The fastest way to compare Infosys, Coforge and L&T Technology Services (LTTS) is not to sort their quarterly growth percentages. First normalize the currency and constant-currency treatment, separate organic growth from acquisitions, match margin definitions, and then test whether bookings, business mix, cash generation and guidance support the reported result. On that basis, the three companies show different profiles rather than a single “winner”: Infosys is the largest and most margin-resilient in this comparison, Coforge has the fastest reported growth but also the clearest scale and acquisition-integration caveat, and LTTS offers an engineering-and-R&D exposure with improving EBIT margin but much slower constant-currency growth.
This is an operating comparison using the latest common period in the cited releases: Q1 FY27, the quarter ended June 30, 2026. It is not a valuation call or an investment recommendation.
As an Amazon Associate I earn from qualifying purchases.
Start with a like-for-like data sheet
Quarterly releases do not present identical metrics. Infosys reports its headline growth in constant currency and emphasizes operating margin. Coforge gives year-over-year growth in Indian rupees (INR) and United States dollars (USD), plus both EBITDA and EBIT margins. LTTS gives INR growth and constant-currency USD growth, with EBIT as its principal margin measure. Putting those figures into one league table without labels creates a false ranking.
| Company | Q1 FY27 revenue | Year-over-year growth | Sequential growth | Reported margin headline | What must be normalized |
|---|---|---|---|---|---|
| Infosys | USD 5.082 billion | 2.4% in constant currency | 1.0% in constant currency | 21.1% operating margin | Use constant-currency growth, then check organic growth, cash conversion and guidance. |
| Coforge | INR 55,277 million (USD 592.2 million) | 49% in INR; 33% in USD | Not stated in the cited operating summary | 20.3% EBITDA margin; 16.0% EBIT margin | Adjust for the smaller base and acquisition-integration backdrop; no reconciled organic figure is supplied here. |
| LTTS | INR 29,401 million (USD 310 million) | 11.5% in INR; 1.9% in constant-currency USD | Not stated in the cited operating summary | 15.7% EBIT margin, up 200 basis points year over year | Keep INR growth separate from constant-currency USD growth and account for its engineering-services mix. |
The currencies are not interchangeable. INR growth can be affected by exchange rates, while constant-currency growth removes that period-to-period translation effect. USD growth and constant-currency USD growth are also different measures. Record the exact basis beside every percentage in your worksheet before drawing a conclusion.
#1 Best Overall
- Comes with secure packaging
- Easy to read text
- It can be a gift option
1. Judge revenue quality, not just the rate
Infosys: modest growth with a large, diversified base
Infosys reported USD 5.082 billion of Q1 FY27 revenue. Its 2.4% year-over-year and 1.0% sequential figures are both constant-currency measures, so they are the cleanest starting point for an operating trend. The scale matters: a percentage produced on a multibillion-dollar base is not economically equivalent to the same percentage at a much smaller company.
Its release also points to artificial-intelligence demand converting into client work. Salil Parekh, chief executive officer and managing director, said, “AI momentum is now rapidly converting into revenue, which demonstrates how Infosys’ differentiated enterprise AI value proposition is translating into consistent market share gains.” That is management commentary, not independent proof. Test it against later revenue by service line, client additions, renewal rates and cash receipts.
Coforge: exceptional reported growth that needs decomposition
Coforge reported INR 55,277 million, equivalent to USD 592.2 million, in Q1 FY27. The release states 49% year-over-year growth in INR and 33% in USD. Those rates are substantially higher than the other two companies, but they do not establish superior organic economics on their own. Coforge operates from a much smaller revenue base than Infosys, and the quarter sits in an acquisition-integration backdrop. The cited material does not provide a reconciled organic-growth percentage, so separate acquired contribution, currency translation and like-for-like growth before ranking it.
The same release says 86% of revenue came from AI-led engineering, data and cloud services. Treat that as a company classification of revenue, then examine how those services are defined, their gross margins and whether demand is recurring or project-based. Sudhir Singh, chief executive officer and executive director, described the period this way: “Our Q1 performance, with 21.1% sequential growth and 33.3% YoY growth in US dollar terms, reflects the strength of our differentiated capabilities and an execution intensity that is uniquely our own.” The statement is attributable management commentary; the operating comparison still requires an organic bridge and cash evidence.
LTTS: engineering specialization changes the comparison
LTTS reported INR 29,401 million of revenue, or USD 310 million. INR revenue increased 11.5% year over year, while USD revenue increased 1.9% year over year in constant currency. Its business is engineering and research-and-development services rather than a broad, generalist technology-services portfolio. That specialization can produce different project cycles, customer budgets and margin patterns from those of large consulting and outsourcing providers.
Rank #2
- Ideal for Gifting
- Ideal for a bookworm
- Comes with Proper Binding
Amit Chadha, chief executive officer and managing director, said, “The strategic actions undertaken as part of our Lakshya 31 agenda are beginning to translate into tangible business outcomes, reflected in healthy quarterly growth and sustained margin improvement.” Verify the claim by following segment growth, utilization, bookings and margin progression rather than relying on the quotation alone.
