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India's second-largest IT-services firm, delivering software development, consulting and outsourcing to global clients.
India's second-largest IT-services firm, delivering software development, consulting and outsourcing to global clients.
Earns by billing clients for engineering and consulting time or for fixed-price projects, usually under multi-year outsourcing contracts, with North America the biggest region and banks the biggest industry. Finacle banking software adds product licences. Headcount and how fully staff are billed drive its economics, and founders and their families hold a minority, so no one controls it.
In one line: India's Accenture / Cognizant.
Moat: narrow (switching costs, scale, brand). Deep, multi-year outsourcing relationships are costly for clients to rip out and replace.
Headquarters: Bengaluru, India · Founded: 1981 · Employees: 328,594
Size Infosys (INFY.NS) is an India Information Technology company (Information Technology Services) with a market value of $50.7B, the 11th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,181 on 6 Nov 2026.
Performance Over six months the shares gained 1.6%, against +26.5% for the median peer and 0.0% for the India market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 6.3% over the last twelve months (peer median +10.4%); the operating margin is 20.7% (peer median 14.7%).
Valuation It trades at 15.5× forward earnings against a peer median of 17.9× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 28.7 points above its cost of capital (13.0% WACC).
Backlog Backlog (remaining performance obligations) was $12.3B at 31 Mar 2025, up 13% on a year earlier — 0.6 years of trailing revenue. Backlog detail →
Next results Next results expected around 13 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹1.89T | ₹1.79T | ₹1.63T | ₹1.54T | ₹1.47T |
| Revenue growth | — | +10% | +6% | +5% | — |
| Gross profit | ₹576B | ₹470B | ₹429B | ₹403B | ₹389B |
| EBITDA | ₹444B | ₹429B | ₹398B | ₹370B | ₹356B |
| Net income | ₹307B | ₹294B | ₹267B | ₹262B | ₹241B |
| Free cash flow | ₹345B | ₹340B | ₹355B | ₹248B | ₹214B |
| Capital expenditure | ₹29.6B | ₹27.3B | ₹22.4B | ₹22.0B | ₹25.8B |
| Total debt | ₹85.2B | ₹91.8B | ₹82.3B | ₹83.6B | ₹83.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Infosys INFY.NS | $50.7B | +2% | +6% | 21% | 15.5× | 6.6% |
| Tata Consultancy Services TCS.NS | $95.7B | +4% | +10% | 25% | 16.2× | 12.0% |
| Wipro WIPRO.NS | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% |
| HCL Technologies HCLTECH.NS | $41.4B | +22% | +13% | 18% | 19.5× | 11.8% |
| Cognizant CTSH | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% |
| Accenture ACN | $154B | +44% | +6% | 15% | 17.8× | 3.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INFY.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.1% | +10.0% | 7th highest of 21 |
| 6-month return | +1.6% | +26.5% | 5th lowest of 21 |
| Distance from 52-week high | -31.6% | -22.9% | 4th lowest of 21 |
| Revenue growth (TTM) | +6.3% | +10.4% | 5th lowest of 21 |
| Operating margin | 20.7% | 14.7% | 5th highest of 21 |
| Forward P/E | 15.5× | 17.9× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 6.6% | 5.0% | 9th most demanding of 19 |
| Growth delivered (Del g) | +12.2% | +8.3% | 5th highest of 19 |
| Hurdle (Req g minus delivered) | -5.6 pp | -0.5 pp | 6th least demanding of 19 |
| ROIC minus cost of capital | +28.7 pp | +8.0 pp | 3rd highest of 19 |
| EV / EBITDA | 10.1× | 12.0× | 5th cheapest of 16 |
| Net debt / EBITDA | -0.7× | -0.5× | 6th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Infosys INFY.NS | India | $50.7B | +2% | +6% | 21% | 15.5× | 6.6% | +12.2% |
| Workday WDAY | United States | $46.5B | +51% | +14% | 13% | 16.0× | 19.7% | +17.3% |
| HCL Technologies HCLTECH.NS | India | $41.4B | +22% | +13% | 18% | 19.5× | 11.8% | +11.5% |
| Hygon Information Technology 688041.SS | China | $66.0B | -36% | +59% | 19% | 100.6× | n/a | n/a |
| Nec 6701.T | Japan | $36.3B | +5% | +7% | 12% | 18.6× | 5.5% | +3.7% |
| Fujitsu 6702.T | Japan | $35.4B | +1% | +4% | 10% | 18.0× | 4.1% | -0.5% |
| Fortinet FTNT | United States | $87.3B | +4% | +20% | 33% | 31.6× | 22.4% | +21.3% |
| Cognizant CTSH | United States | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% | +4.9% |
| Tata Consultancy Services TCS.NS | India | $95.7B | +4% | +10% | 25% | 16.2× | 12.0% | +10.2% |
| Cloudflare NET | United States | $95.7B | +37% | +34% | -8% | 168.8× | n/a | n/a |
| HP Inc. HPQ | United States | $25.7B | +27% | +9% | 7% | 9.5× | -7.0% | -0.4% |
| Capgemini CAP.PA | France | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% | +7.2% |
| Credo Technology CRDO | United States | $22.7B | -36% | +165% | 32% | 16.5× | 47.4% | +86.8% |
| Rubrik RBRK | United States | $21.9B | +70% | +42% | -18% | 215.0× | 36.2% | +27.7% |
| Wipro WIPRO.NS | India | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% | +8.4% |
| Nomura Research Institute 4307.T | Japan | $20.2B | +40% | +8% | 19% | 26.4× | 0.7% | +8.2% |
| CDW CDW | United States | $19.6B | +51% | +11% | 7% | 12.9× | 2.6% | +4.0% |
| Tech Mahindra TECHM.NS | India | $19.0B | +26% | +14% | 14% | 23.9× | 20.3% | +8.5% |
| CGI GIB-A.TO | Canada | $17.2B | +27% | +6% | 17% | 12.2× | -12.0% | +5.5% |
| Accenture ACN | United States | $154B | +44% | +6% | 15% | 17.8× | 3.7% | +8.0% |
| OBIC 4684.T | Japan | $16.6B | +46% | +13% | 67% | 30.3× | 4.6% | +10.0% |
Infosys reported $12.3B of remaining performance obligations at 31 Mar 2025, up 13% from a year earlier. That is 0.6 years of trailing revenue already under contract.