Comprehensive Overview
Infosys Limited filed its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (SEC) for the fiscal year ended March 31, 2026. The comprehensive document includes audited financial statements prepared under International Financial Reporting Standards (IFRS), detailed corporate governance disclosures, subsidiary information, and extensive risk factor analysis.
Financial Performance
For fiscal 2026, Infosys reported revenues of $20.158 billion and net profit of $3.316 billion, maintaining a 5.4% revenue CAGR from fiscal 2022 to 2026. The company employed 328,594 people globally as of March 31, 2026, with geographic revenue distribution showing North America (56.1%), Europe (32.1%), Rest of World (8.9%), and India (2.9%). Key business segments included Financial Services (27.9%), Manufacturing (16.3%), Energy/Utilities/Resources (13.3%), Retail (12.9%), and Communication (12.2%).
Capital Allocation and Corporate Actions
The company completed a $2 billion share buyback in December 2025, purchasing 100 million equity shares at ₹1,800 per share through tender offer. This followed a previous $1.13 billion buyback completed in February 2023. Infosys maintained its capital allocation policy of returning approximately 85% of free cash flow over a 5-year period through dividends and buybacks, with $2.133 billion paid in dividends during fiscal 2026.
Strategic Initiatives and Acquisitions
Infosys emphasized its AI-first strategy with a framework targeting six value pools: AI Strategy & Engineering, Data for AI, Process AI, Agentic Legacy Modernization, Physical AI, and AI Trust. The company completed several acquisitions including MRE Consulting Ltd ($96 million), The Missing Link cybersecurity firm, InSemi Technology Services ($24 million), and in-tech Holding GmbH ($385 million). Pending acquisitions included Telstra Purple Pty Ltd (up to $152 million) and Stratus Global LLC ($95 million).
Risk Factors and Legal Proceedings
The report disclosed extensive risk factors across eight categories: market risks (economic slowdown, immigration laws), investment risks (AI technology success), cost structure risks (wage pressure, currency fluctuations), workforce risks, contractual risks, operational risks (cybersecurity, hybrid work), regulatory risks, and ADS-specific risks.
Notable legal matters include an ongoing US Department of Justice investigation regarding H-1B visa classification and a resolved cybersecurity incident at Infosys McCamish Systems that resulted in a $17.5 million class action settlement. The company also received favorable Indian tax orders resulting in $41 million interest income recognition.
Corporate Governance and Compliance
Key management personnel included CEO Salil Parekh (through March 2027), CFO Jayesh Sanghrajka, and board members including Nandan Nilekani. Auditor rotation will see BSR & Co. LLP replace Deloitte Haskins & Sells LLP for Indian statutory audits from fiscal 2028, while KPMG will handle US SEC filings. The company maintained comprehensive codes for insider trading, conduct, and whistleblower protections.
Subsidiary Structure and Global Operations
Infosys operates through 100+ subsidiaries across 40+ countries, with significant presence in the US, UK, Germany, Australia, and Japan. The document provides detailed ownership percentages and recent acquisition integration updates, including several subsidiaries under liquidation processes.
Regulatory and Compliance Framework
The filing complies with SEC requirements, SEBI regulations, RBI guidelines, and Companies Act 2013 provisions. It details foreign investment regulations, ADS mechanisms, and comprehensive cybersecurity risk management overseen by a Board-level subcommittee with four independent directors.
ESG Commitments and Future Outlook
Infosys launched its ESG Vision 2030 refresh, targeting climate positive status by 2030, 100% wastewater recycling, water sequestration initiatives, and zero waste to landfill. The company continues to focus on AI-driven growth while managing macroeconomic challenges and regulatory complexities across its global operations.