Infosys Share Price Today, 1 December 2025: Buyback Floor, Q2 FY26 Earnings and 2026 Stock Forecast

Infosys Limited (NSE: INFY, NYSE: INFY) is back in focus as investors weigh a massive ₹18,000 crore share buyback, improving quarterly earnings and a slowly healing global IT spending cycle — all against the backdrop of a high‑profile data breach settlement and still‑muted stock performance.

On 1 December 2025, Infosys shares were trading around ₹1,561–1,562 on the NSE, with an intraday range of roughly ₹1,557–₹1,574 and year‑to‑date returns of about ‑17%. The stock’s trailing P/E is near 23x, below its own peak valuations and lower than the broader IT sector multiple of roughly 27x. ^[1]

At the same time, analysts remain broadly positive and the technical setup has turned more constructive just as the buyback price of ₹1,800 per share creates a visible reference point for valuations. ^[2]

Below is a deep dive into where Infosys stands today — share price, fundamentals, buyback math, AI and cloud deal wins, risks like the McCamish data breach settlement, and how the market is thinking about Infosys stock heading into 2026.

Infosys Share Price Today (1 December 2025)

Live market data from NSE/BSE trackers show Infosys trading near ₹1,561.45 at about 11:39 AM IST on 1 December 2025. The stock has moved in a day range of about ₹1,557–₹1,573.7, with volume around 1.4 million shares (NSE + BSE combined) by late morning. ^[3]

Key snapshot metrics as of 1 December 2025:

Market capitalisation: ~₹6.48 lakh crore ^[4]
12‑month return: roughly ‑16% to ‑18%, depending on the data provider ^[5]
6‑month return: roughly flat to slightly negative (around ‑0.7%) ^[6]
TTM P/E: about 23x, versus an industry P/E near 26–32x ^[7]
P/B (price‑to‑book): ~6.7x–7.5x ^[8]
Dividend yield: roughly 2.8–2.9% ^[9]
Beta: around 0.9, implying moderate volatility versus the market ^[10]

The Economic Times liveblog for Infosys on 1 December notes the stock oscillating very narrowly around ₹1,560 with intraday comments such as: “Current price ₹1,560, down 0.01%, one‑year return about ‑16%,” and highlighting that the stock briefly broke above the R2 resistance level near ₹1,573, signalling a short‑term bullish breakout. ^[11]

In short: the stock is well off its 52‑week high near ₹2,006, comfortably above its 52‑week low near ₹1,307, and trading at mid‑cycle valuations with a modest dividend yield and relatively low beta. ^[12]

Q2 FY26 Results: Earnings Are Recovering, Guidance Still Cautious

Infosys’ latest reported quarter is Q2 FY26 (September 2025). The numbers were solid, if not spectacular.

According to the company’s own Q2 FY26 fact sheet and exchange filings: ^[13]

Revenue (consolidated): ₹44,490 crore, up ~8.6% YoY and ~5.2% QoQ
Net profit: ₹7,364 crore, up ~13.2% YoY and ~6.4% QoQ
Operating margin: about 21.0%, roughly flat year‑on‑year
Interim dividend: ₹23 per share for the quarter
Large deal wins (TCV): roughly $3.1 billion, with about two‑thirds net new business

Management nudged its FY26 revenue growth guidance up on the lower end, from 1–3% to 2–3%, while maintaining margin guidance at 20–22%. ^[14]

The message from Q2 is consistent with Q1 FY26, when Infosys highlighted “industry‑leading sequential growth of 2.6% in constant currency” and strong momentum in enterprise AI projects as key drivers of resilience in a still‑soft demand environment. ^[15]

Segmentally, Q2 saw:

Growth in financial services and manufacturing,
Weakness in communications and life sciences, where revenues declined year‑on‑year. ^[16]

Put together, the last two quarters suggest:

Top line is growing again, but at single‑digit rates rather than the high‑teens growth of the 2020–2022 cycle.
Margins are holding up despite wage inflation, AI investments and pricing pressures.
Management is deliberately conservative in guidance, preferring to let actual execution drive any future upgrades.

The ₹18,000 Crore Share Buyback: Floor or Exit Opportunity?

