quoted debt securities- carried at fair value through other comprehensive income Quoted price and market observable inputs Market observable inputs Market observable inputs Unquoted equity and preference securities - carried at fair value through other comprehensive income Discounted cash flows method, Market multiples method, Option pricing model Unquoted equity and preference securities - carried at fair value through profit or loss Discounted cash flows method, Market multiples method, Option pricing model 8
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2.3 Financial instruments Accounting Policy 2.3.1 Initial recognition 2.3.2 Subsequent measurement a. Non-derivative financial instruments (iv) Financial liabilities (ii) Cash flow hedge 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 existingat 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. 2.3.3 Derecognition of financial instruments (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. 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 carriedat 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. 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. 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 datesto 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. 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. (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) 9
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2.3.5 Impairment Financial instruments by category The carrying value and fair value of financial instruments by categories as at September 30, 2026 are as follows: (Dollars in millions) Designated upon initial recognition Mandatory Equity instruments designated upon initial recognition Mandatory Assets: Cash and cash equivalents (Refer to note 2.1) 2,541 - - - - 2,541 2,541 Investments (Refer to note 2.2) Mutual fund units - - 525 - - 525 525 Quoted debt securities 62 - - - 994 1,056 1,057 (1) Certificates of deposit - - - - 442 442 442 Commercial Papers - - - - 156 156 156 Quoted equity securities - - - 13 - 13 13 Unquoted equity and preference securities - 15 - 66 - 81 81 Unquoted investment others - - 38 - - 38 38 Trade receivables 3,634 - - - - 3,634 3,634 Unbilled revenues (Refer to note 2.17) (3) 1,341 - - - - 1,341 1,341 Prepayments and other assets (Refer to note 2.4) 801 - - - - 801 800 (2) Derivative financial instruments - - 15 - 5 20 20 Total 8,379 15 578 79 1,597 10,648 10,648 Liabilities: Trade payables 469 - - - - 469 469 Lease liabilities (Refer to note 2.8) 890 - - - - 890 890 Derivative financial instruments - - 7 - - 7 7 - - 92 - - 92 92 1,940 - 79 - - 2,019 2,019 Total 3,299 - 178 - - 3,477 3,477 (1) On account of fair value changes including interest accrued (2) Excludes interest accrued on quoted debt securities carried at amortized cost of $1 million (3) 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, 2026 were as follows: (Dollars in millions) Designated upon initial recognition Mandatory Equity instruments designated upon initial recognition Mandatory Assets: Cash and cash equivalents (Refer to note 2.1) 2,341 - - - - 2,341 2,341 Investments (Refer to note 2.2) Mutual fund units - - 251 - - 251 251 Quoted debt securities 57 - - - 922 979 981 (1) 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 investments others - - 28 - - 28 28 Trade receivables 3,715 - - - - 3,715 3,715 Unbilled revenues (Refer to note 2.17) (3) 1,211 - - - - 1,211 1,211 Prepayments and other assets (Refer to note 2.4) 774 - - - - 774 772 (2) Derivative financial instruments - - 3 - 6 9 9 Total 8,098 6 282 72 1,899 10,357 10,357 Liabilities: Trade payables 500 - - - - 500 500 Lease liabilities (Refer to note 2.8) 967 - - - - 967 967 Derivative financial instruments - - 57 - 6 63 63 - - 93 - - 93 93 1,936 - 11 - - 1,947 1,947 Total 3,403 - 161 - 6 3,570 3,570 (1) On account of fair value changes including interest accrued (2) Excludes interest accrued on quoted debt securities carried at amortized cost of $2 million (3) Excludes unbilled revenue for contracts where the right to consideration is dependent on completion of contractual milestones Total fair value Amortized cost Total carrying value Total fair value Other liabilities including contingent consideration (Refer to note 2.5) Financial liability under option arrangements (Refer to note 2.5) 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. Particulars Financial assets / liabilities at fair value through profit or loss Financial assets / liabilities at fair value through OCI Financial liability under option arrangements (Refer to note 2.5) Other liabilities including contingent consideration (Refer to note 2.5) Particulars Financial assets/ liabilities at fair value through profit or loss Financial assets/liabilities at fair value through OCI Amortized cost Total carrying value 10
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Fair value hierarchy Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). (Dollars in millions) Level 1 Level 2 Level 3 Assets Investments (Refer to note 2.2) 525 525 - - 1,057 846 211 - 442 - 442 - 156 - 156 - 81 - - 81 13 13 - - Investments in unquoted investments others 38 - - 38 Others 20 - 20 - Liabilities 7 - 7 - Financial liability under option arrangements (Refer to note 2.5) (1) 92 - - 92 Liability towards contingent consideration (Refer to note 2.5) (2) 79 - - 79 (Dollars in millions) Level 1 Level 2 Level 3 Assets Investments (Refer to note 2.2) 251 251 - - 981 898 83 - 72 - - 72 Investments in certificates of deposit 844 - 844 - 127 - 127 - Investments in quoted equity securities 6 6 - - Investments in unquoted investments others 28 - - 28 Others 9 - 9 - Liabilities 63 - 63 - Financial liability under option arrangements (Refer to note 2.5) (1) 93 - - 93 Liability towards contingent consideration (Refer to note 2.5) (2) 11 - - 11 As at March 31, 2026 (1) Discount rate ranges from 9.5% to 14.5% 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. 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, 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. Derivative financial instruments- loss (2) Discount rate - 2.5% to 6% 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 on the fair values of level 3 financial instruments. Investments in mutual fund units Investments in quoted debt securities Investments in unquoted equity and preference securities Derivative financial instruments- gain Investments in commercial paper Particulars Fair value measurement at end of the reporting period using Investments in Mutual fund units Investments in quoted debt securities Investments in unquoted equity and preference securities Investments in certificates of deposit Investments in commercial paper Derivative financial instruments- gain Derivative financial instruments - loss (1) Discount rate ranges from 9.5% to 14.5% During the six months ended September 30, 2026, quoted debt securities of $39 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 $154 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, 2026 is as follows: Investments in quoted equity securities (2) Discount rate ranges from 2.5% to 3% 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. 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). The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at September 30, 2026 is as follows: Particulars As at September 30, 2026 Fair value measurement at end of the reporting period using 11
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2.4 Prepayments and other assets Prepayments and other assets consist of the following: (Dollars in millions) September 30, 2026 March 31, 2026 Current Security deposits(1) 8 8 Loans to employees(1) 25 25 Prepaid expenses(2) 484 450 Interest accrued and not due(1) 49 47 Withholding taxes and others(2)(4) 364 411 Advance payments to vendors for supply of goods(2) 14 50 Deposit with corporations(1)(3) 356 334 Deferred contract cost Cost of obtaining a contract(2) 28 30 Cost of fulfillment(2) 38 70 Other non financial assets (2) 10 15 Net investment in lease(1) 242 170 Other financial assets(1) 49 46 Total Current prepayment and other assets 1,667 1,656 Non-current Security deposits(1) 36 30 Loans to employees(1) - 1 Prepaid expenses(2) 87 82 Deposit with corporations(1)(3) 10 8 45 21 Deferred contract cost Cost of obtaining a contract (2) 43 52 Cost of fulfillment(2) 113 102 Withholding taxes and others(2)(4) 58 66 Net investment in lease(1) 22 101 Other financial assets(1) 4 4 Total Non- current prepayment and other assets 418 467 2,085 2,123 (1) Financial assets carried at amortized cost 801 774 (2) Non financial assets (4) Withholding taxes and others primarily consist of input tax credits and VAT recoverable from tax authorities. (3) Deposit with corporation represents amounts deposited to settle certain employee-related obligations as and when they arise during the normal course of business. Particulars As at Defined benefit plan assets(2) Total prepayment and other assets 12
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2.5 Other liabilities Other liabilities comprise the following: (Dollars in millions) September 30, 2026 March 31, 2026 Current Accrued compensation to employees(1) 589 622 Accrued expenses(1) 1,044 1,021 Accrued defined benefit liability(3) 1 5 Withholding taxes and others(3) 413 409 Liabilities of controlled trusts(1) 18 18 Liability towards contingent consideration(2) 39 8 Capital Creditors(1) 23 30 Financial liability under option arrangements(2)(4) 79 80 Other non-financial liabilities(3) 3 1 Other financial liabilities(1) 40 53 Total current other liabilities 2,249 2,247 Non-current Accrued compensation to employees(1) 2 1 Accrued expenses(1) 223 182 Accrued defined benefit liability (3) 69 50 Liability towards contingent consideration(2) 40 3 Financial liability under option arrangements(2)(4) 13 13 Other non-financial liabilities(3) 7 9 Other financial liabilities(1) 1 9 Total non-current other liabilities 355 267 Total other liabilities 2,604 2,514 (1) Financial liability carried at amortized cost 1,940 1,936 (2) Financial liability carried at fair value through profit or loss 171 104 (3) Non financial liabilities 2.6 Provisions and other contingencies Accounting Policy 2.6.1 Provisions a. Post sales client support 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. 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. 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. Particulars As at 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. (4) Represents liability related to options issued by the Group over the non-controlling interests in its subsidiaries. 13
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b. Onerous contracts Provision for post sales client support (Dollars in millions) September 30, 2026 March 31, 2026 Post-sales client support 205 159 Total provisions 205 159 2.6.2 Legal Proceedings 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. Provision for post sales client support is included in cost of sales in the interim condensed consolidated statement of comprehensive income. As at September 30, 2026 and March 31, 2026, claims against the Group, not acknowledged as debts, (excluding demands from income tax authorities- Refer to Note 2.12) amounted to $126 million (₹1,210 crore) and $122 million (₹1,153 crore), respectively. 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. Particulars As at 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. Others Amount paid to statutory authorities against the claims (excluding demands from income tax authorities- Refer to Note 2.12) amounted to $3 million (₹33 crore) and $3 million (₹27 crore) as at September 30, 2026 and March 31, 2026 respectively. Government Investigation The U.S. Department of Justice (“DOJ”) is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees 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. 14
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2.7 Property, plant and equipment Accounting Policy Building 22-25 years Plant and machinery(1) 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 (1) Includes solar plant with a useful life of 25 years Impairment The changes in the carrying value of property, plant and equipment for the three months ended September 30, 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 July 1, 2026 152 1,334 609 1,023 360 5 3,483 - 26 18 59 14 - 117 Deletions** (1) (1) (2) (13) (5) - (22) Translation difference (1) (13) (7) (13) (4) - (38) Gross carrying value as at September 30, 2026 150 1,346 618 1,056 365 5 3,540 Accumulated depreciation as at July 1, 2026 - (632) (494) (727) (299) (4) (2,156) Depreciation - (12) (10) (34) (8) - (64) Accumulated depreciation on deletions** - - 2 13 5 - 20 Translation difference - 6 7 8 3 - 24 Accumulated depreciation as at September 30, 2026 - (638) (495) (740) (299) (4) (2,176) Capital work-in progress as at July 1, 2026 93 Carrying value as at July 1, 2026 152 702 115 296 61 1 1,420 Capital work-in progress as at September 30, 2026 60 Carrying value as at September 30, 2026 150 708 123 316 66 1 1,424 The changes in the carrying value of property, plant and equipment for the three months ended September 30, 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 July 1, 2025 173 1,369 637 1,082 391 6 3,658 1 - 4 47 1 - 53 Deletions* - - (1) (19) (7) (1) (28) Translation difference (5) (42) (23) (34) (12) - (116) Gross carrying value as at September 30, 2025 169 1,327 617 1,076 373 5 3,567 Accumulated depreciation as at July 1, 2025 - (638) (518) (821) (322) (5) (2,304) Depreciation - (12) (11) (29) (7) - (59) Accumulated depreciation on deletions* - - 1 19 7 1 28 Translation difference - 19 20 25 10 - 74 Accumulated depreciation as at September 30, 2025 - (631) (508) (806) (312) (4) (2,261) Capital work-in progress as at July 1, 2025 130 Carrying value as at July 1, 2025 173 731 119 261 69 1 1,484 Capital work-in progress as at September 30, 2025 146 Carrying value as at September 30, 2025 169 696 109 270 61 1 1,452 Additions 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: 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. 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 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. Additions X10AO 15
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The changes in the carrying value of property, plant and equipment for the six months ended September 30, 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, 2026 152 1,326 604 1,012 363 5 3,462 Additions - 30 25 93 17 - 165 - - - 2 - - 2 (1) (1) (5) (40) (12) - (59) Translation difference (1) (9) (6) (11) (3) - (30) Gross carrying value as at September 30, 2026 150 1,346 618 1,056 365 5 3,540 Accumulated depreciation as at April 1, 2026 - (618) (486) (721) (299) (4) (2,128) Depreciation - (25) (20) (65) (14) - (124) Accumulated depreciation on deletions** - - 5 40 12 - 57 Translation difference - 5 6 6 2 - 19 Accumulated depreciation as at September 30, 2026 - (638) (495) (740) (299) (4) (2,176) Capital work-in progress as at April 1, 2026 72 Carrying value as at April 1, 2026 152 708 118 291 64 1 1,406 Capital work-in progress as at September 30, 2026 60 Carrying value as at September 30, 2026 150 708 123 316 66 1 1,424 The changes in the carrying value of property, plant and equipment for the six months ended September 30, 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, 2025 173 1,371 632 1,088 386 6 3,656 Additions 2 1 12 71 6 - 92 Additions - Business Combination (Refer to Note 2.10) - - - 1 - - 1 - (1) (3) (50) (8) (1) (63) Translation difference (6) (44) (24) (34) (11) - (119) Gross carrying value as at September 30, 2025 169 1,327 617 1,076 373 5 3,567 Accumulated depreciation as at April 1, 2025 - (627) (511) (820) (315) (5) (2,278) Depreciation - (25) (20) (61) (14) - (120) Accumulated depreciation on deletions* - - 2 49 8 1 60 Translation difference - 21 21 26 9 - 77 Accumulated depreciation as at September 30, 2025 - (631) (508) (806) (312) (4) (2,261) Capital work-in progress as at April 1, 2025 119 Carrying value as at April 1, 2025 173 744 121 268 71 1 1,497 Capital work-in progress as at September 30, 2025 146 Carrying value as at September 30, 2025 169 696 109 270 61 1 1,452 The aggregate depreciation expense is included in cost of sales in the interim condensed consolidated statement of comprehensive income. The Group had contractual commitments for capital expenditure primarily comprising of commitments for infrastructure facilities and computer equipments aggregating to $128 million and $141 million as at September 30, 2026 and March 31, 2026, respectively. * During the three months and six months ended September 30, 2025, certain assets that were not in use, having a gross book value of $25 million (net book value: Nil) and $54 million (net book value: Nil), respectively, were retired. 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. Additions - Business Combination (Refer to Note 2.10) Deletions* Deletions** **During the three months and six months ended September 30, 2026, certain assets that were not in use, having a gross book value of $14 million (net book value: Nil) and $40 million (net book value: Nil), respectively, were retired 16
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2.8 Leases Accounting Policy The Group as a lessee The Group as a lessor ` (Dollars in millions) Particulars Land Buildings Vehicles Computers Balance as at July 1, 2026 58 333 3 252 646 Additions* - 29 - 32 61 Deletions - (2) - (5) (7) Depreciation - (20) (1) (27) (48) Translation difference (1) (3) - (3) (7) Balance as at September 30, 2026 57 337 2 249 645 * Net of adjustments on account of modifications (Dollars in millions) Particulars Land Buildings Vehicles Computers Balance as at July 1, 2025 70 392 3 274 739 Additions* - 14 - 56 70 Deletions - - - (20) (20) Depreciation - (21) (1) (35) (57) Translation difference (2) (10) 1 (1) (12) Balance as at September 30, 2025 68 375 3 274 720 * 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 September 30, 2026: Category of ROU asset Total Following are the changes in the carrying value of right-of-use assets for the three months ended September 30, 2025: Category of ROU asset Total 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. 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. 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. X11AO 17
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(Dollars in millions) Particulars Land Buildings Vehicles Computers Balance as at April 1, 2026 58 342 3 248 651 Additions* - 40 - 81 121 Additions on Business Combinations (Refer to Note 2.10) - 1 - - 1 Deletions - (3) - (22) (25) Depreciation - (40) (1) (53) (94) Translation difference (1) (3) - (5) (9) Balance as at September 30, 2026 57 337 2 249 645 * Net of adjustments on account of modifications (Dollars in millions) Particulars Land Buildings Vehicles Computers Balance as at April 1, 2025 70 392 3 273 738 Additions* - 34 - 99 133 Deletions - (2) - (43) (45) Depreciation - (43) (1) (67) (111) Translation difference (2) (6) 1 12 5 Balance as at September 30, 2025 68 375 3 274 720 * Net of adjustments on account of modifications The following is the break-up of current and non-current lease liabilities as of September 30, 2026 and March 31, 2026 (Dollars in millions) Particulars September 30, 2026 March 31, 2026 Current lease liabilities 374 333 Non-current lease liabilities 516 634 Total 890 967 As at Following are the changes in the carrying value of right-of-use assets for the six months ended September 30, 2025: Category of ROU asset Total The aggregate depreciation expense on ROU assets is included in cost of sales in the interim condensed consolidated statement of comprehensive income. Following are the changes in the carrying value of right-of-use assets for the six months ended September 30, 2026: Category of ROU asset Total 18
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2.9 Goodwill and Intangible assets 2.9.1 Goodwill Accounting Policy Impairment Following is a summary of changes in the carrying amount of goodwill: (Dollars in millions) September 30, 2026 March 31, 2026 Carrying value at the beginning 1,278 1,182 Goodwill on acquisitions (Refer to note 2.10) 283 52 Translation differences (10) 44 1,551 1,278 2.9.2 Intangible assets Accounting Policy Impairment 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. 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. 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 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 the net profit in the interim condensed 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 amortization) had no impairment loss been recognized for the asset in prior years. Carrying value at the end 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 interim condensed consolidated statement of comprehensive income. Goodwill is measured at cost less accumulated impairment losses. 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. Particulars As at 19
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2.10 Business combinations Accounting policy Acquisition Stratus Global LLC (Dollars in million) Component Acquiree's carrying amount Fair value adjustments Purchase price allocated Assets (1) 12 - 12 Liabilities (11) - (11) Loan (17) - (17) Intangible assets: Customer related# - 17 17 Vendor relationship# - 17 17 Brand# - 2 2 Goodwill - - 54 Total purchase price 74 During the six months ended September 30, 2026 the Group, completed two business combinations by acquiring 100% partnership interests/voting interests in: On April 21, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired a 100% partnership interest in Stratus Global LLC, a leading insurance technology partner serving Property & Casualty insurers and Managing General Agents, headquartered in USA. The acquisition is expected to further strengthen Infosys’ leadership in the insurance sector and accelerate AI-powered digital and data transformation for global P&C insurance clients. Additionally, this acquisition has retention bonus and management incentives 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. Retention bonus and management incentives are recognized in employee benefit expenses in the interim condensed consolidated statement of comprehensive income over the period of service. Fair value of trade receivables acquired is $2 million as of acquisition date and as of September 30, 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 $2 million related to the acquisition have been included under administrative expenses in the Consolidated Statement of Comprehensive income for the six months ended September 30, 2026. The provisional purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows: (1) Includes cash and cash equivalents acquired of $5 million. # The estimated useful life is around 2 year to 6 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. The total purchase consideration of $74 million includes upfront cash consideration of $69 million and contingent consideration with an estimated fair value of $5 million as on the date of acquisition. The maximum contingent consideration payable for the acquisition is $7 million. 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 2.9%. The undiscounted value of contingent consideration as of September 30, 2026 was $4 million. Goodwill is expected to be deductible for tax purposes. 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. X13AO 20
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Optimum Achieve Holdings Inc. (Dollars in million) Component Acquiree's carrying amount Fair value adjustments Purchase price allocated Assets (1) 117 - 117 Liabilities (41) - (41) Loan (68) - (68) Intangible assets: Customer related# - 22 22 Vendor relationship# - 143 143 Brand# - 10 10 Deferred tax liabilities on intangible assets - (47) (47) Goodwill - - 229 Total purchase price 365 Proposed Acquisitions Additionally, this acquisition has retention bonus and management incentives payable to the employees of the acquiree over four 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 interim condensed consolidated statement of comprehensive income over the period of service. 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. Fair value of trade receivables acquired is $61 million as of acquisition date and as of September 30, 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 $2 million related to the acquisition have been included under administrative expenses in the Consolidated Statement of Comprehensive income for the six months ended September 30, 2026. 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. On May 4, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired 100% voting interests in Optimum Achieve Holdings Inc., a healthcare digital transformation and consulting firm headquartered in USA, along with its other subsidiaries including Optimum Healthcare IT, LLC. This acquisition strengthens Infosys' capabilities in the Healthcare market. The provisional purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows: The total purchase consideration of $365 million includes upfront cash consideration of $299 million and contingent consideration with an estimated fair value of $66 million as on the date of acquisition. The maximum contingent consideration payable for the acquisition is $92 million. 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 2.9%. The undiscounted value of contingent consideration as of September 30, 2026 was $69 million. (1) Includes cash and cash equivalents acquired of $19 million. # The estimated useful life is around 1 year to 8 years 21
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Accounting Policy The following is the summary of grants during three months and six months ended September 30, 2026 and September 30, 2025: 2026 2025 2026 2025 2015 Plan: RSU Equity settled RSUs Key Management Personnel (KMP) - - 353,274 277,077 Employees other than KMP 9,836 2,400 37,029 7,400 9,836 2,400 390,303 284,477 2015 Plan: Employee Stock Options (ESOPs) Equity settled RSUs Key Management Personnel (KMP) - - - 237,370 Employees other than KMP - - - 5,412,790 - - - 5,650,160 Cash settled RSUs Key Management Personnel (KMP) - - - - Employees other than KMP - - - 108,180 - - - 108,180 Total Grants under 2015 Plan 9,836 2,400 390,303 6,042,817 2019 Plan: RSU Equity settled RSUs Key Management Personnel (KMP) - - 84,617 66,366 Employees other than KMP - - - - - - 84,617 66,366 Total Grants under 2019 Plan - - 84,617 66,366 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) Three months ended September 30, 2.11 Employees' Stock Option Plans (ESOP) 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 7,915,595 and 8,650,911 shares as at September 30, 2026 and March 31, 2026, 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 September 30, 2026 and March 31, 2026. Particulars Six months ended September 30, Further, on April 23, 2026, based on the recommendation of the Nomination and Remuneration Committee, the board approved the amendment to the 2019 Plan to extend the grant period by seven (7) years from the date of shareholder approval, thereby extending the validity of the Plan to a total period of ten (10) years from such approval and to amend the vesting parameters for grants there under and certain administrative amendments. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 23, 2026. X14AO 22
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Notes on grants to KMP: CEO & MD Under the 2015 plan: The break-up of employee stock compensation expense is as follows: (Dollars in millions) 2026 2025 2026 2025 Granted to: KMP 2 2 4 4 Employees other than KMP 22 25 44 50 Total (1) 24 27 48 54 (1) Cash settled stock compensation expense included in the above - - - 1 The fair value of each equity settled award is estimated on the date of grant using the following assumptions: Particulars Fiscal 2027- Equity Shares-RSU Fiscal 2027- ADS RSU Fiscal 2026- Equity Shares-RSU Fiscal 2026- Equity Shares- ESOP Fiscal 2026- ADS-ESOP Weighted average share price (₹) / ($ ADS) 1,181 12.32 1,507 1,554 17.93 Exercise price (₹)/ ($ ADS) 5.00 0.10 5.00 1,554 17.93 Expected volatility (%) 26-30 28-39 23-25 25-28 26-30 Expected life of the option (years) 1-4 1-4 1-4 3-7 3-7 Expected dividends (%) 3-4 3-4 2-3 2-3 2-3 Risk-free interest rate (%) 6 4 6 6 4 Weighted average fair value as on grant date (₹) / ($ ADS) 1,062 11.22 1,355 390 4.09 The Board, on April 23, 2026, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to ₹10 crore for fiscal 2027 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 84,617 performance based RSU’s were granted effective May 2, 2026. The Board, on April 23, 2026, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2027. In accordance with such approval the following grants were made effective May 2, 2026. - 294,043 performance-based RSUs (Annual performance equity grant) of fair value of ₹34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets. - 16,923 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of ₹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. - 42,308 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of ₹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. Under the 2019 plan: For options granted in 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. Particulars 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. Six months ended September 30,Three months ended September 30, 23
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2.12 Income Taxes Accounting policy Income tax expense in the interim condensed consolidated statement of comprehensive income comprises: (Dollars in million) 2026 2025 2026 2025 Current taxes Domestic taxes 269 280 540 550 Foreign taxes 86 82 169 168 355 362 709 718 Deferred taxes Domestic taxes (5) (23) (9) (39) Foreign taxes (13) (14) (20) (25) (18) (37) (29) (64) Income tax expense 337 325 680 654 2.13 Earnings per equity share Accounting Policy Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the interim condensed 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. Particulars Six months ended September 30,Three months ended September 30, 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. As at September 30, 2026, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $210 million (₹2,015 crore). As at March 31, 2026, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $207 million (₹1,964 crore). Amount paid to statutory authorities against the tax claims amounted to $139 million (₹1,332 crore) and $273 million (₹2,594 crore) as at September 30, 2026 and March 31, 2026 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. 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. Income tax expense for the three months ended September 30, 2026 includes provision (net of reversals) of $10 million. Income tax expense for the six months ended September 30, 2026 and September 30, 2025 includes provisions (net of reversals) of $20 million and provisions (net of reversals) $13 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 Deferred income tax for the three months and six months ended September 30, 2026 and September 30, 2025 substantially relates to the 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. X15AO 24
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2.14 Related party transactions - - - - - - - Transactions with key management personnel The table below describes the compensation to key management personnel which comprise directors and executive officers: (Dollars in millions) 2026 2025 2026 2025 Salaries and other short term employee benefits to whole-time directors and executive officers(1)(2) 3 4 6 7 Commission and other benefits to non-executive/ independent directors - - 1 1 Total 3 4 7 8 (1) Total employee stock compensation expense for the three months ended September 30, 2026 and September 30, 2025 includes a charge of $2 million and $2 million respectively, towards key management personnel. For the six months ended September 30, 2026 and September 30, 2025, includes a charge of $4 million and $4 million respectively, towards key management personnel. (Refer note 2.11). (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. Particulars Refer Note 2.20 "Related party transactions" in the Company’s 2026 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 six months ended September 30, 2026, the following are the changes in the subsidiaries: On April 21, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired 96% of the voting interests in Stratus Global LLC along with its subsidiaries, namely Stratus Technology Services LLC, Stratus Global (India) Private Limited and Stratus Holdings International Inc. along with its subsidiary Stratus Canada Inc. The remaining 4% voting interest in Stratus Global LLC was held by New Heritage Capital Fund III-B, LP, which was also acquired as part of the same acquisition. New Heritage Capital Fund III-B, LP was liquidated effective April 22, 2026, following which Infosys Nova Holdings LLC became the direct holder of 100% of the voting interests in Stratus Global LLC and its subsidiaries. Six months ended September 30, On May 04, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired 100% of voting interests in Optimum Achieve Holdings Inc along with its subsidiary TSC Companies LLC along with its subsidiary Optimum Healthcare IT LLC along with its subsidiaries Optimum CAN Holdings LLC, Optimum Tech Services LLC, Optimum Healthcare IT Pty Ltd, 3-102-936558 Sociedad de Responsabilidad Limitada and Optimum HIT Canada ULC. Changes in key management personnel The following are the changes in the key management personnel: Diane Enberg Jurgens was appointed as an Independent Director effective April 22, 2026 Nitin Paranjpe an Independent Director was appointed as the Vice Chairman effective April 30, 2026 Micheal Gibbs retired as an Independent Director effective July 12, 2026 Three months ended September 30, Guidevision UK Limited, a wholly-owned subsidiary of GuideVision, s.r.o. has been liquidated effective September 01, 2026 In-tech Automotive Engineering Beijing Co., Ltd (“in-tech (Beijing) Information Technology Co.Ltd”), a wholly-owned subsidiary of In-tech Aut Engg Shenyang Co. Ltd, has been liquidated effective September 02, 2026 X16AO 25
