Wipro Limited (WIPRO)
📢 Recent Corporate Announcements
Wipro Limited has received an unsolicited ESG score of '74' from NSE Sustainability Ratings & Analytics Limited, placing the company in the 'Leader' category. The rating was assigned voluntarily based on publicly available data, with no commercial engagement by Wipro. While it underscores the company's compliance and sustainability posture, the announcement does not impact operational metrics or financial performance.
- NSE Sustainability Ratings & Analytics Limited voluntarily assigned an ESG rating score of '74'
- Assigned rating places Wipro in the 'Leader' category
- Report prepared independently without direct commercial engagement by the company
Wipro Limited has renewed its global Digital Workplace Services contract with ABB to deliver AI-enabled workplace services and automation. The engagement leverages Wipro Intelligence, AI Live Workspace, and its WINGS delivery platform. Total contract value and duration were not disclosed in the filing, though Wipro noted the deal was previously included in its Q4 FY26 earnings release on April 16, 2026. The contract reinforces Wipro's presence in the industrial and manufacturing enterprise IT vertical.
- Contract renewal with ABB for global AI-enabled Digital Workplace Services across operations.
- Deal was previously reported in Wipro's Q4 FY26 earnings announcement on April 16, 2026.
- Services powered via Wipro Intelligence suite, supporting ABB across 65+ countries with over 240,000 Wipro global workforce capabilities.
- Total deal value and exact tenure were not disclosed in the announcement.
Wipro Limited has announced an expanded partnership with Google Cloud to scale enterprise-wide adoption of Gemini Enterprise and agentic AI. Under the collaboration, Wipro is scaling internal deployment and equipping over 10,000 AI-certified specialists, including 1,500 Forward Deployed Engineers (FDEs). The company has also launched its LIFT framework integrated with its proprietary WINGS and WEGA delivery platforms to deploy autonomous AI agents for clients. No specific contract values or immediate revenue commitments were disclosed in the filing.
- Expanded partnership with Google Cloud to deploy Gemini Enterprise across core enterprise workflows.
- Equipping over 10,000 AI-certified specialists, including 1,500 dedicated Forward Deployed Engineers (FDEs).
- Introduced the LIFT framework integrated with Wipro Intelligence, WINGS, and WEGA platforms.
- Initiative leverages Wipro's global workforce of over 240,000 employees across 65 countries.
Wipro Limited has approved the allotment of 1,33,821 equity shares on August 27, 2026, pursuant to the exercise of employee stock options. This includes 1,09,581 equity shares under the Restricted Stock Unit Plan 2007 and 24,240 equity shares under the ESOP, PSU, and RSU Scheme 2024. Relative to the company's market capitalization of ₹2,49,692 crore, the equity dilution from this issuance is negligible (less than 0.001%).
- Allotted 1,09,581 equity shares under Restricted Stock Unit Plan 2007
- Allotted 24,240 equity shares under ESOP, PSU, and RSU Scheme 2024
- Total fresh equity allotment stands at 1,33,821 shares on August 27, 2026
Wipro Limited has approved the grant of 84,656 ADS Restricted Stock Units (RSUs) and 27,656 regular RSUs under its Scheme 2024. The grant is effective August 24, 2026, to identified employees of the company and its subsidiaries. Vesting and exercise periods are governed by the Nomination and Remuneration Committee. Given the small quantum relative to Wipro's total equity base and market cap of ₹2,55,249 crore, this is a routine talent retention measure.
- Granted 84,656 ADS Restricted Stock Units to eligible employees
- Granted 27,656 Restricted Stock Units to eligible employees
- Grant effective date recorded as August 24, 2026
- Issued under Employee Stock Options, Performance Stock Unit and Restricted Stock Unit Scheme 2024
Wipro Limited has allotted a total of 141,715 equity shares to employees on August 14, 2026. This allotment includes 57,552 shares under the Restricted Stock Unit Plan 2007 and 84,163 shares under the 2024 ESOP/PSU/RSU scheme. Given Wipro's market capitalization of Rs 258,987 Cr, this issuance represents a negligible dilution of the existing equity base. Such allotments are standard practice in the IT services industry for talent retention and compensation.
