Infosys AGM 2026 LIVE | AI, Cloud, IT Services & Digital Transformation Roadmap | Infosys LIVE

The global macro environment has been uncertain and volatile. Key highlights include the economy entering a higher interest rate cycle, rising inflationary pressure, highly volatile energy prices, and significant currency depreciation. How do you see an uptick in public and private capex for IT services? Which deal win segments will experience maximum growth and which will see a drag? Our free cash flows and ROC have always been industry-leading, but how are we planning to fund our next growth segments like AI, data centers, quantum computing and more, as these require significant capital? Will our future growth funding be highly leveraged, and how will our capital structure look? What impact will this have on our dividend distribution policy and ROC? If due to our large size, we are unable to transform or take more time to expand in AI at a significant rate, will it be wise to invest in global AI giants or take M&A routes? Furthermore, India has lately secured many free trade agreements with developed nations. How will a company like ours take advantage? If you were to ask for some new relaxations or regulations for our industry from the government, what would they be? Thank you, sir, for this opportunity. It's an honor.

Thank you, Dr. Daro. We'll move to the next shareholder, Mr. Vipul Kumar Sha. Mr. Vipul, kindly go ahead and ask your question.

Yes, sir, we can hear you. Please go ahead.

Good evening to Chairman sir, board of directors, and my fellow shareholders. My first question is regarding the extension of tenure of our CEO, Mr. Salil, who has done a wonderful job since last so many years. If I have not mistaken, his term is coming for renewal next year. Is the board seized of the matter? Is the board considering an extension, or is it looking for another candidate? This is an overhang that needs to be cleared as early as possible, so I would request you to air your views. My second query is regarding guidance. We have given guidance since decades. I am a shareholder since IPO. Of course, the intention is noble, but it has unintended consequences like too much volatility in stock prices for minor misses in a particular quarter where one contract's revenue may slip into another. I would request the board to seriously reconsider whether guidance is necessary. According to me, guidance should be scrapped because our larger peer does not give any guidance, and I find that volatility in their stock after results is generally less. This is my own view, and I request the board to consider this. And my third question: what was our revenue contribution from AI-related offerings for the last financial year, what type of growth should we expect, and what is the margin difference between AI-related services and normal services? Lastly, on Analyst Day, our Chairman sir, Mr. Nandan Nilekani, in his opening remarks made one very interesting comment that in the AI world, opportunities are endless, only risk is execution. I would request sir to elaborate on this comment and how we are moving in that direction. Thank you and all the best, sir.

Thank you, Mr. Vipul. Now I'll request the next shareholder, Santosh Kumar Saraf. Sir, kindly go ahead and ask your question.

Yes, sir, we can hear you.

Good afternoon, Chairman and board of directors, and also those who are attending. I am Santosh from Kolkata. Sir, I want to know, Infosys has successfully crossed the $20 billion revenue milestone. What are the top three strategies that will help the company reach $30 billion revenue while maintaining industry-leading margins and creating superior shareholder returns? That is my question. I wish all the best to our Chairman, directors, and employees for the financial year 2026-27 — a healthy, wealthy, and good year. I also wish our moderators for good service. Thank you, sir. Namaskar.

Thank you, Mr. Santosh. Now I'll request the next shareholder, Bharat Sha. Sir, kindly unmute yourself and ask the question.

Yes, ma'am.

Yes, madam, we can hear you. Is that Smita Sha?

Yeah. Smita Sha and Bharat Sha, sir.

Yes, madam. Please go ahead and ask your question.

Thank you so much, sir. Chairman Sri Nandan Nilekani, MD Sri Salil Parekh, directors — good work and good nature, always hard workers. Company secretary, very good, excellent, best investor service, excellent performance, very excellent performance, new excellent technology, Chairman, excellent work, new technology, Nandan and Salil. Respect, request, sir. Thank you very much, sir. Thank you.

Thank you, Smita and Bharat. Now I'll request the next shareholder, Om Prakash Krial.

Yes, sir, we can hear you.

Good evening, sir. This is Om Prakash Krial from Kolkata. Thank you, sir, for providing me the platform to speak. Thanks to the secretary department, especially Manikanji sir, for calling me. This is my fifth AGM, only due to virtual. If possible, please follow this virtual AGM next year also so that more investors from different parts of the world could join and express their views. Sir, many, many thanks for increasing our dividend from Rs. 43 to Rs. 48 on a face value of Rs. 5. It is a very good distribution, sir. There is a saying. Sir, our share price is falling every day. Today it is almost at a 12-month low. Sir, do you know why it is falling? Because we are not investing in the future, so foreign investors are dumping our shares. Today, the market cap of Google is $4.5 trillion, more than our whole Indian capital market. Sir, today investors are looking for growth, and growth will come from investment in the future. You can see the growth of Taiwan and South Korea — these two small countries' capital market cap is more than our country's capital market cap. It is only due to investment in the future. Sir, it is a wake-up call not only for our company but also for the Government of India. The government is investing huge money in conducting elections; it should invest in skill development. Sir, today investors do not like buyback. You can see the position of our company's shares after buyback. Sir, you people destroyed Rs. 1,800 crore on buyback. At the time of buyback, I sent three emails for rectification. If you had followed my suggestions, our capital could have been reduced by up to 80%. Sir, from this buyback, no long-term investors, including promoters, benefited. I hold so many shares in our family members' accounts, but I did not participate in this buyback because our balance sheet would have been destroyed. Sir, I respect you very much. You gave our country Aadhaar, which is today used widely in DBT schemes. Sir, you gave new software to our income tax department. Sir, please invest in the future. Please invest in skill development. Sir, Infosys is my company, and I am always thinking for its betterment. Sir, please maintain your smile and be cheerful. We are always with you as long-term investors. Thank you.

