Infosys Share Price Target 2026, 2027, 2028, 2029, 2030

Infosys share price today

Infosys (NSE: INFY) is India’s second-largest IT-services exporter. It has a cash-rich balance sheet, returns about a third of equity each year and, at the NSE close of ₹1,161.00 on 2 November 2026, offers a dividend yield above 4% on last year’s ₹48 a share. Yet the share trades near 15 times trailing earnings, a valuation usually associated with a business whose growth is over.

Growth is not over; it is uncertain. The September 2026 quarter put both sides of that uncertainty into one release: revenue the company classifies as AI grew 29% in three months and large deals reached $5.2 billion, yet full-year revenue guidance was cut for the second time since April, to 1–2% in constant currency. The company must prove that AI spending creates a new implementation cycle faster than automation compresses the price of existing work.

Research date: 3 November 2026. Results figures come from Infosys’s filings for the quarter and half-year ended 30 September 2026 (board meeting of 23 October 2026): the Ind AS results released to the stock exchanges and the IFRS press release, both as furnished to the US SEC on Form 6-K, and the fact sheet and earnings-call transcript furnished on 28 October 2026. Earlier periods come from the company’s April and July 2026 results filings and its annual results. Price-based readings use the NSE close of 2 November 2026 shown in the exchange-data panel above. The metric grid at the top of the page is the compilation used at publication and stays dated 9 August 2026. The scenarios are illustrations, not promised prices.

The yield pays for part of the waiting

Infosys does not need heavy physical capital, so a large share of profit becomes free cash. Its FY26 annual report shows ₹33,097 crore of free cash flow, 112% conversion of net profit, and a ₹48 dividend per share.

The first half of FY27 kept that up. On the company’s own measure, free cash flow was ₹17,949 crore for the six months to September, 115% of net profit, and ₹8,898 crore in the September quarter alone — 113.5% of profit, though 8.1% less than a year earlier. The board declared an interim dividend of ₹26 a share, 13% more than last year’s ₹23, with 3 November 2026 as the record date and 11 November as the payment date; the company puts the outflow at about ₹10,531 crore. The results did not include a buyback. On results day the CFO restated the capital-allocation policy: about 85% of free cash flow returned over five years through dividends and buybacks, with the dividend per share rising progressively. FY26 used both levers — over ₹37,500 crore went back to shareholders, including a buyback of 10 crore shares that cost ₹18,058 crore.

That cash conversion changes the downside. A slow-growth year is disappointing, but it does not force a balance-sheet repair. On 30 September 2026 Infosys held ₹24,350 crore of cash and ₹22,151 crore of investments against ₹8,525 crore of lease liabilities, and it reports no debt. It can invest, buy back shares and pay dividends while demand recovers.

The harder issue is differentiation. Every large services firm claims AI capability. Proof will come through large-deal conversion, revenue growth and stable pricing — not the number of employees trained on a new tool.

Latest quarterly results: steady margin with gradual growth

Consolidated, ₹ crore	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	44,490	45,479	46,402	48,211	49,244
Operating profit	10,535	10,634	11,167	11,409	11,689
Operating margin	24%	23%	24%	24%	24%
Net profit	7,375	6,666	8,509	7,775	7,838
EPS	₹17.76	₹16.17	₹21.01	₹19.19	₹19.32

Figures are from the company’s Ind AS consolidated results: the October 2026 release for the September 2025, June 2026 and September 2026 quarters, and the April 2026 release for December and March. Operating profit is revenue less all expenses except depreciation and finance cost, net profit includes the small minority interest, and EPS is basic EPS as reported.

The clean operating read is better than the uneven EPS sequence. Revenue and operating profit rose in every quarter while margin stayed near 24%. The profit line is uneven for two identifiable reasons: December 2025 carries a one-time ₹1,289 crore charge for the new Labour Codes, and March 2026 had an effective tax rate of 21.2%, against 29.5% in June and 29.2% in September. Infosys does not need margin expansion for the base case; it needs revenue growth to move out of the low-single-digit zone without giving up this margin.

