Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Infosys Limited
Physical assets are 12.5% of total assets, a light footprint. Capex is 0.58x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 43.0%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 9.34x.
Physical asset ratio
12.5%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 191.24BpropertyPlantAndEquipmentNetInventoryINR 0.00Not reported, treated as 0Total assetsINR 1,529.00BtotalAssetsInventory was not reported and is treated as zero.Result 12.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
9.34xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 1,786.50BtotalRevenueNet PP&EINR 191.24BpropertyPlantAndEquipmentNetResult 9.34x
Revenue per dollar of the physical asset base.
Capex / D&A
0.58xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 28.45BcapitalExpendituresD&AINR 48.99BdepreciationAndAmortizationResult 0.58x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
INR 186.48Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 1,529.00BtotalAssetsGoodwillINR 118.82BgoodWillIntangiblesINR 27.71BintangibleAssetsLiabilitiesINR 614.17BtotalLiabTangible bookINR 768.31BShares4,120,108,000commonStockSharesOutstandingResult INR 186.48
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
6.35xPrice / tangible bookPrice / tangible book per sharePriceINR 1.19KLatest quoteTangible book / shareINR 186.482026-03-31Result 6.35x
Price INR 1.19K.
Fixed-charge coverage
11.41xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 429.00BebitdaCapexINR 28.45BcapitalExpendituresInterestINR 4.16BinterestExpenseShort-term debtINR 30.96BshortTermDebtEBITDA − capexINR 400.55BPrincipal due is short-term debt.Result 11.41x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.5%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flowINR 347.06BfreeCashFlowMarket capINR 4,643.76BMarketCapitalizationResult 7.5%
Latest free cash flow divided by current market cap (INR 4,643.76B).
ROIC
43.0%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 380.01BoperatingIncomeTax expenseINR 105.21BincomeTaxExpensePretax incomeINR 399.95BincomeBeforeTaxTax rate26.3%EquityINR 909.81BtotalStockholderEquityDebtINR 89.90BshortLongTermDebtTotalCashINR 348.83BcashAndShortTermInvestmentsInvested capitalINR 650.89BResult 43.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.99x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 15.9%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 1.93BpropertyPlantEquipmentInventoryINR 16.00MinventoryTotal assetsINR 12.25BtotalAssetsResult 15.9% | 428.15xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueINR 826.75BtotalRevenueNet PP&EINR 1.93BpropertyPlantEquipmentResult 428.15x | 1.16xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexINR 24.15BcapitalExpendituresD&AINR 20.89BdepreciationAndAmortizationResult 1.16x | INR 2.02Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 12.25BtotalAssetsGoodwillINR 512.00MgoodWillIntangiblesINR 100.00MintangibleAssetsLiabilitiesINR 2.85BtotalLiabTangible bookINR 8.79BShares4,353,420,772commonStockSharesOutstandingResult INR 2.02 | 114.47xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 212.35BebitdaCapexINR 24.15BcapitalExpendituresInterestINR 24.00MinterestExpenseShort-term debtINR 1.62BshortTermDebtEBITDA − capexINR 188.20BPrincipal due is short-term debt.Result 114.47x | INR 132.37BFree cash flow · 2019-03-31Reported free cash flowOperating cash flowINR 156.52BtotalCashFromOperatingActivitiesCapexINR 24.15BcapitalExpendituresFree cash flowINR 132.37BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 132.37B | —ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 191.46BoperatingIncomeTax expenseINR 56.31BincomeTaxExpensePretax incomeINR 210.41BincomeBeforeTaxTax rate26.8%EquityINR 9.39BtotalStockholderEquityDebtINR 1.62BshortLongTermDebtTotalCashINR 138.39BcashAndEquivalentsInvested capital—Result — | 99.15xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeINR 191.46BoperatingIncomeNet PP&EINR 1.93BpropertyPlantEquipmentResult 99.15x |
