Infosys Ltd., once a guaranteed fixture in India’s list of ten most valuable companies, has been knocked off that list after its market capitalisation eroded by nearly Rs 2 lakh crore from its January 2026 peak. The selloff pushed Infosys’s market cap to Rs 5,37,852 crore, below Life Insurance Corporation of India’s Rs 5,49,673 crore, completing a fall that accelerated sharply after its Q4 FY26 results on April 23, 2026.
In the session following the results, Infosys shares settled 2.04% lower at Rs 1,242 on the BSE, with its market cap standing at Rs 5,03,951 crore. Its American depositary receipts on the NYSE fell 4.01% to $12.94 per share, per BusinessToday.
What the Q4 Numbers Actually Show
The headline numbers from Q4 FY26 were not bad on paper. Infosys reported a 20.87% rise in consolidated net profit to Rs 8,501 crore in the January–March quarter, with revenue from operations rising 13.4% to Rs 46,402 crore compared to the same period last year, per BSE filings. For the full FY26 year, net profit rose 10.20% to Rs 29,440 crore, and revenue climbed 9.6% to Rs 1,78,650 crore.
The market sold the stock anyway. The reason: guidance. Infosys issued a conservative FY27 revenue growth guidance of 1.5%–3.5% in constant currency terms, which spooked investors despite the profit jump, per the company’s SEC filing dated April 23, 2026. At a stock that trades at a premium to peers, guidance below 4% constant currency growth is a re-rating event, not a blip. Susquehanna cut its price target to $14 from $16, and BMO Capital lowered its target to $15 from $20, both on April 24.
The Slide That Erased Two Years of Gains
The exit from India’s top 10 did not happen in a single session. From a January 16 closing level of Rs 1,689.80 to a February 13 intraday low of Rs 1,281.55, Infosys shares declined 24% in under a month, driven by fears that AI disruption would structurally reduce demand for traditional IT services. The April selloff following Q4 results extended that decline further.
The NRN Family Wealth Impact
The persistent decline resulted in a notional dent of nearly Rs 6,200 crore to the fortunes of founder Narayana Murthy and his family within a month. Murthy held 1,51,45,638 shares, a 0.41% stake worth Rs 1,940 crore, down from Rs 2,559 crore at January 16 levels. His wife Sudha Murty, son Rohan Murty, daughter Akshata Murty, and grandson Ekagrah Rohan Murty together held a combined 13,58,20,614 shares, or 3.66% of the company, per BusinessToday.
Where Infosys Stands Now
Infosys remains the second-largest IT company in India by market cap, behind TCS, but LIC, Hindustan Unilever, and other non-IT companies now rank above it by market value.
The company’s board recommended a final dividend of Rs 25 per equity share for FY26, with a record date of June 10, 2026, and payment by June 25, 2026. Infosys returned over Rs 37,500 crore to shareholders in FY26 through interim dividends and a share buyback worth Rs 18,000 crore concluded in late 2025, per India TV News and Zee Biz, a fact that has done nothing to arrest the stock’s decline.
The re-entry path back into India’s top 10 runs through one number: FY27 guidance. At 1.5%–3.5% CC growth, that path is not open this year. A revision upward mid-year, driven by large deal ramp-ups or AI-related revenue acceleration, is the only near-term catalyst that would change the calculus.
Also Read: Cohance Jumps 20% as Ex-Cipla CEO Vohra Named Group CEO
FAQ
Why did Infosys exit India’s top 10 most valuable companies?
A 24%-plus decline in the stock from January 2026 levels pushed its market cap to Rs 5,37,852 crore, below LIC’s Rs 5,49,673 crore and HUL’s Rs 5,53,093 crore, removing it from the top 10 ranking on Dalal Street.
What were Infosys Q4 FY26 results?
Net profit rose 20.87% to Rs 8,501 crore, and revenue grew 13.4% to Rs 46,402 crore, per BSE filings. However, FY27 guidance of 1.5%–3.5% CC growth disappointed the market, triggering a selloff and multiple analyst price target cuts.
Will Infosys re-enter India’s top 10?
Not at current guidance levels. A meaningful re-rating requires FY27 constant currency growth to exceed 4%–5%, driven by large deal ramp-ups or accelerating AI-related revenue.
What dividend has Infosys announced?
A final dividend of Rs 25 per share for FY26, with a record date of June 10, 2026. Combined with the Rs 23 interim dividend paid in November 2025, the total FY26 payout is Rs 48 per share.
