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# Infosys Moat Analysis: Score & Risks
- URL: https://www.moatmarginresearch.com/infosys-moat/
- Published: 2026-08-16T17:02:22.000Z
- Updated: 2026-08-22T05:13:22.000Z
- Author: A K Karthikeyan
- Tags: First-pass note, Coverage

Moat Note · First-pass

## Infosys Ltd.

A first-pass moat teardown of Infosys Ltd., built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.

**Moat & Margin**16 Aug 2026 First-pass · \~3 min

4.76 / 10

NARROWBrand-led

First-pass narrow read — primary edge in Switching Costs. Provisional, single-pass evidence.

Provisional score · subject to modification based on new evidence

Infosys Ltd. scores **4.76** on MoatSCORE 6.0 — a narrow moat in IT Services. This is a **first-pass note**: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.

The teardown 

## Seven dimensions of moat

Ordered by contribution. Each dimension carries a verified filing quote, graded **\[M\]** mechanism or **\[O\]** outcome.

D2Switching Costs5.5

M · Mechanism✓ Verified verbatim

“we have on the renewals, a clear sight of what is coming up. We are also benefiting in many of these areas from consolidations which Nilanjan referenced.”

**Infosys Ltd.** · Earnings Call · p.24

D5Intangible Assets5.5

M · Mechanism✓ Verified verbatim

“We deliver on this promise with our Digital Navigation Framework.”

**Infosys Ltd.** · Annual Report · p.43

D6Efficient Scale5.5

M · Mechanism✓ Verified verbatim

“We became the first IT services company, globally, to achieve the ISO 42001:2023 certification, testifying to our commitment to excellence in AI management.”

**Infosys Ltd.** · Earnings Call · p.3

D3Cost Advantage4.8

M · Mechanism✓ Verified verbatim

“We have continued our focus on cost efficiency, automation, lean, and delivering productivity improvements for our clients.”

**Infosys Ltd.** · FY2025 Annual Report · p.18

D4Price Discretion4.8

M · Mechanism✓ Verified verbatim

“While we saw continued softness in underlying volumes, revenue for the quarter was supported by stronger growth in the balanced portfolio and improved realizations from one-timers.”

**Infosys Ltd.** · Earnings Call · p.5

D1Network Effects4.5

M · Mechanism✓ Verified verbatim

“Typically, as you know well, Q3 is a quarter with large furloughs and other end-of-year holidays and that we have seen continue.”

**Infosys Ltd.** · Earnings Call · p.5

D7Counter-PositioningExcluded—

Excluded for this archetype.

D8Ungoverned RiskUnscored · Layer 2.5

D8 rating: **ADEQUATE**. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.

The barrier gate 

## The barrier gate — first-pass

Replication — can a rival copy it?5.0

How hard it is for a rival to copy the edge (first-pass estimate).

Bypass — can a rival route around it?5.0

How easily a rival can route around the edge (first-pass estimate).

Effective barrier 5 — below 6, so the band is capped narrow. First-pass estimate.

What would change our mind

1. **Deep two-pass review.** This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
2. **The barrier gate.** A firmer replication or bypass estimate is the most likely thing to shift the band.
3. **Adverse events.** Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.

First-pass note — provisional single-pass MoatSCORE 6.0 read, not the full deep dive. Educational research, not investment advice; no buy/sell recommendation, no price target. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.

**Where this note fits.** This company is one of **509 Indian companies** we have scored for moat durability — 370 narrow, 126 narrow-trending-wide, none wide. Every score, dimension by dimension, is free in the [Moat Screener](https://www.moatmarginresearch.com/moat-screener/).