Infosys logo

Infosys

INFY NSE

Key Fundamentals

LargecapComputer Software & ConsultingInformation Technology
Market Cap
4.1L Cr
Volatility
Moderate
P/E Ratio
13.94
EBITDA
₹46,602 Cr
Return on Equity
31.59%
Debt to Equity
0.1
Book Value
₹212.62
EPS
₹64.2
52W High
₹1,728
52W Low
₹980.4

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

4
  • Stock is providing a good dividend yield of 4.64%.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 30.8%
  • Company has been maintaining a healthy dividend payout of 68.5%
  • Company's working capital requirements have reduced from 42.0 days to 32.7 days

Weaknesses

2
  • Promoter holding has decreased over last quarter: -0.56%
  • Promoter holding is low: 13.8%

Growth Rate

Revenue Growth
9.83% higher than 3Y
Net Income Growth
10.18% higher than 3Y
Cash Flow Change
-4.79% lower than 3Y
ROE
13.59% lower than 3Y
ROCE
8.76% higher than 3Y
EBITDA Margin (Avg.)
-0.93% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Infosys has a market capitalisation of about ₹4,05,117 crore and trades at a P/E of 13.5 and P/B of 4.75, with a dividend yield of 4.73%. Return on equity has stayed high (32% last year, 31% over 3 and 5 years), and TTM sales and profit growth of 11% and 14% are faster than the 3-year CAGRs of 7% and 8%. The stock has still fallen 31% over 1 year and has negative 3-year (-12%) and 5-year (-10%) CAGRs, and promoter holding is low at 13.8%.

Bull Case 7
  • Return on equity has been high for a long time: 32% last year, 31% over 3 and 5 years, and 28% over 10 years, which points to efficient use of capital through several cycles.
  • The dividend yield of 4.73% is high for a large-cap IT company. It comes with a payout ratio of about 68.5%, which means a large share of earnings goes back to shareholders.
  • Growth has picked up recently. TTM sales growth of 11% and profit growth of 14% are above the 3-year compounded rates of 7% (sales) and 8% (profit).
  • Valuation multiples have come down. The P/E is 13.5 after a 31% fall in the stock over 1 year, while the business still reports 32% ROE and 14% TTM profit growth.
  • Working capital efficiency has improved, with working capital days falling from 42.0 to 32.7. That suggests faster cash conversion.
  • Revenue has grown steadily over the long run, with a 10-year sales CAGR of 11% and a 5-year sales CAGR of 12%.
  • The company's scale (market cap of about ₹4,05,117 crore) gives it the balance-sheet capacity to fund dividends, buybacks and investment at the same time.
Bear Case 7
  • The stock has performed poorly over several time frames: -31% over 1 year, a -12% CAGR over 3 years and a -10% CAGR over 5 years. Much of the earnings growth has not turned into shareholder returns.
  • Medium-term growth has slowed. The 3-year sales CAGR of 7% and profit CAGR of 8% are well below the 5-year sales CAGR of 12%, and it is not yet clear whether the recent 11% TTM sales growth will last.
  • Profit has grown more slowly than revenue over the long run: the 10-year profit CAGR is 8% against a 10-year sales CAGR of 11%. That suggests margins have come under pressure over time.
  • Promoter holding is low at 13.8% and fell by 0.56% in the last quarter, which some investors see as weaker insider alignment.
  • The P/B of 4.75 is still well above book value even with a P/E of 13.5. That valuation depends on ROE staying near 31–32%.
  • The 10-year stock CAGR of 7% is below the 10-year profit CAGR of 8%. That means valuation multiples have shrunk over the long run and could keep shrinking if the market views IT services as a lower-growth sector.
  • A payout ratio of about 68.5% leaves roughly 31.5% of earnings to reinvest. That could limit acquisitions or investment in new capabilities if the industry changes structurally.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 6
  • Six-day selloff wipes ₹40,000 cr Sep 9

    Shares fell for a sixth straight session, dropping as much as 4.8% intraday to ₹1,029.5 and losing nearly 11% (over ₹40,000 crore in market cap) during the streak. The stock is down 13% in a month and about 37% YTD, and its 8.4% weekly fall was the worst on the Nifty IT index, which fell 6% that week.

