Infosys

Tactical IT floor trade

Last close: ₹1,015.40; 29 Sept 2026 · reference
1D · 1M: +1.2% · −11.2%; price-only
Weight: 0.7%; 31 Jul 2026 · Aug rank —
Thesis review: 8 Sep 2026; Why We Own, p49

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Broker research · 1 report

Sell-side views, extracted from the PDFs on file

Antique Stock Broking LimitedHOLDdailymulti-company

Antique's Morning Presentation - From The Research Desk (Indian Banking Sector; NBFC 1QFY27 Review; Cement; FMCG)

19 Aug 2026 · Manjith Nair, Pashmi Chheda, Raju Barnawal · 86 pp · open PDF ↗

Target: ₹1,115
At report: ₹1,115
Vs our close: +9.8%

Infosys appears in the Valuation Guide appendix (no dedicated commentary) and as an ADR gainer; rated HOLD with TP equal to CMP (0% upside).

Key points

Valuation Guide: TP Rs 1,115 (0% upside), Mcap $47.2bn, FY27E/FY28E/FY29E EPS Rs 74.4/77.3/80.5, P/E 15.0x/14.4x/13.8x
Listed among ADR/GDR gainers on the report date, up 1.8% to $11.8

Extraction note: This is a very long (86-page) multi-sector daily; only sections/data relevant to tracked portfolio companies were extracted in depth. The daily's Banking sector report (pages 3-60) also covers non-portfolio banks in similar depth: Kotak Mahindra Bank, IndusInd Bank, Federal Bank,…

Figures are transcribed from each broker's PDF as printed (units as the broker states them) and are the broker's estimates, not Buoyant's. "Vs our close" recomputes the target against the latest reference close (29 Sept 2026).

SWOT

Strengths · Weaknesses · Opportunities · Threats

Draft

Strengths

Cheapest it has been in a decade: 14.2x TTM P/E (Buoyant FY27e 16.6x / FY28e 13.1x) vs 5-yr average ~24x, with ROE 31-40% and ROCE 40% - de-rating has already priced a low-growth AI-deflation scenario.
Cash returns underwrite the downside: dividend yield 4.4% (FY26 payout Rs 48/share, 68.5% payout) plus Rs 18,000 cr buyback (10 cr shares extinguished Dec-2025); FCF conversion 116% of PAT in Q1FY27 ($955 mn).
Margin resilience despite pricing pressure: operating margin 21.1% in Q1FY27 (+30 bps YoY) within 20-22% guidance; large-deal TCV $3.6 bn with 61% net new gives visibility even as organic growth is ~0-1%.
AI is becoming revenue, not only deflation: AI revenues 8.2% of total in Q1FY27 (Topaz/agentic deals); TCS reports a $2.6 bn AI run-rate, showing the tier-1 vendors are capturing the new spend pool.

Weaknesses

vs TCS: TCS trades at 15.2x with 2.8% yield and 52% ROE but 4.6% PAT growth in Q1; Infosys is cheaper (14.2x), yields 4.4%, and has larger net-new deal wins ($3.6 bn TCV, 61% net new) - Buoyant is buying the discount, not the franchise premium.
vs HCLTech: HCL (19.2x P/E, 4.2% yield) grew INR revenue 14% with 16.9% margin; Infosys offers 420 bps higher margin (21.1%) at a ~25% lower multiple, though HCL's products/ER&D mix has the better growth.

Opportunities

Q2FY27 results (mid-Oct 2026): any narrowing of the guidance band toward the top end (3%) or margin above 21.5% would trigger upgrades from a 14x base.
FY27 interim dividend (Oct-2026) and possible next buyback given ~85% FCF payout policy and Rs 18,000 cr buyback completed Dec-2025.
Large-deal ramps ($3.6 bn Q1 TCV, 61% net new) converting into H2 FY27 revenue; AI revenue share moving above 10%.

Threats

Structural AI deflation: if agentic tools compress billable effort faster than new AI spend arrives, organic growth stays ~0% and the 13-16x target multiples brokers now use become the ceiling, not the floor.
US macro/visa/tariff shocks and client-specific project terminations (PL Capital cited one in Q1) - 60%+ revenue from North America.
Low promoter holding (13.8%, -0.56% QoQ) means no anchor buyer; DIIs already hold 42.8% so incremental domestic support is limited.

Compiled from the approved one-pager (Why We Own What We Own, 8 Sep 2026): why-we-own → strengths, catalysts → opportunities, key risks → threats, peer caveats → weaknesses. Editorial mapping pending review. · author: compiled from the approved one-pager

Research reports · upload with a check step

0 approved · 0 pending · 0 rejected

Only approved reports are readable from the company page; the reviewer must differ from the uploader. Files are hashed (duplicates skipped) and held in the private store.

Internal evidence

Buoyant sources for this name

August 2026 top-30 disclosure — rank n/a, Info Tech, —. Buoyant AIF I Top 30 Holdings - Aug 2026.pdf
One-pager, "Why We Own What We Own" — p49, 8 Sep 2026. Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026)
Sales playbook, Aug 2026 — holdings matrix (PMS/AIF I/AIF II, $31 Jul 2026). Buoyant_Capital_Sales_Playbook_Aug_2026_Full_Holdings.pdf

Original PDFs are in the supplied package on disk; private object storage is not configured, so source pages are referenced, not served.

Company filings

Investor documents (Tijori knowledge base)

annual reports

earnings releases

investor presentations

conference calls

Links open the issuer's or exchange's document; fetched only through the user's browser, never by the platform.

Ownership

Shareholding · Jun'26

Promoter	13.82%
Indian Promoters	13.82%
SUDHA GOPALAKRISHNAN	2.55%
ROHAN MURTY	1.63%
NANDAN M NILEKANI	1.09%
AKSHATA MURTY	1.04%
ASHA DINESH	1.03%
SUDHA N MURTY	0.92%
ROHINI NILEKANI	0.92%
DINESH KRISHNASWAMY	0.87%
S GOPALAKRISHNAN	0.85%
NARAYANA MURTHY	0.40%
Public Shareholding	86.18%
Institutions	70.08%