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 $58 billion and accounts for 23.4% of the combined MCap of the BSE Information Technology Index. Index Name MCap of Index ($ b) INFY MCap as % of Index BSE Information Technology Index 247 23.4 BSE Teck Index 426 13.6 BSE SENSEX Index 1,679 3.4 Nifty Index 2,088 2.8 BSE 100 Index 2,696 2.1 BSE 200 Index 3,494 1.7 BSE 500 Index 7,168 0.8 BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING: Infosys vs Indian Market Out of 3,933 stocks in the Indian Market, Infosys is ranked eighteenth(18) by Net Profit $, Thirty-sixth(36) by P/Sales, Thirty-eighth(38) by P/Earnings and Fifty-first(51) by Price/Net Tangible Assets. Indian Avg INFY INFY Rank Net Profit $ 251.3 M 2.9 B 18 P/Sales 3.1x 3.97x 36 P/Earnings 32.1x 25.6x 38 Price/Net Tangible Assets 4.9x 6.9x 51 Yield (%) 0.7 3.4 92 ROA (%) 2.03 17.96 221 ROE (%) 14.1 27.8 225 Premium to 52-Wk Low (%) 88.8 3.5 473 P/Earnings/ Growth 1.4x 14.6x 518 EBITDA Margin% 14.8 25.5 704 EPS Growth YOY (%) 22.8 1.8 1590 Total Debt/Equity (the lower the better) 0.8x 0.3x 1806 Discount to 52-Wk High (%) 15.3 24.3 3070 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 $ 2.9 B 73.5 B 4.0 13.7 B 21.3 Revenue $ 18.1 B 610.5 B 3.0 90 B 20.2 Total Assets $ 16.2 B 2,592.1 B 0.6 77.1 B 21.0 MCap $ 57.8 B 1,678.6 B 3.4 290.7 B 19.9 Relative Valuation Indicators: Stock vs Index and Stock vs Sector Description INFY BSE SENSEX Index Avg. IT consulting & software sector Avg. Price/Earnings 25.6 20.4 22.0 P/Earnings/Growth 14.62 0.65 9.01 Yield (%) 3.44 1.34 3.68 Price/Net Tangible Assets 6.89 3.84 8.18 Total Debt/Equity (the lower the better) 0.27x 0.72x 0.18x MARKET SHARE Infosys vs It Consulting & Software sector [It Consulting & Software sector Total in Brackets] Revenue of Rs1,665.9 billion ($18.1 billion)[20.2% of aggregate sector revenue of Rs8,258 billion; down from 20.3% in the previous year.] Net Profit of Rs267.1 billion ($2.9 billion) [21.3% of aggregate sector net profit of Rs1,253.9 billion; down from 22.6% in the previous year.] GLOBAL RANK [out of 46,274 stocks] AND RANK OF INFOSYS IN THE ASIA REGION [out of 26,259 stocks] Description Value Global Rank In Asia Region MCap ($) 57.8B 423 90 Total Assets ($) 16.2B 2,295 896 Revenue ($) 18.1B 888 324 Net Profit ($) 2.9B 517 166 Return on Equity % 27.8 2,013 905 Net Profit Margin % 16.1 7,520 4,165 Price to Book 9.7 31,484 20,939 Price/Earnings 27.0 16,279 10,559 Yield % 2.9 9,462 5,144 PV1000 (1Year) $* 765 34,047 20,359 $* Change (1Year) % 4.3 17,393 10,401 * 1 year ago $1 = INR 87.04 Mar 06, 2026: $ 1 equals INR 91.79 RANK OF INFOSYS IN THE BSE SENSEX INDEX [out of 29 stocks], IN THE INDIAN MARKET [out of 4296 stocks] AND IN THE IT CONSULTING & SOFTWARE SECTOR [out of 79 stocks] Description Value In BSE SENSEX Index In Indian Market In IT consulting & software sector Total Assets (Rs) 1,489B 16 65 2 Return on Equity % 27.8 4 207 7 Net Profit Margin % 16.1 12 735 13 Price to Book 6.9 17 2,893 43 Price/Earnings 25.6 14 1,192 19 Yield % 3.4 4 97 7 PV1000 (1Year) INR 808 24 1,436 21 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 Rs5,303.4 billion ($57.8 billion). In the it consulting & software companies it has the 2nd highest total assets and 2nd highest revenues. 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 3.4%. 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 4.7% against the US Dollars; in the past three years the Indian Rupee fell 10.5% against the US Dollars. Last Country 1-day % 1-week % 1-Year % 3-Yrs % INR1=0.011USD United States Of America 0.5 -0.7 -4.7 -10.5 INR1=0.075CNY China 0.3 - -9.8 -10.6 INR1=1.716JPY Japan 0.5 - -0.2 3.3 INR1=0.009EUR European Union 0.4 0.8 -12.5 -18.3 INR1=16.029KRW South Korea 0.6 2.1 -3.8 1.0 INR1=0.014SGD Singapore 0.5 0.3 -9.3 -15.1 INR1=0.018NZD New Zealand 0.4 0.4 -8.9 -5.7 INR1=0.008GBP United Kingdom 0.6 0.6 -8.7 -19.6 INR1=0.015AUD Australia 0.5 0.3 -15.3 -14.1 INR1=0.085HKD Hong Kong 0.6 -0.7 -4.4 -10.8 INR1=0.009CHF Switzerland - -0.1 -16.5 -25.6 INR1=0.015CAD Canada 0.3 -0.9 -9.9 -9.9 INR1=0.1SEK