Infosys Limited (INFY)

Information Technology · IT - Software · NSE · Updated 14 July 2026

₹1,102.6 ↓ 29.78% (1Y)

🎯 Key Takeaways

Infosys is in a strategic transition phase, shifting from mature IT services growth to AI-driven expansion while maintaining strong profitability and capital returns. Despite a challenging macro environment and share price pressure, the company is actively repositioning around AI, cybersecurity, and cloud services with clear long-term ambitions.
Revenue grew 2.2% QoQ to ₹45,479 in Q3FY26.
⚠️ Talent retention and AI adoption pace remain critical concerns, especially as competitors accelerate AI integration.

Market Cap

₹4.54 L Cr

P/E Ratio

16.6

P/B Ratio

4.74

ROE

29.2%

ROCE

40.8%

Debt/Equity

0.00

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Infosys is in a strategic transition phase, shifting from mature IT services growth to AI-driven expansion while maintaining strong profitability and capital returns. Despite a challenging macro environment and share price pressure, the company is actively repositioning around AI, cybersecurity, and cloud services with clear long-term ambitions. Management views AI as a $300-400 billion opportunity by 2030 and is embedding it into core growth strategies.

📰 What's Happening

Recent board-level changes include the retirement of Independent Director Michael Nelson Gibbs after two terms, effective July 12, 2026, removing him from key committees including Audit and Cybersecurity. At the 45th AGM on June 23, 2026, shareholders approved the reappointment of Nitin Paranjpe as Vice Chairman and Diane Jurgens as Independent Director, alongside amendments to the 2019 Expanded Stock Ownership Plan. The final dividend was set at ₹25 per share (total ₹48 including interim), reflecting an 11.6% YoY increase. Management emphasized AI as a $300-400 billion opportunity by 2030, targeting $1 billion in annual AI services revenue and guiding FY27 revenue growth of 1.5-3.5%. Share price declined to ₹1,030 amid investor concerns over AI investment pace and talent retention.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26
Revenue	37,923	39,315	40,986	41,764	40,925	42,279	44,490	45,479
Operating Profit	11,513	10,275	10,521	10,974	11,064	10,985	11,517	10,484
OPM %	23.2%	24.0%	23.9%	24.2%	24.1%	23.5%	23.7%	23.4%
Net Profit	7,975	6,374	6,516	6,822	7,038	6,924	7,375	6,666
EPS	₹19.25	₹15.38	₹15.71	₹16.43	₹16.98	₹16.70	₹17.76	₹16.17

Revenue has grown steadily from ₹37,923 crore in Q4FY24 to ₹45,479 crore in Q3FY26, with operating margins holding firm near 23-24% despite rising investments. Operating profit and net profit trends show resilience, with OPM stabilizing around 23.5% and NP growing from ₹6,374 crore in Q1FY25 to ₹6,666 crore in Q3FY26. EPS has fluctuated slightly but remains strong at ₹16.17 in Q3FY26. The financial trajectory reflects consistent execution in a competitive environment, with profitability supported by operational efficiency and disciplined cost management, even as revenue growth moderates.

🔮 Management Outlook & What's Next

Management maintains an optimistic outlook, targeting 1.5-3.5% revenue growth by FY27 and a 20-22% operating margin. They view AI as a transformative opportunity, projecting $1 billion in annual AI services revenue and positioning it as a $300-400 billion market by 2030. The company reaffirmed its 85% free cash flow return policy through dividends and buybacks, underscoring commitment to shareholder returns. Leadership, including CEO Salil Parekh and Chairman Nandan Nilekani, emphasized strategic focus on AI, cybersecurity, and cloud services during the AGM, with new board appointments reinforcing governance continuity and AI integration.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	2023-2024	2023-2024	2024-2025	2024-2025	2025-2026
Equity Capital	2,070	2,071	2,072	2,073	2,074
Reserves	78,698	86,045	88,391	93,745	1.01 L Cr
Borrowings	0	0	0	0	0
Total Liabilities	49,145	49,353	51,040	52,700	56,636
Fixed Assets	19,492	18,922	18,472	18,089	17,986
Investments	19,323	12,915	17,394	23,541	23,485
Total Assets	1.30 L Cr	1.38 L Cr	1.42 L Cr	1.49 L Cr	1.60 L Cr

The balance sheet remains exceptionally strong, with equity of ₹2,074 crore and reserves of ₹1.01 lakh crore as of 2025-26, and zero borrowings. Total assets have grown from ₹1.42 lakh crore in 2024-25 to ₹1.60 lakh crore in 2025-26, indicating organic growth and financial stability. The absence of debt provides significant flexibility for strategic investments in AI, M&A, or enhanced shareholder returns without leverage risk. Capital allocation appears focused on sustaining growth in digital services while maintaining robust liquidity and a disciplined return policy.

💰 Cash Flow Statement (₹ Cr)

Item	2020-2021
Operating	+23,224
Investing	-7,456
Financing	-9,786
Net Cash Flow	—

⚖️ Peer Comparison — IT - Software

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Tata Consultancy Services Limited	8.19 L Cr	17.2	67.6%	50.4%	0.00
Infosys Limited	4.54 L Cr	16.6	40.8%	29.2%	0.00
HCL Technologies Limited	3.07 L Cr	18.6	31.9%	23.6%	0.03
Wipro Limited	1.99 L Cr	15.0	19.1%	16.1%	0.20
Tech Mahindra Limited	1.34 L Cr	26.3	22.1%	10.0%	0.07
LTM Limited	1.18 L Cr	25.7	—	—	—
Oracle Financial Services Software Limited	78,487	34.0	—	—	—
Persistent Systems Limited	74,176	54.5	—	—	—
Coforge Limited	43,059	50.2	—	—	—
MphasiS Limited	39,760	23.9	—	—	—

🔗 Peer Stock Analyses

TCS HCLTECH WIPRO TECHM LTM

⚠️ Risk Factors

1. Talent retention and AI adoption pace remain critical concerns, especially as competitors accelerate AI integration. 2. Share price pressure at ₹1,030 reflects market skepticism about near-term AI monetization, which could impact employee morale or client confidence. 3. Dependence on high-margin digital services exposes the company to margin compression if pricing pressures emerge in a competitive market. 4. Regulatory and geopolitical risks in key markets like the US and Europe could affect global delivery models and revenue visibility.

📋 Recent Filings

🧠 Analyst's Read

Infosys is executing a deliberate transition toward AI-led growth while preserving profitability and shareholder returns, but near-term volatility is likely due to execution risks and market sentiment. Investors should monitor AI revenue acceleration, talent retention trends, and client spending patterns in North America and Europe to assess the sustainability of the growth narrative.

Based on filing content and financial data. Not a recommendation.

✨ Deep Dive with AI on INFY

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-14.

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