Infosys Limited (INFY): Business Model Canvas [Dec-2025 Updated]

You're trying to map the engine room of a global tech giant, figuring out how Infosys Limited actually captures value in this AI-first era. Forget the old playbook; their late 2025 model is laser-focused on being a digital navigator, using platforms like Topaz to drive transformation. It's a serious operation: they manage over 300,000 employees, secured $11.6 billion in Total Contract Value in FY2025, and clocked a 21.1% operating margin, all while holding 823 patents. Scroll down to see the full nine-block breakdown of how this massive machine is built to deliver those results.

Infosys Limited (INFY) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that power Infosys Limited's delivery engine as of late 2025. These aren't just vendor agreements; they are deep, co-investment plays that directly impact their service portfolio and revenue generation, which hit $19,277 million in FY25.

Strategic Alliances with Hyperscalers: Microsoft, AWS, Google Cloud

The relationships with the top three cloud providers are central to Infosys Limited's digital services revenue, which accounts for a significant portion of their annual earnings of around $18 billion. These alliances are critical in a global cloud market sized at an estimated $750 billion in 2025.

For Microsoft, the partnership is deeply embedded in internal productivity and external client delivery:

• Over 18,000 Infosys developers have generated more than 7 million lines of code using GitHub Copilot.
• Infosys was recognized as the 2025 Partner of the Year for Azure - Secure Migration and Modernization.

The Google Cloud alliance focuses heavily on AI enablement:

• Infosys committed to training 20,000 practitioners on Google Cloud's generative AI technologies.

The collaboration with Amazon Web Services (AWS) is formalized through a three-year Strategic Collaboration Agreement (SCA), focusing on financial organizations in the EMEA region, supported by joint go-to-market strategies and co-investments over the three-year period.

Technology Vendors like SAP and Oracle for Integrated Solutions

Infosys Limited maintains leadership ratings with major enterprise application vendors, which validates the quality of their integrated solution delivery. This is a key area for securing large deals, with Total Contract Value (TCV) for large deals reaching $11.6 billion in FY25.

Vendor assessment recognitions for 2025 include:

Collaboration with E.ON for AI-Powered Digital Workplace Ecosystem

The strategic collaboration with E.ON, one of Europe's largest energy companies, is a concrete example of deploying Infosys Topaz for enterprise transformation. This project is designed to impact a massive internal user base.

• The partnership aims to enable effortless experiences and productivity improvements for over 77,000 E.ON employees across Europe.

Academic Institutions for Talent Acquisition and Research

Infosys Limited supports academic advancement through its philanthropic arm and direct research partnerships, which feeds into its intellectual capital, noted as having 2,70,000+ AI aware employees.

A specific commitment to talent and research pipeline development includes:

• Infosys Foundation committed a grant of INR 27 crore to Ashoka University for upgrading its Chemical Biology Lab.

Furthermore, the Infosys Prize, which honors young researchers, reinforces its commitment to the research community. Each of the six winners of the Infosys Prize 2025 receives a prize purse of USD 100,000.

Startup Ecosystem for Innovation and Emerging Technology Access

The company actively sources innovation through external partners, which is a stated input to its Intellectual Capital. The innovation ecosystem is explicitly stated to include 370+ startups.

The corporate venture activities show tangible investment:

• Infosys has made 29 investments across various technology sectors to date.
• The most recent reported investment was a Series A round in 4baseCare on December 14, 2024.

Infosys Limited (INFY) - Canvas Business Model: Key Activities

You're looking at the core engine room of Infosys Limited, the activities they execute day-in and day-out to generate revenue and maintain their market position as of late 2025. It's all about execution scale and future-proofing the client base.

Developing and Deploying Enterprise AI Solutions via Infosys Topaz

The push into Artificial Intelligence is central, anchored by the Topaz platform. This isn't just a product; it's the delivery mechanism for enterprise-grade AI. Infosys Limited is actively deploying this capability, with reports indicating over 400 AI projects are currently in progress with clients, showing a clear shift from experimentation to integration across the enterprise. Furthermore, the company has built a repository of AI agents to drive specific business outcomes. As of Q1 FY26, they reported having 300 agents built across business operations and IT areas, designed to help clients drive faster decisions and improve operational efficiency. This investment is reflected in the financial inputs for Intellectual Capital, which includes 200+ industry-leading products, solutions and platforms powering Topaz and Cobalt offerings. It's a heavy lift, which shows up in margin pressure due to strategic spending.