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2.15 Segment reporting 2.15.1 Business segments (Dollars in millions) Particulars Financial Services(1) Manufacturing Energy, Utilities, Resources and Services Retail(2) Communication(3) Life Sciences(4) Hi-Tech All other segments(5) Total Revenue 1,439 827 729 592 642 433 348 135 5,145 1,406 838 678 643 616 327 422 146 5,076 Identifiable operating expenses 775 508 387 295 412 289 202 94 2,962 801 507 381 321 388 206 267 92 2,963 Allocated expenses 283 142 135 119 110 78 63 32 962 256 132 126 126 112 60 68 33 913 Segment Profit 381 177 207 178 120 66 83 9 1,221 349 199 171 196 116 61 87 21 1,200 Unallocable expenses 142 135 Operating profit 1,079 1,065 Other income, net 89 112 Finance Cost 12 12 Profit before income taxes 1,156 1,165 Income tax expense 337 325 Net profit 819 840 Depreciation and amortization 142 135 Non-cash expenses other than depreciation and amortization - - (1) Financial Services include enterprises in Financial Services and Insurance (2) Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics (3) Communication includes enterprises in Communication, Telecom OEM and Media (4) Life Sciences includes enterprises in Life sciences and Health care (5) Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services For the three months ended September 30, 2026 and September 30, 2025 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 X17AO 26
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(Dollars in millions) Particulars Financial Services(1) Manufacturing Energy, Utilities, Resources and Services Retail(2) Communication(3) Life Sciences(4) Hi-Tech All other segments(5) Total Revenue 2,858 1,635 1,409 1,243 1,253 838 739 252 10,227 2,785 1,634 1,349 1,304 1,211 648 807 280 10,018 Identifiable operating expenses 1,533 1,002 765 641 790 558 434 171 5,894 1,580 1,006 765 662 778 406 496 169 5,862 Allocated expenses 558 278 271 244 219 149 126 64 1,909 509 263 245 248 215 117 134 64 1,795 Segment Profit 767 355 373 358 244 131 179 17 2,424 696 365 339 394 218 125 177 47 2,361 Unallocable expenses 273 268 Operating profit 2,151 2,093 Other income, net 193 234 Finance Cost 25 24 Profit before income taxes 2,319 2,303 Income tax expense 680 654 Net profit 1,639 1,649 Depreciation and amortization 273 268 Non-cash expenses other than depreciation and amortization - - (1) Financial Services include enterprises in Financial Services and Insurance (2) Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics (3) Communication includes enterprises in Communication, Telecom OEM and Media (4) Life Sciences includes enterprises in Life sciences and Health care (5) Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services 2.15.2 Significant clients No client individually accounted for more than 10% of the Revenue for the three months and six months ended September 30, 2026 and September 30, 2025, respectively For the six months ended September 30, 2026 and September 30, 2025 27
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Accounting Policy: 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. Revenue on time-and-material and unit of work based contracts, are recognizedas the related services are performed. Fixed price maintenance revenueis 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. 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. 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. 2.16 Revenue from Operations 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. X18AO 28
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(Dollars in millions) Particulars 2026 2025 2026 2025 Revenue from software services 4,904 4,837 9,740 9,551 Revenue from products and platforms 241 239 487 467 Total revenue from operations 5,145 5,076 10,227 10,018 For the three months and six months ended September 30, 2026 and September 30, 2025 (Dollars in millions) Particulars 2026 2025 2026 2025 Revenues by Geography* North America 2,810 2,856 5,674 5,645 Europe 1,674 1,611 3,308 3,171 India 142 158 267 301 Rest of the world 519 451 978 901 Total 5,145 5,076 10,227 10,018 Trade Receivables and Contract Balances (Dollars in millions) Particulars September 30, 2026 March 31, 2026 Unbilled financial asset (1) 1,341 1,211 Unbilled non financial asset (2) 616 605 Total 1,957 1,816 Revenues for the three months and six months ended September 30, 2026 and September 30, 2025 is as follows: Six months ended September 30, 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. (2) Right to consideration is dependent on completion of contractual milestones. 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 Unbilled Revenue As at (1) Right to consideration is unconditional and is due only after a passage of time. 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. The percentage of revenue from fixed-price contracts for each of the three months ended September 30, 2026 and September 30, 2025 are 54%. The percentage of revenue from fixed-price contracts for each of the six months ended September 30, 2026 and September 30, 2025 are 54%. * Geographical revenue is based on the domicile of customer . Six months ended September 30, 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. Products & platforms Three months ended September 30, Three months ended September 30, 29
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2.18 Equity Accounting policy Ordinary Shares Treasury Shares Share premium Retained earnings Retained earnings represent the amount of accumulated earnings of the Group. Other components of equity 2.18.1 Voting 2.18.2 Liquidation 2.18.3 Share options 2.18.4 Share capital and share premium 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 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. 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. 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. There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans. 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. The Company has only one class of shares referred to as equity shares having a par value of ₹5/- each. 7,915,595 shares and 8,650,911 shares were held by controlled trust, as at September 30, 2026 and March 31, 2026, 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. Capital Redemption Reserve 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. 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. 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. 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. X22AO 30
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Dividend in ₹ in US Dollars in ₹ in US Dollars Final dividend for fiscal 2026 25.00 0.26 - - Final dividend for fiscal 2025 - - 22.00 0.26 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’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 September 30, 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. The Board of Directors in their meeting held on October 23, 2026 declared an interim dividend of ₹26/- per equity share (approximately $0.27 per equity share) which would result in a net cash outflow of approximately ₹10,531 crore ($1,099 million) excluding dividend paid on treasury shares. 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: Particulars Six months ended September 30, 2026 Six months ended September 30, 2025 The Board of Directors in their meeting held on April 23, 2026 recommended a final dividend of ₹25/- per equity share (approximately $0.26 per equity share) for the financial year ended March 31, 2026. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 23, 2026 which resulted in a net cash outflow of ₹10,123 crore ($1,070 million), excluding dividend paid on treasury shares. The final dividend was paid on June 25, 2026. 31
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2.19 Break-up of expenses and other income, net Accounting policy Gratuity and Pensions Superannuation Provident fund Compensated absences 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. 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 portionof 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. 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. 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 accumulatedat the balance sheet date. Expenseon non-accumulating compensated absencesis 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 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 incomeis 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 denominatedin 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. 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. X20AOX20AO 32
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Operating Profits The translation of financial statements of the foreign subsidiaries to the presentation currency is performed for assets and liabilities using the exchange ratein 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. 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 denominatedin foreign currencies are translated into the relevant functional currencies using the exchange ratein 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). 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 profit of the Group is computed considering the revenues, net of cost of sales, selling and marketing expenses and administrative expenses. 33
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The table below provides details of break-up of expenses: 2.19.1 Cost of sales (Dollars in millions) 2026 2025 2026 2025 Employee benefit costs 2,368 2,394 4,737 4,784 Depreciation and amortization 142 135 273 268 Travelling costs 50 39 99 77 Cost of technical sub-contractors 459 443 900 852 Cost of software packages for own use 93 73 179 148 Third party items bought for service delivery to clients 378 380 752 739 Consultancy and professional charges 4 (1) 8 - Communication costs 8 10 16 18 Repairs and maintenance 17 17 32 34 Provision for post-sales client support and other provisions 13 9 (5) (12) Others 15 17 37 25 Total 3,547 3,516 7,028 6,933 2.19.2 Selling and marketing expenses (Dollars in millions) 2026 2025 2026 2025 Employee benefit costs 202 191 402 379 Travelling costs 14 15 31 30 Branding and marketing 34 33 79 78 Consultancy and professional charges 4 10 7 16 Communication costs 1 1 1 1 Cost of software packages for own use 4 3 8 5 Others 1 1 3 3 Total 260 254 531 512 2.19.3 Administrative expenses (Dollars in millions) 2026 2025 2026 2025 Employee benefit costs 93 92 190 185 Consultancy and professional charges 62 45 119 93 Repairs and maintenance 35 32 67 63 Power and fuel 6 7 12 13 Communication costs 8 8 15 17 Travelling costs 8 7 16 14 Rates and taxes 9 9 17 19 Insurance charges 9 10 19 19 Commission to non-whole time directors 1 1 1 1 Impairment loss recognized/(reversed) under expected credit loss model 6 0 6 4 Contribution towards Corporate Social Responsibility 17 17 33 31 Cost of software packages for own use 2 3 4 5 Others 3 10 18 16 Total 259 241 517 480 Particulars Particulars Six months ended September 30, Particulars Six months ended September 30, Three months ended September 30, Six months ended September 30, Three months ended September 30, Three months ended September 30, 34
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(Dollars in millions) 2026 2025 2026 2025 Interest income on financial assets carried at amortized cost 36 56 70 113 Interest income on financial assets carried at fair value through other comprehensive income 30 28 64 67 Gain/(loss) on investments carried at fair value through profit or loss 6 6 13 15 Gain/(loss) on investments carried at amortized cost - 6 - 9 Exchange gains / (losses) on forward and options contracts (14) (77) 29 (156) Exchange gains / (losses) on translation of other assets and liabilities 24 91 (1) 178 Others 7 2 18 8 Total 89 112 193 234 for and on behalf of the Board of Directors of Infosys Limited Salil Parekh Bobby Parikh Chief Executive Officer Director and Managing Director Bengaluru Jayesh Sanghrajka A.G.S. Manikantha October 23, 2026 Chief Financial Officer Company Secretary Nandan M. Nilekani Chairman 2.19.4 Other income, net: Particulars Six months ended September 30,Three months ended September 30, Other income for the three months and six months ended September 30, 2026 and September 30, 2025 is as follows: 35
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Deloitte Haskins & Sells LLP INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED Chartered Accountants Prestige Trade Tower, Level 19 46, Palace Road, High Grounds Bengaluru-560 001 Karnataka, India Tel: +91806188 6000 Fax: +91 80 6188 6011 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 September 30, 2026, the Condensed Consolidated Statement of Comprehensive Income for the three months and six months ended on that date, the Condensed Consolidated Statement of Changes in Equity, and the Condensed Consolidated Statement of Cash Flows for the six months 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 September 30, 2026, its consolidated profit and its consolidated other comprehensive income for the three months and six months ended on that date, its consolidated changes in equity and its consolidated cash flows for the six months 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. Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: MB-8737
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Deloitte Haskins & Sells LLP 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.
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Deloitte Haskins & Sells LLP 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 knowledg eable 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 charg ed 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 app licable, related safeguards. Place: Hyderabad Date: October 23, 2026 For DELOITTE HASKINS & SELLS LLP Chartered Accountants {Fir m's Registration No. 117366W/W-100018) ~.~ ~ Partner (Membership No.060408) UDIN:
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Index Page No. Condensed Consolidated Balance Sheet………………………………………………………………………………..1 Condensed Consolidated Statement of Comprehensive Income………………………………………………………..2 Condensed Consolidated Statement of Changes in Equity ……………………………………..……………………………………..3 Condensed Consolidated Statement of Cash Flows……………………………………………………………………….5 Overview and Notes to the Interim Condensed Consolidated Financial Statements 1. Overview 1.1 Company overview …………………………………………………….…………………………………………………….7 1.2 Basis of preparation of financial statements …………………………………………………….…………………………………………………….7 1.3 Basis of consolidation……………………………………………………………………………… 7 1.4 Use of estimates and judgments…………………………………………………………………. 7 1.5 Critical accounting estimates and judgements………………………………………………………………………7 1.6 Recent accounting pronouncements…………………………………………………………….. 8 2. Notes to the Interim Condensed Consolidated Financial Statements 2.1 Cash and cash equivalents ……………………………………………………………………….. 9 2.2 Investments…………………………………………………………………………………………. 9 2.3 Financial instruments………………………………………………………………………………. 11 2.4 Prepayments and other assets………………………………………………………………………. 15 2.5 Other liabilities……………………………………………………………………………………….. 16 2.6 Provisions and other contingencies……………………………………………………………………………………………17 2.7 Property, plant and equipment……………………………………………………………………….. 18 2.8 Leases……………………..……………………………………………………………………….. 20 2.9 Goodwill and Intangible Assets...……………………………………………………………..... 22 2.10 Business combinations ………………………………...………………………………………. 23 2.11 Employees' Stock Option Plans (ESOP)…………………………………………………………………………25 2.12 Income Taxes……………………………………………………………………………………. 27 2.13 Earnings per equity share…………………………………………………………………………………….28 2.14 Related party transactions………………………………………………………………………………………………..28 2.15 Segment reporting…………………………………………………………………………………………29 2.16 Revenue from Operations…………………………………………………………………………………..31 2.17 Unbilled Revenue……………………………………………………………………………….. 32 2.18 Equity…………………….………………………………………………………………………… 33 2.19 Break-up of expenses and other income, net………………...……………………………...... 35 Condensed Consolidated Financial Statements under International Financial Reporting Standards (IFRS) in Indian Rupee for the three months and six months ended September 30, 2026 INFOSYS LIMITED AND SUBSIDIARIES
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Infosys Limited and subsidiaries (In ₹ crore except equity share data) Note September 30, 2026 March 31, 2026 ASSETS Current assets Cash and cash equivalents 2.1 24,350 22,201 Current investments 2.2 13,761 12,950 Trade receivables 34,821 35,234 Unbilled revenue 2.17 16,609 15,483 Prepayments and other current assets 2.4 15,979 15,703 Income tax assets 2.12 38 1,835 Derivative financial instruments 2.3 193 83 Total current assets 105,751 103,489 Non-current assets Property, plant and equipment 2.7 13,644 13,331 Right-of-use assets 2.8 6,176 6,177 Goodwill 2.9 14,864 12,117 Intangible assets 2.9 4,425 2,825 Non-current investments 2.2 8,390 8,930 Unbilled revenue 2.17 2,146 1,738 Deferred income tax assets 2.12 2,307 2,264 Income tax assets 2.12 1,775 666 Other non-current assets 2.4 4,002 4,430 Total non-current assets 57,729 52,478 Total assets 163,480 155,967 Current liabilities Trade payables 4,498 4,744 Lease liabilities 2.8 3,583 3,160 Derivative financial instruments 2.3 65 593 Current income tax liabilities 2.12 6,553 5,644 Unearned revenue 11,823 11,838 Employee benefit obligations 3,546 3,524 Provisions 2.6 1,963 1,512 Other current liabilities 2.5 21,550 21,307 Total current liabilities 53,581 52,322 Non-current liabilities Lease liabilities 2.8 4,942 6,016 Deferred income tax liabilities 2.12 1,885 1,679 Employee benefit obligations 128 117 Other non-current liabilities 2.5 3,401 2,536 Total non-current liabilities 10,356 10,348 Total liabilities 63,937 62,670 Equity 2.18 2,026 2,024 Share premium 2,104 1,839 Retained earnings 85,871 77,634 Cash flow hedge reserves 17 (19) Other reserves 2,262 4,824 Capital redemption reserve 219 219 Other components of equity 6,578 6,331 Total equity attributable to equity holders of the Company 99,077 92,852 Non-controlling interests 466 445 Total equity 99,543 93,297 Total liabilities and equity 163,480 155,967 The accompanying notes form an integral part of the interim condensed 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 Firm’s Registration No: 117366W/ W-100018 Vikas Bagaria Nandan M. Nilekani Salil Parekh Bobby Parikh Partner Chairman Chief Executive Officer Director Membership No. 060408 and Managing Director Jayesh Sanghrajka A.G.S. Manikantha Chief Financial Officer Company Secretary Hyderabad Bengaluru October 23, 2026 October 23, 2026 LIABILITIES AND EQUITY Share capital - ₹5 par value 480,00,00,000 (480,00,00,000) equity shares authorized, issued and outstanding 405,03,60,983 (404,69,40,812) equity shares fully paid up, net of 79,15,595 (86,50,911) treasury shares as at September 30, 2026 (March 31, 2026) Condensed Consolidated Balance Sheet as at 1
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(In ₹ crore except equity share and per equity share data) 2026 2025 2026 2025 Revenues 2.16 49,244 44,490 97,454 86,769 Cost of sales 2.19 33,943 30,800 66,975 60,025 Gross profit 15,301 13,690 30,479 26,744 Operating expenses Selling and marketing expenses 2.19 2,489 2,224 5,057 4,431 Administrative expenses 2.19 2,482 2,113 4,928 4,156 Total operating expenses 4,971 4,337 9,985 8,587 Operating profit 10,330 9,353 20,494 18,157 Other income, net 2.19 848 982 1,832 2,024 Finance cost 115 106 235 211 Profit before income taxes 11,063 10,229 22,091 19,970 Income tax expense 2.12 3,225 2,854 6,478 5,670 Net profit 7,838 7,375 15,613 14,300 Other comprehensive income (177) (38) 119 (108) 2.2 (9) (8) 51 27 (186) (46) 170 (81) (13) - 36 6 212 862 118 1,881 2.2 (97) (34) (37) 89 102 828 117 1,976 Total other comprehensive income/(loss), net of tax (84) 782 287 1,895 Total comprehensive income 7,754 8,157 15,900 16,195 Profit attributable to: Owners of the Company 7,823 7,364 15,592 14,285 Non-controlling interests 15 11 21 15 7,838 7,375 15,613 14,300 Total comprehensive income attributable to: Owners of the Company 7,733 8,140 15,875 16,165 Non-controlling interests 21 17 25 30 7,754 8,157 15,900 16,195 Earnings per equity share Basic (₹) 2.13 19.32 17.76 38.51 34.47 Diluted (₹) 2.13 19.30 17.74 38.46 34.41 Basic (in shares) 2.13 4,049,987,827 4,145,208,267 4,048,846,535 4,144,593,296 Diluted (in shares) 2.13 4,054,326,796 4,151,315,578 4,054,149,523 4,151,441,800 The accompanying notes form an integral part of the interim condensed 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 Firm’s Registration No: 117366W/ W-100018 Vikas Bagaria Nandan M. Nilekani Salil Parekh Bobby Parikh Partner Chairman Chief Executive Officer Director Membership No. 060408 and Managing Director Jayesh Sanghrajka A.G.S. Manikantha Chief Financial Officer Company Secretary Hyderabad Bengaluru October 23, 2026 October 23, 2026 Three months ended September 30, Six months ended September 30, Weighted average equity shares used in computing earnings per equity share Infosys Limited and subsidiaries Equity shares of par value ₹5/- each Items that will not be reclassified subsequently to profit or loss Remeasurement of the net defined benefit liability/asset, net Equity instruments through other comprehensive income, net Items that will be reclassified subsequently to profit or loss Fair value changes on derivatives designated as cash flow hedge, net Exchange differences on translation of foreign operations Fair value changes on investments, net NoteCondensed Consolidated Statement of Comprehensive Income for the 2
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(In ₹ crore except equity share data) Condensed Consolidated Statement of Changes in Equity Number of Shares(1) Share capital Share premium Retained earnings Other reserves(2) 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, 2025 4,143,607,528 2,073 2,180 80,096 8,298 169 3,020 (18) 95,818 385 96,203 Net profit - - - 14,285 - - - - 14,285 15 14,300 - - - - - - (108) - (108) - (108) - - - - - - 27 - 27 - 27 - - - - - - - 6 6 - 6 - - - - - - 1,866 - 1,866 15 1,881 - - - - - - 89 - 89 - 89 - - - 14,285 - - 1,874 6 16,165 30 16,195 1,702,418 1 - - - - - - 1 - 1 - - 463 - - - - - 463 - 463 - - 5 - - - - - 5 - 5 - - (62) 62 - - - - - - - - - - (10) - - - - (10) - (10) - - - 7 - - - - 7 2 9 - - - 408 (408) - - - - - - - - - 2,215 (2,215) - - - - - - Dividends paid to non controlling interest of subsidiary - - - - - - - - - (3) (3) - - - (9,119) - - - - (9,119) - (9,119) Balance as at September 30, 2025 4,145,309,946 2,074 2,586 87,944 5,675 169 4,894 (12) 103,330 414 103,744 Infosys Limited and subsidiaries Employee stock compensation expense (Refer to note 2.11) Shares issued on exercise of employee stock options (Refer to note 2.11) Fair value changes on derivatives designated as cash flow hedge, net* Remeasurement of the net defined benefit liability/asset, net* Exchange differences on translation of foreign operations Fair value changes on investments, net* Total comprehensive income for the period Equity instruments through other comprehensive income, net* Changes in equity for six months ended September 30, 2025 Income tax benefit arising on exercise of stock options (Refer to note 2.12) Dividends# Financial liability under option arrangements Changes in the controlling stake of a subsidiary Transferred from other reserves on utilization Transferred from other reserves to retained earnings Transferred on account of options not exercised 3
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(In ₹ crore except equity share data) Condensed Consolidated Statement of Changes in Equity Number of Shares(1) Share capital Share premium Retained earnings Other reserves(2) 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 Infosys Limited and subsidiaries Balance as at April 1, 2026 4,046,940,812 2,024 1,839 77,634 4,824 219 6,331 (19) 92,852 445 93,297 Net profit - - - 15,592 - - - - 15,592 21 15,613 - - - - - - 119 - 119 - 119 - - - - - - 51 - 51 - 51 - - - - - - - 36 36 - 36 - - - - - - 114 - 114 4 118 - - - - - - (37) - (37) - (37) - - - 15,592 - - 247 36 15,875 25 15,900 3,420,171 2 - - - - - - 2 - 2 - - 456 - - - - - 456 - 456 - - 15 - - - - - 15 - 15 - - (206) 206 - - - - - - - - - - 743 (743) - - - - - - - - - 1,819 (1,819) - - - - - - Dividends paid to non controlling interest of subsidiary - - - - - - - - - (4) (4) - - - (10,123) - - - - (10,123) - (10,123) Balance as at September 30, 2026 4,050,360,983 2,026 2,104 85,871 2,262 219 6,578 17 99,077 466 99,543 * net of tax # net of treasury shares The accompanying notes form an integral part of the interim condensed consolidated financial statements. for and on behalf of the Board of Directors of Infosys Limited Chartered Accountants Firm’s Registration No: 117366W/ W-100018 Vikas Bagaria Nandan M. Nilekani Salil Parekh Bobby Parikh Partner Chairman Chief Executive Officer Director Membership No. 060408 and Managing Director Jayesh Sanghrajka A.G.S. Manikantha Chief Financial Officer Company Secretary Hyderabad Bengaluru October 23, 2026 October 23, 2026 Income tax benefit arising on exercise of stock options (Refer to note 2.12) Transferred on account of options not exercised for Deloitte Haskins & Sells LLP (1) excludes treasury shares of 79,15,595 as at September 30, 2026, 86,50,911 as at April 1, 2026, 90,91,403 as at September 30, 2025 and 96,55,927 as at April 1, 2025 held by consolidated trust. (2) 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. Transferred from other reserves on utilization Dividends# As per our report of even date attached Transferred from other reserves to retained earnings Employee stock compensation expense (Refer to note 2.11) Fair value changes on derivatives designated as cash flow hedge, net* Equity instruments through other comprehensive income, net* Remeasurement of the net defined benefit liability/asset, net* Shares issued on exercise of employee stock options (Refer to note 2.11) Total comprehensive income for the period Fair value changes on investments, net* Exchange differences on translation of foreign operations Changes in equity for six months ended September 30, 2026 4
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Infosys Limited and subsidiaries Condensed Consolidated Statement of Cash Flows Accounting Policy (In ₹ crore) 2026 2025 Operating activities Net Profit 15,613 14,300 Adjustments to reconcile net profit to net cash provided by operating activities Depreciation and amortization 2,605 2,323 Income tax expense 2.12 6,478 5,670 Finance cost 235 211 Interest and dividend income (626) (616) Exchange differences on translation of assets and liabilities, net 18 573 Impairment loss recognized/(reversed) under expected credit loss model 61 34 Stock compensation expense 460 471 Provision for post sale client support and other provisions (47) (97) Other adjustments 920 658 Changes in working capital Trade receivables and unbilled revenue (325) (4,390) Prepayments and other assets 305 (67) Trade payables (359) (451) Unearned revenue (41) 515 Other liabilities and provisions (647) 2,424 Cash generated from operations 24,650 21,558 Income taxes paid (5,116) (2,996) Net cash generated by operating activities 19,534 18,562 Investing activities Expenditure on property, plant and equipment and intangibles, net of sale proceeds 2.7 (1,585) (1,352) Deposits placed with corporation (775) (683) Redemption of deposits placed with corporation 515 392 Interest and dividend received 307 562 Payment for acquisition of business, net of cash acquired 2.10 (3,238) (637) Payment of contingent consideration pertaining to acquisition of business (27) (13) Other receipts 1 14 - Quoted debt securities (2,394) (3,191) - Mutual fund units (39,313) (36,091) - Certificates of deposit (4,827) (7,149) - Commercial paper (2,817) (2,686) - Other investments (201) (22) Proceeds on sale of investments - Quoted debt securities 1,538 6,174 - Mutual fund units 36,788 32,967 - Certificates of deposit 8,850 5,857 - Commercial paper 2,575 4,675 - Other investments 10 - Net cash generated from investing activities (4,593) (1,183) Cash flows are reported using the indirect method, whereby profit for the period 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. Payments to acquire Investments NoteParticulars Six months ended September 30, 5
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Financing activities Payment of lease liabilities (1,819) (1,382) Payment of dividends (10,126) (9,122) Loan repayment of acquired entities 2.10 (812) - Payment of dividends to non-controlling interests of subsidiary (4) (3) Shares issued on exercise of employee stock options 2 1 Other payments (57) (181) Net cash used in financing activities (12,816) (10,687) Net increase/(decrease) in cash and cash equivalents 2,125 6,692 Effect of exchange rate changes on cash and cash equivalents 24 685 Cash and cash equivalents at the beginning of the period 2.1 22,201 24,455 Cash and cash equivalents at the end of the period 2.1 24,350 31,832 Supplementary information: Restricted cash balance 2.1 443 410 The accompanying notes form an integral part of the interim condensed 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 Firm’s Registration No: 117366W/ W-100018 Vikas Bagaria Nandan M. Nilekani Salil Parekh Bobby Parikh Partner Chairman Chief Executive Officer Director Membership No. 060408 and Managing Director Jayesh Sanghrajka A.G.S. Manikantha Chief Financial Officer Company Secretary Hyderabad Bengaluru October 23, 2026 October 23, 2026 6
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INFOSYS LIMITED AND SUBSIDIARIES 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 Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE). 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 October 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 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. 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, 2026. 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 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 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 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. 7
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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 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. 8
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2. Notes to the Interim Consolidated Financial Statements 2.1 Cash and cash equivalents Cash and cash equivalents consist of the following: (In ₹ crore) September 30, 2026 March 31, 2026 Cash and bank deposits 24,350 22,201 Total Cash and cash equivalents 24,350 22,201 2.2 Investments (In ₹ crore) Particulars September 30, 2026 March 31, 2026 (i) Current Investments Amortized Cost Quoted debt securities 158 100 Fair Value through other comprehensive income Quoted debt securities 2,833 1,254 Commercial papers 1,499 1,205 Certificate of deposit 4,240 8,008 Fair Value through profit or loss Mutual fund units 5,031 2,383 Total current investments 13,761 12,950 (ii) Non-current Investments Amortized Cost Quoted debt securities 430 431 Fair Value through other comprehensive income Quoted debt securities 6,691 7,493 Quoted equity securities 121 61 Unquoted preference securities 634 628 Unquoted equity securities 2 2 Fair Value through profit or loss Unquoted equity securities 29 - Unquoted preference securities 114 52 Others(1) 369 263 Total non-current investments 8,390 8,930 Total investments 22,151 21,880 Investments carried at amortized cost 588 531 Investments carried at fair value through other comprehensive income 16,020 18,651 Investments carried at fair value through profit or loss 5,543 2,698 (1) Uncalled capital commitments outstanding as at September 30, 2026 and March 31, 2026 was ₹160 crore and ₹93 crore, respectively. Refer to note 2.3 for accounting policies on financial instruments. As at Cash and cash equivalents as at September 30, 2026 and March 31, 2026 include restricted cash and bank balances of ₹443 crore and ₹422 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. The carrying value of the investments are as follows: As at Particulars 9
