Models
INFOSYS LIMITEDINFYIT - Software
₹1,287per share · Base Model Note
Scenario
Value per share, your model₹1,287implied FY26 P/E 17.4× · EV/EBITDA 12.2×
Against CMP ₹1,037.70+24.1%close of 2026-09-10
Growth the CMP implies2.1%revenue, a year for 5 years, on your other inputs
Value after FY3175%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹1,012₹1,835
52-week rangetraded range, a fact not a value
₹982₹1,728
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,24,209 |
| PV of terminal value | 3,75,723 |
| Enterprise value | 4,99,932 |
| less net debt | 22,201 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 5,22,133 |
| ÷ 405.60 crore shares | ₹1,287 |
75% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 1,328 | 1,420 | 1,531 | 1,666 | 1,835 |
| 10.50% | 1,231 | 1,307 | 1,398 | 1,507 | 1,640 |
| 11.00% | 1,147 | 1,212 | 1,287 | 1,376 | 1,483 |
| 11.50% | 1,075 | 1,130 | 1,194 | 1,268 | 1,355 |
| 12.00% | 1,012 | 1,060 | 1,114 | 1,176 | 1,249 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,037.70; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 1,072 · 1,280 · 1,537 |
| Draws below the CMP | 6% |
| Rank correlation with ebitda margin | +0.66 |
| Rank correlation with discount rate | −0.62 |
| Rank correlation with revenue growth | +0.35 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,46,767 | 1,53,670 | 1,62,990 | 1,78,650 | 1,95,622 | 2,14,206 | 2,34,555 | 2,56,838 | 2,81,238 |
| growth % | 20.7 | 4.7 | 6.1 | 9.6 | 9.5 | 9.5 | 9.5 | 9.5 | 9.5 |
| EBITDA | 35,130 | 36,425 | 39,236 | 40,991 | 44,797 | 49,053 | 53,713 | 58,816 | 64,403 |
| margin % | 23.9 | 23.7 | 24.1 | 22.9 | 22.9 | 22.9 | 22.9 | 22.9 | 22.9 |
| less depreciation | (4,225) | (4,678) | (4,812) | (4,902) | (5,282) | (5,784) | (6,333) | (6,935) | (7,593) |
| EBIT | 30,905 | 31,747 | 34,424 | 36,089 | 39,516 | 43,270 | 47,380 | 51,881 | 56,810 |
| less tax on EBIT | (9,491) | (10,393) | (11,380) | (12,461) | (13,645) | (14,941) | |||
| NOPAT | 26,598 | 29,123 | 31,890 | 34,919 | 38,237 | 41,869 | |||
| add depreciation | 4,225 | 4,678 | 4,812 | 4,902 | 5,282 | 5,784 | 6,333 | 6,935 | 7,593 |
| less capex | (2,579) | (2,201) | (2,237) | (2,727) | (2,934) | (4,145) | (5,559) | (7,204) | (9,112) |
| less working-capital build | — | (2,902) | (3,178) | (3,480) | (3,810) | (4,172) | |||
| Free cash flow to firm | 19,888 | 23,009 | 33,457 | — | 28,568 | 30,350 | 32,213 | 34,156 | 36,178 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 27,116 | 25,953 | 24,816 | 23,705 | 22,620 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 0, dividends at 63.4% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 36,089 | 39,516 | 43,270 | 47,380 | 51,881 | 56,810 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 39,516 | 43,270 | 47,380 | 51,881 | 56,810 | |
| Profit after tax | 29,440 | 29,123 | 31,890 | 34,919 | 38,237 | 41,869 |
| Dividends | (18,653) | (18,464) | (20,218) | (22,139) | (24,242) | (26,545) |
| Balance sheet, year end | ||||||
| Cash | 22,201 | 32,305 | 42,438 | 52,512 | 62,427 | 72,060 |
| Working capital | 30,493 | 33,395 | 36,573 | 40,053 | 43,863 | 48,035 |
| Net block and other assets | 1,03,273 | 1,00,926 | 99,287 | 98,513 | 98,783 | 1,00,301 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 93,297 | 1,03,956 | 1,15,628 | 1,28,408 | 1,42,403 | 1,57,727 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 31,503 | 34,495 | 37,772 | 41,361 | 45,290 | |
| Investing (capex) | (2,934) | (4,145) | (5,559) | (7,204) | (9,112) | |
| Financing (dividends) | (18,464) | (20,218) | (22,139) | (24,242) | (26,545) | |
| Net change in cash | 10,104 | 10,132 | 10,075 | 9,915 | 9,633 | |
| Free cash flow to equity | 28,568 | 30,350 | 32,213 | 34,156 | 36,178 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 9.5% | 22.9% | 11.00% | 5% | ₹1,287 | 24.1% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.