2. Compare profitability using identical definitions
Do not place a 21.1% operating margin, a 20.3% EBITDA margin, a 16.0% EBIT margin and a 15.7% EBIT margin into one descending list. Operating margin, EBIT and EBITDA differ in what they deduct; depreciation, amortization and other operating items can make the spread material.
Crashes, No Sound, or Screen Glitches?
Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minutePC Slower Than It Used to Be?
A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11| Measure | Infosys | Coforge | LTTS |
|---|---|---|---|
| Margin reported for Q1 FY27 | 21.1% operating margin | 20.3% EBITDA; 16.0% EBIT | 15.7% EBIT |
| Comparable first pass | Find EBIT or an equivalent operating definition in the filing before matching it with peers. | Use EBIT when comparing with LTTS; keep EBITDA as a separate operating-leverage view. | Use EBIT when comparing with Coforge’s EBIT, not its EBITDA. |
| Trend question | Is the margin within the company’s FY27 target while growth investments continue? | How much margin reflects integration costs, purchase accounting or acquired mix? | Does the 200-basis-point year-over-year improvement persist as engineering demand changes? |
Profitability quality also depends on conversion. Check operating cash flow, free cash flow, receivables days, unbilled revenue, contract assets, employee additions and subcontractor costs. A margin that does not convert into cash can signal slower collections, milestone timing or working-capital investment. The cited Infosys release includes free-cash-flow information, but no common numerical free-cash-flow series for all three companies is provided here; obtain each company’s filing and use the same definition and period.
3. Treat deal metrics as different kinds of visibility
Large-deal total contract value (TCV), quarterly order intake and an executable order book are not synonyms. TCV can cover several years; order intake measures what was signed during a period; an executable order book is the portion management expects to deliver over a specified future window. Each carries different timing and conversion risk.
| Company | Metric disclosed in Q1 FY27 | Value | How to use it |
|---|---|---|---|
| Infosys | Large-deal TCV | USD 3.6 billion, with 61% net new | Assess the net-new share, contract duration, ramp schedule and conversion into revenue; do not treat TCV as current-quarter sales. |
| Coforge | Quarterly order intake | USD 691 million TCV | Compare intake with the revenue run rate and study renewal, cancellation and ramp assumptions. |
| Coforge | Executable order book for the next 12 months | USD 2.23 billion | Use as near-term visibility, but check how much is committed, when it starts and what margins it carries. |
| LTTS | Deals above stated thresholds | One deal above USD 30 million; one above USD 20 million; four above USD 10 million | Counts show breadth and ticket size, but they do not equal a disclosed aggregate TCV or guarantee delivery timing. |
For a useful trend, maintain a rolling schedule with signing date, expected start, duration, client industry, renewal status, estimated revenue conversion and margin. A high TCV with a distant start date can be less useful than a smaller order book that is executable immediately.
4. Map business mix and cyclicality
Infosys
Infosys presents a broad consulting and technology-services portfolio. Compare its exposure to discretionary transformation work, cost-optimization programs, managed services and regulated industries. AI revenue should be split into implementation, cloud consumption, data work and repeatable platforms where disclosures permit. Client concentration, geography and large-account spending patterns help explain why a strong bookings quarter may not produce immediate revenue.
Coforge
Coforge’s cited release emphasizes AI-led engineering, data and cloud services alongside industry-specific offerings. Break growth into those practices and end markets, then test whether the mix is expanding through existing clients, acquisitions or new logos. Acquisition integration can affect billing systems, utilization, cross-selling, amortization and reported margins at the same time, so isolate those effects in the notes to the accounts.
LTTS
LTTS organizes its work around Mobility, Sustainability and Tech. Mobility may be sensitive to vehicle-program schedules and industrial production; Sustainability can depend on infrastructure and energy investment; Tech can follow product-development and semiconductor cycles. Compare those exposures with the spending patterns of Infosys and Coforge rather than assuming an engineering specialist should have the same quarterly rhythm as a generalist services firm.
For all three, examine the top-client share, vertical concentration, geography, onsite-offshore mix, subcontracting and pricing model. A company with faster growth but higher concentration or more discretionary work may carry greater downside in a spending pause.
5. Use guidance and execution as a scorecard
Infosys has an explicit FY27 range
Infosys revised FY27 revenue-growth guidance to 1.5%–3.0% in constant currency and gave an operating-margin range of 20%–22%. Compare each subsequent quarter with the midpoint and with the margin band. Track whether large deals convert, whether hiring matches demand and whether cash generation supports the reported profit. Guidance is a management target, not a guarantee.
