Wipro Ltd Overview
Wipro is India's fourth-largest IT services company by revenue, after TCS, Infosys and HCLTech. In FY26 it reported consolidated revenue of ₹926.2 billion (about US$9.9 billion) and IT Services segment revenue of US$10.48 billion. It calls itself an AI-powered technology services and consulting company. Its offer combines consulting (Capco and Wipro Consulting), technology services (cloud, applications, data, cybersecurity), digital operations, and a sizeable engineering and R&D services franchise. That franchise includes one of the oldest offshore VLSI and semiconductor design practices in the industry, with more than 30 years of chip-design work. Everest Group rated Wipro a Leader in semiconductor engineering services in 2021 and again in 2024. The company is closely held: the Premji promoter group owns 72.58%, and most of the founder's economic interest is committed to philanthropy. Since 2024, under CEO Srini Pallia, Wipro has pushed toward large deals and consulting-led, AI-driven work. It has bought Harman's DTS engineering unit and Olam's Mindsprint, created an AI-native business unit, and returned large amounts of capital to shareholders. Constant-currency growth is still the weakest among India's large IT firms, and that gap is what the stock trades on.
What the company does. Wipro sells technology services to large enterprises. The work spans strategy and management consulting, application development and maintenance, cloud and infrastructure services, data and AI, cybersecurity, business process services (digital operations), enterprise applications (SAP, Oracle and others), and engineering and R&D services. The engineering work covers semiconductors, embedded systems, devices, automotive software and industrial products. A small IT Products business resells and integrates third-party hardware and software, mostly in India.
Company's own description. In its results releases and FY26 filings, Wipro calls itself "a leading AI-powered technology services and consulting company". It describes a consulting-led approach built on Wipro Intelligence™, its unified suite of AI platforms, solutions and offerings, which it uses to help clients with complex digital transformation.
Business model and revenue model.
IT Services share of revenue: FY26 / latest disclosure: 99.3% of FY26 revenue (FY26 Form 20-F; FY26 BRSR)
IT Products share of revenue: FY26 / latest disclosure: About 0.7% of FY26 revenue; ₹1,512 million in Q2 FY27, with a segment loss of ₹72 million
Fixed-price project revenue: FY26 / latest disclosure: 54.3% of IT Services revenue in FY26; 52.4% in Q2 FY27 (datasheets)
Time-and-materials / other: FY26 / latest disclosure: Balance of IT Services revenue
Offshore revenue share: FY26 / latest disclosure: 61.1% of services revenue in FY26; 62.2% in Q2 FY27
Licensing / subscription: FY26 / latest disclosure: Not a material reported revenue stream; platforms such as NetOxygen (mortgage lending) and Mindsprint's industry IP are sold inside service contracts
Wipro is overwhelmingly a services business. Revenue comes from multi-year managed services contracts, which give recurring run-the-business revenue, and from project and transformation work, which is more discretionary. Large deals, defined as contracts with total contract value of US$30 million or more, are the main pipeline indicator. They reached US$7.8 billion in FY26, up 45.4% year on year, within total bookings of US$16.4 billion (FY26 results release).
Value chain position. In enterprise IT, Wipro sits between clients and their technology vendors (hyperscalers, SaaS platforms, chip and device makers), acting as integrator, implementer and operator. In semiconductors it is a design and engineering services partner to fabless chip companies, integrated device manufacturers, OEMs and hyperscalers. It covers specification, RTL design, verification, physical design and DFT, then post-silicon validation, firmware and sustaining engineering. Since February 2024 it has been a Design Services Alliance partner of Intel Foundry, offering to port customer designs to Intel 18A. Wipro Limited does not run fabs, OSAT facilities or capital-intensive manufacturing.
Customer types. Wipro had 1,229 active clients in Q2 FY27. Eighteen clients generated more than US$100 million of trailing revenue and 185 more than US$10 million (Q2 FY27 datasheet). The top client was 4.5% of IT Services revenue, the top five 14.9% and the top ten 23.9%.
End-markets.
Banking, Financial Services & Insurance (BFSI): Share of revenue Q2 FY27 (%): 34.5; Share of revenue FY26 (%): 34.1
Consumer: Share of revenue Q2 FY27 (%): 19.2; Share of revenue FY26 (%): 18.4
Technology & Communications: Share of revenue Q2 FY27 (%): 16.5; Share of revenue FY26 (%): 16.0
Energy, Manufacturing & Resources: Share of revenue Q2 FY27 (%): 16.3; Share of revenue FY26 (%): 17.0
Health: Share of revenue Q2 FY27 (%): 13.5; Share of revenue FY26 (%): 14.5
Independent characterisation. Wipro is a large, cash-generative, net-cash IT services company whose margins have recovered from the FY23 low of 15.0% to about 17% in FY25–FY26. Revenue has not grown: IT Services revenue fell in constant currency in FY24, FY25 and FY26. Wipro has the highest BFSI weighting of the large Indian IT firms, largely because of Capco, and a heavy Americas weighting. Engineering, including semiconductors, is its most technically differentiated practice, and the Harman DTS acquisition in December 2025 made it larger. The management team under Pallia is in its third year. It is trying to rebuild growth through large deals, deals bundled with acquisitions (Olam–Mindsprint), and AI-native platforms, while keeping margins in a 16–17.5% band and returning cash through dividends and buybacks.
