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Infosys Limited (INFY) fair value: what the stock is really worth

We calculate from audited financials what Infosys Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Technology · IN · ISIN INE009A01021

IL Infosys Limited logo Broad data Sep 18, 2026

Infosys Limited

INFY · NSE

Strongly undervaluedStrong Fair Value upside with high Quality.

Fair value ₹1,699 · Strongly undervalued (+62%)
Quality 83/100
Healthy Growth (revenue 5y +8.3 %/yr)
Solidly profitable · 16.4% net margin (TTM)
generates free cash flow
Ranks above peers (9/14)
Wide moat 82/100
!Insider activity 28/100
!Weak on dividend: 1 out of 100

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹1,901 ₹986.00 Fair Value ₹1,699 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.

How to read this chart

60‑month range ₹986.00 – ₹1,901 · fair‑value band ₹1,184 – ₹2,472 · the ₹1,051 price screens below the ₹1,699 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.

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Company profile

Infosys Limited provides consulting, technology, outsourcing, and digital services worldwide.

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Infosys Limited provides consulting, technology, outsourcing, and digital services worldwide. It provides digital marketing and digital workplace, digital commerce, digital experience and interactions, and metaverse; data analytics and AI, applied AI, generative AI, and sustainability; blockchain, engineering, and Internet of Things; enterprise agile DevOps, API economy and microservices, application modernization, cloud, digital process automation, digital supply chain, Microsoft business application and cloud business, service experience transformation, energy transition, Network Transformation Services, Infrastructure Services cyber security, and quality engineering solutions; Oracle, SAP, and Saleforce solutions; Topaz, an AI-first set of services, solutions, and platforms using generative AI technologies; and Aster, a set of AI-amplified marketing services, solutions, and platforms. The company also offers Finacle, a core banking solution; Edge suite of products; Panaya platform, Infosys Equinox, Infosys Live Enterprise Suite, Infosys Wingspan, Infosys Helix, Infosys Meridian, Infosys Polycloud, Infosys Cortex, and Stater digital platforms; and Infosys McCamish, an insurance platform. It serves aerospace and defense, agriculture, automotive, chemical manufacturing, communication, consumer packaged goods, education, engineering procurement and construction, financial, healthcare, high technology, industrial manufacturing, information services and publishing, insurance, life science, logistics and distribution, media, entertainment, mining, oil and gas, private equity, professional, public, retail, semiconductor, travel, hospitality, utilities, and waste management industries. It has a strategic collaboration with Anthropic PBC, Intel, and Harness Inc. The company was formerly known as Infosys Technologies Limited and changed its name to Infosys Limited in June 2011. Infosys Limited was incorporated in 1981 and is headquartered in Bengaluru, India.

Stock analysis

Infosys Limited (INFY) currently trades at ₹1,051, while our model-based Fair Value estimate is ₹1,699, implying the stock looks roughly 38.1% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of ₹914.69 per share, and 1 of the 26 models we run sit above the ₹1,051 price.

Bear case: the Economic Profit group reads lowest at ₹263.34, and 25 of the 26 models stay below the price. Evidence for this calculation is high.

Scenario range: ₹1,184 (bear) to ₹2,472 (bull), the price of ₹1,051 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 83/100 (high quality), in the Technology sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Infosys Limited reported revenue of $20.2B in FY2026 versus $16.3B in FY2022, a compound +5.4%/yr. Reported net income was $3.3B in FY2026, compounding +2.8%/yr from FY2022.

Key figures

Market cap ₹4.4T (≈ $45.3B) · P/E ratio 13.7 · P/S ratio 2.25 · EPS (TTM) ₹76.68 · Dividend yield 0.0% · Net margin 16.4% · Return on equity 31.4% · Return on assets (EBIT) 24.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 59 out of 100 (medium confidence).

What moves the price

The share trades about 39% below its 52-week high, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at 60% fair-value upside, at 62%, INFY screens cheaper than that median.

