Infosys Share Price Today: Buyback 2025, GST Demand, Q2 FY26 Results and Stock Forecast Explained

Infosys Limited (NSE: INFY, NYSE: INFY) is back in the spotlight as its record ₹18,000 crore share buyback closes, a fresh GST demand hits the headlines, and investors parse steady but not spectacular earnings alongside a fast-growing AI pipeline.

As of mid-session on 2 December 2025, Infosys shares on the NSE were trading around ₹1,560–₹1,570, only modestly higher than the previous close of ₹1,560.10 on 1 December. An Economic Times liveblog pegged the last traded price at ₹1,565.10 at 11:53 am, with a market capitalisation of roughly ₹6.5 lakh crore, a trailing P/E ratio of 23.1x and EPS of ₹67.7. ^[1]
Intraday data from other platforms indicates a trading range roughly between ₹1,562 and ₹1,579, with a tiny gain of around 0.05% on the day. ^[2]

Meanwhile, derivative and technical trackers show Infosys has delivered about 1% return over the last week and 5–6% over the past month, but remains flat over six months and meaningfully negative over one year, underlining how sentiment around large-cap IT remains cautious despite robust fundamentals. ^[3]

1. Infosys Share Price Today: Calm After the Buyback Storm

Market data across liveblogs and broker dashboards show Infosys trading in a tight band on 2 December 2025, with live ticks around ₹1,564–₹1,568 through the late morning session. ^[4]

Key intraday and recent metrics:

Last traded (around midday, 2 Dec): ₹1,565.1 ^[5]
Previous close: ₹1,560.1 (1 December 2025, NSE) ^[6]
Intraday range (provisional): roughly ₹1,562 – ₹1,579, based on end‑of‑day data. ^[7]
1‑week return: ~+1.0% ^[8]
1‑month return: ~+5.5–5.7% ^[9]
6‑month return: ~+0.8–0.9% ^[10]
1‑year / YTD return: about –16% to –17%, despite profit growth. ^[11]

Valuation snapshot from multiple sources:

P/E: ~23x trailing earnings (Angel One and ET estimates). ^[12]
P/B: ~6.3x, considered “fair” relative to sector peers by MarketsMojo. ^[13]
ROE: ~27–29% over the long term. ^[14]
Debt: effectively net‑debt‑free, with a debt‑to‑equity ratio near zero. ^[15]

In other words: Infosys today prices in “quality at a reasonable price” rather than deep value or bubble territory. The past year’s double‑digit drawdown is more about global IT sentiment and earnings downgrades than any balance sheet crack.

2. Record ₹18,000 Crore Share Buyback: What Just Happened?

The biggest structural story around Infosys stock right now is the 2025 buyback.

Key buyback terms

According to Infosys’ official Letter of Offer and related filings: ^[16]

Size: Up to 10 crore shares (100 million)
Percentage of equity: About 2.41% of paid‑up share capital
Method: Tender offer
Buyback price: ₹1,800 per share
Total outlay: ₹18,000 crore

The buyback was approved by the board on 11 September 2025 and cleared by shareholders via postal ballot thereafter. ^[17]

Brokers and media highlighted that the offer price represented roughly a 19–23% premium to the prevailing market price when announced, making it one of the most shareholder‑friendly corporate actions in the Indian IT pack this year. ^[18]

Timeline and oversubscription

Multiple broker notes and exchanges summarise the schedule: ^[19]

Record date: 14 November 2025
Tender window: 20–26 November 2025
Finalisation of acceptance: 2 December 2025
Settlement / extinguishment: early–mid December

By the final day, the buyback had turned into a frenzy:

Bids for ~82.6 crore shares against an offer size of 10 crore – an ~826% subscription. ^[20]
Entitlement ratios: roughly 2:11 for small shareholders and 17:706 for the general category, as per exchange updates. ^[21]

Promoters chose not to participate, which means their percentage stake will edge up once the bought‑back shares are extinguished, a classic signalling move that often reassures long‑term investors. ^[22]

Why the buyback matters for the stock

At 2.41% of equity, the buyback will not dramatically shrink the share base, but it does have several implications:

Confirms strong free cash flow (FCF) and lack of pressing capex or M&A needs.
Should be EPS‑ and ROE‑accretive at the margin, since shares are repurchased at ~23x trailing earnings using surplus cash. ^[23]
Acts as a short‑term support near the offer price of ₹1,800, effectively setting an upper reference band for the next few quarters.

