---
endpoint: analytics
pattern: Technology
status: done
latency_ms: 171557
conversation_id: a6a95475-2d25-49b4-b97b-67b0c5373bc1
citations: 0
created: 2026-05-31 18:38:28Z
---

# Who are the key customers and suppliers of Infosys?

# Infosys — Key Customers and Suppliers/Partners

Infosys (NSE: INFY) is an Indian IT services firm; its "customers" are the enterprise clients it sells IT/consulting services to (grouped by industry vertical and geography), and its "suppliers" are best thought of as its **technology partner ecosystem** — the SaaS, hyperscaler, and chip vendors whose platforms it implements for those clients. Internal CLSA research does not disclose a named top-client roster (Infosys is contractually restricted from naming most logos), but it does break down the revenue mix and partner stack in detail.

---

## 1. Customers — Revenue Mix by Vertical and Geography

CLSA's investment thesis frames Infosys as "best positioned" once demand revives across its **four core verticals: BFSI, retail, hi-tech and telecom** [1]. The actual revenue split (3QFY25, latest detailed disclosure):

### By Industry Vertical (3QFY25, US$m)
| Vertical | Revenue (US$m) | % of Total |
|---|---|---|
| Financial Services (BFSI) | 1,373 | **27.8%** |
| Manufacturing | 766 | 15.5% |
| Resources, Energy & Utilities | 667 | 13.5% |
| Retail | 682 | 13.8% |
| Communications | 553 | 11.2% |
| Hi-tech | 390 | 7.9% |
| Lifesciences | 375 | 7.6% |
| Others | 133 | 2.7% |
| **Total** | **4,939** | 100% |

Source: company-reported, in CLSA Infosys 3QFY25 note [2]. The same vertical mix is corroborated in the follow-on March 2025 deep dive (financial services 1,373; retail 682; manufacturing 766; comms 553) [3].

### By Geography (3QFY25)
| Region | Revenue (US$m) | % of Total |
|---|---|---|
| North America | 2,884 | **58.4%** |
| Europe | 1,472 | 29.8% |
| Rest of World | 430 | 8.7% |
| India | 153 | 3.1% |

North America (US clients) dominates at ~58% of revenue; Europe is ~30% [2].

### Specific Customer / Client Color (where CLSA discloses)
- **BFSI clients**: CLSA notes Infosys's BFSI revenue correlates ~83% with tech spend by the **top six US banks**, whose tech budgets are the principal demand driver for the vertical. US BFSI is the strongest sub-pool, with EU BFSI also seeing discretionary revival [2].
- **EU Auto vertical**: A specific customer disclosure surfaces in 4QFY25 — the **Marelli bankruptcy** is flagged by management as a one-time impact on revenues and margins within EU autos [Wipro reference, but cross-industry]; for Infosys itself, "weakness in automotive sector in Europe continues as CY25 budgets are lower in Auto and plant engineering" [8].
- **Retail / CPG**: "Experiencing reduced consumer spending, decision cycle is getting prolonged" — 4QFY25 commentary [8].
- **Telecom / Communication**: "Subdued as clients cut discretionary budgets" — Infosys management 4QFY25 [8].
- **Aerospace**: Flat per 4QFY25 commentary [8].
- **1QFY26 (latest June 2025 read)**: Auto manufacturing weak, retail soft, hi-tech soft, comms soft; BFSI is the resilient pocket where "legacy modernization is happening much more easily due to Gen AI particularly for banks…a new volume opportunity for IT vendors like Infosys" [9].

Note: Infosys does not publicly disclose individual client names (its annual reports cite "client confidentiality"). CLSA's coverage refers to clients by vertical/geography rather than by name.

---

## 2. Suppliers / Partner Ecosystem

CLSA characterises Infosys's "supplier" relationships as a **partner ecosystem built under CEO Salil Parekh with key SaaS and public-cloud providers** [1]. The investment thesis explicitly notes that Infosys's margin profile is constrained because benefits from internal levers "would be offset by third-party software/hardware cost" — i.e., these partners are also a cost base [1].

### Hyperscaler / Cloud Partners
Infosys carries competencies across all three major hyperscalers, scored by CLSA on SAP-implementation capability [6]:

| Hyperscaler | Infosys Score | Ranking (vs. 9 large-caps) |
|---|---|---|
| **AWS** (Amazon Web Services) | 1 | 3rd (tied) |
| **Microsoft Azure** | 1 | 1st (tied) |
| **Google Cloud (GCP)** | 0 | 2nd (tied) |

Infosys is "clearly ahead of its peers when it comes to SaaS related competencies due to its differentiation resulting from its **Cobalt platform and Topaz Suite**" [6].