Strategy
Strategic themes (FY26 Integrated Annual Report, investor communications). Pallia's strategy rests on five themes:
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Win and scale large deals and strategic accounts. FY26 large-deal TCV rose 45.4% to US$7.8 billion, and the number of US$100 million-plus clients rose to 18 by Q2 FY27.
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Lead with consulting. Capco and Wipro Consulting are used to open transformation programmes.
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Be AI-powered across delivery and offerings. Wipro Intelligence™, the AI-Native unit and the "services as software" model carry this.
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Deepen industry and domain specialisation through acquisitions that come with a contract (Olam/Mindsprint) or add capability (DTS in engineering, FLARRE.AI in insurance).
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Run the company better. "Operate Better with AI" and "Client Zero" mean Wipro uses its own AI internally before selling it.
Strategic initiatives in the last 24 months.
2025: Initiative: Wipro Intelligence™ suite; Detail: Unified AI platforms and offerings; later absorbed DTS and Mindsprint AI assets
Aug–Dec 2025: Initiative: Harman DTS acquisition; Detail: Up to US$375 million; more than 5,600 engineers; strengthens embedded, device and embodied-AI engineering
Late 2025: Initiative: Microsoft AI collaboration; Detail: Microsoft announced AI deals with Wipro, TCS, Infosys and Cognizant
Jan 2026: Initiative: Factory partnership; Detail: Agent-native software development platform from a Wipro Ventures portfolio company
1 Apr 2026: Initiative: AI-Native Business & Platforms Unit; Detail: Consolidates AI assets (WINGS, WEGA) to build reusable, scalable "services as software"
Apr 2026: Initiative: Mindsprint acquisition + Olam deal; Detail: US$375 million; eight-year Olam programme worth more than US$1 billion, with US$800 million committed
Apr 2026: Initiative: Alpha Net contract acquisition; Detail: Up to US$70.8 million, including earn-out; customer contracts and workforce in AI-led application services
Apr–Jul 2026: Initiative: ₹15,000 crore buyback; Detail: 60 crore shares at ₹250; completed in Q1 FY27
May 2026: Initiative: ServiceNow expansion; Detail: Agentic AI workflows for IT, HR, procurement and security
Aug 2026: Initiative: Google Cloud expansion; Detail: Gemini Enterprise; LIFT framework; 10,000 AI-certified specialists including 1,500 forward-deployed engineers
Oct 2026: Initiative: FLARRE.AI 20% stake; Detail: Insurance agentic AI platform
2026: Initiative: CrowdStrike; Detail: CyberShield MDR and CISO Command Center
2026: Initiative: SEMICON India 2026; Detail: Promotion of AI-native semiconductor engineering and Turnkey Silicon Solutions
Sustainability commitments. Net zero across Scopes 1, 2 and 3 by 2040, with targets validated by the Science Based Targets initiative, and 100% renewable electricity for owned facilities by 2030. Wipro was a founding member of the Transform to Net Zero coalition.
Cost programmes. Wipro has no single named cost programme with a public target. The levers it uses are utilisation (net utilisation excluding trainees peaked at 86.4% in Q2 FY26), fixed-price productivity, pyramid and offshore mix (offshore revenue 62.2%), subcontracting reduction, onsite role rationalisation and AI-led delivery automation. Headcount fell by 6,716 in Q2 FY27, the largest quarterly drop in three years, while the margin rose 50 basis points to 16.5%.
Guidance. Wipro gives quarterly revenue guidance only, with no annual or medium-term targets. For Q3 FY27 (quarter ending 31 December 2026), it guided IT Services revenue of US$2,571–2,625 million, or −1.5% to +0.5% sequential growth in constant currency. The assumed exchange rates were GBP/USD 1.35, EUR/USD 1.15, AUD/USD 0.71, CAD/USD 0.72 and USD/INR 95.76. Management describes its margin goal as keeping IT Services margins in a narrow band of about 16–17.5% while continuing to invest.
