Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 18 Sep - Allotment of equity shares towards exercise of ESOPs
Source: Bse
Infosys Limited (INFY)
Large CapIT stocks · Large cap · NSE
Infosys Limited is a global IT services and consulting firm, leveraging its Topaz Fabric for AI and Cobalt for cloud to drive digital transformation. It focuses on AI strategy, engineering, data, process, legacy modernization, physical AI, and trust, serving diverse sectors including Financial Services, Communications, and Manufacturing.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result23 Jul, 09:56 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
65BullishSMA20 -5.5% / mo · MACD + · sector +14.5pp vs Nifty 500 (3M)
Stock trend: 42
Sector RS: 100
Sector 3M: +8.9% vs Nifty 500 -5.6%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
INFYD candles · FIT view-2.1%Latest close ₹1130.70 on 2026-10-19
Bar
-2.3%
RSI
62
MACD hist
18.73
52W pos
20%
2026-10-19O ₹1156.95H ₹1156.95L ₹1125.10C ₹1130.70Vol 1.3Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
INFYNifty ITNifty 500
- INFY
- +4.0%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- +9.6 pp
Chart stats
19 Oct 2026- From 52W high
- -34.6%
- 52W range position
- 20%
- ATR (14)
- 2.8%
- Volume vs 20D
- 1.02x
- Avg traded value
- ₹1,325 Cr
- 20D price channel
- ₹980.4 - ₹1,167.9
₹1,728
₹980.4 - ₹1,728
₹32.1
Latest completed session
20-session average
35.1% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management trust is supportive, price trend supports entry, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED69
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average32
Revenue +14.0% · PAT +12.3% YoY
Technical
Bullish65
Price trend and sector-relative-strength timing.
Valuation
Legacy model+36.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Healthy Trust75
high confidence · 20/37 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +14% YoY · PAT +12% YoY
Filed 23 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹48,211 Cr | +14.0% | +3.9% |
| EBITDA | ₹11,409 Cr | +14.7% | +2.2% |
| Operating margin | 24.0% | +0 bps | +0 bps |
| PAT | ₹7,775 Cr | +12.3% | -8.6% |
| PAT margin | 16.1% | -25 bps | -221 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.20
- P/B
- 4.84
- EV/EBITDA
- 9.25
- Market Cap
- 441864.00Cr
Profitability
- ROE
- 31.90%
- ROCE
- 40.00%
- ROA
- 19.65%
- Dividend Y
- 4.41%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 9.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 101.73×
- Altman Z
- 7.50
- Book Value
- 225.00
Cash Flow
- FCF Yield
- 8.49%
- FCF Positive Y
- 11/5
- OCF
- 33986.00 Cr
- EPS TTM
- 74.25
Shareholding
- Promoter Hold
- 13.82%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 15%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 178.7k+9.6% vs prev
Net Profit
₹ CrLatest: 29.5k+10.2% vs prev
Return on Equity
%Latest: 32.5+13.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 62. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.9% over last month) — short-term momentum negative.
- RSI(14) at 62 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 35% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
32
RS percentile
Stage 1 Base / Transition
1M return
+7.5%
3M return
+4.0%
6M return
-10.9%
1Y return
-24.6%
RS 1D
-1
RS 20D
+22
Sector rank
#2
Industry rank
#5
Stage evidence
- Price is within 0.8% of the 30-week proxy.
- The 30-week proxy changed -2.8% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 80.42-1.61%
RS vs Nifty 50080
Valuation & peers
U-Score 69 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 69 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · UNDERVALUEDValuation12/30
Growth12/25
Quality20/20
Balance Sheet10/15
Cash Flow9/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
69
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
69/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 8.5%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 36.8%.