Thank you very much. Thank you, Mr. Om Prakash. Now I'll request the next shareholder, B. Ramkumar.

I'll move to the next shareholder, Din Batya. Mr. Batya, kindly go ahead and ask your question.

I'll request the next shareholder, Krishnan Lal Chedda. Mr. Krishnan Lal, if you are on, kindly go ahead and ask your question.

I'll move to the next shareholder, Mr. Redapa Gunduru. Kindly go ahead and ask your question.

Hi, Mr. Redapa. We can hear you, sir.

Yeah, I'm visible and audible, sir.

Yes, we can see and hear you. Kindly go ahead with your question.

Thank you, respected Chairman Mr. Nandan Nilekani, sir; honorable CEO and MD, Mr. Salil Parekh; and all other directors and company secretary Mr. Manikanji and my fellow shareholders. Good afternoon to everyone. Namaste, sir. Sir, myself Redapuru, and I am joining this as a proud shareholder from Hyderabad. First of all, I would like to congratulate the Chairman, board, management team, and all the employees of Infosys for another year of resilient performance amidst immense global economic challenges and uncertainties. My company is doing very well. The annual report and presentation very clearly reflect the company's commitment to excellence, innovation, governance, and long-term value creation. Chairman Nilekani, sir, your speech was wonderful, sir. Mr. Nandan Nilekani, sir, your visionary leadership continues to strengthen Infosys' position as one of India's most respected global technology companies. Under your guidance, Infosys has maintained high standards of corporate governance, transparency, and shareholder engagement. Mr. Salil, sir, congratulations to you and your entire team for delivering steady growth, strong client relationships, and operational excellence. My company's focus on AI, digital transformation, cloud services, and next-generation technologies helps Infosys remain a trusted partner to global customers. Sir, I appreciate the company for consistent corporate transparency, world-class corporate governance, ethical business practices, and meaningful CSR activities benefiting education, healthcare, sustainability, and community development. Sir, Nilekani, sir; Salil, sir, you are rewarding shareholders through healthy dividends and long-term value creation. Sir, maintaining a strong balance sheet and global reputation. I especially thank the company secretary and entire secretary team for ensuring smooth conduct with high standards of shareholder communication. I would also especially thank Mr. Ayes from the CS team for always being reachable and providing excellent support. Sir, I have a few questions. First, what are the company's key growth priorities for the next two to three years, especially in the areas of artificial intelligence and generative AI? Second, how does Infosys plan to improve revenue growth and deal conversion in the current global economic environment? Third, what opportunities does management see from increasing digital transformation spending by global enterprises? Fourth, can management share the outlook on employee retention, talent development, and skill development in emerging technologies? Finally, is the company considering new strategic acquisitions to strengthen its capabilities in AI, cybersecurity, and cloud services? Thank you, sir. Before I conclude, once again, congratulations to the Chairman, board, management team, and all the employees for the outstanding effort. I support the resolutions placed before the meeting. Infosys, greater success, higher growth, and continued leadership in the global technology industry. Sir, we have faith in Salil, faith in Nilekani sir, and all the board of directors. I pray to God to give more wisdom, strength, and power to the entire board of directors and company secretary. Thank you for giving me the chance, a proud shareholder from Hyderabad. Nandan sir, Salil sir, I respect you, sir. God bless you, sir.

Thank you, Mr. Redapa. Now I'll request the next shareholder, Mr. Bharat Raj. Mr. Bharat Raj, please go ahead and ask your question.

Very good, Mr. Chairman, board of directors. I'm from Hyderabad. Sir, I am very happy. In my company, around about 75 years. I hope you'll come to 100 years also. Thanks for the dividend. Mr. Salil, sir, my request: under your leadership, we never received any dividend bonus, sir. Can we accept a bonus from your leadership? Only the CEO gets a bonus, but I never received one bonus. So please consider a liberal bonus. Mr. Salil, what are your plans regarding AI, sir? Because recently the price has come down 10%. How do you face the challenge, sir? The world is totally changing now. ChatGPT and a lot of issues are coming. How do you sustain in the coming market? That is my only request, sir. I thank Manikanji for sending me the link and putting me in front. I'm traveling, I'm at the airport. Thank you for this opportunity, sir. Once again, Mr. Nandan, sir, I have one more request: when I asked you to visit, you sanctioned it, sir. Now it is a sanctioned manual campus. All shareholders, please arrange a manual campus visit so that we can go and see. That is my only request from a shareholder. Thank you once again. Take care. I'm signing off from Hyderabad.

