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INFY.NSE
Infosys
Information Technology · IT Consulting & Other Services

Indian multinational IT consulting and outsourcing company providing business consulting, technology, engineering, and outsourcing services.

HQ: IndiaListed: India

Historical AI Forecasts

Audit every published iPulse AI forecast batch and immutable historical research document for Infosys.

Historical AI Forecasts

Infosys Limited (INFY.NSE) AI FORECASTS & ADVISOR ANALYSIS

Read and compare the 11 individual AI Advisor deep-dive reports, including their forecast paths, ratings, price targets, and reasoning.

Updated on 28 November 2025Deep analysis 28 November 2025

PublisherRusslan Ramdowar
25 min readAudit All Past Forecasts

AI Advisor 1 AI

Independent Investor FrameworkAI Researcher

Model rating

Buy

5-Year Return Est.

+104.0%

Includes 3.65% annual net dividend contribution

1. Investment Thesis — Base Case

Infosys is positioned to deliver steady, compound growth as the global economy stabilizes and interest rates normalize by 2026-2027. While the 'AI boom' may not immediately replace the linear headcount model, Infosys's strategic focus on large deal wins and cost optimization will secure its status as a preferred vendor for Global 2000 clients. We project revenue growth recovering to 8-10% annually, supported by a gradual depreciation of the INR. Margins will likely remain resilient (21-23%) as automation offsets wage pressures. The stock should perform as a classic 'defensive ,' offering aligned with earnings growth plus a reliable , justifying a valuation in the 22-25x P/E range.

