Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: INFY· Info TechNot in Aug top-30Large cap

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 ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

3.1

Profitability

4.3

Balance sheet

4.8

Cash conversion

4.0

Valuation

2.5

Sales1,78,650 cr FY26

Net Profit29,440 cr FY26

Operating margin22.2% FY26

ROCE41.1% FY26

Revenue CAGR 3y

6.8%

5y 12.2%

Net profit CAGR 3y

6.9%

5y 8.8%

Operating margin

22.2%

3y avg 23.7%

CFO / PAT, 3y

1.15x

FCF ₹87,725 cr cumulative

ROCE

41.1%

3y avg 38.1%

Debt / equity

0.00x

interest cover 97.1x

Cash conversion cycle

68 days

60 days three years earlier

P/E

13.7x

PEG 2.0 on 3y PAT growth

Promoter holding

13.8%

FII 27.4% · DII 42.8%

Growth. Revenue compounded 6.8% a year over FY23–FY26, net profit 6.9%; the latest year grew 9.6% (profit 10.2%). · Tijori P&L, annual
Margins. Operating margin 22.2% in FY26, −1.5 pp against the prior three-year average. · Tijori P&L (OPM)
Cash conversion. Operating cash flow was 1.15x reported profit across the last three years; free cash flow of ₹87,725 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 41.1% and ROE 31.7% in FY26 (three-year average ROCE 38.1%). · Tijori ratios sheet
Balance sheet. Effectively debt-free. · Tijori ratios sheet
Valuation. 13.7x trailing earnings, 10.4x EV/EBITDA, 5.5x book — 2.0x the three-year profit growth rate; dividend yield 3.8%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue 14.0% YoY, net profit 12.3% YoY; 4 of the last 4 quarters grew revenue year on year. · Tijori quarterly results

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Depreciation Effect: Depreciation accounting is not leading to increase in profits
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have not pledged a significant portion of their holding
Retail Holding: Retail has been buying the stock which is usually a sign of exuberance
Promoter Holding: Promoter has not sold any shares in the last 90 days
Revenue Recognition: Company is converting accounting profit to cash

Price & Performance

Capex vs ROCE: Roce of the company has increased over the last three years
ROE: Roe has decreased vs 10 year trend
Share price: Share price has increased over last 10 years due to earnings
Working Capital: Working capital of the company seems to be under control
Current vs Historic Valuation: Company is trading at a discount to 3yr historic valuations
Debt: Company should not have issues servicing its debt
Sales Growth: Sales of the company has grown at a good pace
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is consistently strong
Balance Sheet Strength: Balance sheet of the company is strong. but it might have issues paying it suppliers

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Infosys

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	31.71%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	31.71%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	40.00%
Net profit	Tijori P&L	FY26	consolidated, annual	₹29,440 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹30,325 cr
	Tijori screener	TTM	trailing 12 months	₹30,325 cr
	House model (one-pager)	FY26	standalone, annual	₹29,474 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹7,769 cr
P/E	Tijori screener	TTM at 2026-09-28	price ÷ trailing EPS	13.80x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	17.20x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	16.60x
P/B	Tijori screener	at 2026-09-28	price ÷ book value per share	4.50x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	5.55x
Market cap	BSE master	2026-09-28	BSE full market cap	₹4,12,479 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹4,17,921 cr
	House one-pager	31-Jul-26	₹ lakh crore as printed	₹4,69,000 cr
Promoter holding	Tijori screener	latest filing	% of shares	13.82%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	153,670	162,990	178,650
EBITDA (₹ cr)	36,425	39,236	42,280
Net profit (₹ cr)	26,248	26,750	29,474
ROE (%)	40.0	38.0	40.0

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	70,522	82,675	90,791	1,00,472	1,21,641	1,46,767	1,53,670	1,62,990	1,78,650	1,84,582
Operating Expenses	51,629	62,505	69,035	72,929	90,150	1,12,284	1,17,245	1,24,069	1,38,988	1,40,837
Raw Material	—	—	—	—	—	—	—	—	—	32,501
Material Cost (%)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	17.61
Employee Cost	38,893	45,315	50,887	55,541	63,986	78,359	82,620	85,950	95,094	97,535
Power & Fuel Cost	207	221	229	143	132	176	199	222	223	—
Operating Profit	18,893	20,170	21,756	27,543	31,491	34,483	36,425	38,921	39,662	43,745
Other Income	3,311	2,882	3,314	2,547	2,295	3,348	4,711	3,915	6,940	4,264
OPM (%)	26.79	24.40	23.96	27.41	25.89	23.50	23.70	23.88	22.20	23.70
Depreciation and Amortisation	1,863	2,011	2,893	3,267	3,476	4,225	4,678	4,812	4,902	5,007
Interest	—	—	170	195	200	284	470	416	416	430
Profit Before Tax	20,270	21,041	22,007	26,628	30,110	33,322	35,988	37,608	39,995	41,283
Tax	4,241	5,631	5,368	7,205	7,964	9,214	9,740	10,858	10,521	10,958
Net Profit	16,029	15,404	16,594	19,351	22,110	24,095	26,233	26,713	29,440	30,325
Number of shares(Crs)	218	436	426	426	421	415	415	415	406	—
Dividend Payout Ratio(%)	59.05	60.52	44.71	59.27	58.78	58.39	72.63	66.74	66.00	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	—	—	—	130.00	138.00	152.00	118.00	77.57	91.40	97.14
Cash Conversion Cycle	63.03	65.90	61.74	66.96	68.63	63.00	59.84	66.05	68.69	67.82
Inventory Days	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Receivable	63.03	65.90	61.74	66.96	68.63	63.00	59.84	66.05	68.69	67.82
Debt to Equity Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Free Cash Flow/Sales (%)	12.81	15.91	14.99	15.09	21.02	17.86	13.55	14.97	20.53	17.50
Free Cash Flow(est) (Crs)	8,771.00	11,220.00	12,396.00	13,696.00	21,117.00	21,724.00	19,888.00	23,009.00	33,457.00	31,259.00
Gross Margin (%)	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
Op Profit Margin (%)	26.64	26.79	24.40	23.96	27.41	25.89	23.50	23.70	23.88	22.20
Net Profit Margin (%)	20.96	22.73	18.63	18.28	19.26	18.18	16.42	17.07	16.39	16.48
ROCE (%)	29.04	31.38	32.51	31.61	32.15	36.49	39.36	36.99	36.23	41.13
ROIC (%)	51.52	59.73	51.90	39.72	47.97	55.43	49.12	43.55	46.67	47.66
ROE (%)	20.81	24.69	23.72	25.35	25.34	29.34	31.95	29.77	27.88	31.71
Net Profit Margin (%)	20.96	22.73	18.63	18.28	19.26	18.18	16.42	17.07	16.39	16.48
P/E	16.27	15.40	20.89	16.36	30.03	36.16	24.52	23.66	24.37	17.20
Price to Book	3.39	3.81	4.97	4.17	7.65	10.70	7.93	7.12	6.87	5.55
EV/EBITDA	9.73	10.22	13.11	10.09	18.49	23.15	15.29	14.73	14.63	10.39
Dividend Yield (%)	2.52	3.83	2.90	2.73	1.97	1.63	2.38	3.07	2.74	3.84

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.