Infosys Limited has formally submitted comprehensive auditor reports for its quarterly and nine-month financial results ended December 31, 2025, to major stock exchanges including BSE Limited, National Stock Exchange of India Limited, and New York Stock Exchange. The submission, completed on January 14, 2026, includes detailed audit opinions with Unique Document Identification Numbers (UDIN) as required under regulatory compliance.

Audit Opinion and Compliance

Deloitte Haskins & Sells LLP, serving as the independent auditor, has provided unqualified audit opinions on both consolidated and standalone financial statements. Partner Vikas Bagaria signed all audit reports on January 14, 2026, from Bengaluru, confirming compliance with applicable auditing standards and regulatory requirements.

The audit reports demonstrate adherence to multiple regulatory frameworks:

Subsidiary Network and Corporate Structure

The audit annexure reveals Infosys's extensive global footprint through 138 subsidiary entities spanning multiple jurisdictions. The comprehensive list demonstrates the company's strategic expansion across key markets including North America, Europe, Asia-Pacific, and emerging markets.

Recent corporate restructuring activities include several significant developments:

• Mergers Completed: WongDoody, Inc., Outbox systems Inc. dba Simplus (US), Blue Acorn iCi Inc., and Kaleidoscope Animations, Inc. merged into Infosys Nova Holdings LLC effective January 01, 2025
• New Incorporations: Seven new subsidiaries established across different regions, including Infosys Limited SPC (December 12, 2024) and Infosys BPM Netherlands B.V. (March 20, 2025)
• Strategic Acquisitions: MRE Consulting Ltd and associated entities acquired on April 30, 2025, with partnership interests split between Infosys Nova Holding LLC (98.21%) and Infosys Energy Consulting Services LLC (1.79%)

Regulatory Framework and Standards

The audit reports confirm compliance with comprehensive regulatory requirements under Indian and international accounting standards. The auditor opinions specifically address adherence to Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34) and International Accounting Standard 34 (IAS 34) as issued by the International Accounting Standards Board.

Key regulatory compliance areas include:

• Maintenance of adequate accounting records under Companies Act provisions
• Implementation of effective internal financial controls
• Assessment of going concern basis of accounting
• Proper disclosure requirements under SEBI listing regulations

Audit Methodology and Assurance

Deloitte's audit approach encompassed comprehensive risk assessment procedures, evaluation of internal controls, and detailed examination of financial reporting processes. The auditor reports emphasize professional judgment and skepticism throughout the audit process, ensuring reasonable assurance regarding material misstatement detection.

The audit evidence obtained has been deemed sufficient and appropriate to support the audit opinions provided. Company Secretary A.G.S. Manikantha (Membership No: A21918) digitally signed the submission documents, confirming proper authorization and compliance with corporate governance requirements.

This comprehensive audit documentation will be hosted on the company's official website at www.infosys.com for stakeholder access and regulatory transparency.

Infosys ADRs slipped nearly 2% on Wednesday following the company's December quarter results, as investors weighed a modest profit decline and significant margin pressure against stronger revenue performance and an upward revision in full-year growth guidance. The decline marked a shift in investor sentiment as margin concerns overshadowed positive demand signals.

Mixed Q3 Financial Performance With Revenue Growth

India's second-largest IT services company reported consolidated net profit of ₹6,654.00 crores for the third quarter, declining 2% year-on-year from ₹6,806.00 crores in the same period last year. Revenue from operations rose a healthy 9% year-on-year to ₹45,479.00 crores, reflecting steady deal execution and demand resilience in key markets despite seasonal softness.

Sharp Margin Contraction from Labour Code Impact

Operating margin narrowed significantly to 18.40% compared with 21.30% in the December quarter last year and 21% in the September quarter. The margin contraction was largely driven by the implementation of new labour codes, higher sales-related expenses, and continued investments in newer growth areas. The company disclosed an exceptional item of ₹1,289.00 crores during the quarter related to labour code implementation, which weighed heavily on reported profitability.

Raised FY26 Guidance Provides Optimism

Despite near-term margin pressures, Infosys raised its FY26 revenue growth guidance to 3.00%-3.50% in constant currency terms, up from its earlier outlook of 2.00%-3.00%, while retaining operating margin guidance at 20.00%-22.00%. The guidance upgrade was a key positive takeaway from the results, signaling management confidence in demand recovery and deal execution capabilities.

Valuation and Market Outlook

At the current market price of around ₹1,600.00, Infosys trades at price-to-earnings multiples of 22.80x, 21.10x, and 19.50x for FY26, FY27, and FY28 respectively. Equirus Securities noted that the overall performance was better than expectations in constant currency terms, highlighting strong large-deal momentum as a key positive. However, near-term margin pressures and seasonal softness in the March quarter could continue to influence investor sentiment, as reflected in the ADR performance.