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 capitalisation is $50 billion and accounts for 22.1% of the combined MCap of the BSE Information Technology Index. Index Name MCap of Index ($ b) INFY MCap as % of Index BSE Information Technology Index 226 22.1 BSE Teck Index 399 12.5 BSE SENSEX Index 1,619 3.1 Nifty Index 2,045 2.4 BSE 100 Index 2,631 1.9 BSE 200 Index 3,477 1.4 BSE 500 Index 7,539 0.7 BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING: Infosys Ltd. vs Indian Market Out of 3,921 stocks in the Indian Market, Infosys Ltd. is ranked eighth(8) by Premium to 52-Wk Low, seventeenth(17) by Net Profit $, Twenty-sixth(26) by P/Earnings and Twenty-sixth(26) by P/Sales. Indian Avg INFY INFY Rank Premium to 52-Wk Low (%) 86.97 1.3 8 Net Profit $ 245 M 2.8 B 17 P/Earnings 34.7x 18.1x 26 P/Sales 3.1x 2.8x 26 Price/Net Tangible Assets 5.2x 6.1x 45 Yield (%) 0.7 3.9 60 ROA (%) 2.02 17.96 222 ROE (%) 14.2 27.8 224 P/Earnings/ Growth 1.5x 10.3x 490 EBITDA Margin% 13.9 25.5 702 EPS Growth YOY (%) 22.7 1.8 1586 Discount to 52-Wk High (%) 7.99 32.6 1777 Total Debt/Equity (the lower the better) 0.8x 0.3x 1803 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 $ 2.8 B 70.7 B 4.0 13.4 B 21.1 Revenue $ 17.6 B 605.9 B 2.9 89 B 19.8 Total Assets $ 15.8 B 2,648.9 B 0.6 79.3 B 19.9 MCap $ 50 B 1,619.3 B 3.1 273 B 18.3 Relative Valuation Indicators: Stock vs Index and Stock vs Sector Description INFY BSE SENSEX Index Avg. IT consulting & software sector Avg. Price/Earnings 18.1 20.0 20.0 P/Earnings/Growth 10.31 0.64 7.06 Yield (%) 3.86 1.35 3.97 Price/Net Tangible Assets 6.13 3.67 7.76 Total Debt/Equity (the lower the better) 0.27x 0.7x 0.19x MARKET SHARE Infosys Ltd. vs It Consulting & Software sector [It Consulting & Software sector Total in Brackets] Revenue of Rs1,665.9 billion ($17.6 billion)[19.9% of aggregate sector revenue of Rs8,410.7 billion; down from 20.0% in the previous year.] Net Profit of Rs267.1 billion ($2.8 billion) [21.1% of aggregate sector net profit of Rs1,267.1 billion; down from 21.4% in the previous year.] GLOBAL RANK [out of 46,086 stocks] AND RANK OF INFOSYS LTD. IN THE ASIA REGION [out of 26,192 stocks] Description Value Global Rank In Asia Region MCap ($) 50B 529 115 Total Assets ($) 15.7B 2,371 918 Revenue ($) 17.5B 941 338 Net Profit ($) 2.8B 549 163 Return on Equity % 27.8 2,053 912 Net Profit Margin % 16.1 7,481 4,126 Price to Book 6.8 29,953 20,098 Price/Earnings 25.3 15,671 10,199 Yield % 3.5 7,608 3,959 PV1000 (1Year) $* 731 35,421 21,300 $* Change (1Year) % -23.9 29,870 18,417 * 1 year ago $1 = INR 84.73 May 07, 2026: $ 1 equals INR 94.46 RANK OF INFOSYS LTD. IN THE BSE SENSEX INDEX [out of 30 stocks], IN THE INDIAN MARKET [out of 4294 stocks] AND IN THE IT CONSULTING & SOFTWARE SECTOR [out of 78 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 3 205 7 Net Profit Margin % 16.1 11 734 13 Price to Book 6.1 16 2,766 43 Price/Earnings 18.1 9 794 11 Yield % 3.9 4 64 8 PV1000 (1Year) INR 819 26 1,553 23 LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best] Infosys Ltd. is ranked number 2 out of 105 listed it consulting & software companies in the India with a market capitalization of Rs4,723.6 billion ($50 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 18.1 and low Price/Sales of 2.8. 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 3.9%. 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 11.2% against the US Dollars; in the past three years the Indian Rupee fell 14.0% against the US Dollars. Last Country 1-day % 1-week % 1-Year % 3-Yrs % INR1=0.011USD United States Of America 0.3 -0.3 -11.2 -14.0 INR1=0.072CNY China 0.5 -0.1 -15.7 -14.8 INR1=1.649JPY Japan -0.3 -2.2 -2.9 0.4 INR1=0.009EUR European Union - -0.3 -14.2 -19.1 INR1=15.317KRW South Korea -0.9 -1.8 -6.7 -5.0 INR1=0.013SGD Singapore - -0.5 -12.4 -17.4 INR1=0.018NZD New Zealand -0.7 -1.7 -10.7 -8.9 INR1=0.008GBP United Kingdom 0.1 -0.6 -12.7 -20.1 INR1=0.015AUD Australia -0.6 -1.3 -20.8 -20.0 INR1=0.083HKD Hong Kong 0.7 0.3 -9.7 -13.7 INR1=0.008CHF Switzerland 0.2 -1.2 -15.8 -24.6 INR1=0.014CAD Canada 0.6 -0.5 -12.3 -13.1 INR1=0.097SEK Sweden -0.1 -0.7 -14.9 -22.2 INR1=0.098NOK Norway 0.9 -0.1 -20.3 -24.5 INR1=0.182MXN Mexico -0.6 -0.7 -22.0 -16.9 1 Financials as Reported Q4 2024-25, Past 10 Years Financials as Reported Q4 2024-25, Past 10 Years Financials as reported (Quarter ending 31 March 2026) RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In INR Million, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED (Quarter ending 31 March 2026) Description INR Million INR Million Mar 31 2026 2025 Change % Revenue from operations 464,020 409,250 Up 13.4 Other income net 11,590 11,900 Down 2.6 Total Income 475,610 421,150 Up 12.9 Expenses Employee benefit expenses 246,880 220,150 Up 12.1 Cost of technical sub-contractors 39,520 32,760 Up 20.6 Travel expenses 5,320 5,200 Up 2.3 Cost of software packages and others 39,690 38,990 Up 1.8 Communication expenses 1,410 1,470 Down 4.1 Consultancy and professional charges 6,610 3,010 Up 119.6 Depreciation and amortisation expenses 14,240 12,990 Up 9.6 Finance cost 1,050 1,020 Up 2.9 Other expenses 12,920 8,930 Up 44.7 Total expenses 367,640 324,520 Up 13.3 Profit before exceptional item and tax 107,970 96,630 Up 11.7 Exceptional item Impact of Labour Codes Profit before tax 107,970 96,630 Up 11.7 Tax expense: Current tax 26,640 27,840 Down 4.3 Deferred tax -3,760 -1,590 Deterioration 136.5 Profit for the period 85,090 70,380 Up 20.9 Other comprehensive income Items that will not be reclassified subsequently to profit or loss Remeasurement of the net defined benefit liability/asset net -2,360 -1,450 Deterioration 62.8 Equity instruments through other comprehensive income net 3,740 290 Up 1,189.7 Items that will be reclassified subsequently to profit or loss Fair value changes on derivatives designated as cash flow hedge net -110 -560 Improved 80.4 Exchange differences on translation of foreign operations 10,210 3,840 Up 165.9 Fair value changes on investments net -930 630 Deterioration Total other comprehensive income/(loss) net of tax 10,550 2,750 Up 283.6 Total comprehensive income for the period 95,640 73,130 Up 30.8 Profit attributable to: Owners of the company 85,010 70,330 Up 20.9 Non-controlling interests 80 50 Up 60.0 Total comprehensive income attributable to: 85,090 70,380 Up 20.9 Owners of the company 95,460 73,040 Up 30.7 Non-controlling interests 180 90 Up 100.0 95,640 73,130 Up 30.8 Paid up share capital (par value 5/- each fully paid) 20,240 20,730 Down 2.4 Other equity Earnings per equity share (par value 5/- each) 908,280 937,450 Down 3.1 Basic (in per share) Rs21.01 Rs16.98 Up 23.7 Diluted (in per share) Rs20.98 Rs16.94 Up 23.8 BALANCE SHEET AS REPORTED (Quarter ending 31 March 2026) Description INR Million INR Million Mar 31 2026 2025 Change % ASSETS Non-current assets Property plant and equipment 126,510 117,780 Up 7.4 Right of use assets 61,770 63,110 Down 2.1 Capital work-in-progress 5,260 8,140 Down 35.4 Goodwill 121,170 101,060 Up 19.9 Other Intangible assets 28,250 27,660 Up 2.1 Financial assets Investments 89,300 110,590 Down 19.3 Loans 60 160 Down 62.5 Other financial assets 27,760 35,110 Down 20.9 Deferred tax assets (net) 22,640 11,080 Up 104.3 Income tax assets (net) 6,660 16,220 Down 58.9 Other non-current assets 35,400 27,130 Up 30.5 Total non-current assets 524,780 518,040 Up 1.3 Current assets Financial assets Investments 129,500 124,820 Up 3.7 Trade receivables 352,340 311,580 Up 13.1 Cash and cash equivalents 222,010 244,550 Down 9.2 Loans 2,340 2,490 Down 6.0 Other financial assets 158,900 138,400 Up 14.8 Income tax assets (net) 18,350 29,750 Down 38.3 Other current assets 151,450 119,400 Up 26.8 Total current assets 1,034,890 970,990 Up 6.6 Total Assets 1,559,670 1,489,030 Up 4.7 EQUITY AND LIABILITIES Equity Equity share capital 20,240 20,730 Down 2.4 Other equity 908,280 937,450 Down 3.1 Total equity attributable to equity holders of the Company 928,520 958,180 Down 3.1 Non-controlling interests 4,450 3,850 Up 15.6 Total equity 932,970 962,030 Down 3.0 Liabilities Non-current liabilities Financial liabilities Lease liabilities 60,160 57,720 Up 4.2 Other