The September 2026 quarter, result by result

• Revenue. ₹49,244 crore, up 10.7% on the year and 2.1% on the June quarter. In dollars it was $5,145 million: 1.3% higher than a year earlier as reported and 1.5% in constant currency, and 1.2% above June in constant currency, about 0.4 points of which came from acquisitions. The gap between 10.7% in rupees and 1.3% in dollars is the weaker rupee, not client demand. The CFO’s own explanation for the shortfall: “volumes were softer and price increases were lower than anticipated”.
• Where it grew. In constant currency, Life Sciences grew 32.5% on the year (the segment includes healthcare, where Infosys completed the Optimum Healthcare IT acquisition on 4 May 2026), Energy, Utilities, Resources and Services 7.3%, Communication 4.1%, and Financial Services — the largest segment at 28% of revenue — 2.1%. Hi-Tech fell 17.3%, Retail 7.7% and Manufacturing 0.7%; management pointed to lower third-party revenue and client cutbacks in Hi-Tech and Retail, and to one large client in Manufacturing. North America, 54.6% of revenue, shrank 1.5% while Europe grew 4.6%.
• Margin. The company’s operating margin, measured after depreciation, was 21.0% against 21.1% in June and 21.0% a year earlier, inside its 20–22% guidance band. In the CFO’s bridge, post-sales customer-support costs took 0.7 points and acquisitions 0.2, offset by the weaker rupee (0.4), savings from Project Maximus (0.2) and more working days (0.2). On the table’s pre-depreciation basis the margin was 23.7%.
• Below the operating line. Depreciation and amortisation rose 15% to ₹1,359 crore and other income fell 14% to ₹848 crore, so profit before tax grew only 8.2%. The tax rate was 29.2%, against 27.9% a year earlier; management expects 29–30% for the year. Net profit was ₹7,838 crore, up 6.3% on the year and 0.8% on the quarter. In dollars, profit attributable to shareholders fell 2.5% to $817 million.
• EPS. Basic EPS was ₹19.32, 8.7% higher on the company’s calculation and ahead of the 6.2% rise in profit attributable to shareholders, because the average share count was 2.3% lower after the FY26 buyback. In dollars, EPS fell 0.3%. The rupee did much of the work this quarter.
• Deals and AI. Nineteen large deals added $5.2 billion of contract value, 62% of it net new — the second-highest quarterly figure in five years, per the CFO. They include a net-new seven-year contract worth over $2 billion with a financial-services client, which begins transition late in the March 2027 quarter and which management expects to add more than 1% to growth in FY28, and a $1 billion renewal. First-half large deals reached $8.8 billion, up 28%. Revenue the company classifies as AI was 10.5% of the total, up 29% on the quarter, from 8.2% in June.
• Guidance. FY27 revenue growth guidance moved to 1–2% in constant currency, from 1.5–3.0% in July and 1.5–3.5% in April; the 20–22% margin band was kept. First-half growth was 1.9%. Management named wage increases (from October 2026 and January 2027), softer seasonality, sharing AI productivity gains with clients and large-deal ramp-ups as second-half margin pressures, partly offset by Project Maximus.

Read together, the quarter held margin and cash, strengthened the order book and weakened the near-term revenue line. For this page’s scenarios, whether the large contract delivers its expected FY28 contribution matters more than the 1.5% printed this quarter.

Annual trend: the business is growing below its historical valuation

Consolidated, ₹ crore	FY23	FY24	FY25	FY26	TTM Sep 2026
Revenue	1,46,767	1,53,670	1,62,990	1,78,650	1,89,336
Operating profit	35,130	36,425	39,236	42,280	44,899
Operating margin	24%	24%	24%	24%	24%
Net profit	24,108	26,248	26,750	29,474	30,788
Reported EPS	₹57.63	₹63.39	₹64.50	₹71.58	₹75.69

Annual figures are from the company’s yearly Ind AS results; the TTM column adds the four quarters from December 2025 to September 2026, with EPS as the sum of the four reported quarterly figures. The EPS row now shows basic EPS exactly as reported.

Revenue increased about 22% from FY23 to FY26 and profit rose at a similar rate. The twelve months to September 2026 are 6.0% above FY26 on revenue and 4.5% above on profit. The quality is consistency, not speed. At roughly 15 times earnings, the market is no longer demanding the double-digit growth that Infosys has not recently delivered. That reduces valuation risk, while a recovery in discretionary technology spending provides upside.

Cash flow pays investors while they wait

Consolidated, ₹ crore	FY22	FY23	FY24	FY25	FY26	H1 FY27
Cash from operations	23,885	22,467	25,210	35,694	33,986	18,958
Free cash flow	21,724	19,888	23,009	33,457	31,259	17,373
Investments	20,324	19,478	24,623	23,541	21,880	22,151
Borrowings	5,474	8,299	8,359	8,227	9,176	8,525
Free cash flow ÷ net profit	98%	82%	88%	125%	106%	111%

Free cash flow here is cash from operations less capital expenditure in the Ind AS cash-flow statement; investments are the current and non-current investments on the balance sheet; borrowings are lease liabilities, since the company reports no debt. The H1 FY27 column covers the six months to 30 September 2026, with balances at that date. The company’s own free-cash-flow measure, built from its IFRS statements, runs a little higher — ₹33,097 crore for FY26, as quoted above.

FY26 free cash flow was 106% of net profit and covered the ₹18,653 crore of dividends paid comfortably; the ₹18,058 crore buyback on top took the year’s cash returns above its free cash flow. The first half of FY27 converted 111% of profit into free cash, with operating cash flow 8.3% higher than a year earlier. Lease liabilities are modest and operational rather than rescue financing. This is why a slow revenue year can hurt sentiment without threatening the balance sheet or forcing Infosys to cut investment.

