Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.93, read 2026-10-23
Ethical passes the values gate
Price12.13 USD
Fair value9.98
Ethical score70.0/100
RatingQUALITY, FULLY VALUED
Our investment reviews on this name
2026-10-18Read Markup12.13+0.0% to today ✓Distribution gives way to Markup first Markup read since August
2026-09-02Read Distribution11.83+2.5% to today Markup gives way to Distribution first Distribution read since July
2026-08-02Read Markup11.70+3.7% to today ✓Distribution gives way to Markup
2026-07-02Read Distribution11.74+3.3% to today First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Infosys Ltd holds its Markup at $12.13. Elevated stress, defensive posture warranted, held for 132 days.
As held on the ledger · 2026-10-15
Phase
Markup
Quantitative state
Elevated stress, defensive posture warranted, held for 132 days
Price at the screen
$12.13
Valuation
14.79 trailing · 14.33 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.12
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
5.88%
Below 33%
Interest-bearing debt is just 5.9% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
14.23%
Below 33%
Cash held in interest-bearing accounts and securities is 14.2% of assets, under the one-third limit.
Pass
Receivables
1.96%
Below 49%
Money owed to the company is 2.0% of assets, under the 49% limit.
Pass
Revenue purity
0.23%
Below 5%
Only 0.2% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Infosys clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 6%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-10-24. It updates when the underlying figures move, and past reads are kept below.
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Today INFY passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads QUALITY, FULLY VALUED: it trades above our $9.98 fair value estimate, 2.90% revenue growth.
Fair value range in USD, drawn from the 2026-10-15 screen. The gold marker is the market price at the same screen. The price runs 17.7% above the base estimate.
Third-party analyst targets: 12 covering, consensus Hold. The average target sits −7% from the screen price.
Reading the gap · Both our model and the Street see limited upside at this price.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-15 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Indian IT firm powering global digital shifts
Every time a bank in London upgrades its app or a retailer in New York moves data to the cloud, the work often lands with teams in Bangalore and Pune. Infosys sits at the centre of that flow, delivering consulting and digital services across continents. The business earns a 16% profit margin and turns equity at 31% a year, yet trades on a forward multiple of just 13 times earnings with revenue rising 7%.
Those numbers create a 16% margin of safety against our fair value of $13.32 while the stock sits at $11.49. The company passes our ethical screen, analysts lean buy with a median target at $13, and the steady cash flow from outsourcing contracts gives it resilience that pure software names often lack.
Currency swings, wage inflation in India and stiff competition from local rivals remain real threats that can clip margins without warning. Growth stays modest rather than explosive, so any slowdown in client spending would hit earnings quickly. Analysis, not advice.
The risks · The things to watch: its business and earnings are exposed to India and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
INFY trades on NYSE (ADR) (the company is based in India). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-18Markup · changed$12.13+15.5%Entry 8
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 15.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 35%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (12 analysts) rates it hold, with a mean price target of $15.
2026-10-11Distribution$10.50+0.0%Entry 7
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 35%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (12 analysts) rates it hold, with a mean price target of $15.
2026-10-02Distribution$10.50-11.2%Entry 6
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 11.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 35%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (12 analysts) rates it hold, with a mean price target of $15.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 1.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 35%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (12 analysts) rates it hold, with a mean price target of $15.
2026-08-02Markup · changed$11.70-0.3%Entry 4
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 35%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (12 analysts) rates it hold, with a mean price target of $15.
2026-07-18Distribution$11.74+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 35%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (12 analysts) rates it hold, with a mean price target of $15.
2026-07-03Distribution$11.74+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-02Distribution$11.74Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
