Infosys Share Price Today (10 December 2025): Q2 FY26 Results, ₹18,000-Crore Buyback and Analyst Targets Explained

Infosys Limited’s stock is back in focus on 10 December 2025 as investors digest a strong second-quarter FY26 print, a massive ₹18,000‑crore share buyback, and a generally positive – though not unanimous – analyst outlook. Here’s a detailed breakdown of how the stock is trading today, what the latest numbers say, and how brokerages are valuing Infosys now.

Infosys share price today: how the stock is trading in India and the US

By mid‑afternoon on 10 December 2025, Infosys shares were trading at around ₹1,585 per share on the NSE/BSE, down roughly 0.8–0.9% versus the previous close of about ₹1,599. ^[1]

Key market stats as of the latest ticks:

Day’s range (India): roughly ₹1,584 – ₹1,608 per share. ^[2]
52‑week range: about ₹1,307 – ₹2,006, putting the stock roughly 20% below its 52‑week high. ^[3]
Market capitalisation: close to ₹6.6 lakh crore (₹6,58,000+ crore). ^[4]
Valuation:
- TTM EPS: ~₹67.7 per share.
- TTM P/E multiple: around 23x, versus a sector P/E of roughly 30x – i.e., Infosys trades at a discount to the broader Indian IT pack. ^[5]
- Price‑to‑book: about 6.9x. ^[6]
Dividend yield: about 2.7–2.9%, depending on the price reference used. ^[7]

Performance-wise, Infosys has been soft over the last year but has stabilised recently:

1‑day return: about ‑0.8%.
1‑month return: roughly +4–5%.
3‑month return: around +3–3.5%.
1‑year return: about ‑18–19%. ^[8]

On Wall Street, Infosys ADR (NYSE: INFY) closed the previous US session (9 December 2025) at around $17.75, up 0.17% on the day but still over 20% below its 52‑week high of $23.63. ^[9]

Q2 FY26 results: solid growth, steady margins, cautious guidance

The current narrative around Infosys is anchored in its Q2 FY26 (quarter ended September 2025) results and guidance.

Headline numbers (Q2 FY26)

Revenue: ₹44,490 crore, up 8.6% year‑on‑year and about 5% sequentially in rupee terms. In dollar terms, revenue was $5.08 billion, slightly ahead of Street estimates of ~$4.98 billion. ^[10]
Constant‑currency (CC) growth:
- +2.9% YoY
- +2.2% QoQ, marking a second consecutive quarter of positive CC growth. ^[11]
Net profit: about ₹7,364–7,365 crore, up 13.2% YoY, with basic EPS rising around 13.1% to ₹17.76. ^[12]
Operating margin:21%, broadly stable YoY, slightly below some expectations but 20 bps higher QoQ. ^[13]
Free cash flow: around ₹9,677 crore, up 38% YoY and equivalent to roughly 131% of net profit – a sign of strong cash conversion. ^[14]
Large deal total contract value (TCV):$3.1 billion, with about 67% net new business. ^[15]

Management also highlighted:

Two consecutive quarters of “strong growth” and AI‑driven wins under its Topaz platform.
A $1.6‑billion NHS deal signed after the quarter, expected to ramp up within FY26. ^[16]

Guidance: low single‑digit growth, stable margins

Infosys narrowed its FY26 constant‑currency revenue growth guidance to 2–3%, raising the lower end from 1% but keeping the top end unchanged. Operating margin guidance was maintained at 20–22%. ^[17]

Brokerages and research notes broadly read this as:

A vote of confidence in deal ramp‑ups and execution, given the higher growth floor. ^[18]
But also an acknowledgement of a soft H2 FY26, with implied flat to slightly negative sequential growth due to furloughs, fewer working days and lingering caution on discretionary IT spending, especially in the US and Europe. ^[19]

₹18,000‑crore buyback and higher dividend: capital return story

The biggest corporate action around Infosys this season is its largest‑ever share buyback and an enhanced interim dividend.

