Infosys Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2018 • Financial Services: 25.6% • Energy & utilities: 25.0% • Consumer packaged goods and Logistics: 16.5%
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 45.8%
- Company has a good return on equity (ROE) track record: 3 Years ROE 34.3%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.96x)
- Company has been maintaining a healthy dividend payout of 66.6%
CONS
- Operating margins have contracted to 22.5% from 27.9%
- Stock is trading at 6.4x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2216.50 | 16.10 | 801949.10 | 4.96 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1031.55 | 13.82 | 418626.97 | 4.65 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1196.80 | 18.64 | 324771.44 | 4.51 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 166.15 | 12.45 | 164565.26 | 6.62 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1518.60 | 28.98 | 148843.11 | 3.36 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4350.00 | 24.67 | 129030.27 | 1.72 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 11696.00 | 29.84 | 101852.43 | 3.42 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5500.00 | 45.11 | 86762.50 | 0.73 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1843.00 | 46.47 | 81640.86 | 0.86 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2290.00 | 22.88 | 43712.72 | 2.71 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3377.30 | 27.14 | 35828.52 | 1.72 | 357.10 | 12.97 | 2940.10 | 11.47 | 27.70 | 18.65 |
| TATATECH | 778.20 | 56.72 | 31598.95 | 1.50 | 180.75 | 6.15 | 1664.63 | 33.78 | 19.56 | 16.64 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31,811 | 32,629 | 32,491 | 32,001 | 33,283 | 34,257 | 34,915 | 34,136 | 35,275 | 36,907 | 37,996 | 38,641 | 39,957 | |
| 23,877 | 24,635 | 24,377 | 24,286 | 25,119 | 25,856 | 26,361 | 25,757 | 26,829 | 28,059 | 28,826 | 29,093 | 30,670 | |
| Operating Profit | 7,934 | 7,994 | 8,114 | 7,715 | 8,164 | 8,401 | 8,554 | 8,379 | 8,446 | 8,848 | 9,170 | 9,548 | 9,287 |
| OPM % | 24.94% | 24.50% | 24.97% | 24.11% | 24.53% | 24.52% | 24.50% | 24.55% | 23.94% | 23.97% | 24.13% | 24.71% | 23.24% |
| 1,001 | 1,350 | 1,582 | 3,483 | 721 | 1,737 | 1,001 | 1,323 | 882 | 2,268 | 1,131 | 1,063 | 874 | |
| Interest | 43 | 89 | 82 | 62 | 59 | 61 | 50 | 51 | 55 | 52 | 45 | 54 | 61 |
| Depreciation | 746 | 738 | 738 | 722 | 698 | 670 | 661 | 590 | 613 | 595 | 585 | 601 | 613 |
| Profit before Tax | 8,146 | 8,517 | 8,876 | 10,414 | 8,128 | 9,407 | 8,844 | 9,061 | 8,660 | 10,469 | 9,671 | 9,956 | 10,161 |
| Tax % | 26.88% | 26.68% | 26.18% | 18.57% | 29.04% | 27.58% | 28.11% | 26.85% | 29.40% | 25.89% | 23.87% | 19.90% | 28.66% |
| Net Profit | 5,956 | 6,245 | 6,552 | 8,480 | 5,768 | 6,813 | 6,358 | 6,628 | 6,114 | 7,759 | 7,363 | 7,975 | 7,249 |
| 14.36 | 15.05 | 15.79 | 20.43 | 13.90 | 16.41 | 15.31 | 15.96 | 14.72 | 18.68 | 17.85 | 19.67 | 17.87 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 59,289 | 61,941 | 73,107 | 79,047 | 85,912 | 1,03,940 | 1,24,014 | 1,28,933 | 1,36,592 | 1,48,819 | 1,53,501 | |
| 42,406 | 44,778 | 54,439 | 59,540 | 61,734 | 76,112 | 93,851 | 97,176 | 1,03,420 | 1,15,394 | 1,16,648 | |
| Operating Profit | 16,883 | 17,163 | 18,668 | 19,507 | 24,178 | 27,828 | 30,163 | 31,757 | 33,172 | 33,425 | 36,853 |
| OPM % | 28.48% | 27.71% | 25.54% | 24.68% | 28.14% | 26.77% | 24.32% | 24.63% | 24.29% | 22.46% | 24.01% |
| 3,386 | 4,153 | 2,858 | 3,228 | 2,746 | 3,224 | 4,390 | 7,417 | 5,109 | 7,933 | 5,336 | |
| Interest | 0 | 0 | 0 | 114 | 126 | 128 | 157 | 277 | 221 | 207 | 212 |
| Depreciation | 1,331 | 1,408 | 1,599 | 2,144 | 2,321 | 2,429 | 2,753 | 2,944 | 2,619 | 2,394 | 2,394 |