Thank you, Mr. Bharat. Now I'll request the next shareholder, J. Abhishek. Mr. Abhishek, kindly go ahead and ask your question.

The next shareholder, Mr. Sham Sundari — sorry, P.J. Sham Sundari. Please kindly go ahead and ask your question.

Yes, sir, we can hear you.

Good evening, sir, I'm audible.

Yes, sir, we can hear you. Please go ahead.

Good evening, respected Chairman, Managing Director, board of directors, secretary and his team, and my fellow shareholders. Sir, I am a joint holder. My name is P.J., along with my sister P. Sham Sundari. Sir, can you hear me? Am I audible?

Yes, sir, we can hear you. Please continue.

Yes, sir. First of all, I congratulate the management on the eve of this 45th AGM on its wonderful performance. I request the management to be cost-effective by minimizing the staff expenditure. The corporate governance is good. The CSR activities are good. I request the management to consider a bonus issue, if not a rights issue. It is the right time to reward the shareholders, which has been long pending due. Sir, I hope the management will not let down the shareholders who have stood behind in thick and thin. The shareholders' blessing is also very important, sir. Please kindly look into the matter, sir, regarding the share price slightly falling. Sir, how are we going to withstand the tough competition in the coming future? What are our future plans to enhance our business? I hope the management will consider conducting a physical AGM in the coming future. I thank the management for giving the opportunity, especially Manikanji, sir. Thank you very much, sir.

Thank you, sir. Now I'll request the next shareholder, Mr. Abhishek. Mr. Abhishek, kindly go ahead and ask your question.

Yes, sir, we can hear you. Please go ahead.

Yes, sir. Just a second. First of all, I congratulate the management on the eve of the 45th Annual General Body Meeting. Trust all is well with you and your family in this challenging situation. Our company deserves much more respect than the current market cap. After completing more than a decade of successful operations, profitability, and becoming one of the strongest brands in its respective segment. First, I would like to know what are the new plans and innovations our company is bringing, what are our new projects, and which are the next states we have been focusing on. Our company has built a very large Infosys campus in Pocharam at Hyderabad. What is the present scenario, sir? Are we expanding it, or is it fully functional, or has it not yet started? Because I have a property there, so I'm interested in that particular business. Has the company started? What is the upcoming phase? How many employees have been deployed over there? I would like to know from you, sir. Most company secretary is always reachable, so I don't have further questions. Kindly try to give opportunities to shareholders or relatives who are really eligible for job opportunities in our company, sir. Nothing much to ask. I wish the company and the board of directors great success and prosperity in the coming future. Thank you for giving this opportunity, sir. Hope to see you in the upcoming hybrid AGM next year. Thank you, sir.

Thank you. Have a good day. Mr. Jay Bakshi, please go ahead with your question.

Very good evening, Chairman, MD, and board of directors. Myself Jay Bakshi, connecting from the city of Kolkata. First of all, I convey my thanks to our company secretary Manikanji for giving me the opportunity to express my view and for presenting a detailed and informative annual report, and to the entire secretary team for keeping in touch with us. Sir, the initial speeches were very much informative, shared about our company's performance with facts and figures. Congrats once again to everybody involved for the good performance and the dividend you have passed on to us. Sir, we are leaders in providing AI consultancy and technology services to unlock value. What are your thoughts for future use of this growth strategy? Share our vision for building a global organization in this competitive market. What are our revenue growth prospects in the coming years? Kindly share about the attrition rate and how are we nurturing the talent for our future success. What is our thought process for cybersecurity? That's all from my side. I wish the company all the best and once again congrats for the CSR activities. Thank you, sir, and please continue with the virtual meeting in the future so that we can easily connect.

Thank you, sir. Now I'll request the next shareholder, Atanu Saha. Mr. Atanu Saha, kindly go ahead and ask your question.

Namaskar.

Hi, Atanu.

Sir, please go ahead and ask your question.

Good day, my respective Chairman, sir, and board of directors, and all our shareholders, company secretary, CFO, and all shareholders present around the globe. Sir, it's great to organize the 45th annual general meeting on 23rd June. It's a great chance for me to speak. My previous shareholders have already raised their queries. Thank you very much to every shareholder for the beautiful queries, sir. The introductory presentation was really very good and very interesting. Sir, one thing — what is our future plan with artificial intelligence? Infosys is collaborating with 90% of the top 200 clients on our AI journey, and more than 4,600 AI projects are underway. Sir, as a shareholder of an AI-first company, how long do we have to wait to get a profit from such a huge operation cost and expenses? Sir, as far as I see, the company's revenue growth is declining, and operating profits before depreciation, interest, and tax are depreciating. But one thing, sir, on page 52, AI employees — it's 84%. And the employee satisfaction score is 79%. My query is, why is it not more than 84%? Sir, this is the book that is already unlocked, from 2015-16, published through our company annual report. Why is it written 'Being Infosys and Being More Successful'? Thank you very much. I, Atanu Saha, give me the chance to speak. Thanks to our moderator and also our company secretary. Namaskar.