Share buyback 2025: size, price and oversubscription

Buyback size: up to 10 crore shares, about 2.41% of paid‑up equity, via the tender offer route.
Total consideration:₹18,000 crore.
Buyback price:₹1,800 per share, a significant premium to prevailing market prices when announced. ^[20]
Record date:14 November 2025.
Tender window:20–26 November 2025. ^[21]

The offer drew extraordinary interest:

Around 82.6 crore shares were tendered versus 10 crore planned, implying about 8x oversubscription. ^[22]
Promoters did not participate, so the buyback effectively concentrates ownership among remaining shareholders. ^[23]
Institutional investors, especially mutual funds and foreign institutions, tendered heavily. Mutual funds alone tendered over 45 crore shares. ^[24]

The Times of India estimates that buybacks, together with dividends, mean Infosys has returned ~₹88,400 crore – about 85% of its FY20–FY24 free cash flow – to shareholders in line with its capital allocation policy. ^[25]

While final acceptance ratios will vary by category, the sheer oversubscription implies that most investors will see only a portion of their shares accepted at ₹1,800, with the rest remaining as free‑floating stock subject to normal market swings.

Dividend: ₹23 interim payout, rising yield

Alongside Q2 results, Infosys announced an interim dividend of ₹23 per share, up about 9.5% from the previous year. The record date was 27 October 2025 and the payout date 7 November 2025. ^[26]

Over the last 12 months, Infosys has distributed about ₹43 per share in dividends, translating to a dividend yield in the high‑2% range at current prices – relatively attractive within large‑cap Indian IT. ^[27]

What analysts are saying about Infosys stock

Domestic brokerages: mostly “Buy”, with nuanced upside

Coverage on the Indian listing is broad. Data from Economic Times and Mint show around 43 analysts covering Infosys, with an overall “Buy” skew: roughly 16 strong buy, 12 buy, 13 hold and 2 sell ratings. ^[28]

Recent post‑results commentary includes:

Nomura:
- Rating: Buy
- Target: ₹1,720 (implied mid‑teens upside versus recent levels).
- Thesis: Q2 performance slightly ahead of estimates; expects EBIT margins to stay near 21%, in the upper half of the 20–22% band, supported by cost discipline and AI‑led value‑based selling. ^[29]
Nuvama:
- Rating: Buy
- Target trimmed to ₹1,800 from ₹1,850.
- View: “Decent” Q2 with in‑line revenue growth and margin; after a ~21% year‑to‑date correction, valuations around 20x FY27 P/E are seen as attractive and close to long‑term averages. ^[30]
Motilal Oswal:
- Rating: Neutral
- Target: ₹1,650 (~12% potential upside).
- Caution: While acknowledging stable execution and solid deal wins, the brokerage highlights macro uncertainty and slower‑than‑hoped discretionary spending; it expects 8% revenue and EBIT growth and 6% PAT growth YoY in H2 FY26. ^[31]
Other global and domestic houses (Nomura, Jefferies, HSBC, Emkay, Antique):
- Broadly positive on the long‑term story, pointing to:
  - Robust cash generation
  - A healthy large‑deal pipeline
  - Early benefits from Infosys’ AI‑first strategy (Topaz)
- But they emphasise that near‑term growth is muted, with guidance implying flattish H2 despite deal wins. ^[32]

Consensus 12‑month price targets vary by data provider:

Investing.com analyst consensus:
- Based on 44 analysts, the average 12‑month target is around ₹1,725, with a high estimate of ₹2,150 and a low of about ₹1,470.
- The overall rating is “Buy”, with 33 Buy, 10 Hold, 2 Sell recommendations. ^[33]
Trendlyne estimates:
- Average target of about ₹1,639, implying roughly 3–4% upside from the current price of ~₹1,585.
- Based on 31 reports from 11 analysts. ^[34]

Taken together, domestic coverage leans constructively bullish but not euphoric: moderate upside, quality balance sheet, but short‑term growth headwinds.