Products & Services
Wipro sells services rather than products, and most offerings are priced by the engagement (time-and-materials, fixed-price or outcome-based). Product-level pricing is not disclosed. The main offerings, grouped by business line:
AI and platforms (AI-Native Business & Platforms Unit; Wipro Intelligence™)
| Offering | Description and capabilities | Target customer | Launch / latest |
|---|---|---|---|
| Wipro Intelligence™ | Umbrella suite of AI platforms, industry solutions and offerings; DTS and Mindsprint AI assets were folded into it | All enterprise clients | Launched 2025; extended 2025–26 |
| WINGS and WEGA | AI-powered delivery platforms for software engineering and IT operations; consolidated into the AI-Native unit in April 2026 | Clients with application and IT operations outsourcing | Consolidated April 2026 |
| LIFT framework (Launch–Ignite–Flywheel–Transform) | Framework for running agentic AI at scale on Gemini Enterprise integrated with WINGS and WEGA; backed by more than 10,000 AI-certified specialists, including 1,500 forward-deployed engineers | Large enterprises moving from AI pilots to production | 27 August 2026 |
| Gemini Enterprise "Client Zero" deployment | Wipro uses Gemini Enterprise internally as its central agentic orchestration platform under its "Operate Better with AI" programme | Internal; reference for clients | 2,026 |
| ServiceNow-integrated agentic workflows | Wipro Intelligence offerings on the ServiceNow AI Platform for IT, HR, procurement and cybersecurity workflows | ServiceNow customers | 28 May 2026 |
| Wipro ai360 | Company-wide AI programme backed by a US$1 billion three-year investment commitment | All business lines | July 2023 |
| Lab45 | Wipro's innovation lab for AI and emerging technologies | Internal R&D and co-innovation | Since 2021 |
| Wipro Innovation Network | Co-innovation network linking labs, partners, academia and start-ups | Clients pursuing co-innovation | Ongoing |
Consulting
| Offering | Description | Target customer |
|---|---|---|
| Capco | Management and technology consulting for financial services: payments, capital markets, risk, regulatory change, wealth; trade exception management modernisation cited among Q2 FY27 wins | Banks, insurers, asset managers |
| Wipro Consulting | Business and technology strategy, operating model and AI transformation consulting | Cross-industry C-suite |
| Rizing | SAP consulting (S/4HANA, SuccessFactors, asset management), acquired 2022 | SAP customers |
Technology Services GBLs
| Offering | Description | Target customer |
|---|---|---|
| Wipro FullStride Cloud | Cloud migration, hybrid cloud, infrastructure modernisation and managed services; Q2 FY27 included a hybrid-cloud expansion with a global beverage company | Enterprises modernising infrastructure |
| Applications and enterprise platforms | ADM, ERP (SAP, Oracle, Infor), CRM and enterprise application modernisation; single global ERP renewal with a European industrial company (Q2 FY27) | Large enterprises |
| Data & Analytics / AI services | Data platforms, data engineering, AI and ML engineering | Cross-industry |
| Cybersecurity (CyberTransform) | Consulting, managed detection and response, identity (Edgile); CyberShield MDR and a CISO Command Center developed with CrowdStrike | CISOs, regulated industries |
| Global Capability Center (GCC) services | Setting up and running captive centres, including an AI GCC for an Asian Fortune 500 conglomerate (Q2 FY27) | Multinationals building India and Asia capability |
Engineering (semiconductors and product engineering)
| Offering | Key specifications / capabilities | Target customer | Notes |
|---|---|---|---|
| VLSI and semiconductor design services | More than 30 years in VLSI design; 35 patents granted and filed globally; digital, analog and mixed-signal design at advanced nodes; RTL design, verification, physical design, DFT | Fabless chip companies, IDMs, OEMs, hyperscalers | Everest Group Leader (2021, 2024) |
| Turnkey Silicon Solutions | Specification through to production-ready silicon, using Intel Foundry flows including Intel 18A | Start-ups and OEMs wanting custom silicon | Intel Foundry Design Services Alliance, Feb 2024 |
| Silicon validation and post-silicon | Validation labs, SerDes Centre of Excellence, post-GDS and production support | Chip makers | Cited by Everest Group |
| AI-powered semiconductor design, verification and validation | AI tools applied to design and verification productivity | Semiconductor firms | Showcased at SEMICON India 2026 |
| Embedded systems and device software | Silicon-to-software engineering, firmware, BSPs, device software | OEMs, semiconductor firms | Scaled by Harman DTS |
| Wipro Connected Services (formerly Harman DTS) | Product engineering, embodied AI, embedded software, device engineering, customer-experience platforms; more than 5,600 employees | Automotive, consumer devices, industrial, healthcare OEMs | Acquired Dec 2025 for up to US$375 million |
| Digital engineering and Industry 4.0 | PLM, manufacturing engineering, smart factory and supply-chain transformation | Manufacturers | ITI acquisition (2019) |
| Long-term semiconductor R&D partnerships | Case studies describe a 14-year partnership scaling silicon, firmware and systems R&D for a global computing and semiconductor company, and a secure dedicated pre-silicon centre for another chip maker | Large chip companies | 2026 case studies |
Industry platforms and IP
| Platform | Description | Customer |
|---|---|---|
| NetOxygen | Mortgage loan origination platform; a major US bank is modernising mortgage operations on it (Q2 FY27) | US mortgage lenders |
| Farmsprint®, Procuresprint®, Tradesprint® (Mindsprint) | Plantation management, AI-enabled procurement, and commodity trading platforms | Agribusiness and commodities companies; Olam Group |
| FLARRE.AI (20% stake) | Insurance-native agentic orchestration platform with an insurance knowledge graph and enterprise AI control plane, plus AI software-delivery agents for core insurance systems | Insurers |
| Wipro ATSC 3.0 television receiver solution | Software stack for ATSC 3.0 broadcast reception; subject of the April 2026 ContentNexus patent suit | TV and device makers, broadcasters |
Digital Operations & Platforms (business process services)
Finance and accounting, procurement, customer experience, healthcare payer operations, provider services transformation (a US health insurer, Q2 FY27), post-market quality assurance for life sciences (a global biotech, Q2 FY27) and AI-native digital operations platforms (a North American public services organisation, Q2 FY27). Everest Group rated Wipro a Leader in integrated finance and accounting services in 2026.
