1 Peer Comparison & Ranking of INFY; 2 Currency Synopsis: Indian Rupees (INR) Peer Comparison & Ranking of INFY PEER COMPARISON: INFY IN INDICES Infosys is a constituent of the following indices. Its market capitalisation is $74 billion and accounts for 23.4% of the combined MCap of the BSE Information Technology Index. Index Name MCap of Index ($ b) INFY MCap as % of Index BSE Information Technology Index 314 23.4 BSE Teck Index 517 14.2 BSE SENSEX Index 1,873 3.9 Nifty Index 2,292 3.2 BSE 100 Index 2,921 2.5 BSE 200 Index 3,756 2.0 BSE 500 Index 7,910 0.9 BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING: Infosys vs Indian Market Out of 3,946 stocks in the Indian Market, Infosys is ranked eighteenth(18) by Net Profit $, Thirty-fourth(34) by P/Earnings, Thirty-fourth(34) by P/Sales and Fifty-eighth(58) by Price/Net Tangible Assets. Indian Avg INFY INFY Rank Net Profit $ 264.6 M 3 B 18 P/Earnings 32.6x 24.8x 34 P/Sales 3.3x 3.98x 34 Price/Net Tangible Assets 5.3x 8.6x 58 Yield (%) 0.6 2.8 111 ROA (%) 2.1 17.96 221 ROE (%) 14.8 27.8 225 P/Earnings/ Growth 1.2x 14.1x 516 EBITDA Margin% 14.4 25.5 704 EPS Growth YOY (%) - 1.8 1590 Total Debt/Equity (the lower the better) 0.8x 0.3x 1806 Premium to 52-Wk Low (%) 104.7 25.8 2231 Discount to 52-Wk High (%) 8.2 18.1 3350 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 B 74.8 B 4.0 13.9 B 21.3 Revenue $ 18.5 B 621.4 B 3.0 91.6 B 20.2 Total Assets $ 16.5 B 2,638.7 B 0.6 78.5 B 21.0 MCap $ 73.5 B 1,872.8 B 3.9 375.5 B 19.6 Relative Valuation Indicators: Stock vs Index and Stock vs Sector Description INFY BSE SENSEX Index Avg. IT consulting & software sector Avg. Price/Earnings 24.8 25.6 26.4 P/Earnings/Growth 14.14 1.66 3.07 Yield (%) 2.82 1.26 3.15 Price/Net Tangible Assets 8.61 4.21 10.4 Total Debt/Equity (the lower the better) 0.27x 0.71x 0.17x MARKET SHARE Infosys vs It Consulting & Software sector [It Consulting & Software sector Total in Brackets] Revenue of Rs1,665.9 billion ($18.5 billion)[20.2% of aggregate sector revenue of Rs8,262.7 billion; down from 20.3% in the previous year.] Net Profit of Rs267.1 billion ($3 billion) [21.3% of aggregate sector net profit of Rs1,255.2 billion; down from 22.6% in the previous year.] GLOBAL RANK [out of 46,392 stocks] AND RANK OF INFOSYS IN THE ASIA REGION [out of 26,222 stocks] Description Value Global Rank In Asia Region MCap ($) 73.5B 307 70 Total Assets ($) 16.6B 2,277 889 Revenue ($) 18.5B 884 314 Net Profit ($) 3B 523 163 Return on Equity % 27.8 2,062 918 Net Profit Margin % 16.1 7,613 4,182 Price to Book 9.7 31,820 21,042 Price/Earnings 27.0 16,473 10,642 Yield % 2.9 9,641 5,232 PV1000 (1Year) $* 842 31,281 18,327 $* Change (1Year) % 4.3 17,438 10,347 * 1 year ago $1 = INR 84.72 Dec 04, 2025: $ 1 equals INR 90.17 RANK OF INFOSYS IN THE BSE SENSEX INDEX [out of 30 stocks], IN THE INDIAN MARKET [out of 4307 stocks] AND IN THE IT CONSULTING & SOFTWARE SECTOR [out of 82 stocks] Description Value In BSE SENSEX Index In Indian Market In IT consulting & software sector Total Assets (Rs) 1,489B 17 65 2 Return on Equity % 27.8 4 207 7 Net Profit Margin % 16.1 13 739 13 Price to Book 8.6 21 3,020 43 Price/Earnings 24.8 10 1,089 10 Yield % 2.8 6 116 8 PV1000 (1Year) INR 896 26 942 17 LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best] Infosys is ranked number 2 out of 105 listed it consulting & software companies in the India with a market capitalization of Rs6,630.9 billion ($73.5 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 24.8. It has a strong relative ROE of 27.8% and ROA of 18%. The company paid a dividend of Rs22.0 in the last twelve months. The dividend yield is high at 2.8%. Finally, its earnings growth in the past 12 months has been a comparatively high 1.8%. 