Company Valuation: Infosys Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 7,994,057 5,861,306 6,201,355 6,506,491 5,060,687 4,632,795 - -
Change - -26.68% 5.8% 4.92% -22.22% -8.46% - -
Enterprise Value (EV) 1 7,819,337 5,739,576 6,053,495 6,261,941 4,838,677 4,257,100 4,198,807 4,145,634
Change - -26.6% 5.47% 3.44% -22.73% -12.02% -1.37% -1.27%
P/E 36.4x 24.8x 23.7x 24.4x 17.5x 15x 14.3x 13.6x
PBR 10.6x 7.86x 7.05x 6.8x 5.55x 4.72x 4.41x 4.14x
PEG - 2.53x 2.37x 14.71x 1.6x 2.22x 3.17x 2.59x
Capitalization / Revenue 6.57x 3.99x 4.04x 3.99x 2.83x 2.38x 2.29x 2.19x
EV / Revenue 6.43x 3.91x 3.94x 3.84x 2.71x 2.19x 2.08x 1.96x
EV / EBITDA 24.8x 16.3x 16.6x 16x 11.8x 9.28x 8.75x 8.3x
EV / EBIT 27.9x 18.6x 19.1x 18.2x 13.3x 10.5x 9.94x 9.38x
EV / FCF 32.7x 28.9x 25.1x 18.7x 15.5x 14.1x 12.9x 12x
FCF Yield 3.06% 3.47% 3.98% 5.34% 6.46% 7.1% 7.74% 8.37%
Dividend per Share 2 31 34 38 43 48 59.45 63.43 67.68
Rate of return 1.63% 2.38% 2.54% 2.74% 3.84% 5.2% 5.54% 5.92%
EPS 2 52.41 57.54 63.29 64.34 71.46 76.3 79.74 83.92
Distribution rate 59.1% 59.1% 60% 66.8% 67.2% 77.9% 79.5% 80.6%
Net sales 1 1,216,410 1,467,670 1,536,700 1,629,900 1,786,500 1,947,972 2,021,295 2,114,662
EBITDA 1 314,910 351,300 364,250 392,360 411,560 458,981 479,624 499,694
EBIT 1 280,150 309,050 317,470 344,240 362,540 405,432 422,293 441,743
Net income 1 221,100 240,950 262,330 267,130 294,400 310,500 325,277 341,368
Net Debt 1 -174,720 -121,730 -147,860 -244,550 -222,010 -375,694 -433,988 -487,161
Reference price 2 1,906.85 1,427.95 1,498.05 1,570.65 1,250.60 1,144.00 1,144.00 1,144.00
Nbr of stocks (in thousands) 4,192,284 4,104,700 4,139,618 4,142,547 4,046,607 4,049,646 - -
Announcement Date 4/13/22 4/13/23 4/18/24 4/17/25 4/23/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.99x2.19x9.28x5.2% 48.47B
23.13x3.77x13.16x2.87% 222B
14.09x1.55x8.16x3.41% 116B
-114.74x18.24x105.52x-.--% 114B
15.17x2.77x10.47x5.42% 88.66B
20.92x5.47x13.43x2.72% 63.28B
22.03x1.81x11.13x1.37% 42.34B
21.31x1.62x10.27x0.87% 40.69B
18.17x2.3x11.01x4.81% 37.26B
84.77x8.19x30.61x-.--% 29.06B
Average 11.98x 4.79x 22.30x 2.67% 80.14B
Weighted average by Cap. 2.57x 5.31x 25.31x 2.76%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation Infosys Limited