IT Products
Resale and integration of third-party hardware, software and networking, mostly for Indian enterprise and government clients. Q2 FY27 revenue was ₹1,512 million with a segment loss of ₹72 million. The segment is not strategic.
Financial Narrative
All figures are consolidated IFRS (IASB), from the FY22–FY26 Form 20-F filings and annual results releases unless noted. Per-share figures are adjusted for the 1:1 bonus issue of December 2024.
Income statement
Bonus-adjusted diluted EPS was ₹11.15 (FY22), ₹10.34 (FY23), ₹10.41 (FY24) and ₹12.53 (FY25). In FY26, net income adjusted for the Labour Code charge was ₹134.3 billion (+2.2%) and adjusted EPS was ₹12.8 (+2.1%), according to the FY26 results release.
Margins and growth
Five-year compound growth rates (FY22–FY26): consolidated revenue 4.0% a year; IT Services US-dollar revenue 0.3% a year; attributable net income 1.9% a year.
Commentary. The five years fall into three phases. FY22–FY23 was a post-pandemic boom that acquisitions amplified: revenue rose 27.7% in FY22, with Capco consolidated from April 2021, and 14.4% in FY23 as Rizing was added. Margins fell from 17.7% to 15.0% over that period, hit by wage inflation, high attrition, subcontracting and acquisition amortisation. FY24–FY25 was a contraction. Discretionary spending, especially in Capco's consulting work and the financial-services-heavy Americas 2, weakened. IT Services revenue fell 3.8% in constant currency in FY24 and 2.3% in FY25, while management restored margins through utilisation gains, a fall in headcount of more than 27,000 over six quarters to March 2024, and cuts to onsite mid-level roles. FY26 was stabilisation. Constant-currency revenue fell a smaller 1.6%, rupee revenue rose 4.0% on currency and the DTS acquisition, and the IT Services margin reached 17.2%, the highest since FY22, despite the ₹302.8 crore Labour Code charge in Q3. Net income growth has trailed revenue because of a rising tax rate and higher finance costs, offset partly by treasury income on a large cash balance.
Balance sheet (as at 31 March)
Latest balance sheet (30 September 2026, Q2 FY27 IFRS statements): cash and cash equivalents ₹95,016 million; current investments ₹341,527 million; non-current investments ₹27,727 million; borrowings ₹185,021 million; goodwill ₹409,181 million (up with Mindsprint); total assets ₹1,360,510 million; total equity ₹796,550 million. Equity fell by ₹91.3 billion in six months, mainly because of the ₹150 billion buyback and dividends, offset by retained earnings.
Commentary. Wipro has held net cash every year, peaking at ₹341 billion in FY25–FY26 before the 2026 buyback. Gross borrowings are mostly short-term rupee and foreign-currency bank lines (₹94.9 billion at March 2026) plus the US$750 million notes, which moved to current liabilities in FY26 ahead of their June 2026 maturity. That move explains the drop in long-term borrowings from ₹63,954 million to ₹1,962 million and the fall in the current ratio. Goodwill is the largest non-cash asset at about 27% of total assets in FY26, mostly from Capco, Rizing and DTS, so impairment testing of Capco is a standing sensitivity.
Cash flow
The FY24 buyback figure includes the ₹12,000 crore June 2023 tender and buyback tax. H1 FY27 (six months to 30 September 2026): operating cash flow ₹85,928 million; capex ₹7,640 million; free cash flow ₹78,497 million, or 119.7% of net income. Q2 FY27 operating cash flow alone was ₹53,048 million, 165.8% of net income.
Commentary. Cash conversion is a consistent strength, with operating cash flow above net income in four of the five years. FY24's unusually high conversion came from lower working capital as revenue shrank. FY26 operating cash flow fell 11.9% as receivables rose by ₹35 billion; the CFO called the rise in unbilled revenue a quarterly aberration, and Q2 FY27 conversion of 165.8% supports that. Capex is low at 1.2–2.5% of revenue. Shareholder distributions have risen sharply: dividends paid went from ₹5 billion in FY24 to ₹115 billion in FY26, and the FY26 total payout was 87.8% of net income (FY26 Integrated Annual Report), before the ₹150 billion FY27 buyback.