Delivering Large-Scale Digital Transformation and Cloud Migration

The bread and butter remains large-scale client engagements, heavily skewed toward digital transformation and cloud adoption. You see this activity reflected directly in the Total Contract Value (TCV) of deals won. For the second quarter of FY26 (Q2 FY26), Infosys Limited secured large deals worth $3.1 billion in TCV, with 67% of that being net new business, indicating market share gains. Looking at the full Fiscal Year 2025 (FY25), the total TCV secured was $11.6 billion. These wins are often tied to modernization and efficiency, with CEO Salil Parekh noting client preference for partners strong in cloud with Cobalt and generative AI with Topaz. For instance, in Q2 FY26, the company announced a mega deal worth $1.6 billion. This is where the rubber meets the road for digital delivery.

Managing the Global Delivery Model (Onshore, Nearshore, Offshore)

Managing a global workforce to service these large deals is a massive operational activity. Infosys Limited's delivery scale is evident in its headcount. As of Q2 FY26, the total employee base stood at 332,000 employees. The model is designed for 24/7 execution, leveraging a mix of onsite leadership and offshore execution centers. While the exact onshore/offshore split is proprietary and dynamic, the model relies on a high degree of offshore delivery, which is mostly rupee-cost based, providing a natural hedge against currency fluctuations. Employee utilization is a key metric here; in Q1 FY26, utilization including trainees was reported at 85.2%. This operational efficiency is crucial for margin defense.

Strategic Mergers & Acquisitions (M&A)

Acquisitions are a key activity to quickly gain specific capabilities or market access. While the prompt mentions the in-tech acquisition in Q1 FY25 (which was for 450 million euro), a more recent strategic move in late 2025 was the acquisition of 75% of Versent Group in August 2025. This deal, focused on cloud-native applications, had a consideration including earn-outs amounting up to AUD 233 million, which is approximately ₹1,335 crore. Infosys Limited has been active, with 2025 seeing 3 acquisitions by September, including Versent. This activity supplements organic growth by immediately integrating specialized talent and technology.

Continuous R&D Investment in Emerging Technologies

Sustaining leadership in AI and digital requires continuous investment, which directly impacts the cost structure. For FY25, Infosys Limited reported capital expenditures of $265 million, supporting infrastructure and technology enhancements. This investment is a direct driver behind the gross profit margin contraction seen in FY25, which fell to 26.34% from 29.45% in FY 2024, as the company absorbed increased costs for strategic AI and digital capability building. The company is actively managing this trade-off between investment for future growth and current profitability. For example, in Q2 FY26, the Operating Margin was 21.0%.

Here's a quick summary of the key operational and financial data points related to these activities:

The focus on execution is clear, with the delivery model being tuned to support the high-value AI and digital transformation pipeline. Finance: draft 13-week cash view by Friday.

Infosys Limited (INFY) - Canvas Business Model: Key Resources

You're looking at the core assets Infosys Limited has built up to drive its business in late 2025. These aren't just line items on a balance sheet; they are the engines powering their digital and AI-first strategy. Honestly, the scale of their human capital and proprietary tech is what sets the stage for their next growth phase.

The human element is massive. Infosys Limited maintains a global workforce that is definitely exceeding the 300,000 mark. As of the latest figures for the first quarter of fiscal year 2026 (June 30, 2025), the total headcount stood at 323,788 employees. This represented a net addition of 210 employees in that quarter alone. For context, as of March 31, 2025, the employee count was reported as 323,578, which was a 2.00% increase year-over-year. Looking ahead, Infosys Limited has signaled intent to onboard between 15,000 and 20,000 fresh graduates in fiscal year 2026.

