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Motilal Oswal Report
Infosys Ltd.’s FY25 revenue growth guidance came in significantly below our estimate, although deal wins should support the medium-term growth outlook. It has maintained its margin guidance but continues to see upside potential in the medium term, which we see as encouraging.
We expect FY25 revenue growth to be near the upper band of the guidance, at 2.5% YoY constant currency.
Despite near-term weakness, we expect Infosys to be a key beneficiary of the acceleration in IT spending in the medium term. Based on our revised estimates, the stock is currently trading at 19 times FY26E earnings per share.
We the stock at 22 times FY26E EPS, implying a target price of Rs 1,650.
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