India, April 24 -- Infosys has recently announced its Q4 FY26 results, where it delivered a quarter that, at first glance, looks steady but, on closer inspection, reveals a deeper shift underway in the global IT services model. Crossing the USD 20 billion revenue milestone in FY26, the company reported 3.1% constant currency growth for the year and 4.1% year-on-year growth in Q4. Yet, the tone from the leadership and the numbers themselves point to a more complex reality, one where artificial intelligence (AI) is simultaneously driving opportunity and redefining the rules of growth.

The most striking takeaway from the quarter is not the growth itself, but the contradiction within it. Infosys closed the year with USD 14.9 billion in large...