The firm's proprietary platforms are central to its value delivery, especially in the AI and Cloud domains. Infosys Topaz, their AI-driven solution suite, is supported by a significant internal asset base. Here's a quick look at the scale of those digital assets as of early 2025:

• AI assets: Over 12,000 +
• Pre-trained AI models: Over 150 +
• AI platforms steered by specialists: Over 10 +

These platforms, along with Infosys Cobalt for cloud services, are powered by over 200+ industry-leading products, solutions, and platforms, which are key inputs to their intellectual capital.

Intellectual Property is another critical, measurable asset. For the fiscal year 2025 reporting period, the company cited 823 patents in its portfolio, which includes both granted and pending applications. This is a specific output metric tied to their intellectual capital framework for that year.

The physical foundation supporting this global operation includes a robust global IT infrastructure. The Manufactured Capital component of their value creation model encompasses energy-efficient offices and data centers totaling 29.7 mn sq. ft. and 38.5 mn sq. ft. across different reporting scopes.

Finally, the brand itself is a tangible asset. Infosys Limited is recognized as a Top 100 Global Brand for 2025. According to Brand Finance in early 2025, the brand value rose 15% to USD16.3 billion, placing it among the Top 3 most valuable IT Services brands globally. Furthermore, the brand achieved the fastest Compound Annual Growth Rate (CAGR) in brand value at 18% over the last five years among IT Services brands. Kantar BrandZ ranked Infosys Limited as the #73 most valuable brand in the world in May 2025.

You can see the key quantitative resources laid out here:

These figures represent the hard assets Infosys Limited is deploying to execute its strategy right now. Finance: draft 13-week cash view by Friday.

Infosys Limited (INFY) - Canvas Business Model: Value Propositions

You're looking at the core value Infosys Limited is delivering to its clients as of late 2025. It's all about tangible outcomes, not just hours billed. The sheer scale of their commitments shows you where they are placing their bets.

The firm's ability to secure large, transformative work is clear in the annual figures. Total Contract Value (TCV) of large deal wins was $11.6 billion for FY2025, out of which 56% were new contracts. This momentum continued into the new fiscal year, with Q1FY26 large deal TCV hitting $3.8 billion.

The primary value driver is Accelerating clients' digital transformation with an AI-first core. Infosys is pushing this hard through its Topaz platform and agentic AI capabilities. Critically, over 400 AI projects are currently in progress, showing active deployment rather than just pilots. This focus helped Infosys Limited achieve revenues of $19.28 billion in FY25, with an operating margin of 21.1% for that full fiscal year.

Next up is Driving cost optimization and operational efficiency through automation. AI is being used to speed up core IT functions. For example, AI can accelerate tasks like software development, coding, and process optimization, often completing them faster than human teams. This focus on efficiency is a direct response to client needs for productivity benefits in areas like Accounts Payable, where agentic AI is bringing more intelligence and autonomy to invoice processing.

To show you the depth of their Deep industry-specific expertise across 10+ verticals, look at the recent performance across key sectors, which gives you a sense of where the demand is strongest. This expertise is what allows them to tailor these complex AI and automation solutions effectively.

The underlying technology enabling this is their offering of Scalable, resilient, and secure cloud and digital solutions. This includes a fully managed services offering that covers hybrid cloud solutions, application portfolio management, IT operations, IaaS, SaaS, security operations, and quality assurance. This comprehensive stack helps ensure that the digital transformation is built on a solid, enterprise-grade foundation. For instance, in the CPG sector, research shows that 55% of AI use cases generate tangible business value, which is on par with the industry average, indicating successful value realization from their deployed solutions.

Here are the key components of the digital and cloud value proposition:

• Managed services for hybrid cloud solutions.
• Application portfolio modernization.
• Security operations and quality assurance.
• Focus on resiliency and scalability.

Finance: draft 13-week cash view by Friday.

Infosys Limited (INFY) - Canvas Business Model: Customer Relationships

You're looking at how Infosys Limited keeps its biggest customers close, which is the core of their service model, especially now that clients are trimming their vendor lists. It's all about moving past transactional work to become a true strategic partner.