Historical prices and published forecast

Historical prices and published forecastObserved prices and the selected advisor's published projection share a split-adjusted price basis. Prices after the forecast start are later observations, not information known at publication. Forecasts are uncertain. Values in INR.833.251.33K1.84K2.34K2.84KNov 2020May 2023Nov 2025May 2028Nov 2030Forecast starts
  • Observed price
  • Published advisor forecast
Observed prices and the selected advisor's published projection share a split-adjusted price basis. Prices after the forecast start are later observations, not information known at publication. Forecasts are uncertain. Values in INR.
View chart values
Historical prices and published forecast — published chart values
SeriesDateValue (INR)
Observed price2020-11-241,140
Observed price2020-11-281,126
Observed price2020-12-101,171
Observed price2020-12-221,213
Observed price2021-01-111,376
Observed price2021-01-231,339
Observed price2021-01-311,269
Observed price2021-02-241,272
Observed price2021-03-121,375
Observed price2021-03-281,350
Observed price2021-04-091,441
Observed price2021-04-131,403
Observed price2021-04-251,341
Observed price2021-05-151,325
Observed price2021-05-271,401
Observed price2021-06-081,403
Observed price2021-07-021,567
Observed price2021-07-181,553
Observed price2021-07-301,612
Observed price2021-08-031,657
Observed price2021-08-191,732
Observed price2021-09-121,687
Observed price2021-09-241,764
Observed price2021-10-061,673
Observed price2021-10-181,802
Observed price2021-10-301,678
Observed price2021-11-151,785
Observed price2021-11-271,696
Observed price2021-12-171,783
Observed price2021-12-211,812
Observed price2022-01-141,906
Observed price2022-01-181,902
Observed price2022-01-261,710
Observed price2022-02-271,699
Observed price2022-03-111,839
Observed price2022-03-311,908
Observed price2022-04-081,820
Observed price2022-04-121,738
Observed price2022-05-021,545
Observed price2022-05-101,552
Observed price2022-05-261,442
Observed price2022-06-071,515
Observed price2022-06-191,413
Observed price2022-07-131,435
Observed price2022-07-291,526
Observed price2022-08-061,614
Observed price2022-08-261,506
Observed price2022-09-111,529
Observed price2022-09-231,368
Observed price2022-10-011,398
Observed price2022-10-211,506
Observed price2022-11-061,513
Observed price2022-11-141,590
Observed price2022-12-041,643
Observed price2022-12-161,532
Observed price2023-01-011,523
Observed price2023-01-091,466
Observed price2023-01-291,526
Observed price2023-02-101,609
Observed price2023-02-181,598
Observed price2023-03-101,470
Observed price2023-03-141,430
Observed price2023-03-221,384
Observed price2023-04-111,402
Observed price2023-04-231,228
Observed price2023-05-171,248
Observed price2023-05-291,315
Observed price2023-06-261,271
Observed price2023-06-301,311
Observed price2023-07-081,334
Observed price2023-07-161,410
Observed price2023-08-011,355
Observed price2023-08-251,417
Observed price2023-08-291,418
Observed price2023-09-141,506
Observed price2023-10-081,487
Observed price2023-10-201,428
Observed price2023-11-011,371
Observed price2023-11-171,443
Observed price2023-11-251,441
Observed price2023-12-151,577
Observed price2023-12-271,556
Observed price2024-01-041,512
Observed price2024-01-161,647
Observed price2024-02-051,683
Observed price2024-02-171,690
Observed price2024-03-081,612
Observed price2024-03-161,626
Observed price2024-04-051,480
Observed price2024-04-091,497
Observed price2024-04-171,414
Observed price2024-05-271,463
Observed price2024-05-311,407
Observed price2024-06-041,419
Observed price2024-06-281,567
Observed price2024-07-021,620
Observed price2024-07-261,839
Observed price2024-07-301,872
Observed price2024-08-071,748
Observed price2024-08-271,898
Observed price2024-09-161,946
Observed price2024-10-021,885
Observed price2024-10-141,954
Observed price2024-10-261,866
Observed price2024-11-031,763
Observed price2024-11-191,823
Observed price2024-12-131,984
Observed price2024-12-171,979
Observed price2024-12-291,901
Observed price2025-01-141,938
Observed price2025-01-261,853
Observed price2025-02-111,872
Observed price2025-03-071,685
Observed price2025-03-111,667
Observed price2025-04-041,456
Observed price2025-04-161,412
Observed price2025-05-021,502
Observed price2025-05-061,511
Observed price2025-05-141,593
Observed price2025-06-031,543
Observed price2025-06-111,628
Observed price2025-07-091,633
Observed price2025-07-251,519
Observed price2025-07-291,514
Observed price2025-08-101,425
Observed price2025-09-071,474
Observed price2025-09-191,544
Observed price2025-10-011,448
Observed price2025-10-091,502
Observed price2025-11-061,475
Observed price2025-11-141,533
Observed price2025-11-181,525
Observed price2025-12-081,603
Observed price2025-12-161,604
Observed price2025-12-241,664
Observed price2026-01-171,682
Observed price2026-02-061,507
Observed price2026-02-101,498
Observed price2026-03-021,289
Observed price2026-03-181,227
Observed price2026-04-031,309
Observed price2026-04-071,339
Observed price2026-04-271,153
Observed price2026-05-131,123
Observed price2026-05-211,181
Observed price2026-06-021,213
Observed price2026-06-261,033
Observed price2026-06-301,000
Observed price2026-07-121,091
Observed price2026-07-281,106
Observed price2026-08-091,180
Observed price2026-08-251,144
Observed price2026-09-101,037
Observed price2026-09-161,060
Observed price2026-09-181,051
Published advisor forecast2025-11-271,566
Published advisor forecast2026-05-281,626
Published advisor forecast2026-11-281,715
Published advisor forecast2027-05-281,841
Published advisor forecast2027-11-281,960
Published advisor forecast2028-05-282,086
Published advisor forecast2028-11-282,211
Published advisor forecast2029-05-282,326
Published advisor forecast2029-11-282,442
Published advisor forecast2030-05-282,557
Published advisor forecast2030-11-282,672

2. Scenarios & Signals

Bull case

In the bull case, Infosys successfully pivots from a traditional service provider to a high-margin AI-first solutions partner. The rapid monetization of its 'Topaz' AI suite and deep integration of into client workflows drive a re-rating of the stock. A 'soft landing' in the US economy accelerates discretionary tech spending by mid-2026, leading to double-digit revenue growth. Furthermore, continued depreciation of the INR against the USD (crossing 95 by 2028) provides a sustained tailwind to , pushing them above 24%. Infosys captures significant from smaller peers unable to match its AI R&D investment, commanding a (P/E > 28x) typical of platform companies rather than service providers.

Bear case

The bear case envisions a prolonged global economic slowdown, particularly in the US and Europe, which suppresses discretionary IT spending through 2027. acts as a deflationary force for the IT services sector, reducing the billable hours required for coding and maintenance without a commensurate increase in value-based pricing. Infosys faces as persists while clients demand cost reductions. Geopolitical tensions restrict outsourcing mobility (H1-B visa issues), and a surprising strengthening of the INR hurts realized earnings. The stock suffers a de-rating (P/E < 18x) as growth stagnates in the low single digits, leading to a period of '' where returns rely solely on dividends.

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