Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,502.60 last close on 30 Oct 2026 +0.99%
Research updated
Infosys Ltd.
NSE: INFYTechnologyInformation Technology Services
- Last close
- ₹1,185.00
- Day change
- +₹38.50 (+3.36%)vs
- Market cap
- ₹4.67 lakh crIndian rupees
- Research updated
- 2 reports
Follow Infosys
Create an account, then follow this company for weekday briefs. You will return to Infosys after signing in.
About Infosys
Infosys Ltd. is an Indian information technology services and consulting company that provides digital transformation, business consulting, and outsourcing solutions to enterprises worldwide. Infosys supports clients across sectors such as financial services, retail, manufacturing, healthcare, communications, and energy through services that include application development and maintenance, cloud modernization, data and analytics, artificial intelligence, cybersecurity, engineering services, and business process management. The company helps organizations improve operations, manage technology environments, and deliver large-scale digital programs across global markets. Headquartered in Bengaluru, India, and founded in 1981, Infosys is a major player in the enterprise technology landscape, serving multinational corporations and public-sector organizations with integrated IT and consulting capabilities.
- Sector
- Technology
- Industry
- Information Technology Services
- Listing
- NSE: INFY
- Chief executive
- Mr. Salil Satish Parekh
- Employees
- 3,28,062
- Headquarters
- Bengaluru, India
- ISIN
- INE009A01021
- Website
- infosys.com
Public research · Report of
Business model & financial foundation
Infosys (NSE: INFY), Computers - Software & Consulting (IT services): revenue of ₹1,78,650 crore in FY26 (+9.6% on FY25), an EBITDA margin of 23.7%, net profit of ₹29,440 crore and net cash of ₹43,075 crore.
- Revenue, FY26 (₹ crore)
- 1,78,650
- consolidated
- Revenue growth, FY26
- +9.6%
- on FY25
- Net profit, FY26 (₹ crore)
- 29,440
- to owners
- Return on equity, FY26
- 31.2%
- on average equity
- Market capitalisation (₹ crore)
- 4,19,211
- at the close of 23 Oct 2026
Company profile
Infosys is India's second-largest IT services company, providing consulting, digital transformation, cloud, AI, engineering, application development and maintenance, infrastructure management and business process services to large enterprises, mostly in North America and Europe. It earns revenue largely in USD, EUR and GBP from time-and-materials and fixed-price contracts, delivered from offshore centres in India and onsite teams. It also sells products and platforms (Finacle banking software, Edge suite, Topaz AI offerings).
| Item | Value |
|---|---|
| Legal name | Infosys Limited (formerly Infosys Technologies Limited) |
| Exchange and ticker | NSE: INFY; BSE: 500209 |
| ISIN | INE009A01021 |
| CIN | L85110KA1981PLC013115 |
| Sector | Information Technology |
| Industry | Computers - Software & Consulting (IT services) |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since FY18) |
| Market capitalisation | ₹4,19,211 crore (23 Oct 2026) |
| Price | ₹1,153 (close, 23 Oct 2026) |
| 52-week range | ₹980.4 - ₹1,728 (to 23 Oct 2026) |
| Website | https://www.infosys.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| MRE Consulting Ltd | 100% | Energy and business consulting, Texas US; acquired 30-Apr-2025 |
| The Missing Link Security Pty Ltd / Missing Link Automation Pty Ltd | 100% | Cybersecurity services, Australia; acquired 30-Apr-2025 |
| InSemi Technology Services Pvt Ltd | 100% | Semiconductor design services, India; acquired 10-May-2024 |
| in-tech Holding GmbH | n.d. | Engineering R&D services (automotive), Germany; acquired 17-Jul-2024 |
| Infosys BPM Ltd | n.d. | Business process management |
| EdgeVerve Systems Ltd | n.d. | Products and platforms (Finacle, Edge suite) |
| Infosys McCamish Systems LLC | n.d. | Insurance/annuity platform BPO and servicing, US |
| Stater N.V. | n.d. | Mortgage servicing and software, Netherlands |