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Method of fair valuation: (In ₹ crore) Class of Investment Method September 30, 2026 March 31, 2026 Mutual fund units - carried at fair value through profit or loss 5,031 2,383 Quoted debt securities - carried at amortized cost 597 552 Quoted debt securities - carried at fair value through other comprehensive income 9,524 8,747 Commercial papers - carried at fair value through other comprehensive income 1,499 1,205 Certificates of deposit - carried at fair value through other comprehensive income 4,240 8,008 Quoted equity securities - carried at fair value through other comprehensive income Quoted price 121 61 Unquoted equity and preference securities - carried at fair value through profit or loss 143 52 Unquoted equity and preference securities - carried at fair value through other comprehensive income 636 630 Others - carried at fair value through profit or loss 369 263 Total 22,160 21,901 Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments. Fair value as at Quoted price Discounted cash flows method, Market multiples method, option pricing model Quoted price and market observable inputs Quoted price and market observable inputs Discounted cash flows method, Market multiples method, option pricing model Market observable inputs Market observable inputs Discounted cash flows method, Market multiples method, option pricing model 10
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2.3 Financial instruments Accounting Policy 2.3.1 Initial recognition 2.3.2 Subsequent measurement a. Non-derivative financial instruments (ii) Financial assets carried at fair value through other comprehensive income (FVOCI) (iv) Financial liabilities (ii) Cash flow hedge 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. 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. 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. 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. 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. 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. This category includes derivative financial assets or liabilities which are not designated as hedges. A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss. (iii) Financial assets carried at fair value through profit or loss (FVTPL) 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. (i) Financial assets carried at amortized cost b. Derivative financial instruments (i) Financial assets or financial liabilities, 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. 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 interim condensed consolidated statement of comprehensive income. 11
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2.3.5 Impairment Financial instruments by category The carrying value and fair value of financial instruments by categories as at September 30, 2026 are as follows: (In ₹ crore) Designated upon initial recognition Mandatory Equity instruments designated upon initial recognition Mandatory Assets: Cash and cash equivalents (Refer to note 2.1) 24,350 - - - - 24,350 24,350 Investments (Refer to note 2.2) Mutual fund units - - 5,031 - - 5,031 5,031 Quoted debt securities 588 - - - 9,524 10,112 10,121 (1) Commercial Papers - - - - 1,499 1,499 1,499 Certificates of deposit - - - - 4,240 4,240 4,240 Quoted equity securities - - - 121 - 121 121 Unquoted equity and preference securities - 143 - 636 - 779 779 Unquoted investment others - - 369 - - 369 369 Trade receivables 34,821 - - - - 34,821 34,821 Unbilled revenues (Refer to note 2.17) (3) 12,853 - - - - 12,853 12,853 7,676 - - - - 7,676 7,667 (2) Derivative financial instruments - - 150 - 43 193 193 Total 80,288 143 5,550 757 15,306 102,044 102,044 Liabilities: Trade payables 4,498 - - - - 4,498 4,498 Lease liabilities (Refer to note 2.8) 8,525 - - - - 8,525 8,525 Derivative financial instruments - - 63 - 2 65 65 - - 881 - - 881 881 18,589 - 750 - - 19,339 19,339 Total 31,612 - 1,694 - 2 33,308 33,308 (1) On account of fair value changes including interest accrued (2) Excludes interest accrued on quoted debt securities carried at amortized cost of ₹9 crore (3) Excludes unbilled revenue for contracts where the right to consideration is dependent on completion of contractual milestones Financial assets / liabilities at fair value through profit or loss Amortized cost Total carrying value Total fair value 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. Particulars 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. 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 interim condensed consolidated statement of comprehensive income. Financial assets / liabilities at fair value through OCI Financial liability under option arrangements (Refer to note 2.5) Prepayments and other assets (Refer to note 2.4) Other liabilities including contingent consideration (Refer to note 2.5) 12
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The carrying value and fair value of financial instruments by categories as at March 31, 2026 were as follows: (In ₹ crore) Designated upon initial recognition Mandatory Equity instruments designated upon initial recognition Mandatory Assets: Cash and cash equivalents (Refer to note 2.1) 22,201 - - - - 22,201 22,201 Investments (Refer to note 2.2) Mutual fund units - - 2,383 - - 2,383 2,383 Quoted debt securities 531 - - - 8,747 9,278 9,299 (1) Commercial papers - - - - 1,205 1,205 1,205 Certificates of deposit - - - - 8,008 8,008 8,008 Quoted equity securities - - - 61 - 61 61 Unquoted equity and preference securities - 52 - 630 - 682 682 Unquoted investments others - - 263 - - 263 263 Trade receivables 35,234 - - - - 35,234 35,234 Unbilled revenue (Refer to note 2.17) (3) 11,481 - - - - 11,481 11,481 7,342 - - - - 7,342 7,321 (2) Derivative financial instruments - - 27 - 56 83 83 Total 76,789 52 2,673 691 18,016 98,221 98,221 Liabilities: Trade payables 4,744 - - - - 4,744 4,744 Lease liabilities (Refer to note 2.8) 9,176 - - - - 9,176 9,176 Derivative financial instruments - - 538 - 55 593 593 - - 876 - - 876 876 18,361 - 104 - - 18,465 18,465 Total 32,281 - 1,518 - 55 33,854 33,854 (1) On account of fair value changes including interest accrued (2) Excludes interest accrued on quoted debt securities carried at amortized cost of ₹21 crore (3) Excludes unbilled revenue for contracts where the right to consideration is dependent on completion of contractual milestones Fair value hierarchy Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). (In ₹ crore) Level 1 Level 2 Level 3 Assets Investments (Refer to note 2.2) 5,031 5,031 - - 10,121 8,103 2,018 - 4,240 - 4,240 - 1,499 - 1,499 - 121 121 - - 779 - - 779 Investments in unquoted investments others 369 - - 369 Others 193 - 193 - Liabilities 65 - 65 - Financial liability under option arrangements (Refer to note 2.5) (1) 881 - - 881 Liability towards contingent consideration (Refer to note 2.5) (2) 750 - - 750 Fair value measurement at end of the reporting period using Financial assets/ liabilities at fair value through profit or loss Amortized cost Total carrying value Total fair value Particulars Financial liability under option arrangements (Refer to note 2.5) Particulars (1)Discount rate ranges from 9.5% to 14.5% Financial assets/liabilities at fair value through OCI Prepayments and other assets (Refer to note 2.4) Investments in quoted equity securities (2) Discount rate ranges from 2.5% to 3% Other liabilities including contingent consideration (Refer to note 2.5) Investments in quoted debt securities During the six months ended September 30, 2026, quoted debt securities of ₹371 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 ₹1478 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs. 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. Investments in certificates of deposit Investments in commercial papers 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). Derivative financial instruments - loss Investments in mutual fund units As at September 30, 2026 Investments in unquoted equity and preference securities The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at September 30, 2026 is as follows: Derivative financial instruments - gain 13
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(In ₹ crore) Level 1 Level 2 Level 3 Assets Investments (Refer to note 2.2) 2,383 2,383 - - 9,299 8,513 786 - 682 - - 682 61 61 - - Investments in certificates of deposit 8,008 - 8,008 - Investments in commercial papers 1,205 - 1,205 - Investments in unquoted investments others 263 - - 263 Others 83 - 83 - Liabilities 593 - 593 - Financial liability under option arrangements (Refer to note 2.5) (1) 876 - - 876 Liability towards contingent consideration (Refer to note 2.5) (2) 104 - - 104 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 on the fair values of level 3 financial instruments. Derivative financial instruments- gain During the year ended March 31, 2026, quoted debt securities of ₹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 ₹487 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs. (1)Discount rate ranges from 9.5% to 14.5% Derivative financial instruments- loss Investments in unquoted equity and preference securities Investments in mutual fund units As at March 31, 2026Particulars The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2026 was as follows: Fair value measurement at end of the reporting period using Investments in quoted debt securities (2) Discount rate ranges from 2.5% to 6% Investments in quoted equity securities 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, 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. 14
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2.4 Prepayments and other assets Prepayments and other assets consist of the following: (In ₹ crore) September 30, 2026 March 31, 2026 Current Security deposits(1) 72 75 Loans to employees(1) 239 234 Prepaid expenses(2) 4,636 4,265 Interest accrued and not due(1) 472 448 Withholding taxes and others(2)(4) 3,494 3,901 Advance payments to vendors for supply of goods(2) 136 474 Deposit with corporations(1)(3) 3,417 3,170 Deferred contract cost Cost of obtaining a contract (2) 266 285 Cost of fulfillment (2) 362 667 Net investment in lease(1) 2,317 1,613 Other non financial assets (2) 95 134 Other financial assets(1) 473 437 Total Current prepayment and other assets 15,979 15,703 Non-current Security deposits(1) 341 281 Loans to employees(1) 3 6 Prepaid expenses(2) 831 775 Withholding taxes and others(2)(4) 558 626 Deposit with corporations(1)(3) 91 79 Deferred contract cost Cost of obtaining a contract (2) 414 491 Cost of fulfillment (2) 1,081 968 432 205 Net investment in lease(1) 211 957 Other financial assets(1) 40 42 Total Non- current prepayment and other assets 4,002 4,430 19,981 20,133 (1) Financial assets carried at amortized cost 7,676 7,342 (2) Non financial assets As at (4) Withholding taxes and others primarily consist of input tax credits and VAT recoverable from tax authorities. Particulars Total prepayment and other assets (3) Deposit with corporation represents amounts deposited to settle certain employee-related obligations as and when they arise during the normal course of business. Defined benefit plan assets(2) 15
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2.5 Other liabilities Other liabilities comprise the following: (In ₹ crore) September 30, 2026 March 31, 2026 Current Accrued compensation to employees(1) 5,645 5,898 Accrued defined benefit liability (3) 10 49 Accrued expenses(1) 9,996 9,683 Withholding taxes and others(3) 3,962 3,881 Liabilities of controlled trusts(1) 173 173 Liability towards contingent consideration(2) 371 73 Capital Creditors(1) 221 284 Financial liability under option arrangements(2)(4) 757 754 Other non-financial liabilities (3) 27 11 Other financial liabilities(1) 388 501 Total current other liabilities 21,550 21,307 Non-current Accrued expenses(1) 2,140 1,725 Accrued defined benefit liability (3) 664 473 Accrued compensation to employees(1) 16 10 Liability towards contingent consideration(2) 379 31 Financial liability under option arrangements(2)(4) 124 122 Other financial liabilities(1) 10 87 Other non-financial liabilities(3) 68 88 Total non-current other liabilities 3,401 2,536 Total other liabilities 24,951 23,843 (1) Financial liability carried at amortized cost 18,589 18,361 (2) Financial liability carried at fair value through profit or loss 1,631 980 (3)Non financial liabilities As at 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. Particulars (4) Represents liability related to options issued by the Group over the non-controlling interests in its subsidiaries 16
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2.6 Provisions and other contingencies Accounting Policy 2.6.1 Provisions a. Post sales client support b. Onerous contracts Provision for post sales client support (In ₹ crore) September 30, 2026 March 31, 2026 Post sales client support 1,963 1,512 Total provisions 1,963 1,512 2.6.2 Legal proceedings Government Investigation 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. As at September 30, 2026 and March 31, 2026 claims against the Group, not acknowledged as debts, (excluding demands from income tax authorities - Refer to note 2.12) amounted to ₹1,210 crore and ₹1,153 crore respectively. Provision for post sales client support is included in cost of sales in the interim condensed consolidated statement of comprehensive income. The amount paid to statutory authorities against the claims (excluding demands from income tax authorities-Refer to note 2.12) amounted to ₹33 crore and ₹27 crore as at September 30, 2026 and March 31, 2026, respectively. 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. The U.S. Department of Justice (“DOJ”) is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees 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. As at 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. 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. Particulars 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. 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. 17
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2.7 Property, plant and equipment Accounting Policy Building 22-25 years Plant and machinery(1) 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 (1) Includes solar plant with a useful life of 25 years Impairment The changes in the carrying value of property, plant and equipment for the three months ended September 30, 2026 are as follows: (In ₹ crore) Particulars Land Buildings Plant and machinery Computer equipment Furniture and fixtures Vehicles Total Gross carrying value as at July 1, 2026 1,438 12,624 5,846 9,685 3,416 43 33,052 Additions 4 246 184 555 131 1 1,121 Deletions** (7) (2) (28) (119) (50) - (206) Translation difference - 28 3 5 6 - 42 Gross carrying value as at September 30, 2026 1,435 12,896 6,005 10,126 3,503 44 34,009 Accumulated depreciation as at July 1, 2026 - (5,981) (4,752) (6,878) (2,841) (38) (20,490) Depreciation - (121) (97) (331) (69) (1) (619) Accumulated depreciation on deletions** - - 26 118 50 - 194 Translation difference - (10) (4) (3) (6) - (23) Accumulated depreciation as at September 30, 2026 - (6,112) (4,827) (7,094) (2,866) (39) (20,938) Capital work-in progress as at July 1, 2026 881 Carrying value as at July 1, 2026 1,438 6,643 1,094 2,807 575 5 13,443 Capital work-in progress as at September 30, 2026 573 Carrying value as at September 30, 2026 1,435 6,784 1,178 3,032 637 5 13,644 The changes in the carrying value of property, plant and equipment for the three months ended September 30, 2025 are as follows: (In ₹ crore) Particulars Land Buildings Plant and machinery Computer equipment Furniture and fixtures Vehicles Total Gross carrying value as at July 1, 2025 1,487 11,737 5,506 9,278 3,359 48 31,415 Additions 10 6 29 412 8 - 465 Deletions* - - (14) (165) (67) (3) (249) Translation difference - 38 9 29 18 - 94 Gross carrying value as at September 30, 2025 1,497 11,781 5,530 9,554 3,318 45 31,725 Accumulated depreciation as at July 1, 2025 - (5,473) (4,480) (7,040) (2,768) (43) (19,804) Depreciation - (112) (87) (263) (57) - (519) Accumulated depreciation on deletions* - - 14 165 67 3 249 Translation difference - (13) (8) (18) (16) - (55) Accumulated depreciation as at September 30, 2025 - (5,598) (4,561) (7,156) (2,774) (40) (20,129) Capital work-in progress as at July 1, 2025 1,114 Carrying value as at July 1, 2025 1,487 6,264 1,026 2,238 591 5 12,725 Capital work-in progress as at September 30, 2025 1,296 Carrying value as at September 30, 2025 1,497 6,183 969 2,398 544 5 12,892 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: 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. 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 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. X10AO 18
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The changes in the carrying value of property, plant and equipment for the six months ended September 30, 2026 are as follows: (In ₹ crore) Particulars Land Buildings Plant and machinery Computer equipment Furniture and fixtures Vehicles Total Gross carrying value as at April 1, 2026 1,438 12,574 5,806 9,607 3,449 44 32,918 Additions 4 282 245 882 161 2 1,576 Additions - Business Combination (Refer to Note 2.10) - - - 15 - - 15 (7) (5) (51) (382) (113) (2) (560) Translation difference - 45 5 4 6 - 60 Gross carrying value as at September 30, 2026 1,435 12,896 6,005 10,126 3,503 44 34,009 Accumulated depreciation as at April 1, 2026 - (5,856) (4,683) (6,850) (2,839) (39) (20,267) Depreciation - (241) (187) (622) (134) (1) (1,185) Accumulated depreciation on deletions** - 1 49 381 113 1 545 Translation difference - (16) (6) (3) (6) - (31) Accumulated depreciation as at September 30, 2026 - (6,112) (4,827) (7,094) (2,866) (39) (20,938) Capital work-in progress as at April 1, 2026 680 Carrying value as at April 1, 2026 1,438 6,718 1,123 2,757 610 5 13,331 Capital work-in progress as at September 30, 2026 573 Carrying value as at September 30, 2026 1,435 6,784 1,178 3,032 637 5 13,644 The changes in the carrying value of property, plant and equipment for the six months ended September 30, 2025 are as follows: (In ₹ crore) Particulars Land Buildings Plant and machinery Computer equipment Furniture and fixtures Vehicles Total Gross carrying value as at April 1, 2025 1,477 11,721 5,438 9,306 3,300 48 31,290 Additions 20 9 100 619 52 1 801 Additions - Business Combination (Refer to Note 2.10) - - - 3 - - 3 - (5) (25) (435) (73) (4) (542) Translation difference - 56 17 61 39 - 173 Gross carrying value as at September 30, 2025 1,497 11,781 5,530 9,554 3,318 45 31,725 Accumulated depreciation as at April 1, 2025 - (5,358) (4,402) (7,013) (2,696) (43) (19,512) Depreciation - (223) (170) (530) (118) (1) (1,042) Accumulated depreciation on deletions* - 1 24 424 73 4 526 Translation difference - (18) (13) (37) (33) - (101) Accumulated depreciation as at September 30, 2025 - (5,598) (4,561) (7,156) (2,774) (40) (20,129) Capital work-in progress as at April 1, 2025 1,022 Carrying value as at April 1, 2025 1,477 6,363 1,036 2,293 604 5 12,800 Capital work-in progress as at September 30, 2025 1,296 Carrying value as at September 30, 2025 1,497 6,183 969 2,398 544 5 12,892 The Group had contractual commitments for capital expenditure primarily comprising of commitments for infrastructure facilities and computer equipment aggregating to ₹1,222 crore and ₹1,341 crore as at September 30, 2026 and March 31, 2026, respectively. Repairs and maintenance costs are recognized in the interim condensed consolidated statement of comprehensive income when incurred. The aggregate depreciation expense is included in cost of sales in the interim condensed consolidated statement of comprehensive income. 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. Deletions** ** During the three months and six months ended September 30, 2026, certain assets which were not in use having gross book value of ₹139 crore (net book value: Nil) and ₹381 crore (net book value: Nil), respectively were retired. Deletions* * During the three months and six months ended September 30, 2025, certain assets which were not in use having gross book value of ₹226 crore (net book value: Nil) and ₹473 crore (net book value: Nil), respectively were retired. 19
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2.8 Leases Accounting Policy The Group as a lessee The Group as a lessor (In ₹ crore) Particulars Land Buildings Vehicles Computers Balance as at July 1, 2026 550 3,157 24 2,380 6,111 Additions(1) - 283 3 299 585 Deletions (3) (20) (1) (52) (76) Depreciation (1) (197) (3) (261) (462) Translation difference 1 6 - 11 18 Balance as at September 30, 2026 547 3,229 23 2,377 6,176 (1) Net of adjustments on account of modifications 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. Total Category of ROU asset Following are the changes in the carrying value of right-of-use assets for the three months ended September 30, 2026: 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. 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. 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. 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. 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. 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. 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. X11AO 20
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(In ₹ crore) Particulars Land Buildings Vehicles Computers Balance as at July 1, 2025 599 3,366 24 2,352 6,341 Additions(1) - 118 2 490 610 Deletions - - - (175) (175) Depreciation (2) (187) (3) (303) (495) Translation difference 3 32 1 73 109 Balance as at September 30, 2025 600 3,329 24 2,437 6,390 (In ₹ crore) Particulars Land Buildings Vehicles Computers Balance as of April 1, 2026 550 3,250 26 2,351 6,177 Additions(1) - 391 4 755 1,150 Additions on Business Combinations (Refer to Note 2.10) - 5 - - 5 Deletions (3) (33) (1) (212) (249) Depreciation (3) (383) (6) (507) (899) Translation difference 3 (1) — (10) (8) Balance as of September 30, 2026 547 3,229 23 2,377 6,176 (1) Net of adjustments on account of modifications (In ₹ crore) Particulars Land Buildings Vehicles Computers Balance as of April 1, 2025 600 3,348 24 2,339 6,311 Additions(1) - 293 3 857 1,153 Deletions - (19) - (369) (388) Depreciation (3) (374) (6) (576) (959) Translation difference 3 81 3 186 273 Balance as of September 30, 2025 600 3,329 24 2,437 6,390 (1) Net of adjustments on account of modifications The following is the break-up of current and non-current lease liabilities as of September 30, 2026 and March 31, 2026: (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Current lease liabilities 3,583 3,160 Non-current lease liabilities 4,942 6,016 Total 8,525 9,176 The aggregate depreciation expense on ROU assets is included in cost of sales in the interim condensed consolidated statement of comprehensive income. As at Following are the changes in the carrying value of right-of-use assets for the three months ended September 30, 2025: Category of ROU asset Total Following are the changes in the carrying value of right-of-use assets for the six months ended September 30, 2026: Category of ROU asset Total Following are the changes in the carrying value of right-of-use assets for the six months ended September 30, 2025: Category of ROU asset Total (1) Net of adjustments on account of modifications 21
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2.9 Goodwill and Intangible assets 2.9.1 Goodwill Accounting Policy Impairment Following is a summary of changes in the carrying amount of goodwill: (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Carrying value at the beginning 12,117 10,106 Goodwill on acquisitions (Refer to note 2.10) 2,696 444 Translation differences 51 1,567 Carrying value at the end 14,864 12,117 2.9.2 Intangible assets Accounting Policy 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 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 the net profit in the interim condensed 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 amortization) had no impairment loss been recognized for the asset in prior years. 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. 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 interim condensed consolidated statement of comprehensive income. Goodwill is measured at cost less accumulated impairment losses. 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. 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. As at 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. 22
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2.10 Business combinations Accounting policy Acquisitions during the six months ended September 30, 2026 (In ₹ crore) Component Acquiree's carrying amount Fair value adjustments Purchase price allocated Assets (1) 113 - 113 Liabilities (100) - (100) Loan (164) - (164) Intangible assets: Customer related# - 158 158 Vendor relationship# - 158 158 Brand# - 19 19 Goodwill - - 517 Total purchase price 701 # The estimated useful life is around 2 years to 6 years 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. Stratus Global LLC On April 21, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired a 100% partnership interest in Stratus Global LLC, a leading insurance technology partner serving Property & Casualty insurers and Managing General Agents, headquartered in USA. The acquisition is expected to further strengthen Infosys’ leadership in the insurance sector and accelerate AI-powered digital and data transformation for global P&C insurance clients. 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 ₹15 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Comprehensive income for the six months ended September 30, 2026. The total purchase consideration of ₹701 crore includes upfront cash consideration of ₹650 crore and contingent consideration with an estimated fair value of ₹51 crore as on the date of acquisition. The maximum contingent consideration payable for the acquisition is ₹62 crore. 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 2.9%. The undiscounted value of contingent consideration as of September 30, 2026 was ₹38 crore. Additionally, this acquisition has retention bonus and management incentives 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. Retention bonus and management incentives are recognized in employee benefit expenses in the interim condensed consolidated statement of comprehensive income over the period of service. Fair value of trade receivables acquired is ₹22 crore as of acquisition date and as of September 30, 2026, the amounts are fully collected. Goodwill is expected to be deductible for tax purposes. The provisional purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows: During the six months ended September 30, 2026 the Group, completed two business combinations by acquiring 100% partnership interests/voting interests in: (1) Includes cash and cash equivalents acquired of ₹47 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. X13AO 23
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(In ₹ crore) Component Acquiree's carrying amount Fair value adjustments Purchase price allocated Assets (1) 1,115 - 1,115 Liabilities (395) - (395) Loan (648) - (648) Intangible assets: Customer related# - 212 212 Vendor relationship# - 1,359 1,359 Brand# - 99 99 Deferred tax liabilities on intangible assets - (451) (451) Goodwill - - 2,179 Total purchase price 3,470 # The estimated useful life is around 1 years to 8 years Proposed Acquisition 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 ₹1,335 crore), excluding retention bonus and management incentives, subject to regulatory approvals and customary closing adjustments. 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 ₹22 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Comprehensive income for the six months ended September 30, 2026. Fair value of trade receivables acquired is ₹575 crore as of acquisition date and as of September 30, 2026, the amounts are substantially collected. The provisional purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows: (1) Includes cash and cash equivalents acquired of ₹185 crore. Goodwill is not tax deductible. The total purchase consideration of ₹3,470 crore includes upfront cash consideration of ₹2,844 crore and contingent consideration with an estimated fair value of ₹626 crore as on the date of acquisition. The maximum contingent consideration payable for the acquisition is ₹878 crore. 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 2.9%. The undiscounted value of contingent consideration as of September 30, 2026 was ₹662 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. Optimum Achieve Holdings Inc. On May 4, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired 100% voting interests in Optimum Achieve Holdings Inc., a healthcare digital transformation and consulting firm headquartered in USA, along with its other subsidiaries including Optimum Healthcare IT, LLC. This acquisition strengthens Infosys' capabilities in the Healthcare market. Additionally, this acquisition has retention bonus and management incentives payable to the employees of the acquiree over 4 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 interim condensed consolidated statement of comprehensive income over the period of service. 24
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2.11 Employees' Stock Option Plans (ESOP) Accounting Policy Infosys Expanded Stock Ownership Program 2019 (the 2019 Plan): The following is the summary of grants made during the three months and six months ended September 30, 2026 and September 30, 2025: Particulars 2026 2025 2026 2025 2015 Plan: RSU Equity settled RSUs Key Management Personnel (KMP) - - 353,274 277,077 Employees other than KMP 9,836 2,400 37,029 7,400 9,836 2,400 390,303 284,477 2015 Plan: Employee Stock Options (ESOPs) Equity settled RSUs Key Management Personnel (KMP) - - - 237,370 Employees other than KMP - - - 5,412,790 - - - 5,650,160 Cash settled RSUs Key Management Personnel (KMP) - - - - Employees other than KMP - - - 108,180 - - - 108,180 Total Grants under 2015 Plan 9,836 2,400 390,303 6,042,817 2019 Plan: RSU Equity settled RSUs Key Management Personnel (KMP) - - 84,617 66,366 Employees other than KMP - - - - - - 84,617 66,366 Total Grants under 2019 Plan - - 84,617 66,366 Three months ended September 30, Controlled trust holds 79,15,595 and 86,50,911 shares as at September 30, 2026 and March 31, 2026, 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 September 30, 2026 and March 31, 2026. Six months ended September 30, 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. 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 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 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. Further, on April 23, 2026, based on the recommendation of the Nomination and Remuneration Committee, the board approved the amendment to the 2019 Plan to extend the grant period by seven (7) years from the date of shareholder approval, thereby extending the validity of the Plan to a total period of ten (10) years from such approval and to amend the vesting parameters for grants there under and certain administrative amendments. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 23, 2026. 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. X14AO 25
