Infosys Ltd. share price target

Infosys delivered a mixed operating performance in Q3, with beat on revenue estimates albeit margin missing expectations. Revenue grew 0.6% CC QoQ. Adjusted EBITM declined by 20bps QoQ to 20.8%, missing our estimate.

Infosys raised its FY26 CC revenue growth guidance to 3–3.5% while maintaining a 20–22% margin band, reflecting modest growth amid H2 seasonality and macro caution.

Infosys (INFO) reported 3QFY26 revenue of USD5.1b, up 0.6% QoQ in CC/1.7% YoY in CC vs. our estimate of 0.3% QoQ in CC. Adj. EBIT margin stood at 21.2%, in line with our estimate of 21.1%. Adj. EBIT rose 3.1% QoQ/8.2% YoY to INR 96b (est. INR95b). Adj. PAT came in at INR76b, up 3.5% QoQ/12.0% YoY, above our estimate of INR73b.

We have argued in our recent upgrade note (Time to buy the next cycle, 24th Nov 2025) that 2026 will be the year when enterprises start deploying AI at scale, and Indian IT services stand to benefit from this.

Infosys delivered a steady performance driven by resilience in deal execution, continued traction in digital transformation projects and operational discipline across key verticals. Its focus on GenAI adoption, platform monetisation and cloud-led modernisation is expected to enhance scalability and differentiation. Strategic acquisitions in cybersecurity and consulting strengthen domain capabilities and regional presence, while internal efficiency initiatives and talent upskilling support...

Infosys delivered an in-line operating performance in Q2. Revenue grew 2.2% CC QoQ, aided by ~20bps contribution from M&As and improved realizations from Project Maximus amid soft volumes.

Infosys raised its FY26 CC revenue growth guidance to 2–3% while maintaining a 20–22% margin band, reflecting modest growth amid H2 seasonality and macro caution.

Decent quarter; Guidance points to muted H2 About the stock: Infosys is one of the leading IT players catering to BFSI, Retail, Strategic AI and cloud focus positions for future upside: Infosys continues to advance its AI-led transformation with 2,500+ AI projects, 250 agentic AI initiatives, and deep partnerships across the AI value chain. Proprietary...

Infosys reported a steady but cautious performance in Q2FY26, showcasing strong execution despite a weak demand environment. Revenue rose 2.2% sequentially and 2.9%YoY in CC term, crossing USD 5bn. Operating margin improved to 21%, supported by better efficiency under Project Maximus and stronger pricing. The company secured USD 3.1bn in large deals (67% net new) and announced an additional USD 1.6bn megadeal after the quarter, reflecting continued client trust. Free cash flow was healthy at USD 1.1bn, equal to 131% of net profit, while attrition dropped to 14.3%. Infosys continued advancing its...

We recommend a BUY rating on the stock.

Infosys (INFO) reported 2QFY26 revenue of USD5.0b, up 2.2% QoQ in CC/2.9% YoY in CC vs. our estimate of 2.4% QoQ in CC. EBIT margin stood at 21.0% vs. our estimate of 21.2%.

Special Situation Alpha - Infosys Ltd - Buyback

Infosys’ Board approved a buyback of equity shares worth INR 180bn at INR 1,800 per share, representing up to 100 Mn. shares (~2.4% of paid-up capital)

*over or under performance to benchmark index Infosys Limited provides IT consulting and software services, including e-business, programme management, supply chain solutions, application development, product co-development and system implementation and engineering. The company's clients...

Revenue: Revenue came in at INR 4,22,790 Mn. (+3.3% QoQ/+7.5% YoY), above our estimates by 4.0%, led by stronger growth across Europe driven by ramp-up of large deals.

We resume our coverage with a HOLD rating on the stock.

Infosys began it's first quarter with solid momentum, achieving 2.6% sequential and 3.8%YoY revenue growth in constant currency, driven by consistent performance across sectors and regions. Large deal wins reached USD 3.8bn, a 46% rise from the previous quarter, with 55% of the deals being net new, largely supported by vendor consolidation and strong demand for AI-led services. The company has deployed over 300 enterprise AI agents across various business areas, enhancing client productivity, decision-making, and operational efficiency. Despite headwinds from wage hikes and increased variable pay, Infosys...

Strong large deal wins of USD 3.8 bn compared to USD 2.6 bn in Q4 The revenue growth performance (+2.6% CC QoQ) was above our estimates (+2.2% QoQ CC), attributed to broad-based growth in verticals and geographies. The BFS strength continued through this quarter as well, the mega deal within the segment further validates the healthy momentum in the vertical. The pockets outside BFS also reported positive growth, however the...

Infosys (INFO) reported 1QFY26 revenue of USD4.9b, up 2.6% QoQ in CC/ 3.8% YoY in CC vs. our estimate of +1.5% QoQ in CC. EBIT margin stood at 20.8% vs. our estimate of 20.9%.