Promoter group (founders and families) holds about 14-15%; no single controlling shareholder. Subsidiary list to be completed from the FY26 annual report.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 14.52% | 14.38% | 13.82% | 13.90% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 30.26% | 28.45% | 27.09% | 27.44% |
| Domestic institutions | 41.27% | 43.38% | 42.96% | 42.85% |
| of which mutual funds | 22.12% | 23.50% | 23.00% | 22.96% |
| Retail | 7.32% | 7.48% | 8.38% | 8.47% |
| Other | 14.42% | 13.35% | 14.96% | 15.16% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Infosys sells IT services (consulting, digital and AI transformation, cloud, application development and maintenance, infrastructure and BPM) plus products (Finacle, EdgeVerve) to large enterprises; North America is the largest geography. Revenue is earned in USD/EUR/GBP and costs are mostly rupee salaries, so INR results are USD revenue x the realised rupee less a people-heavy cost stack. FY26 revenue Rs1,78,650cr, USD 20,158mn; EBIT margin 20.9% before the Labour Codes charge. Q2 FY27: Rs49,244cr, USD 5,145mn, operating margin 21.0%, PAT to owners Rs7,823cr, diluted EPS Rs19.30. Net cash Rs45,232cr at 30 Sep 2026; no borrowings.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Financial Services | 49,908 | 27.9% | 12,678 | 29.9% |
| Manufacturing | 29,078 | 16.3% | 6,444 | 15.2% |
| Energy, Utilities, Resources & Services | 23,818 | 13.3% | 5,984 | 14.1% |
| Retail | 23,077 | 12.9% | 7,089 | 16.7% |
| Communication | 21,765 | 12.2% | 3,861 | 9.1% |
| Hi-Tech | 13,928 | 7.8% | 3,228 | 7.6% |
| Life Sciences | 12,267 | 6.9% | 2,444 | 5.8% |
| Others (All other segments) | 4,809 | 2.7% | 717.0 | 1.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Tata Consultancy Services (TCS) | Largest Indian IT services peer; same tier-1 client base and delivery model |
| HCL Technologies (HCLTECH) | Tier-1 Indian IT services peer with comparable scale and guidance practice |
| Wipro (WIPRO) | Tier-1 Indian IT services peer; similar geography and vertical mix |
| Tech Mahindra (TECHM) | Large-cap Indian IT services peer in margin recovery |
| LTIMindtree (LTIM) | Large-cap Indian IT services peer, BFSI-heavy |
| Coforge (COFORGE) | Mid-tier growth benchmark named by the exchange as an industry peer |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 1,53,670 | 1,62,990 | 1,78,650 |
| Employee benefit expenses | 82,620 | 85,950 | 95,094 |
| Cost of technical sub-contractors | 12,232 | 12,937 | 15,421 |
| Other operating expenses (ex employee, subcon, D&A, finance) | 22,393 | 24,867 | 25,855 |
| EBITDA (revenue less employee, subcon and other opex) | 36,425 | 39,236 | 42,280 |
| Depreciation and amortisation | 4,678 | 4,812 | 4,902 |
| Operating profit (EBITDA less D&A, pre-exceptional) | 31,747 | 34,424 | 37,378 |
| Other income, net | 4,711 | 3,600 | 4,322 |
| Finance cost | 470.0 | 416.0 | 416.0 |
| Exceptional item (Impact of Labour Codes) | 0.00 | 0.00 | 1,289 |
| Profit before tax | 35,988 | 37,608 | 39,995 |
| Tax expense (current + deferred) | 9,740 | 10,858 | 10,521 |
| Profit for the period | 26,248 | 26,750 | 29,474 |
| Profit attributable to non-controlling interests | 15.0 | 37.0 | 34.0 |
| Profit attributable to owners of the company | 26,233 | 26,713 | 29,440 |
| Basic EPS (₹) | 63.39 | 64.50 | 71.58 |
| Diluted EPS (₹) | 63.29 | 64.34 | 71.46 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity attributable to owners | 88,116 | 95,818 | 92,852 |
| Cash and cash equivalents | 14,786 | 24,455 | 22,201 |
| Liquid investments (company cash and investments less cash) | 24,219 | 23,094 | 20,874 |
| Borrowings | 0.00 | 0.00 | 0.00 |
| Lease liabilities (current + non-current) | 8,359 | 8,227 | 9,176 |
| Net debt (borrowings less cash and investments) | -39,005 | -47,549 | -43,075 |
| Trade receivables | 30,193 | 31,158 | 35,234 |
| Unbilled revenue (current + non-current, incl contract assets) | 14,548 | 15,083 | 17,221 |
| Total assets | 1,37,814 | 1,48,903 | 1,55,967 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net cash generated by operating activities | 25,210 | 35,694 | 33,986 |
