Infosys Share Price Today (5 December 2025): Q2 FY26 Results, ₹18,000-Crore Buyback, AI Strategy and 2026 Stock Forecast

Infosys Limited (NSE: INFY, BSE: 500209, NYSE: INFY) is trading higher on 5 December 2025, as investors digest a powerful mix of steady Q2 FY26 earnings, an aggressive ₹18,000‑crore share buyback, and a growing slate of AI-focused initiatives that could shape the stock’s trajectory into 2026.

Infosys share price today: NSE, BSE and NYSE

As of late morning on 5 December 2025, Infosys shares on the NSE are trading around ₹1,626–1,630, up roughly 1.8% intraday, after closing at ₹1,597.8 on 4 December. The stock is moving in a day range of about ₹1,600.85–₹1,627, on volumes close to 2.9 million shares across NSE and BSE. ^[1]

Key price levels:

52‑week high: ~₹2,006.80
52‑week low: ~₹1,307.10 ^[2]

That puts Infosys roughly 19–20% below its 52‑week high, underlining how far the stock has de-rated since late 2024 despite recent rebounds.

On Wall Street, the Infosys ADR (NYSE: INFY) closed up 3.57% at $18.29 on Thursday, 4 December 2025, its second straight day of gains. Still, the ADR remains about 22.6% below its 52‑week high of $23.63. Trading volume of 18.3 million shares surpassed the 50‑day average of 13.8 million, signaling elevated global interest. ^[3]

Valuation snapshot: P/E, market cap and fundamentals

Based on trailing 12‑month numbers updated on 5 December 2025:

Market capitalisation: ~₹6.7–6.8 lakh crore
Trailing P/E: around 23–24x
Price-to-book (P/B): ~6.8–7.0x
Price-to-sales (P/S): ~3.9x
Dividend yield: roughly 2.7–2.9%
Beta: ~0.8, indicating lower volatility than the broader market ^[4]

Smart‑Investing’s fundamental scorecard classifies Infosys among the better-quality large caps: trailing revenues of ₹1,69,458 crore and profit of ₹28,159 crore imply robust margins and high return on equity, while the company has no debt on its balance sheet for the last three years and zero pledged promoter shares as of September 2025. ^[5]

The same analysis pegs Infosys’ median “intrinsic value” around ₹1,675 per share, suggesting the stock is trading at roughly a 5% discount to that fair‑value estimate as of 4 December 2025. ^[6] While intrinsic value models are inherently subjective, this supports the view that valuations are no longer stretched.

Q2 FY26 results: steady growth and strong cash flow

Infosys’ Q2 FY26 (quarter ended 30 September 2025) results, released on 16 October, set much of the current tone around the stock. Key numbers (IFRS, consolidated): ^[7]

Revenue: ₹44,490 crore
- +8.6% YoY, +5.2% QoQ (reported)
- Constant currency growth: +2.9% YoY, +2.2% QoQ ^[8]
Operating profit: ₹9,353 crore
- Operating margin:21.0% (down just 0.1 percentage points YoY, up 0.2 points QoQ)
Net profit: ₹7,364 crore
- Net profit growth:+13.2% YoY, +6.4% QoQ
Basic EPS:₹17.76, up 13.1% YoY
Free cash flow (FCF):₹9,677 crore, up 38% YoY, with FCF at 131% of net profit, underscoring excellent cash conversion

On the Q2 earnings call, management:

Raised FY26 revenue growth guidance to 2–3% (from 1–3%),
Maintained operating margin guidance at 20–22%, and
Highlighted large deal TCV of $3.1 billion, with 67% net new, plus a $1.6‑billion “mega deal” signed post‑quarter that should support revenue visibility. ^[9]

The quarter confirms what the market already suspects: top‑line growth is subdued but margins and cash generation remain resilient, helped in part by automation and now, by currency tailwinds.