The Tool Desk
Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Coforge and LTTS require a different evidence trail
The cited Q1 FY27 Coforge and LTTS releases do not provide an equivalent common guidance framework in the supplied material. Do not invent a peer guidance range. Instead, record their disclosed order metrics, utilization, hiring, attrition, margin movement, segment demand and any formally stated outlook from the full filing. A comparison is more honest when one company has a numerical range and another is assessed through operating indicators rather than forced into a synthetic target.
Execution quality is visible in revisions. Mark every guidance change, deal-ramp delay, margin exception, acquisition milestone and cash-flow miss with its date and stated cause. Then distinguish a one-quarter timing issue from a structural deterioration.
6. Build a cash and balance-sheet view
Revenue and operating margin describe accounting performance; cash determines how much of that performance is available to reinvest, return or use for acquisitions. Use a common spreadsheet definition for operating cash flow, free cash flow, capital expenditure, net cash or debt, lease liabilities and working capital.
- Reconcile net income to operating cash flow and flag a widening gap.
- Track receivables and unbilled revenue against revenue growth.
- Separate ordinary capital expenditure from acquisition payments and earn-outs.
- Check whether buybacks, dividends or acquisitions are funded by recurring cash.
- Review contingent liabilities, goodwill and purchase-accounting amortization after acquisitions.
The Q1 FY27 evidence supplied here does not provide a harmonized balance-sheet or free-cash-flow dataset for all three companies. That is a reason to consult their filings, not a reason to assume equal financial strength.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
7. Keep valuation and risk separate from operating results
Results alone cannot answer which stock is most attractive. A company can deliver slower growth and still be cheaper, less leveraged or more predictable; a fast grower can already have those expectations priced in. No common-date valuation snapshot is established in the cited material.
Best Value
For a valuation comparison, collect share prices on the same date and calculate forward price-to-earnings, enterprise value to EBITDA and free-cash-flow yield with consistent fiscal-year estimates. Pair those multiples with net cash or debt, dilution, acquisition commitments and customer concentration. Do not mix a trailing multiple for one company with a forward multiple for another.
Risk analysis should cover currency movement, discretionary IT spending, wage inflation, attrition, delivery capacity, cyber and regulatory exposure, client loss, contract concentration and acquisition execution. LTTS adds engineering-program and industrial-cycle sensitivity; Coforge adds integration and reported-versus-organic-growth risk; Infosys adds the challenge of converting very large deal wins into sustained growth at scale.
8. A repeatable comparison process
- Fix the period. Use Q1 FY27, ended June 30, 2026, and record each company’s release date: Infosys July 23, 2026; Coforge July 27, 2026; LTTS July 14, 2026.
- Label every currency. Write INR, USD, reported, or constant currency beside each revenue and growth figure.
- Separate organic and acquired growth. Use a like-for-like bridge wherever management supplies one; otherwise mark organic growth as not established.
- Match the margin line. Compare EBIT with EBIT, operating margin with an equivalent operating definition, and EBITDA separately.
- Convert bookings into a timeline. Keep TCV, order intake and executable order book in separate columns with duration and expected start.
- Map exposure. Record service lines, verticals, geographies, client concentration and discretionary-spend sensitivity.
- Test conversion. Compare margins with operating cash flow, free cash flow, receivables and working-capital movement.
- Measure against guidance. Log revisions and actual delivery, rather than rewarding a single beat without checking the next quarter.
- Add valuation only after operations. Use a same-date, same-definition multiple set and include balance-sheet risk.
- Write a conditional conclusion. State which profile fits which objective; do not turn one quarter into a permanent ranking.
What the Q1 FY27 evidence supports—and what it does not
The evidence supports three distinct operating descriptions. Infosys delivered low-single-digit constant-currency growth with a 21.1% operating margin, a USD 3.6 billion large-deal TCV and explicit FY27 guidance. Coforge delivered much faster reported growth from a smaller base, disclosed USD 691 million of quarterly TCV intake and a USD 2.23 billion 12-month executable order book, but its organic contribution is not reconciled in the cited material. LTTS delivered mid-single-digit INR growth, low-single-digit constant-currency USD growth and a 15.7% EBIT margin that improved year over year, with engineering-focused deal counts rather than a comparable aggregate TCV.
Do these 3 things before closing this tab:
1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsThose facts do not establish a best investment, a normalized organic-growth ranking or a common valuation. They also do not prove that an AI-related revenue label, a TCV figure or a margin improvement will persist. The next analytical step is to extract consistent line items from each company’s full filing and follow the conversion of bookings into revenue and cash.
Sources and reporting limits
The figures and management comments above come from the companies’ official Q1 FY27 releases: Infosys (July 23, 2026), Coforge (July 27, 2026) and LTTS (July 14, 2026), all covering the quarter ended June 30, 2026. Company classifications, currency treatments, margin definitions and guidance are not perfectly aligned. The releases do not provide a fully comparable organic-growth series, common-date valuation data or a complete cross-company cash-flow model, so those items remain open analytical tasks rather than implied conclusions.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