### SaaS / Software Vendor Partners

CLSA ranks Infosys **#2 overall among nine global IT players** in SaaS competency, and **#3 in both SAP and Salesforce** rankings — the top two for SaaS revenue opportunity [6]. Key software-vendor partners include:

- **SAP** — Strategic anchor. **~17.5% of Infosys's 2019 revenues came from SAP-related services** per NelsonHall, with one-third tied to SAP ERP cloud services. Infosys is one of only five firms (alongside Accenture, Deloitte, IBM, PwC) flagged by IDC as a "Cloud focus / strategic partner of choice / SaaS implementation partner" for SAP S/4HANA, and is a leading beneficiary of the SAP "RISE" and forced S/4HANA migration (mainstream support for legacy ERP ends 2027) [4][5].
- **Salesforce** — Infosys stands out among large-cap peers for Salesforce competency; it leverages its **Topaz suite to embed generative AI into Salesforce customer engagement and workflow automation**, a differentiator vs. TCS and HCL [10].
- **Microsoft** — Beyond Azure, CRM expansion via **Microsoft Dynamics** is flagged as Infosys's "Horizon-3" next wave of growth [11].
- **ServiceNow** — Flagged as Infosys's "Horizon-2" (fast-growing) certification partner [11].
- **Oracle, Adobe, Workday, Snowflake, Intuit** — All part of the broader SaaS partner universe in which Indian IT players act as implementation, integration, application-development, support and consulting partners [4]. Cloud migration accelerated by SaaS/PaaS partners can account for ~25% of revenues [4].

### Chip / AI Infrastructure Partner
- **NVIDIA** — Explicit ecosystem partner. CLSA states INFY "works closely with SaaS providers" and is "best positioned around discretionary demand revival with great set of capabilities around SaaS (incl. SAP S4Hana and Salesforce) implementation and **Nvidia ecosystem**" [7].

---

## 3. Synthesis

| Dimension | Key names |
|---|---|
| **Top customer geographies** | North America (~58%), Europe (~30%) [2] |
| **Top customer vertical** | BFSI / Financial Services (~28%) — driven by tech spend of top six US banks [2] |
| **Other major verticals** | Manufacturing (15%), Retail (14%), Energy/Utilities (13%), Communications (11%), Hi-tech (8%), Lifesciences (8%) [2] |
| **Tier-1 software partners (suppliers)** | SAP (~17% of revenue historically), Salesforce, Microsoft, Oracle, ServiceNow, Adobe, Workday, Snowflake [4][6] |
| **Hyperscaler partners** | AWS, Microsoft Azure, Google Cloud [6] |
| **AI / chip partner** | NVIDIA [7] |
| **Proprietary partner-enablement platforms** | Cobalt (cloud), Topaz Suite (Gen AI) [6][10] |

Infosys's commercial story is essentially a **leveraged play on its software-vendor partners' growth** — when SAP, Salesforce, and the hyperscalers grow their installed bases, Infosys's implementation/integration revenue follows. Conversely, its customer concentration risk is sector-cyclical (US BFSI tech budgets, EU auto OEM capex) rather than single-client concentration, as no individual client is named in disclosure.

---

**Sources**
[1] Infosys – O-PF (Resilient demand + attractive price) — CLSA (7 Mar 2025) — 607952503LinqAlpha.PDF
[2] Infosys – HLD (More hits than misses; Hold) — CLSA (16 Jan 2025) — 607948386LinqAlpha.PDF
[3] Infosys – O-PF (Resilient demand + attractive price) — CLSA (7 Mar 2025) — 607952503LinqAlpha.PDF
[4] Infosys – O-PF (Resilient demand + attractive price) — CLSA (7 Mar 2025) — 607952503LinqAlpha.PDF
[5] Infosys – O-PF (Resilient demand + attractive price) — CLSA (7 Mar 2025) — 607952503LinqAlpha.PDF
[6] Infosys – O-PF (Resilient demand + attractive price) — CLSA (7 Mar 2025) — 607952503LinqAlpha.PDF
[7] Infosys – O-PF (Resilient demand + attractive price) — CLSA (7 Mar 2025) — 607952503LinqAlpha.PDF
[8] India IT (4QFY25: Expect V-shaped recovery) — CLSA (2 May 2025) — 607957919LinqAlpha.PDF
[9] India IT 1QFY26 (Commentary preview—status quo) — CLSA (18 Jun 2025) — 607962319LinqAlpha.PDF
[10] Infosys – O-PF (Resilient demand + attractive price) — CLSA (7 Mar 2025) — 607952503LinqAlpha.PDF
[11] Infosys – O-PF (Resilient demand + attractive price) — CLSA (7 Mar 2025) — 607952503LinqAlpha.PDF

