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 currently offers a dividend yield above 4%. Yet the share trades near 15 times earnings, a valuation usually associated with a business whose growth is over.

Growth is not over; it is uncertain. The company must prove that AI spending creates a new implementation cycle faster than automation compresses the price of existing work.

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.

That cash conversion changes the downside. A slow-growth year is disappointing, but it does not force a balance-sheet repair. Infosys 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	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	42,279	44,490	45,479	46,402	48,211
Operating profit	9,943	10,535	10,634	11,167	11,409
Operating margin	24%	24%	23%	24%	24%
Net profit	6,924	7,375	6,666	8,509	7,775
EPS	₹16.66	₹17.73	₹16.41	₹20.96	₹19.15

The clean operating read is better than the uneven EPS sequence. Revenue and operating profit advanced while margin remained near 24%. June 2026 net profit fell from March partly because the effective tax rate normalised to 30%. 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.

Annual trend: the business is growing below its historical valuation

Consolidated, ₹ crore	FY23	FY24	FY25	FY26	TTM
Revenue	1,46,767	1,53,670	1,62,990	1,78,650	1,84,582
Operating profit	35,130	36,425	39,236	42,280	43,745
Operating margin	24%	24%	24%	24%	24%
Net profit	24,108	26,248	26,750	29,474	30,325
Reported EPS	₹58.08	₹63.20	₹64.32	₹72.59	₹74.25

Revenue increased about 22% from FY23 to FY26 and profit rose at a similar rate. 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
Cash from operations	23,885	22,467	25,210	35,694	33,986
Free cash flow	21,724	19,888	23,009	33,457	31,259
Investments	20,324	19,478	24,623	23,541	21,880
Borrowings	5,474	8,299	8,359	8,227	9,176
Cash conversion, CFO/OP	100%	89%	95%	105%	101%

FY26 operating cash flow exceeded operating profit and free cash flow covered the dividend comfortably. Borrowings are modest and largely 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.

The numbers

Metric	Current snapshot
Market capitalisation	₹4.76 lakh Cr
P/E · EV/EBITDA	15.3 · 9.65
ROE · ROCE	31.9% · 40.0%
Operating margin	23.7%
Debt/equity	0.10
Sales CAGR (5 years)	12.2%
Profit CAGR (5 years)	9.29%
Dividend yield	4.09%
EPS (TTM)	₹76.83
52-week range	₹1,050 – ₹1,728

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 ₹76.83. 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 today’s yield, including cash distributions improves the total-return picture materially.

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.

Large-deal conversion. Bookings must turn into reported revenue within a reasonable period.

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.

Should you buy at the current price?

The market is offering a high-return, cash-generative business at a historically undemanding multiple. The signed-in panel contains our current rating and entry range.

FAQ

What is the Infosys share price target for 2030? Our signed-in table contains bear, base and bull targets through 2030, each tied to an earnings-growth and valuation assumption.

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.

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

Related research

• TCS share price target 2026–2030
• Bharti Airtel share price target 2026–2030

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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.