Hexaware CEO states AI will reduce value of IT work by up to 25%. AI deflation of IT work value signals major shifts in competitive dynamics for IT services firms like INFY.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | 4 | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2026 | ‡‡‡‡‡ |
|
| 2025 | 0.52 |
—
—
|
| 2024 | 0.58 |
—
—
|
| 2023 | 0.43 |
—
—
|
| 2022 | 0.40 |
—
—
|
| 2021 | 0.40 |
—
—
|
| 2020 | 0.29 |
—
—
|
| 2019 | 0.26 |
—
—
—
|
| 2018 | 0.09 |
—
—
|
| 2017 | 0.42 |
—
—
—
|
| 2016 | 0.19 |
—
—
|
| 2024 | 2025 | 2026 | Q'26 | |
|---|---|---|---|---|
| Cash | 3,331.00 | 4,321.00 | 3,706.00 | 3,124.00 |
| Receivables | 5,151.00 | 5,148.00 | 5,348.00 | 5,328.00 |
| Inventory | — | — | — | — |
| Other | 2,240.00 | 371.00 | 202.00 | 235.00 |
| 10,722.00 | 11,359.00 | 10,912.00 | 10,405.00 |
| 2024 | 2025 | 2026 | Q'26 | |
|---|---|---|---|---|
| Payables | 474.00 | 487.00 | 500.00 | 463.00 |
| ST’ Debt | — | — | — | — |
| Other | 2,318.00 | 2,337.00 | 2,469.00 | 2,423.00 |
| 4,651.00 | 5,012.00 | 5,516.00 | 5,588.00 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | 5,082.00 | — | — | — |
—
|
| ’26 | 4,941.00 | 5,076.00 | 5,099.00 | 5,042.00 |
20,158.00
|
| ’25 | 4,714.00 | 4,894.00 | 4,939.00 | 4,730.00 |
19,277.00
|
| ’24 | 4,617.00 | 4,718.00 | 4,663.00 | 4,564.00 |
18,562.00
|
| ’23 | — | — | — | 4,554.00 |
18,212.00
|
| ’23 | 4,444.00 | 4,555.00 | 4,659.00 | — |
17,753.36
|
| ’22 | — | — | — | 4,281.00 |
16,311.00
|
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | 1,036.00 | — | — | — |
—
|
| ’26 | 983.00 | 1,157.00 | 962.00 | 937.00 |
4,039.00
|
| ’25 | 1,150.00 | 900.00 | 1,325.00 | 976.00 |
4,351.00
|
| ’24 | 798.00 | 729.00 | 707.00 | 914.00 |
3,148.00
|
| ’23 | — | — | — | 808.00 |
2,853.00
|
| ’23 | 745.00 | 656.00 | 644.00 | — |
2,902.14
|
| ’22 | — | — | — | 845.00 |
3,345.00
|
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | 955.00 | — | — | — |
—
|
| ’26 | 884.00 | 1,101.00 | 915.00 | 833.00 |
3,733.00
|
| ’25 | 1,094.00 | 839.00 | 1,263.00 | 892.00 |
4,088.00
|
| ’24 | 699.00 | 670.00 | 665.00 | 848.00 |
2,882.00
|
| ’23 | — | — | — | 713.00 |
2,534.00
|
| ’23 | 656.00 | 589.00 | 576.00 | — |
2,902.14
|
| ’22 | — | — | — | 761.00 |
3,055.00
|
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | 0.20 | — | — | — |
—
|
| ’26 | 0.19 | 0.20 | 0.18 | 0.23 |
0.80
|
| ’25 | 0.18 | 0.19 | 0.19 | 0.20 |
0.76
|
| ’24 | 0.17 | 0.18 | 0.18 | 0.23 |
0.76
|
| ’23 | — | — | — | 0.18 |
0.71
|
| ’23 | 0.16 | 0.18 | 0.19 | — |
0.70
|
| ’22 | — | — | — | 0.18 |
0.70
|
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 16.39 | 14.71 | 16.04 | 15.82 | 10.30 | — | — | — |
Low Price
|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | 26.39 | 19.59 | 23.63 | 30.00 | 19.45 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 314,015 | 343,234 | 317,240 | 323,578 | 328,594 | — | — | — |
Employees
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.06 | 0.06 | 0.06 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16,356.19 | 17,753.36 | 18,562.00 | 19,277.00 | 20,158.00 | — | — | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 28.35% | 26.49% | 30.10% | 30.46% | 30.16% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4,048.68 | 4,030.72 | 4,346.00 | 4,447.00 | 4,506.00 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 24.75% | 22.70% | 23.41% | 23.07% | 22.35% | — | — | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,972.97 | 2,914.60 | 3,169.00 | 3,162.00 | 3,316.00 | — | — | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 467.39 | 511.07 | 565.00 | 569.00 | 552.00 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.89 | 4.25 | 4.49 | 4.65 | 4.90 | — | — | — |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.71 | 0.70 | 0.77 | 0.76 | 0.81 | — | — | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.82 | 0.69 | 0.76 | 1.05 | 0.98 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | (0.06) | (0.06) | (0.07) | — | — | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.82 | 0.69 | 0.70 | 0.99 | 0.91 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.41 | 2.18 | 2.56 | 2.72 | 2.39 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4,210.00 | 4,181.00 | 4,138.57 | 4,141.61 | 4,112.82 | — | — | — |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 37.15 | 25.68 | 23.13 | 24.01 | 16.68 | — | — | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.77 | 4.26 | 3.92 | 3.92 | 2.76 | — | — | — |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.28 | 8.46 | 6.86 | 6.72 | 5.65 | — | — | — |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.64 | 4.17 | 3.80 | 3.75 | 2.62 | — | — | — |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 33.58 | 29.00 | 24.45 | 17.69 | 14.17 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,466.85 | 2,902.14 | 3,148.00 | 4,351.00 | 4,039.00 | — | — | — |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (290.57) | (311.96) | (266.00) | (263.00) | (306.00) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,466.85 | 2,902.14 | 2,882.00 | 4,088.00 | 3,733.00 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4,387.93 | 3,709.57 | 6,071.00 | 6,347.00 | 5,396.00 | — | — | — |
Working Cap'
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 736.05 | 1,003.87 | — | — | — | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2,803.28) | (1,588.36) | (3,331.00) | (4,321.00) | (3,706.00) | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10,131.77 | 9,121.45 | 10,605.00 | 11,255.00 | 9,840.00 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19.38% | 18.94% | 19.90% | 18.61% | 19.57% | — | — | — |
ROA
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00% | 0.00% | 32.94% | 36.69% | 41.62% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 28.82% | 30.49% | 31.94% | 28.89% | 31.41% | — | — | — |
ROE
|
Infosys Limited (INFY) presents a tale of robust revenue growth overshadowed by eroding margins and macroeconomic skepticism, with its stock trading 32% above the lowest analyst target but 38% below the average and 65% under the high. Revenue has nearly doubled from $9.5 billion in 2016 to $18.56 billion in 2024 at a 10% CAGR, driven by digital deals during the COVID boom, yet gross margins have slipped from 37.4% to 30.1% amid wage inflation, competition from rivals like TCS and Wipro, and shifting client priorities toward in-house AI. The stock’s volatility—from 2021 highs near $26 to recent lows around $15—mirrors IT sector cooldowns, with revenue per employee strained by a 64% headcount surge to over 317,000.
Valuations remain premium at a 23.1 PE, 3.9 PS, and 6.9 PB despite net cash riches and strong ROE near 29%, signaling market doubts on pricing power and free cash flow sustainability after a 2023 dip. Analysts project modest 2025 EPS of $0.76 and a 2026 rebound to $0.90 with 14% revenue growth, betting on AI platforms like Topaz, but zero insider activity and risks like AI automation (potentially displacing 30% of code), US recession fears, H-1B scrutiny, and working capital bloat raise red flags. While a steady dividend yielder, the perfection premium invites 20-30% downside if macros sour.
This contrarian lens balances Infosys’s endurance against hidden fractures—dive deeper for the full risk-reward breakdown.
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