  • US rate-hike fears hit IT spend Sep 9

    Strong August US payrolls raised the odds of a Fed hike at the upcoming FOMC meeting, which could lead US clients to cut discretionary tech budgets or renegotiate contracts. Brent near $100 on US-Iran tensions, FII selling, rupee weakness and IPOs pulling liquidity added pressure as the Sensex fell 622 points to 74,955.

  • AI deflation squeezes headcount billing Sep 30

    Infosys acknowledges 'compression' in its portfolio because AI productivity gains reduce revenue under time-and-materials contracts, and it is moving to value-based pricing under Project Maximus. JPMorgan kept a Neutral rating with a ₹1,050 target and said AI-led deflation persists and an AI-driven revenue boost is still some time away.

  • Q1 FY27 profit down 9% QoQ Sep 9

    Consolidated net profit fell about 9% sequentially to ₹7,769 crore from ₹8,501 crore in Q4 FY26. Constant-currency revenue of $5,082 million grew only 2.4% YoY and 1% QoQ.

  • Reskilling costs weigh on margins Sep 30

    Moving 25–33% of staff into specialist roles raises pay for those workers, with specialists earning ₹11–21 lakh versus ₹3.6–5.2 lakh for system engineers. Peers cutting headcount, such as TCS with over 23,000 cuts in FY26, may gain an estimated 100–150 bps of near-term margin advantage.

  • Tougher vendor-consolidation competition Sep 9

    JPMorgan flagged rising competitive intensity in vendor-consolidation deals and noted that Infosys is avoiding margin-dilutive wins. Telecom and retail demand remain soft.

Positives 6
  • AI revenue hits $1.6B run-rate Sep 29

    CEO Salil Parekh said AI-related revenue made up about 8% (8.2% in Q1 FY27) of the roughly $20B revenue base, around $1.6B annualized, and is growing at a double-digit rate QoQ. That share rose from 5.5% two quarters earlier across six service areas, including process AI and data for AI.

  • Steady margins and strong cash flow Sep 9

    Q1 FY27 EBIT margin edged up to 21.08% from 20.99%, with EBIT of ₹10,163 crore up 4.3% QoQ and net profit up 12.2% YoY. Free cash flow was $0.96B, about 116% conversion, which supports the 85% five-year cash return policy.

  • Topaz Fabric platform gains traction Sep 29

    Topaz Fabric processes around 100 billion tokens across roughly 50 models, with 35 implementations completed and over 100 underway in 22 focus areas. Open-weight models tuned for clients give it an advantage on data sovereignty in regulated industries.

  • ABN Amro deal extended Sep 30

    Infosys extended its strategic partnership with ABN Amro Bank to simplify the bank's IT landscape and speed up AI adoption using Infosys Topaz generative and agentic AI. The renewal strengthens its position in financial services, where JPMorgan describes demand as healthy.

  • Street sees 16% upside Sep 9

    According to Bloomberg data, 29 of 49 analysts rate the stock Buy, 16 Hold and 4 Sell, for a consensus score of 3.92. The consensus 12-month target of ₹1,201.18 implies about 16% upside from ₹1,035.10.

  • Indore campus adds 330,000 sq ft Sep 16

    Infosys opened a new 330,000 sq ft software development block in Indore to expand AI and cloud delivery capacity. The block also gives it access to Central India's talent pool.

Neutral 4
  • One-third of workforce to specialist roles Sep 29

    At its Americas Confluence in Washington DC, Infosys confirmed plans to move 25–33% of its 320,000 employees into specialist roles and build a team of 6,000 frontier engineers. 270,000 staff are AI-trained and 80,000 use AI coding tools, and the company says this is not a downsizing exercise.

  • Topaz-Columbia AI center launched Oct 1

    Infosys opened the Infosys Topaz–Columbia University Enterprise AI Center in New York, focused on responsible deployment of generative and agentic AI. Research themes include AI-first experiences, sustainable AI and AI for marketing.

  • Semiconductor ER&D opportunity flagged Sep 18

    At SEMICON India 2026, SVP Vikram Meghal described a 'once-in-a-generation' semiconductor demand window and cited a projected $6.7 trillion in AI data centre spending, half of it on chips. He said India's ER&D spending could grow 1.8x and domestic content is only 23%.

