1 Peer Comparison & Ranking of INFY; 2 Currency Synopsis: Indian Rupees (INR) Peer Comparison & Ranking of INFY PEER COMPARISON: INFY IN INDICES Infosys Ltd. is a constituent of the following indices. Its market capitalization is $50 billion and accounts for 20.9% of the combined MCap of the BSE Information Technology Index. Index Name MCap of Index ($ b) INFY MCap as % of Index BSE Information Technology Index 240 20.9 BSE Teck Index 425 11.8 BSE SENSEX Index 1,556 3.2 Nifty Index 1,951 2.6 BSE 100 Index 2,505 2.0 BSE 200 Index 3,293 1.5 BSE 500 Index 3,884 1.3 FUNDAMENTALS VALUATION RANKING: Infosys Ltd. vs Indian Market Out of 3,931 stocks in the Indian Market, Infosys Ltd. is ranked sixteenth(16) by Net Profit $, Twenty-second(22) by P/Sales, Twenty-third(23) by P/Earnings and Forty-fifth(45) by Price/Net Tangible Assets. Indian Avg INFY INFY Rank Net Profit $ 261.4 M 3.1 B 16 P/Sales 1.97x 2.5x 22 P/Earnings 18.6x 15.5x 23 Price/Net Tangible Assets 2.4x 6.6x 45 ROE (%) 3.9 31.6 160 ROA (%) 3.02 18.9 190 Yield (%) 1.2 2.1 261 P/Earnings/ Growth 4.3x 1.4x 268 EPS Growth YOY (%) 4.3 10.98 1404 Premium to 52-Wk Low (%) 3.9 19.9 1742 Total Debt/Equity (the lower the better) 0.7x 0.3x 1904 Discount to 52-Wk High (%) 47.7 30.5 2210 Negative values are shown in brackets. Stock in Index and Stock in Sector Description INFY BSE SENSEX Index % of BSE SENSEX Index IT consulting & software sector % of IT consulting & software sector Net Profit $ 3.1 B 80.7 B 3.8 13.7 B 22.5 Revenue $ 19.2 B 586.2 B 3.3 93.5 B 20.6 Total Assets $ 16.4 B 2,826.6 B 0.6 82.7 B 19.8 MCap $ 50.1 B 1,556.4 B 3.2 289.6 B 17.3 Relative Valuation Indicators: Stock vs Index and Stock vs Sector Description INFY BSE SENSEX Index Avg. IT consulting & software sector Avg. Price/Earnings 15.5 19.2 20.3 P/Earnings/Growth 1.41 1.38 3.08 Yield (%) 2.13 1.54 3.28 Price/Net Tangible Assets 6.61 1.73 8.27 Total Debt/Equity (the lower the better) 0.33x 0.58x 0.21x MARKET SHARE Infosys Ltd. vs It Consulting & Software sector [It Consulting & Software sector Total in Brackets] Revenue of ₹1,829.7 billion ($19.2 billion)[20.8% of aggregate sector revenue of ₹8,810.1 billion; up from 20.4% in the previous year.] Net Profit of ₹294.4 billion ($3.1 billion) [22.7% of aggregate sector net profit of ₹1,298.1 billion; up from 21.5% in the previous year.] LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best] Infosys Ltd. is ranked number 2 out of 69 listed it consulting & software companies in the India with a market capitalization of ₹4,767.7 billion ($50.1 billion). In the it consulting & software companies it has the 2nd highest total assets and 2nd highest revenues. Within its sector it has a relatively low P/E of 15.5 and low P/E/G of 1.41. It has a strong relative ROE of 31.6% and ROA of 18.9%. The company paid a dividend of ₹25.0 in the last twelve months. The dividend yield is high at 2.1%. Finally, its earnings growth in the past 12 months has been a comparatively high 11%. Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1. Currency Synopsis: Indian Rupees (INR) % Change of INR vs Currency Basket Period-Based In the past year the Indian Rupee fell 7.4% against the US Dollars; in the past three years the Indian Rupee fell 12.6% against the US Dollars. Last Country 1-day % 1-week % 1-Year % 3-Yrs % INR1=0.01USD United States Of America - -0.5 -7.4 -12.6 INR1=0.07CNY China -0.2 -0.7 -13.2 -20.4 INR1=1.659JPY Japan -0.1 0.2 -3.9 -7.7 INR1=0.009EUR European Union - 0.2 -3.3 -16.9 INR1=14.047KRW South Korea -0.4 0.7 -13.1 -13.6 INR1=0.013SGD Singapore -0.2 -0.2 -8.4 -18.2 INR1=0.019NZD New Zealand 0.1 0.6 -4.7 -9.4 INR1=0.008GBP United Kingdom -0.1 - -8.1 -20.3 INR1=0.015AUD Australia -0.2 -0.8 -13.2 -21.1 INR1=0.082HKD Hong Kong - -0.4 -6.5 -12.3 INR1=0.009CHF Switzerland -0.4 0.3 -3.8 -19.8 INR1=0.015CAD Canada -0.5 - -7.2 -11.9 INR1=0.104SEK Sweden -0.6 -0.8 -2.4 -22.4 INR1=0.097NOK Norway -0.3 -1.4 -14.1 -27.4 INR1=0.197MXN Mexico 0.3 -0.8 -5.9 -9.3 1 Financials as Reported Q2 2026-27, Past 10 Years Financials as Reported Q2 2026-27, Past 10 Years Financials as reported (Quarter ending Sep 30, 2026) RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In INR Million, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED (Quarter ending Sep 30, 2026) Description INR Million INR Million Sep 30 2026 2025 Change % Revenue from operations 492,440 444,900 Up 10.7 Other income, net 8,480 9,820 Down 13.6 Total Income 500,920 454,720 Up 10.2 Expenses Employee benefit expenses 254,830 234,380 Up 8.7 Cost of technical sub-contractors 43,930 38,790 Up 13.3 Travel expenses 6,910 5,390 Up 28.2 Cost of software packages and others 45,730 40,250 Up 13.6 Communication expenses 1,510 1,600 Down 5.6 Consultancy and professional charges 6,770 4,800 Up 41.0 Depreciation and amortisation expenses 13,590 11,820 Up 15.0 Finance cost 1,150 1,060 Up 8.5 Other expenses 15,870 14,340 Up 10.7 Total expenses 390,290 352,430 Up 10.7 Profit before exceptional item and tax 110,630 102,290 Up 8.2 Exceptional item Impact of Labour Codes Profit before tax 110,630 102,290 Up 8.2 Tax expense: Current tax 33,980 31,780 Up 6.9 Deferred tax -1,730 -3,240 Improved 46.6 Profit for the period 78,380 73,750 Up 6.3 Other comprehensive income Items that will not be reclassified subsequently to profit or loss Remeasurement of the net defined benefit liability/asset, net -1,770 -380 Deterioration 365.8 Equity instruments through other comprehensive income, net -90 -80 Deterioration 12.5 Items that will be reclassified subsequently to profit or loss Fair value changes on derivatives designated as cash flow hedge, net -130 Exchange differences on translation of foreign operations 2,120 8,620 Down 75.4 Fair value changes on investments, net -970 -340 Deterioration 185.3 Total other comprehensive income/(loss), net of tax -840 7,820 Deterioration Total comprehensive income for the period 77,540 81,570 Down 4.9 Profit attributable to: Owners of the company 78,230 73,640 Up 6.2 Non-controlling interests 150 110 Up 36.4 Total 78,380 73,750 Up 6.3 Total comprehensive income attributable to: Owners of the company 77,330 81,400 Down 5.0 Non-controlling interests 210 170 Up 23.5 Total 77,540 81,570 Down 4.9 Paid up share capital (par value 5/- each, fully paid) 20,260 20,740 Down 2.3 Other equity * # 908,280 937,450 Down 3.1 Earnings per equity share (par value 5/- each)** Basic (in per share) ₹19.32 ₹17.76 Up 8.8 Diluted (in per share) ₹19.30 ₹17.74 Up 8.8 Dividend per share (par value 5/- each) Interim dividend ₹26.0 ₹23.0 Up 13.0 Final dividend BALANCE SHEET AS REPORTED (Quarter ending Sep 30, 2026) Description INR Million INR Million Sep 30, 2026 Mar 31, 2026 Change % ASSETS Property, plant and equipment 130,710 126,510 Up 3.3 Right of use assets 61,760 61,770 Down Capital work-in-progress 4,230 5,260 Down 19.6 Goodwill 148,640 121,170 Up 22.7 Other Intangible assets 44,250 28,250 Up 56.6 Financial assets Investments 83,900 89,300 Down 6.0 Loans 30 60 Down 50.0 Other financial assets 26,210 27,760 Down 5.6 Deferred tax assets (net) 