Now I'll request the next shareholder, Mr. Santos Chopra. Mr. Santos Chopra, kindly go ahead and ask your question.

Hello, sir. Namaskar, sir. Thank you, sir. Infosys, Y2K.com, AI first people, skill at speed, AI for a billion, Chairman, namaskar. Thank you, sir.

Now I'll request the next shareholder, Gautam Nandi. Gautam Nandi, kindly go ahead and ask your question. Mr. Gautam. I'll move to the next shareholder, Vasuda Dwe. Madam, kindly go ahead and ask your question. Miss Vasuda, please.

Very good evening, respected Chairman, sir, board of directors, and my fellow shareholders. Myself Vasuda Dwe from Thane. The opening speech given by the chairperson was also very informative and excellent. I am also thankful to our company secretary and team for helping me a lot to join this platform very smoothly. Most of the questions were asked by previous shareholders. I will not repeat them again. Only one question I would like to ask: Why is our attrition rate so high, and what steps are we taking to maintain it? In spite of all over the performance, our employee attrition rate is why it is not less than other companies. Thanking you. Wish all the best to the company for the next coming financial year. Thank you very much, sir.

Thank you, madam. I request the next shareholder, Kaushik Sahukar.

Yes, sir.

Yeah, respected Chairman, esteemed board members, and fellow shareholders. Good afternoon to all. It gives me immense pleasure to interact with you once again this year. I am deeply grateful to our CS, Mr. Manikanji, for guaranteeing this opportunity. I sincerely wish everyone good health and continued success. Coming to my query: with the rapid adoption of AI and generative AI across industries, what percentage of Infosys' current revenue is linked to AI-enabled business services and solutions? What is the management's target contribution from AI-related business over the next three to five years? I hope I'm audible, sir.

Yes, sir, we can hear. Please go ahead.

Suggestions as a bond shareholder: I would like to provide a humble suggestion. The company should consider expanding its AI-led managed services and subscription-based digital platforms for small and medium enterprises globally. This could create a recurring revenue stream, deepen client relationships, and reduce dependence on traditional project-based revenues. On a lighter note, perhaps the next innovation could be an AI-powered AGM assistant that tells shareholders exactly when their turn to speak is approaching. Before I conclude, Nilekani sir, I have written to you on several occasions seeking your guidance and support. I would be grateful if my request could receive consideration. If possible, kindly share the email ID of our GM, CFO, or concerned official who may be able to evaluate my proposal or advise the concerned team to connect with me. As our company is one of India's most respected companies and is also known for its CSR activities, I remain hopeful that some guidance or support may be extended to help me continue my professional journey. Thank you for your patience and consideration. I wish the company, its leadership, employees, and all stakeholders continued success, good health, and prosperity. Thank you very much. I look forward to meeting you next year again. Thank you, sir.

Thank you. Thank you, Mr. Kaushik. Now I'll request the next shareholder, Satish Sha. Mr. Satish Sha, kindly go ahead and ask your question.

I'll move to the next shareholder, Mr. Yu Eunas. Kindly go ahead and ask your question.

Yes, sir, we can hear you. Please go ahead with your question.

Sir, 45 years, sir, 45 years, sir. After 45 years, you gave Rs. 25 dividend — very good, very excellent, on the face value of Rs. 5, sir. Very good, sir. Why is the share price coming down, sir? What is the reason? I would like to know, sir. The annual copy our company secretary printed was very good. I am thankful to our company secretary department for calling us. Your number is coming on the phone also. This shows how the company is caring for shareholders, sir. They are very few companies that care about shareholders. Sir, I would like to visit the factory, sir. Can you arrange a factory visit in Bangalore, sir? Can you call me, Chairman, sir? I would like to meet you, sir. I am very proud of you, sir. You are one of the excellent chairmen, sir, and your work is world-famous, sir. For example, all the foreign institutes will go up. Today the market is down 30, but not to worry. Why is it so? Nothing to worry, sir, when you are on the board. The time will come, we will have a good flower in your hand, sir, and you will declare the next dividend. Sir, next year, sir, can you start one get-together for the shareholders? That will be great, sir. Nothing else. I end my speech. Flower in your hand, sir, flower, just like a signing flower. But your smile will be there. I'm smiling, sir. Keep smiling, sir. Not to worry. Market is up and down, sir. Nothing to worry. We are with you, sir. I will join you, sir. My full family — Rangala and Marangala — all people are giving good wishes and they pray for our company's best wishes. Thank you very much.