Fair Value models

Bear ₹1,184 Fair Value ₹1,699 Bull ₹2,472
Model Each model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹36.40 per share) are deliberately not added. Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence Evidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF ₹515.47 ₹914.69 ₹1,626 75
Growth DCF ₹515.87 ₹894.65 ₹1,568 73
Owner Earnings ₹492.62 ₹873.00 ₹1,551 71
All 26 models by family
DCF Models
FCF DCF ₹515.47 ₹914.69 ₹1,626 75
Owner Earnings ₹492.62 ₹873.00 ₹1,551 71
5Y Revenue Exit ₹426.08 ₹709.87 ₹1,089 69
5Y EBITDA Exit ₹568.78 ₹998.86 ₹1,534 71
5Y P/E Exit ₹612.47 ₹1,087 ₹1,625 67
10Y Revenue Exit ₹438.91 ₹720.29 ₹1,139 63
10Y EBITDA Exit ₹547.93 ₹935.13 ₹1,514 64
10Y P/E Exit ₹577.19 ₹1,001 ₹1,592 60
Earnings-Based
Graham-Dodd ₹222.86 ₹975.62 ₹1,335 64
Lynch FV ₹251.72 ₹359.54 ₹467.37 61
PEG = 1.0 ₹251.72 ₹359.54 ₹467.37 57
EPV ₹309.84 ₹360.34 ₹405.24 70
Dividend Discount
Gordon GGM ₹203.22 ₹443.32 ₹745.94 65
DDM Multi-Stage ₹203.22 ₹363.15 ₹462.15 66
Multiples
P/E Multiple ₹688.62 ₹918.30 ₹1,148 63
P/S Multiple ₹418.06 ₹557.55 ₹697.04 58
P/B Multiple ₹418.06 ₹557.55 ₹697.04 55
EV/EBIT ₹751.15 ₹993.65 ₹1,237 63
EV/EBITDA ₹642.93 ₹849.36 ₹1,056 64
EV/Revenue ₹391.21 ₹548.73 ₹706.66 51
Asset-Based
NCAV (Graham) ₹48.50 ₹64.93 ₹97.00 51
Growth DCF
Growth DCF ₹515.87 ₹894.65 ₹1,568 73
Rev-Margin DCF ₹426.08 ₹704.66 ₹1,059 69
Economic Profit
Residual Income ₹213.24 ₹263.34 ₹1,284 64
ROIC Compounder ₹339.90 ₹434.90 ₹550.34 70
Growth Earnings
Growth-Adj P/E ₹494.62 ₹706.66 ₹918.70 67

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Quality Score breakdown

Overall quality 83/100

Of which business quality 81 · Market factors (momentum, volatility) 38

Profitability 86
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 73
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 85
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality Growth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 87/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+4.6%
Revenue growth 3 years Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.4%
Revenue growth 5 years Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.3%
Revenue growth 27 years Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.9%
What shareholders gained per year (last 5 years) What the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+5.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.6%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6% vs 6%, steady
Profit margin 2021 to 2026 Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.25% → 20%

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Peer GroupHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Information Technology Services · 478 stocks

Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 83 · Top 25%
Fair Value upside +73% · Top 25%
Profitability
Return on equity (TTM) 31% · Top 25%
Return on assets 15% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 21% · Top 25%
Growth and dividend
Revenue growth 7% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiplesvs Information Technology Services median · lower = cheaper

P/E (TTM) 13.7× · Cheaper than median
P/B 4.68× · Priciest 25%
P/S (TTM) 2.27× · Priciest 25%
P/FCF 12.3× · Priciest 25%
EV/EBITDA 9.8× · Cheaper than median
PEG 1.96× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 42
FUTURE (revenue growth)33 · sector 30
PAST (return on equity)100 · sector 35
HEALTH (low debt)0 · sector 97
DIVIDEND (yield)1 · sector 41

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Information Technology Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
International Business Machines Corporation IBM $248.37 $175.76 −29%
Accenture plc ACN $193.40 $305.06 +58%
Tata Consultancy Services Limited TCS ₹2,189 ₹2,993 +37%
HCL Technologies Limited HCLTECH ₹1,253 ₹2,006 +60%
Fiserv, Inc FI C$5.13 C$11.19 +118%
Wipro Limited WIT $1.69 $3.34 +98%
Fidelity National Information Services, Inc FIS $36.85 $32.47 −12%
Cognizant Technology Solutions Corporation CTSH $61.85 $132.01 +113%
Capgemini SE CGM €102.70 €182.14 +77%
CDW Corporation CDW $149.96 $162.00 +8%

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Cite: Fair Value Calculator (2026). "Infosys Limited Fair Value". https://www.fairvalue-calculator.com/stock/INFY

