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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 Opinions

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

Historical AI ConsensusHistorical AI Opinions

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

Read and compare the 14 individual AI Advisor deep-dive reports, including their forecast paths, ratings, price targets, and reasoning.

Updated on 20 September 2026Deep analysis 20 September 2026

PublisherRusslan Ramdowar
25 min readAudit All Past Forecasts

1. Investment Thesis — Base Case

The central tension is arithmetic, not narrative. Infosys is priced as if dismantles its revenue pool, while it returns roughly 9% of market capitalisation to shareholders annually [9][10]. Dollar revenue has been flat sequentially for three quarters and FY27 guidance was narrowed downward to 1.5-3.0% constant currency [4][5]. The base case assumes 2-3% annual pricing deflation [17] absorbed by offshore mix, AI-led scope wins and rupee translation, leaving dollar revenue growing low-single-digit while the share count shrinks. Per-share earnings therefore compound faster than the business, and the multiple drifts back toward the mid-teens rather than re-rating violently.

  • TTM of USD 0.82 across 4.05bn shares; a 4-5% annual net buyback yield lifts per-share earnings unaided by growth.
  • At 13.4x trailing and 8.6% , a mid-teens exit multiple supports roughly ₹1,500 by 2031.
  • near 8.6x values a zero-debt, 33%- franchise below its own decade-low band.

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.901.861.2K1.49K1.79K2.08KSep 2021Mar 2024Sep 2026Mar 2029Sep 2031Forecast 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 price2021-09-161,702
Observed price2021-09-241,764
Observed price2021-10-061,673
Observed price2021-10-181,802
Observed price2021-10-301,678
Observed price2021-11-031,702
Observed price2021-11-151,785
Observed price2021-11-271,696
Observed price2021-12-171,783
Observed price2021-12-211,812
Observed price2022-01-021,899
Observed price2022-01-141,906
Observed price2022-01-261,710
Observed price2022-02-231,743
Observed price2022-02-271,699
Observed price2022-03-031,712
Observed price2022-03-151,890
Observed price2022-03-311,908
Observed price2022-04-161,661
Observed price2022-04-201,592
Observed price2022-05-021,545
Observed price2022-05-261,442
Observed price2022-06-031,514
Observed price2022-06-071,515
Observed price2022-06-191,413
Observed price2022-07-131,435
Observed price2022-07-211,509
Observed price2022-07-251,465
Observed price2022-08-061,614
Observed price2022-08-181,599
Observed price2022-09-071,462
Observed price2022-09-111,529
Observed price2022-09-231,368
Observed price2022-10-051,434
Observed price2022-10-251,521
Observed price2022-11-061,513
Observed price2022-11-141,590
Observed price2022-12-041,643
Observed price2022-12-121,571
Observed price2022-12-161,532
Observed price2023-01-051,472
Observed price2023-01-091,466
Observed price2023-01-251,540
Observed price2023-02-101,609
Observed price2023-02-221,562
Observed price2023-02-261,519
Observed price2023-03-181,416
Observed price2023-03-221,384
Observed price2023-04-071,418
Observed price2023-04-151,334
Observed price2023-04-231,228
Observed price2023-05-171,248
Observed price2023-05-291,315
Observed price2023-06-061,281
Observed price2023-06-141,302
Observed price2023-06-261,271
Observed price2023-07-161,410
Observed price2023-07-201,407
Observed price2023-07-241,336
Observed price2023-08-131,392
Observed price2023-09-021,453
Observed price2023-09-141,506
Observed price2023-09-261,472
Observed price2023-10-081,487
Observed price2023-10-201,428
Observed price2023-11-011,371
Observed price2023-11-051,396
Observed price2023-11-251,441
Observed price2023-12-071,469
Observed price2023-12-111,490
Observed price2023-12-151,577
Observed price2024-01-041,512
Observed price2024-01-241,654
Observed price2024-02-011,655
Observed price2024-02-171,690
Observed price2024-02-291,674
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 price2024-05-031,420
Observed price2024-05-231,458
Observed price2024-05-311,407
Observed price2024-06-081,522
Observed price2024-06-201,516
Observed price2024-07-061,655
Observed price2024-07-141,716
Observed price2024-07-301,872
Observed price2024-08-071,748
Observed price2024-08-271,898
Observed price2024-09-081,909
Observed price2024-09-161,946
Observed price2024-10-021,885
Observed price2024-10-141,954
Observed price2024-10-181,943
Observed price2024-11-031,763
Observed price2024-11-191,823
Observed price2024-11-231,897
Observed price2024-12-051,906
Observed price2024-12-131,984
Observed price2025-01-101,966
Observed price2025-01-181,867
Observed price2025-01-261,853
Observed price2025-02-071,905
Observed price2025-02-151,852
Observed price2025-03-071,685
Observed price2025-03-111,667
Observed price2025-03-311,558
Observed price2025-04-161,412
Observed price2025-04-241,478
Observed price2025-04-281,494
Observed price2025-05-141,593
Observed price2025-06-031,543
Observed price2025-06-111,628
Observed price2025-06-231,585
Observed price2025-07-051,622
Observed price2025-07-091,633
Observed price2025-07-291,514
Observed price2025-08-101,425
Observed price2025-08-221,505
Observed price2025-08-261,523
Observed price2025-09-071,474
Observed price2025-09-191,544
Observed price2025-10-011,448
Observed price2025-10-171,469
Observed price2025-10-251,518
Observed price2025-11-061,475
Observed price2025-11-261,548
Observed price2025-11-301,565
Observed price2025-12-201,646
Observed price2025-12-241,664
Observed price2026-01-131,599
Observed price2026-01-171,682
Observed price2026-02-061,507
Observed price2026-02-101,498
Observed price2026-03-021,289
Observed price2026-03-061,308
Observed price2026-03-181,227
Observed price2026-03-301,251
Observed price2026-04-071,339
Observed price2026-04-231,212
Observed price2026-05-131,123
Observed price2026-05-171,158
Observed price2026-06-021,213
Observed price2026-06-101,145
Observed price2026-06-301,000
Observed price2026-07-121,091
Observed price2026-07-241,041
Observed price2026-07-281,106
Observed price2026-08-091,180
Observed price2026-08-251,144
Observed price2026-09-101,037
Observed price2026-09-141,067
Observed price2026-09-241,015
Observed price2026-09-251,000
Published advisor forecast2026-09-181,051
Published advisor forecast2026-12-181,009
Published advisor forecast2027-03-181,030
Published advisor forecast2027-06-181,060
Published advisor forecast2027-09-181,029
Published advisor forecast2027-12-181,080
Published advisor forecast2028-03-181,112
Published advisor forecast2028-06-181,135
Published advisor forecast2028-09-181,180
Published advisor forecast2028-12-181,215
Published advisor forecast2029-03-181,179
Published advisor forecast2029-06-181,238
Published advisor forecast2029-09-181,275
Published advisor forecast2029-12-181,313
Published advisor forecast2030-03-181,340
Published advisor forecast2030-06-181,380
Published advisor forecast2030-09-181,407
Published advisor forecast2030-12-181,450
Published advisor forecast2031-03-181,421
Published advisor forecast2031-06-181,477
Published advisor forecast2031-09-181,522