Thank you, Mr. Yu Eunas. Now I'll request the next shareholder, Hariram Chowri.

Mr. Hari Ram, I'm unmuted now. I'm opening my video also.

Chairman, sir, and my name is Hariram Chowri. I'm speaking from Santa, Bombay. Sir, you are the father of the IT system. Now our Reliance is calling it not Artificial Intelligence but Reliance Intelligence. Let our intelligence be called Infosys Intelligence, and you are the father — you can do that. Now, Mr. Chairman, I give the compliment to Salil sir for giving the very informative presentation, and also the company secretary Manikanji for bringing out a voluminous report under the guidance of the Chairman and Managing Director. The secretary staff, including Vishita Puja, also needs to be mentioned. Mr. Chairman, regarding CSR, we are doing very good CSR activities, and my compliments to them. Please let us know who is the chairman of the CSR committee and who are the members. Some very good suggestions are there. The next meeting may also be online so that shareholders from Bombay can attend. Second suggestion: have a get-together of shareholders in Bombay. Many shareholders are from Bombay only, so please hold the get-together in Bombay itself. And maybe a dedicated mobile phone for the secretary staff so that we can send messages from time to time throughout the year and maintain a personal relationship. Mr. Chairman, about water harvesting, we are doing very good work. What about solar energy? Are we using that? And who is your nodal officer for helping those whose shares and dividends have gone to IEPF? Kindly let us know. With that, I thank Chairman Nilekani and our best, best employee and ethical company. Compliments to them. Thank you very much. My name is Hariram Chowri.

Thank you, Mr. Hari. Now I'll request the next shareholder, Mr. Dip Jain. Mr. Dip, kindly go ahead and ask your question.

Hello. Hello, I'm audible.

Yes, sir. Please go ahead with your question.

Good evening, Chairman, sir. Congratulations on the 45th General Meeting. IT, CSR activity. If possible, please, sir. Thank you very much. Thank you, sir. Thank you.

Thank you, Mr. Dip. Now I'll request Mr. Fik Maha to kindly go ahead and ask your question.

Yes, sir, we can hear you. Please go ahead and ask your question.

Respected Chairman Mr. Nandan Nilekani, Board of Directors, MD and CEO Salil Parekh, Company Secretary Manikanji and his team, and your employee, my fellow brothers and sisters, shareholders. First of all, as a shareholder, myself from the port city of Jamnagar, Gujarat, age 73, religion: Jain, full name: Champaklal Rasiklal. First of all, as a shareholder, I am quite happy with the performance of the company for the March ending 2026. No complaint as far as working is there. Dividend policies — there, no problem. The 45th annual general meeting. We as minority shareholders need your service as our Chairman, and Salil as our CEO, and Mr. Manikanji as your company secretary. Please don't think of retiring before the 50th year. We need your service. What is the plan to overcome these problems? I sold about 10% of my holding of Infosys. I could not sleep for two nights. Because I sold 10%, again I could not sleep. So I love Infosys that much. I hereby convey my sincere thanks to all of you for giving me an opportunity to speak at this forum and wish you a happy year ahead for March 2027. Thank you, sir.

Thank you. Thank you, Mr. Fik Maha. I'll move to the next shareholder, Kamini Jain. Kamini Jain, kindly go ahead and ask your question.

I'll move to the next shareholder, Hiranand Kotwani. Sir, if you're on, kindly go ahead and ask.

Yeah. Namaste. Namaste, Mr. Chairman. Namaste to all those who are listening to me, though they may be any nationality. It is a great pleasure to join you. It is a great company, setting the 45th year of journey. But this time, the market is not growth-oriented or increasing. So I'm requesting Mr. Nandan, please clarify because you are a visionary. You know how the future will be in a difficult environment. How will the company cope with new markets apart from the USA? Is the company tapping the rest of the world, particularly — there is trouble in the Middle East. How do you tackle that? And how will Europe and other markets sustain the growth and prosperity? It is a billion-dollar question, not a million-dollar one. Please narrate. Thank you, and best wishes from Hiranand Kotwani. Good luck ahead.

Thank you, Mr. Hiranand. I'll request the next shareholder, Shwa Kamalia, to kindly go ahead and ask your question.

I'll move to the next shareholder, Prashini G. Shanoi. Kindly go ahead and ask your question, ma'am.

I'll move to the next shareholder, Pankaj Mani. Pankaj, if you are on, kindly go ahead and ask your question.

Good evening, sir. Thank you so much for providing me an opportunity to speak at this AGM. I have only two small questions. First, in light of workforce rationalization measures undertaken by several companies in the IT sector due to automation and AI adoption, has the company assessed the potential impact of AI on its employee base? And does management foresee any material workforce reduction in the near to medium term? The second question: given the rapid adoption of AI across the IT industry, what specific measures has the company taken to train and reskill its employees for AI-enabled roles? And how does management plan to equip the workforce to adapt to technological changes while maintaining long-term employability? Thank you, sir.