Shareholding pattern

Holder	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	14.61%	14.30%	14.52%	14.38%	13.82%
Foreign institutions	31.92%	30.08%	30.27%	28.45%	27.09%
Domestic institutions	39.39%	41.46%	41.08%	43.19%	42.78%
Public	13.62%	13.70%	13.69%	13.54%	15.88%

Foreign ownership declined while domestic institutions increased their share. Promoter ownership is comparatively low, as is normal for a professionally managed IT company. The governance test is therefore capital allocation, succession and execution—not promoter control. Succession now has a date: in July 2026 the board named Ashiss Kumar Dash CEO Designate and said it intends to appoint him Chief Executive Officer and Managing Director from 1 April 2027, per the company’s filing of 23 July 2026. The table stops at June 2026 because the September 2026 shareholding filing could not be retrieved from the exchanges on the research date.

The numbers

Metric	9 Aug 2026	3 Nov 2026
Market capitalisation	₹4.76 lakh Cr	₹4.70 lakh Cr
P/E	15.3	15.3
EV/EBITDA	9.65	—
ROE · ROCE	31.9% · 40.0%	—
Operating margin (TTM)	23.7%	23.7%
Debt/equity	0.10	0.09
Sales CAGR (5 years)	12.2%	—
Profit CAGR (5 years)	9.29%	—
Dividend yield	4.09%	4.13%
EPS (TTM)	₹76.83	₹75.69
Book value per share	₹224.5	₹244.6
52-week range	₹1,050 – ₹1,728	—

The 9 August column is the compilation printed at publication. The 3 November column uses the NSE close of ₹1,161.00 on 2 November 2026 and the September 2026 filings: 405.04 crore shares outstanding (net of treasury shares), trailing EPS as the sum of the four reported quarters to September 2026, book value as shareholders’ equity of ₹99,077 crore at 30 September 2026, the FY26 dividend of ₹48 for the yield, and lease liabilities of ₹8,525 crore for debt/equity. A dash marks a ratio that depends on the compilation’s own definitions and is not restated.

Three months changed the business more than the price. Market value was about 1% lower while a full quarter of results arrived. The trailing EPS is lower only because the basis changed: on the reported basis the four quarters to June 2026 summed to ₹74.13, and the figure rose 2.1% to ₹75.69 as September 2026’s ₹19.32 replaced September 2025’s ₹17.76. Shareholders’ equity rose from ₹92,852 crore in March to ₹99,077 crore in September. Counting the ₹25 final dividend for FY26 and the ₹26 interim for FY27 together, ₹51 a share, the yield at the 2 November close is 4.39%.

The exchange-data panel above adds the market’s own reading for 2 November 2026: the close was 2.0% down on the day, 29.9% below the 52-week high and 0.5% below the 200-day average, and 59.4% of traded volume went to delivery, above the stock’s 54.0% median for the 108 sessions since 29 May 2026. It was the last session before the shares went ex-dividend.

The multiple has fallen faster than business quality. The risk is that this is not temporary de-rating but a rational response to structurally slower labour-led growth. The next few years must answer that.

Infosys share price target 2026 to 2030

EPS base ₹75.69, the sum of reported basic EPS for the four quarters to September 2026 (₹16.17 + ₹21.01 + ₹19.19 + ₹19.32). It replaces the ₹76.83 trailing figure used at publication; the growth rates and multiples are unchanged, so every scenario value is about 1.5% lower than before. Each year compounds the base at the scenario growth rate for every calendar year after 2025 and applies the scenario multiple. Bear: pricing pressure and weak discretionary projects hold growth to 4%, valued at 13×. Base: large deals convert and earnings grow 9% at 18×. Bull: AI implementation becomes a broad service cycle — 14% at 23×.

Dividends and buybacks are outside the target table. At the 2 November close the FY26 dividend alone is a 4.13% yield, so including cash distributions improves the total-return picture materially. For scale, the September quarter’s 1.5% constant-currency revenue growth sits below even the bear case’s 4% earnings growth; rupee EPS still grew 8.7%, largely because of the currency and the smaller share count.

What would change our mind

Constant-currency revenue growth. Currency can make a weak quarter look better or worse; underlying client spending is the evidence. September 2026 reading: 1.5% on the year and 1.2% on the quarter, 1.9% for the half-year, against FY27 guidance of 1–2%.

Large-deal conversion. Bookings must turn into reported revenue within a reasonable period. September 2026 reading: $5.2 billion signed in the quarter and $8.8 billion in the half-year. The over-$2 billion contract is the one to follow, because management has put a number on it — more than 1% of FY28 growth.

