Hold Infosys: target of Rs 1630: ICICI Securities

ICICI Securities recommended hold rating on Infosys with a target price of Rs 1630 in its research report dated January 15, 2026.

Broker Research

January 19, 2026 / 21:12 IST

Hold

ICICI Securities's research report on Infosys

Infosys reported a marginal beat on revenue and tad miss on margins (excluding 40bps one-off benefit from sale of property) vs. our and consensus expectations in Q3FY26. FY27 revenue growth will likely outpace that of FY26 due to: 1) strong order book (OB) momentum (up 30% YoY in 9MFY25); and 2) uptick in AI-led discretionary demand across industries led by financial services, energy, resources and utilities. We model 4.7%/5.7% YoY CC growth for FY27E/FY28E (earlier 3.8%/6.1%). We note, hiring has inched up in line with growth visibility, with total headcount growing 4.2% YoY, ahead of TTM revenue growth of 3.3% YoY CC – a marked change from headcount lagging revenue growth for the past several quarters.

Outlook

Our EPS estimates remain largely unchanged. Maintain HOLD with a TP of INR 1,630, based on a one-year forward unchanged P/E of 21x on Dec’27E EPS of INR 78.

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