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Notes on grants to KMP: CEO & MD Under the 2015 plan: Under the 2019 plan: The break-up of employee stock compensation expense is as follows: (in ₹ crore) Particulars 2026 2025 2026 2025 Granted to: KMP 17 18 34 35 Employees other than KMP 210 218 426 436 Total (1) 227 236 460 471 (1) Cash settled stock compensation expense included in the above 2 4 4 9 The fair value of each equity settled award is estimated on the date of grant using the following assumptions: Particulars Fiscal 2027- Equity Shares- RSU Fiscal 2027- ADS RSU Fiscal 2026- Equity Shares- RSU Fiscal 2026- Equity Shares- ESOP Fiscal 2026- ADS-ESOP Weighted average share price (₹) / ($ ADS) 1,181 12.32 1,507 1,554 17.93 Exercise price (₹)/ ($ ADS) 5.00 0.10 5.00 1,554 17.93 Expected volatility (%) 26-30 28-39 23-25 25-28 26-30 Expected life of the option (years) 1-4 1-4 1-4 3-7 3-7 Expected dividends (%) 3-4 3-4 2-3 2-3 2-3 Risk-free interest rate (%) 6 4 6 6 4 Weighted average fair value as on grant date (₹) / ($ ADS) 1,062 11.22 1,355 390 4.09 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 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. For options granted in Six months ended September 30, The Board, on April 23, 2026, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2027. In accordance with such approval the following grants were made effective May 2, 2026. - 2,94,043 performance-based RSUs (Annual performance equity grant) of fair value of ₹34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets. - 16,923 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of ₹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. - 42,308 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of ₹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. The Board, on April 23, 2026, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to ₹10 crore for fiscal 2027 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 84,617 performance based RSU’s were granted effective May 2, 2026. Three months ended September 30, 26
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2.12 Income Taxes (In ₹ crore) 2026 2025 2026 2025 Current taxes Domestic taxes 2,573 2,458 5,144 4,777 Foreign taxes 825 720 1,610 1,455 3,398 3,178 6,754 6,232 Deferred taxes Domestic taxes (50) (199) (85) (341) Foreign taxes (123) (125) (191) (221) (173) (324) (276) (562) Income tax expense 3,225 2,854 6,478 5,670 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 September 30, 2026, claims against the Group not acknowledged as debts from the Income tax authorities amounted to ₹2,015 crore. As at March 31, 2026, claims against the Group not acknowledged as debts from the Income tax authorities amounted to ₹1,964 crore. The amount paid to statutory authorities against the tax claims amounted to ₹1,332 crore and ₹2,594 crore as at September 30, 2026 and March 31, 2026, 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. Accounting policy Particulars Three months ended September 30, Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the interim condensed 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: Six months ended September 30, Income tax expense for the three months ended September 30, 2026 and September 30, 2025 includes provisions (net of reversals) of ₹99 crore and reversal (net of provisions) of ₹2 crore, respectively. Income tax expense for the six months ended September 30, 2026 and September 30, 2025 includes provisions (net of reversal) of ₹187 crore and provisions (net of reversal) of ₹114 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. Deferred income tax for the three months and six months ended September 30, 2026 and September 30, 2025 substantially relates to origination and reversal of temporary differences. X15AO 27
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2.13 Earnings per equity share Accounting Policy 2.14 Related party transactions - - - - - - - Transactions with key management personnel The table below describes the compensation to key management personnel which comprise directors and executive officers: (In ₹ crore) Particulars 2026 2025 2026 2025 30 30 59 60 6 5 13 9 36 35 72 69 Refer to note 2.14 "Related party transactions" in the Company’s 2026 Consolidated financial statements under IFRS in Indian rupee for the full names and other details of the Company's subsidiaries and controlled trusts. During the six months ended September 30, 2026, the following are the changes in the subsidiaries: Changes in Subsidiaries Changes in key management personnel Guidevision UK Limited, a wholly-owned subsidiary of GuideVision, s.r.o. has been liquidated effective September 01, 2026 In-tech Automotive Engineering Beijing Co., Ltd (“in-tech (Beijing) Information Technology Co.Ltd”), a wholly-owned subsidiary of In-tech Aut Engg Shenyang Co. Ltd, has been liquidated effective September 02, 2026 (1) For the three months ended September 30, 2026 and September 30, 2025, includes a charge of ₹17 crore and ₹18 crore respectively, towards employee stock compensation expense. For the six months ended September 30, 2026 and September 30, 2025, includes a charge of ₹34 crore and ₹35 crore respectively, towards employee stock compensation expense. (Refer to note 2.11). (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. Three months ended September 30, Six months ended September 30, Salaries and other short term employee benefits to whole-time directors and executive officers(1)(2) Commission and other benefits to non-executive/ independent directors Total 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. Non whole time Directors: The following are the changes in the key management personnel: Diane Enberg Jurgens was appointed as an Independent Director effective April 22, 2026 Nitin Paranjpe an Independent Director was appointed as the Vice Chairman effective April 30, 2026 Micheal Gibbs retired as an independent director effective July 12, 2026 On April 21, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired 96% of the voting interests in Stratus Global LLC along with its subsidiaries, namely Stratus Technology Services LLC, Stratus Global (India) Private Limited and Stratus Holdings International Inc. along with its subsidiary Stratus Canada Inc. The remaining 4% voting interest in Stratus Global LLC was held by New Heritage Capital Fund III-B, LP, which was also acquired as part of the same acquisition. New Heritage Capital Fund III-B, LP was liquidated effective April 22, 2026, following which Infosys Nova Holdings LLC became the direct holder of 100% of the voting interests in Stratus Global LLC and its subsidiaries. On May 04, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired 100% of voting interests in Optimum Achieve Holdings Inc along with its subsidiary TSC Companies LLC along with its subsidiary Optimum Healthcare IT LLC along with its subsidiaries Optimum CAN Holdings LLC, Optimum Tech Services LLC, Optimum Healthcare IT Pty Ltd, 3-102-936558 Sociedad de Responsabilidad Limitada and Optimum HIT Canada ULC. 28
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2.15 Segment reporting 2.15.1 Business segments (In ₹ crore) Particulars Financial Services(1) Manufacturing Energy, Utilities, Resources and Services Retail(2) Communication(3) Life Sciences(4) Hi-Tech All other segments(5) Total Revenue 13,774 7,913 6,975 5,664 6,150 4,145 3,332 1,291 49,244 12,320 7,347 5,945 5,639 5,397 2,863 3,703 1,276 44,490 Identifiable operating expenses 7,425 4,864 3,700 2,817 3,943 2,767 1,937 899 28,352 7,017 4,439 3,341 2,815 3,402 1,802 2,342 802 25,960 Allocated expenses 2,705 1,355 1,289 1,140 1,061 747 600 306 9,203 2,244 1,156 1,098 1,104 978 527 598 290 7,995 Segment Profit 3,644 1,694 1,986 1,707 1,146 631 795 86 11,689 3,059 1,752 1,506 1,720 1,017 534 763 184 10,535 Unallocable expenses 1,359 1,182 Operating profit 10,330 9,353 Other income, net 848 982 Finance cost 115 106 Profit before income taxes 11,063 10,229 Income tax expense 3,225 2,854 Net profit 7,838 7,375 Depreciation and amortization 1,359 1,182 Non-cash expenses other than depreciation and amortization - - (1) Financial Services include enterprises in Financial Services and Insurance (2) Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics (3) Communication includes enterprises in Communication, Telecom OEM and Media (4) Life Sciences includes enterprises in Life sciences and Health care (5) Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services Three months ended September 30, 2026 and September 30, 2025 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. 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. Disclosure of revenue by geographic locations is given in note 2.16 Revenue from operations. 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. Business segment revenue information is collated based on individual customers invoiced or in relation to which the revenue is otherwise recognized. X17AO 29
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(In ₹ crore) Particulars Financial Services(1) Manufacturing Energy, Utilities, Resources and Services Retail(2) Communication(3) Life Sciences(4) Hi-Tech All other segments(5) Total Revenue 27,237 15,581 13,428 11,835 11,941 7,986 7,042 2,404 97,454 24,116 14,151 11,687 11,290 10,494 5,607 6,999 2,425 86,769 Identifiable operating expenses 14,610 9,551 7,286 6,102 7,527 5,319 4,138 1,633 56,166 13,679 8,713 6,622 5,729 6,734 3,512 4,304 1,465 50,758 Allocated expenses 5,322 2,650 2,580 2,325 2,088 1,417 1,198 609 18,189 4,405 2,269 2,122 2,150 1,863 1,008 1,163 551 15,531 Segment Profit 7,305 3,380 3,562 3,408 2,326 1,250 1,706 162 23,099 6,032 3,169 2,943 3,411 1,897 1,087 1,532 409 20,480 Unallocable expenses 2,605 2,323 Operating profit 20,494 18,157 Other income, net 1,832 2,024 Finance cost 235 211 Profit before income taxes 22,091 19,970 Income tax expense 6,478 5,670 Net profit 15,613 14,300 Depreciation and amortization 2,605 2,323 Non-cash expenses other than depreciation and amortization - - (1) Financial Services include enterprises in Financial Services and Insurance (2) Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics (3) Communication includes enterprises in Communication, Telecom OEM and Media (4) Life Sciences includes enterprises in Life sciences and Health care (5) Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services 2.15.2 Significant clients No client individually accounted for more than 10% of the revenues for the three months and six months ended September 30, 2026 and September 30, 2025, respectively. Six months ended September 30, 2026 and September 30, 2025 30
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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. X18AO 31
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(In ₹ crore) Particulars 2026 2025 2026 2025 Revenue from software services 46,938 42,392 92,814 82,723 Revenue from products and platforms 2,306 2,098 4,640 4,046 Total revenue from operations 49,244 44,490 97,454 86,769 Products & platforms Disaggregated revenue information For the three months and six months ended September 30, 2026 and September 30, 2025 (In ₹ crore) Particulars 2026 2025 2026 2025 Revenues by Geography* North America 26,895 25,027 54,062 48,894 Europe 16,028 14,125 31,526 27,463 India 1,356 1,387 2,545 2,606 Rest of the world 4,965 3,951 9,321 7,806 Total 49,244 44,490 97,454 86,769 * Geographical revenues is based on the domicile of customer. Trade Receivables and Contract Balances 2.17 Unbilled Revenue (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Unbilled financial asset (1) 12,853 11,481 Unbilled non financial asset (2) 5,902 5,740 Total 18,755 17,221 (1) Right to consideration is unconditional and is due only after a passage of time. (2) Right to consideration is dependent on completion of contractual milestones. As at Three months ended September 30, 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. The percentage of revenue from fixed-price contracts for the three months ended September 30, 2026 and September 30, 2025 is 54%. The percentage of revenue from fixed-price contracts for the six months ended September 30, 2026 and September 30, 2025 is 54%. 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 condensed Consolidated Statement of Comprehensive Income. Six months ended September 30,Three months ended September 30, Revenues for the three months and six months ended September 30, 2026 and September 30, 2025 is as follows: 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. 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. Six months ended September 30, 32
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2.18 Equity Accounting policy Ordinary Shares Treasury Shares Description of reserves Retained earnings Share premium Other Reserve Capital Redemption Reserve Cash flow hedge reserve Other components of equity 2.18.1 Voting 2.18.2 Liquidation 2.18.3 Share options 2.18.4 Share capital and share premium There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans. The Company has only one class of shares referred to as equity shares having a par value of ₹5/- each. 79,15,595 shares and 8,650,911 shares were held by controlled trust, as at September 30, 2026 and March 31, 2026, respectively. 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. 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 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. 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 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. 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. 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. Retained earnings represent the amount of accumulated earnings of the Group. 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 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 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. X22AO 33
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2.18.5 Capital allocation policy Dividend (In ₹) 2026 2025 2026 2025 Final dividend for fiscal 2026 - - 25.00 - Final dividend for fiscal 2025 - - - 22.00 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. 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 September 30, 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. The Board of Directors in their meeting held on October 23, 2026 declared an interim dividend of ₹26/-per equity share which would result in a net cash outflow of approximately ₹10,531 crore, excluding dividend paid on treasury shares. 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 amount of per share dividend recognized as distribution to equity shareholders is as follows: Three months ended September 30, Particulars 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 Board of Directors in their meeting held on April 23, 2026 recommended a final dividend of ₹25/- per equity share for the financial year ended March 31, 2026. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 23, 2026 which resulted in a net cash outflow of ₹10,123 crore (excluding dividend paid on treasury shares). The final dividend was paid on June 25, 2026. Six months ended September 30, 34
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2.19 Break-up of expenses and other income, net Accounting policy Gratuity and Pensions Provident fund Superannuation Compensated absences Other income, net 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 interim condensed Consolidated Statement of Comprehensive Income. 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. 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. 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 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. 35
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Foreign currency Accounting policy Functional currency Transactions and translations Government grants Operating Profits 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. 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 profit of the Group is computed considering the revenues, net of cost of sales, selling and marketing expenses and administrative expenses. 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). 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 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. 36
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The table below provides details of break-up of expenses: Cost of sales (In ₹ crore) 2026 2025 2026 2025 Employee benefit costs 22,663 20,960 45,136 41,405 Depreciation and amortization 1,359 1,182 2,605 2,323 Travelling costs 481 345 944 668 Cost of technical sub-contractors 4,393 3,879 8,574 7,376 Cost of software packages for own use 888 640 1,710 1,278 Third party items bought for service delivery to clients 3,622 3,332 7,167 6,403 Consultancy and professional charges 40 (5) 80 - Communication costs 71 86 150 154 Repairs and maintenance 159 152 305 299 Provision for post-sales client support and other provisions 124 81 (47) (97) Others 143 148 351 216 Total 33,943 30,800 66,975 60,025 Selling and marketing expenses (In ₹ crore) 2026 2025 2026 2025 Employee benefit costs 1,930 1,671 3,827 3,277 Travelling costs 134 131 295 261 Branding and marketing 329 288 754 675 Communication costs 6 4 8 6 Consultancy and professional charges 37 90 70 142 Cost of software packages for own use 42 27 75 43 Others 11 13 28 27 Total 2,489 2,224 5,057 4,431 Administrative expenses (In ₹ crore) 2026 2025 2026 2025 Employee benefit costs 890 807 1,807 1,602 Consultancy and professional charges 600 395 1,130 801 Repairs and maintenance 334 284 641 547 Power and fuel 58 60 118 114 Communication costs 74 70 143 143 Travelling costs 76 63 153 126 Impairment loss recognized/(reversed) under expected credit loss model 64 (1) 61 34 Rates and taxes 87 83 162 170 Insurance charges 84 85 184 162 Commission to non-whole time directors 6 5 12 9 Contribution towards Corporate Social Responsibility 161 148 310 265 Cost of software packages for own use 21 25 41 48 Others 27 89 166 135 Total 2,482 2,113 4,928 4,156 Three months ended September 30, Particulars Particulars Particulars Three months ended September 30, Three months ended September 30, Six months ended September 30, Six months ended September 30, Six months ended September 30, 37
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(In ₹ crore) 2026 2025 2026 2025 343 491 666 980 284 242 611 574 58 54 125 131 Gain/(loss) on investments carried at fair value through other comprehensive income - 2 - 1 Gain/(loss) on investments carried at amortized cost - 57 - 81 Exchange gains / (losses) on forward and options contracts (132) (678) 274 (1,350) 230 797 (12) 1,540 Others 65 17 168 67 848 982 1,832 2,024 for and on behalf of the Board of Directors of Infosys Limited Nandan M. Nilekani Salil Parekh Bobby Parikh Chairman Chief Executive Officer Director and Managing Director Bengaluru Jayesh Sanghrajka A.G.S. Manikantha October 23, 2026 Chief Financial Officer Company Secretary Gain/(loss) on investments carried at fair value through profit or loss Exchange gains / (losses) on translation of other assets and liabilities Total Interest income on financial assets carried at fair value through other comprehensive income Interest income on financial assets carried at amortized cost Three months ended September 30, Particulars Other income for the three months and six months ended September 30, 2026 and September 30, 2025 is as follows: Six months ended September 30, 38
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Deloitte Haskins & Sells LLP INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED Report on the Audit of the Interim Condensed Standalone Financial Statements Opinion Chartered Accountants Prestige Trade Tower, Level 19 46, Palace Road, High Grounds Bengaluru-560 001 Karnataka, India Tel: +91 80 6188 6000 Fax: +91 80 6188 6011 We have audited the accompanying interim condensed standalone financial statements of INFOSYS LIMITED (the "Company"), which comprise the Condensed Balance Sheet as at September 30, 2026, the Condensed Statement of Profit and Loss (including Other Comprehensive Income) for the three months and six months ended on that date, the Condensed Statement of Changes in Equity, and the Condensed Statement of Cash Flows for the six months 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 account ing principles generally accepted in India, of the state of affairs of the Company as at September 30, 2026, its profit and other comprehensive income for the three months and six months ended on t hat date, changes in equity and its cash flows for the six months 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. Regd. Office : One International Center, Tower 3, 31st floor , Senapati Ba pat Marg, Elphinstone Road (West), Mumbai -400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
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Deloitte Haskins & Sells LLP 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: • 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. • 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 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. • 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.
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Deloitte Haskins & Sells LLP 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: Hyderabad Date: October 23, 2026 For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) (k:g~~~ Partner (Membership No.060408) UDIN :
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Index Page No. Condensed Balance Sheet……………………………………………………………………………………………………………1 Condensed Statement of Profit and Loss………………………………………………………………………………………….. 2 Condensed Statement of Changes in Equity………………………………………………………………………………………..3 Condensed Statement of Cash Flows…………………………………………………………………………………………………..5 Overview and Notes to the Interim Condensed Standalone Financial Statements 1. Overview 1.1 Company overview ……………………………………………………………………………………………………………7 1.2 Basis of preparation of financial statements ……………………………………………………………………………………………………………7 1.3 Use of estimates and judgments……………………………………………………………………………………………………………7 1.4 Critical accounting estimates and judgements……………………………………………………………………………………………………………7 2. Notes to the Interim Condensed Financial Statements 2.1 Property, plant and equipment……………………………………………………………………………………………………………9 2.2 Goodwill and other intangible assets…………………………………………………………………………………………11 2.3 Leases……………………………………………………………………………………………………………………….12 2.4 Investments………………………………………………………………………………………………………………..14 2.5 Loans………………………………………………………………………………………………………………………...16 2.6 Other financial assets………………………………………………………………………………………………………….16 2.7 Trade Receivables ………………………………………………………………………………………………………….16 2.8 Cash and cash equivalents………………………………………………………………………………………………………….17 2.9 Other assets……………………………………………………………………………………………………………… 17 2.10 Financial instruments………………………………………………………………………………………………………….18 2.11 Equity……………………………………………………………………………………………………………………..21 2.12 Other financial liabilities………………………………………………………………………………………………………….24 2.13 Trade payables…………………………………………………………………………………………………………. 24 2.14 Other liabilities…………………………………………………………………………………………………………. 24 2.15 Provisions………………………………………………………………………………………………………………. 25 2.16 Income taxes……………………………………………………………………………………………………………. 25 2.17 Revenue from operations………………………………………………………………………………………………………….26 2.18 Other income, net………………………………………………………………………………………………………….28 2.19 Expenses……………………………………………………………………………………………………………….. 29 2.20 Earnings per equity share………………………………………………………………………………………………………….30 2.21 Contingent liabilities and commitments………………………………………………………………………………………………………….30 2.22 Related party transactions………………………………………………………………………………………………………….31 2.23 Segment Reporting………………………………………………………………………………………………………….31 INFOSYS LIMITED Condensed Standalone Financial Statements under Indian Accounting Standards (Ind AS) for the three months and six months ended September 30, 2026
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INFOSYS LIMITED (In ₹ crore) Note No. September 30, 2026 March 31, 2026 Property, plant and equipment 2.1 11,052 10,774 Right-of-use assets 2.3 2,863 2,851 Capital work-in-progress 403 512 Goodwill 2.2 211 211 Financial assets Investments 2.4 25,378 26,036 Loans 2.5 2 5 Other financial assets 2.6 2,197 1,835 Deferred tax assets (net) 2.16 1,458 1,347 Income tax assets (net) 2.16 1,146 99 Other non-current assets 2.9 2,695 2,590 47,405 46,260 Current assets Financial assets Investments 2.4 12,819 12,039 Trade receivables 2.7 29,417 30,337 Cash and cash equivalents 2.8 14,930 8,727 Loans 2.5 179 189 Other financial assets 2.6 16,799 14,770 Income tax assets (net) 2.16 - 1,745 Other current assets 2.9 11,984 12,624 86,128 80,431 133,533 126,691 Equity Equity share capital 2.11 2,029 2,027 Other equity 84,459 78,847 Total equity 86,488 80,874 LIABILITIES Non-current liabilities Financial liabilities Lease liabilities 2.3 2,632 2,815 Other financial liabilities 2.12 2,244 1,880 Deferred tax liabilities (net) 814 990 Other non-current liabilities 2.14 617 495 6,307 6,180 Current liabilities Financial liabilities Lease liabilities 2.3 998 934 Trade payables 2.13 Total outstanding dues of micro enterprises and small enterprises 2 9 Total outstanding dues of creditors other than micro enterprises and small enterprises 3,516 3,530 Other financial liabilities 2.12 16,530 16,812 Other current liabilities 2.14 12,451 12,478 Provisions 2.15 1,340 1,064 Income tax liabilities (net) 2.16 5,901 4,810 40,738 39,637 Total equity and liabilities 133,533 126,691 The accompanying notes form an integral part of the interim condensed standalone 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 Limitedfor and on behalf of the Board of Directors of Infosys Limited Chartered Accountants Firm's Registration No: 117366W/W-100018 Vikas Bagaria Nandan M. Nilekani Salil Parekh Bobby Parikh Partner Chairman Chief Executive Officer Director Membership No. 060408 DIN: 00041245 and Managing Director DIN: 00019437 DIN: 01876159 Jayesh Sanghrajka A.G.S. Manikantha Chief Financial Officer Company Secretary Membership No. A21918 Hyderabad Bengaluru October 23, 2026 October 23, 2026 Non-current assets Condensed Standalone Balance Sheet as at ASSETS Total assets Total current liabilities EQUITY AND LIABILITIES Total non-current assets Total non - current liabilities Total current assets 1
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INFOSYS LIMITED (In ₹ crore except equity share and per equity share data) Condensed Standalone Statement of Profit and Loss for the Note No. 2026 2025 2026 2025 Revenue from operations 2.17 40,719 36,907 80,676 72,182 Other income, net 2.18 1,702 2,268 2,576 3,151 Total income 42,421 39,175 83,252 75,333 Expenses Employee benefit expenses 2.19 19,100 18,074 37,919 35,746 Cost of technical sub-contractors 6,272 5,613 12,307 10,821 Travel expenses 471 422 969 814 Cost of software packages and others 2.19 2,994 2,294 5,916 4,511 Communication expenses 106 113 207 212 Consultancy and professional charges 556 449 1,048 841 Depreciation and amortization expenses 662 595 1,275 1,209 Finance cost 58 52 119 108 Other expenses 2.19 1,297 1,094 2,425 1,941 Total expenses 31,516 28,706 62,185 56,203 Profit before tax 10,905 10,469 21,067 19,130 Tax expense: Current tax 2.16 3,156 2,991 6,197 5,752 Deferred tax 2.16 (144) (281) (272) (496) Profit for the period 7,893 7,759 15,142 13,874 Other comprehensive income Items that will not be reclassified subsequently to profit or loss Remeasurement of the net defined benefit liability/asset, net (184) (38) 91 (99) Equity instruments through other comprehensive income, net (7) (8) 53 27 Items that will be reclassified subsequently to profit or loss Fair value changes on derivatives designated as cash flow hedge, net (13) - 36 6 Fair value changes on investments, net (97) (34) (38) 88 Total other comprehensive income/ (loss), net of tax (301) (80) 142 22 Total comprehensive income for the period 7,592 7,679 15,284 13,896 Earnings per equity share Equity shares of par value ₹5/- each Basic (₹) 19.45 18.68 37.32 33.40 Diluted (₹) 19.44 18.66 37.29 33.36 Basic (in shares) 2.20 4,05,79,14,558 4,15,43,05,830 4,05,69,61,101 4,15,38,76,776 Diluted (in shares) 2.20 4,06,08,65,604 4,15,89,98,839 4,06,06,22,529 4,15,90,90,316 The accompanying notes form an integral part of the interim condensed standalone financial statements. As per our report of even date attached for Deloitte Haskins & Sells LLP Chartered Accountants for and on behalf of the Board of Directors of Infosys Limited Firm's Registration No: 117366W/W-100018 Vikas Bagaria Salil Parekh Bobby Parikh Partner Chief Executive Officer Director Membership No. 060408 and Managing Director DIN: 00019437 DIN: 01876159 Jayesh Sanghrajka A.G.S. Manikantha Chief Financial Officer Company Secretary Membership No. A21918 Hyderabad Bengaluru October 23, 2026 October 23, 2026 Nandan M. Nilekani Chairman DIN: 00041245 Weighted average equity shares used in computing earnings per equity share Three months ended September 30, Six months ended September 30, 2
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INFOSYS LIMITED Condensed Standalone Statement of Changes in Equity (In ₹ crore) Particulars Capital reserve Other reserves (2) Balance as at April 1, 2025 2,076 54 2,862 169 1,054 71,520 359 1,069 8,041 298 (18) (152) 87,332 Changes in equity for the six months ended September 30, 2025 Profit for the period - - - - - 13,874 - - - - - - 13,874 Remeasurement of the net defined benefit liability/asset, net* - - - - - - - - - - - (99) (99) Equity instruments through other comprehensive income, net* - - - - - - - - - 27 - - 27 Fair value changes on derivatives designated as cash flow hedge, net* - - - - - - - - - - 6 - 6 Fair value changes on investments, net* - - - - - - - - - - - 88 88 Total comprehensive income for the period - - - - - 13,874 - - - 27 6 (11) 13,896 Transferred from Special Economic Zone Re-investment reserve on utilization - - - - - 408 - - (408) - - - - Transferred from Special Economic Zone Re-investment reserve to retained earnings - - - - - 1,957 - - (1,957) - - - - Transferred on account of exercise of stock options (Refer to note 2.11) - - - - 221 - - (221) - - - - - Transferred on account of options not exercised - - - - - - 62 (62) - - - - - Shares issued on exercise of employee stock options (Refer to note 2.11) 1 - - - - - - - - - - - 1 Employee stock compensation expense (Refer to note 2.11) - - - - - - - 463 - - - - 463 Income tax benefit arising on exercise of stock options - - - - - - - 5 - - - - 5 Dividends - - - - - (9,139) - - - - - - (9,139) Balance as at September 30, 2025 2,077 54 2,862 169 1,275 78,620 421 1,254 5,676 325 (12) (163) 92,558 Equity Share Capital Other Equity Other comprehensive income Special Economic Zone Re- investment reserve (1) Capital redemption reserve Securities Premium Capital reserve Retained earnings Total equity attributable to equity holders of the Company Effective portion of Cash flow hedges Share Options Outstanding Account General reserve Other items of other comprehensive income / (loss) Equity Instruments through other comprehensive income Reserves & Surplus 3
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INFOSYS LIMITED Condensed Standalone Statement of Changes in Equity (contd.) (In ₹ crore) Particulars Capital reserve Other reserves (2) Balance as at April 1, 2026 2,027 54 2,862 219 243 68,881 12 1,539 4,824 695 (19) (463) 80,874 Changes in equity for the six months ended September 30, 2026 Profit for the period - - - - - 15,142 - - - - - - 15,142 Remeasurement of the net defined benefit liability/asset, net* - - - - - - - - - - - 91 91 Equity instruments through other comprehensive income, net* - - - - - - - - - 53 - - 53 Fair value changes on derivatives designated as cash flow hedge, net* - - - - - - - - - - 36 - 36 Fair value changes on investments, net* - - - - - - - - - - - (38) (38) Total comprehensive income for the period - - - - - 15,142 - - - 53 36 53 15,284 Transferred from Special Economic Zone Re-investment reserve on utilization - - - - - 743 - - (743) - - - - Transferred from Special Economic Zone Re-investment reserve to retained earnings - - - - - 1,819 - - (1,819) - - - - Transferred on account of exercise of stock options (Refer to note 2.11) - - - - 513 - - (513) - - - - - Transferred on account of options not exercised - - - - - - 206 (206) - - - - - Shares issued on exercise of employee stock options (Refer to note 2.11) 2 - - - - - - - - - - - 2 Employee stock compensation expense (Refer to note 2.11) - - - - - - - 456 - - - - 456 Income tax benefit arising on exercise of stock options - - - - - - - 15 - - - - 15 Dividends - - - - - (10,143) - - - - - - (10,143) Balance as at September 30, 2026 2,029 54 2,862 219 756 76,442 218 1,291 2,262 748 17 (410) 86,488 *net of tax The accompanying notes form an integral part of the interim condensed standalone 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 Firm's Registration No: 117366W/W-100018 Vikas Bagaria Nandan M. Nilekani Salil Parekh Bobby Parikh Partner Chairman Chief Executive Officer Director Membership No. 060408 DIN: 00041245 and Managing Director DIN: 00019437 DIN: 01876159 Jayesh Sanghrajka A.G.S. Manikantha Chief Financial Officer Company Secretary Membership No. A21918 Hyderabad Bengaluru October 23, 2026 October 23, 2026 Other comprehensive income Other Equity Reserves & Surplus 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 (2)Profit / loss on transfer of business between entities under common control taken to reserve. Equity Share Capital Special Economic Zone Re- investment reserve (1) Capital reserve General reserve Capital redemption reserve Securities Premium (1)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. Share Options Outstanding Account Retained earnings 4