Ratios
As a services company with negligible inventory (₹517 million in FY26), Wipro has no meaningful cash conversion cycle beyond receivable days. The company reported days sales outstanding as broadly flat year on year in FY26.
Commentary. Return on equity of about 15% is held down by the large cash and investment balance, which earns about 7.3% (FY26 accounting yield on India investments) and dilutes returns. ROIC net of cash is above 20%, which shows that the operating business earns strong returns on capital. Interest coverage has fallen from 26x to about 10x because of higher foreign-currency borrowing costs, but debt remains small relative to cash. Asset turnover has drifted down as goodwill from acquisitions accumulated faster than revenue.
Recent quarters
Q3 FY26 net income was ₹33.6 billion before the Labour Code charge. Q2 FY27 EPS rose 4.2% year on year even though net income fell 1.9%, because the buyback cut the share count. Net income fell in Q2 FY27 because finance expenses rose (₹5,454 million against ₹3,612 million a year earlier) and finance and other income fell (₹6,770 million against ₹8,455 million) once ₹150 billion of cash had been spent on the buyback.
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Smu Details
| SMU | Coverage |
|---|---|
Americas 1 | United States clients in healthcare and medical devices, consumer goods and life sciences, retail, transportation and services, communications, media and information services, and technology products and platforms, plus Latin America |
Americas 2 | United States and Canada clients in banking, financial services and insurance, manufacturing, hi-tech, and energy and utilities |
Europe | United Kingdom and Ireland, Switzerland, Germany, the Nordics and continental Europe |
APMEA | Australia and New Zealand, India, the Middle East, South-East Asia, Japan and Africa |
IT Products | Third-party hardware and software resale and integration, mainly in India |
Revenue by Segment and Segment Margins & Growth (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
IT Services revenue (USD Mn) | 10,356 | 11,160 | 10,805 | 10,512 | 10,478 |
IT Services operating margin (%) | 17.7 | 15.0 | 16.1 | 17.1 | 17.2 |
Closing headcount (number) | 243,128 | 256,921 | 234,054 | 233,346 | 242,156 |
Revenue by Segment (%)
| SMU | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|
Americas 1 (%) | 35.8 | 35.6 | 35.6 | 35.6 | 35.2 | 34.4 |
Americas 2 (%) | 27.7 | 27.0 | 26.6 | 25.7 | 25.4 | 25.6 |
Europe (%) | 25.7 | 26.3 | 26.7 | 27.2 | 27.2 | 27.4 |
APMEA (%) | 10.8 | 11.1 | 11.1 | 11.5 | 12.2 | 12.6 |
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View Subscription PlansSmu Details (Annual)
| SMU | FY2026 |
|---|---|
Americas 1 revenue (USD Mn) | 3,730 |
Americas 2 revenue (USD Mn) | 2,808 |
Europe revenue (USD Mn) | 2,777 |
APMEA revenue (USD Mn) | 1,163 |
Results by Segment
| Metric | Q2 FY26 | Q2 FY27 |
|---|---|---|
Americas 1 revenue (INR Mn) | 80,556 | 84,985 |
Americas 1 segment result (INR Mn) | 17,265 | 16,009 |
Americas 2 revenue (INR Mn) | 61,276 | 63,194 |
Americas 2 segment result (INR Mn) | 11,292 | 11,222 |
Europe revenue (INR Mn) | 59,531 | 67,546 |
Europe segment result (INR Mn) | 6,962 | 11,309 |
APMEA revenue (INR Mn) | 25,042 | 30,945 |
APMEA segment result (INR Mn) | 3,308 | 4,323 |
Unallocated result (INR Mn) | -1,018 | -2,137 |
Total IT Services revenue (INR Mn) | 226,405 | 246,670 |
Total IT Services result (INR Mn) | 37,809 | 40,726 |
Segment Revenue
| SMU | Segment margin Q2 FY26 (%) | Segment margin Q2 FY27 (%) | INR revenue growth YoY (%) | Share of IT Services revenue Q2 FY27 (%) |
|---|---|---|---|---|
Americas 1 | 21.4 | 18.8 | 5.5 | 34.4 |
Americas 2 | 18.4 | 17.8 | 3.1 | 25.6 |
Europe | 11.7 | 16.7 | 13.5 | 27.4 |
APMEA | 13.2 | 14.0 | 23.6 | 12.6 |
Total IT Services | 16.7 | 16.5 | 9.0 | 100.0 |
Income Statement and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue (INR Mn) | 790,934 | 904,876 | 897,603 | 890,884 | 926,240 |