- Allotment of 57,552 equity shares under the Restricted Stock Unit Plan 2007
- Allotment of 84,163 equity shares under the 2024 Employee Stock Options and RSU Scheme
- Total of 141,715 shares issued pursuant to the exercise of stock options
- Allotment date confirmed as August 14, 2026
Wipro Limited has announced the grant of 21,668 Restricted Stock Units (RSUs) to a single identified employee on August 12, 2026. This grant is part of the company's 2024 Employee Stock Options and RSU scheme. At the current market price of Rs 184.6, the total value of the grant is approximately Rs 40 lakhs, which is negligible compared to Wipro's market capitalization of Rs 1,94,356 Cr. This is a routine administrative action for talent retention and has no material impact on the company's financials.
- Grant of 21,668 Restricted Stock Units (RSUs) effective August 12, 2026
- Issued under the Employee Stock Options, Performance Stock Unit and Restricted Stock Unit Scheme 2024
- Grant allocated to 1 identified employee of the company
- Vesting and exercise periods to be determined by the Nomination and Remuneration Committee
SES ESG Research Private Limited has voluntarily assigned an ESG rating of 80.6 to Wipro for the period ending FY26. The rating is based on publicly available data from the 2025-26 financial year. Wipro clarified that it did not engage or pay the agency for this rating, making it an independent third-party assessment. For a company with a market cap of Rs 1,97,093 Cr, such ratings are standard but important for institutional ESG-mandated funds.
- ESG Rating of 80.6 assigned by SES ESG Research Private Limited
- Rating period covers the financial year ending FY26
- Assessment utilized data from the FY 2025-26 period available in public domain
Wipro Limited has allotted a total of 138,811 equity shares on August 5, 2026, following the exercise of employee stock options and restricted stock units. The allotment is spread across three different plans, including the 2004 ADS plan, the 2007 RSU plan, and the 2024 omnibus scheme. Given Wipro's market capitalization of Rs 196,872 Cr, this issuance represents a negligible dilution of approximately 0.00001% of the total share capital. This is a routine administrative action to fulfill employee compensation obligations.
- Total of 138,811 equity shares allotted on August 5, 2026, pursuant to ESOP exercises
- 40,504 shares issued under the ADS Restricted Stock Unit Plan 2004
- 78,396 shares issued under the Restricted Stock Unit Plan 2007
- 19,911 shares issued under the Employee Stock Options, PSU, and RSU Scheme 2024
Wipro has partnered with Rubrik to launch Enterprise Resilience as a Service (ERaaS), a consulting-led offering designed to automate cyber recovery and operational resilience. The service integrates Wipro’s AI-powered delivery platform, WINGS, with Rubrik’s Zero Trust recovery capabilities to provide continuous assessment and automated workflows. This launch targets the growing enterprise need for cyber-resilience as AI adoption increases. While no specific contract value was disclosed, the service will be delivered through Wipro's global network of over 240,000 employees.
- Launch of Enterprise Resilience as a Service (ERaaS) in partnership with Rubrik (NYSE: RBRK).
- Integration with Wipro’s AI-powered delivery platform 'WINGS', part of the Wipro Intelligence suite.
- Service to be supported by Wipro's workforce of over 240,000 employees across 65 countries.
- Focuses on moving beyond traditional backup to a continuously managed, enterprise-wide resilience capability.
- Targets protection of critical identity systems and rapid identification of clean recovery points.
Wipro has announced a series of seven analyst and institutional investor meetings scheduled between August 12 and September 10, 2026. These engagements include non-deal roadshows and participation in major conferences hosted by Equirus, Goldman Sachs, and Citi. The meetings will take place in key global financial hubs including Mumbai, Hong Kong, New York, and San Francisco. This is a routine regulatory disclosure under SEBI (LODR) Regulations, 2015, aimed at maintaining institutional engagement.
- 7 separate investor engagement events scheduled between August 12 and September 10, 2026
- Participation in 3 major global conferences hosted by Equirus, Goldman Sachs, and Citi
- Geographic outreach spanning 4 major financial hubs: Mumbai, Hong Kong, New York, and San Francisco
- Meetings include both group meetings and non-deal roadshows
Wipro Limited has granted a total of 1,021,882 stock units to identified employees effective July 29, 2026. This includes 9,11,458 American Depositary Share (ADS) RSUs and 1,10,424 standard RSUs. These grants are issued under the Company’s 2024 Employee Stock Options, Performance Stock Unit, and Restricted Stock Unit Scheme. This is a routine administrative action for a large-cap IT firm to manage talent retention and compensation.
