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Model Note · INFOSYS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INFOSYS LIMITED Discounted cash flow · base FY26
INFOSYS LIMITED
Value per share, this model₹1,287
CMP 2026-09-10₹1,037.70
Difference24.1%
Growth the CMP implies2.1%/yr
This note states the assumptions and the arithmetic of one model of INFOSYS LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
9.5% a year
FY26 9.6% · 5-yr CAGR 12.2%
EBITDA margin
22.9%
FY26 22.9% · 5-yr average 24.1%
Depreciation · capex, % of revenue
2.7% · 1.5%, fading to 1.2× depreciation
FY26 2.7% · 1.5%
Working capital, % of added revenue · tax
17.1% · 26.3%
62 working-capital days · effective 26.3%
Discount rate
11.00%
1-yr beta 0.77
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(22,201) · ₹0 · ₹0 cr
FY26 net debt ₹(22,201) cr
Shares
405.60 crore
405.60 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
1,78,650
1,95,622
2,14,206
2,34,555
2,56,838
2,81,238
growth %
9.6
9.5
9.5
9.5
9.5
9.5
EBITDA
40,991
44,797
49,053
53,713
58,816
64,403
Depreciation
(4,902)
(5,282)
(5,784)
(6,333)
(6,935)
(7,593)
NOPAT
26,598
29,123
31,890
34,919
38,237
41,869
less capex
(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
—
28,568
30,350
32,213
34,156
36,178
Present value
27,116
25,953
24,816
23,705
22,620
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · INFOSYS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,24,209
PV of the terminal value (75% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,328
1,420
1,531
1,666
1,835
10.5%
1,231
1,307
1,398
1,507
1,640
11.0%
1,147
1,212
1,287
1,376
1,483
11.5%
1,075
1,130
1,194
1,268
1,355
12.0%
1,012
1,060
1,114
1,176
1,249
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