2. Scenarios & Signals

Bull case

The bull case activates when Infosys proves deflation is a mix shift, not a revenue leak. Two conditions must combine: AI revenues compounding from 8.2% of sales toward twenty percent [4][7] while constant-currency growth returns above 6%, and the Fed easing that restores the multiple investors pay for stagnant-but-cash-rich compounders. Continued 4-5% annual share shrinkage then multiplies a recovering earnings base. That combination re-rates the stock toward 18x on higher per-share earnings — a doubling rather than a drift.

Bear case

The bear case activates when pricing deflation lands at the severe end and management stops paying it forward to shareholders. If renewals reprice at 9-12% revenue erosion [13], the 20-22% margin band breaks, the incoming CEO diverts buyback cash into an AI-platform build, and the rupee stabilises, then all three supports fail simultaneously: growth, margin, and the ~9% cash yield underwriting the valuation. A 13x multiple on falling earnings becomes 10x on lower earnings — meaning the apparent cheapness was a .

Current crowd narrative

The settled belief: Indian IT is a melting ice cube and Infosys is a proxy short on . Nifty IT fell 29% in 2026 and over 40% from its December 2024 peak [14][15], and the consensus bear case of ₹1,100 has already been breached [28]. Anchoring bias runs both ways — stale ₹1,700-1,800 targets [29] coexist with the view that any bounce is a selling opportunity.

Alpha-gap assessment

The crowd modestly underestimates these shares, implying underpricing — though not dramatically. At 13.4x trailing earnings with an 8.6% and ~9.3% combined dividend-plus-buyback yield, the price brackets a mid-to-severe deflation scenario, meaning the 2-3% base case [17] is more than discounted. The blind spot is share-count arithmetic: distributions shrank equity 12.7% in FY26, which is why jumped to 33.9% — partly , but real per-share compounding while dollar revenue stagnates. The offsetting truth: reported INR growth flatters underlying momentum.

Convergence catalyst

Recognition hinges on Infosys publishing its internal AI-led deflation rate alongside AI revenue share [18], most plausibly with FY28 guidance under the new CEO in April 2027. The first observable repricing sign: two consecutive quarters of positive sequential constant-currency growth with large-deal TCV above $4bn.

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