Buy Infosys; target of Rs 1830: Deven Choksey

Deven Choksey's research report on Infosys

Revenue came in at INR 4,22,790 Mn. (+3.3% QoQ/+7.5% YoY), above our estimates by 4.0%, led by stronger growth across Europe driven by ramp-up of large deals. USD Revenue stood at 4,941 Mn. (+2.6% QoQ CC/+3.8% YoY CC), above our expectations of by 4.0%.

Outlook

We have rolled our valuation basis to Jun’27 estimates. We value Infosys at 24.5x Jun’27 EPS (closer to its 10-year NTM P/E), implying a target price of INR 1,830. Infosys is currently trading at 23.1x FY26E EPS, below the peer average of 24.7x FY26E EPS. We reiterate our “BUY” rating on the stock.

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