Not surprisingly, global agencies like Reuters framed the move as Infosys’ largest‑ever capital return, its fifth buyback, and one more sign that Indian IT is leaning heavily on shareholder payouts while waiting for a fuller AI‑driven revenue upcycle. ^[24]

3. New GST Demand of ₹13.60 Crore: Small Hit, Big Headline

On 2 December 2025, Angel One and other outlets reported that Infosys has received a GST demand and penalty of ₹13.60 crore from the Joint Commissioner of CGST. ^[25]

What the order is about:

It relates to multi‑year employee guesthouse stays used for official work by staff registered under different GST identification numbers within the organisation.
The tax authorities argue that accommodation for employees from other GST registrations counts as a supply between “distinct persons” under GST, and should have attracted GST from FY 2018‑19 to FY 2022‑23. ^[26]

Infosys’ stance in its exchange disclosure:

The company explicitly states that the demand does not have a material impact on its financial statements or operations. ^[27]

Put in context, Infosys earned ₹7,364 crore in net profit in Q2 FY26 alone. ^[28]
A ₹13.6 crore penalty is well under 1% of a single quarter’s profit – financially trivial, even if it highlights the complexity of GST compliance for large multi‑location employers.

Markets seem to agree: in the same Angel One update, Infosys shares were quoted around ₹1,567, about +0.19% versus the previous close, suggesting no panic selling linked to the notice. ^[29]

4. Earnings Check: Q1 and Q2 FY26 – Solid, Not Spectacular

Q1 FY26 (quarter ended 30 June 2025)

According to detailed coverage from Outlook Business: ^[30]

Revenue: ₹42,279 crore, up 7.5% YoY
Net profit: ₹6,921 crore, up 8.7% YoY
Operating margin: 20.8%
EPS: ₹16.70, up 8.6% YoY
Free cash flow: ₹7,533 crore, 108.8% of net profit
Large deals: $3.8 billion, with 55% net new TCV

Management nudged FY26 revenue guidance up to 1–3% growth in constant currency, while maintaining the margin band at 20–22%, citing resilience in enterprise AI and client consolidation, but also acknowledging a cautious macro. ^[31]

Q2 FY26 (quarter ended 30 September 2025)

Infosys’ own financial snapshot and earnings call transcript paint the picture of a steady Q2: ^[32]

Revenue (INR): ₹44,490 crore, +8.6% YoY, +5.2% QoQ
Revenue (USD): $5.08 billion, +3.7% YoY, +2.7% QoQ
Net profit (INR): ₹7,364 crore, +13.2% YoY, +6.4% QoQ
Operating margin: 21.0%, up 20 bps QoQ
EPS: ₹17.76

Cash generation stayed exceptional, with $1.1 billion of free cash flow, or ~131% of net profit. ^[33]

Deal momentum:

Q2 large deals: $3.1 billion TCV, 67% net new.
Plus a $1.6 billion “mega deal” signed after quarter‑end but before results, enhancing visibility into FY26–27 revenues. ^[34]

AI is now the core narrative

On the Q2 earnings call, CEO Salil Parekh and his team leaned heavily into AI:

Infosys is working on over 2,500 generative AI projects and more than 200 “agentic AI” projects for clients.
It is scaling a team of “forward‑deployed engineers” to embed AI into clients’ core systems.
AI is being used both for client work and internal productivity, with robust FCF as a by‑product. ^[35]

Revenue guidance was raised again in Q2: management now expects 2–3% constant‑currency growth for FY26, with the margin band still at 20–22%. ^[36]

This is not hyper‑growth, but in a year when global IT budgets have been reset lower, the combination of low single‑digit growth plus stable 20–21% margins is one reason Infosys features in several broker lists of quality compounders.