Revenue growth (%) | 27.7 | 14.4 | -0.8 | -0.7 | 4.0 |
Gross profit (INR Mn) | 235,062 | 259,430 | 266,106 | 273,082 | 270,048 |
Results from operating activities (INR Mn) | 140,286 | 139,606 | 136,099 | 151,271 | 151,251 |
EBITDA (INR Mn) | 171,197 | 173,008 | 170,170 | 180,850 | 180,358 |
Depreciation & amortisation (INR Mn) | 30,911 | 31,586 | 32,370 | 28,424 | 28,256 |
Finance expenses (INR Mn) | 5,325 | 10,077 | 12,552 | 14,770 | 14,577 |
Profit before tax (INR Mn) | 151,275 | 147,657 | 147,210 | 174,957 | 173,422 |
Income tax (INR Mn) | 28,946 | 33,992 | 36,089 | 42,777 | 40,767 |
Net income, total (INR Mn) | 122,329 | 113,665 | 111,121 | 132,180 | 132,655 |
Net income attributable to equity holders (INR Mn) | 122,191 | 113,500 | 110,452 | 131,354 | 131,974 |
Basic EPS, bonus-adjusted (INR) | 11.18 | 10.36 | 10.45 | 12.56 | 12.57 |
Dividend per share, bonus-adjusted (INR) | 3.0 | 0.5 | 0.5 | 6.0 | 11.0 |
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View Subscription PlansMargin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Gross margin (%) | 29.7 | 28.7 | 29.6 | 30.7 | 29.2 |
Operating margin, consolidated (%) | 17.7 | 15.4 | 15.2 | 17.0 | 16.3 |
IT Services operating margin (%) | 17.7 | 15.0 | 16.1 | 17.1 | 17.2 |
EBITDA margin (%) | 21.6 | 19.1 | 19.0 | 20.3 | 19.5 |
Net margin (%) | 15.4 | 12.5 | 12.3 | 14.7 | 14.2 |
Effective tax rate (%) | 19.1 | 23.0 | 24.5 | 24.4 | 23.5 |
Balance Sheet and Per-Share Data
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total assets (INR Mn) | 1,079,182 | 1,175,822 | 1,152,459 | 1,286,520 | 1,419,262 |
Cash & cash equivalents (INR Mn) | 103,836 | 91,880 | 96,953 | 121,974 | 105,555 |
Short-term investments (INR Mn) | 241,001 | 308,579 | 239,368 | 322,398 | 356,680 |
Cash + short-term investments (INR Mn) | 344,837 | 400,459 | 407,789 | 533,239 | 543,235 |
Trade and unbilled receivables (INR Mn) | 207,500 | 222,549 | 209,127 | 211,364 | 246,485 |
Goodwill (INR Mn) | 246,989 | 307,970 | 316,002 | 325,014 | 387,399 |
Other intangible assets (INR Mn) | 43,555 | 43,045 | 32,748 | 27,450 | 29,176 |
Short-term borrowings incl. current portion (INR Mn) | 95,233 | 88,821 | 79,166 | 97,863 | 165,912 |
Long-term borrowings (INR Mn) | 56,463 | 61,272 | 62,300 | 63,954 | 1,962 |
Lease liabilities (INR Mn) | 24,233 | 24,573 | 23,183 | 30,218 | 35,036 |
Total debt incl. leases (INR Mn) | 175,929 | 174,666 | 164,649 | 192,035 | 202,910 |
Net cash (INR Mn) | 168,908 | 225,793 | 243,140 | 341,204 | 340,325 |
Total equity (INR Mn) | 658,673 | 781,753 | 751,223 | 830,447 | 887,877 |
Working capital (INR Mn) | 312,423 | 393,343 | 398,204 | 491,522 | 423,122 |
Book value per share (INR) | 60.19 | 71.30 | 71.84 | 79.19 | 84.51 |
Cash Flow and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Operating cash flow (INR Mn) | 110,797 | 130,601 | 176,216 | 169,426 | 149,316 |
Capital expenditure (INR Mn) | -20,153 | -14,834 | -10,510 | -14,737 | -15,603 |
Free cash flow (INR Mn) | 90,644 | 115,767 | 165,706 | 154,689 | 133,713 |
Dividends paid (INR Mn) | -5,467 | -32,814 | -5,218 | -62,750 | -115,206 |
Share buybacks (INR Mn) | 0 | 0 | -145,173 | 0 | 0 |
Cash paid for acquisitions (INR Mn) | -129,846 | -45,566 | -5,291 | -964 | -26,033 |
Operating cash flow / net income (%) | 90.6 | 114.9 | 158.6 | 128.2 | 112.6 |
Free cash flow / attributable net income (%) | 74.2 | 102.0 | 150.0 | 117.8 | 101.3 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Return on equity, closing equity (%) | 18.6 | 14.5 | 14.7 | 15.8 | 14.9 |
Return on assets, closing assets (%) | 11.3 | 9.7 | 9.6 | 10.2 | 9.3 |
ROIC, after-tax operating profit / (equity + debt − cash) (%) | 23.2 | 19.3 | 20.2 | 23.4 | 21.1 |
Current ratio (x) | 2.01 | 2.47 | 2.58 | 2.72 | 2.05 |
Debt to equity, incl. leases (x) | 0.27 | 0.22 | 0.22 | 0.23 | 0.23 |
Net debt / EBITDA (x; negative = net cash) | -0.99 | -1.31 | -1.43 | -1.89 | -1.89 |