23,070 22,640 Up 1.9 Income tax assets (net) 17,750 6,660 Up 166.5 Other non-current assets 36,740 35,400 Up 3.8 Total non-current assets 577,290 524,780 Up 10.0 Investments 137,610 129,500 Up 6.3 Trade receivables 348,210 352,340 Down 1.2 Cash and cash equivalents 243,500 222,010 Up 9.7 Loans 2,390 2,340 Up 2.1 Other financial assets 178,590 158,900 Up 12.4 Income tax assets (net) 380 18,350 Down 97.9 Other current assets 146,830 151,450 Down 3.1 Total current assets 1,057,510 1,034,890 Up 2.2 Total Assets 1,634,800 1,559,670 Up 4.8 EQUITY AND LIABILITIES Equity Equity share capital 20,260 20,240 Up 0.1 Other equity 970,510 908,280 Up 6.9 Total equity attributable to equity holders of the Company 990,770 928,520 Up 6.7 Non-controlling interests 4,660 4,450 Up 4.7 Total equity 995,430 932,970 Up 6.7 Liabilities Financial liabilities Lease liabilities 49,420 60,160 Down 17.9 Other financial liabilities 27,970 20,920 Up 33.7 Deferred tax liabilities (net) 18,850 16,790 Up 12.3 Other non-current liabilities 7,320 5,610 Up 30.5 Total non-current liabilities 103,560 103,480 Up 0.1 Lease liabilities 35,830 31,600 Up 13.4 Trade payables 44,980 47,440 Down 5.2 Other financial liabilities 211,620 214,830 Down 1.5 Other current liabilities 158,220 157,790 Up 0.3 Provisions 19,630 15,120 Up 29.8 Income tax liabilities (net) 65,530 56,440 Up 16.1 Total current liabilities 535,810 523,220 Up 2.4 Total liabilities 639,370 626,700 Up 2.0 Total equity and liabilities CASH FLOW AS REPORTED (Quarter ending Six Months Ended Sep 30, 2026) Description INR Million INR Million Sep 30 2026 2025 Change % Cash flow from operating activities Profit for the period 156,130 143,000 Up 9.2 Adjustments to reconcile net profit to net cash provided by operating activities: Income tax expense 64,780 56,700 Up 14.3 Depreciation and amortization 26,050 23,230 Up 12.1 Interest and dividend income -12,770 -15,540 Improved 17.8 Finance cost 2,350 2,110 Up 11.4 Impairment loss recognized / (reversed) under expected credit loss model 610 340 Up 79.4 Exchange differences on translation of assets and liabilities, net 180 5,730 Down 96.9 Stock compensation expense 4,600 4,710 Down 2.3 Provision for post sale client support -470 -970 Improved 51.5 Other adjustments 9,600 6,580 Up 45.9 Changes in assets and liabilities Trade receivables and unbilled revenue -3,250 -43,950 Improved 92.6 Loans, other financial assets and other assets 3,400 -1,750 Recovery Trade payables -3,590 -4,510 Improved 20.4 Other financial liabilities, other liabilities and provisions -6,880 29,390 Deterioration Cash generated from operations 240,740 205,070 Up 17.4 Income taxes (paid) / received -51,160 -29,960 Deterioration 70.8 Net cash generated by operating activities 189,580 175,110 Up 8.3 Cash flows from investing activities Expenditure on property, plant and equipment and intangibles, net of sale proceeds -15,850 -13,520 Deterioration 17.2 Deposits placed with corporation -7,750 -6,830 Deterioration 13.5 Redemption of deposits placed with corporation 5,150 3,920 Up 31.4 Interest and dividend received 8,830 16,130 Down 45.3 Payment towards acquisition of business, net of cash acquired -32,380 -6,370 Deterioration 408.3 Payment of contingent consideration pertaining to acquisition of business -270 -130 Deterioration 107.7 Other receipts 10 140 Down 92.9 Payments to acquire Investments Tax free bonds and government bonds -3,450 -210 Deterioration 1,542.9 Mutual fund units -393,130 -360,910 Deterioration 8.9 Certificates of deposit -48,270 -71,490 