Thank you, Mr. Pankaj. Now I'll request the next shareholder, Muhammad Igbal. Mr. Muhammad Igbal, kindly go ahead and ask your question.

I'll move to the next shareholder, Pratik Sharma. Mr. Pratik Sharma, kindly go ahead and ask your question.

We'll move to the next shareholder, Sachin Singhal. Mr. Sachin, kindly go ahead and ask your question. Mr. Sachin, kindly unmute yourself and ask your question.

Mr. Sachin, kindly go ahead and ask a question. We can see you.

Hello. Audio, sir?

Yes, hello.

Yes, sir. We can hear you.

Yes, sir. Good evening, sir. All good. Hello, sir.

Yes, sir. We can hear you. Please go ahead.

Thank you, sir. Middle class. More than ever, sir. Thank you.

Thank you, Mr. Sachin. Now I'll request the next shareholder, Sujan Modak. Sujan Modak, kindly go ahead and ask your question.

Now I'll request the next shareholder, Sam Patel. Madam, kindly go ahead and ask your question. Mrs. Patel, if you are on, kindly go ahead and ask your question.

I'll move to the next shareholder, Mangjit Separ.

Shareholder, Palani Swami. Mr. Palani Swami, if you are on, kindly go ahead and ask your question.

I'll move to the next shareholder, Ashish Bansal. Mr. Ashish Bansal, kindly go ahead and ask your question.

I'll move to the next shareholder, Sunit B. Sunit, kindly go ahead and ask your question.

Good evening, respected Chairman Mr. Nilekani, sir, CEO and MD Mr. Salil Parekh, sir, distinguished members of the board, and fellow shareholders. Good evening to one and all. I am Sunit, speaking from Shimoga, Karnataka, and I am joining through this meeting today as a proud retail shareholder of Infosys Limited. I want to thank Manikanji, sir, for organizing this smooth, compliant, and transparent virtual platform, allowing us to participate seamlessly while looking through the annual report for the financial year 2025-26. I want to express my sincere happiness and satisfaction with the company's performance despite a challenging global macroeconomic environment. Infosys has demonstrated remarkable resilience. The consistent revenue growth, strong deal pipelines, and deep integration of advanced AI and digital capabilities show that our company is not just navigating the future but leading it. As an investor, I am also deeply grateful to the board for maintaining a robust capital allocation policy and declaring the final dividend. It reflects your continuous commitment to rewarding the faith of retail shareholders. Furthermore, your unwavering focus on strong corporate governance and high ESG standards makes us incredibly proud to be associated with this enterprise. I would like to state my full support for all the resolutions listed in today's annual general meeting notice, including the adoption of the audited financial statements and reappointments on the board. I extend my heartiest congratulations to the entire leadership team and dedicated employees across the globe for an excellent year. You have my absolute confidence for the journey ahead. Thank you for giving me an opportunity to speak. Jai Hind.

Thank you, Mr. Sunit. Now I'll request the next shareholder, Mahesh Kumar Bhuvna, to kindly go ahead and ask the question.

I'll move to the next shareholder, Raghav Kumar K. Mr. Raghav Kumar K, kindly go ahead and ask your question.

I'll move to the next shareholder, Priya Sahukar. Priya Sahukar, kindly go ahead and ask.

Calling on shareholders Fatima Rangala and Ununus Rangala to ask their questions. Thanking all speaker shareholders and concluding the question session. Handing back to the chairman.

The demand for electricity is constantly growing. There's still 1 billion people who don't have daily access to electricity. Consumption is growing, and the big data center and AI boom will continue over the next years. The journey of the last six years brought Siemens Energy from a 30 billion company into a 40 billion company with a market capitalization of more than 100 billion euro and a backlog of 140 billion euro. Siemens Energy underpins one-sixth of global power generation. The high-growth environment requires nimbleness, especially in mergers, acquisitions, or carve-outs. We basically redesigned the architecture of the Siemens Energy IT ecosystem. The colleagues on the wind power side started earlier using Infosys as their key partner, moving a lot of services from infrastructure to applications.

Infosys is honored to play a very critical role in this journey at Siemens Energy. One of the most ambitious projects was the transformation of their network infrastructure. We helped them roll out an SD-WAN solution globally to 250 sites in record time. We have helped lay their digital foundation, basically modernizing their legacy ERP infrastructure by merging 30-plus legacy systems into two S/4HANA instances.

When it comes to AI, it's important that we use Agentic AI internally to optimize our own processes to have bottom-line impact within the IT department, the digital department, but also in the rest of the company and beyond that also for our customers.

We're deeply aligned with Siemens Energy's AI ambition. Two dimensions of our alignment: the first is Services AI, which is reimagining our own services delivered to Siemens Energy and their business, including the SAP S/4HANA transformation where we are aiming for 15% of production codes generated by GenAI. The second is Business AI, which is building meaningful use cases with Siemens Energy that have real business impact. We are building agentic use cases to optimize manufacturing and process efficiency for wind farm operations. Two unique companies, two leaders in the world coming together to solve great problems. That's unique about our partnership. We are proud to be Siemens Energy's transformation partner in their mission to energize society sustainably.