Free-cash-flow conversion. The cash quality of Infosys’s earnings is part of the valuation case and should remain close to profit over a cycle. September 2026 reading: 113.5% of net profit in the quarter on the company’s measure, and 111% for the half-year on this page’s measure.

What to weigh at the current price

The market is offering a high-return, cash-generative business at a historically undemanding multiple: 15.3 times trailing earnings and 4.75 times book value at the 2 November 2026 close, with a 4.13% yield on last year’s dividend. Against that stand constant-currency growth of 1.5% and a guidance range whose top is 2%. The important test is whether the $8.8 billion of large deals signed in the first half becomes profitable revenue while AI productivity supports margins rather than merely reducing billed effort.

FAQ

What is the Infosys share price target for 2030? The table above contains bear, base and bull targets through 2030, each tied to an earnings-growth and valuation assumption applied to a trailing EPS base of ₹75.69 (research date 3 November 2026).

What did Infosys report for the September 2026 quarter? Revenue of ₹49,244 crore (up 10.7% in rupees and 1.5% in constant currency), an operating margin of 21.0% on the company’s measure, net profit of ₹7,838 crore, basic EPS of ₹19.32, large deals worth $5.2 billion, a ₹26 interim dividend and FY27 growth guidance cut to 1–2% in constant currency, per the results of 23 October 2026.

Is Infosys cheaper than TCS? Valuations change daily, but both have de-rated sharply. Compare growth, margins, cash returns and client mix rather than P/E alone.

Will AI replace Infosys employees? It will automate tasks and change team structures. Whether that hurts investors depends on whether Infosys wins more transformation work and retains part of the productivity gain. For now the company is still hiring: headcount rose from 3,28,062 to 3,32,542 in the September quarter, while the work it classifies as AI reached 10.5% of revenue.

Does the target include dividends? No. Dividends and buybacks are additional to the year-end price scenarios.

When is the record date for the ₹26 interim dividend? 3 November 2026, with payment due on 11 November 2026, per the company’s filing. Under T+1 settlement the ex-date falls on the record date, so only shares bought by 2 November qualified. The Infosys dividend record date page has the payout history.

Change log

• 3 November 2026 — Refreshed for the September 2026 quarter (Q2 FY27) results of 23 October 2026. Quarterly table rolled forward to September 2026, with EPS now the reported basic figure; result-by-result commentary added on revenue (₹49,244 crore, 1.5% constant-currency growth), segments, margin (21.0%), profit (₹7,838 crore), EPS (₹19.32), large deals ($5.2 billion), the AI revenue share (10.5%) and the guidance cut to 1–2%; the ₹26 interim dividend (record date 3 November, payment 11 November 2026) recorded. TTM column moved to September 2026. Annual EPS row corrected to reported basic EPS (FY26 ₹71.58, previously printed as ₹72.59). Cash-flow table given an H1 FY27 column; its conversion row now shows free cash flow ÷ net profit, because the earlier figures could not be reproduced from the table’s own rows, and a sentence saying FY26 operating cash flow exceeded operating profit was corrected. Valuation readings restated at the NSE close of ₹1,161.00 on 2 November 2026. Scenario EPS base changed from ₹76.83 to ₹75.69; growth rates and multiples unchanged, so every scenario value is about 1.5% lower. The shareholding table was not updated because the September 2026 filing could not be retrieved.
• 15 August 2026 — Editorial revision: the closing section was retitled and rewritten as a descriptive summary; no figures changed.
• 10 August 2026 — First published, with fundamentals compiled on 9 August 2026 and the FY26 annual report.

Sources

• Infosys, Form 6-K of 23 October 2026 (quarter and half-year ended 30 September 2026): cover, with the interim dividend, record date and payout date, Ind AS results released to the stock exchanges and IFRS press release.
• Infosys, Form 6-K of 28 October 2026: IFRS press release in rupees, press-conference transcript, fact sheet, earnings-call transcript and Ind AS interim consolidated financial statements (share count, capital-allocation policy, acquisitions).
• Infosys, Form 6-K of 23 July 2026: cover, with the CEO Designate appointment and IFRS press release (July guidance).
• Infosys, Form 6-K of 23 April 2026: Ind AS results for the March 2026 quarter and FY26 and IFRS press release (April guidance, FY26 cash returned); Form 6-K of 29 April 2026: IFRS press release in rupees (FY26 free cash flow).
• Infosys annual Ind AS results for FY24 and FY23, for the earlier annual and cash-flow figures.
• NSE end-of-day data for 2 November 2026 as shown in the exchange-data panel on this page: the close of ₹1,161.00, delivery percentage and the interim-dividend corporate action.

Related research

• TCS share price target 2026–2030
• Bharti Airtel share price target 2026–2030
• Infosys dividend record date and payout history

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This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.