| 2020 | 19.8%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 2.41BpropertyPlantEquipmentInventoryINR 19.00MinventoryTotal assetsINR 12.26BtotalAssetsResult 19.8% | 376.10xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueINR 907.91BtotalRevenueNet PP&EINR 2.41BpropertyPlantEquipmentResult 376.10x | 0.02xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexINR 465.00McapitalExpendituresD&AINR 28.90BdepreciationAndAmortizationResult 0.02x | INR 1.82Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 12.26BtotalAssetsGoodwillINR 699.00MgoodWillIntangiblesINR 251.00MintangibleAssetsLiabilitiesINR 3.56BtotalLiabTangible bookINR 7.75BShares4,265,144,228commonStockSharesOutstandingResult INR 1.82 | 126.84xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 226.49BebitdaCapexINR 465.00McapitalExpendituresInterestINR 1.70BinterestExpenseShort-term debtINR 82.00MshortTermDebtEBITDA − capexINR 226.03BPrincipal due is short-term debt.Result 126.84x | INR 2.15BFree cash flow · 2020-03-31Reported free cash flowOperating cash flowINR 2.61BtotalCashFromOperatingActivitiesCapexINR 465.00McapitalExpendituresFree cash flowINR 2.15BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 2.15B | —ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 197.59BoperatingIncomeTax expenseINR 53.68BincomeTaxExpensePretax incomeINR 220.07BincomeBeforeTaxTax rate24.4%EquityINR 8.65BtotalStockholderEquityDebtINR 40.22BshortLongTermDebtTotalCashINR 118.92BcashAndEquivalentsInvested capital—Result — | 81.85xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeINR 197.59BoperatingIncomeNet PP&EINR 2.41BpropertyPlantEquipmentResult 81.85x |
| 2021 | 17.4%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 2.57BpropertyPlantEquipmentInventoryINR 19.00MinventoryTotal assetsINR 14.83BtotalAssetsResult 17.4% | 5.28xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueINR 13.56BtotalRevenueNet PP&EINR 2.57BpropertyPlantEquipmentResult 5.28x | 0.65xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexINR 285.00McapitalExpendituresD&AINR 441.00MdepreciationAndAmortizationResult 0.65x | INR 2.19Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 14.83BtotalAssetsGoodwillINR 832.00MgoodWillIntangiblesINR 283.00MintangibleAssetsLiabilitiesINR 4.32BtotalLiabTangible bookINR 9.39BShares4,283,606,557commonStockSharesOutstandingResult INR 2.19 | 29.75xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 4.06BebitdaCapexINR 285.00McapitalExpendituresInterestINR 26.00MinterestExpenseShort-term debtINR 101.00MshortTermDebtEBITDA − capexINR 3.78BPrincipal due is short-term debt.Result 29.75x | INR 2.97BFree cash flow · 2021-03-31Reported free cash flowOperating cash flowINR 3.26BtotalCashFromOperatingActivitiesCapexINR 285.00McapitalExpendituresFree cash flowINR 2.97BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 2.97B | —ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 3.33BoperatingIncomeTax expenseINR 973.00MincomeTaxExpensePretax incomeINR 3.60BincomeBeforeTaxTax rate27.1%EquityINR 10.44BtotalStockholderEquityDebtINR 45.97BshortLongTermDebtTotalCashINR 195.65BcashAndEquivalentsInvested capital—Result — | 1.30xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating incomeINR 3.33BoperatingIncomeNet PP&EINR 2.57BpropertyPlantEquipmentResult 1.30x |
| 2022 | 15.8%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 2.43BpropertyPlantEquipmentInventoryINR 25.00MinventoryTotal assetsINR 15.56BtotalAssetsResult 15.8% | 500.79xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueINR 1,216.41BtotalRevenueNet PP&EINR 2.43BpropertyPlantEquipmentResult 500.79x | 0.01xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexINR 290.00McapitalExpendituresD&AINR 34.61BdepreciationAndAmortizationResult 0.01x | INR 2.09Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 15.56BtotalAssetsGoodwillINR 817.00MgoodWillIntangiblesINR 225.00MintangibleAssetsLiabilitiesINR 5.56BtotalLiabTangible bookINR 8.95BShares4,283,606,557commonStockSharesOutstandingResult INR 2.09 | 150.70xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 319.02BebitdaCapexINR 290.00McapitalExpendituresInterestINR 2.00BinterestExpenseShort-term