Ameritas is a financial services company that really started with a paper and a promise. We see AI as the next evolution of where our company can go. We look at the journey of AI as: AI helps you do work, AI starts to do work for you, and then those two things begin to set you up for a re-engineering. You're fundamentally re-engineering a business process end to end.

Infosys helped set up the AI factory model. We approached it with multiple dimensions that included the AI pods, complete with the governance, the technology foundation, and the operating model.

And Infosys came in and they showed very well that it's not tech delivery — it's business process re-engineering, future state thinking. Their receptivity to work differently with you, to really think as a partner, is continuously surprising me.

So when we started working with Ameritas, we consciously took an approach not to introduce AI to replace parts of manual work. Instead, we took an approach of process reimagination of the business function that can really benefit from AI adoption. We made sure that we included the human in the loop with strong guardrails to ensure we're governing the use of AI appropriately, with a very clear understanding of the outcomes. Our focus was to deliver work that AI and automation can do that frees humans.

Can I help the sales support people? Can I improve the RFP process? Can I make it faster, easier, higher quality? We called it our shift — that saves time and shifts work, but is really about helping us grow business and sales. Can I help our advanced sales desk help the agent understand the product better? Our real wins have been in the back office where the work burdened our people, getting things through the pipe faster or less burdensome, taking care of the customer.

Infosys is working with Ameritas in a very strategic capacity. With Ameritas, we have a great partner who gives us a platform to bring ideas and thoughts to jointly explore adoption of new and emerging technologies to solve real-life business problems.

I think Agentic AI in the form of autonomous AI workers who work like humans is the next big wave that's going to affect how companies work and get things done. We see our relationship with Infosys being a key part of how we can actually achieve that future together.

Thanks, Nandan. First question from Shamala Rao Pichuka: What are the future plans of Infosys? Answer: The big plans for FY27 and beyond are in the AI services area. We continue to see competitive intensity and productivity impact on revenues. We have given guidance of 1.5 to 3.5% growth for the full year. We are extremely enthusiastic about AI services opportunities — the six big areas of AI services represent around $300 billion of addressable spend going into 2030. Second, from Navinta Krishna Dhanapati and Nitya Ma: Strategic roadmap for leveraging AI and Agentic AI, and AI maturity benchmarking? Answer: AI services at 5.5% of revenue. 90% of employees are AI aware. 90% of the top 200 clients have AI work using Topaz and Fabric. Working on over 4,800 AI projects, built over 600 agents. Scaling up forward-deployed engineers team. Good partnerships across the entire AI ecosystem, reflected in about 16 leadership rankings from analysts. Third, from Shinasa Rao Kilaru: Indian IT companies not investing in meaningful R&D? Answer: We have a structured approach through the Center for Emerging Technology and Solutions. New technologies including AI, machine learning, and quantum are incubated there. Infosys Living Labs are global innovation hubs with clients, partners, startups, and academic institutions. We have joint work with leading universities in the UK and US on AI innovation. Fourth, from Sudhir Dull Sha: Strategy for development in Gujarat? Answer: We have innovation hubs, nearshore centers, digital design studios, and AI GCC partnerships across Indian cities. Hybrid work model. Centers in Ahmedabad and locations like Hubli, Visakhapatnam, and Noida. Fifth, from Sham Ketan Karandikar: How will economic value from GenAI productivity gains be distributed? Margin impact? Answer: Productivity improvements enable clients to get savings, which they reinvest in new IT spend, expanding the addressable market. Revenue per employee increasing, revenues growing faster than headcount. Improved margins by 50 basis points in FY25. FY27 margin guidance: 20% to 22%. Our endeavor is to improve margins from current levels. Those were my questions. I'll now request Jayesh to take his questions.

Thank you, Salil. First question from Mr. Murugeshin: When can we expect Infosys to grow double-digit? Can we double shareholder value by the 50th AGM? Answer: We delivered a strong performance in FY26 with growth of 3.1% in constant currency. Organic growth faster than peers for over 7 years. Large deal wins at $15 billion with 55% net new. $3.7 billion of free cash flows with stable operating margin. Guidance for current year: 1.5 to 3.5% revenue growth, 20 to 22% operating margin. We do not give guidance for future years. Second, from Akash Sukja: Excess cash utilization, AI acquisitions, AI revenue reporting, and shareholder reassurance? Answer: Structured capital allocation policy — returning approximately 85% of free cash flow over a 5-year period through dividends and/or buybacks. Disciplined M&A approach focused on capability-bridging acquisitions. AI revenue disclosed at 5.5% of revenues, approximately $1 billion annualized, growing faster than company average. We won't comment on share price. Our aim is to focus on business and create value. Third, from Cherip Achara: Poor stock returns, no bonus issue, unfavorable buyback taxation? Answer: Well-defined capital allocation policy gives predictable returns. Return 85% of free cash flows through semi-annual dividends or buybacks or special dividends. Company expects to progressively increase annual dividend per share. Multiple bonus issues historically, but no announcement currently. Recent buyback of 18,000 crores resulted in EPS accretion. Six areas of AI-first services opportunity of $300 to $400 billion by 2030. Investing in sales and marketing, AI capabilities, and partnerships. Fourth, from Miss Ma Rajesh Sha: Why have operating and free cash flows declined? Answer: Lower by approximately 1,400 crores in FY26 primarily due to higher income tax refunds in FY25 on account of orders received under sections 250 and 254 of the Income Tax Act for certain assessment years. I will now pass it on to Manikanta.

