We have reduced our FY26E/FY27E EPS by 7.4%/7 3% to INR 67.5 and INR 74 respectively driven by slower revenue conversion and restrained client budgets impacted by tariffs uncertainty We value Infosys at a P/E multiple of 23x on FY27E EPS, with a target price of INR 1,701. We maintain our rating at 'Buy' on Infosys