Interest coverage, operating profit / finance expenses (x) | 26.3 | 13.9 | 10.8 | 10.2 | 10.4 |
Asset turnover, revenue / closing assets (x) | 0.73 | 0.77 | 0.78 | 0.69 | 0.65 |
Receivable days, receivables / revenue × 365 (days) | 96 | 90 | 85 | 87 | 97 |
Income Statement and Margin Analysis (%) (Quarterly)
| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|
Consolidated revenue (INR Mn) | 226,973 | 235,558 | 242,360 | 244,786 | 247,527 |
IT Services revenue (USD Mn) | 2,604.3 | 2,635.4 | 2,651.0 | 2,614.5 | 2,611.5 |
IT Services QoQ growth, constant currency (%) | 0.3 | 1.4 | 0.2 | -1.2 | 0.0 |
IT Services operating margin (%) | 16.7 | 17.6 | 17.3 | 16.0 | 16.5 |
Net income (INR Mn) | 32,624 | 31,190 | 35,020 | 33,560 | 31,997 |
Basic EPS (INR) | 3.10 | 2.98 | 3.34 | 3.20 | 3.23 |
Total bookings (USD Mn) | 4,688 | 3,335 | 3,455 | 3,370 | 2,595 |
Large-deal bookings (USD Mn) | 2,853 | 871 | 1,440 | 1,626 | 674 |
Revenue by Region (%)
| Region | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|
Americas 1 (%) | 35.8 | 35.6 | 35.6 | 35.6 | 35.2 | 34.4 |
Americas 2 (%) | 27.7 | 27.0 | 26.6 | 25.7 | 25.4 | 25.6 |
Europe (%) | 25.7 | 26.3 | 26.7 | 27.2 | 27.2 | 27.4 |
APMEA (%) | 10.8 | 11.1 | 11.1 | 11.5 | 12.2 | 12.6 |
Region Overview
| Region | Sequential growth (%) | Year-on-year growth (%) |
|---|---|---|
Americas 1 | 0.3 | 2.9 |
Americas 2 | -2.6 | -6.7 |
Europe | 2.0 | 0.0 |
APMEA | 3.1 | 8.8 |
Revenue by Region (%) by Currency
| Currency | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|
USD (%) | 63 | 62 | 61 | 60 | 59 | 59 |
GBP (%) | 10 | 11 | 11 | 12 | 12 | 13 |
EUR (%) | 9 | 9 | 9 | 9 | 8 | 8 |
INR (%) | 4 | 4 | 5 | 5 | 6 | 6 |
AUD (%) | 3 | 4 | 4 | 4 | 4 | 4 |
CAD (%) | 3 | 3 | 3 | 3 | 2 | 2 |
Other (%) | 8 | 7 | 7 | 7 | 9 | 8 |
Valuation Snapshot
| Metric | Value |
|---|---|
Closing price | ₹198.00 |
52-week range | ₹156.79 – ₹273.10 |
1-year return | −18.8% (to 2 November 2026) |
6-month return | −2.1% |
2026 calendar year to date (ADR, USD) | −21.5% (ADR $2.81 at the start of the year to $2.15) |
ADR versus all-time high | $2.15 against a split- and dividend-adjusted high of $4.30 (19 October 2021), a fall of about 50% in dollar terms over five years |
Market capitalisation | About ₹1,96,123 crore |
Enterprise value (market cap less net cash of ₹27,925 crore at 30 Sep 2026, excluding leases) | About ₹1,68,200 crore |
Valuation Snapshot by Multiple
| Multiple | Value |
|---|---|
P/E on trailing four-quarter net profit of ₹13,173 crore (x) | 14.9 |
EV / FY26 EBITDA (x) | 9.3 |
EV / trailing four-quarter revenue of ₹97,023 crore (x) | 1.7 |
P/B on 30 Sep 2026 equity (x) | 2.46 |
Dividend yield on FY26 dividend of ₹11 (%) | 5.6 |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | FY2027 |
|---|---|---|---|---|---|---|
Dividend per share (INR) | 3.0 | 0.5 | 0.5 | 6.0 | 11.0 | 2.0 |
Share buyback executed (INR Bn) | 0 | 0 | 120 | 0 | 0 | 150 |
Dividends paid (INR Bn) | 5.5 | 32.8 | 5.2 | 62.8 | 115.2 | 0 |
Capital Instruments
| Instrument | Amount (31 Mar 2026) | Maturity |
|---|---|---|
Unsecured Notes 2026 (1.50%) | US$749 million (₹71,052 million) | 23 June 2026, repaid |
Bank borrowings (mainly revolving and floating-rate foreign-currency lines) | ₹94,860 million | Short-term, renewed periodically |
Loans from institutions other than banks | US$21 million (₹1,962 million) | June 2027 |
Unused credit lines | ₹27,524 million plus multi-currency lines (US$92 million, SAR 75 million and others) | Revolving |
Analyst Conclusions
Management guidance. Q3 FY27 IT Services revenue of US$2,571–2,625 million, or −1.5% to +0.5% sequentially in constant currency, which implies a third straight quarter of flat to slightly lower revenue. Management says demand is mostly stable, that pipeline growth is coming from mid-market clients, and that several large deals slipped out of Q2 FY27 because contracts were not finalised. It aims to keep IT Services margins near current levels (16.0–16.5% in H1 FY27) while investing in AI.