One of the biggest near‑term catalysts for Infosys stock is the ₹18,000 crore share buyback announced in FY26.

Key details from company communications and broker notes: ^[17]

Size: Up to 10 crore shares, about 2.41% of paid‑up equity.
Route: Tender offer.
Buyback price:₹1,800 per share, a sizeable premium (roughly 15–20%) over pre‑announcement spot levels in early November.
Record date:14 November 2025 to determine shareholder eligibility.
Promoters are not participating, leaving more room for public shareholders. ^[18]

Liveblog coverage from The Economic Times on 20 November notes: ^[19]

Entitlement ratios of 2 out of 11 shares for small shareholders and 17 out of 706 in the general category.
The buyback covering ₹18,000 crore at ₹1,800 per share, confirming it as Infosys’ largest buyback to date.

Mint’s market stats page further highlights that the buyback has already attracted heavy interest, with one of its related news headlines stating the offer ended with 8.26 times subscription, underscoring strong demand to tender at ₹1,800. ^[20]

Why the buyback matters for the stock:

The ₹1,800 price effectively acts as a “psychological floor” in many investors’ minds — a level the board is comfortable paying today.
Reducing share count modestly should support EPS growth and free‑cash‑flow per share.
For long‑term holders who do not tender, the buyback can be viewed as an efficient capital return that enhances per‑share economics.
For traders or short‑term holders, the premium to spot can be an exit opportunity — though the actual number of accepted shares will be far lower than tendered, given oversubscription.

AI, Cloud and the NHS Deal: Medium‑Term Growth Drivers

Beyond quarterly noise, the core structural story for Infosys remains digital transformation plus AI at scale.

Enterprise AI and large deals

In its Q1 FY26 update, Infosys emphasised that its 2.6% sequential growth in constant currency was driven by differentiated positioning in enterprise AI, not just generic outsourcing. ^[21]

By Q2, the company reported $3.1 billion in new deal wins, with a majority net new, and explicitly tied this to client demand for value from AI in areas like: ^[22]

Cloud and data modernisation
Core system transformation in banking, manufacturing and telecom
AI‑driven productivity and automation projects

A widely discussed analysis piece on 1 December 2025 from The Financial Express frames Infosys as a potential “contra bet” for 2026, arguing that: ^[23]

AI is deflationary in the short term — clients want lower prices as productivity rises — which puts pressure on rates and unnerves investors.
However, Infosys has moved up the value chain toward consulting‑led transformation, architecture and complex data work, where AI actually increases complexity and demand rather than eliminating it.
Management’s conservative 2–3% FY26 growth guidance creates an asymmetry: downside is limited by solid margins and cash, upside emerges if discretionary spending normalises and large deals ramp faster than guided.

The upshot: the stock is not priced like a high‑growth AI play, but the underlying pipeline is increasingly AI‑heavy.

The NHS workforce management deal

A headline contract illustrating this direction is the UK National Health Service (NHS) deal:

In October 2025, Reuters reported that Infosys won a $1.6 billion contract from the UK’s NHS to transform workforce management systems, triggering a brief intraday uptick in the stock. ^[24]
A later press release from Infosys and the NHS Business Services Authority (NHSBSA) outlines a plan to deliver a new AI‑enabled workforce management solution across NHS organisations in England and Wales, aimed at improving staffing visibility, scheduling and productivity. ^[25]

This kind of long‑duration, mission‑critical public sector deal:

Extends revenue visibility over many years.
Positions Infosys as a strategic AI and cloud partner rather than a commodity vendor.
Creates reference wins for similar public‑sector and healthcare accounts globally.

Data Breach and the McCamish Settlement: Reputational and Compliance Risk

On the risk side, Infosys has been dealing with the fallout from a 2023 data breach at Infosys McCamish Systems, a subsidiary that provides life insurance and retirement software services.