Main drags
- Valuation is weaker at 12/30; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Sector valuation model
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
14.2
PB
4.8
EV/EBITDA
9.3
ROE
31.9%
ROCE
40.0%
FCF Yield
8.5%
Debt/Equity
0.1
MoS
+36.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
69
Previous: 69
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+36.8%
Previous: +36.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
72
72
72
72
72
72
70
69
69
69
69
69
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹613.1
-84.4% MoS
Growth-justified P/E
24.1
Growth-justified Value
₹1,789.43
+36.8% MoS
PEG
1.65
Comparable companies
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HCLTECH
Large
HCL Technologies Limited
IT Services / Digital
match 170
59
19.7
23.8%
+15%
FAIR VALUE
WIPRO
Large
Wipro Limited
IT Services / Digital
match 165
55
13.9
15.5%
-25%
FAIR VALUE
HEXT
Large
Hexaware Technologies Limited
IT Services / Digital
match 158
60
25.1
24.9%
+17%
UNDERVALUED
SONATSOFTW
Large
Sonata Software Limited
IT Services / Digital
match 158
66
13.8
28.2%
+54%
UNDERVALUED
NEWGEN
Large
Newgen Software Technologies Limited
IT Services / Digital
match 158
63
19.8
19.6%
+31%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-12T01:23:56.580Z
Management commentary snapshot
Infosys reports 3.1% FY26 CC revenue growth, 4.1% YoY in Q4, with strong $14.9bn large deal wins. FY27 guidance set at 1.5-3.5% CC revenue growth and 20-22% operating margin, reflecting AI opportunities amidst competitive intensity and productivity impacts.
The modest FY27 revenue guidance (1.5-3.5% CC) suggests ongoing demand softness and competitive pressures, despite strong large deal wins and a clear AI strategy. Management acknowledges AI productivity impact and continued competitive intensity as headwinds.
Growth engines
AI Services
We see a large addressable market for AI services across six areas. The growth in AI services is very strong, and it is growing very nicely.
Large Deal Wins
Large deals were very good, $14.9 bn for the full year, 28% higher than previous year, with 55% net new. Large deal pipeline continues to remain strong.
Financial Services Vertical
We expect acceleration of growth in Financial Services. We are strategic AI partner for 18 out of the top 20 clients in this vertical.
Energy, Utilities, Resources & Services (EURS)
We expect acceleration of growth in Energy, Utility, Resources and Services vertical. Demand environment remains constructive supported by a strong large deal pipeline.
Capacity and execution
Fresher Hiring
We onboarded more than 20,000 freshers in FY26 and expect to hire a similar number in FY27.
Utilization (including trainees)
Utilization, including trainees, was at 81.1% for FY26 reflecting the investment made towards creating future capacity.
Tailwinds
Client AI Adoption
Financial Services clients are adopting AI quickly, moving to build agents for KYC, AML, and credit processes, and using foundation models for legacy modernization.
Vendor Consolidation
Clients continue to prioritize cost reduction and operational efficiency which is a driving vendor consolidation, especially in the EURS segment.
Underlying Economic Resilience
The underlying resilience of some of the economies where we have the big markets is pretty good, with good investments and AI growing well.
Headwinds
Competitive Intensity
As we look ahead to the financial year 2027, we see continued competitive intensity.
AI Productivity Impact
We see an AI productivity impact, a combination of these things. The compression is coming on some of the services.
Softer Volumes
This quarter the volumes were softer. Q4 revenues declined 1.3% sequentially due to seasonality and slower decision making in March.
Manufacturing Sector Weakness
Clients in Manufacturing remain cautious amid softer demand particularly in automotive and parts of Europe. Near term and FY27 growth will be impacted due to low revenue from one large client.
Risk radar
Geopolitical Tensions
With the situation with the Iran war, there was a change in the economic environment. Clients are talking about delays in decision making.
Regulatory Delays for Acquisitions
The acquisition of Optimum and a JV with an Australian client are pending regulatory approvals and not yet baked into guidance.
Discretionary Spending Constraints
Client spending is guarded, with greater focus on cost optimization engagements as against growth-led transformation programs.
AI Cannibalization of Traditional Services
AI is beginning to compress the traditional IT services model, typically in areas where AI foundation models and tools are very efficient.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing overall growth and full-year performance, especially in a seasonal business. QoQ comparison is relevant for understanding sequential momentum, immediate demand shifts, and the impact of seasonality on quarterly results.
