Infosys share price: IT stock up 5% in a month; here’s why Geojit sees more upside

Infosys shares have been on a steady uptrend, gaining 4.96 per cent over the past month from Rs 1,441.80 to Rs 1,513.30 on the NSE. Brokerage Geojit Financial Services has reiterated its ‘Buy’ rating on the IT major, setting a revised target price of Rs 1,712. The new target implies a potential upside of about 13 per cent from current levels. 

Geojit’s positive stance stems from Infosys’s steady performance driven by resilience in deal execution, continued traction in digital transformation projects, and operational discipline across key verticals. The brokerage noted that the company’s “focus on GenAI adoption, platform monetisation, and cloud-led modernisation” will enhance scalability and market differentiation. Infosys, it added, “remains well positioned for sustainable growth in the evolving digital landscape.”

The upbeat outlook follows a solid showing in Q2FY26. Infosys reported an 8.5 per cent year-on-year (YoY) growth in consolidated revenue to Rs 44,490 crore, with broad-based growth across verticals—manufacturing (up 14.4 per cent YoY), hi-tech (up 13.4 per cent), and financial services (up 10.4 per cent). On the geographic front, Europe led the charge with 15.7 per cent YoY growth, while North America rose 6.5 per cent. Profit after tax (PAT) climbed 13.2 per cent YoY to Rs 7,375 crore, aided by higher other income.

Deal momentum also remained strong, with large deal total contract value (TCV) of $3.1 billion during the quarter—67 per cent of which came from new business. Post-quarter, Infosys announced an additional $1.6 billion mega deal.

EBITDA grew 7.4 per cent YoY to Rs 10,535 crore, though margins slipped 25 basis points YoY to 23.7 per cent, largely due to a higher share of technical subcontractor costs. Geojit expects margin stability ahead, backed by “efficiency initiatives and talent upskilling.” The company’s attrition remained low at 14.3 per cent.

A key shareholder development is the company’s planned share buyback worth Rs 18,000 crore, to be conducted via a tender offer at Rs 1,800 per share. The buyback is expected to conclude in Q3FY26, subject to shareholder approval.

Geojit also cited Infosys’s strategic acquisitions in cybersecurity and consulting as drivers for future growth, including a proposed buyout of an Australian digital transformation firm. The brokerage’s ‘BUY’ call is based on 22x FY27E adjusted EPS.