debtINR 115.00MshortTermDebtEBITDA − capexINR 318.73BPrincipal due is short-term debt.Result 150.70x | INR 3.06BFree cash flow · 2022-03-31Reported free cash flowOperating cash flowINR 3.35BtotalCashFromOperatingActivitiesCapexINR 290.00McapitalExpendituresFree cash flowINR 3.06BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 3.06B | —ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 284.41BoperatingIncomeTax expenseINR 79.64BincomeTaxExpensePretax incomeINR 301.10BincomeBeforeTaxTax rate26.4%EquityINR 9.94BtotalStockholderEquityDebtINR 46.14BshortLongTermDebtTotalCashINR 134.71BcashAndEquivalentsInvested capital—Result — | 117.09xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeINR 284.41BoperatingIncomeNet PP&EINR 2.43BpropertyPlantEquipmentResult 117.09x |
| 2023 | 1,350.4%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 206.75BpropertyPlantEquipmentInventoryINR 25.00MinventoryTotal assetsINR 15.31BtotalAssetsUses the property line, which is larger than net PP&E (INR 2.52B, propertyPlantAndEquipmentNet).Result 1,350.4% | 7.10xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueINR 1,467.67BtotalRevenueNet PP&EINR 206.75BpropertyPlantEquipmentResult 7.10x | 0.01xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexINR 319.00McapitalExpendituresD&AINR 42.71BdepreciationAndAmortizationResult 0.01x | INR 1.94Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 15.31BtotalAssetsGoodwillINR 882.00MgoodWillIntangiblesINR 213.00MintangibleAssetsLiabilitiesINR 6.09BtotalLiabTangible bookINR 8.13BShares4,187,731,070commonStockSharesOutstandingResult INR 1.94 | 119.07xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 356.47BebitdaCapexINR 319.00McapitalExpendituresInterestINR 2.84BinterestExpenseShort-term debtINR 151.00MshortTermDebtEBITDA − capexINR 356.15BPrincipal due is short-term debt.Result 119.07x | INR 2.53BFree cash flow · 2023-03-31Reported free cash flowOperating cash flowINR 2.85BtotalCashFromOperatingActivitiesCapexINR 319.00McapitalExpendituresFree cash flowINR 2.53BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 2.53B | —ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 313.76BoperatingIncomeTax expenseINR 92.14BincomeTaxExpensePretax incomeINR 333.22BincomeBeforeTaxTax rate27.7%EquityINR 9.17BtotalStockholderEquityDebtINR 70.72BshortLongTermDebtTotalCashINR 121.73BcashAndEquivalentsInvested capital—Result — | 1.52xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeINR 313.76BoperatingIncomeNet PP&EINR 206.75BpropertyPlantEquipmentResult 1.52x |
| 2024 | 14.1%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 193.60BpropertyPlantAndEquipmentNetInventoryINR 43.00MinventoryTotal assetsINR 1,377.03BtotalAssetsResult 14.1% | 7.94xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueINR 1,536.70BtotalRevenueNet PP&EINR 193.60BpropertyPlantAndEquipmentNetResult 7.94x | 0.47xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexINR 22.17BcapitalExpendituresD&AINR 46.99BdepreciationAndAmortizationResult 0.47x | INR 192.29Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 1,377.03BtotalAssetsGoodwillINR 72.92BgoodWillIntangiblesINR 13.92BintangibleAssetsLiabilitiesINR 493.21BtotalLiabTangible bookINR 796.98BShares4,144,680,000commonStockSharesOutstandingResult INR 192.29 | 14.31xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 369.79BebitdaCapexINR 22.17BcapitalExpendituresInterestINR 4.70BinterestExpenseShort-term debtINR 19.58BshortTermDebtEBITDA − capexINR 347.62BPrincipal due is short-term debt.Result 14.31x | INR 240.19BFree cash flow · 2024-03-31Reported free cash flowOperating cash flowINR 262.35BtotalCashFromOperatingActivitiesCapexINR 22.17BcapitalExpendituresFree cash flowINR 240.19BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 240.19B | 34.8%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 322.80BoperatingIncomeTax expenseINR 97.40BincomeTaxExpensePretax incomeINR 359.88BincomeBeforeTaxTax rate27.1%EquityINR 879.99BtotalStockholderEquityDebtINR 83.51BshortLongTermDebtTotalCashINR 286.11BcashAndShortTermInvestmentsInvested capitalINR 677.39BResult 34.8% | 1.67xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating incomeINR 322.80BoperatingIncomeNet PP&EINR 193.60BpropertyPlantAndEquipmentNetResult 1.67x |