- Grant of 9,11,458 ADS Restricted Stock Units effective July 29, 2026
- Grant of 1,10,424 standard Restricted Stock Units effective July 29, 2026
- Total units granted amount to 1,021,882 across both categories
- Issued under the 2024 Employee Stock Options, Performance Stock Unit, and RSU Scheme
Wipro Limited has allotted a total of 1,18,283 equity shares on July 29, 2026, following the exercise of employee stock options and restricted stock units. The allotment is spread across three different schemes, including the 2004 ADS plan, the 2007 RSU plan, and the 2024 PSU/RSU scheme. At the current market price of Rs 184, the total value of the allotted shares is approximately Rs 2.18 crore. This is a routine administrative action and represents a negligible fraction of the company's Rs 1,93,693 crore market capitalization.
- Total allotment of 1,18,283 equity shares completed on July 29, 2026
- 72,857 shares issued under the Restricted Stock Unit Plan 2007
- 25,250 shares/ADSs issued under the Employee Stock Options, Performance Stock Unit and Restricted Stock Unit Scheme 2024
- 20,176 shares issued under the ADS Restricted Stock Unit Plan 2004
Wipro has announced an enhanced partnership with Databricks, establishing a dedicated, self-contained business practice to accelerate enterprise AI adoption. The new unit will integrate Databricks' agentic AI and data capabilities with Wipro Intelligence™ and the WEGA platform. This move builds on a foundation of over 300 existing AI and data use cases delivered across sectors like banking, healthcare, and manufacturing. While no specific deal value was disclosed, the partnership aims to transition clients from isolated AI pilots to enterprise-scale implementations, supporting Wipro's strategy to counter recent revenue moderation.
- Establishment of a self-contained Databricks business practice to drive industry-specific AI-led solutions.
- Leveraging a foundation of 300+ agentic AI and data use cases already delivered across global industries.
- Integration of Databricks Genie and Wipro’s WEGA platform to modernize legacy data architectures.
- Recognition as Databricks' 2026 Innovation Partner of the Year and 2025 Banking Partner of the Year.
- Focus on high-impact areas including wealth management, telecom sales transformation, and CFO-led cost optimization.
CRISIL ESG Ratings & Analytics has voluntarily assigned Wipro an ESG rating of 78, which places the company in the highest classification category of 'Leadership'. This rating was prepared independently by CRISIL using publicly available data, rather than being commissioned by the company. While this is a non-financial metric, such high ESG scores are increasingly important for attracting global institutional capital and meeting the sustainability requirements of large international clients. Wipro continues to maintain its position as the fourth-largest Indian IT services player with a TTM revenue of Rs 92,624 Cr.
- Assigned an ESG rating of 'Crisil ESG 78' by CRISIL ESG Ratings & Analytics Limited
- Placed in the highest classification category of 'Leadership' based on public data
- Rating was voluntary and independent; Wipro did not engage CRISIL for this specific report
- Company maintains a significant market presence with a market cap of Rs 1,84,217 Cr
Financial Performance
Revenue Growth by Segment
IT Services revenue, which constitutes over 90% of total income, reported a 2.3% decline in constant currency (CC) terms for FY2025, reaching $10.5 billion. In Q2 FY2026, IT services revenue grew 0.3% sequentially in CC terms but declined 2.6% year-on-year. IT Products and other services make up the remaining small portion of the business.
Geographic Revenue Split
North America and Europe collectively drive ~90% of total revenues. In Q2 FY2026, Americas 1 (Healthcare, Tech, Comm) grew 5% YoY; Americas 2 declined 5.2% YoY; Europe declined 10.2% YoY despite a 1.4% sequential recovery; and APMEA (India, Australia, SE Asia) grew 2.6% YoY.
Profitability Margins
Operating Profit Margin (OPM) improved to 20.2% in FY2025 from 18.7% in FY2024 due to cost optimization and higher utilization. Net Profit Margin (PAT/OI) stood at 14.8% in FY2025, up from 12.4% in FY2024. Q2 FY2026 margins were 16.7%, impacted by a one-off client bankruptcy charge; adjusted margins were 17.2%.
EBITDA Margin
OPBDIT/OI (EBITDA margin equivalent) was 20.2% in FY2025, representing a 150 basis point improvement over FY2024. This was driven by increasing employee utilization to 87% and stabilizing attrition at 14-15%, which reduced recruitment and training overheads.
Capital Expenditure
While specific total INR Cr for future Capex is not disclosed, the company maintains a robust liquidity profile with free cash and bank balances of INR 44,993 Cr as of June 30, 2024, intended to fund internal requirements and acquisitions.
Credit Rating & Borrowing
ICRA reaffirmed ratings with a stable outlook. Borrowing costs are supported by a healthy interest coverage ratio of 12.2 times in FY2025 and a low gearing of 0.2 times. Total Debt/OPBDIT stood at 1.1 times in FY2025.