  • ₹31 cr Madras Medical College grant Sep 9

    Infosys Foundation granted ₹31 crore to set up cardio-obstetric care facilities at Rajiv Gandhi Government General Hospital in Chennai. This is CSR activity with no material financial impact.

TL;DR: Operations are holding up: EBIT margins are steady at about 21%, FCF conversion is 116%, AI revenue is at a $1.6B run-rate growing double digits QoQ, and the ABN Amro renewal shows client commitment. The stock has still fallen sharply, down about 37% YTD and 11% in six sessions to around ₹1,030, as AI-led pricing deflation, slow constant-currency growth of 2.4% YoY, reskilling costs and US macro risks outweigh those strengths. Sentiment is getting worse even as fundamentals hold steady. A re-rating likely depends on AI revenue growing faster than legacy billing shrinks and on clearer signs that US discretionary spending is stable in coming quarters.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
37,933
38,994
38,821
37,923
39,315
40,986
41,764
40,925
42,279
44,490
45,479
46,402
48,211
Expenses
28,869
29,554
29,684
29,139
29,878
31,177
31,649
31,051
32,336
33,955
34,845
35,235
36,802
Operating Profit
9,064
9,440
9,137
8,784
9,437
9,809
10,115
9,874
9,943
10,535
10,634
11,167
11,409
OPM %
24%
24%
24%
23%
24%
24%
24%
24%
24%
24%
23%
24%
24%
Other Income
561
632
789
2,729
838
712
859
1,190
1,042
982
-150
1,159
984
Interest
90
138
131
110
105
108
101
102
105
106
100
105
119
Depreciation
1,173
1,166
1,176
1,163
1,149
1,160
1,203
1,299
1,140
1,182
1,155
1,424
1,246
PBT
8,362
8,768
8,619
10,240
9,021
9,253
9,670
9,663
9,740
10,229
9,229
10,797
11,028
Tax %
29%
29%
29%
22%
29%
30%
29%
27%
29%
28%
28%
21%
30%
Net Profit
5,945
6,215
6,113
7,975
6,374
6,516
6,822
7,038
6,924
7,375
6,666
8,509
7,775
EPS in Rs
14.32
14.97
14.71
19.2
15.34
15.67
16.39
16.93
16.66
17.73
16.41
20.96
19.15
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
53,319
62,441
68,484
70,522
82,675
90,791
1,00,472
1,21,641
1,46,767
1,53,670
1,62,990
1,78,650
1,84,582
Expenses
38,436
45,362
49,880
51,700
62,505
68,524
72,583
90,150
1,11,637
1,17,245
1,23,754
1,36,370
1,40,837
Operating Profit
14,883
17,079
18,604
18,822
20,170
22,267
27,889
31,491
35,130
36,425
39,236
42,280
43,745
OPM %
28%
27%
27%
27%
24%
25%
28%
26%
24%
24%
24%
24%
24%
Other Income
3,430
3,120
3,050
3,311
2,882
2,803
2,201
2,295
2,701
4,711
3,600
3,033
2,975
Interest
12
0
0
0
0
170
195
200
284
470
416
416
430
Depreciation
1,017
1,459
1,703
1,863
2,011
2,893
3,267
3,476
4,225
4,678
4,812
4,902
5,007
PBT
17,284
18,740
19,951
20,270
21,041
22,007
26,628
30,110
33,322
35,988
37,608
39,995
41,283
Tax %
28%
28%
28%
21%
27%
24%
27%
26%
28%
27%
29%
26%
—
Net Profit
12,372
13,489
14,353
16,029
15,410
16,639
19,423
22,146
24,108
26,248
26,750
29,474
30,325
EPS in Rs
26.93
29.36
31.24
36.69
35.26
38.96
45.42
52.56
58.08
63.2
64.32
72.59
74.25
Div. Payout %
55%
41%
41%
59%
60%
45%
59%
59%
58%
73%
67%
66%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
572
1,144
1,144
1,088
2,170
2,122
2,124
2,098
2,069
2,071
2,073
2,024
Reserves
50,164
60,600
67,838
63,835
62,778
63,328
74,227
73,252
73,338
86,045
93,745
90,828
Borrowings
0
0
0
0
0
4,633
5,325
5,474
8,299
8,359
8,227
9,176
Other Liabilities
15,553
13,354
14,166
14,426
19,118
21,717
25,835
35,905
40,890
39,545
43,750
52,260
Total Liabilities
66,289
75,098
83,148
79,349
84,066
91,800
1,07,511
1,16,729
1,24,596
1,36,020
1,47,795
1,54,288
Fixed Assets
11,346
13,386
14,179
12,574
15,710
23,789
25,505
25,800
29,225
27,622
30,961
33,770
CWIP
776
960
1,365
1,606
1,388
954
922
416
288
293
814
526
Investments
2,270
1,892
16,423
12,163
11,261
8,792
14,205
20,324
19,478
24,623
23,541
21,880
Other Assets
51,897
58,860
51,181
53,006
55,707
58,265
66,879
70,189
75,605
83,482
92,479
98,112
Total Assets
66,289
75,098
83,148
79,349
84,066
91,800
1,07,511
1,16,729
1,24,596
1,36,020
1,47,795
1,54,288
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
8,353
10,028
11,531
13,218
14,841
17,003
23,224
23,885
22,467
25,210
35,694
33,986
Investing
999
-885
-14,664
4,533
-632
-331
-7,373
-6,485
-1,071
-5,093
-1,864
3,546
Financing
-4,935
-6,813
-6,939
-20,505
-14,512
-17,591
-9,786
-24,642
-26,695
-17,504
-24,161
-39,786
Net Cash Flow
4,417
2,330
-10,072
-2,754
-303
-919
6,065
-7,242
-5,299
2,613
9,669
-2,254
Free Cash Flow
6,106
7,305
8,771
11,220
12,396
13,696
21,117
21,724
19,888
23,009
33,457
31,259
CFO/OP
101
93
92
107
107
97
106
100
89
95
105
101
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
66
66
66
68
65
74
70
68
63
72
70
72
Cash Conversion Cycle
66
66
66
68
65
74
70
68
63
72
70
72
Working Capital Days
3
34
38
50
36
42
36
28
31
54
39
33
ROCE %
36%
33%
30%
30%
32%
32%
35%
37%
40%
40%
38%
40%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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65 extracted metrics + investor summaries across FY05–FY27.

