Infosys has fallen 50%, but its 14x forward P/E accompanies just 0.55% organic growth at the FY27 guidance midpoint. AI pricing pressure and weak Western IT spending limit fundamental appeal. Quarterly free cash flow of $955M and $3.6B in large deal wins support recovery potential. Stronger client budgets and profitable AI growth would strengthen the investment case. INFY is a moderate Technical Buy: a ₹1,490 bull-case target implies 40.5% upside in 12 months. Discounted earnings suggest fair value today, so I remain on the sidelines.