Company Valuation: Infosys Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Capitalization 1 7,994,057 5,861,306 6,201,355 6,506,491 5,060,687 4,772,190 - -
Change - -26.68% 5.8% 4.92% -22.22% -5.7% - -
Enterprise Value (EV) 1 7,819,337 5,739,576 6,053,495 6,261,941 5,060,687 4,381,680 4,319,424 4,281,826
Change - -26.6% 5.47% 3.44% -19.18% -13.42% -1.42% -0.87%
P/E ratio 36.4x 24.8x 23.7x 24.4x 17.5x 15.3x 14.4x 13.6x
PBR 10.6x 7.86x 7.05x 6.8x - 4.83x 4.52x 4.28x
PEG - 2.53x 2.37x 14.71x 1.6x 1.98x 2.27x 2.29x
Capitalization / Revenue 6.57x 3.99x 4.04x 3.99x 2.83x 2.47x 2.34x 2.23x
EV / Revenue 6.43x 3.91x 3.94x 3.84x 2.83x 2.26x 2.12x 2x
EV / EBITDA 24.8x 16.3x 16.6x 16x 12.3x 9.49x 8.87x 8.41x
EV / EBIT 27.9x 18.6x 19.1x 18.2x 14x 10.7x 10.1x 9.49x
EV / FCF 32.7x 28.9x 25.1x 18.7x - 14.9x 13.4x 12.4x
FCF Yield 3.06% 3.47% 3.98% 5.34% - 6.72% 7.47% 8.03%
Dividend per Share 2 31 34 38 43 - 59.11 63.1 69.37
Rate of return 1.63% 2.38% 2.54% 2.74% - 5.01% 5.35% 5.88%
EPS 2 52.41 57.54 63.29 64.34 71.46 76.98 81.85 86.72
Distribution rate 59.1% 59.1% 60% 66.8% - 76.8% 77.1% 80%
Net sales 1 1,216,410 1,467,670 1,536,700 1,629,900 1,786,500 1,935,523 2,035,401 2,137,686
EBITDA 1 314,910 351,300 364,250 392,360 411,560 461,670 487,082 509,221
EBIT 1 280,150 309,050 317,470 344,240 362,540 407,692 429,268 451,087
Net income 1 221,100 240,950 262,330 267,130 294,400 312,855 332,631 350,627
Net Debt 1 -174,720 -121,730 -147,860 -244,550 - -390,510 -452,766 -490,364
Reference price 2 1,906.85 1,427.95 1,498.05 1,570.65 1,250.60 1,179.20 1,179.20 1,179.20
Nbr of stocks (in thousands) 4,192,284 4,104,700 4,139,618 4,142,547 4,046,607 4,046,972 - -
Announcement Date 13/04/22 13/04/23 18/04/24 17/04/25 23/04/26 - - -
1INR in Million2INR
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
15.32x2.26x9.49x5.01% 50.53B
22.59x3.69x12.82x2.94% 216B
13.42x1.43x7.49x3.61% 111B
17.06x3.11x11.44x4.98% 91.73B
19.23x3.93x13.39x3.08% 85.14B
19.42x5.09x12.58x2.95% 59.52B
-54.35x8.37x54.46x-.--% 52.64B
13.41x1.54x10.55x1.2% 37.46B
22.52x1.52x10.87x0.78% 35.57B
16.33x2.07x9.79x5.32% 34.33B
Average 10.49x 3.30x 15.29x 2.99% 77.36B
Weighted average by Cap. 13.57x 3.38x 14.22x 3.15%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  4. Valuation Infosys Limited