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INFOSYS LIMITED Condensed Standalone Statement of Cash Flows (In ₹ crore) Particulars Note No. 2026 2025 Profit for the period 15,142 13,874 Adjustments to reconcile net profit to net cash provided by operating activities Depreciation and Amortization 1,275 1,209 Income tax expense 2.16 5,925 5,256 Impairment loss recognized / (reversed) under expected credit loss model 58 64 Finance cost 119 108 (2,033) (2,702) 409 419 (12) (103) 23 324 Other adjustments 695 370 Trade receivables and unbilled revenue (716) (4,047) Loans, other financial assets and other assets (274) (438) Trade payables (21) 84 Other financial liabilities, other liabilities and provisions 378 2,191 20,968 16,609 Income taxes paid (4,406) (2,145) Net cash generated by operating activities 16,562 14,464 2.1 (1,188) (1,108) (563) (515) 329 313 Interest and dividend received 703 1,324 Dividend received from subsidiary 957 1,398 Loan repaid by subsidiaries - 10 Payment of contingent consideration pertaining to acquisition of business (22) (13) Investment in subsidiaries (120) (785) Payments to acquire investments Mutual fund units (35,286) (32,639) Commercial papers (2,768) (2,331) Certificates of deposit (4,706) (6,457) Tax free bonds and government bonds (251) - Government Securities (717) (531) Non-convertible debentures (1,263) (2,360) Other investments (71) (1) Proceeds on sale of investments Mutual fund units 33,178 29,792 Commercial papers 2,550 4,300 Certificates of deposit 8,425 5,207 Non-convertible debentures 100 1,360 Government Securities 922 3,165 Tax free bonds and government bonds 224 1,269 Other investments 7 - Net cash (used in) / generated from investing activities 440 1,398 Cash flow from investing activities Cash generated from operations Redemption of deposits placed with corporation Deposits placed with corporation Expenditure on property, plant and equipment, net of sale proceeds Changes in assets and liabilities Exchange differences on translation of assets and liabilities, net Accounting Policy Cash flows are reported using the indirect method, whereby profit for the period 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. Six months ended September 30, Interest and dividend income Stock compensation expense Cash flow from operating activities Provision for post sale client support 5
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(In ₹ crore) Particulars Note No. 2026 2025 Six months ended September 30, Payment of lease liabilities (634) (445) Shares issued on exercise of employee stock options 2 1 Other (payments)/receipts (42) (93) Payment of dividends (10,146) (9,142) (10,820) (9,679) 6,182 6,183 Effect of exchange rate changes on cash and cash equivalents 21 (39) Cash and cash equivalents at the beginning of the period 2.8 8,727 14,265 Cash and cash equivalents at the end of the period 2.8 14,930 20,409 Supplementary information: Restricted cash balance 2.8 65 56 The accompanying notes form an integral part of the interim condensed standalone 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 Firm's Registration No: 117366W/W-100018 Vikas Bagaria Nandan M. Nilekani Salil ParekhSalil Parekh Bobby Parikh Partner Chairman Chief Executive OfficerChief Executive Officer Director Membership No. 060408 DIN: 00041245 and Managing Directorand Managing Director DIN: 00019437 DIN: 01876159 Jayesh Sanghrajka A.G.S. Manikantha Chief Financial Officer Company Secretary Membership No. A21918 Hyderabad Bengaluru October 23, 2026 October 23, 2026 Net increase / (decrease) in cash and cash equivalents Cash flow from financing activities Net cash used in financing activities 6
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Overview and Notes to the Interim Condensed Standalone Financial Statements 1. Overview INFOSYS LIMITED 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 Bombay Stock Exchange Ltd (BSE). and National Stock Exchange of India Limited (NSE). 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 October 23, 2026. 1.2 Basis of preparation of financial statements 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. 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 judgement and is based on the promises in the contract and nature of the deliverables. 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 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. 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. 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 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 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, 2026. 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. 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 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. 7
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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) . 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. c. Property, plant and equipment 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). 8
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2. Notes to the Interim Condensed Standalone Financial Statements 2.1 PROPERTY, PLANT AND EQUIPMENT The estimated useful lives of assets are as follows: Building(1) 22-25 years Plant and machinery(1) 5 years Office equipment 5 years Computer equipment(1) 3-5 years Furniture and fixtures (1) 5 years Vehicles(1) 5 years Leasehold improvements Lower of useful life of the asset or lease term The changes in the carrying value of property, plant and equipment for the three months ended September 30, 2026 are as follows: (In ₹ crore) Particulars Land- Freehold Buildings(1)(2) Plant and machinery(2) Office Equipment(2) Computer equipment(2) Furniture and fixtures(2) Leasehold Improvements Vehicles Total Gross carrying value as at July 1, 2026 1,438 11,343 3,505 1,505 8,036 2,196 791 42 28,856 Additions 5 245 96 41 439 90 4 - 920 Deletions* (8) (2) (9) (12) (79) (42) (5) - (157) Gross carrying value as at September 30, 2026 1,435 11,586 3,592 1,534 8,396 2,244 790 42 29,619 Accumulated depreciation as at July 1, 2026 - (5,470) (3,069) (1,259) (5,863) (1,855) (661) (38) (18,215) Depreciation - (108) (47) (24) (257) (44) (19) - (499) Accumulated depreciation on deletions* - 1 9 11 79 42 5 - 147 Accumulated depreciation as at September 30, 2026 - (5,577) (3,107) (1,272) (6,041) (1,857) (675) (38) (18,567) Carrying value as at July 1, 2026 1,438 5,873 436 246 2,173 341 130 4 10,641 Carrying value as at September 30, 2026 1,435 6,009 485 262 2,355 387 115 4 11,052 The changes in the carrying value of property, plant and equipment for the three months ended September 30, 2025 are as follows: (In ₹ crore) Particulars Land- Freehold Buildings(1)(2) Plant and machinery(2) Office Equipment(2) Computer equipment(2) Furniture and fixtures(2) Leasehold Improvements Vehicles Total Gross carrying value as at July 1, 2025 1,487 10,619 3,255 1,448 7,829 2,145 806 45 27,634 Additions 10 - 11 12 352 4 3 1 393 Deletions** - - (5) (8) (151) (57) - (3) (224) Gross carrying value as at September 30, 2025 1,497 10,619 3,261 1,452 8,030 2,092 809 43 27,803 Accumulated depreciation as at July 1, 2025 - (5,063) (2,923) (1,213) (6,065) (1,828) (632) (42) (17,766) Depreciation - (100) (38) (25) (215) (35) (19) (1) (433) Accumulated depreciation on deletions** - - 5 8 151 57 - 3 224 Accumulated depreciation as at September 30, 2025 - (5,163) (2,956) (1,230) (6,129) (1,806) (651) (40) (17,975) Carrying value as at July 1, 2025 1,487 5,556 332 235 1,764 317 174 3 9,868 Carrying value as at September 30, 2025 1,497 5,456 305 222 1,901 286 158 3 9,828 Accounting Policy 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. 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. (1) 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. 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. 9
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The changes in the carrying value of property, plant and equipment for the six months ended September 30, 2026 are as follows: (In ₹ crore) Particulars Land- Freehold Buildings(1)(2) Plant and machinery(2) Office Equipment(2) Computer equipment(2) Furniture and fixtures(2) Leasehold Improvements Vehicles Total Gross carrying value as at April 1, 2026 1,438 11,312 3,474 1,497 8,043 2,200 790 42 28,796 Additions 5 279 129 63 658 108 8 1 1,251 Deletions* (8) (5) (11) (26) (305) (64) (8) (1) (428) Gross carrying value as at September 30, 2026 1,435 11,586 3,592 1,534 8,396 2,244 790 42 29,619 Accumulated depreciation as at April 1, 2026 - (5,364) (3,025) (1,249) (5,860) (1,838) (647) (39) (18,022) Depreciation - (215) (93) (48) (486) (83) (36) - (961) Accumulated depreciation on deletions* - 2 11 25 305 64 8 1 416 Accumulated depreciation as at September 30, 2026 - (5,577) (3,107) (1,272) (6,041) (1,857) (675) (38) (18,567) Carrying value as at April 1, 2026 1,438 5,948 449 248 2,183 362 143 3 10,774 Carrying value as at September 30, 2026 1,435 6,009 485 262 2,355 387 115 4 11,052 (In ₹ crore) Particulars Land- Freehold Buildings(1)(2) Plant and machinery(2) Office Equipment(2) Computer equipment(2) Furniture and fixtures(2) Leasehold Improvements Vehicles Total Gross carrying value as at April 1, 2025 1,477 10,621 3,238 1,423 7,917 2,126 781 46 27,629 Additions 20 3 30 43 488 26 28 1 639 Deletions** - (5) (7) (14) (375) (60) - (4) (465) Gross carrying value as at September 30, 2025 1,497 10,619 3,261 1,452 8,030 2,092 809 43 27,803 Accumulated depreciation as at April 1, 2025 - (4,964) (2,888) (1,195) (6,062) (1,796) (611) (43) (17,559) Depreciation - (200) (75) (48) (432) (70) (40) (1) (866) Accumulated depreciation on deletions** - 1 7 13 365 60 - 4 450 Accumulated depreciation as at September 30, 2025 - (5,163) (2,956) (1,230) (6,129) (1,806) (651) (40) (17,975) Carrying value as at April 1, 2025 1,477 5,657 350 228 1,855 330 170 3 10,070 Carrying value as at September 30, 2025 1,497 5,456 305 222 1,901 286 158 3 9,828 (1) Buildings include ₹250/- being the value of five shares of ₹50/- each in Mittal Towers Premises Co-operative Society Limited. (2) Includes certain assets provided on cancellable operating lease to subsidiaries. *During the three months ended and six months ended, September 30, 2026 certain assets which were not in use having gross book value of ₹100 crore (net book value: ₹Nil) and ₹302 crore (net book value: ₹Nil), respectively were retired. The changes in the carrying value of property, plant and equipment for the six months ended September 30, 2025 are as follows: Repairs and maintenance costs are recognized in the condensed standalone statement of Profit and Loss when incurred. The aggregate depreciation has been included under depreciation and amortization expense in the condensed standalone statement of Profit and Loss. **During the three months ended and six months ended, September 30, 2025 certain assets which were not in use having gross book value of ₹210 crore (net book value: ₹Nil) and ₹410 crore (net book value: ₹Nil), respectively were retired. 10
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2.2 GOODWILL AND OTHER INTANGIBLE ASSETS 2.2.1 Goodwill Following is a summary of changes in the carrying amount of goodwill: (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Carrying value at the beginning 211 211 Carrying value at the end 211 211 2.2.2 Other Intangible Assets 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. As at 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. 11
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2.3 LEASES (In ₹ crore) Particulars Total Land Buildings Computers Balance as at July 1, 2026 472 1,905 401 2,778 Additions* - 244 33 277 Deletions (3) (8) (16) (27) Depreciation (1) (112) (52) (165) Balance as at September 30, 2026 468 2,029 366 2,863 * Net of adjustments on account of modifications (In ₹ crore) Particulars Total Land Buildings Computers Balance as at July 1, 2025 529 2,154 518 3,201 Additions* - 64 85 149 Deletions - - (49) (49) Depreciation (1) (101) (62) (164) Balance as at September 30, 2025 528 2,117 492 3,137 * Net of adjustments on account of modifications 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. 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. 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. 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. 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. Category of ROU asset Following are the changes in the carrying value of right-of-use assets for the three months ended September 30, 2026: Category of ROU asset Following are the changes in the carrying value of right-of-use assets for the three months ended September 30, 2025: 12
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(In ₹ crore) Particulars Total Land Buildings Computers Balance as at April 1, 2026 473 1,981 397 2,851 Additions* - 278 180 458 Deletions (3) (16) (108) (127) Depreciation (2) (214) (103) (319) Balance as at September 30, 2026 468 2,029 366 2,863 * Net of adjustments on account of modifications (In ₹ crore) Particulars Total Land Buildings Computers Balance as at April 1, 2025 530 2,105 443 3,078 Additions* - 230 286 516 Deletions - (1) (111) (112) Depreciation (2) (217) (126) (345) Balance as at September 30, 2025 528 2,117 492 3,137 * Net of adjustments on account of modifications (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Current lease liabilities 998 934 Non-current lease liabilities 2,632 2,815 Total 3,630 3,749 As at Following are the changes in the carrying value of right-of-use assets for the six months ended September 30, 2026: Category of ROU asset 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 September 30, 2026 and March 31, 2026: Following are the changes in the carrying value of right-of-use assets for the six months ended September 30, 2025: Category of ROU asset 13
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2.4 INVESTMENTS (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Non-current investments Equity instruments of subsidiaries 14,518 14,507 Redeemable Preference shares of subsidiary 2,831 2,831 Preference securities 748 680 Equity securities 123 63 Others 64 59 Tax free bonds 402 407 Government bonds 6 - Non-convertible debentures 2,507 3,279 Government Securities 4,179 4,210 Total non-current investments 25,378 26,036 Current investments Mutual fund units 4,411 2,191 Commercial Papers 1,450 1,180 Certificates of deposit 4,069 7,546 Government bonds 121 101 Government Securities - 240 Non-convertible debentures 2,768 781 Total current investments 12,819 12,039 Total carrying value 38,197 38,075 (In ₹ crore, except as otherwise stated) Particulars September 30, 2026 March 31, 2026 Non-current investments Unquoted Investment carried at cost Investments in equity instruments of subsidiaries Infosys BPM Limited 662 662 33,828 (33,828) equity shares of ₹10,000/- each, fully paid up Infosys Technologies (China) Co. Limited 369 369 Infosys Technologies, S. de R.L. de C.V., Mexico 65 65 17,49,99,990 (17,49,99,990) equity shares of MXN 1 par value, fully paid up Infosys Technologies (Sweden) AB 76 76 1,000 (1,000) equity shares of SEK 100 par value, fully paid Infosys Technologies (Shanghai) Company Limited 1,010 1,010 Infosys Public Services, Inc. 99 99 3,50,00,000 (3,50,00,000) shares of USD 0.50 par value, fully paid Infosys Consulting Holding AG 1,323 1,323 23,350 (23,350) - Class A shares of CHF 1,000 each and 26,460 (26,460) - Class B Shares of CHF 100 each, fully paid up EdgeVerve Systems Limited 1,312 1,312 1,31,18,40,000 (1,31,18,40,000) equity shares of ₹10/- each, fully paid up Infosys Nova Holdings LLC# 3,308 3,308 Infosys Singapore Pte Ltd 4,821 4,821 2,88,39,411 (2,73,19,411) shares Brilliant Basics Holding Limited 59 59 1,346 (1,346) shares of GBP 0.005 each, fully paid up Infosys Arabia Limited 2 2 70 (70) shares Panaya Inc. 582 582 2 (2) shares of USD 0.01 per share, fully paid up Infosys Chile SpA 7 7 100 (100) shares Infosys Luxembourg S.a r.l. 26 26 30,000 (30,000) shares Infosys Austria GmbH - - 80,000 (80,000) shares of EUR 1 par value, fully paid up Infosys Consulting Brazil 337 337 27,50,71,070 (27,50,71,070) shares of BRL 1 per share, fully paid up Infosys Consulting S.R.L. (Romania) 34 34 99,183 (99,183) shares of RON 100 per share, fully paid up Infosys Limited Bulgaria EOOD 2 2 4,58,000 (4,58,000) shares of BGN 1 per share, fully paid up Infosys Germany Holdings GmbH# - 2 25,000 (25,000) shares EUR 1 per share, fully paid up Infosys Green Forum 1 1 10,00,000 (10,00,000) shares ₹10 per share, fully paid up Infosys Automotive and Mobility GmbH 15 15 Infosys Turkey Bilgi Teknolojileri Limited Sirketi 79 79 27,70,326 (27,70,326) share Turkish Liras 100 (100) per share, fully paid up Infosys Business Solutions LLC 8 8 10,000 (10,000) shares USD 100 per share, fully paid up Idunn Information Technology Private Limited 82 82 3,27,788 (3,27,788) shares ₹ 10 per share fully paid up InSemi Technology Services Private Limited 198 198 10,33,440 (10,33,440) shares ₹ 10 per share fully paid up in-tech Group India Private Limited 15 15 10,000 (10,000) shares ₹ 10 per share fully paid up Infosys Limited SPC 13 - 5,00,000 (Nil) shares OMR 1 per share fully paid up Infosys Services (Thailand) Limited 13 13 49,99,998 (49,99,998) shares THB 10 per share fully paid up Investments in Redeemable Preference shares of subsidiary Infosys Singapore Pte Ltd 2,831 2,831 51,02,00,000 (51,02,00,000) shares 17,349 17,338 As at As at 14
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(In ₹ crore, except as otherwise stated) Particulars September 30, 2026 March 31, 2026 As at Investments carried at fair value through profit or loss Equity securities - - Preference securities 114 52 Others (1) 64 59 178 111 Investments carried at fair value through other comprehensive income Preference securities 634 628 Equity securities 2 2 636 630 Quoted Investments carried at amortized cost Tax free bonds 402 407 Government bonds 6 - 408 407 Investments carried at fair value through other comprehensive income Non-convertible debentures 2,507 3,279 Equity Securities 121 61 Government Securities 4,179 4,210 6,807 7,550 Total non-current investments 25,378 26,036 Current investments Unquoted Investments carried at fair value through profit or loss Mutual fund units 4,411 2,191 4,411 2,191 Investments carried at fair value through other comprehensive income Commercial Papers 1,450 1,180 Certificates of deposit 4,069 7,546 5,519 8,726 Quoted Investments carried at amortized cost Government bonds 121 101 121 101 Investments carried at fair value through other comprehensive income Government Securities - 240 Non-convertible debentures 2,768 781 2,768 1,021 Total current investments 12,819 12,039 Total investments 38,197 38,075 10,104 9,079 2,889 1,122 7,255 7,981 Aggregate amount of unquoted investments 28,093 28,996 # 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 17,349 17,338 Investments carried at amortized cost 529 508 Investments carried at fair value through other comprehensive income 15,730 17,927 Investments carried at fair value through profit or loss 4,589 2,302 (1) Uncalled capital commitments outstanding as of September 30, 2026 and March 31, 2026 was ₹15 crore and ₹23 crore, respectively. Refer to note 2.10 for accounting policies on financial instruments. Method of fair valuation: (In ₹ crore) Class of investment Method September 30, 2026 March 31, 2026 4,411 2,191 538 529 5,275 4,060 4,179 4,450 Market observable inputs 1,450 1,180 Market observable inputs 4,069 7,546 121 61 636 630 114 52 64 59 Total 20,857 20,758 Note : Certain quoted investments are classified as Level 2 in the absence of active market for such investments. Others - carried at fair value through profit or loss Discounted cash flows method, Market multiples method, Option pricing model Quoted price Quoted equity securities - carried at fair value through other comprehensive income Certificates of deposit - carried at fair value through other comprehensive income Aggregate amount of quoted investments Fair value as at Market value of quoted investments (including interest accrued), current Market value of quoted investments (including interest accrued), non-current Quoted price and market observable inputs Quoted price and market observable inputs Mutual fund units - carried at fair value through profit or loss Quoted price Tax free bonds and government bonds - carried at amortized cost Non-convertible debentures - carried at fair value through other comprehensive income Government securities - carried at fair value through other comprehensive income Commercial Papers - carried at fair value through other comprehensive income Discounted cash flows method, Market multiples method, Option pricing model Quoted price and market observable inputs Discounted cash flows method, Market multiples method, Option pricing modelUnquoted equity and preference securities - carried at fair value through profit or loss Unquoted equity and preference securities - carried at fair value through other comprehensive income 15
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2.5 LOANS (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Non- Current Loans considered good - Unsecured Other Loans Loans to employees 2 5 2 5 Current Loans considered good - Unsecured Other Loans Loans to employees 179 189 Total current loans 179 189 Total Loans 181 194 2.6 OTHER FINANCIAL ASSETS (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Non-current Security deposits (1) 275 214 Unbilled revenues (1)(5)# 1,871 1,356 Net investment in lease(1) 51 265 Total non-current other financial assets 2,197 1,835 Current Security deposits (1) 10 10 Deposits placed with Corporation (1)* 3,152 2,918 Unbilled revenues (1)(5)# 8,053 7,143 Interest accrued but not due (1) 405 360 Foreign currency forward and options contracts (2)(3) 187 80 Net investment in lease (1) 646 324 Others (1)(4) 4,346 3,935 Total current other financial assets 16,799 14,770 Total other financial assets 18,996 16,605 (1) Financial assets carried at amortized cost 18,809 16,525 (2) Financial assets carried at fair value through other comprehensive income 44 56 (3) Financial assets carried at fair value through Profit or Loss 143 24 (4) Includes dues from subsidiaries 4,091 3,776 (5) Includes dues from subsidiaries 183 145 # Classified as financial asset as right to consideration is unconditional and is due only after a passage of time. 2.7 TRADE RECEIVABLES (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Current Trade Receivable considered good - Unsecured (1) 29,963 30,766 Less: Allowance for expected credit loss 546 429 Trade Receivable considered good - Unsecured 29,417 30,337 Trade Receivable - credit impaired - Unsecured 111 111 Less: Allowance for credit impairment 111 111 Trade Receivable - credit impaired - Unsecured - - Total trade receivables (2) 29,417 30,337 (1) Includes dues from subsidiaries 317 338 (2) Includes dues from companies where directors are interested - - As at As at As at * Deposits placed with corporation represent restricted deposits to settle employee related obligations as and when they arise during the normal course of business. 16
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2.8 CASH AND CASH EQUIVALENTS (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Balances with banks In current and deposit accounts 14,930 8,727 Cash on hand - - Total Cash and cash equivalents 14,930 8,727 Balances with banks in unpaid dividend accounts 42 45 Deposit with more than 12 months maturity 2,750 - 2.9 OTHER ASSETS (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Non-current Capital advances 149 154 Advances other than capital advances Others Prepaid expenses 599 510 Defined benefit plan assets 362 168 Deferred contract cost Cost of obtaining a contract 240 301 Cost of fulfillment 659 590 Unbilled revenues(2) 167 274 Withholding taxes and others(3) 519 593 Total non-current other assets 2,695 2,590 Current Advances other than capital advances Payment to vendors for supply of goods 62 408 Others Prepaid expenses (1) 3,568 3,229 Unbilled revenues(2) 5,165 4,933 Deferred contract cost Cost of obtaining a contract 216 226 Cost of fulfillment 238 472 Withholding taxes and others(3) 2,691 3,329 Other receivables (1) 44 27 Total current other assets 11,984 12,624 Total other assets 14,679 15,214 (1) Includes dues from subsidiaries 97 141 (2) Classified as non-financial asset as the contractual right to consideration is dependent on completion of contractual milestones. (3) Withholding taxes and others primarily consist of input tax credits and VAT recoverable from tax authorities. As at As at Cash and cash equivalents as at September 30, 2026 and March 31, 2026 include restricted cash and bank balances of ₹65 crore and ₹52 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. 17
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2.10 FINANCIAL INSTRUMENTS (iii) Financial assets carried at fair value through profit or loss (FVTPL) 2.10.2 Subsequent measurement a. Non-derivative financial instruments b. Derivative financial instruments 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. A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss. This category includes derivative financial assets or liabilities which are not designated as hedges. (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. Accounting Policy 2.10.1 Initial recognition (ii) Financial assets carried at fair value through other comprehensive income (FVOCI) 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. (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. (v) Investment in subsidiaries 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. Investment in subsidiaries is carried at cost in the separate financial statements. (ii) Cash flow hedge 2.10.4 Fair value 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. 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. 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 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 condensed Statement of Profit and Loss. 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 condensed 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. (i) Financial assets or financial liabilities, carried at fair value through profit or loss. 2.10.3 Derecognition of financial instruments 18
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Financial instruments by category The carrying value and fair value of financial instruments by categories as at September 30, 2026 were as follows: (In ₹ crore) Particulars Designated upon initial recognition Mandatory Equity instruments designated upon initial recognition Mandatory Assets: Cash and cash equivalents (Refer to note 2.8) 14,930 - - - - 14,930 14,930 Investments (Refer to note 2.4) Preference securities, Equity securities and others - 114 64 757 - 935 935 Tax free bonds and government bonds 529 - - - - 529 538 (1) Mutual fund units - - 4,411 - - 4,411 4,411 Commercial Papers - - - - 1,450 1,450 1,450 Certificates of deposit - - - - 4,069 4,069 4,069 Non convertible debentures - - - - 5,275 5,275 5,275 Government Securities - - - - 4,179 4,179 4,179 Trade receivables (Refer to note 2.7) 29,417 - - - - 29,417 29,417 Loans (Refer to note 2.5) 181 - - - - 181 181 Other financial assets (Refer to note 2.6) 18,809 - 143 - 44 18,996 18,987 (2) Total 63,866 114 4,618 757 15,017 84,372 84,372 Liabilities: Trade payables (Refer to note 2.13) 3,518 - - - - 3,518 3,518 Lease liabilities (Refer to note 2.3) 3,630 - - - - 3,630 3,630 Other financial liabilities (Refer to note 2.12) 15,897 - 35 - 2 15,934 15,934 Total 23,045 - 35 - 2 23,082 23,082 (1) On account of fair value changes including interest accrued (2) Excludes interest accrued on tax free bonds and government bonds carried at amortized cost of ₹9 crore The carrying value and fair value of financial instruments by categories as at March 31, 2026 were as follows: (In ₹ crore) Particulars Designated upon initial recognition Mandatory Equity instruments designated upon initial recognition Mandatory Assets: Cash and cash equivalents (Refer to note 2.8) 8,727 - - - - 8,727 8,727 Investments (Refer to note 2.4) Preference securities, Equity securities and others - 52 59 691 - 802 802 Tax free bonds and government bonds 508 - - - - 508 529 (1) Mutual fund units - - 2,191 - - 2,191 2,191 Commercial Papers - - - - 1,180 1,180 1,180 Certificates of deposit - - - - 7,546 7,546 7,546 Non convertible debentures - - - - 4,060 4,060 4,060 Government Securities - - - - 4,450 4,450 4,450 Trade receivables (Refer to note 2.7) 30,337 - - - - 30,337 30,337 Loans (Refer to note 2.5) 194 - - - - 194 194 Other financial assets (Refer to note 2.6) 16,525 - 24 - 56 16,605 16,585 (2) Total 56,291 52 2,274 691 17,292 76,600 76,601 Liabilities: Trade payables (Refer to note 2.13) 3,539 - - - - 3,539 3,539 Lease Liabilities (Refer to note 2.3) 3,749 - - - - 3,749 3,749 Other financial liabilities (Refer to note 2.12) 15,306 - 512 - 55 15,873 15,873 Total 22,594 - 512 - 55 23,161 23,161 (1) On account of fair value changes including interest accrued (2) Excludes interest accrued on tax free bonds and government bonds carried at amortized cost of ₹20 crore Amortized cost Total carrying value Total fair value Amortized cost Financial assets/ liabilities at fair value through profit or loss Financial assets/liabilities at fair value through OCI 2.10.5 Impairment Financial assets/ liabilities at fair value through profit or loss Financial assets/liabilities at fair value through OCI Total fair valueTotal carrying value 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 condensed statement of profit and loss. 19
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Fair value hierarchy Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). (In ₹ crore) Particulars Level 1 Level 2 Level 3 Assets Investments (Refer to note 2.4) Investments in tax free bonds 411 411 - - Investments in government bonds 127 127 - - Investments in mutual fund units 4,411 4,411 - - Investments in certificates of deposit 4,069 - 4,069 - Investments in commercial papers 1,450 - 1,450 - Investments in non convertible debentures 5,275 4,386 889 - Investments in government securities 4,179 3,050 1,129 - Investments in equity securities 123 121 - 2 Investments in preference securities 748 - - 748 Other investments 64 - - 64 Others 187 - 187 - Liabilities 37 - 37 - (In ₹ crore) Particulars 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 2,191 2,191 - - Investments in certificates of deposit 7,546 - 7,546 - Investments in commercial papers 1,180 - 1,180 - Investments in non convertible debentures 4,060 3,572 488 - Investments in government securities 4,450 4,282 168 - Investments in equity securities 63 61 - 2 Investments in preference securities 680 - - 680 59 - - 59 Others 80 - 80 - Liabilities 547 - 547 - 20 - - 20 Liability towards contingent consideration (Refer to note 2.12) (1) 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, tax-free bonds, certificates of deposit, commercial papers, 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. During the year ended March 31, 2026, tax free bonds of ₹57 crore and government securities ₹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 ₹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, 2026 was as follows: Derivative financial instruments - loss (Refer note 2.12) 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 on the fair values of level 3 financial instruments. Other investments Derivative financial instruments - gains (Refer to note 2.6) Fair value measurement at end of the reporting period using As at March 31, 2026 During the six months ended September 30, 2026, non convertible debentures of ₹371 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 ₹783 crore and government securities of ₹695 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs. (1) Discount rate - 6 % The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at September 30, 2026 is as follows: 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. Derivative financial instruments - loss (Refer to note 2.12) Derivative financial instruments - gains (Refer to note 2.6) Fair value measurement at end of the reporting period using 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). As at September 30, 2026 20