Wall Street view on INFY ADR: cautious “Hold”

For the NYSE‑listed ADR, data compiled by StockAnalysis shows:

5 Wall Street analysts currently cover INFY.
Consensus rating:“Hold”.
Average 12‑month target price:$16.40, which is about 7–8% below the recent price of $17.75.
Target range: $12 (bear case) to $19 (bull case). ^[35]

Analyst models here generally assume:

Revenue growth of roughly 3–4% this fiscal year, stepping up to mid‑single‑digit growth thereafter.
EPS growth in the mid‑single digits, with forward P/E in the low‑20s. ^[36]

That said, some global banks are more positive:

JPMorgan continues to rate Infosys “Overweight”, calling it a top pick among large‑cap IT services vendors, citing:
- A strong AI proposition,
- Stable demand and bookings, and
- Reasonable valuation versus peers.
It does flag that future margin expansion will depend on success in value‑based pricing, pyramid optimisation and currency tailwinds. ^[37]

Growth forecasts: slow lane now, hopes for 2026+ recovery

Across models and broker estimates, the growth picture for Infosys over FY26–27 looks something like this:

Revenue:
- Low single‑digit CC growth (~2–3%) in FY26, as per company guidance. ^[38]
- A potential step‑up to mid‑single‑digit growth (around 5–7% annually) over the next couple of years if large deal ramp‑ups and AI‑led projects scale as expected. ^[39]
Earnings:
- EPS growth around 4–7% annually, supported by:
  - Stable 20–22% operating margins,
  - Buyback‑driven share count reduction, and
  - Ongoing efficiency programmes (e.g., Project Maximus). ^[40]
Return on equity:
- Forecasts cluster around a high‑20s ROE over the medium term, reflecting asset‑light operations and continued cash returns to shareholders. ^[41]

More broadly, sector‑level studies suggest that the Nifty IT index tends to fare relatively well in December and often sees stronger cycles when global tech spending picks up, a scenario many strategists pencil in for calendar 2026 as AI projects move from pilots to scaled deployments. ^[42]

Valuation snapshot: quality at a reasonable price?

Putting it all together, here’s how Infosys looks on 10 December 2025:

P/E vs sector:
- Infosys trades at ~23x trailing earnings, versus a sector average near 30x, implying a valuation discount despite its blue‑chip status. ^[43]
Yield and cash returns:
- A 2.7–2.9% dividend yield plus periodic large buybacks gives Infosys one of the stronger capital‑return profiles among Indian IT majors. ^[44]
Balance sheet:
- Negligible net debt (debt‑to‑equity around 0.08) and robust free cash flow generation underpin both the buyback and dividend capacity. ^[45]
Ownership trends:
- Mutual fund holdings have risen to about 22.7% as of 30 September 2025, while FII holdings (~30%) have edged down recently – suggesting domestic institutions have been net buyers as some global investors de‑risk. ^[46]

For many analysts, this combination – moderate valuation, strong cash returns and high‑quality balance sheet, offset by muted near‑term growth – is precisely why the consensus in India skews to “Buy” with modest upside, while US coverage sits at “Hold”.

Key risks and triggers to watch

Investors tracking Infosys from here will be watching a few key variables:

Global macro and enterprise IT budgets
- Any renewed weakness in US or European growth, especially in BFSI and retail, could further delay discretionary IT spending and slow deal ramp‑ups. ^[47]
Execution on large and AI‑heavy deals
- Infosys’ $3.1‑billion Q2 TCV and AI‑centric Topaz offerings are central to the growth story. Under‑delivery on these large programmes could pressure both growth and margins. ^[48]
Margin pressures
- Wage inflation, on‑site/off‑shore mix shifts, and competitive pricing remain structural headwinds. Infosys must continue to grind out productivity gains to keep margins in the 20–22% band. ^[49]
Currency and regulatory risks
- A stronger rupee, visa/immigration changes (e.g., H‑1B constraints), or higher compliance costs in major markets can impact profitability. ^[50]
Capital allocation outcomes
- The 8x subscription to the latest buyback reflects intense investor interest, but the true benefit will depend on:
  - Final acceptance ratios,
  - Whether the reduced share count meaningfully lifts EPS and ROE, and
  - How the market values Infosys’ future growth versus its cash‑return story. ^[51]

Bottom line: how Infosys stock looks on 10 December 2025

As of 10 December 2025, Infosys sits in a classic “quality at reasonable price” zone:

The stock trades well below its 52‑week high and at a discount to sector P/E,
Fundamentals show healthy cash generation, resilient margins and a strong balance sheet,
The company is aggressively returning cash via dividends and a record buyback, and
Growth is positive but subdued, with management and analysts both signalling low single‑digit revenue growth in the near term and hoping for a cyclical recovery as AI‑driven transformation spending accelerates.