The foundation of this relationship strategy rests on maintaining long-term, strategic partnerships. While the target is to deepen relationships with a select group, the scale is global, serving clients in more than 56 countries. The company's dedication to its existing base is clear in its focus on securing large, multi-year agreements; for instance, the Total Contract Value (TCV) of large deal wins in Q1 of fiscal year 2026 hit $3.8 billion, with 55% of that being net new business, showing success in expanding existing engagements.

This is executed through a dedicated account management and trusted advisor model. You see this structure in action when you look at how they organize resources. For top accounts, Infosys assigns integrated teams across sales, marketing, and service delivery, often led by a Master Customer Owner (MCO). This ensures a unified front, acting as a business partner rather than just a vendor. The sheer size of the workforce, totaling 323,578 employees as of March 2025, means they can dedicate significant, specialized talent to these key relationships.

For the most complex transformations, Infosys leans heavily into high-touch consulting and co-creation. This is where platforms like Infosys Topaz, their AI-first offering, come into play, helping clients realize tangible benefits. Executives noted that productivity gains from AI initiatives with clients were coming in at between 5-15 per cent. This consultative approach drives deep integration, which is reflected in strong returns; for the quarter ending June 30, 2025, Return on Equity (ROE) improved to 30.4%.

A major near-term opportunity, and thus a relationship focus, is the focus on client consolidation decisions. Enterprises are actively reducing the number of IT outsourcing vendors they use to streamline operations and cut costs. Infosys is positioning itself to win these larger, multi-year consolidation deals. This strategy is key to sustained growth, even when the broader market sees caution in discretionary spending. The success in this area is a direct measure of trust. You can see the scale of their overall business supporting this: for the full fiscal year 2025, Infosys reported revenues of $19,277 million.

Here's a look at the scale of the relationship focus areas:

The commitment to these relationships is also visible in the company's operational discipline, which reassures clients about long-term viability. For example, the Operating Margin for Q1 FY26 was 20.8%, and Free Cash Flow generation was strong at $884 million for that quarter. This financial health is what allows Infosys Limited to act as a stable, long-term partner.

The relationship strategy involves several key engagement mechanisms:

• Securing multi-year, deep-dive transformation contracts.
• Leveraging AI capabilities like Infosys Topaz for joint value creation.
• Maintaining a high utilization rate, which touched 85%, showing capacity to serve existing commitments.
• Expanding long-standing collaborations, such as the one with Citizens to propel AI-led transformation.

Honestly, if you're a client, you want to see that the provider is investing in the future alongside you, not just maintaining old systems. The focus on securing large deals where 56% were net new in FY25 shows they are winning incremental, trust-based work. That's the real metric of a successful trusted advisor relationship.

Infosys Limited (INFY) - Canvas Business Model: Channels

You're looking at how Infosys Limited actually gets its services and products into the hands of its global clientele. This isn't just about a website; it's about the massive, on-the-ground infrastructure and the digital front door they use to secure and deliver work. The channel strategy is deeply integrated with their Global Delivery Model.

The direct sales effort is supported by a vast global footprint. While the specific number of dedicated sales professionals isn't explicitly stated for late 2025, the scale of the direct engagement is evident in the overall employee base and reach. Infosys Limited serves clients across 59 countries, supported by a total global headcount that reached over 323K employees as of June 2025.

The Worldwide network of delivery centers, which forms the core of the Global Delivery Model, is extensive. As of March 31, 2024, Infosys Limited operated 139 development centers globally. For instance, the Infosys BPM segment alone maintains seven dedicated Delivery Centers across Europe, including locations like Lodz, Dublin, and Brno. This physical network is crucial for delivering services at scale and managing costs.

Digital platforms and marketplaces are increasingly central to service delivery and client engagement. Infosys heavily relies on its proprietary platforms to drive transformation. Key among these are Infosys Topaz, which delivers AI-powered solutions, and Infosys Cobalt, designed to accelerate enterprise cloud journeys. The adoption of these tools is deep; management indicated that about 90% of its employees are trained on AI tools and use them in daily work, with developers generating over 25 million lines of code using AI-based coding assistants. Furthermore, the learning platform, Infosys Springboard, has served over 9.2 million learners.