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2.11 EQUITY Accounting policy Ordinary Shares Description of reserves Retained earnings Retained earnings represent the amount of accumulated earnings of the Company. Securities premium Share options outstanding account Other components of equity Cash flow hedge reserve 2.11.1 EQUITY SHARE CAPITAL (In ₹ crore, except as otherwise stated) Particulars September 30, 2026 March 31, 2026 Authorized Equity shares, ₹5/- par value 480,00,00,000 (480,00,00,000) equity shares 2,400 2,400 Issued, Subscribed and Paid-Up Equity shares, ₹5/- par value(1) 2,029 2,027 405,82,76,578 (405,55,91,723) equity shares fully paid-up 2,029 2,027 (1) Refer to note 2.20 for details of basic and diluted shares Forfeited shares amounted to ₹1,500/- (₹1,500/-) (in ₹ crore, except as stated otherwise) Particulars Number of shares Amount Number of shares Amount As at the beginning of the period 4,05,55,91,723 2,027 4,15,32,63,455 2,076 Add: Shares issued on exercise of employee stock options 2,684,855 2 2,328,268 1 Less: Shares bought back - - 100,000,000 50 As at the end of the period 4,05,82,76,578 2,029 4,05,55,91,723 2,027 Capital allocation policy The Company has only one class of shares referred to as equity shares having a par value of ₹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. 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 September 30, 2026 and March 31, 2026 is set out below: As at September 30, 2026 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. As at March 31, 2026 As at 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. 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 condensed standalone Statement of Profit and Loss upon the occurrence of the related forecasted transaction. 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. 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. 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. 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. 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 Special Economic Zone Re-investment reserve 21
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2.11.2 DIVIDEND (in ₹) 2026 2025 2026 2025 Final dividend for fiscal 2026 - - 25.00 - Final dividend for fiscal 2025 - - - 22.00 The Board of Directors in their meeting held on October 23, 2026 declared an interim dividend of ₹26/- per equity share which would result in a net cash outflow of approximately ₹10,552 crore. 2026 2025 2026 2025 2015 Plan: RSU Equity settled RSUs Key Management Personnel (KMP) - - 353,274 277,077 Employees other than KMP 9,836 2,400 37,029 7,400 9,836 2,400 390,303 284,477 2015 Plan: Employee Stock Options (ESOPs) Equity settled RSUs Key Management Personnel (KMP) - - - 237,370 Employees other than KMP - - - 5,412,790 - - - 5,650,160 Cash settled RSUs Key Management Personnel (KMP) - - - - Employees other than KMP - - - 108,180 - - - 108,180 Total Grants under 2015 Plan 9,836 2,400 390,303 6,042,817 2019 Plan: RSU Equity settled RSUs Key Management Personnel (KMP) - - 84,617 66,366 Employees other than KMP - - - - - - 84,617 66,366 Total Grants under 2019 Plan - - 84,617 66,366 The amount of per share dividend recognized as distribution to equity shareholders in accordance with Companies Act 2013 is as follows:- Six months ended September 30,Particulars 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. Three months ended September 30, 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 September 30, 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. 2.11.3 Employee Stock Option Plan (ESOP): 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. Accounting Policy The Board of Directors in their meeting held on April 23, 2026 recommended a final dividend of ₹25/- per equity share for the financial year ended March 31, 2026. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 23, 2026 which resulted in a net cash outflow of ₹10,143 crore. The final dividend was paid on June 25, 2026. 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. 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. 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. Further, on April 23, 2026, based on the recommendation of the Nomination and Remuneration Committee, the board approved the amendment to the 2019 Plan to extend the grant period by seven (7) years from the date of shareholder approval, thereby extending the validity of the Plan to a total period of ten (10) years from such approval and to amend the vesting parameters for grants there under and certain administrative amendments. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 23, 2026. Six months ended September 30, Controlled trust holds 79,15,595 and 86,50,911 shares as at September 30, 2026 and March 31, 2026, 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 September 30, 2026 and March 31, 2026. The following is the summary of grants made during the three months and six months ended September 30, 2026 and September 30, 2025: Particulars Three months ended September 30, 22
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Notes on grants to KMP: CEO & MD Under the 2015 plan: The break-up of employee stock compensation expense is as follows: (in ₹ crore) 2026 2025 2026 2025 17 18 34 35 185 191 375 384 202 209 409 419 (1) Cash settled stock compensation expense included in the above 1 1 1 3 The fair value of each equity settled award is estimated on the date of grant using the following assumptions: Particulars Fiscal 2027- Equity Shares- RSU Fiscal 2027- ADS RSU Fiscal 2026- Equity Shares-RSU Fiscal 2026- Equity Shares- ESOP Fiscal 2026- ADS-ESOP Weighted average share price (₹) / ($ ADS) 1,181 12.32 1,507 1,554 17.93 Exercise price (₹) / ($ ADS) 5.00 0.10 5.00 1,554 17.93 Expected volatility (%) 26-30 28-39 23-25 25-28 26-30 Expected life of the option (years) 1-4 1-4 1-4 3-7 3-7 Expected dividends (%) 3-4 3-4 2-3 2-3 2-3 Risk-free interest rate (%) 6 4 6 6 4 1,062 11.22 1,355 390 4.09 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. 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. Granted to: Particulars Six months ended September 30, KMP Weighted average fair value as on grant date (₹) / ($ ADS) For options granted in Three months ended September 30, Total (1) Employees other than KMP Under the 2019 plan: The Board, on April 23, 2026, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to ₹10 crore for fiscal 2027 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 84,617 performance based RSU’s were granted effective May 2, 2026. The Board, on April 23, 2026, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2027. In accordance with such approval the following grants were made effective May 2, 2026. - 2,94,043 performance-based RSUs (Annual performance equity grant) of fair value of ₹34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets. - 16,923 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of ₹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. - 42,308 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of ₹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. 23
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2.12 OTHER FINANCIAL LIABILITIES (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Non-current Others Compensated absences 115 105 Accrued compensation to employees (1) 5 3 Accrued expenses (1) 2,124 1,709 Other payables (1) - 63 Total non-current other financial liabilities 2,244 1,880 Current Unpaid dividends (1) 42 45 Others Accrued compensation to employees (1) 4,150 4,365 Accrued expenses (1)(4) 7,786 7,423 Capital creditors (1) 181 254 Compensated absences 2,725 2,714 Payable for acquisition of business - Contingent consideration (2) - 20 Other payables (1)(5) 1,609 1,444 Foreign currency forward and options contracts (2)(3) 37 547 Total current other financial liabilities 16,530 16,812 Total other financial liabilities 18,774 18,692 (1) Financial liability carried at amortized cost 15,897 15,306 (2) Financial liability carried at fair value through profit or loss 35 512 (3) Financial liability carried at fair value through other comprehensive income 2 55 (4) Includes dues to subsidiaries 50 60 (5) Includes dues to subsidiaries 1,462 1,232 2.13 TRADE PAYABLES (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Outstanding dues of micro enterprises and small enterprises (MSME) 2 9 Outstanding dues of creditors other than micro enterprises and small enterprises(1) 3,516 3,530 Total trade payables 3,518 3,539 (1) Includes dues to subsidiaries 1,226 1,079 2.14 OTHER LIABILITIES (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Non-current Others Accrued defined benefit liability 605 464 Others 12 31 Total non - current other liabilities 617 495 Current Unearned revenue 9,566 9,493 Others Withholding taxes and others 2,857 2,972 Accrued defined benefit liability 3 3 Others 25 10 Total current other liabilities 12,451 12,478 Total other liabilities 13,068 12,973 As at As at As at 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. 24
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2.15 PROVISIONS Provision for post-sales client support (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Current Others Post-sales client support 1,340 1,064 Total provisions 1,340 1,064 2.16 INCOME TAXES Income tax expense in the condensed Standalone statement of Profit and Loss comprises: (In ₹ crore) Particulars 2026 2025 2026 2025 Current taxes 3,156 2,991 6,197 5,752 Deferred taxes (144) (281) (272) (496) Income tax expense 3,012 2,710 5,925 5,256 Income tax expense for the three months ended September 30, 2026 and September 30, 2025 includes provisions (net of reversals) of ₹91 crore and reversals (net of provisions) ₹2 crore, respectively. Income tax expense for the six months ended September 30, 2026 and September 30, 2025 includes provisions (net of reversals) of ₹185 crore and provisions (net of reversals) ₹116 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. Deferred income tax for the three months and six months ended September 30, 2026 and September 30, 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. 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. Three months ended September 30, Six months ended September 30, Accounting Policy a. Post-sales client support b. Onerous contracts Accounting Policy As at 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. 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. 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 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. 25
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2.17 REVENUE FROM OPERATIONS Accounting Policy 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. 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. 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. 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. 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"). 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. 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 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. 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. 26
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Revenue from operations for the three months and six months ended September 30, 2026 and September 30, 2025 is as follows: (In ₹ crore) Particulars 2026 2025 2026 2025 Revenue from software services 40,499 36,664 80,248 71,683 Revenue from products and platforms 220 243 428 499 Total revenue from operations 40,719 36,907 80,676 72,182 The Company presents revenues net of indirect taxes in its Statement of Profit and Loss. 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. 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. 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. Six months ended September 30, Invoicing in excess of earnings are classified as unearned revenue. Three months ended September 30, Trade receivables and unbilled revenues are presented net of impairment in the Balance Sheet. 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. The percentage of revenue from fixed-price contracts for each of the three months ended September 30, 2026 and September 30, 2025 is 58% and 57% respectively. The percentage of revenue from fixed-price contracts for the six months ended September 30, 2026 and September 30, 2025 is 58%. 27
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2.18 OTHER INCOME, NET 2.18.1 Other income Accounting Policy Accounting Policy Government grant Other income for the three months and six months ended September 30, 2026 and September 30, 2025 is as follows: (In ₹ crore) Particulars 2026 2025 2026 2025 Interest income on financial assets carried at amortized cost Tax free bonds and government bonds 7 16 13 42 Deposit with Bank and others 256 362 470 707 276 234 593 555 Income on investments carried at fair value through profit or loss Gain / (loss) on mutual funds and other investments 48 40 113 103 Gain / (loss) on investments carried at fair value through other comprehensive income - 2 - - Income on investments carried at amortized cost - 57 - 81 Dividend received from subsidiary 957 1,398 957 1,398 (92) (650) 339 (1,359) Exchange gains/(losses) on translation of other assets and liabilities 163 779 (119) 1,532 Miscellaneous income, net 87 30 210 92 Total other income 1,702 2,268 2,576 3,151 Exchange gains/(losses) on foreign currency forward and options contracts Six months ended September 30, Interest income on financial assets carried at fair value through other comprehensive income Non-convertible debentures, commercial papers, certificates of deposit and government securities Three months ended September 30, 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. 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). 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). 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. 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. Transactions and translations 2.18.2 Foreign currency Functional currency 28
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2.19 EXPENSES Accounting Policy (In ₹ crore) Particulars 2026 2025 2026 2025 Employee benefit expenses Salaries including bonus 18,069 17,176 35,925 33,962 Contribution to provident and other funds 716 576 1,414 1,151 Share based payments to employees (Refer to note 2.11) 202 209 409 419 Staff welfare 113 113 171 214 19,100 18,074 37,919 35,746 Cost of software packages and others For own use 757 530 1,459 1,053 Third party items bought for service delivery to clients 2,237 1,764 4,457 3,458 2,994 2,294 5,916 4,511 Other expenses Power and fuel 48 48 102 100 Brand and Marketing 269 246 645 587 Rates and taxes 59 62 102 122 Repairs and Maintenance 319 278 605 544 Consumables 14 8 21 15 Insurance 65 65 131 129 Provision for post-sales client support and others 125 82 (12) (103) Commission to non-whole time directors 6 5 12 9 Impairment loss recognized / (reversed) under expected credit loss model 76 25 58 64 Auditor's remuneration Statutory audit fees 3 2 7 4 Contributions towards Corporate Social Responsibility 149 137 286 243 Others 164 136 468 227 1,297 1,094 2,425 1,941 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. 2.19.3 Superannuation 2.19.4 Compensated absences 2.19.2 Provident fund Three months ended September 30, 2.19.1 Gratuity and Pension Six months ended September 30, 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. 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. 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. 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. 29
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2.20 EARNINGS PER EQUITY SHARE 2.21 CONTINGENT LIABILITIES AND COMMITMENTS (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Contingent liabilities: Claims against the Company, not acknowledged as debts(1) 2,004 1,944 [Amount paid to statutory authorities ₹1,061 crore (₹2,399 crore)] Commitments: 1,090 1,070 Other Commitments* 15 23 * Uncalled capital pertaining to investments Government Investigation Others 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. As at (1) As at September 30, 2026 and March 31, 2026, claims against the Company not acknowledged as debts in respect of India income tax matters amounted to ₹1,365 crore and ₹1,326 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 ₹1,040 crore and ₹2,381 crore as at September 30, 2026 and March 31, 2026, respectively. Estimated amount of contracts remaining to be executed on capital contracts and not provided for (net of advances and deposits)(2) (2) Capital contracts primarily comprises of commitments for infrastructure facilities and computer equipments. 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. Legal Proceedings The U.S. Department of Justice (“DOJ”) is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees 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. 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. 30
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2.22 RELATED PARTY TRANSACTIONS Changes in Subsidiaries During the six months ended September 30, 2026, the following are the changes in the subsidiaries: - - - - Transactions with key management personnel The table below describes the compensation to key management personnel which comprise directors and executive officers: (In ₹ crore) Particulars 2026 2025 2026 2025 30 30 59 60 6 5 13 9 Total 36 35 72 69 (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. for and on behalf of the Board of Directors of Infosys Limited Nandan M. Nilekani Salil Parekh Bobby Parikh Chairman Chief Executive Officer Director DIN: 00041245 and Managing Director DIN: 00019437 DIN: 01876159 Bengaluru Jayesh Sanghrajka A.G.S. Manikantha October 23, 2026 Chief Financial Officer Company Secretary Membership No. A21918 Salaries and other short term employee benefits to whole-time directors and executive officers(1)(2) Commission and other benefits to non-executive / independent directors 2.23 SEGMENT REPORTING Three months ended September 30, Six months ended September 30, 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. ⁽¹⁾ Total employee stock compensation expense for the three months ended September 30, 2026 and September 30, 2025 includes a charge of ₹17 crore and ₹18 crore, respectively, towards key management personnel. For the six months ended September 30, 2026 and September 30, 2025, includes a charge of ₹34 crore and ₹35 crore respectively, towards key management personnel.(Refer to note 2.11). - Diane Enberg Jurgens was appointed as an Independent Director effective April 22, 2026 - Nitin Paranjpe an Independent Director was appointed as the Vice Chairman effective April 30, 2026 - Micheal Gibbs retired as an Independent Director effective July 12, 2026 The Company’s related party transactions during the three months and six months ended September 30, 2026 and September 30, 2025 and outstanding balances as at September 30, 2026 and March 31, 2026 are with its subsidiaries with whom the Company generally enters into transactions which are at arms length and in the ordinary course of business. Refer to the Company's Annual Report for the year ended March 31, 2026 for the full names and other details of the Company's subsidiaries and controlled trusts. On April 21, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired 96% of the voting interests in Stratus Global LLC along with its subsidiaries, namely Stratus Technology Services LLC, Stratus Global (India) Private Limited and Stratus Holdings International Inc. along with its subsidiary Stratus Canada Inc. The remaining 4% voting interest in Stratus Global LLC was held by New Heritage Capital Fund III-B, LP, which was also acquired as part of the same acquisition. New Heritage Capital Fund III-B, LP was liquidated effective April 22, 2026, following which Infosys Nova Holdings LLC became the direct holder of 100% of the voting interests in Stratus Global LLC and its subsidiaries. On May 04, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired 100% of voting interests in Optimum Achieve Holdings Inc along with its subsidiary TSC Companies LLC along with its subsidiary Optimum Healthcare IT LLC along with its subsidiaries Optimum CAN Holdings LLC, Optimum Tech Services LLC, Optimum Healthcare IT Pty Ltd, 3-102-936558 Sociedad de Responsabilidad Limitada and Optimum HIT Canada ULC. Guidevision UK Limited, a wholly-owned subsidiary of GuideVision, s.r.o. has been liquidated effective September 01, 2026 In-tech Automotive Engineering Beijing Co., Ltd (“in-tech (Beijing) Information Technology Co.Ltd”), a wholly-owned subsidiary of In-tech Aut Engg Shenyang Co. Ltd, has been liquidated effective September 02, 2026 Changes in key management personnel The following are the changes in the key management personnel: 31
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Deloitte Haskins & Sells LLP INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED Chartered Accountants Prestige Trade Tower, Level 19 46, Palace Road, High Grounds Bengaluru-560 001 Karnataka, India Tel: +91 80 6188 6000 Fax: +91 80 6188 6011 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 September 30, 2026, the Condensed Consolidated Statement of Profit and Loss (including Other Comprehensive Income) for the three months and six months ended on that date, the Condensed Consolidated Statement of Changes in Equity, and the Condensed Consolidated Statement of Cash Flows for the six months ended on that date, and notes to the financial statements including a summary of the material accounting policies and other explanatory information (hereina~er 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 September 30, 2026, its consolidated profit, its consolidated other comprehensive income for the three months and six months ended on that date, its consolidated changes in equity and its consolidated cash flows for the six months ended on that date. Basis for Opinion We conducted our audit of the interim condensed consolidated financ ial 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 !CAi'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 Regd. Office : One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India . Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
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Deloitte Haskins & Sells LLP 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: • 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.
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Deloitte Haskins & Sells LLP • Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group to express an opinion on the interim condensed consol idated 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 financ ial 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 eva luate 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 Financia l Statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and sign ificant audit findings including any significant deficiencies in internal financial controls that we identify during our audit. We also prov ide those charged with governance with a statement that we have complied with relevant ethical requ irements 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: Hyderabad Date: October 23, 2026 For DELOITTE HASKINS & SELLS LLP Chartered Accountants ni: 's Rt i:~n No. 117366W / W-100018 ) ~~agaria Partner (Membership No.060408) UDIN :
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Index Page No. Condensed Consolidated Balance Sheet ……………………………………………………………………………………………………………………..1 Condensed Consolidated Statement of Profit and Loss ……………………………………………………………………………………………………………………..2 Condensed Consolidated Statement of Changes in Equity ……………………………………………………………………………………………………………………..3 Condensed Consolidated Statement of Cash Flows ……………………………………………………………………………………………………………………..5 Overview and Notes to the Interim Condensed Consolidated Financial Statements 1. Overview 1.1 Company overview ……………………………………………………………………………………………………………………..7 1.2 Basis of preparation of financial statements ……………………………………………………………………………………………………………………..7 1.3 Basis of consolidation ……………………………………………………………………………………………………………………..7 1.4 Use of estimates and judgments ……………………………………………………………………………………………………………………..7 1.5 Critical accounting estimates and judgments…………………………………………………………………… 7 2. Notes to the Interim Condensed Consolidated Financial Statements 2.1 Business Combinations ………………………………………………………………………………………… 9 2.2 Property, plant and equipment ……………………………………………………………………………………………………………………..11 2.3 Goodwill and other intangible assets……………………………………………………………………………………………………………………..13 2.4 Investments ……………………………………………………………………………………………………………………………………………..14 2.5 Loans ……………………………………………………………………………………………………………………………………………..15 2.6 Other financial assets ……………………………………………………………………………………………………………………………………………..15 2.7 Trade receivables ……………………………………………………………………………………………………………………………………………..15 2.8 Cash and cash equivalents ……………………………………………………………………………………………………………………………………………..16 2.9 Other assets ……………………………………………………………………………………………………………………………………………..16 2.10 Financial instruments ……………………………………………………………………………………………………………………………………………..17 2.11 Equity ……………………………………………………………………………………………………………………………………………..21 2.12 Other financial liabilities ……………………………………………………………………………………………………………………………………………………..24 2.13 Other liabilities ……………………………………………………………………………………………………………………………………………..24 2.14 Provisions ……………………………………………………………………………………………………………………………………………..25 2.15 Income taxes ……………………………………………………………………………………………………………………………………………..26 2.16 Revenue from operations ……………………………………………………………………………………………………………………………………………..27 2.17 Other income, net ……………………………………………………………………………………………………………………………………………..29 2.18 Expenses ……………………………………………………………………………………………………………………………………………..30 2.19 Leases ……………………………………………………………………………………………………………………………………………..31 2.20 Earnings per equity share ……………………………………………………………………………………………………………………………………………..33 2.21 Contingent liabilities and commitments ……………………………………………………………………………… 33 2.22 Related party transactions ……………………………………………………………………………………………………………………………………………..34 2.23 Segment reporting ……………………………………………………………………………………………………………………………………………..34 INFOSYS LIMITED AND SUBSIDIARIES Condensed Consolidated Financial Statements under Indian Accounting Standards (Ind AS) for the three months and six months ended September 30, 2026
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INFOSYS LIMITED AND SUBSIDIARIES (In ₹ crore ) Condensed Consolidated Balance Sheets as at Note No. September 30, 2026 March 31, 2026 ASSETS Non-current assets Property, plant and equipment 2.2 13,071 12,651 Right-of-use assets 2.19 6,176 6,177 Capital work-in-progress 423 526 Goodwill 2.3 14,864 12,117 Other intangible assets 4,425 2,825 Financial assets Investments 2.4 8,390 8,930 Loans 2.5 3 6 Other financial assets 2.6 2,621 2,776 Deferred tax assets (net) 2,307 2,264 Income tax assets (net) 1,775 666 Other non-current assets 2.9 3,674 3,540 Total non-current assets 57,729 52,478 Current assets Financial assets Investments 2.4 13,761 12,950 Trade receivables 2.7 34,821 35,234 Cash and cash equivalents 2.8 24,350 22,201 Loans 2.5 239 234 Other financial assets 2.6 17,859 15,890 Income tax assets (net) 38 1,835 Other current assets 2.9 14,683 15,145 Total current assets 105,751 103,489 Total assets 163,480 155,967 EQUITY AND LIABILITIES Equity 2.11 2,026 2,024 Other equity 97,051 90,828 Total equity attributable to equity holders of the Company 99,077 92,852 Non-controlling interests 466 445 Total equity 99,543 93,297 Liabilities Non-current liabilities Financial Liabilities Lease liabilities 2.19 4,942 6,016 Other financial liabilities 2.12 2,797 2,092 Deferred tax liabilities (net) 1,885 1,679 Other non-current liabilities 2.13 732 561 Total non-current liabilities 10,356 10,348 Current liabilities Financial Liabilities Lease liabilities 2.19 3,583 3,160 Trade payables 4,498 4,744 Other financial liabilities 2.12 21,162 21,483 Other current liabilities 2.13 15,822 15,779 Provisions 2.14 1,963 1,512 Income tax liabilities (net) 6,553 5,644 Total current liabilities 53,581 52,322 Total equity and liabilities 163,480 155,967 The accompanying notes form an integral part of the interim condensed 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 Firm’s Registration No : 117366W/ W-100018 Vikas Bagaria Nandan M. Nilekani Salil Parekh Bobby Parikh Partner Chairman Chief Executive Officer Director Membership No. 060408 DIN: 00041245 and Managing Director DIN: 00019437 DIN: 01876159 Jayesh Sanghrajka A.G.S. Manikantha Chief Financial Officer Company Secretary Membership No. A21918 Hyderabad Bengaluru October 23, 2026 October 23, 2026 Equity share capital 1
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INFOSYS LIMITED AND SUBSIDIARIES (In ₹ crore, except equity share and per equity share data) Note No. 2026 2025 2026 2025 Revenue from operations 2.16 49,244 44,490 97,454 86,769 Other income, net 2.17 848 982 1,832 2,024 Total income 50,092 45,472 99,286 88,793 Expenses Employee benefit expenses 2.18 25,483 23,438 50,770 46,284 Cost of technical sub-contractors 4,393 3,879 8,574 7,376 Travel expenses 691 539 1,392 1,055 Cost of software packages and others 2.18 4,573 4,025 8,993 7,771 Communication expenses 151 160 301 303 Consultancy and professional charges 677 480 1,280 943 Depreciation and amortization expenses 1,359 1,182 2,605 2,323 Finance cost 115 106 235 211 Other expenses 2.18 1,587 1,434 3,045 2,557 Total expenses 39,029 35,243 77,195 68,823 Profit before tax 11,063 10,229 22,091 19,970 Tax expense: Current tax 2.15 3,398 3,178 6,754 6,232 Deferred tax 2.15 (173) (324) (276) (562) Profit for the period 7,838 7,375 15,613 14,300 Other comprehensive income Items that will not be reclassified subsequently to profit or loss Remeasurement of the net defined benefit liability/asset, net (177) (38) 119 (108) Equity instruments through other comprehensive income, net (9) (8) 51 27 (186) (46) 170 (81) Items that will be reclassified subsequently to profit or loss Fair value changes on derivatives designated as cash flow hedge, net (13) — 36 6 212 862 118 1,881 Fair value changes on investments, net (97) (34) (37) 89 102 828 117 1,976 Total other comprehensive income /(loss), net of tax (84) 782 287 1,895 Total comprehensive income for the period 7,754 8,157 15,900 16,195 Profit attributable to: Owners of the Company 7,823 7,364 15,592 14,285 Non-controlling interests 15 11 21 15 7,838 7,375 15,613 14,300 Total comprehensive income attributable to: Owners of the Company 7,733 8,140 15,875 16,165 Non-controlling interests 21 17 25 30 7,754 8,157 15,900 16,195 Earnings per equity share Equity shares of par value ₹5/- each Basic (₹) 19.32 17.76 38.51 34.47 Diluted (₹) 19.30 17.74 38.46 34.41 Weighted average equity shares used in computing earnings per equity share Basic (in shares) 2.20 4,049,987,827 4,145,208,267 4,048,846,535 4,144,593,296 Diluted (in shares) 2.20 4,054,326,796 4,151,315,578 4,054,149,523 4,151,441,800 The accompanying notes form an integral part of the interim condensed 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 Firm’s Registration No : 117366W/ W-100018 Vikas Bagaria Nandan M. Nilekani Salil Parekh Bobby Parikh Partner Chairman Chief Executive Officer Director Membership No. 060408 DIN: 00041245 and Managing Director DIN: 00019437 DIN: 01876159 Jayesh Sanghrajka A.G.S. Manikantha Chief Financial Officer Company Secretary Membership No. A21918 Hyderabad Bengaluru October 23, 2026 October 23, 2026 Condensed Consolidated Statement of Profit and Loss for the Exchange differences on translation of foreign operations Six months ended September 30,Three months ended September 30, 2