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 6.2% against the US Dollars; in the past three years the Indian Rupee fell 9.9% against the US Dollars. Last Country 1-day % 1-week % 1-Year % 3-Yrs % INR1=0.011USD United States Of America -0.7 -1.1 -6.2 -9.9 INR1=0.078CNY China -0.4 -1.2 -8.9 -9.3 INR1=1.725JPY Japan -0.6 -1.5 -2.5 4.7 INR1=0.01EUR European Union -0.7 -1.7 -15.2 -18.5 INR1=16.248KRW South Korea -0.5 -1.5 -1.9 1.8 INR1=0.014SGD Singapore -0.5 -1.3 -9.6 -13.5 INR1=0.019NZD New Zealand -0.8 -2.2 -3.6 0.6 INR1=0.008GBP United Kingdom -0.9 -1.8 -10.4 -16.7 INR1=0.017AUD Australia -0.9 -2.3 -7.3 -6.6 INR1=0.086HKD Hong Kong -0.4 -0.9 -6.1 -9.8 INR1=0.009CHF Switzerland -0.7 -1.6 -15.0 -22.7 INR1=0.015CAD Canada -0.7 -1.9 -6.5 -6.4 INR1=0.104SEK Sweden -1.0 -2.3 -19.7 -17.9 INR1=0.112NOK Norway -0.9 -2.2 -14.2 -6.6 INR1=0.203MXN Mexico -0.6 -1.7 -15.8 -14.0 1 Financials as Reported Q2 2024-25, Past 10 Years Financials as Reported Q2 2024-25, Past 10 Years Financials as reported (Q2/2025) RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In INR Million, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED (Q2/2025) Description INR Million INR Million Sep 30 2025 2024 Change % Revenue from operations 444,900 409,860 Up 8.5 Other income net 9,820 7,120 Up 37.9 Total Income 454,720 416,980 Up 9.1 Expenses Employee benefit expenses 234,380 215,640 Up 8.7 Cost of technical sub-contractors 38,790 31,900 Up 21.6 Travel expenses 5,390 4,580 Up 17.7 Cost of software packages and others 40,250 39,490 Up 1.9 Communication expenses 1,600 1,690 Down 5.3 Consultancy and professional charges 4,800 4,510 Up 6.4 Depreciation and amortisation expenses 11,820 11,600 Up 1.9 Finance cost 1,060 1,080 Down 1.9 Other expenses 14,340 13,960 Up 2.7 Total expenses 352,430 324,450 Up 8.6 Profit before tax 102,290 92,530 Up 10.5 Tax expense: Current tax 31,780 31,460 Up 1.0 Deferred tax -3,240 -4,090 Improved 20.8 Profit for the period 73,750 65,160 Up 13.2 Other comprehensive income Items that will not be reclassified subsequently to profit or loss Remeasurement of the net defined benefit liability/asset net -380 780 Deterioration Equity instruments through other comprehensive income net -80 -90 Improved 11.1 Items that will be reclassified subsequently to profit or loss Fair value changes on derivatives designated as cash flow hedges net -210 Exchange differences on translation of foreign operations 8,620 5,600 Up 53.9 Fair value changes on investments net -340 860 Deterioration Total other comprehensive income/(loss) net of tax 7,820 6,940 Up 12.7 Total comprehensive income for the period 81,570 72,100 Up 13.1 Profit attributable to: Owners of the company 73,640 65,060 Up 13.2 Non-controlling interests 110 100 Up 10.0 73,750 65,160 Up 13.2 Total comprehensive income attributable to: Owners of the company 81,400 71,900 Up 13.2 Non-controlling interests 170 200 Down 15.0 81,570 72,100 Up 13.1 Paid up share capital 20,740 20,720 Up 0.1 Other equity 937,450 860,450 Up 8.9 Earnings per equity share Basic Rs17.76 Rs15.71 Up 13.0 Diluted Rs17.74 Rs15.68 Up 13.1 BALANCE SHEET AS REPORTED (Q2/2025) Description INR Million INR Million Sep 30, 2025 Mar 31, 2025 Change % ASSETS Non-current assets Property plant and equipment 115,960 