Sector KPIs management disclosed
FY26 Revenue Growth (Constant Currency)
We had growth of 3.1% for the full year in constant currency terms.
Q4 FY26 Revenue Growth (Constant Currency)
On Q4, our growth year-on-year was 4.1% in constant currency terms. Sequentially, revenues declined 1.3% in constant currency due to seasonality and slower decision making.
FY26 Large Deal TCV
Large deals were very good, $14.9 bn for the full year. The full year was 28% higher than it was in the previous year, with 55% net new.
Q4 FY26 Large Deal TCV
Large deals were $3.2 bn for the fourth quarter. We signed 19 large deals during the quarter.
Management forward view
FY27 Revenue Growth Guidance
Our revenue growth guidance for the financial year 2027 is 1.5% to 3.5% growth year-on-year in constant currency terms.
FY27 Operating Margin Guidance
Our operating margin guidance for financial year '27 is 20% to 22%.
H1 FY27 Seasonality
We expect H1 to be stronger than H2 consistent with our normal seasonality.
Acquisition Strategy
We have a very careful approach on acquisitions: strategic fit, cultural fit, value fit. We could see suddenly a lot, or three quarters of nothing.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AI Services Revenue Contribution | Growing nicely, higher than 5.5% of Q3 revenue, but specific number not disclosed. | Disclosure of specific AI revenue numbers and its percentage contribution to total revenue. |
| Acquisition Closures | Optimum acquisition and Australian JV are pending regulatory approvals. | Announcements of closure for Optimum and the JV, and their subsequent impact on FY27 revenue guidance. |
| Wage Hikes | Decision on quantum and timing of wage hikes not yet made for FY27. | Announcement of wage hike details and management commentary on its impact on margins and employee morale. |
| Manufacturing Client Headwind | Revenue from one large client in manufacturing will wind down towards the end of FY27. | Evidence of successful backfilling of this revenue through new deals or growth in other segments to mitigate impact. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
market share expansionnot yet verifiable
Infosys aspires to be the leading partner to “unlock AI value” and deliver business outcomes on revenue growth, cost optimization, and innovation.
Timeframe: Long-termDirection: IncreaseConfidence: Aspiration
"Infosys aspires to be the leading partner to “unlock AI value”"
market share expansionnot yet verifiable
Infosys aspires to be the leading partner to “unlock AI value” and deliver business outcomes on revenue growth, cost optimization, and innovation.
Timeframe: Long-termDirection: IncreaseConfidence: Aspiration
"Infosys aspires to be the leading partner to “unlock AI value”"
Trust Score
75Healthy Trust · high confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 80% delivered/partly-delivered outcomes on 20 checked claims, with 4 adverse claim outcomes. It ranks around the 78th percentile of the scored universe and 74th percentile within IT. No major sub-score weakness stands out.
High Trust: 20/37 extracted management claims have outcome checks; 50% were fully delivered and 6 were partially delivered. 4 claim(s) were contradicted or failed. Key concern: 4/20 matched management claims were contradicted or failed.
Computed 20 Oct 2026
management-trust-v1
64 extracted concalls · 20/37 claims matched
Score band
Healthy Trust
Generally investable credibility. Look for weak sub-scores before increasing position size.
Relative rank
78th percentile
overall median 67 · IT: 74th pctile, median 69 · Large: 59th pctile, median 73
Evidence depth
Deep sample
20 matched claims across 64 text-extracted concalls.
Claim delivery
80% delivered or partly delivered
20/37 claims checked · 4 contradicted/failed claims
How to read this Trust Score
Healthy Trust · high confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Enough evidence exists to treat this as a stronger reliability read.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
66
acceptable · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 8.5%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.10.
Trust risks
- ▸4/20 matched management claims were contradicted or failed.
- ▸Promoter holding is only 13.8%.
Continue researching Infosys Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 27 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Aug
Source: Bse
Concall transcript
Transcript Of The 45Th Annual General Meeting 30 Jun - Infosys released 45th AGM transcript, covering FY26 revenue US$20.2 billion, ₹48 dividend, acquisitions, and board changes.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.