Financials Infosys Limited

Equities

INFY

INE009A01021

IT Services & Consulting

Market Closed - NSE India S.E. Other stock markets 11:05:03 13/02/2026 GMT			5-day change	1st Jan Change
1,369.10 ^INR	-1.22%		-9.16%	-15.25%

02-13	Asian Equities Traded in the US as American Depositary Receipts Advance in Friday Trading	MT
02-13	AI fears wipe out $50 billion from Indian IT stocks in February	RE

Projected Income Statement: Infosys Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,004,720	1,216,410	1,467,670	1,536,700	1,629,900	1,778,030	1,908,730	2,046,598
Change	-	21.07%	20.66%	4.7%	6.06%	9.09%	7.35%	7.22%
EBITDA ¹	278,890	314,910	351,300	364,250	392,360	419,198	457,906	492,097
Change	-	12.92%	11.56%	3.69%	7.72%	6.84%	9.23%	7.47%
EBIT ¹	246,220	280,150	309,050	317,470	344,240	371,663	405,703	436,076
Change	-	13.78%	10.32%	2.72%	8.43%	7.97%	9.16%	7.49%
Interest Paid ¹	-1,950	-2,000	-2,840	-4,700	-4,160	-4,122	-4,325	-4,358
Earnings before Tax (EBT) ¹	266,280	301,100	333,220	359,880	376,080	403,490	437,675	472,549
Change	-	13.08%	10.67%	8%	4.5%	7.29%	8.47%	7.97%
Net income ¹	193,510	221,100	240,950	262,330	267,130	288,038	313,420	338,680
Change	-	14.26%	8.98%	8.87%	1.83%	7.83%	8.81%	8.06%
Announcement Date	14/04/21	13/04/22	13/04/23	18/04/24	17/04/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2	2028 Q3
Net sales ¹	263,110	278,960	296,020	318,670	322,760	344,700	365,380	383,180	374,410	379,330	389,940	388,210	379,230	393,150	409,860	417,640	409,250	422,790	444,900	454,790	454,129	468,404	483,223	486,271	481,391	501,800	516,970	510,525
Change	-	6.02%	6.12%	7.65%	1.28%	6.8%	6%	4.87%	-2.29%	1.31%	2.8%	-0.44%	-2.31%	3.67%	4.25%	1.9%	-2.01%	3.31%	5.23%	2.22%	-0.15%	3.14%	3.16%	0.63%	-1%	4.24%	3.02%	-1.25%
EBITDA ¹	72,710	74,320	78,310	83,820	78,460	78,640	89,020	93,670	89,980	90,640	94,400	91,370	87,840	94,370	98,090	101,150	98,740	99,430	105,350	95,100	109,023	113,450	118,149	116,908	115,077	122,650	125,558	127,945
Change	-	2.21%	5.37%	7.04%	-6.39%	0.23%	13.2%	5.22%	-3.94%	0.73%	4.15%	-3.21%	-3.86%	7.43%	3.94%	3.12%	-2.38%	0.7%	5.95%	-9.73%	14.64%	4.06%	4.14%	-1.05%	-1.57%	6.58%	2.37%	1.9%
EBIT ¹	64,400	66,030	69,720	74,840	69,560	69,140	78,730	82,420	78,770	78,910	82,740	79,610	76,210	82,880	86,490	89,120	85,750	88,030	93,530	83,550	97,109	99,372	103,536	103,853	102,877	108,519	111,788	111,556
Change	-	2.53%	5.59%	7.34%	-7.06%	-0.6%	13.87%	4.69%	-4.43%	0.18%	4.85%	-3.78%	-4.27%	8.75%	4.36%	3.04%	-3.78%	2.66%	6.25%	-10.67%	16.23%	2.33%	4.19%	0.31%	-0.94%	5.48%	3.01%	-0.21%
Charge d'intérêts ¹	-500	-490	-480	-530	-500	-560	-660	-800	-820	-900	-1,380	-1,310	-1,100	-1,050	-1,080	-1,010	-1,020	-1,050	-1,060	-1,000	-1,006	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	69,350	71,760	74,480	79,430	75,430	75,340	83,910	89,310	84,660	83,620	87,680	86,190	102,400	90,210	92,530	96,700	96,630	97,400	102,290	92,290	105,029	105,946	112,140	110,639	109,453	115,588	118,628	118,431