Sweden 0.2 1.0 -15.3 -21.6 INR1=0.105NOK Norway 0.7 0.1 -16.9 -17.1 INR1=0.193MXN Mexico 0.6 1.9 -18.3 -12.7 1 Financials as Reported Q3 2024-25, Past 10 Years Financials as Reported Q3 2024-25, Past 10 Years Financials as reported (Quarter ending 31 December 2025) RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In INR Million, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED (Quarter ending 31 December 2025) Description INR Million INR Million Dec 31 2025 2024 Change % Revenues 454,790 417,640 Up 8.9 Cost of sales 326,520 291,200 Up 12.1 Gross profit 128,270 126,440 Up 1.4 Operating expenses Selling and marketing expenses 22,920 18,390 Up 24.6 Administrative expenses 21,800 18,930 Up 15.2 Total operating expenses 44,720 37,320 Up 19.8 Operating profit 83,550 89,120 Down 6.2 Other income net 9,740 8,590 Up 13.4 Finance cost 1,000 1,010 Down 1.0 Profit before income taxes 92,290 96,700 Down 4.6 Income tax expense 25,630 28,480 Down 10.0 Net profit 66,660 68,220 Down 2.3 Other comprehensive income Items that will not be reclassified subsequently to profit or loss Remeasurement of the net defined benefit liability/asset net 560 -450 Recovery Equity instruments through other comprehensive income net -40 -150 Improved 73.3 520 -600 Recovery Items that will be reclassified subsequently to profit or loss Fair value changes on derivatives designated as cash flow hedge net 40 560 Down 92.9 Exchange differences on translation of foreign operations 3,540 -4,830 Recovery Fair value changes on investments net -230 100 Deterioration 3,350 -4,170 Recovery Total other comprehensive income/(loss) net of tax 3,870 -4,770 Recovery Total comprehensive income 70,530 63,450 Up 11.2 Profit attributable to: Owners of the Company 66,540 68,060 Down 2.2 Non-controlling interests 120 160 Down 25.0 66,660 68,220 Down 2.3 Total comprehensive income attributable to: Owners of the Company 70,400 63,360 Up 11.1 Non-controlling interests 130 90 Up 44.4 70,530 63,450 Up 11.2 Earnings per equity share Equity shares of par value ?5/- each Basic (?) Rs16.17 Rs16.43 Down 1.6 Diluted (?) Rs16.14 Rs16.39 Down 1.5 Weighted average equity shares used in computing earnings per equity Basic (in shares) 4,114,946,425 4,141,941,436 Down 0.7 Diluted (in shares) 4,121,795,902 4,151,534,784 Down 0.7 BALANCE SHEET AS REPORTED (Quarter ending 31 December 2025) Description INR Million INR Million Dec 31 2025 2024 Change % ASSETS Current assets Cash and cash equivalents 199,150 244,550 Down 18.6 Current investments 69,110 124,820 Down 44.6 Trade receivables 361,310 311,580 Up 16.0 Unbilled revenue 132,760 128,510 Up 3.3 Prepayments and other current assets 141,470 129,860 Up 8.9 Income tax assets 290 29,750 Down 99.0 Derivative financial instruments 490 1,920 Down 74.5 Total current assets 904,580 970,990 Down 6.8 Non-current assets Property plant and equipment 130,100 128,000 Up 1.6 Right-of-use assets 61,150 63,110 Down 3.1 Goodwill 116,340 101,060 Up 15.1 Intangible assets 30,730 27,660 Up 11.1 Non-current investments 88,990 110,590 Down 19.5 Unbilled revenue 20,170 22,320 Down 9.6 Deferred income tax assets 17,400 11,080 Up 57.0 Income tax assets 23,350 16,220 Up 44.0 Other non-current assets 41,030 38,000 Up 8.0 Total non-current assets 529,260 518,040 Up 2.2 Total assets 1,433,840 1,489,030 Down 3.7 LIABILITIES AND EQUITY Current liabilities Trade payables 48,260 41,640 Up 15.9 Lease liabilities 29,850 24,550 Up 21.6 Derivative financial instruments 3,920 630 Up 522.2 Current income tax liabilities 54,970 48,530 Up 13.3 Unearned revenue 111,030 84,920 Up 30.7 Employee benefit obligations 34,550 29,080 Up 18.8 Provisions 17,530 14,750 Up 18.8 Other current liabilities 199,230 184,400 Up 8.0 Total current liabilities 499,340 428,500 Up 16.5 Non-current liabilities Lease liabilities 58,110 57,720 Up 0.7 Deferred income tax liabilities 15,940 17,220 Down 7.4 Employee benefit obligations 1,080 990 Up 9.1 Other non-current liabilities 24,840 22,570 Up 10.1 Total non-current liabilities 99,970 98,500 Up 1.5 Total liabilities 599,310 527,000 