Wipro Limited (WIPRO)
₹189.84 -0.30% last close, 23 Oct
Q2 FY27 results
Wipro Limited reported Q2 FY27 results on 15 Oct 2026: revenue ₹24,753 Cr (+9.1% year on year, +1.1% on the previous quarter), and net profit ₹3,200 Cr (-1.9% year on year); the operating margin was 19.6%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹24,753 | +9.1% | +1.1% |
| Operating profit | ₹4,863 | +11.2% | +5.0% |
| Net profit | ₹3,200 | -1.9% | -4.7% |
| EPS (₹) | 3.23 | +4.2% | — |
| Operating margin | 19.6% | — | — |
Quality of profit: of pre-tax profit of ₹4,205 Cr, ₹3,441 Cr (82%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +3.6% year on year.
Against its own trend: net profit of ₹3,200 Cr was -1.3% against the ₹3,242 Cr its recent growth pointed to (in line). This is a statistical baseline, not an analyst estimate.
Share price since the results: +9.1% (close before the filing to the latest close).
WIPRO delivery percentage and open interest
NSE end-of-day data for
On Fri, 23 Oct 2026, 39.09% of the WIPRO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.37%. That is close to its usual level. In WIPRO futures, open interest fell 32.20% while the futures price fell 0.09%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 35.1% · 44.6% · 37.7% · 58.4% · 39.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Wipro reported Q2 FY27 IT services revenue of $2.61 billion, which was flat sequentially and up 0.6% year-on-year in constant currency. Operating margin improved by 50 bps sequentially to 16.5%. Total contract value (TCV) closed during the quarter reached $2.6 billion, supported by nine large deal wins. For Q3 FY27, management provided constant currency sequential revenue growth guidance of -1.5% to +0.5%, factoring in seasonal furloughs.
- Q2 IT services revenue stood at $2.61 billion, flat QoQ and up 0.6% YoY in constant currency
- Operating margin rose 0.5% sequentially to 16.5%
- Total contract value (TCV) closed was $2.6 billion across 9 large deals
- Guided Q3 sequential IT services revenue growth between -1.5% and +0.5% in constant currency
Wipro Limited has entered into a definitive agreement through its step-down subsidiary, Wipro IT Services, LLC, to acquire a 20% stake in FLARRE.AI, Inc. for a cash consideration of USD 2,000. FLARRE.AI is an early-stage agentic AI platform focused on the global insurance sector. The transaction does not involve related-party interests and requires no regulatory approvals. The acquisition is scheduled for completion by October 31, 2026, representing an immaterial financial outlay against Wipro's TTM revenue of ₹94,968 crore.
- Acquiring 20% equity stake in FLARRE.AI, Inc.
- Total cash consideration is USD 2,000
- Expected transaction completion date is October 31, 2026
- Target is a newly incorporated entity specializing in agentic AI for insurance workflows
Wipro Limited has submitted the Independent Auditor's Report issued by Deloitte Haskins & Sells LLP with the Unique Document Identification Number (UDIN: 26110815IIDRAH5502) for the quarter and half year ended September 30, 2026. This filing is an administrative follow-up to the previously submitted financial statements filed earlier on October 15, 2026. The statutory auditor issued an unmodified (clean) opinion on both standalone and consolidated financial statements. No new financial numbers, guidance, or operational metrics were introduced in this document.
- Auditor's Report submitted with UDIN: 26110815IIDRAH5502
- Audit conducted by Deloitte Haskins & Sells LLP (Firm Registration No. 117366W/ W-100018)
- Pertains to financial statements for the three and six months ended September 30, 2026
- Unmodified audit opinion confirming compliance with Ind AS 34 and SEBI LODR Regulation 33
Wipro reported gross revenue of ₹247.5 billion ($2,583.0 million) for the quarter ended September 30, 2026, up 1.1% QoQ and 9.1% YoY. IT services segment revenue was flat sequentially in constant currency (CC) terms, while IT services operating margin expanded 0.5% QoQ to 16.5%. Net income declined 4.7% QoQ and 1.9% YoY to ₹32.0 billion, though operating cash flow was robust at ₹53.0 billion (165.8% of net income). Bookings showed sharp moderation, with total bookings down 22.9% QoQ to $2,595 million and large deal bookings declining 58.6% QoQ to $674 million. Sequential revenue guidance for Q3 was set between -1.5% and +0.5% in CC terms.
