The softer FY27 growth guidance from Infosys has prompted brokerages to reassess the company’s near-term outlook, with analysts pointing to a mix of macro uncertainty, rising competition and AI-led disruption weighing on the broader IT services sector. The company’s projection of 1.5%–3.5% constant currency growth is being seen as a signal that discretionary spending remains under pressure and that recovery timelines may be pushed out, even as deal pipelines remain active. Jefferies, which has a hold rating on the stock, said competitive intensity is beginning to alter pricing dynamics in deal-making.