Change	-	3.48%	3.79%	6.65%	-5.04%	-0.12%	11.38%	6.44%	-5.21%	-1.23%	4.86%	-1.7%	18.81%	-11.9%	2.57%	4.51%	-0.07%	0.8%	5.02%	-9.78%	13.8%	0.87%	5.85%	-1.34%	-1.07%	5.61%	2.63%	-0.17%
Net income ¹	50,760	51,950	54,210	58,090	56,860	53,600	60,210	65,860	61,280	59,450	62,120	61,060	79,690	63,680	65,060	68,060	70,330	69,210	73,640	66,540	75,200	76,800	80,362	80,527	80,149	84,331	86,562	86,371
Change	-	2.34%	4.35%	7.16%	-2.12%	-5.73%	12.33%	9.38%	-6.95%	-2.99%	4.49%	-1.71%	30.51%	-20.09%	2.17%	4.61%	3.34%	-1.59%	6.4%	-9.64%	13.02%	2.13%	4.64%	0.2%	-0.47%	5.22%	2.65%	-0.22%
Announcement Date	14/04/21	14/07/21	13/10/21	12/01/22	13/04/22	24/07/22	13/10/22	12/01/23	13/04/23	20/07/23	12/10/23	11/01/24	18/04/24	18/07/24	17/10/24	16/01/25	17/04/25	23/07/25	16/10/25	14/01/26	-	-	-	-	-	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Infosys Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-223,125	-174,720	-121,730	-147,860	-244,550	-317,738	-358,716	-417,528
Change	-	21.69%	30.33%	-21.47%	-65.39%	-29.93%	-12.9%	-16.4%
Announcement Date	14/04/21	13/04/22	13/04/23	18/04/24	17/04/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Infosys Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	21,070	21,610	25,790	22,010	22,370	42,144	38,059	42,675
Change	-	2.56%	19.34%	-14.66%	1.64%	88.39%	-9.69%	12.13%
Free Cash Flow (FCF) ¹	211,170	239,104	198,880	240,837	334,570	294,173	294,873	323,172
Change	-	13.23%	-16.82%	21.1%	38.92%	-12.07%	0.24%	9.6%
Announcement Date	14/04/21	13/04/22	13/04/23	18/04/24	17/04/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Infosys Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	27.76%	25.89%	23.94%	23.7%	24.07%	23.58%	23.99%	24.04%
EBIT Margin (%)	24.51%	23.03%	21.06%	20.66%	21.12%	20.9%	21.26%	21.31%
EBT Margin (%)	26.5%	24.75%	22.7%	23.42%	23.07%	22.69%	22.93%	23.09%
Net margin (%)	19.26%	18.18%	16.42%	17.07%	16.39%	16.2%	16.42%	16.55%
FCF margin (%)	21.02%	19.66%	13.55%	15.67%	20.53%	16.54%	15.45%	15.79%
FCF / Net Income (%)	109.13%	108.14%	82.54%	91.81%	125.25%	102.13%	94.08%	95.42%
Profitability
ROA	22.12%	19.54%	24.01%	24.26%	22.27%	19.22%	20.5%	20.6%
ROE	27.38%	29.15%	35.16%	32.08%	29.05%	31.08%	33.29%	33.73%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.1%	1.78%	1.76%	1.43%	1.37%	2.37%	1.99%	2.09%
CAPEX / EBITDA (%)	7.55%	6.86%	7.34%	6.04%	5.7%	10.05%	8.31%	8.67%
CAPEX / FCF (%)	9.98%	9.04%	12.97%	9.14%	6.69%	14.33%	12.91%	13.21%
Items per share
Cash flow per share ¹	54.64	56.62	53.65	60.82	86.01	85.96	87.56	92.48
Change	-	3.63%	-5.25%	13.37%	41.41%	-0.06%	1.87%	5.62%
Dividend per Share ¹	27	31	34	38	43	49.61	58.25	63.25
Change	-	14.81%	9.68%	11.76%	13.16%	15.37%	17.42%	8.58%
Book Value Per Share ¹	167.9	179.7	181.7	212.6	230.9	216.5	234.3	250.9
Change	-	7.02%	1.12%	16.99%	8.6%	-6.24%	8.22%	7.1%
EPS ¹	45.52	52.41	57.54	63.29	64.34	69.72	76.42	83.02
Change	-	15.14%	9.79%	9.99%	1.66%	8.36%	9.62%	8.63%
Nbr of stocks (in thousands)	4,244,364	4,192,284	4,104,700	4,139,618	4,142,547	4,045,683	4,045,683	4,045,683
Announcement Date	14/04/21	13/04/22	13/04/23	18/04/24	17/04/25	-	-	-