Improved 32.5 Commercial Papers -28,170 -26,860 Deterioration 4.9 Non-convertible debentures -13,320 -26,390 Improved 49.5 Government securities -7,170 -5,310 Deterioration 35.0 Other Investments -2,010 -220 Deterioration 813.6 Proceeds on sale of Investments Tax free bonds and government bonds 2,830 12,840 Down 78.0 Mutual fund units 367,880 329,670 Up 11.6 Certificates of deposit 88,500 58,570 Up 51.1 Commercial Papers 25,750 46,750 Down 44.9 Non-convertible debentures 2,330 16,250 Down 85.7 Government securities 10,220 32,650 Down 68.7 Other Investments 100 Net cash generated / (used in) from investing activities -40,170 -1,320 Deterioration 2,943.2 Cash flows from financing activities: Payment of lease liabilities -18,190 -13,820 Deterioration 31.6 Payment of dividends -101,260 -91,220 Deterioration 11.0 Loan repayment of acquired entities -8,120 Payment of dividend to non-controlling interest of subsidiary -40 -30 Deterioration 33.3 Shares issued on exercise of employee stock options 20 10 Up 100.0 Other payments -570 -1,810 Improved 68.5 Net cash used in financing activities -128,160 -106,870 Deterioration 19.9 Net increase / (decrease) in cash and cash equivalents 21,250 66,920 Down 68.2 Effect of exchange rate changes on cash and cash equivalents 240 6,850 Down 96.5 Cash and cash equivalents at the beginning of the period 222,010 244,550 Down 9.2 Cash and cash equivalents at the end of the period 243,500 318,320 Down 23.5 Source: Infosys Ltd.'s website: https://www.infosys.com/investors.html, company (Infosys Ltd.), Ticker(INFY) Download INFOSYS LTD. Financials Past 10 Years Description Mar 31, 2026 Mar 31, 2025 Mar 31, 2024 Mar 31, 2023 Mar 31, 2022 Income Statement Sales (B) 1,829.7 1,665.9 1,583.8 1,494.7 1,239.4 EBITDA (B) 449 424.2 406.7 375.5 335.9 Depreciation (B) 49 48.1 46.8 42.2 34.8 Profit before tax (B) 399.9 376.1 359.9 333.2 301.1 Tax (B) 105.2 108.6 97.4 92.1 79.6 Net profit (B) 294.4 267.1 262.3 240.9 221.1 EPS 71.58 64.5 63.39 57.63 52.52 Balance Sheet Total shareholders' equity (B) 928.5 958.2 881.2 754.1 753.5 Total Debt (B) 306.6 263.6 253.2 268.6 167.1 Total Assets (B) 1,559.7 1,489 1,378.1 1,258.2 1,178.8 Current Asset (B) 1,034.9 971 894.3 708.8 671.9 Fixed Asset (B) 126.5 117.8 123.7 133.5 130.8 Working Capital (B) 511.7 542.5 506.4 316.9 335.8 Cash Flow Operating Cash Flow (B) 339.9 356.9 252.1 224.7 238.8 Investing Cash Flow (B) 19.5 (19.5) (50.1) (12.1) (64.2) Financing Cash Flow (B) (397.9) (241.6) (175) (266.9) (246.4) Net Cash Flow (B) (38.5) 95.9 27 (54.4) (71.7) Description Mar 31, 2021 Mar 31, 2020 Mar 31, 2019 Mar 31, 2018 Mar 31, 2017 Income Statement Revenue per share 189.91 163.52 313 EBITDA (B) 298.9 249 221.3 216.5 Depreciation (B) 32.7 28.9 18.6 17 Profit before tax (B) 266.3 220.1 210.4 202.7 199.5 Tax (B) 72 53.7 56.3 42.4 56 Net profit (B) 193.5 165.9 154 160.3 143.5 EPS 45.61 38.97 35.44 35.53 31.39 Balance Sheet Total shareholders' equity (B) 763.5 654.5 649.5 649.2 689.8 Total Debt (B) 167.2 111 69.5 Total Assets (B) 1,083.9 927.7 847.4 798.9 833.5 Current Asset (B) 607.3 545.8 528.8 500.2 537 Fixed Asset (B) 125.6 124.3 133.6 101.2 97.5 Working Capital (B) 368.7 337.2 342.4 359.1 396.9 Cash Flow Operating Cash Flow (B) 23.2 170 158.4 132.2 115.3 Investing Cash Flow (B) (74.6) (2.4) (15.8) 44.5 (145.4) Financing Cash Flow (B) (97.9) (175.9) (145.1) (205.1) (69.4) Net Cash Flow (B) (149.2) (8.3) (2.5) (28.4) (99.5) Source: Infosys Ltd.'s website: https://www.infosys.com/investors.html, company (Infosys Ltd.), Ticker(INFY)