| Profit before Tax | 18,938 | 19,908 | 19,927 | 20,477 | 24,477 | 28,495 | 31,643 | 35,953 | 35,441 | 38,757 | 40,257 |
| Tax % | 27.04% | 18.85% | 26.22% | 24.10% | 26.27% | 25.48% | 26.47% | 24.25% | 27.86% | 24.63% | 24.62% |
| Net Profit | 13,818 | 16,155 | 14,702 | 15,543 | 18,048 | 21,235 | 23,268 | 27,234 | 25,568 | 29,211 | 30,346 |
| EPS | 60.15 | 35.62 | 33.64 | 36.32 | 42.33 | 50.21 | 55.42 | 65.62 | 61.58 | 72.05 | — |
| Dividend Payout % | 42.79% | 58.81% | 63.70% | 47.94% | 63.73% | 61.40% | 60.61% | 70.10% | 69.83% | 66.62% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 12%
- 3 Years:
- 6%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 9%
- 5 Years:
- 10%
- 3 Years:
- 8%
STOCK PRICE CAGR
- 10 Years:
- 7%
- 5 Years:
- -9%
- 3 Years:
- -12%
- 1 Year:
- -31%
RETURN ON EQUITY
- 10 Years:
- 29%
- 5 Years:
- 34%
- 3 Years:
- 34%
- Last Year:
- 35%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,148 | 1,092 | 2,178 | 2,129 | 2,130 | 2,103 | 2,074 | 2,075 | 2,076 | 2,027 |
| 66,749 | 62,280 | 60,306 | 59,808 | 69,029 | 66,597 | 64,793 | 78,188 | 84,187 | 77,308 | |
| 82 | 208 | 248 | 3,031 | 4,275 | 4,264 | 5,284 | 5,179 | 4,780 | 5,190 | |
| Trade Payables | 269 | 738 | 1,604 | 1,529 | 1,562 | 2,669 | 2,426 | 2,493 | 2,728 | 3,539 |
| 11,291 | 10,431 | 13,480 | 13,115 | 15,988 | 22,784 | 25,981 | 27,015 | 30,668 | 37,280 | |
| Total Liabilities | 79,539 | 74,749 | 77,816 | 79,612 | 92,984 | 98,417 | 1,00,558 | 1,14,950 | 1,24,439 | 1,25,344 |
| 8,605 | 9,157 | 10,497 | 13,974 | 14,599 | 14,938 | 15,431 | 14,327 | 13,359 | 13,836 | |
| Capital Work in Progress | 1,247 | 1,442 | 1,212 | 945 | 906 | 411 | 275 | 277 | 778 | 512 |
| 24,977 | 17,899 | 18,139 | 17,922 | 24,155 | 28,336 | 28,162 | 34,659 | 38,518 | 38,075 | |
| 123 | 129 | 164 | 182 | 194 | 169 | 211 | 25,152 | 26,413 | 30,337 | |
| Cash & Bank | 19,153 | 16,770 | 15,551 | 13,562 | 17,612 | 12,270 | 6,534 | 8,191 | 14,265 | 8,727 |
| 25,434 | 29,352 | 32,253 | 33,027 | 35,518 | 42,293 | 49,945 | 32,344 | 31,106 | 33,857 | |
| Total Assets | 79,539 | 74,749 | 77,816 | 79,612 | 92,984 | 98,417 | 1,00,558 | 1,14,950 | 1,24,439 | 1,25,344 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 15,511 | 18,529 | 20,260 | 19,453 | 25,963 | 28,832 | 26,976 | 20,787 | 29,409 | 28,164 | |
| Cash from Investing | -13,494 | 5,684 | -587 | -116 | -6,309 | -3,150 | 821 | -3,261 | -1,943 | 4,086 |
| Cash from Financing | -6,968 | -20,536 | -14,571 | -17,391 | -9,566 | -24,275 | -25,857 | -15,825 | -21,379 | -37,787 |
| -9,984 | -2,377 | -1,169 | -1,935 | 4,027 | -5,329 | -5,867 | 1,701 | 6,087 | -5,537 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Infosys Limited has informed the Exchange regarding 'Infosys Foundation Collaborates with Madras Medical College to Strengthen Cardio-Obstetric Care for Pregnant Women'.
2026-09-07 - Infosys Limited has informed the Exchange regarding 'Investor Conference'.
2026-09-03 - Infosys Limited has informed the Exchange regarding 'Disclosure Under Regulation 30 Of SEBI LODR Regulations'.
2026-09-01 - Infosys Limited has informed the Exchange regarding 'Investor Conference'.
2026-08-27 - Infosys Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-25 - Infosys Limited has informed the Exchange regarding 'Investor Conference'.
2026-08-25 - Infosys Limited has informed the Exchange regarding 'Infosys Research: The AI ROI Gap: Turning Bold AI Investments into Measurable Enterprise Value'.
2026-08-24 - Infosys Limited has informed the Exchange regarding Allotment of 175865 Shares.
2026-08-24 - Infosys Limited has informed the Exchange about change in Management
News
Recent coverage and analyst commentary for INFY
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Infosys Ltd.
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