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INFOSYS LIMITED AND SUBSIDIARIES Condensed Consolidated Statement of Changes in Equity (In ₹ crore) Particulars Capital reserve Capital redemption reserve Securities Premium Retained earnings General reserve Share Options Outstanding Account Special Economic Zone Re- investment reserve (2) Other reserves (3) 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) Balance as at April 1, 2025 2,073 54 169 1,091 78,627 1,412 1,068 8,298 24 285 2,904 (18) (169) 95,818 385 96,203 Changes in equity for the six months ended September 30, 2025 Profit for the period — — — — 14,285 — — — — — — — — 14,285 15 14,300 Remeasurement of the net defined benefit liability/asset, net* — — — — — — — — — — — — (108) (108) — (108) Equity instruments through other comprehensive income, net* — — — — — — — — — 27 — — — 27 — 27 Fair value changes on derivatives designated as cash flow hedge, net* — — — — — — — — — — — 6 — 6 — 6 Exchange differences on translation of foreign operations — — — — — — — — — — 1,866 — — 1,866 15 1,881 Fair value changes on investments, net* — — — — — — — — — — — — 89 89 — 89 Total Comprehensive income for the period — — — — 14,285 — — — — 27 1,866 6 (19) 16,165 30 16,195 Shares issued on exercise of employee stock options (Refer to Note 2.11) 1 — — — — — — — — — — — — 1 — 1 Employee stock compensation expense (Refer to Note 2.11) — — — — — — 463 — — — — — — 463 — 463 Transferred on account of exercise of stock options (Refer to note 2.11) — — — 221 — — (221) — — — — — — — — — Transferred on account of options not exercised — — — — — 62 (62) — — — — — — — — — Income tax benefit arising on exercise of stock options — — — — — — 5 — — — — — — 5 — 5 Financial liability under option arrangements — — — — (10) — — — — — — — — (10) — (10) Changes in the controlling stake of a subsidiary — — — — 7 — — — — — — — — 7 2 9 Dividends (1) — — — — (9,119) — — — — — — — — (9,119) — (9,119) Dividends paid to non controlling interest of subsidiary — — — — — — — — — — — — — — (3) (3) Transferred from Special Economic Zone Re-investment reserve to retained earnings — — — — 2,215 — — (2,215) — — — — — — — — Transferred from Special Economic Zone Re-investment reserve on utilization — — — — 408 — — (408) — — — — — — — — Balance as at September 30, 2025 2,074 54 169 1,312 86,413 1,474 1,253 5,675 24 312 4,770 (12) (188) 103,330 414 103,744 OTHER EQUITY Reserves & Surplus Equity Share capital (1) Total equity attributable to equity holders of the Company Other comprehensive income Non- controlling interest Total equity 3
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Condensed Consolidated Statement of Changes in Equity (contd.) (In ₹ crore) Particulars Capital reserve Capital redemption reserve Securities Premium Retained earnings General reserve Share Options Outstanding Account Special Economic Zone Re- investment reserve (2) Other reserves (3) 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) Balance as at April 1, 2026 2,024 54 219 280 76,503 1,065 1,538 4,824 33 682 6,133 (19) (484) 92,852 445 93,297 Changes in equity for the six months ended September 30, 2026 Profit for the period — — — — 15,592 — — — — — — — — 15,592 21 15,613 Remeasurement of the net defined benefit liability/asset, net* — — — — — — — — — — — — 119 119 — 119 Equity instruments through other comprehensive income, net* — — — — — — — — — 51 — — — 51 — 51 Fair value changes on derivatives designated as cash flow hedge, net* — — — — — — — — — — — 36 — 36 — 36 Exchange differences on translation of foreign operations — — — — — — — — — — 114 — — 114 4 118 Fair value changes on investments, net* — — — — — — — — — — — — (37) (37) — (37) Total Comprehensive income for the period — — — — 15,592 — — — — 51 114 36 82 15,875 25 15,900 Shares issued on exercise of employee stock options (Refer to Note 2.11) 2 — — — — — — — — — — — — 2 — 2 Employee stock compensation expense (Refer to Note 2.11) — — — — — — 456 — — — — — — 456 — 456 Transferred on account of exercise of stock options (Refer to Note 2.11) — — — 513 — — (513) — — — — — — — — — Transferred on account of options not exercised — — — — — 206 (206) — — — — — — — — — Income tax benefit arising on exercise of stock options — — — — — — 15 — — — — — — 15 — 15 Transfer to legal reserve — — — — (9) — — — 9 — — — — — — — Dividends (1) — — — — (10,123) — — — — — — — — (10,123) — (10,123) Dividends paid to non controlling interest of subsidiary — — — — — — — — — — — — — — (4) (4) Transferred from Special Economic Zone Re-investment reserve to retained earnings — — — — 1,819 — — (1,819) — — — — — — — — Transferred from Special Economic Zone Re-investment reserve on utilization — — — — 743 — — (743) — — — — — — — — Balance as at September 30, 2026 2,026 54 219 793 84,525 1,271 1,290 2,262 42 733 6,247 17 (402) 99,077 466 99,543 * Net of tax (1) Net of treasury shares The accompanying notes form an integral part of the interim condensed 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 Firm’s Registration No : 117366W/ W-100018 Vikas Bagaria Nandan M. Nilekani Salil Parekh Bobby Parikh Partner Chairman Chief Executive Officer Director Membership No. 060408 DIN: 00041245 and Managing Director DIN: 00019437 DIN: 01876159 Jayesh Sanghrajka A.G.S. Manikantha Chief Financial Officer Company Secretary Membership No. A21918 Hyderabad Bengaluru October 23, 2026 October 23, 2026 (3) 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. Reserves & Surplus OTHER EQUITY Equity Share capital (1) Total equity attributable to equity holders of the Company Other comprehensive income Non- controlling interest Total equity (2) 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. 4
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INFOSYS LIMITED AND SUBSIDIARIES Condensed Consolidated Statement of Cash Flows Accounting Policy (In ₹ crore) Particulars Note No. 2026 2025 Cash flow from operating activities Profit for the period 15,613 14,300 Income tax expense 2.15 6,478 5,670 Depreciation and amortization 2,605 2,323 (1,277) (1,554) Finance cost 235 211 Impairment loss recognized / (reversed) under expected credit loss model 61 34 Exchange differences on translation of assets and liabilities, net 18 573 Stock compensation expense 460 471 Provision for post sale client support (47) (97) Other adjustments 960 658 Changes in assets and liabilities Trade receivables and unbilled revenue (325) (4,395) Loans, other financial assets and other assets 340 (175) Trade payables (359) (451) Other financial liabilities, other liabilities and provisions (688) 2,939 Cash generated from operations 24,074 20,507 Income taxes paid (5,116) (2,996) Net cash generated by operating activities 18,958 17,511 Cash flows from investing activities 2.2 (1,585) (1,352) Deposits placed with corporation (775) (683) Redemption of deposits placed with Corporation 515 392 Interest and dividend received 883 1,613 Payment towards acquisition of business, net of cash acquired 2.1 (3,238) (637) Payment of contingent consideration pertaining to acquisition of business (27) (13) Other receipts 1 14 Tax free bonds and government bonds (345) (21) Mutual fund units (39,313) (36,091) Certificates of deposit (4,827) (7,149) Commercial Papers (2,817) (2,686) Non-convertible debentures (1,332) (2,639) Government securities (717) (531) Other Investments (201) (22) Proceeds on sale of Investments Tax free bonds and government bonds 283 1,284 Mutual funds units 36,788 32,967 Certificates of deposit 8,850 5,857 Commercial Papers 2,575 4,675 Non-convertible debentures 233 1,625 Government securities 1,022 3,265 Other investments 10 — Net cash generated / (used in) from investing activities (4,017) (132) Payments to acquire Investments Cash flows are reported using the indirect method, whereby profit for the period 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. Expenditure on property, plant and equipment and intangibles, net of sale proceeds Adjustments to reconcile net profit to net cash provided by operating activities: Interest and dividend income Six months ended September 30, 5
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Particulars Note No. 2026 2025 Six months ended September 30, Cash flows from financing activities Payment of lease liabilities (1,819) (1,382) Payment of dividends (10,126) (9,122) Loan repayment of acquired entities 2.1 (812) — Payment of dividend to non-controlling interest of subsidiary (4) (3) Shares issued on exercise of employee stock options 2 1 Other payments (57) (181) Net cash used in financing activities (12,816) (10,687) Net increase / (decrease) in cash and cash equivalents 2,125 6,692 Effect of exchange rate changes on cash and cash equivalents 24 685 Cash and cash equivalents at the beginning of the period 2.8 22,201 24,455 Cash and cash equivalents at the end of the period 2.8 24,350 31,832 Supplementary information: Restricted cash balance 2.8 443 410 The accompanying notes form an integral part of the interim condensed 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 Firm’s Registration No : 117366W/ W-100018 Vikas Bagaria Nandan M. Nilekani Salil Parekh Bobby Parikh Partner Chairman Chief Executive Officer Director Membership No. 060408 DIN: 00041245 and Managing Director DIN: 00019437 DIN: 01876159 Jayesh Sanghrajka A.G.S. Manikantha Chief Financial Officer Company Secretary Membership No. A21918 Hyderabad Bengaluru October 23, 2026 October 23, 2026 6
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INFOSYS LIMITED AND SUBSIDIARIES 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 Bombay Stock Exchange Ltd (BSE). and National Stock Exchange of India Limited (NSE). 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 October 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, 2026. 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. 7
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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) . 8
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2. Notes to the Consolidated Financial Statements 2.1 BUSINESS COMBINATIONS Accounting Policy Acquisition during the six months ended September 30, 2026 (In ₹ crore) Component Acquiree's carrying amount Fair value adjustments Purchase price allocated Assets (1) 113 - 113 Liabilities (100) - (100) Loan (164) - (164) Intangible assets: Customer related# - 158 158 Vendor relationship# - 158 158 Brand# - 19 19 Goodwill - - 517 Total purchase price 701 # The estimated useful life is around 2 years to 6 years 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. On April 21, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired a 100% partnership interest in Stratus Global LLC, a leading insurance technology partner serving Property & Casualty insurers and Managing General Agents, headquartered in USA. The acquisition is expected to further strengthen Infosys’ leadership in the insurance sector and accelerate AI-powered digital and data transformation for global P&C insurance clients. Stratus Global LLC The provisional purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows: (1) Includes cash and cash equivalents acquired of ₹47 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 expected to be deductible for tax purposes. The total purchase consideration of ₹701 crore includes upfront cash consideration of ₹650 crore and contingent consideration with an estimated fair value of ₹51 crore as on the date of acquisition. The maximum contingent consideration payable for the acquisition is ₹62 crore. 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 2.9%. The undiscounted value of contingent consideration as of September 30, 2026 was ₹38 crore. Additionally, this acquisition has retention bonus and management incentives 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. Retention bonus and management incentives are recognized in employee benefit expenses in the Condensed Consolidated Statement of Profit and Loss over the period of service. Fair value of trade receivables acquired is ₹22 crore as of acquisition date and as of September 30, 2026, the amounts are fully collected. During the six months ended September 30, 2026 the Group, completed two business combinations by acquiring 100% partnership interests/voting interests in: 9
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(In ₹ crore) Component Acquiree's carrying amount Fair value adjustments Purchase price allocated Assets (1) 1,115 - 1,115 Liabilities (395) - (395) Loan (648) - (648) Intangible assets: Customer related# - 212 212 Vendor relationship# - 1,359 1,359 Brand# - 99 99 Deferred tax liabilities on intangible assets - (451) (451) Goodwill - - 2,179 Total purchase price 3,470 # The estimated useful life is around 1 years to 8 years Proposed Acquisition 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 ₹1,335 crore), excluding retention bonus and management incentives, subject to regulatory approvals and customary closing adjustments. 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 ₹15 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Profit and Loss for the six months ended September 30, 2026. 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 ₹22 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Profit and Loss for the six months ended September 30, 2026. Goodwill is not tax deductible. The total purchase consideration of ₹3,470 crore includes upfront cash consideration of ₹2,844 crore and contingent consideration with an estimated fair value of ₹626 crore as on the date of acquisition. The maximum contingent consideration payable for the acquisition is ₹878 crore. 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 2.9%. The undiscounted value of contingent consideration as of September 30, 2026 was ₹662 crore. Additionally, this acquisition has retention bonus and management incentives payable to the employees of the acquiree over 4 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 Interim Condensed Consolidated Statement of Profit and Loss over the period of service. Fair value of trade receivables acquired is ₹575 crore as of acquisition date and as of September 30, 2026, the amounts are substantially collected. Optimum Achieve Holdings Inc. On May 4, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired 100% voting interests in Optimum Achieve Holdings Inc., a healthcare digital transformation and consulting firm headquartered in USA, along with its other subsidiaries including Optimum Healthcare IT, LLC. This acquisition strengthens Infosys' capabilities in the Healthcare market. The provisional purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows: (1) Includes cash and cash equivalents acquired of ₹185 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. 10
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2.2 PROPERTY, PLANT AND EQUIPMENT Accounting Policy Buildings (1) 22-25 years Plant and machinery (1)(2) 5 years Office equipment 5 years Computer equipment (1) 3-5 years Furniture and fixtures (1) 5 years Vehicles(1) 5 years Leasehold improvements Lower of useful life of the asset or lease term (2) Includes Solar plant with a useful life of 25 years The changes in the carrying value of property, plant and equipment for the three months ended September 30, 2026 are as follows: (In ₹ crore) Particulars Land - Freehold Buildings (1) Plant and machinery Office Equipment Computer equipment Furniture and fixtures Leasehold Improvements Vehicles Total Gross carrying value as at July 1, 2026 1,440 12,624 3,745 1,739 9,685 2,433 1,343 43 33,052 Additions 4 246 105 53 555 98 59 1 1,121 Additions on Business Combinations (Refer to note 2.1) — — — — — — — — — Deletions** (7) (2) (10) (16) (119) (47) (5) — (206) Translation difference — 28 2 1 5 2 4 — 42 Gross carrying value as at September 30, 2026 1,437 12,896 3,842 1,777 10,126 2,486 1,401 44 34,009 Accumulated depreciation as at July 1, 2026 — (5,981) (3,032) (1,430) (6,878) (2,014) (1,117) (38) (20,490) Depreciation — (121) (57) (31) (331) (49) (29) (1) (619) Accumulated depreciation on deletions** — — 10 14 118 47 5 — 194 Translation difference — (10) (2) (1) (3) (2) (5) — (23) Accumulated depreciation as at September 30, 2026 — (6,112) (3,081) (1,448) (7,094) (2,018) (1,146) (39) (20,938) Carrying value as at July 1, 2026 1,440 6,643 713 309 2,807 419 226 5 12,562 Carrying value as at September 30, 2026 1,437 6,784 761 329 3,032 468 255 5 13,071 The changes in the carrying value of property, plant and equipment for the three months ended September 30, 2025 are as follows: (In ₹ crore) Particulars Land - Freehold Buildings (1) Plant and machinery Office Equipment Computer equipment Furniture and fixtures Leasehold Improvements Vehicles Total Gross carrying value as at July 1, 2025 1,489 11,737 3,484 1,661 9,278 2,371 1,347 48 31,415 Additions 10 6 12 15 412 7 3 — 465 Deletions* — — (6) (8) (165) (67) — (3) (249) Translation difference — 38 3 4 29 6 14 — 94 Gross carrying value as at September 30, 2025 1,499 11,781 3,493 1,672 9,554 2,317 1,364 45 31,725 Accumulated depreciation as at July 1, 2025 — (5,473) (2,857) (1,361) (7,040) (1,970) (1,060) (43) (19,804) Depreciation — (112) (45) (31) (263) (41) (27) — (519) Accumulated depreciation on deletions* — — 6 8 165 67 — 3 249 Translation difference — (13) (3) (3) (18) (5) (13) — (55) Accumulated depreciation as at September 30, 2025 — (5,598) (2,899) (1,387) (7,156) (1,949) (1,100) (40) (20,129) Carrying value as at July 1, 2025 1,489 6,264 627 300 2,238 401 287 5 11,611 Carrying value as at September 30, 2025 1,499 6,183 594 285 2,398 368 264 5 11,596 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 individualasset 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. 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: (1)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 Depreciation methods, useful lives and residual values are reviewed periodically, includingat each financialyear 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 classifiedas 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 11
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The changes in the carrying value of property, plant and equipment for the six months ended September 30, 2026 are as follows: (In ₹ crore) Particulars Land - Freehold Buildings (1) Plant and machinery Office Equipment Computer equipment Furniture and fixtures Leasehold Improvements Vehicles Total Gross carrying value as at April 1, 2026 1,440 12,574 3,714 1,732 9,607 2,438 1,369 44 32,918 Additions 4 282 141 77 882 121 67 2 1,576 Additions on Business Combinations (Refer to note 2.1) — — — — 15 — — — 15 Deletions** (7) (5) (16) (33) (382) (75) (40) (2) (560) Translation difference — 45 3 1 4 2 5 — 60 Gross carrying value as at September 30, 2026 1,437 12,896 3,842 1,777 10,126 2,486 1,401 44 34,009 Accumulated depreciation as at April 1, 2026 — (5,856) (2,985) (1,417) (6,850) (1,995) (1,125) (39) (20,267) Depreciation — (241) (109) (60) (622) (96) (56) (1) (1,185) Accumulated depreciation on deletions** — 1 16 31 381 75 40 1 545 Translation difference — (16) (3) (2) (3) (2) (5) — (31) Accumulated depreciation as at September 30, 2026 — (6,112) (3,081) (1,448) (7,094) (2,018) (1,146) (39) (20,938) Carrying value as at April 1, 2026 1,440 6,718 729 315 2,757 443 244 5 12,651 Carrying value as at September 30, 2026 1,437 6,784 761 329 3,032 468 255 5 13,071 The changes in the carrying value of property, plant and equipment for the six months ended September 30, 2025 are as follows: (In ₹ crore) Particulars Land - Freehold Buildings (1) Plant and machinery Office Equipment Computer equipment Furniture and fixtures Leasehold Improvements Vehicles Total Gross carrying value as at April 1, 2025 1,479 11,721 3,461 1,628 9,306 2,340 1,307 48 31,290 Additions 20 9 35 51 619 34 32 1 801 Additions on Business Combinations (Refer to note 2.1) — — — — 3 — — — 3 Deletions* — (5) (8) (16) (435) (72) (2) (4) (542) Translation difference — 56 5 9 61 15 27 — 173 Gross carrying value as at September 30, 2025 1,499 11,781 3,493 1,672 9,554 2,317 1,364 45 31,725 Accumulated depreciation as at April 1, 2025 — (5,358) (2,813) (1,337) (7,013) (1,929) (1,019) (43) (19,512) Depreciation — (223) (89) (60) (530) (81) (58) (1) (1,042) Accumulated depreciation on deletions* — 1 8 16 424 71 2 4 526 Translation difference — (18) (5) (6) (37) (10) (25) — (101) Accumulated depreciation as at September 30, 2025 — (5,598) (2,899) (1,387) (7,156) (1,949) (1,100) (40) (20,129) Carrying value as at April 1, 2025 1,479 6,363 648 291 2,293 411 288 5 11,778 Carrying value as at September 30, 2025 1,499 6,183 594 285 2,398 368 264 5 11,596 The aggregate depreciation has been included under depreciation and amortization expense in the interim condensed Consolidated Statement of Profit and Loss. * During the three months and six months ended September 30, 2025, certain assets which were not in use having gross book value of ₹226 crore (net book value: Nil) and ₹473 crore (net book value: Nil), respectively were retired. (1) Buildings include ₹250/- being the value of five shares of ₹50/- each in Mittal Towers Premises Co-operative Society Limited. Repairs and maintenance costs are recognized in the condensed Consolidated Statement of Profit and Loss when incurred. Consequent to the Companies (Corporate Social ResponsibilityPolicy) 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. ** During the three months and six months ended September 30, 2026, certain assets which were not in use having gross book value of ₹139 crore (net book value: Nil) and ₹381 crore (net book value: Nil), respectively were retired. 12
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2.3 GOODWILL AND OTHER INTANGIBLE ASSETS 2.3.1 Goodwill Accounting Policy Impairment Following is a summary of changes in the carrying amount of goodwill: (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Carrying value at the beginning 12,117 10,106 Goodwill on acquisitions (Refer to note 2.1) 2,696 444 Translation differences 51 1,567 Carrying value at the end 14,864 12,117 2.3.2 Other Intangible Assets Accounting Policy Impairment Goodwill represents the purchase consideration in excess of the Group's interest in the net fair value of identifiableassets, liabilitiesand contingent liabilitiesof the acquired entity. When the net fair value of the identifiable assets, liabilitiesand contingent liabilitiesacquired 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. 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 identifiablegroup 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 includingthe 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. Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibilityof 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. 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 individualasset 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 Interim 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 impairmentloss 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. As at For the purpose of impairmenttesting, 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 internallyreviews the goodwill for impairment at the operating segment level, after allocation of the goodwill to CGUs or groups of CGUs. Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individualestimated useful lives on a straight-line basis, from the date that they are availablefor use. The estimated useful life of an identifiableintangibleasset is based on a number of factors includingthe 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. 13
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2.4 INVESTMENTS (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Non-current Investments Unquoted Investments carried at fair value through other comprehensive income Preference securities 634 628 Equity securities 2 2 636 630 Investments carried at fair value through profit or loss Equity securities 29 — Preference securities 114 52 Others (1) 369 263 512 315 Government bonds 28 24 Tax free bonds 402 407 430 431 Investments carried at fair value through other comprehensive income Non convertible debentures 2,507 3,278 Equity securities 121 61 Government securities 4,184 4,215 6,812 7,554 Total non-current investments 8,390 8,930 Current Investments Unquoted Investments carried at fair value through profit or loss Mutual fund units 5,031 2,383 5,031 2,383 Investments carried at fair value through other comprehensive income Commercial Paper 1,499 1,205 Certificates of deposit 4,240 8,008 5,739 9,213 Quoted Government bonds 158 100 158 100 Investments carried at fair value through other comprehensive income Non convertible debentures 2,833 911 Government securities — 343 2,833 1,254 Total current investments 13,761 12,950 Total investments 22,151 21,880 10,233 9,339 Market value of quoted investments (including interest accrued), current 2,991 1,356 Market value of quoted investments (including interest accrued), non current 7,282 8,009 Aggregate amount of unquoted investments 11,918 12,541 588 531 Investments carried at fair value through other comprehensive income 16,020 18,651 Investments carried at fair value through profit or loss 5,543 2,698 (1) Uncalled capital commitments outstanding as at September 30, 2026 and March 31, 2026 was ₹160 crore and ₹93 crore, respectively. Refer to Note 2.10 for Accounting policies on Financial Instruments. Method of fair valuation: (In ₹ crore) Class of investment Method September 30, 2026 March 31, 2026 Quoted price 5,031 2,383 Quoted price and market observable inputs 597 552 Quoted price and market observable inputs 5,340 4,189 Quoted price and market observable inputs 4,184 4,558 Market observable inputs 1,499 1,205 Market observable inputs 4,240 8,008 Quoted price 121 61 143 52 636 630 369 263 Total 22,160 21,901 Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments. Discounted cash flows method, Market multiples method, Option pricing model Discounted cash flows method, Market multiples method, Option pricing model Investments carried at amortized cost Unquoted equity and preference securities - carried at fair value through other comprehensive income Mutual fund units - carried at fair value through profit or loss Tax free bonds and government bonds - carried at amortized cost Non-convertible debentures - carried at fair value through other comprehensive income Government securities - carried at fair value through other comprehensive income Commercial Papers - carried at fair value through other comprehensive income Certificates of deposit - carried at fair value through other comprehensive income Quoted Equity securities - carried at fair value through other comprehensive income Unquoted equity and preference securities - carried at fair value through profit or loss Discounted cash flows method, Market multiples method, Option pricing model As at Aggregate amount of quoted investments Fair value as at Investments carried at amortized cost Quoted Investments carried at amortized cost Others - carried at fair value through profit or loss 14
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2.5 LOANS (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Non Current Loans considered good - Unsecured Other loans Loans to employees 3 6 3 6 Loans credit impaired - Unsecured Other loans Loans to employees 3 3 Less: Allowance for credit impairment (3) (3) — — Total non-current loans 3 6 Current Loans considered good - Unsecured Other loans Loans to employees 239 234 Total current loans 239 234 Total loans 242 240 2.6 OTHER FINANCIAL ASSETS (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Non Current Security deposits (1) 341 281 Unbilled revenues (1)# 1,938 1,417 Restricted deposits (1)* 91 79 Net investment in lease(1) 211 957 Others (1) 40 42 Total non-current other financial assets 2,621 2,776 Current Security deposits (1) 72 75 Restricted deposits (1)* 3,417 3,170 Unbilled revenues (1)# 10,915 10,064 Interest accrued but not due (1) 472 448 Foreign currency forward and options contracts (2) (3) 193 83 Net investment in lease(1) 2,317 1,613 Others (1) 473 437 Total current other financial assets 17,859 15,890 Total other financial assets 20,480 18,666 (1) Financial assets carried at amortized cost 20,287 18,583 (2) Financial assets carried at fair value through other comprehensive income 43 56 (3) Financial assets carried at fair value through profit or loss 150 27 2.7 TRADE RECEIVABLES (In ₹ crore) September 30, 2026 March 31, 2026 Current Trade Receivable considered good - Unsecured 35,500 35,772 Less: Allowance for expected credit loss 679 538 Trade Receivable considered good - Unsecured 34,821 35,234 Trade Receivable - credit impaired - Unsecured 125 123 Less: Allowance for credit impairment 125 123 Trade Receivable - credit impaired - Unsecured — — Total trade receivables 34,821 35,234 Particulars As at As at As at * 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. 15
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2.8 CASH AND CASH EQUIVALENTS (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Balances with banks In current and deposit accounts 24,350 22,201 Cash on hand — — Total cash and cash equivalents 24,350 22,201 42 45 2,750 125 2.9 OTHER ASSETS (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Non-current Capital advances 150 154 Advances other than capital advances Others Withholding taxes and others* 558 626 Unbilled revenues # 208 321 Defined benefit plan assets 432 205 Prepaid expenses 831 775 Deferred Contract Cost Cost of obtaining a contract 414 491 Cost of fulfillment 1,081 968 Total non-current other assets 3,674 3,540 Current Advances other than capital advances Payment to vendors for supply of goods 136 474 Others Unbilled revenues # 5,694 5,419 Withholding taxes and others* 3,494 3,901 Prepaid expenses 4,636 4,265 Deferred Contract Cost Cost of obtaining a contract 266 285 Cost of fulfillment 362 667 Other receivables 95 134 Total current other assets 14,683 15,145 Total other assets 18,357 18,685 * Withholding taxes and others primarily consist of input tax credits and VAT recoverable from tax authorities. # Classified as non financial asset as the contractual right to consideration is dependent on completion of contractual milestones. Cash and cash equivalents as at September 30, 2026 and March 31, 2026 include restricted cash and bank balances of ₹443 crore and ₹422 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. As at As at Balances with banks in unpaid dividend accounts Deposit with more than 12 months maturity 16
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2.10 FINANCIAL INSTRUMENTS Accounting Policy 2.10.1 Initial recognition 2.10.2 Subsequent measurement a. Non-derivative financial instruments (iv) Financial liabilities b. Derivative financial instruments 2.10.3 Derecognition of financial instruments (i) Financial assets carried at amortized cost (ii) Financial assets carried at fair value through other comprehensive income (FVOCI) 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. 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. 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) (i) Financial assets or financial liabilities, carried at fair value through profit or loss. 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. A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss. 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. 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 condensed 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. 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 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 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. (ii) Cash flow hedge 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. X10AO 17
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2.10.4 Fair value of financial instruments 2.10.5 Impairment Financial instruments by category (In ₹ crore) Particulars Amortized cost Total carrying value Total fair value Designated upon initial recognition Mandatory Equity instruments designated upon initial recognition Mandatory Assets: Cash and cash equivalents (Refer to Note 2.8) 24,350 — — — — 24,350 24,350 Investments (Refer to Note 2.4) Equity and Preference securities — 143 — 757 — 900 900 Tax free bonds and government bonds 588 — — — — 588 597 (1) Mutual fund units — — 5,031 — — 5,031 5,031 Non convertible debentures — — — — 5,340 5,340 5,340 Government securities — — — — 4,184 4,184 4,184 Commercial paper — — — — 1,499 1,499 1,499 Certificates of deposit — — — — 4,240 4,240 4,240 Other investments — — 369 — — 369 369 Trade receivables (Refer to Note 2.7) 34,821 — — — — 34,821 34,821 Loans (Refer to Note 2.5) 242 — — — — 242 242 Other financials assets (Refer to Note 2.6) 20,287 — 150 — 43 20,480 20,471 (2) Total 80,288 143 5,550 757 15,306 102,044 102,044 Liabilities: Trade payables 4,498 — — — — 4,498 4,498 Lease liabilities (Refer to Note 2.19) 8,525 — — — — 8,525 8,525 Financial Liability under option arrangements (Refer to Note 2.12) — — 881 — — 881 881 Other financial liabilities (Refer to Note 2.12) 18,589 — 813 — 2 19,404 19,404 Total 31,612 — 1,694 — 2 33,308 33,308 (1) On account of fair value changes including interest accrued (2) Excludes interest accrued on tax free bonds and government bonds carried at amortized cost of ₹9 crore Financial assets/liabilities at fair value through OCI Financial assets/ liabilities at fair value through profit or loss 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. 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 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 Interim condensed Consolidated Statement of Profit and Loss. The carrying value and fair value of financial instruments by categories as at September 30, 2026 were as follows: 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. 18