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Shareholding Pattern

Others3.11%Govt.0.20%DIIs42.78%Public13.00%Promot.13.82%FIIs27.09%As ofJun 2026

Documents

Frequently Asked Questions about Infosys

What does Infosys Ltd do?
Infosys Ltd provides consulting, technology, outsourcing and next-generation digital services to enable clients to execute strategies for their digital transformation.[1] It is the 2nd largest Information Technology company in India behind TCS.[2]
Where is Infosys Ltd (INFY) listed?
Infosys Ltd trades as INFY on the NSE and under code 500209 on the BSE.
Which sector does Infosys Ltd belong to?
Infosys Ltd is classified under the Information Technology sector, in the Computer Software & Consulting industry.
What is the market capitalisation of Infosys Ltd?
Infosys Ltd has a market capitalisation of ₹4,09,131 Cr, which places it in the Large Cap band.
What is the PE ratio of Infosys Ltd?
Infosys Ltd trades at a PE ratio of 13.94, on earnings per share of ₹64.2, against a book value of ₹212.62 per share.
What is the 52-week high and low of Infosys Ltd?
Over the last 52 weeks Infosys Ltd has traded between ₹980.4 and ₹1,728.
Does Infosys Ltd pay dividends?
Infosys Ltd has a dividend yield of 4.83%.
What is the Return on Equity (ROE) of Infosys Ltd?
Infosys Ltd reported a return on equity of 31.59%. Its debt-to-equity ratio is 0.10.

Company Information

Infosys Ltd provides consulting, technology, outsourcing and next-generation digital services to enable clients to execute strategies for their digital transformation.[1] It is the 2nd largest Information Technology company in India behind TCS.[2]

Website infosys.com
CEO Mr. Nandan M. Nilekani
Employees 3,37,034
Listed 1993-06-14
Face Value ₹ 5
Issued Size 4,05,46,67,899

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