Thank you, Jayesh. First question by Walpi Krishna Das Bat Romesh: When are we starting physical AGM? Answer: Ministry of Corporate Affairs and SEBI have allowed companies to hold the AGM through video conference without physical presence. We will evaluate and keep shareholders informed on any physical AGM in the future. Second, from shareholder S Mangara Karashi: How to buy Infosys shares in the USA market? Answer: Infosys ADRs are listed in NYSE. Members who intend to purchase these ADRs can contact authorized bankers, brokers, or depositories following the due process for foreign investments. With that, I hand it back to the chairman.

Thanks, Nandan. First question from Mr. GAU: Growth outlook, margin impact from forex, geopolitical disruptions, industry growth, capex changes, new growth areas, dividend policy? Answer: Changes driven by macro environment and interest rates affecting discretionary spending. Strong FY26 performance crossing $20 billion revenue, 3.1% growth in constant currency. Organic growth fastest among peers for 7 years. Communications, manufacturing verticals, and Europe grew above company average. Expect acceleration in financial services, energy, utility, and resources in FY27. Margins remained stable despite cross-currency headwinds, pyramid changes, and acquisitions. Capital allocation policy well-defined: 85% returned to shareholders, 15% available for strategic acquisitions. No change on that policy. Second, from Santosh Kumar: Company's three priorities to reach $30 billion revenue? Answer: AI adoption becoming more dominant in revenue. Opportunities related to growth and productivity improvements. Good AI partnerships and strong employee reskilling. Six new AI services areas outlined where we see the most impact, including modernizing client technology estates. Third, from Mr. Redappa and others: Steps taken for talent retention? Answer: Attrition at 12.6%, down from 14.1% the previous year. Employee value proposition focused on career, rewards, recognition, learning, development, and wellness. Total reward approach benchmarked to competitive industry. Long-established paths for upskilling and career growth. Flexible work environment helps maintain low attrition. Fourth, from Redappa: What is the company doing to increase deal conversion? Answer: Approximately $15 billion large deals, 55% net new, up 24% from previous year. Distinct uptick in IT spend on AI services and modernization. Clients moving from AI pilots to enterprise-wide AI deployment. Good impact with AI-first GCCs. Fifth, from Mr. Pankage Mani: Potential impact of AI on workforce and reskilling measures? Answer: Agents will work alongside humans, overall work will expand. Recruited 20,000 new college graduates last year with similar plan for this year. AI adoption still early stage. Focus on employees being AI-aware, AI builders, and AI masters, collaborating with foundation model, compute, and tools companies. I now request Jayesh for his part.

Thank you, Salil. I have three questions. First, from Mr. Vipul: Should guidance be scrapped? Answer: Guidance reduces information asymmetry between management and stakeholders. It is a global best practice adopted for years for the benefit of shareholders, providing an anchor for market expectation and giving shareholders a view on current plans and likely performance. Second, from Om Prakash Kajiar: Plan to invest in future and skill development? Answer: Multiple initiatives to stay ahead — developed Infosys Topaz and Fabric. Built comprehensive partnerships across the AI ecosystem. Significant investments in continuous learning and skilling. Comprehensive approach to gain market share in the AI opportunity. Third: Why is share price going down after buyback? Answer: We will not be able to comment on share price movement. The recently concluded tender offer buyback of 18,000 crores has resulted in EPS accretion for shareholders and increased return on equity while returning cash as per our capital allocation policy. I'll turn it over to Manikanta.

Thank you, Jayesh. The question from Hariram Chowri asks about details of nodal officers for IEPF and company initiatives taken with respect to IEPF. Answer: The board has designated me as the nodal officer for the purpose of IEPF. Shareholders who have any claims for shares that have gone to IEPF can write to us. Detailed steps are mentioned on our website on how to claim shares. Shareholders can write to [email protected] and we will help them claim the shares. The company sends periodic intimations to shareholders to encash unclaimed dividends and update bank account details with the RTA or depository participants. The company also publishes unclaimed dividend and corresponding shares information on the website. The company also receives information from depositories on updating bank details by shareholders for processing dividends directly without specific request from shareholders. Those were the questions. I hand it back to the chairman.