Strategic partnerships are a significant channel for securing large, transformative work. These alliances often involve joint go-to-market initiatives that leverage Infosys Limited's scale with a partner's domain expertise. Recent examples show this channel in action:

• Securing a three-year strategic technology partnership with the Lawn Tennis Association (LTA) through 2027.
• Deepening a long-standing collaboration with Spark New Zealand to accelerate digital and AI-driven customer experiences.
• Extending a strategic collaboration with AIB to support accelerated transformation initiatives.
• Expanding a strategic partnership with Norway's DNB Bank to modernize IT infrastructure.

The success of these channels is reflected in the contract pipeline. Total Contract Value (TCV) for large deals in the September quarter was $3.1 billion, with 67% of that being net new work, signaling strong forward-looking commitments from clients secured through these various channels.

Here's a snapshot of the scale underpinning these channels as of mid-2025:

The direct sales force, while not quantified with a specific headcount, is supported by the overall employee base, which is heavily invested in the digital tools that define the modern channel. For example, the company reported Q1 FY26 revenues of $4,941 million.

You need to track the net new percentage in those large deals; that 67% figure is what shows new client acquisition through these channels, not just contract renewals. Finance: draft 13-week cash view by Friday.

Infosys Limited (INFY) - Canvas Business Model: Customer Segments

You're looking at the core client base for Infosys Limited, which is heavily concentrated in large, established global organizations. This segment is the bedrock of their revenue stability, even when broader discretionary spending tightens up.

The global enterprise footprint is extensive. Infosys Limited enables clients in 59 countries to navigate their digital transformation efforts. As of March 2025, the total employee base supporting these global operations stood at 323,578 people.

The concentration of business by geography shows a clear reliance on the largest market. North America remains the primary revenue driver, though it saw a slight contraction in the second quarter of fiscal year 2025 (Q2 FY25). The revenue contribution from North America was 57.4% as of Q2 FY25, with nearly US$ 12 billion of total revenue originating from the US alone in the last fiscal year. This heavy weighting means currency fluctuations, like the rupee depreciation against the dollar, directly impact the top line.

Vertical performance in Q2 FY25 highlights where demand is strongest and where it is lagging. The Financial Services sector, which you noted as a key segment, contributed 27.5% of revenue in Q2 FY25, showing growth despite broader caution. Manufacturing was another strong performer, contributing 15.7% of revenue and experiencing double-digit growth quarter-over-quarter.

Here's a quick look at the key vertical revenue contributions as reported for Q2 FY25:

To be fair, while Financial Services and Manufacturing showed resilience, other areas were softer. For instance, the Retail vertical saw its revenue decline by 9.2% quarter-over-quarter in Q2 FY25. Still, Infosys Limited continues to see deal flow in sectors like telecom, indicating that large, multi-year transformation programs are still being committed to, even if near-term discretionary budgets are unevenly distributed.

You can see the client base is segmented by industry focus, which allows Infosys Limited to tailor its expertise:

• Large global enterprises across 50+ countries.
• Strong focus on the Banking, Financial Services, and Insurance (BFSI) sector.
• Key verticals including Manufacturing and Communications.
• Significant exposure to the North America market, which accounted for 57.4% of business in Q2 FY25.

Finance: draft 13-week cash view by Friday.

Infosys Limited (INFY) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that drive Infosys Limited's operations as of late 2025. Honestly, for a company this size, the cost structure is dominated by people and the infrastructure to support them globally. Here's the quick math on the biggest drains on the bottom line.

Employee compensation and benefits (largest cost component).

This is, without question, the single largest cost driver for Infosys Limited. For the fiscal year ended March 31, 2025, Employee benefit expenses totaled ₹85,950 crore. This represented an aggregate employee cost of 52.7% of total revenue for the same period. With a headcount of 323,578 employees in FY 2025, managing salary inflation and ensuring competitive compensation packages is the primary focus for margin defense.

