ICICI Securities Recommends 'Hold' on Infosys, Sets Target at INR 1630

• Infosys reported a marginal revenue beat but a slight margin miss in Q3FY26, excluding a one-off benefit.
• FY27 revenue growth is expected to accelerate due to strong order book momentum (up 30% YoY in 9MFY25) and rising AI-led demand.
• ICICI Securities projects 4.7%/5.7% YoY constant currency growth for FY27E/FY28E, revising previous estimates.
• Headcount growth (4.2% YoY) now surpasses trailing twelve-month revenue growth (3.3% YoY CC), indicating improved growth visibility.
• ICICI Securities maintains a 'Hold' rating with a target price of INR 1,630, based on a 21x P/E on Dec’27E EPS of INR 78.

Why It Matters: ICICI Securities advises 'Hold' on Infosys with a target of INR 1630, citing strong order book and AI demand.