5. Quality, Balance Sheet and Ownership: The Slow‑and‑Steady Case

Independent analytics platform MarketsMojo recently revised Infosys from “Sell” to “Hold”, reflecting a more balanced view after the stock’s underperformance and the latest numbers. ^[37]

Some of the structural strengths they highlight:

Average ROE: ~29.25%
Net sales growth: ~12.37% CAGR
ROCE: ~28.98%
Debt‑to‑equity: effectively 0
Institutional ownership: ~71.75% of shares held by institutions. ^[38]

Angel One’s liveblog shows similar fundamentals, with ROE near 27.2%, a P/E of ~23x, and a tiny debt‑to‑equity ratio of 0.0847, all consistent with a cash‑rich, asset‑light IT services leader. ^[39]

MarketsMojo also notes the paradox of profits rising ~4.4% over the past year while the stock has fallen ~16–17%, underscoring how sentiment and sector rotation can push prices away from fundamentals for extended periods. ^[40]

6. Analyst Ratings and Price Targets: Mild Upside, Not Moonshots

Indian‑listed INFY (NSE/BSE)

Several aggregators provide a snapshot of sell‑side expectations:

Trendlyne:
- Average 12‑month target: ₹1,639
- Implied upside: ~4.8% from a recent price around ₹1,563
- Based on 31 reports from 11 analysts. ^[41]
Investing.com consensus (INR):
- Average target: ₹1,719
- High: ₹2,150
- Low: ₹1,470
- Overall rating: “Buy”, with 33 Buy, 10 Hold, 2 Sell recommendations from 44 analysts. ^[42]
TipRanks (India ticker):
- Average target: ₹1,692.54
- Implied upside: about 8.5%. ^[43]

TradingView summarises a similar range, with maximum estimates around ₹2,150 and minimums under ₹1,000, highlighting how differently analysts handicap long‑term global IT demand and AI monetisation. ^[44]

Jefferies: Buy rating with AI‑led thesis

A recent Financial Express piece notes that Jefferies has reiterated a “Buy” on Infosys with a target price of ₹1,530, which at the time of the report implied about 11% upside. ^[45]

The brokerage highlights:
- Strong positioning in AI, especially with large banking clients.
- A “steady but cautious” demand environment, with discretionary IT spending still under pressure but no meaningful deterioration.
- High confidence in FCF staying above 100% of net profit in FY26, providing room for buybacks and dividends. ^[46]

Since Infosys now trades slightly above that ₹1,530 level, Jefferies’ target has effectively been met, though the underlying Buy thesis (AI + FCF + margins) remains relevant.

Jefferies has also separately listed Infosys among its top IT picks with up to ~23% upside in a broader sector note. ^[47]

ADR (NYSE: INFY)

For US‑listed investors, Infosys ADRs provide an additional reference:

As of 2 December 2025, INFY ADRs trade around $17.45, with a 52‑week range of $15.82–$23.63. ^[48]

Consensus views on the ADR are a bit more mixed:

TipRanks (ADR):
- Average 12‑month target: $17.20
- High: $22.80, Low: $12.00
- Slight downside vs current price, reflecting caution. ^[49]
StockAnalysis.com:
- Average rating: “Hold”
- Average target: $16.4, implying ~6% downside from current levels. ^[50]
MarketWatch and Yahoo’s analyst pages (where accessible) show a still‑constructive stance, with a majority of analysts clustering around Buy / Overweight and a smaller bucket at Hold. ^[51]

Algorithmic / retail forecasts

Algorithm‑driven and retail‑oriented forecast sites go much further:

One model quoted by Capital.com suggests Infosys shares could reach ₹2,800+ by December 2025 and even higher in subsequent years, while other bots project sharply rising ADR prices over the next 2–3 years. ^[52]

These tools themselves warn that model‑based price targets can be wrong and should not be treated as advice – they are more sentiment gauges than fundamental research.