According to legal news site TopClassActions and class‑action filings: ^[26]

The breach occurred between 29 October and 2 November 2023, exposing sensitive personal data (including Social Security numbers and financial account information) of about 3.7 million individuals in the U.S.
Infosys McCamish agreed to a $17.5 million class‑action settlement, without admitting wrongdoing.
Eligible consumers can claim up to $6,000 in documented losses, receive two years of free credit monitoring, and potentially a residual cash payment, subject to caps.
The claim deadline is 1 December 2025, and the final approval hearing is scheduled for 18 December 2025.

Financially, $17.5 million is not material relative to Infosys’ scale and cash flows. But the episode highlights:

Cybersecurity and data‑governance risk, especially in regulated domains like insurance and healthcare.
Potential reputational damage with U.S. enterprise clients, which could impact future deals if not managed well.

Investors will be watching how Infosys strengthens cybersecurity controls, incident response and communication around its BPM and platform subsidiaries.

Analyst Ratings and Valuation: How the Street Sees Infosys Now

India‑listed shares (NSE: INFY)

Data aggregated by INDmoney and Mint paint a picture of moderate upside with mostly positive ratings: ^[27]

Number of analysts: 43–44 covering Infosys.
Rating mix:
- ~73% “Buy” (including Strong Buy),
- ~22% “Hold”,
- low single‑digit percentage “Sell”.
Average 12‑month target price: around ₹1,719 per share.
- This implies ~10% upside from the current spot price near ₹1,560.
- High target: about ₹2,150; low target: roughly ₹1,470.
Valuation context:
- Current P/E ~23x vs five‑year band that has gone as high as ~38x and as low as the mid‑teens. ^[28]
- Sector P/E near 31–32x, meaning Infosys trades at a discount to the broader IT basket. ^[29]

Mint’s dashboard also shows rising mutual fund holdings (~22.7%) and still substantial but slightly reduced FII holdings (~30%) as of 30 September 2025, suggesting domestic institutions are gradually accumulating even as some foreign money trims exposure. ^[30]

US ADRs (NYSE: INFY)

On the New York Stock Exchange, the INFY ADR recently traded around the mid‑$17 range, with a trailing P/E in the mid‑20s. ^[31]

Benzinga’s aggregation of Wall Street broker targets shows:

12 analysts covering the ADR.
Consensus rating: “Hold”.
Average target: about $17.73, which actually implies a small downside from recent prices.

The contrast is interesting:

India‑focused analysts (looking at the rupee stock) lean Buy with modest upside.
US‑focused ADR analysts are more cautious, seeing the stock nearer fair value.

Technical View: Short‑Term Setup Turning Bullish

Several real‑time technical dashboards and screeners have turned constructive on Infosys in late November and early December:

TradingView’s technicals page for NSE: INFY assigns a “Buy” rating on daily, weekly and monthly composites, based on moving averages and oscillators. ^[32]
Investing.com’s technical analysis currently shows a “Strong Buy” signal on the daily timeframe for INFY, driven by a cluster of short‑ and medium‑term moving averages pointing upward. ^[33]
TopStockResearch flags the stock as “mild bullish”, noting that Infosys is more bullish than roughly 80–85% of stocks in its universe and quoting a live price near ₹1,563. ^[34]
A series of TradingView community ideas through November highlight:
- Support zones in the ₹1,420–₹1,440 region.
- Resistance zones around ₹1,530–₹1,550, which the stock has been testing. ^[35]

The ET liveblog on 1 December offers some confirmation from exchange data: ^[36]

Infosys broke above its R2 pivot level (~₹1,573) intraday.
One‑week return is about +0.98%, signalling a gentle uptrend.
Six‑month and one‑year returns are still negative, underlining that this is a nascent bounce, not yet a full‑fledged reversal.

Short version: technicals have turned from neutral to mildly bullish, but the broader trend is still sideways‑to‑down over the last year. A sustained move above the ₹1,600–₹1,650 zone would be viewed by many chartists as the next confirmation that a more durable uptrend is underway.

Sector and Macro Backdrop: IT Has Started to Heal

Infosys doesn’t trade in a vacuum. Indian IT has quietly staged a mini‑recovery since the October lows:

A mid‑November technical note in Business Standard observed that the Nifty IT index had gained about 8% since October and could add another ~5%, with Infosys, TCS and HCL Tech among the key contributors to the move. ^[37]
At the same time, IT stocks have been hit periodically by concerns like US H‑1B visa fee hikes and continued caution on US tech spending, leading to bouts of volatility. ^[38]

Macro headwinds remain:

Still‑uneven US and European growth,
Ongoing budget scrutiny on discretionary digital projects,
FX volatility and geopolitical uncertainty.