117,780 Down 1.5 Right of use assets 63,900 63,110 Up 1.3 Capital work-in-progress 11,240 8,140 Up 38.1 Goodwill 115,020 101,060 Up 13.8 Other Intangible assets 31,680 27,660 Up 14.5 Financial assets Investments 108,790 110,590 Down 1.6 Loans 90 160 Down 43.8 Other financial assets 37,690 35,110 Up 7.3 Deferred tax assets (net) 15,260 11,080 Up 37.7 Income tax assets (net) 20,060 16,220 Up 23.7 Other non-current assets 26,440 27,130 Down 2.5 Total non-current assets 546,130 518,040 Up 5.4 Current assets Financial assets Investments 126,060 124,820 Up 1.0 Trade receivables 339,680 311,580 Up 9.0 Cash and cash equivalents 318,320 244,550 Up 30.2 Loans 2,430 2,490 Down 2.4 Other financial assets 149,270 138,400 Up 7.9 Income tax assets (net) 260 29,750 Down 99.1 Other current assets 121,650 119,400 Up 1.9 Total current assets 1,057,670 970,990 Up 8.9 Total Assets 1,603,800 1,489,030 Up 7.7 EQUITY AND LIABILITIES Equity Equity share capital 20,740 20,730 Up Other equity 1,012,560 937,450 Up 8.0 Total equity attributable to equity holders of the Company 1,033,300 958,180 Up 7.8 Non-controlling interests 4,140 3,850 Up 7.5 Total equity 1,037,440 962,030 Up 7.8 Liabilities Non-current liabilities Financial liabilities Lease liabilities 59,830 57,720 Up 3.7 Other financial liabilities 23,200 21,410 Up 8.4 Deferred tax liabilities (net) 16,880 17,220 Down 2.0 Other non-current liabilities 2,470 2,150 Up 14.9 Total non-current liabilities 102,380 98,500 Up 3.9 Current liabilities Financial liabilities Lease liabilities 27,720 24,550 Up 12.9 Trade payables 38,390 41,640 Down 7.8 Other financial liabilities 200,740 181,380 Up 10.7 Other Current Liabilities 124,880 117,650 Up 6.1 Provisions 16,320 14,750 Up 10.6 Income tax liabilities (net) 55,930 48,530 Up 15.2 Total current liabilities 463,980 428,500 Up 8.3 Total equity and liabilities 160,380 1,489,030 Down 89.2 CASH FLOW AS REPORTED (Q2/2025) Description INR Million INR Million Sep 30 2025 2024 Change % Cash flow from operating activities Profit for the period 143,000 128,900 Up 10.9 Adjustments to reconcile net profit to net cash provided by operating activities: Income tax expense 56,700 53,840 Up 5.3 Depreciation and amortization 23,230 23,100 Up 0.6 Interest and dividend income -15,540 -12,570 Deterioration 23.6 Finance cost 2,110 2,140 Down 1.4 Impairment loss recognized / (reversed) under expected credit loss model 340 950 Down 64.2 Exchange differences on translation of assets and liabilities net 5,730 -2,980 Recovery Stock compensation expense 4,710 4,200 Up 12.1 Provision for post sale client support -970 260 Deterioration Other adjustments 6,580 8,760 Down 24.9 Changes in assets and liabilities Trade receivables and unbilled revenue -43,950 -27,350 Deterioration 60.7 Loans other financial assets and other assets -1,750 -2,330 Improved 24.9 Trade payables -4,510 -1,470 Deterioration 206.8 Other financial liabilities other liabilities and provisions 29,390 10,780 Up 172.6 Cash generated from operations 205,070 186,230 Up 10.1 Income taxes (paid) / received -29,960 -21,650 Deterioration 38.4 Net cash generated by operating activities 175,110 164,580 Up 6.4 Cash flows from investing activities Expenditure on property plant and equipment and intangibles -13,520 -9,680 Deterioration 39.7 Deposits placed with corporation -6,830 -5,790 Deterioration 18.0 Redemption of deposits placed with corporation 3,920 3,570 Up 9.8 Interest and dividend received 16,130 12,170 Up 32.5 Payment towards acquisition of business