Frequently asked questions

Is Infosys Limited (INFY) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of ₹1,699 versus a price of ₹1,051, about +62% upside (undervalued).
What is the fair value of INFY?
Our model-based fair value for Infosys Limited is ₹1,699 (as of Sep 18, 2026), built from audited fundamentals. The current price: ₹1,051.
What is the quality score of INFY?
Infosys Limited has a Quality Score of 83/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Infosys Limited (INFY)?
Our model-based price target is the fair value of ₹1,699 (as of Sep 18, 2026) from 26 valuation models. Cautious scenario ₹1,184, optimistic scenario ₹2,472. It is a calculation from audited fundamentals, not an analyst target.
What is the Infosys Limited stock forecast for 2026?
Our models put fair value at ₹1,699, about +62% upside versus a price of ₹1,051 (undervalued). Cautious scenario ₹1,184, optimistic scenario ₹2,472. The calculation is refreshed regularly with new filings.
What is the revenue of Infosys Limited (INFY)?
Infosys Limited reported trailing-twelve-month revenue of about $20.2B (latest available figure, as of Sep 18, 2026).
Does Infosys Limited pay a dividend?
Infosys Limited currently shows a dividend yield of about 0.05% relative to its recent price (as of Sep 18, 2026).
What is the intrinsic value of Infosys Limited (INFY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Infosys Limited it is ₹1,699 per share (as of Sep 18, 2026), against a price of ₹1,051. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Infosys Limited stock overvalued or undervalued in 2026?
As of Sep 18, 2026, INFY trades below its calculated fair value: price ₹1,051, fair value ₹1,699, a gap of about +62% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INFY?
No. The price is what the market pays today (₹1,051); the fair value is what the company's own numbers justify (₹1,699). For Infosys Limited the two are ₹647.31 per share apart. That gap is exactly why we show both numbers side by side.
How much is Infosys Limited worth?
The market values Infosys Limited at about ₹4.4T (market capitalisation, as of Sep 18, 2026). Per share that is ₹1,051; our models calculate a fair value of ₹1,699 per share.
What do the bullish and bearish scenarios say about INFY?
Our models span a range for Infosys Limited: cautious scenario ₹1,184, base ₹1,699, optimistic ₹2,472 per share (as of Sep 18, 2026, price ₹1,051). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INFY?
Infosys Limited trades at a price-to-earnings ratio of 13.7 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,699 is built from several models across several years. Other multiples: PEG 2.0, P/B 4.7, P/S 2.3, EV/EBITDA 9.8.
What is the PEG ratio of INFY?
The PEG ratio of Infosys Limited is 1.96 (P/E divided by earnings growth, as of Sep 18, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Infosys Limited (INFY)?
Balance-sheet figures for Infosys Limited (as of Sep 18, 2026): return on equity 31.4%. They feed the Quality Score of 83/100, which measures business quality independently of the share price.
How far is INFY from its 52-week high?
Infosys Limited trades at ₹1,051, about 39% below its 52-week high of ₹1,728 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,699 is for.
Which stocks are comparable to Infosys Limited?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, HCL Technologies Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Infosys Limited stock attractive at the current price?
The data as of Sep 18, 2026: price ₹1,051, calculated fair value ₹1,699 (+62%), Quality Score 83/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INFY calculated?
We run Infosys Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹1,699, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Infosys Limited currently trades 62 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Infosys Limited (INFY)?
The closing price on Sep 18, 2026 was ₹1,051. Our model-based fair value is ₹1,699, about +62% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Infosys Limited right now?
The rarer combination: high quality (83/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (₹1,184). The market is more pessimistic than our downside scenario. A fairly wide model range (₹1,184 to ₹2,472) leaves room in how you read the outcome.
Where does the earnings growth of Infosys Limited (INFY) come from?
Earnings per share at Infosys Limited grew +6.2 % a year from 2015 to 2026. Broken into its drivers: revenue per share +9.4 %, EBIT margin −2.2 %, tax rate +0.1 %, residual (interest, one-offs) −1.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Infosys Limited

How large is the market capitalisation of Infosys Limited (INFY)?
The market capitalisation of Infosys Limited is ₹4.4T (≈ $45.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Infosys Limited (INFY)?
The price-to-sales ratio of Infosys Limited is 2.25 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Infosys Limited (INFY)?
Earnings per share at Infosys Limited are ₹76.68 (price ÷ EPS = P/E 13.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Infosys Limited (INFY)?
The dividend yield of Infosys Limited is 0.0% (payout 0.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Infosys Limited (INFY)?
The net margin of Infosys Limited is 16.4% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Infosys Limited (INFY)?
The return on equity (ROE) of Infosys Limited is 31.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Infosys Limited (INFY)?
On an EBIT basis the return on assets of Infosys Limited is 24.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Infosys Limited (INFY)?
The operating margin of Infosys Limited is 20.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Infosys Limited (INFY)?
Revenue at Infosys Limited is growing +6.6% versus a year earlier (3y avg +3.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Infosys Limited (INFY)?
Earnings per share at Infosys Limited are growing +11.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Infosys Limited (INFY) generate?
The free cash flow of Infosys Limited is $3.7B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Infosys Limited (INFY) hold?
Infosys Limited holds more cash than debt, $1.4B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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