Operational Drivers
Raw Materials
Human Capital/Talent (100% of core service delivery cost), specifically skilled professionals in AI, Cloud, 5G, and Silicon Engineering.
Import Sources
Global talent pool with a primary base in India (wage cost advantage) and local hires in the US, Europe, and APMEA regions.
Key Suppliers
Not applicable as a service-based IT firm; however, key technology partners include cloud providers and the Topcoder community for crowdsourced development.
Capacity Expansion
Current workforce exceeds 230,000 employees across 65 countries. Capacity is managed via utilization levels, which improved from 83% in Q1 FY2024 to 87% in Q1 FY2025.
Raw Material Costs
Employee benefit expenses are the primary cost. Wage cost inflation and retention challenges are mitigated by a 14.1% attrition rate (LTM Q1 FY2025), down significantly from 23.3% in Q1 FY2023.
Manufacturing Efficiency
Utilization rate of 87% in Q1 FY2025 is the primary efficiency metric, indicating high billable hours per employee and optimized bench strength.
Logistics & Distribution
Not applicable; services are delivered digitally or via onsite client presence.
Strategic Growth
Expected Growth Rate
2.30%
Growth Strategy
Growth is targeted through the 'Wipro Intelligence' suite and Gen AI-powered strategies. The company is deepening C-suite engagement beyond the CIO and leveraging a 1:1 bonus issue and a 70% net income payout policy to maintain investor confidence during 'modest' growth phases.
Products & Services
Digital strategy advisory, technology consulting, cloud infrastructure services, business process services, 5G engineering, and silicon chip engineering.
Brand Portfolio
Wipro, Capco, Topcoder, Wipro Intelligence, Wipro Ventures.
New Products/Services
Generative AI integration across all service lines and the Wipro Innovation Network; AI is expected to be a central driver for future productivity and growth.
Market Expansion
Expansion in the UK through the Phoenix Group transformation deal and growth in APMEA (India, Australia, SE Asia) which grew 3.1% sequentially in Q2 FY2026.
Market Share & Ranking
Wipro is the fourth-largest Indian player in the global IT services outsourcing industry.
Strategic Alliances
Strategic ecosystem includes academia, global tech communities, and the Wipro Innovation Network labs.
External Factors
Industry Trends
The industry is shifting toward AI-powered services and consulting-led transformations. Wipro is positioning itself by integrating Gen AI into its core strategy to counter the 'subdued' demand for traditional IT maintenance.
Competitive Landscape
Faces intense competition from other large Indian and global IT firms, which pressures pricing and talent retention.
Competitive Moat
Moat is built on a 99% repeat business rate and an 80-year brand history. High switching costs for clients integrated into Wipro's proprietary 'Wipro Intelligence' suite sustain this advantage.
Macro Economic Sensitivity
Highly sensitive to US and European GDP; 90% of revenue is export-based, making it vulnerable to global discretionary spend cycles.
Consumer Behavior
Clients are shifting from large discretionary projects to smaller, high-impact AI and cost-optimization deals.
Geopolitical Risks
Exposed to US trade policy changes, specifically proposed tariff increases which have already contributed to a 2.3% revenue decline in FY2025.
Regulatory & Governance
Industry Regulations
Subject to FCA regulations in the UK (via WFOSL) and immigration/visa restrictions in the US, which can increase the cost of onsite delivery.
Environmental Compliance
Direct exposure is low; however, the company complies with TCFD and IFRS S1/S2 standards for climate-related reporting.
Taxation Policy Impact
Effective tax rate is reflected in the difference between 20.2% OPM and 14.8% PAT margin for FY2025.
Legal Contingencies
Recorded a one-off charge in Q2 FY2026 due to a client bankruptcy event, which reduced operating margins by 60 basis points.
Risk Analysis
Key Uncertainties
Macroeconomic uncertainty in North America and Europe (90% revenue base) and potential US tariff hikes are the primary risks to revenue visibility.
Geographic Concentration Risk
High concentration with ~90% of revenue from North America and Europe.
Third Party Dependencies
Low supplier dependency; high dependency on the 'Premji Family and Trust' which holds a 72.73% equity stake.
Technology Obsolescence Risk
Risk of falling behind in the Gen AI race; mitigated by the Wipro Innovation Network and $1B+ commitment to AI-led transformation.
Credit & Counterparty Risk
Generally high quality due to a diversified base of 1,282 customers, though the Q2 FY2026 bankruptcy event highlights specific counterparty risks.