net of cash acquired -6,370 -31,550 Improved 79.8 Payment of contingent consideration pertaining to acquisition of business -130 Other receipts 140 50 Up 180.0 Payments to acquire Investments Tax free bonds and government bonds -210 -20 Deterioration 950.0 Liquid mutual fund units -360,910 -335,170 Deterioration 7.7 Certificates of deposit -71,490 -18,850 Deterioration 279.3 Commercial Papers -26,860 -22,270 Deterioration 20.6 Non-convertible debentures -26,390 -10,510 Deterioration 151.1 Government securities -5,310 Other Investments -220 -170 Deterioration 29.4 Proceeds on sale of Investments Tax free bonds and government bonds 12,840 Liquid mutual fund units 329,670 340,120 Down 3.1 Certificates of deposit 58,570 39,700 Up 47.5 Commercial Papers 46,750 71,350 Down 34.5 Non-convertible debentures 16,250 10,300 Up 57.8 Government securities 32,650 2,000 Up 1,532.5 Net cash generated / (used in) from investing activities -1,320 45,250 Deterioration Cash flows from financing activities: Payment of lease liabilities -13,820 -11,900 Deterioration 16.1 Payment of dividends -91,220 -115,920 Improved 21.3 Loan repayment of in-tech Holding GmbH -9,850 Payment of dividend to non-controlling interest of subsidiary -30 -20 Deterioration 50.0 Shares issued on exercise of employee stock options 10 30 Down 66.7 Other payments -1,810 -2,650 Improved 31.7 Net cash used in financing activities -106,870 -140,310 Improved 23.8 Net increase / (decrease) in cash and cash equivalents 66,920 69,520 Down 3.7 Effect of exchange rate changes on cash and cash equivalents 6,850 610 Up 1,023.0 Cash and cash equivalents at the beginning of the period 244,550 147,860 Up 65.4 Cash and cash equivalents at the end of the period 318,320 217,990 Up 46.0 Supplementary information: Restricted cash balance 4,100 4,070 Up 0.7 Download INFOSYS Financials Past 10 Years Description (March 31) 2025 2024 2023 2022 2021 Income Statement Sales (B) 1,665.9 1,583.8 1,494.7 1,239.4 1,026.7 Other Revenue (B) 36 47.1 27 22.9 22 EBITDA (B) 424.2 406.7 375.5 335.9 298.9 Depreciation (B) 48.1 46.8 42.2 34.8 32.7 Tax (B) 108.6 97.4 92.1 79.6 72 Net profit (B) 267.1 262.3 240.9 221.1 193.5 EPS 64.5 63.39 57.63 52.52 45.61 Balance Sheet Equity Share Capital (B) 958.2 881.2 754.1 753.5 763.5 Total Debt (B) 263.6 253.2 268.6 167.1 167.2 Total Assets (B) 1,489 1,378.1 1,258.2 1,178.8 1,083.9 Current Asset (B) 971 894.3 708.8 671.9 607.3 Fixed Asset (B) 117.8 123.7 133.5 130.8 125.6 Working Capital (B) 542.5 506.4 316.9 335.8 368.7 Cash Flow Operating Cash Flow (B) 356.9 252.1 224.7 238.8 23.2 Investing Cash Flow (B) (19.5) (50.1) (12.1) (64.2) (74.6) Financing Cash Flow (B) (241.6) (175) (266.9) (246.4) (97.9) Net Cash Flow (B) 95.9 27 (54.4) (71.7) (149.2) Description (March 31) 2020 2019 2018 2017 2016 Income Statement Revenue per share 189.91 163.52 313 286.84 EBITDA (B) 249 221.3 216.5 202 Depreciation (B) 28.9 18.6 17 14.6 Tax (B) 53.7 56.3 42.4 56 52.5 Net profit (B) 165.9 154 160.3 143.5 134.9 EPS 38.97 35.44 35.53 31.39 29.51 Balance Sheet Equity Share Capital (B) 654.5 649.5 649.2 689.8 617.4 Total Assets (B) 927.7 847.4 798.9 833.5 753.5 Current Asset (B) 545.8 528.8 500.2 537 517.5 Fixed Asset (B) 124.3 133.6 101.2 97.5 86.4 Working Capital (B) 337.2 342.4 359.1 396.9 385.1 Cash Flow Operating Cash Flow (B) 170 158.4 132.2 115.3 100.3 Investing Cash Flow (B) (2.4) (15.8) 44.5 (145.4) (9) Financing Cash Flow (B) (175.9) (145.1) (205.1) (69.4) (68.1) Net Cash Flow (B) (8.3) (2.5) (28.4) (99.5) 23.1