Significant investment in R&D and technology infrastructure.

Infosys Limited continuously pours resources into its intellectual capital, which includes R&D and modernizing its internal technology stack. For the year ended March 31, 2025, Research and Development expense recognized in the Consolidated Statement of Profit and Loss was ₹1,296 crore. This investment supports the development of offerings like Infosys Topaz and modernizing client-facing infrastructure. The company's IT strategy explicitly centers on infrastructure modernization and digital transformation.

Selling, General, and Administrative (SG&A) expenses.

These are the necessary overheads for running a global enterprise. For the fiscal year ended March 31, 2025, the combined Selling and marketing expenses plus General and administrative expenses accounted for 9.3% of revenue. Breaking that down, Selling and marketing expenses were 4.7% of revenue, and General and administrative expenses were also 4.7% of revenue. More recently, the Last Twelve Months (LTM) Selling, General & Administrative Expenses (SG&A) as of September 29, 2025, was reported at $1,332.0M. It seems they are seeing some benefits of scale, with the 3-Year Compound Annual Growth Rate (CAGR) for SG&A being negative at -3.7%.

Costs associated with the global delivery model (onshore/offshore).

The cost structure is heavily influenced by the onsite versus offshore effort mix. Historically, the effort split has been around 72% offshore (largely India-based, rupee-cost) and 28% onsite (higher salary cost locations). Critically, the cost structure is inverse to the effort split; the higher-cost onsite effort represents the majority of the salary expenditure, making the onsite mix a primary lever for margin management. Offshore work being mostly rupee-cost based means currency fluctuations directly impact margins.

The key components of operating costs for the year ended March 31, 2025, compared to the prior year, are detailed below (all figures in ₹ crore):

Capital expenditure (CapEx) for IT infrastructure.

Investment in Manufactured Capital, which includes data centers and technology infrastructure, is essential for service delivery. While total reported Capital Expenditures for the fiscal year ending March 31, 2025, was approximately $-264.59 Million, you are tracking the specific investment in IT infrastructure. We are using the figure you provided for context on this specific component: the approximate CapEx for IT infrastructure in 2024 was $800 million. What this estimate hides is the split between owned versus rental models for infrastructure, which is a key part of their long-term efficiency play.

Key cost-related metrics for FY2025:

• Total Expenses: ₹1,28,982 crore.
• Operating Margin: 21.1%.
• Cost of Sales / Revenue: 69.5%.
• Utilization Rate (Historical context): Steady at 85%.

Finance: draft 13-week cash view by Friday.

Infosys Limited (INFY) - Canvas Business Model: Revenue Streams

Infosys Limited (INFY) derives revenue from a diversified portfolio, with digital services being the primary engine for growth as of late 2025.

The core revenue generation is heavily weighted towards digital transformation services, encompassing areas like Cloud, Artificial Intelligence (AI) through platforms such as Topaz, Internet of Things (IoT), and Cybersecurity.

Revenue streams are segmented across several service types:

• Digital services (Cloud, AI, IoT, Cybersecurity) as the primary driver.
• Consulting and systems integration fees.
• Managed services and long-term outsourcing contracts.
• Revenue from proprietary products and platforms, including Finacle.

The structure of consulting and systems integration fees involves contracts executed on various bases, including time-and-material, unit of work, fixed-price, or fixed-timeframe arrangements.

The Total Contract Value (TCV) of large deals secured in FY2025 reached $11.6 billion, with 56% of that being net new business.

Here's a quick look at the top-line financial performance for the fiscal year ending March 2025:

The company's offerings are continuously enhanced by its digital capabilities, with platforms like Topaz being leveraged for AI adoption across business, technology, and enterprise functions.

Product and platform revenue includes recognized offerings; for instance, Infosys Finacle continues to secure market recognition, such as being named a Market Leader in the Datos Matrix: Virtual Account Management Providers 2025 report.

The focus on profitability is evident; FY2025 operating margin of 21.1% represented an expansion of 0.5% year-on-year, supported by disciplined cost management initiatives like Project Maximus.