| 2025 | 13.1%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 191.16BpropertyPlantAndEquipmentNetInventoryINR 4.13BinventoryTotal assetsINR 1,489.83BtotalAssetsResult 13.1% | 0.10xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueINR 19.28BtotalRevenueNet PP&EINR 191.16BpropertyPlantAndEquipmentNetResult 0.10x | 63.66xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexINR 22.49BcapitalExpendituresD&AINR 353.33MdepreciationAndAmortizationResult 63.66x | INR 200.84Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 1,489.83BtotalAssetsGoodwillINR 101.10BgoodWillIntangiblesINR 27.63BintangibleAssetsLiabilitiesINR 527.20BtotalLiabTangible bookINR 833.91BShares4,152,051,000commonStockSharesOutstandingResult INR 200.84 | -0.73xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 4.42BebitdaCapexINR 22.49BcapitalExpendituresInterestINR 49.00MinterestExpenseShort-term debtINR 24.55BshortTermDebtEBITDA − capex-INR 18.07BPrincipal due is short-term debt.Result -0.73x | INR 349.64BFree cash flow · 2025-03-31Reported free cash flowOperating cash flowINR 372.14BtotalCashFromOperatingActivitiesCapexINR 22.49BcapitalExpendituresFree cash flowINR 349.64BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 349.64B | 0.4%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 4.07BoperatingIncomeTax expenseINR 1.29BincomeTaxExpensePretax incomeINR 4.44BincomeBeforeTaxTax rate28.9%EquityINR 958.36BtotalStockholderEquityDebtINR 82.28BshortLongTermDebtTotalCashINR 385.65BcashAndShortTermInvestmentsInvested capitalINR 654.98BResult 0.4% | 0.02xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeINR 4.07BoperatingIncomeNet PP&EINR 191.16BpropertyPlantAndEquipmentNetResult 0.02x |
| 2026 | 12.5%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 191.24BpropertyPlantAndEquipmentNetInventoryINR 0.00Not reported, treated as 0Total assetsINR 1,529.00BtotalAssetsInventory was not reported and is treated as zero.Result 12.5% | 9.34xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 1,786.50BtotalRevenueNet PP&EINR 191.24BpropertyPlantAndEquipmentNetResult 9.34x | 0.58xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 28.45BcapitalExpendituresD&AINR 48.99BdepreciationAndAmortizationResult 0.58x | INR 186.48Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 1,529.00BtotalAssetsGoodwillINR 118.82BgoodWillIntangiblesINR 27.71BintangibleAssetsLiabilitiesINR 614.17BtotalLiabTangible bookINR 768.31BShares4,120,108,000commonStockSharesOutstandingResult INR 186.48 | 11.41xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 429.00BebitdaCapexINR 28.45BcapitalExpendituresInterestINR 4.16BinterestExpenseShort-term debtINR 30.96BshortTermDebtEBITDA − capexINR 400.55BPrincipal due is short-term debt.Result 11.41x | INR 347.06BFree cash flow · 2026-03-31Reported free cash flowOperating cash flowINR 375.51BtotalCashFromOperatingActivitiesCapexINR 28.45BcapitalExpendituresFree cash flowINR 347.06BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 347.06B | 43.0%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 380.01BoperatingIncomeTax expenseINR 105.21BincomeTaxExpensePretax incomeINR 399.95BincomeBeforeTaxTax rate26.3%EquityINR 909.81BtotalStockholderEquityDebtINR 89.90BshortLongTermDebtTotalCashINR 348.83BcashAndShortTermInvestmentsInvested capitalINR 650.89BResult 43.0% | 1.99xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeINR 380.01BoperatingIncomeNet PP&EINR 191.24BpropertyPlantAndEquipmentNetResult 1.99x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: INR 191.24B
Inventory: INR 0.00
Total assets: INR 1,529.00B
Goodwill: INR 118.82B
Intangibles: INR 27.71B
Liabilities: INR 614.17B
Tangible book: INR 768.31B
Shares: 4,120,108,000
Revenue: INR 1,786.50B
Capex: INR 28.45B
D&A: INR 48.99B
EBITDA: INR 429.00B
Interest: INR 4.16B
Short-term debt: INR 30.96B
Free cash flow: INR 347.06B
Operating income: INR 380.01B
Invested capital: INR 650.89B
Tax rate: 26.3%