Infosys share price target: What analysts say on IT stock
Infosys target price: PL Capital suggested a target price of Rs 1,900 on the stock. Choice Broking reiterated a Buy rating with a revised target price of Rs 1,865
- Jan 16, 2026,
- Updated Jan 16, 2026 8:52 AM IST
Stock analysts largely retained their 'Buy' ratings on Infosys Ltd after the IT major reported its December quarter results, citing a revenue beat and early signs of discretionary demand reflected in a guidance upgrade and management commentary.
Nomura said Infosys’ third quarter revenue exceeded expectations and retained its 'Buy' rating with an unchanged target price of Rs 1,810, based on 23 times first half FY28 estimated earnings per share. The brokerage said it expects Infosys to post 4.7 per cent year-on-year (YoY) dollar revenue growth in FY26, including 65 basis points from acquisitions and excluding the Versent deal. The stock was trading at about 21.2 times estimated FY27 earnings per share of Rs 75.63, Nomura said.
Emkay Global said Infosys delivered a mixed operating performance in the quarter, with revenue beating estimates while margins fell short of expectations. It said the revised guidance did not include any revenue from the Telstra joint venture pending closure and reflected elevated uncertainty at the lower end, though the upper end pointed to an improved macro environment.
“We tweak FY26 to FY28 estimated earnings per share by minus 2.1 per cent to 0.5 per cent, factoring in the Q3 performance,” Emkay said, while retaining its Buy rating and target price of Rs 1,750, based on 22 times December 2027 estimated earnings per share.
PL Capital suggested a target price of Rs 1,900 on the stock. Choice Broking reiterated a Buy rating with a revised target price of Rs 1,865, implying a valuation of 22 times the average of FY27 and FY28 estimated earnings per share of Rs 84.80.
Nuvama said Infosys had delivered two consecutive quarters of strong deal wins and growth, providing visibility for the coming quarters. The brokerage said FY27 growth would depend on how the March quarter played out, potentially leaving the company with a better exit rate than the past two years. It maintained its FY26E and FY27E earnings estimates, rolled forward its valuation to 23 times FY28 price to earnings, and retained a Buy rating with a target price of Rs 1,900, revised up from Rs 1,800.
Infosys reported sequential revenue growth of 0.6 per cent in constant currency terms, beating Street expectations of 0.3 per cent constant currency quarter on quarter growth. Adjusted Ebit margin at 21.2 per cent, up 20 basis points quarter on quarter, was in line with estimates. Management upgraded FY26 revenue growth guidance to a range of 3 to 3.5 per cent from 2 to 3 per cent. Total contract value was strong at $4.8 billion, Nuvama said.
MOFSL flagged that a potential loss of business from Daimler could present a 1.5 per cent revenue headwind over FY27 and FY28E, though management had indicated the contract remained in place until December 2026 and the brokerage assumed a ramp down thereafter. “We slightly raise our FY26, FY27 and FY28 earnings per share estimates by 2.2 per cent, 1.8 per cent and 1.2 per cent,” MOFSL said. It valued Infosys at 26 times FY28E earnings per share with a target price of Rs 2,200, implying a 37 per cent upside, and reiterated its 'Buy' rating.
Shubham Rathore, Principal Analyst at Gartner, said Infosys’ Q3 results met expectations, with revenue of $5.1 billion, an operating margin of 18.4 per cent and large deal wins of $4.8 billion. He said key takeaways included the company’s focus on artificial intelligence and digital transformation, strong free cash flow and a healthy deal pipeline. “Infosys’s strategic investments in AI platforms, talent, and client partnerships position it well to deliver sustained value,” Rathore said.
Stock analysts largely retained their 'Buy' ratings on Infosys Ltd after the IT major reported its December quarter results, citing a revenue beat and early signs of discretionary demand reflected in a guidance upgrade and management commentary.
Nomura said Infosys’ third quarter revenue exceeded expectations and retained its 'Buy' rating with an unchanged target price of Rs 1,810, based on 23 times first half FY28 estimated earnings per share. The brokerage said it expects Infosys to post 4.7 per cent year-on-year (YoY) dollar revenue growth in FY26, including 65 basis points from acquisitions and excluding the Versent deal. The stock was trading at about 21.2 times estimated FY27 earnings per share of Rs 75.63, Nomura said.
Emkay Global said Infosys delivered a mixed operating performance in the quarter, with revenue beating estimates while margins fell short of expectations. It said the revised guidance did not include any revenue from the Telstra joint venture pending closure and reflected elevated uncertainty at the lower end, though the upper end pointed to an improved macro environment.
“We tweak FY26 to FY28 estimated earnings per share by minus 2.1 per cent to 0.5 per cent, factoring in the Q3 performance,” Emkay said, while retaining its Buy rating and target price of Rs 1,750, based on 22 times December 2027 estimated earnings per share.
PL Capital suggested a target price of Rs 1,900 on the stock. Choice Broking reiterated a Buy rating with a revised target price of Rs 1,865, implying a valuation of 22 times the average of FY27 and FY28 estimated earnings per share of Rs 84.80.
Nuvama said Infosys had delivered two consecutive quarters of strong deal wins and growth, providing visibility for the coming quarters. The brokerage said FY27 growth would depend on how the March quarter played out, potentially leaving the company with a better exit rate than the past two years. It maintained its FY26E and FY27E earnings estimates, rolled forward its valuation to 23 times FY28 price to earnings, and retained a Buy rating with a target price of Rs 1,900, revised up from Rs 1,800.
Infosys reported sequential revenue growth of 0.6 per cent in constant currency terms, beating Street expectations of 0.3 per cent constant currency quarter on quarter growth. Adjusted Ebit margin at 21.2 per cent, up 20 basis points quarter on quarter, was in line with estimates. Management upgraded FY26 revenue growth guidance to a range of 3 to 3.5 per cent from 2 to 3 per cent. Total contract value was strong at $4.8 billion, Nuvama said.
MOFSL flagged that a potential loss of business from Daimler could present a 1.5 per cent revenue headwind over FY27 and FY28E, though management had indicated the contract remained in place until December 2026 and the brokerage assumed a ramp down thereafter. “We slightly raise our FY26, FY27 and FY28 earnings per share estimates by 2.2 per cent, 1.8 per cent and 1.2 per cent,” MOFSL said. It valued Infosys at 26 times FY28E earnings per share with a target price of Rs 2,200, implying a 37 per cent upside, and reiterated its 'Buy' rating.
Shubham Rathore, Principal Analyst at Gartner, said Infosys’ Q3 results met expectations, with revenue of $5.1 billion, an operating margin of 18.4 per cent and large deal wins of $4.8 billion. He said key takeaways included the company’s focus on artificial intelligence and digital transformation, strong free cash flow and a healthy deal pipeline. “Infosys’s strategic investments in AI platforms, talent, and client partnerships position it well to deliver sustained value,” Rathore said.