financial liabilities 20,920 21,410 Down 2.3 Deferred tax liabilities (net) 16,790 17,220 Down 2.5 Other non-current liabilities 5,610 2,150 Up 160.9 Total non-current liabilities 103,480 98,500 Up 5.1 Current liabilities Financial liabilities Lease liabilities 31,600 24,550 Up 28.7 Trade payables 47,440 41,640 Up 13.9 Other financial liabilities 214,830 181,380 Up 18.4 Other Current Liabilities 157,790 117,650 Up 34.1 Provisions 15,120 14,750 Up 2.5 Income tax liabilities (net) 56,440 48,530 Up 16.3 Total current liabilities 523,220 428,500 Up 22.1 Total equity and liabilities 1,559,670 1,489,030 Up 4.7 CASH FLOW AS REPORTED (Quarter ending 31 March 2026) Description INR Million INR Million Mar 31 2026 2025 Change % Cash flow from operating activities Profit for the year 294,740 267,500 Up 10.2 Adjustments to reconcile net profit to net cash provided by operating activities: Income tax expense 105,210 108,580 Down 3.1 Depreciation and amortization 49,020 48,120 Up 1.9 Interest and dividend income -26,300 -25,700 Deterioration 2.3 Finance cost 4,160 4,160 Steady Impairment loss recognized / (reversed) under expected credit loss model 330 480 Down 31.2 Exchange differences on translation of assets and liabilities net 9,540 790 Up 1,107.6 Stock compensation expense 9,520 8,020 Up 18.7 Interest receivable on income tax refund -630 -3,270 Improved 80.7 Provision for post sale client support -1,670 -1,100 Deterioration 51.8 Other adjustments 8,810 8,330 Up 5.8 Changes in assets and liabilities Trade receivables and unbilled revenue -51,770 -17,690 Deterioration 192.7 Loans other financial assets and other assets -26,450 -10,240 Deterioration 158.3 Trade payables -260 1,760 Deterioration Other financial liabilities other liabilities and provisions 52,090 23,220 Up 124.3 Cash generated from operations 426,340 412,960 Up 3.2 Income taxes (paid) / received -86,480 -56,020 Deterioration 54.4 Net cash generated by operating activities 339,860 356,940 Down 4.8 Cash flows from investing activities Expenditure on property plant and equipment and intangibles net of sale proceeds -27,270 -22,370 Deterioration 21.9 Deposits placed with corporation -9,440 -12,250 Improved 22.9 Redemption of deposits placed with Corporation 7,250 7,760 Down 6.6 Interest and dividend received 27,130 20,400 Up 33.0 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 Escrow and other deposits pertaining to Buyback -18,150 Redemption of escrow and other deposits pertaining to Buyback 18,150 Other receipts 150 100 Up 50.0 Payments to acquire Investments Tax free bonds and government bonds -1,530 -20 Deterioration 7,550.0 Mutual fund units -728,780 -730,480 Improved 0.2 Certificates of deposit -140,350 -69,780 Deterioration 101.1 Commercial Paper -32,550 -64,030 Improved 49.2 Non convertible debentures -34,380 -32,400 Deterioration 6.1 Government securities -28,590 Other investments -380 -600 Improved 36.7 Proceeds on sale of Investments Tax free bonds and government bonds 13,780 1,090 Up 1,164.2 Target Maturity funds 4,870 Mutual fund units 726,820 739,870 Down 1.8 Certificates of deposit 97,670 66,880 Up 46.0 Commercial Papers 58,100 77,350 Down 24.9 Non-convertible debentures 40,830 25,910 Up 57.6 Government securities 52,590 4,550 Up 1,055.8 Other investments 40 110 Down 63.6 Net cash generated / (used in) investing activities 19,460 -19,460 Recovery Cash flows from financing activities: Payment of lease liabilities -28,240 -23,550 Deterioration 19.9 Payment of dividends -186,530 -202,870 Improved 8.1 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 20 60 Down 66.7 Buyback of equity shares including transaction costs -180,580 Other payments -2,500 -5,380 Improved 53.5 Net cash used in financing activities -397,860 -241,610 Deterioration 64.7 Net increase / (decrease) in cash and cash equivalents -38,540 95,870 Deterioration Effect of exchange rate changes on cash and cash equivalents 16,000 820 Up 1,851.2 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 222,010 244,550 Down 9.2 Download INFOSYS LTD. 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