- Gross revenue stood at ₹247.5 billion, up 1.1% QoQ and 9.1% YoY, with IT services CC revenue flat QoQ
- IT services operating margin improved by 50 bps QoQ to 16.5%
- Total bookings fell 22.9% QoQ in constant currency to $2,595 million, with large deal bookings at $674 million (down 58.6% QoQ CC)
- Operating cash flow reached ₹53.0 billion, reflecting an increase of 61.3% QoQ and 165.8% of net income
- Q3 guidance forecasts sequential IT Services CC growth of (-)1.5% to (+)0.5% ($2,571M to $2,625M)
Wipro's Board has approved the audited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. For the six months ended September 30, 2026, the consolidated profit stood at ₹6,556.0 crore (65,560 million) compared to ₹6,598.9 crore in the previous year. Net cash generated from operating activities for H1 rose to ₹8,592.8 crore (85,928 million) from ₹7,499.1 crore in H1 FY26. Cash and cash equivalents stood at ₹9,501.6 crore (95,016 million) as of September 30, 2026.
- Consolidated profit for the six months ended Sep 30, 2026 was ₹6,556.0 cr (reported as 65,560 million)
- H1 operating cash flow improved to ₹8,592.8 cr (85,928 million) vs ₹7,499.1 cr in the prior year
- Cash and cash equivalents ended at ₹9,501.6 cr (95,016 million) as of September 30, 2026
- Total equity stood at ₹79,655.0 cr (796,550 million) as of September 30, 2026
Wipro issued a clarification regarding the U.S. Department of Labor's suspension of new Permanent Labor Certification (PERM) applications for certain companies. The company stated it does not anticipate any material business impact because PERM affects permanent residency, which is distinct from temporary talent mobility programs like the H-1B visa. Furthermore, Wipro highlighted that over 80% of its workforce in the United States is already locally hired, insulating operations from residency processing curbs. This clarification addresses market concerns regarding cross-border IT service delivery and US regulatory friction.
- U.S. Department of Labor suspended new PERM applications for certain companies
- Over 80% of Wipro's U.S. workforce is locally hired under its localisation strategy
- Management anticipates no material business impact on ongoing operations or client continuity
- Company clarified PERM affects permanent residency pathways, distinct from H-1B visa mobility programs
Wipro Limited has scheduled its earnings announcement for the second quarter ended September 30, 2026, on Thursday, October 15, 2026, after market trading hours. Following the release, senior management will host an earnings conference call at 7:00 PM IST (9:30 AM US Eastern Time) to discuss operational and financial performance. The call replay will be accessible from October 15 to October 22, 2026.
- Q2 earnings to be declared on October 15, 2026, after market hours
- Senior management earnings call scheduled at 7:00 PM IST on October 15, 2026
- Questions can be submitted to management until 6:30 PM IST on October 15, 2026
- Earnings call playback available between October 15, 2026, and October 22, 2026
Wipro Limited has completed the internal merger of its step-down subsidiary, Wipro VLSI Design Services, LLC, into another step-down unit, Wipro IT Services, LLC, effective October 1, 2026. The merged entity, Wipro VLSI Design Services, LLC, had a turnover of USD 1,043,971 (approx. ₹8.7 crore) as of March 31, 2026, while Wipro IT Services, LLC reported nil turnover. This internal restructuring has negligible financial bearing on Wipro, whose TTM revenue stands at ₹94,968 crore. The amalgamation was carried out without any cash consideration or shareholding changes to rationalize the group's corporate structure.
- Merger of Wipro VLSI Design Services, LLC into Wipro IT Services, LLC completed effective October 1, 2026
- Turnover of Wipro VLSI Design Services, LLC stood at USD 1,043,971 as of March 31, 2026
- Turnover of absorbing entity Wipro IT Services, LLC was NIL as of March 31, 2026
- Cash consideration and shareholding pattern change are Not applicable
Wipro Limited has allotted a total of 97,104 equity shares on October 1, 2026, pursuant to the exercise of employee stock options. This includes 90,686 equity shares under the Restricted Stock Unit Plan 2007 and 6,418 equity shares under the Employee Stock Options, Performance Stock Unit and Restricted Stock Unit Scheme 2024. Relative to Wipro's massive equity base and market capitalization of ₹2,24,743 crore, the allotment is routine and represents negligible equity dilution.
- Allotted 90,686 equity shares under the Restricted Stock Unit Plan 2007
- Allotted 6,418 equity shares under the 2024 ESOP/PSU/RSU Scheme
- Total fresh equity shares allotted stand at 97,104
- Allotment finalized on October 1, 2026
Wipro Limited has announced the completion of its transaction to acquire select customer contracts of Alpha Net Consulting LLC and its subsidiaries on October 1, 2026. The acquisition was originally projected to conclude by December 31, 2026, meaning it was closed three months ahead of the target timeline. Specific financial details, purchase consideration, and revenue impact were not disclosed in this filing. Relative to Wipro's TTM revenue of ₹94,968 crore, this acquisition adds targeted client accounts to support inorganic growth.