Up 13.7 Equity Share capital - ?5 par value 4800000000 (4800000000) equity shares authorized issued and outstanding 4045683463 (4143607528) equity shares fully paid up net of 8984436 (9655927) treasury shares as at 20,240 20,730 Down 2.4 December 31 2025 (March 31 2025) Share premium 15,590 21,800 Down 28.5 Retained earnings 685,820 800,960 Down 14.4 Cash flow hedge reserves -80 -180 Improved 55.6 Other reserves 53,750 82,980 Down 35.2 Capital redemption reserve 2,190 1,690 Up 29.6 Other components of equity 52,750 30,200 Up 74.7 Total equity attributable to equity holders of the Company 830,260 958,180 Down 13.4 Non-controlling interests 4,270 3,850 Up 10.9 Total equity 834,530 962,030 Down 13.3 Total liabilities and equity 1,433,840 1,489,030 Down 3.7 CASH FLOW AS REPORTED (Quarter ending 31 December 2025) Description INR Million INR Million Dec 31 2025 2024 Change % Operating activities Net Profit 209,650 197,120 Up 6.4 Adjustments to reconcile net profit to net cash provided by operating activities Depreciation and amortization 34,780 35,120 Down 1.0 Income tax expense 82,340 82,330 Up Finance cost 3,100 3,140 Down 1.3 Interest and dividend income -8,510 -8,330 Deterioration 2.2 Exchange differences on translation of assets and liabilities net 6,370 640 Up 895.3 Impairment loss recognized/(reversed) under expected credit loss model 880 1,000 Down 12.0 Stock compensation expense 7,020 6,050 Up 16.0 Provision for post sale client support -610 1,170 Deterioration Other adjustments 10,730 5,570 Up 92.6 Changes in working capital Trade receivables and unbilled revenue -54,000 -28,390 Deterioration 90.2 Prepayments and other assets -14,570 1,980 Deterioration Trade payables 5,370 -3,130 Recovery Unearned revenue 25,960 11,100 Up 133.9 Other liabilities and provisions 26,160 6,530 Up 300.6 Cash generated from operations 334,670 311,900 Up 7.3 Income taxes (paid) / received -63,100 -28,640 Deterioration 120.3 Net cash generated by operating activities 271,570 283,260 Down 4.1 Investing activities Expenditure on property plant and equipment and intangibles -17,710 -15,140 Deterioration 17.0 Deposits placed with corporation -8,280 -10,750 Improved 23.0 Redemption of deposits placed with corporation 5,730 6,880 Down 16.7 Interest and dividend received 7,490 7,730 Down 3.1 Payment for acquisition of business net of cash acquired -6,370 -31,550 Improved 79.8 Payment of contingent consideration pertaining to acquisition of business -130 Escrow and other deposits pertaining to Buyback -18,150 Redemption of escrow and other deposits pertaining to Buyback 18,150 Other receipts 150 70 Up 114.3 Payments to acquire Investments Quoted debt securities -41,030 -13,630 Deterioration 201.0 Mutual fund units -560,820 -548,870 Deterioration 2.2 Certificates of deposit -91,300 -27,930 Deterioration 226.9 Commercial paper -26,860 -24,210 Deterioration 10.9 Other investments -360 -430 Improved 16.3 Proceeds on sale of investments Quoted debt securities 86,320 19,610 Up 340.2 Mutual fund units 562,550 548,430 Up 2.6 Target maturity funds units 4,870 Certificates of deposit 95,170 51,990 Up 83.1 Commercial paper 54,600 71,350 Down 23.5 Other investments 110 Net cash generated from investing activities 64,020 33,660 Up 90.2 Financing activities Payment of lease liabilities -20,210 -17,750 Deterioration 13.9 Payment of dividends -186,540 -202,860 Improved 8.0 Other payments -2,240 -4,550 Improved 50.8 Loan repayment of in-tech Holding GmbH -9,850 Payment of dividends to non-controlling interests of subsidiary -30 -20 Deterioration 50.0 Buyback of equity shares including transaction costs -180,530 Shares issued on exercise of employee stock options 20 50 Down 60.0 Net cash used in financing activities -389,530 -234,980 Deterioration 65.8 Net increase/(decrease) in cash and cash equivalents -53,940 81,940 Deterioration Effect of exchange rate changes on cash and cash equivalents 8,540 -1,760 Recovery 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 199,150 228,040 Down 12.7 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