₹18,000‑crore share buyback: what it signals

In September, Infosys’ board approved its largest-ever share buyback of ₹18,000 crore via the tender route, at a price of ₹1,800 per share. This represents about 10 crore shares, or ~2.4% of the paid‑up equity capital. ^[10]

Key facts about the Infosys Buyback 2025:

Buyback size: ₹18,000 crore
Buyback price: ₹1,800 (roughly a 19% premium to the announcement-day close around ₹1,510–1,525) ^[11]
Shares to be repurchased: 10 crore
Record date: 14 November 2025
Tendering window: 20–26 November 2025 ^[12]

Investor interest was intense:

Around 82.6 crore shares were tendered versus 10 crore to be bought back, implying oversubscription of about 8.26x. ^[13]
Promoters did not participate, meaning the buyback marginally increases public and institutional shareholding. ^[14]

From a capital-allocation standpoint, the move:

Returns surplus cash to shareholders,
Provides EPS accretion via a smaller share base, and
Sends a signal that management views the stock as attractive below the ₹1,800 level.

However, some analysts also read large buybacks as an admission that near‑term organic reinvestment opportunities are limited, especially in a slow‑growth environment. ^[15]

AI and digital strategy: Topaz Fabric, AI agents and AI‑first GCCs

While demand from traditional IT outsourcing remains soft, Infosys is leaning hard into agentic AI and enterprise AI platforms as its next growth engines.

Topaz Fabric: composable AI stack

On 3 November 2025, Infosys launched Topaz Fabric™, described as a “composable stack of AI agents, services and models” designed to accelerate value from enterprise AI programs. ^[16]

Topaz Fabric:

Sits on top of the Infosys Topaz generative‑AI suite,
Integrates with AI-native partners and hyperscale clouds, and
Is meant to let clients plug in modular AI agents into existing systems rather than rebuild everything from scratch.

In practice, this should help Infosys sell higher‑value transformation work rather than just body‑shopping and legacy maintenance.

AI agent for energy sector operations

Just days later, on 6 November 2025, Infosys announced an AI agent for the energy sector, built using Infosys Topaz, Infosys Cobalt and Microsoft’s AI/cloud stack (including Azure OpenAI models and Copilot tooling). The solution aims to automate operational reporting, improve efficiency and support decisions with AI‑generated recommendations across energy enterprises. ^[17]

This is a live example of Topaz‑powered AI agents targeting specific verticals, not just generic tools.

AI‑first GCC Model: monetising global capability centres

On 17 November 2025, Infosys unveiled an “AI‑first GCC Model” that targets global enterprises running or planning Global Capability Centers (GCCs) in India and other locations. ^[18]

The offering:

Bundles Infosys Agentic Foundry, EdgeVerve AI Next and Infosys Topaz to embed “production‑grade” AI agents across GCC operations,
Offers end‑to‑end GCC lifecycle support (from location strategy and setup to talent, operations and AI‑led transformation), and
Leverages Infosys’ experience with over 100 GCC engagements, including clients such as Lufthansa Systems and Danske Bank. ^[19]

This positions Infosys to capture the booming GCC wave as multinationals build AI‑heavy engineering and operations hubs in India.

Together, Topaz Fabric, AI agents and the AI‑first GCC model form a coherent AI story that goes beyond marketing buzzwords—something investors have been demanding from Indian IT vendors.

Macro backdrop: AI disruption, weak rupee and IT sector sentiment

Infosys doesn’t operate in a vacuum. Two big macro forces are shaping sentiment on the stock:

1. AI and the re‑rating of Indian IT stocks

A recent Mint analysis notes that the weight of IT services stocks in the BSE Sensex has fallen to 11.3%, the lowest in 18 years, down from a peak of about 18.6% in late 2021. ^[20]

Year‑to‑date, shares of the five largest Indian IT firms have dropped sharply, with Infosys down roughly 17%, even as the Sensex is up around 8–9%. Infosys and TCS are trading at multi‑year low P/E multiples in the mid‑20s, a level not seen in at least five years. ^[21]

Analysts quoted in the piece attribute this to:

Fears that GenAI and automation will cannibalise traditional “hours‑billed” revenues,
Weak discretionary tech spending among global clients, and
Investors questioning how fast Indian outsourcers can pivot from labour‑arbitrage to AI‑led platforms and products. ^[22]

Yet some brokerages argue current valuations “already bake in” a fairly grim AI scenario and see upside if growth recovers from late 2026 as enterprises shift from pilots to scaled AI deployments. ^[23]

2. Rupee depreciation: earnings tailwind

The rupee has slid to record lows, briefly touching ₹90.29 per US dollar and closing around ₹90.19, a decline of about 5.4% since the start of the fiscal year. ^[24]

For IT exporters such as Infosys—who derive over 40% of revenue from the US and 25–33% from Europe—this is a significant margin and revenue tailwind as dollar/euro/sterling billings translate into more rupees. ^[25]