- Transaction successfully completed on October 1, 2026
- Closed ahead of the previous expected deadline of December 31, 2026
- Acquisition covers select customer contracts of Alpha Net Consulting LLC and its subsidiaries
- Financial deal value and revenue contribution were not disclosed in the filing
Wipro Limited has announced an extension to the completion timeline for acquiring select customer contracts of Alpha Net Consulting LLC and its subsidiaries. Originally expected to close by September 30, 2026, the transaction is now slated to be completed at the latest by December 31, 2026. This follows earlier disclosures dated April 15, 2026, and June 23, 2026. The financial deal size was not disclosed in the filing, but given Wipro's scale with TTM revenue of ₹94,968 Cr, this represents a procedural delay.
- Completion timeline for acquiring select customer contracts of Alpha Net Consulting extended to December 31, 2026
- Previous targeted completion date was September 30, 2026
- Prior disclosures on the definitive agreement were made on April 15, 2026, and June 23, 2026
Wipro Limited has approved the allotment of 3,10,369 equity shares on September 18, 2026, pursuant to the exercise of employee stock options. The allotment includes 23,876 shares under the ADS RSU Plan 2004, 82,899 shares under the RSU Plan 2007, and 2,03,594 shares under the 2024 Scheme. Given Wipro's massive equity base and market capitalization of ₹2,35,292 crore, the resulting equity dilution is negligible (well below 0.01%).
- Allotted 23,876 equity shares under ADS Restricted Stock Unit Plan 2004
- Allotted 82,899 equity shares under Restricted Stock Unit Plan 2007
- Allotted 2,03,594 equity shares under ESOP, PSU, and RSU Scheme 2024
- Total equity shares allotted aggregate to 3,10,369 on September 18, 2026
Wipro Limited has granted 3,10,120 ADS Restricted Stock Units (RSUs) and 5,99,197 RSUs to identified employees of the company and its subsidiaries. The grant is effective September 17, 2026, under the company's 2024 equity incentive plan. The units will vest and become exercisable based on the schedule approved by the Nomination and Remuneration Committee. The aggregate shares represent a negligible fraction of the company's total equity base, resulting in minimal potential dilution.
- Granted 3,10,120 ADS Restricted Stock Units effective September 17, 2026
- Granted 5,99,197 Restricted Stock Units effective September 17, 2026
- Issued under Employee Stock Options, Performance Stock Unit and Restricted Stock Unit Scheme 2024
- Applicable to identified employees across Wipro and its subsidiaries
Wipro has collaborated with Aramco and SAP to launch Wipro STO360, a digital solution targeted at Shutdown, Turnaround, and Outage (STO) management for asset-intensive industries. Built on the SAP Business Technology Platform (SAP BTP), the solution has achieved SAP-endorsed app status and will be available on the SAP Store. Commercial contract values and immediate revenue contributions were not disclosed relative to Wipro's TTM revenue of ₹94,968 crore. The initiative expands Wipro's intellectual property and software portfolio across oil and gas, chemicals, mining, and utilities sectors.
- Partnership with Aramco and SAP to launch STO360 for outage and shutdown operations
- Product built on SAP Business Technology Platform (SAP BTP) and recognized as an SAP Endorsed App
- Builds on Wipro's existing relationship with Aramco spanning over 2 decades
- Solution targets asset-intensive industries across 65 operating countries
Wipro Limited has collaborated with CrowdStrike to launch a Chief Information Security Officer (CISO) Command Center aimed at transforming enterprise cybersecurity operations against AI-driven threats. The offering integrates Wipro Intelligence solutions (CyberTransform and CyberShield) with the CrowdStrike Falcon platform. Additionally, Wipro has joined CrowdStrike's Project QuiltWorks coalition to remediate frontier AI risks. No commercial details, order value, or revenue impact were disclosed in the filing.
- Launched CISO Command Center in collaboration with CrowdStrike on September 09, 2026
- Solution leverages Wipro Intelligence platforms (CyberTransform and CyberShield) and CrowdStrike Falcon platform
- Wipro joined CrowdStrike's Project QuiltWorks coalition focused on frontier AI risk management
- No contract value, deal size, or direct financial metrics disclosed in the announcement
- Wipro operates with over 240,000 employees and business partners across 65 countries
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.
