Exhibit 99.3
Form of Release to Stock Exchanges

 

 

Infosys Logo

Infosys Limited

Regd. office: Electronics City, Hosur Road,

Bengaluru 560 100, India

CIN : L85110KA1981PLC013115

Website: www.infosys.com

email: investors@infosys.com

T: 91 80 2852 0261, F: 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)

 

(in crore, except per equity share data)

Particulars  Quarter
ended
September 30,
 Quarter
ended
June 30,
 Quarter
ended
September 30,
Half-year ended September 30, Year ended
March 31,
  2026 2026 2025 2026 2025 2026
  Audited Audited Audited Audited Audited Audited
Revenue from operations  49,244  48,211  44,490  97,454  86,769  178,650
Other income, net  848  984  982  1,832  2,024  4,322
Total Income  50,092  49,195  45,472  99,286  88,793  182,972
Expenses            
Employee benefit expenses  25,483  25,287  23,438  50,770  46,284  95,094
Cost of technical sub-contractors  4,393  4,181  3,879  8,574  7,376  15,421
Travel expenses  691  701  539  1,392  1,055  2,097
Cost of software packages and others  4,573  4,421  4,025  8,993  7,771  15,722
Communication expenses  151  150  160  301  303  603
Consultancy and professional charges  677  603  480  1,280  943  2,090
Depreciation and amortisation expenses  1,359  1,246  1,182  2,605  2,323  4,902
Finance cost  115  119  106  235  211  416
Other expenses  1,587  1,459  1,434  3,045  2,557  5,343
Total expenses  39,029  38,167  35,243  77,195  68,823  141,688
Profit before exceptional item and tax  11,063  11,028  10,229  22,091  19,970  41,284
Exceptional item            
Impact of Labour Codes  –  –  –  –  –  1,289
Profit before tax  11,063  11,028  10,229  22,091  19,970  39,995
Tax expense:            
Current tax  3,398  3,356  3,178  6,754  6,232  11,767
Deferred tax  (173)  (103)  (324)  (276)  (562)  (1,246)
Profit for the period  7,838  7,775  7,375  15,613  14,300  29,474
Other comprehensive income            
Items that will not be reclassified subsequently to profit or loss            
Remeasurement of the net defined benefit liability/asset, net  (177)  296  (38)  119  (108)  (288)
Equity instruments through other comprehensive income, net  (9)  60  (8)  51  27  397
Items that will be reclassified subsequently to profit or loss            
Fair value changes on derivatives designated as cash flow hedge, net  (13)  49  –  36  6  (1)
Exchange differences on translation of foreign operations  212  (94)  862  118  1,881  3,256
Fair value changes on investments, net  (97)  60  (34)  (37)  89  (27)
Total other comprehensive income/(loss), net of tax  (84)  371  782  287  1,895  3,337
Total comprehensive income for the period  7,754  8,146  8,157  15,900  16,195  32,811
Profit attributable to:            
Owners of the company  7,823  7,769  7,364  15,592  14,285  29,440
Non-controlling interests  15  6  11  21  15  34
   7,838  7,775  7,375  15,613  14,300  29,474
Total comprehensive income attributable to:            
Owners of the company  7,733  8,142  8,140  15,875  16,165  32,750
Non-controlling interests  21  4  17  25  30  61
   7,754  8,146  8,157  15,900  16,195  32,811
Paid up share capital (par value 5/- each, fully paid)  2,026  2,025  2,074  2,026  2,074  2,024
Other equity *#  90,828  90,828  93,745  90,828  93,745  90,828
Earnings per equity share (par value 5/- each)**            
Basic (in per share)  19.32  19.19  17.76  38.51  34.47  71.58
Diluted (in per 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.

 

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.

 

(in )

Particulars  Quarter
ended
September 30,
 Quarter
ended
June 30,
 Quarter
ended
September 30,
Half-year ended September 30, Year ended
March 31,
  2026 2026 2025 2026 2025 2026
Dividend per share (par value 5/- each)            
 Interim dividend  26.00  –  23.00  26.00  23.00  23.00
 Final dividend  –  –  –  –  –  25.00

 

3. Audited Consolidated Balance Sheet

 

(in 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  3,674  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  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  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)  6,553  5,644
Total current liabilities  53,581  52,322
Total equity and liabilities  163,480  155,967

 

The disclosure is an extract of the audited Consolidated Balance Sheet as at September 30, 2026 and March 31, 2026 prepared in compliance with the Indian Accounting Standards (Ind-AS).

 

4. Audited Consolidated Statement of Cash Flows

 

(in 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 / (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-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 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 / (used in) from investing activities  (4,017)  (132)
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 / (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 is an extract of the audited Consolidated 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 (Consolidated - Audited)

 

(in crore)

Particulars  Quarter
ended
September 30,
 Quarter
ended
June 30,
 Quarter
ended
September 30,
Half-year ended September 30, Year ended
March 31,
  2026 2026 2025 2026 2025 2026
Revenue by business segment            
Financial Services (1)  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 (5)  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 (2)  1,707  1,701  1,720  3,408  3,411  7,089
Communication (3)  1,146  1,180  1,017  2,326  1,897  3,861
Life Sciences (4)  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-controlling interests  11,063  11,028  10,229  22,091  19,970  39,995

 

 

(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)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)

 

(in crore)

Particulars Quarter
ended
September 30,
Quarter
ended
June 30,
Quarter
ended
September 30,
Half-year ended September 30, Year ended
March 31,
  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
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
Profit for the period  7,893  7,249  7,759  15,142  13,874  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.

 

  By order of the Board for Infosys Limited

Bengaluru, India

October 23, 2026

 

Salil Parekh

Chief Executive 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:

 

(in US$ million, except per equity share data)

Particulars  Quarter
ended
September 30,
Quarter
ended
June 30,
 Quarter
ended
September 30,
Half-year ended September 30, Year ended
March 31,
  2026 2026 2025 2026 2025 2026
  Audited Audited Audited Audited Audited Audited
Revenues  5,145  5,082  5,076  10,227  10,018  20,158
Cost of sales  3,547  3,482  3,516  7,028  6,933  14,079
Gross profit  1,598  1,600  1,560  3,199  3,085  6,079
Operating expenses  519  528  495  1,048  992  1,994
Operating profit #  1,079  1,072  1,065  2,151  2,093  4,085
Other income, net  89  104  112  193  234  468
Finance cost  12  13  12  25  24  47
Profit before income taxes  1,156  1,163  1,165  2,319  2,303  4,506
Income tax expense  337  343  325  680  654  1,190
Net profit  819  820  840  1,639  1,649  3,316
Earnings per equity share*            
Basic (in $ per share)  0.20  0.20  0.20  0.40  0.40  0.81
Diluted (in $ per share)  0.20  0.20  0.20  0.40  0.40  0.80
Total assets  17,060  16,359  18,064  17,060  18,064  16,446
Cash and cash equivalents and current investments  3,977  3,124  5,005  3,977  5,005  3,706

 

*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.

 

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.