7. Technical Levels and December Seasonality

Short‑term technical commentary around 2 December points to a relatively well‑defined range:

EquityPandit, in a weekly outlook, flags immediate support near ₹1,529 and resistance around ₹1,588, framing Infosys as range‑bound unless a strong breakout occurs. ^[53]

Liveblogs from Angel One and ET show choppy intraday moves around the ₹1,560‑plus handle, with minor green and red ticks driven more by index swings than Infosys‑specific news. ^[54]

Seasonality adds an interesting twist:

Moneycontrol data shows that Infosys has delivered positive returns in 13 of the last 17 Decembers, with an average December gain of about 3.4%. ^[55]

Seasonals are not destiny, but they do explain why some traders view December as a modestly favourable month for the stock, especially when combined with buyback‑related buying and year‑end mutual fund positioning.

8. Macro and Sector Context: Infosys as a Nifty Proxy for IT

Large houses are turning incrementally constructive on India overall:

A fresh Nomura report on 2 December 2025 pegs the Nifty 50 at 29,300 by end‑2026 (about 12% upside) and explicitly lists Infosys among its top picks, alongside ICICI Bank, Axis Bank, UltraTech Cement, Mahindra & Mahindra and Bajaj Finance. ^[56]

Yet other global brokers, such as J.P. Morgan, remain more cautious on IT in the near term, preferring domestic cyclicals while still acknowledging that a stronger rupee and better global trade dynamics could improve prospects for export‑oriented sectors like IT and pharma. ^[57]

Infosys sits in the middle of this debate:

Earnings and margins remain healthy, but not explosive. ^[58]
AI is a clear strategic focus, but monetisation is gradual and often accompanied by pricing and productivity pressures on legacy work. ^[59]
The stock trades ~24% below its 52‑week high in rupee terms, and similarly well below its ADR peak, reflecting the sector’s derating since late 2024. ^[60]

9. Key Risks to Monitor

Even quality compounders come with caveats. For Infosys, near‑term risk factors include:

Global IT spending: Discretionary and transformation budgets remain under pressure, with several management comments pointing to slow enterprise AI adoption and cautious clients. ^[61]
AI cannibalisation: As generative AI improves productivity, some existing work can shrink even as new AI projects emerge – a classic “deflationary innovation” problem. ^[62]
Regulatory and tax issues: The new GST demand is small, but similar disputes – in India or abroad – could create headline risk. ^[63]
Talent and wages: Wage hikes already shaved a full percentage point off margins in FY26’s early quarters, and global competition for AI talent could keep costs elevated. ^[64]
Currency volatility: Infosys actively hedges FX exposures, but sharp rupee moves can still affect reported margins and EPS. ^[65]

10. Bottom Line: How Does Infosys Stock Look on 2 December 2025?

Putting all the moving parts together:

Operationally, Infosys is delivering mid‑single‑digit revenue growth with stable 20–21% margins, strong cash conversion and a deepening AI portfolio. ^[66]
Capital allocation remains shareholder‑friendly, with a record ₹18,000 crore buyback and repeated hints that FCF will consistently exceed net profit. ^[67]
Valuation around 23x trailing earnings is not distressed, but after a ~17% price drawdown over the last year, consensus now sees modest single‑digit to low double‑digit upside rather than bubble‑like expectations. ^[68]
News flow – from the GST notice to buyback oversubscription – is more about fine‑tuning perception than changing the core investment case.

For long‑term investors, Infosys today still looks like what it has looked like for years: a high‑quality, cash‑rich IT services major with a growing AI angle, whose returns are likely to track a mix of earnings growth, buybacks/dividends, and sector‑wide sentiment rather than lottery‑ticket upside.

For traders, the story is more tactical:
the ₹1,530–₹1,590 zone remains the key short‑term battlefield, with December seasonality and buyback‑related flows providing a gentle tailwind, and global IT risk sentiment acting as the main headwind. ^[69]

References

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