Analysts quoted in Mint estimate that every 1% rupee depreciation adds roughly 10–15 basis points to operating margins for IT services companies, though the net benefit can be diluted by wage hikes and pricing pressure. ^[26]

Reuters likewise noted this week that, even as Indian benchmarks corrected on profit‑taking and foreign outflows, the IT sector eked out gains, helped by attractive valuations and upgraded views on names including Infosys. ^[27]

Net-net, Infosys is caught in a tug‑of‑war between:

AI‑driven disruption fears (pressuring multiples), and
Currency plus margin tailwinds (supporting earnings),
while the company races to build out AI‑centric offerings.

Analyst ratings and 2026 Infosys stock forecasts

On Mint’s stock dashboard, 43 analysts currently cover Infosys: ^[28]

16 rate it “Strong Buy”
12 rate it “Buy”
13 rate it “Hold”
Just 2 have a “Sell” call

The overall stance is therefore skewed toward positive to moderately bullish, though far from euphoric.

Other notable datapoints:

Infosys’ trailing P/E (low‑20s) is below the sector average of roughly 27–28x, reflecting investor skepticism on growth. ^[29]
Smart‑Investing classifies the stock as “fairly valued”, noting it traded about 5% below their median intrinsic value estimate of ~₹1,675 per share as of 4 December 2025. ^[30]
Over the last one year, Infosys has returned about ‑15% to ‑16%, underperforming both the Sensex and the broader IT index, but near‑term momentum has turned positive with gains over the last week and month. ^[31]

A recent column in The Financial Express frames Infosys as a potential “contra bet for 2026”—arguing that its 2–3% FY26 growth guidance is deliberately conservative, that AI is currently protecting margins more than boosting revenues, and that today’s P/E levels may not fully reflect optionality from AI‑driven deal wins and platform revenues. ^[32]

From a shareholding standpoint:

Promoters: ~14.3% (low but stable)
Foreign institutional investors (FIIs): ~30.1%, trending slightly down
Domestic institutional investors (DIIs, mainly mutual funds and insurers): ~41.5%, steadily rising ^[33]

Rising domestic institutional ownership partly offsets FII selling and reflects strong local conviction in the long-term story.

Key risks to track

Even if valuations look more reasonable, several risks remain relevant for Infosys shareholders:

Demand and pricing risk
Global clients are still cautious on discretionary tech spend. Any further slowdown in BFSI, retail or hi‑tech could pressure topline growth, particularly given Infosys’ modest 2–3% guidance for FY26. ^[34]
AI cannibalisation of legacy revenues
As automation and GenAI reduce manual effort, some traditional outsourcing revenue will inevitably shrink. The core question: can Infosys ramp up AI platform and consulting revenues fast enough to overcompensate? ^[35]
Execution risk on AI products and GCC strategies
Topaz Fabric, AI agents and the AI‑first GCC model are promising, but still early in their adoption curve. Execution missteps, weak monetisation or slower‑than‑expected uptake could disappoint investors. ^[36]
Regulatory and tax overhangs
In a recent disclosure under SEBI’s LODR regulations, Infosys reported that the Joint Commissioner of CGST has raised a demand and penalty of around ₹13.6 crore related to alleged GST shortfalls for FY2018–19 to FY2022–23. The amount is immaterial relative to revenues, but it highlights ongoing regulatory scrutiny. ^[37]
FX volatility and wage inflation
While the weak rupee currently helps margins, future currency swings or higher wage inflation could erase some of that benefit. ^[38]

The bottom line for Infosys stock on 5 December 2025

As of 5 December 2025, Infosys stock trades at a reasonable multiple, below its own recent history and the broader IT sector, with:

Solid Q2 FY26 numbers,
Robust free cash flow,
A massive, oversubscribed buyback at ₹1,800, and
A rapidly evolving AI and GCC‑focused strategy anchored by Topaz Fabric and new AI agents. ^[39]

At the same time, the company faces a structural transition: moving from a labour‑heavy services model to AI‑driven platforms in a market that is openly questioning how quickly Indian IT can reinvent itself.

For investors tracking Infosys share price today, the set‑up is clear:

Fundamentals and balance sheet are strong,
Valuation is no longer euphoric, and
The 2026 outcome hinges on AI execution and global tech spending far more than on short‑term currency moves.