| Expenditure on PPE and intangibles, net of sale proceeds | -2,201 | -2,237 | -2,727 |
| Free cash flow (company-stated, IFRS-defined) | 23,865 | 34,549 | 33,097 |
| Payment of dividends | -14,692 | -20,287 | -18,653 |
| Buyback of equity shares incl transaction costs | 0.00 | 0.00 | -18,058 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Weighted average basic shares (crore) | 413.8 | 414.2 | 411.3 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Exceptional item (Impact of Labour Codes) | 0.00 | 0.00 | 0.00 | 0.00 | 1,289 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 9,670 | 9,663 | 9,740 | 10,229 | 9,229 | 10,797 | 11,028 | 11,063 |
| Tax expense (current + deferred) | 2,848 | 2,625 | 2,816 | 2,854 | 2,563 | 2,288 | 3,253 | 3,225 |
| Profit for the period | 6,822 | 7,038 | 6,924 | 7,375 | 6,666 | 8,509 | 7,775 | 7,838 |
| Profit attributable to non-controlling interests | 16.0 | 5.00 | 3.00 | 11.0 | 12.0 | 8.00 | 6.00 | 15.0 |
| Profit attributable to owners of the company | 6,806 | 7,033 | 6,921 | 7,364 | 6,654 | 8,501 | 7,769 | 7,823 |
| Basic EPS (₹) | 16.43 | 16.98 | 16.70 | 17.76 | 16.17 | 21.01 | 19.19 | 19.32 |
| Diluted EPS (₹) | 16.39 | 16.94 | 16.68 | 17.74 | 16.14 | 20.98 | 19.17 | 19.30 |
| Revenue from operations | 41,764 | 40,925 | 42,279 | 44,490 | 45,479 | 46,402 | 48,211 | 49,244 |
| Employee benefit expenses | 21,436 | 22,015 | 22,847 | 23,438 | 24,122 | 24,688 | 25,287 | 25,483 |
| Cost of technical sub-contractors | 3,302 | 3,276 | 3,497 | 3,879 | 4,092 | 3,952 | 4,181 | 4,393 |
| Other operating expenses (ex employee, subcon, D&A, finance) | 6,911 | 5,760 | 5,992 | 6,638 | 6,631 | 6,595 | 7,334 | 7,679 |
| EBITDA (revenue less employee, subcon and other opex) | 10,115 | 9,874 | 9,943 | 10,535 | 10,634 | 11,167 | 11,409 | 11,689 |
| Depreciation and amortisation | 1,203 | 1,299 | 1,140 | 1,182 | 1,155 | 1,424 | 1,246 | 1,359 |
| Operating profit (EBITDA less D&A, pre-exceptional) | 8,912 | 8,575 | 8,803 | 9,353 | 9,479 | 9,743 | 10,163 | 10,330 |
| Other income, net | 859.0 | 1,190 | 1,042 | 982.0 | 1,139 | 1,159 | 984.0 | 848.0 |
| Finance cost | 101.0 | 102.0 | 105.0 | 106.0 | 100.0 | 105.0 | 119.0 | 115.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 6.1% | 9.6% | |
| EBITDA margin | 23.7% | 24.1% | 23.7% |
| Net margin | 17.1% | 16.4% | 16.5% |
| Return on equity | 29.8% | 29.0% | 31.2% |
| Return on capital employed | 36.0% | 37.4% | 39.6% |
| Return on assets | 19.0% | 18.6% | 19.3% |
| Net debt (₹ crore) | -39,005 | -47,549 | -43,075 |
| Net debt / EBITDA | -1.07x | -1.21x | -1.02x |
| Interest cover | 67.5x | 82.8x | 89.9x |
| Asset turnover | 1.12x | 1.14x | 1.17x |
| Receivable days | 72 | 70 | 72 |
| Cash conversion | 0.96x | 1.34x | 1.15x |
| Capex intensity | 1.4% | 1.4% | 1.5% |
| Free cash flow (₹ crore) | 23,009 | 33,457 | 31,259 |
| Dividend payout | 56.0% | 75.9% | 63.4% |
| EPS, diluted (₹) | 63.29 | 64.34 | 71.46 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less employee, subcon and other opex) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings less cash and investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less employee, subcon and other opex).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Infosys includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Infosys
- Research reportLatest
- Research report
Same sector
More research in Technology
HCL Technologies Limited
NSE: HCLTECH
Technology · Information Technology Services
₹1,428.10 last close on 30 Oct 2026 +1.72%Research updated
Wipro Ltd.
NSE: WIPRO
Technology · Information Technology Services
₹198.31 last close on 30 Oct 2026 +4.32%Research updated
Tech Mahindra Ltd.
NSE: TECHM
Technology · Information Technology Services
₹1,790.80 last close on 30 Oct 2026 +1.20%Research updated
LTIMindtree Ltd
NSE: LTM
Technology · Information Technology Services
₹4,233.50 last close on 30 Oct 2026 +3.39%Research updated
LG Electronics India Limited
NSE: LGEINDIA
Technology · Consumer Electronics
₹1,661.40 last close on 30 Oct 2026 −1.20%Research updated
Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.