But the market appears to be betting that the worst of the cyclical slowdown is behind, even if a full‑blown upcycle has not started yet.

2026 Infosys Stock Outlook: Three Working Scenarios

No one can predict stock prices with certainty, but based on current information (earnings, guidance, deals, valuation, and macro), investors are broadly debating three scenarios for 2026. These are working theories, not guarantees.

1. Base case: Slow recovery, modest re‑rating

Global IT spending stabilises and slowly improves.
Infosys delivers low‑to‑mid single‑digit revenue growth in FY26, with margins staying in the 20–22% band. ^[39]
AI and large deals (including NHS) offset weakness in certain verticals.
The stock grinds higher toward street targets around ₹1,700–₹1,800, supported by buyback‑enhanced EPS and a ~3% dividend yield. ^[40]

2. Bull case: AI‑driven upcycle and stronger spending

Rate cuts or stable global rates fuel a renewed IT capex cycle, with enterprises accelerating AI, data and cloud programs.
Large deals ramp faster than the conservative 2–3% guidance implies; Infosys upgrades its outlook mid‑year. ^[41]
Valuation expands back toward historical highs (say, high‑20s to low‑30s P/E), taking the stock closer to or above its prior peak near ₹2,000. ^[42]

3. Bear case: Prolonged slowdown and margin pressure

US and European clients cut discretionary spend further, stretching the subdued environment into 2026–27.
AI intensifies pricing pressure faster than volume growth, squeezing margins.
Regulatory or reputational issues (e.g., further fallout from data breaches) hurt win rates. ^[43]
The stock remains range‑bound in roughly the ₹1,400–₹1,600 band, with returns largely coming from dividends and occasional trading rallies.

Which scenario plays out will depend less on any single quarter and more on global macro conditions, the pace of AI adoption in core enterprise systems, and Infosys’ ability to convert its pipeline into high‑quality, profitable growth.

Key Things for Investors to Watch in 2026

Regardless of time horizon, a few data points will likely guide how the market prices Infosys:

Growth vs guidance:
- Does reported growth stay stuck near the 2–3% guided band, or drift back toward high single digits? ^[44]
Deal ramp‑ups and AI traction:
- Watch disclosures on large deal TCV, particularly in AI‑heavy verticals (BFSI, manufacturing, healthcare, public sector). ^[45]
Margins and wage inflation:
- Can Infosys keep margins in the 20–22% range while investing heavily in AI talent and platforms?
Capital allocation after the buyback:
- With ₹18,000 crore deployed, does Infosys maintain its pattern of steady dividends plus periodic buybacks, or change course? ^[46]
Cybersecurity and compliance posture:
- How does the company follow through on enhancements after the McCamish data breach settlement? ^[47]

Bottom Line: A Quality Franchise at Mid‑Cycle Valuations, Not a Screaming Bargain

As of 1 December 2025, Infosys sits in an interesting middle ground:

Fundamentals: Strong balance sheet, mid‑20s ROE, healthy cash flows, and stable 20–22% margins. ^[48]
Valuation: Cheaper than its own recent history and the broader IT sector, but not “distressed”, and with only ~10% consensus upside baked into average targets. ^[49]
Sentiment: Technicals are turning bullish, domestic institutions are slowly adding, but global investors remain cautious, as seen in ADR “Hold” ratings. ^[50]
Catalysts: The buyback, NHS and other AI deals, and any upgrade in FY26 guidance.
Risks: Macro slowdown, AI‑driven pricing pressure, visa and regulatory headwinds, and reputational issues from data security incidents.

For long‑term investors who believe that enterprise AI and digital transformation still have a long runway, Infosys remains one of the higher‑quality ways to express that view in Indian equities. For short‑term traders, the stock is currently a technical buy above support, with the buyback price serving as a psychologically important reference level.

References