Notably, Infosys delivered modest back-to-back performances in Q1 and Q2—traditionally two of its strongest quarters. Sequential CC revenue grew 1.2% in Q2FY27, missing consensus estimates slightly, with around 40 basis points coming from acquisitions. Soft volumes, muted pricing amid intense competition, AI-led productivity deflation, and cautious discretionary spending weighed on performance. The retail and hi-tech verticals bore the brunt of lower third-party revenues and client-specific slowdowns, while financial services, energy & utilities, and manufacturing fared relatively better. Meanwhile, AI revenue expanded to 10.5% of overall revenue in Q2, up from 8.2% in Q1.
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