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The carrying value and fair value of financial instruments by categories as at March 31, 2026 were as follows: (In ₹ crore) Particulars Amortized cost Total carrying value Total fair value Designated upon initial recognition Mandatory Equity instruments designated upon initial recognition Mandatory Assets: Cash and cash equivalents (Refer to Note 2.8) 22,201 — — — — 22,201 22,201 Investments (Refer to Note 2.4) Equity and preference securities — 52 — 691 — 743 743 Tax free bonds and government bonds 531 — — — — 531 552 (1) Mutual fund units — — 2,383 — — 2,383 2,383 Non convertible debentures — — — — 4,189 4,189 4,189 Government securities — — — — 4,558 4,558 4,558 Commercial paper — — — — 1,205 1,205 1,205 Certificates of deposit — — — — 8,008 8,008 8,008 Other investments — — 263 — — 263 263 Trade receivables (Refer to Note 2.7) 35,234 — — — — 35,234 35,234 Loans (Refer to Note 2.5) 240 — — — — 240 240 Other financials assets (Refer to Note 2.6) 18,583 — 27 — 56 18,666 18,645 (2) Total 76,789 52 2,673 691 18,016 98,221 98,221 Liabilities: Trade payables 4,744 — — — — 4,744 4,744 Lease liabilities (Refer to Note 2.19) 9,176 — — — — 9,176 9,176 Financial Liability under option arrangements (Refer to Note 2.12) — — 876 — — 876 876 Other financial liabilities (Refer to Note 2.12) 18,361 — 642 — 55 19,058 19,058 Total 32,281 — 1,518 — 55 33,854 33,854 (1) On account of fair value changes including interest accrued (2) Excludes interest accrued on tax free bonds and government bonds carried at amortized cost of ₹21 crore Fair value hierarchy Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). (In ₹ crore) Particulars Level 1 Level 2 Level 3 Assets Investments (Refer to note 2.4) Investments in mutual fund units 5,031 5,031 — — Investments in tax free bonds 411 411 — — Investments in government bonds 186 186 — — Investments in non convertible debentures 5,340 4,451 889 — Investments in government securities 4,184 3,055 1,129 — Investments in equity securities 152 121 — 31 Investments in preference securities 748 — — 748 Investments in commercial paper 1,499 — 1,499 — Investments in certificates of deposit 4,240 — 4,240 — Other investments 369 — — 369 Others 193 — 193 — Liabilities 65 — 65 — 881 — — 881 Liability towards contingent consideration (Refer to Note 2.12) (2) 750 — — 750 Derivative financial instruments - loss (Refer to Note 2.12) Derivative financial instruments - gain (Refer to Note 2.6) Fair value measurement at end of the reporting period using Financial assets/ liabilities at fair value through profit or loss Financial assets/liabilities at fair value through OCI As at September 30, 2026 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). The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at September 30, 2026 is as follows: 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. Financial liability under option arrangements (Refer to Note 2.12) (1) (1) Discount rate ranges from 9.5% to 14.5% During the six months ended September 30, 2026, non convertible debentures of ₹371 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 ₹783 crore and government securities of ₹695 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs. (2) Discount rate ranges from 2.5% to 3% 19
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The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2026 was as follows: (In ₹ crore) Particulars Level 1 Level 2 Level 3 Assets Investments (Refer to note 2.4) Investments in mutual fund units 2,383 2,383 — — Investments in tax free bonds 428 428 — — Investments in government bonds 124 124 — — Investments in non convertible debentures 4,189 3,572 617 — Investments in government securities 4,558 4,389 169 — Investments in equity securities 63 61 — 2 Investments in preference securities 680 — — 680 Investments in commercial paper 1,205 — 1,205 — Investments in certificates of deposit 8,008 — 8,008 — Other investments 263 — — 263 Others 83 — 83 — Liabilities 593 — 593 — 876 — — 876 104 — — 104 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, tax-free bonds, certificates of deposit, commercial papers, 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. Fair value measurement at end of the reporting period using As at March 31, 2026 During the year ended March 31, 2026, government securities and tax free bonds of ₹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 ₹487 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs. (1) Discount rate ranges from 9.5% to 14.5% Liability towards contingent consideration (Refer to Note 2.12) (2) Derivative financial instruments - gain (Refer to Note 2.6) Derivative financial instruments - loss (Refer to Note 2.12) Financial liability under option arrangements (Refer to Note 2.12) (1) (2) Discount rate ranges from 2.5% to 6% 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 on the fair values of level 3 financial instruments. 20
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2.11 EQUITY Accounting Policy Ordinary Shares Treasury Shares Description of reserves Retained earnings Retained earnings represent the amount of accumulated earnings of the Group. Securities premium Share options outstanding account Other components of equity Currency translation reserve Cash flow hedge reserve EQUITY SHARE CAPITAL (In ₹ crore, except as otherwise stated) September 30, 2026 March 31, 2026 Authorized Equity shares, ₹5 par value 480,00,00,000 (480,00,00,000) equity shares 2,400 2,400 Issued, Subscribed and Paid-Up Equity shares, ₹5 par value(1) 2,026 2,024 405,03,60,983 (404,69,40,812) equity shares fully paid-up(2) 2,026 2,024 Note: Forfeited shares amounted to ₹1,500 (₹1,500) There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans. (1) Refer to Note 2.20 for details of basic and diluted shares (2) Net of treasury shares 79,15,595 (86,50,911) The Company has only one class of shares referred to as equity shares having a par value of ₹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. 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. 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. 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. As atParticulars 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. 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. 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. 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. 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. 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 interim condensed Consolidated Statement of Profit and Loss upon the occurrence of the related forecasted transaction. X11AO 21
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For details of shares reserved for issue under the employee stock option plan of the Company refer to the note below. (In ₹ crore, except as stated otherwise) Particulars Number of shares Amount Number of shares Amount As at the beginning of the period 404,69,40,812 2,024 414,36,07,528 2,073 Add: Shares issued on exercise of employee stock options 34,20,171 2 33,33,284 1 Less: Shares bought back — — 100,000,000 50 As at the end of the period 405,03,60,983 2,026 404,69,40,812 2,024 Capital allocation policy Dividend The amount of per share dividend recognized as distribution to equity shareholders in accordance with Companies Act 2013 is as follows: (in ₹) Particulars 2026 2025 2026 2025 Final dividend for fiscal 2026 — — 25.00 — Final dividend for fiscal 2025 — — — 22.00 Employee Stock Option Plan (ESOP): Accounting Policy The reconciliation of the number of shares outstanding and the amount of share capital as at September 30, 2026 and March 31, 2026 are as follows: 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. As at September 30, 2026 As at March 31, 2026 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. Controlled trust holds 79,15,595 and 86,50,911 shares as at September 30, 2026 and March 31, 2026, 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 September 30, 2026 and March 31, 2026. 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. 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 September 30, 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. 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. Three months ended September 30, The Board of Directors in their meeting held on April 23, 2026 recommended a final dividend of ₹25/- per equity share for the financial year ended March 31, 2026. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 23, 2026 which resulted in a net cash outflow of ₹10,123 crore, excluding dividend paid on treasury shares. The final dividend was paid on June 25, 2026. 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. Six months ended September 30, Further, on April 23, 2026, based on the recommendation of the Nomination and Remuneration Committee, the board approved the amendment to the 2019 Plan to extend the grant period by seven (7) years from the date of shareholder approval, thereby extending the validity of the Plan to a total period of ten (10) years from such approval and to amend the vesting parameters for grants there under and certain administrative amendments. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 23, 2026. The Board of Directors in their meeting held on October 23, 2026 declared an interim dividend of ₹26/- per equity share which would result in a net cash outflow of approximately ₹10,531 crore, excluding dividend paid on treasury shares. 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. 22
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The following is the summary of grants made during the three months and six months ended September 30, 2026 and September 30, 2025: 2026 2025 2026 2025 2015 Plan: RSU Equity settled RSUs Key Management Personnel (KMP) - - 353,274 277,077 Employees other than KMP 9,836 2,400 37,029 7,400 9,836 2,400 390,303 284,477 2015 Plan: Employee Stock Options (ESOPs) Equity settled RSUs Key Management Personnel (KMP) - - - 237,370 Employees other than KMP - - - 5,412,790 - - - 5,650,160 Cash settled RSUs Key Management Personnel (KMP) - - - - Employees other than KMP - - - 108,180 - - - 108,180 Total Grants under 2015 Plan 9,836 2,400 390,303 6,042,817 2019 Plan: RSU Equity settled RSUs Key Management Personnel (KMP) - - 84,617 66,366 Employees other than KMP - - - - - - 84,617 66,366 Total Grants under 2019 Plan - - 84,617 66,366 Notes on grants to KMP: CEO & MD Under the 2015 Plan: Under the 2019 Plan: The break-up of employee stock compensation expense is as follows: (in ₹ crore) Particulars 2026 2025 2026 2025 Granted to: KMP 17 18 34 35 Employees other than KMP 210 218 426 436 Total (1) 227 236 460 471 2 4 4 9 The fair value of each equity settled award is estimated on the date of grant using the following assumptions: Particulars Fiscal 2027- Equity Shares-RSU Fiscal 2027- ADS RSU Fiscal 2026- Equity Shares- RSU Fiscal 2026- Equity Shares- ESOP Fiscal 2026- ADS-ESOP Weighted average share price (₹) / ($ ADS) 1,181 12.32 1,507 1,554 17.93 Exercise price (₹) / ($ ADS) 5.00 0.10 5.00 1,554 17.93 Expected volatility (%) 26-30 28-39 23-25 25-28 26-30 Expected life of the option (years) 1-4 1-4 1-4 3-7 3-7 Expected dividends (%) 3-4 3-4 2-3 2-3 2-3 Risk-free interest rate (%) 6 4 6 6 4 Weighted average fair value as on grant date (₹) / ($ ADS) 1,062 11.22 1,355 390 4.09 Six months ended September 30,Three months ended September 30, 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. For options granted in 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. (1) Cash-settled stock compensation expense included in the above Particulars Three months ended September 30, Six months ended September 30, The Board, on April 23, 2026, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to ₹10 crore for fiscal 2027 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 84,617 performance based RSU’s were granted effective May 2, 2026. The Board, on April 23, 2026, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2027. In accordance with such approval the following grants were made effective May 2, 2026. - 2,94,043 performance-based RSUs (Annual performance equity grant) of fair value of ₹34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets. - 16,923 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of ₹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. - 42,308 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of ₹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. 23
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2.12 OTHER FINANCIAL LIABILITIES (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Non-current Others Accrued compensation to employees (1) 16 10 Accrued expenses (1) 2,140 1,725 Compensated absences 128 117 Financial liability under option arrangements (2) # 124 122 Payable for acquisition of business - Contingent consideration (2) 379 31 Other Payables (1) 10 87 Total non-current other financial liabilities 2,797 2,092 Current Unpaid dividends (1) 42 45 Others Accrued compensation to employees (1) 5,645 5,898 Accrued expenses (1) 9,996 9,683 Payable for acquisition of business - Contingent consideration (2) 371 73 Payable by controlled trusts (1) 173 173 Compensated absences 3,546 3,524 Financial liability under option arrangements (2) # 757 754 Foreign currency forward and options contracts (2) (3) 65 593 Capital creditors (1) 221 284 Other payables (1) 346 456 Total current other financial liabilities 21,162 21,483 Total other financial liabilities 23,959 23,575 (1) Financial liability carried at amortized cost 18,589 18,361 (2) Financial liability carried at fair value through profit or loss 1,694 1,518 (3) Financial liability carried at fair value through other comprehensive income 2 55 2.13 OTHER LIABILITIES (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Non-current Others Accrued defined benefit liability 664 473 Others 68 88 Total non-current other liabilities 732 561 Current Unearned revenue 11,823 11,838 Others Withholding taxes and others 3,962 3,881 Accrued defined benefit liability 10 49 Others 27 11 Total current other liabilities 15,822 15,779 Total other liabilities 16,554 16,340 As at As at 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. # Represents liability related to options issued by the Group over the non-controlling interests in its subsidiaries X12AO 24
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2.14 PROVISIONS Accounting Policy a. Post sales client support b. Onerous contracts Provision for post-sales client support (In ₹ crore) Particulars September 30, 2026 March 31, 2026 Current Others Post-sales client support 1,963 1,512 Total provisions 1,963 1,512 As at 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. 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. 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 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. 25
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Accounting Policy (In ₹ crore) Particulars 2026 2025 2026 2025 Current taxes 3,398 3,178 6,754 6,232 Deferred taxes (173) (324) (276) (562) Income tax expense 3,225 2,854 6,478 5,670 2.15 INCOME TAXES 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. Deferred income tax for the three months and six months ended September 30, 2026 and September 30, 2025 substantially relates to origination and reversal of temporary differences. 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: Income tax expense for the three months ended September 30, 2026 and September 30, 2025 includes provisions (net of reversals) of ₹99 crore and reversals (net of provisions) of ₹2 crore, respectively. Income tax expense for the six months ended September 30, 2026 and September 30, 2025 includes provisions (net of reversals) of ₹187 crore and provisions (net of reversals) of ₹114 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. Six months ended September 30,Three months ended September 30, X13AOX13AOX13AO 26
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2.16 REVENUE FROM OPERATIONS 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. Accounting Policy 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 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. 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. 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 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). 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. 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. 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. 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. 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. X14AO 27
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(In ₹ crore) Particulars 2026 2025 2026 2025 Revenue from software services 46,938 42,392 92,814 82,723 Revenue from products and platforms 2,306 2098 4,640 4,046 Total revenue from operations 49,244 44,490 97,454 86,769 Products & platforms (In ₹ crore) Particulars 2026 2025 2026 2025 North America 26,895 25,027 54,062 48,894 Europe 16,028 14,125 31,526 27,463 India 1,356 1,387 2,545 2,606 Rest of the world 4,965 3,951 9,321 7,806 Total 49,244 44,490 97,454 86,769 Trade Receivables and Contract Balances 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. Revenues by Geography* Six months ended September 30, 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. Revenue from operation for the three months and six months ended September 30, 2026 and September 30, 2025 are as follows: 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 Six months ended September 30,Three months ended September 30, Three months ended September 30, * Geographical revenue is based on the domicile of customer The percentage of revenue from fixed-price contracts for the three months ended September 30, 2026 and September 30, 2025 is 54%. The percentage of revenue from fixed-price contracts for the six months ended September 30, 2026 and September 30, 2025 is 54%. The Group presents revenues net of indirect taxes in its Consolidated Statement of Profit and Loss. For the three months and six months ended September 30, 2026 and September 30, 2025: Trade receivables and unbilled revenues are presented net of impairment in the consolidated Balance Sheet. 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. Invoicing in excess of earnings are classified as unearned revenue. 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. 28
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2.17 OTHER INCOME, NET Accounting Policy Foreign currency Accounting Policy Functional currency Transactions and translations Government grant Other income for the three months and six months ended September 30, 2026 and September 30, 2025 is as follows: (In ₹ crore) Particulars 2026 2025 2026 2025 Interest income on financial assets carried at amortized cost Tax free bonds and Government bonds 8 16 14 42 Deposit with Bank and others 335 475 652 938 284 242 611 574 Gain / (loss) on mutual funds and other investments 58 54 125 131 — 2 — 1 Income on investments carried at amortized cost Gain/(loss) on tax free bond — 57 — 81 (132) (678) 274 (1,350) 230 797 (12) 1,540 Miscellaneous income, net 65 17 168 67 Total other income 848 982 1,832 2,024 Three months ended September 30, Non-convertible debentures, commercial paper, certificates of deposit and government securities Exchange gains / (losses) on translation of other assets and liabilities 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 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. 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. 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. 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). 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. 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). 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. Six months ended September 30, Gain / (loss) on investments carried at fair value through other comprehensive income Exchange gains / (losses) on forward and options contracts Interest income on financial assets carried at fair value through other comprehensive income Income on investments carried at fair value through profit or loss X15AO 29
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2.18 EXPENSES Accounting Policy Gratuity and Pensions Provident fund Superannuation Compensated absences Particulars 2026 2025 2026 2025 Employee benefit expenses Salaries including bonus 24,272 22,396 48,384 44,221 Contribution to provident and other funds 818 651 1,606 1,299 Share based payments to employees (Refer to Note 2.11) 227 236 460 471 Staff welfare 166 155 320 293 25,483 23,438 50,770 46,284 Cost of software packages and others For own use 951 693 1,826 1,368 Third party items bought for service delivery to clients 3,622 3,332 7,167 6,403 4,573 4,025 8,993 7,771 Other expenses Repairs and maintenance 425 376 815 734 Power and fuel 58 60 118 114 Brand and marketing 329 289 754 676 Rates and taxes 87 84 162 172 Consumables 73 65 140 119 Insurance 85 86 187 165 Provision for post-sales client support and others 124 81 (47) (97) Commission to non-whole time directors 6 5 12 9 64 (1) 61 34 Contributions towards Corporate Social Responsibility 161 148 310 265 Others 175 241 533 366 1,587 1,434 3,045 2,557 Three months ended September 30, Six months ended September 30, Impairment loss recognized / (reversed) under expected credit loss model 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. 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. 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. 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. 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. 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. (In ₹ crore) 30
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2.19 Leases Particulars Land Buildings Vehicles Computers Total Balance as at July 1, 2026 550 3,157 24 2,380 6,111 Additions* - 283 3 299 585 Deletions (3) (20) (1) (52) (76) Depreciation (1) (197) (3) (261) (462) Translation difference 1 6 - 11 18 Balance as at September 30, 2026 547 3,229 23 2,377 6,176 Particulars Land Buildings Vehicles Computers Total Balance as of July 1, 2025 599 3,366 24 2,352 6,341 Additions* — 118 2 490 610 Deletions — — — (175) (175) Depreciation (2) (187) (3) (303) (495) Translation difference 3 32 1 73 109 Balance as of September 30, 2025 600 3,329 24 2,437 6,390 The Group as a lessor 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. 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. 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. 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 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. 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 Group as a lessee 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. (In ₹ crore) Following are the changes in the carrying value of right-of-use assets for the three months ended September 30, 2026: Category of ROU asset Following are the changes in the carrying value of right-of-use assets for the three months ended September 30, 2025: Category of ROU asset (In ₹ crore) * Net of adjustments on account of modifications. 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. * Net of adjustments on account of modifications Accounting Policy 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. 31
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Particulars Land Buildings Vehicles Computers Total Balance as of April 1, 2026 550 3,250 26 2,351 6,177 Additions* - 391 4 755 1,150 Addition due to Business Combination (Refer to Note 2.1) - 5 — — 5 Deletions (3) (33) (1) (212) (249) Depreciation (3) (383) (6) (507) (899) Translation difference 3 (1) — (10) (8) Balance as of September 30, 2026 547 3,229 23 2,377 6,176 Particulars Land Buildings Vehicles Computers Total Balance as of April 1, 2025 600 3,348 24 2,339 6,311 Additions* — 293 3 857 1,153 Deletions — (19) — (369) (388) Depreciation (3) (374) (6) (576) (959) Translation difference 3 81 3 186 273 Balance as of September 30, 2025 600 3,329 24 2,437 6,390 The following is the break-up of current and non-current lease liabilities as at September 30, 2026 and March 31, 2026: Particulars September 30, 2026 March 31, 2026 Current lease liabilities 3,583 3,160 Non-current lease liabilities 4,942 6,016 Total 8,525 9,176 As at (In ₹ crore) The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the interim condensed Consolidated Statement of Profit and Loss. * Net of adjustments on account of modifications. Following are the changes in the carrying value of right-of-use assets for the six months ended September 30, 2025: (In ₹ crore) Category of ROU asset * Net of adjustments on account of modifications Following are the changes in the carrying value of right-of-use assets for the six months ended September 30, 2026: (In ₹ crore) Category of ROU asset 32
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2.20 EARNINGS PER EQUITY SHARE Accounting Policy 2.21 CONTINGENT LIABILITIES AND COMMITMENTS Accounting Policy 2.21.1 Contingent liability (In ₹ crore) September 30, 2026 March 31, 2026 Contingent liabilities : Claims against the Group, not acknowledged as debts(1) 3,225 3,117 Others 2.21.3 Commitments (In ₹ crore) September 30, 2026 March 31, 2026 1,222 1,341 Other commitments* 160 93 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. [Amount paid to statutory authorities ₹1,365 crore (₹2,621 crore) ] Particulars As at 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. Government Investigation * Uncalled capital pertaining to investments Particulars As at Estimated amount of contracts remaining to be executed on capital contracts and not provided for (net of advances and deposits)(1) (1) Capital contracts primarily comprises of commitments for infrastructure facilities and computer equipment. (1) As at September 30, 2026 and March 31, 2026, claims against the Group not acknowledged as debts in respect of income tax matters amounted to ₹2,015 crore and ₹1,964 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 ₹1,332 crore and ₹2,594 crore as at September 30, 2026 and March 31, 2026, respectively. 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. 2.21.2 Legal Proceedings The U.S. Department of Justice (“DOJ”) is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees 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. X17AO 33
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2.22 RELATED PARTY TRANSACTIONS - - - - Changes in key management personnel Transaction with key management personnel: The table below describes the compensation to key management personnel which comprise directors and executive officers: (In ₹ crore) Particulars 2026 2025 2026 2025 30 30 59 60 6 5 13 9 Total 36 35 72 69 2.23 SEGMENT REPORTING Disclosure of revenue by geographic locations is given in note 2.16 Revenue from operations. The following are the changes in the key management personnel: 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. Salaries and other short term employee benefits to whole-time directors and executive officers (1)(2) Commission and other benefits to non-executive/independent directors Six months ended September 30,Three months ended September 30, - Diane Enberg Jurgens was appointed as an Independent Director effective April 22, 2026 - Nitin Paranjpe an Independent Director was appointed as the Vice Chairman effective April 30, 2026 - Micheal Gibbs retired as an Independent Director effective July 12, 2026 (1) Total employee stock compensation expense for the three months ended September 30, 2026 and September 30, 2025 includes a charge of ₹17 crore and ₹18 crore, respectively, towards key management personnel. For the six months ended September 30, 2026 and September 30, 2025 includes a charge of ₹34 crore and ₹35 crore, respectively, towards key management personnel. (Refer to Note 2.11) (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. Guidevision UK Limited, a wholly-owned subsidiary of GuideVision, s.r.o. has been liquidated effective September 01, 2026 In-tech Automotive Engineering Beijing Co., Ltd (“in-tech (Beijing) Information Technology Co.Ltd”), a wholly-owned subsidiary of In-tech Aut Engg Shenyang Co. Ltd, has been liquidated effective September 02, 2026 Refer to the Company's Annual Report for the year ended March 31, 2026 for the full names and other details of the Company's subsidiaries and controlled trusts. Changes in Subsidiaries During the six months ended September 30, 2026, the following are the changes in the subsidiaries: On April 21, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired 96% of the voting interests in Stratus Global LLC along with its subsidiaries, namely Stratus Technology Services LLC, Stratus Global (India) Private Limited and Stratus Holdings International Inc. along with its subsidiary Stratus Canada Inc. The remaining 4% voting interest in Stratus Global LLC was held by New Heritage Capital Fund III-B, LP, which was also acquired as part of the same acquisition. New Heritage Capital Fund III-B, LP was liquidated effective April 22, 2026, following which Infosys Nova Holdings LLC became the direct holder of 100% of the voting interests in Stratus Global LLC and its subsidiaries. On May 04, 2026, Infosys Nova Holdings LLC, a wholly owned subsidiary of Infosys Limited, acquired 100% of voting interests in Optimum Achieve Holdings Inc along with its subsidiary TSC Companies LLC along with its subsidiary Optimum Healthcare IT LLC along with its subsidiaries Optimum CAN Holdings LLC, Optimum Tech Services LLC, Optimum Healthcare IT Pty Ltd, 3-102-936558 Sociedad de Responsabilidad Limitada and Optimum HIT Canada ULC. X18AO X19AOX18AO 34
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Business Segments (In ₹ crore) Particulars Financial Services (1) Manufacturing Energy, Utilities, Resources and Services Retail (2) Communication (3) Life Sciences (4) Hi-Tech All other segments (5) Total Revenue from operations 13,774 7,913 6,975 5,664 6,150 4,145 3,332 1,291 49,244 12,320 7,347 5,945 5,639 5,397 2,863 3,703 1,276 44,490 Identifiable operating expenses 7,425 4,864 3,700 2,817 3,943 2,767 1,937 899 28,352 7,017 4,439 3,341 2,815 3,402 1,802 2,342 802 25,960 Allocated expenses 2,705 1,355 1,289 1,140 1,061 747 600 306 9,203 2,244 1,156 1,098 1,104 978 527 598 290 7,995 Segment Profit 3,644 1,694 1,986 1,707 1,146 631 795 86 11,689 3,059 1,752 1,506 1,720 1,017 534 763 184 10,535 Unallocable expenses 1,359 1,182 Other income, net 848 982 Finance cost 115 106 Profit before tax 11,063 10,229 Income tax expense 3,225 2,854 Net Profit 7,838 7,375 Depreciation and amortization 1,359 1,182 Non-cash expenses other than depreciation and amortization — — (In ₹ crore) Particulars Financial Services (1) Manufacturing Energy, Utilities, Resources and Services Retail (2) Communication (3) Life Sciences (4) Hi-Tech All other segments (5) Total Revenue from operations 27,237 15,581 13,428 11,835 11,941 7,986 7,042 2,404 97,454 24,116 14,151 11,687 11,290 10,494 5,607 6,999 2,425 86,769 Identifiable operating expenses 14,610 9,551 7,286 6,102 7,527 5,319 4,138 1,633 56,166 13,679 8,713 6,622 5,729 6,734 3,512 4,304 1,465 50,758 Allocated expenses 5,322 2,650 2,580 2,325 2,088 1,417 1,198 609 18,189 4,405 2,269 2,122 2,150 1,863 1,008 1,163 551 15,531 Segment Profit 7,305 3,380 3,562 3,408 2,326 1,250 1,706 162 23,099 6,032 3,169 2,943 3,411 1,897 1,087 1,532 409 20,480 Unallocable expenses 2,605 2,323 Other income, net 1,832 2,024 Finance cost 235 211 Profit before tax 22,091 19,970 Income tax expense 6,478 5,670 Net Profit 15,613 14,300 Depreciation and amortization expense 2,605 2,323 Non-cash expenses other than depreciation and amortization — — (1) Financial Services include enterprises in Financial Services and Insurance (2) Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics (3) Communication includes enterprises in Communication, Telecom OEM and Media (4) Life Sciences includes enterprises in Life sciences and Health care (5) Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services Significant clients for and on behalf of the Board of Directors of Infosys Limited Nandan M. Nilekani Salil Parekh Bobby Parikh Chairman Chief Executive Officer Director DIN: 00041245 and Managing Director DIN: 00019437 DIN: 01876159 Bengaluru Jayesh Sanghrajka A.G.S. Manikantha October 23, 2026 Chief Financial Officer Company Secretary Membership No. A21918 No client individually accounted for more than 10% of the revenues for the three months and six months ended September 30, 2026 and September 30, 2025, respectively. Three months ended September 30, 2026 and September 30, 2025: Six months ended September 30, 2026 and September 30, 2025: 35