Consensus expectations. The market expects Wipro's FY27 constant-currency revenue to be flat to slightly down. Brokers such as DAM Capital expect flat revenue. Reported rupee revenue is still rising by high single digits because of acquisitions (DTS, Mindsprint, Alpha Net) and rupee weakness. Trailing four-quarter EPS is about ₹12.7, helped by the buyback's lower share count.
Bull case.
-
Acquisition and mega-deal revenue arrives: Mindsprint (CY25 revenue US$135.6 million), the Olam programme (at least US$800 million committed over eight years), Alpha Net (US$37.3 million a year) and a full year of DTS add inorganic revenue in FY27–FY28, while Q2 FY27 bookings weakness reflects deals that slipped rather than deals lost.
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Margins and cash keep surprising: Q2 FY27 IT Services margin rose 50 bps to 16.5% with 165.8% cash conversion. Europe's segment margin moved from 11.7% to 16.7%, showing room for improvement in previously weak areas.
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Valuation and yield: at about 15x trailing earnings, 9x FY26 EBITDA and a 5.6% dividend yield, with a 72.58% promoter holding and repeated buybacks, the stock already prices in little growth.
Bear case.
-
Bookings collapse: large-deal TCV of US$674 million in Q2 FY27 is the lowest in 19 quarters, and total bookings of US$2.6 billion are the lowest in more than three years. Booked deals take 6–12 months to become revenue, so FY28 growth looks at risk.
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AI deflation hits Wipro's mix hardest: with 52–56% fixed-price work, heavy application maintenance exposure and the lowest growth among large Indian peers (0.6% against 2.6–7.2%), Wipro may lose more from AI-driven productivity than it gains from new AI work.
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Margin gains depend on cuts: the 6,716-person headcount reduction and lower utilisation (83.4%) suggest Q2 margins came from cost cuts rather than growth. Lower treasury income after the buyback and higher finance costs already reduced Q2 FY27 net income by 1.9% year on year.
Key catalysts and monitorables for the next 12 months:
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Q3 FY27 results in January 2027: whether bookings recover toward US$1 billion or more in large deals and US$3.3 billion or more in total, as the CEO says he expects.
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Q4 FY27 results in April 2027: Q1 FY28 guidance, the capital allocation update, and any new buyback or dividend change.
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Americas 2 recovery under new leadership, and BFSI deals ramping up as planned.
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Revenue and integration of Mindsprint, Alpha Net and DTS, plus the first measurable revenue from the AI-Native unit.
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Semiconductor engineering demand (AI silicon, Intel Foundry 18A programmes) and any Wipro Limited role in India's OSAT and fab ecosystem, including through Wipro Enterprises.
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US immigration and outsourcing policy, including H-1B fee enforcement and any proposed outsourcing taxes.
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Rupee exchange rate (guidance assumes ₹95.76 per dollar) and its effect on reported growth and hedging gains.
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Outcomes of the ContentNexus patent suit and other litigation.
Analyst verdict. Wipro is a financially sound company with a growth problem. Few of its peers have a balance sheet this strong. It held ₹340 billion of net cash before the 2026 buyback, converts more than 100% of net income to operating cash in most years, earns ROIC above 20% net of cash, and returned 87.8% of FY26 net income before the ₹15,000 crore tender. Its controlling shareholder is patient, with no pledged shares and a philanthropic orientation, which allows multi-year bets. Its engineering franchise, built on three decades of VLSI work and now enlarged by Harman DTS, is a real differentiator: Wipro is one of five Everest Group Leaders in semiconductor engineering services as AI accelerators and custom silicon drive engineering outsourcing.
The core IT services business has not grown, however. Revenue fell in constant currency for three straight years, and FY27 is heading for another flat year. Wipro is falling further behind Infosys and HCLTech, and its Q2 FY27 large-deal bookings were the weakest in almost five years. The Pallia strategy of large deals, consulting-led selling, AI-native platforms and deals combining a contract with an acquisition is coherent. The Olam/Mindsprint transaction shows Wipro can create mega-deals when organic demand is soft. But the strategy has delivered margins and cash rather than growth so far, and a margin recovery built partly on headcount cuts has limited room to run.
At about 15x earnings and a 5.6% dividend yield, the shares price Wipro as a slow-growing, cash-returning utility of the IT sector. Two things would justify a higher valuation. One is evidence that bookings recover in Q3 and Q4 FY27 and convert into positive organic constant-currency growth in FY28. The other is the AI-Native unit and the engineering business, semiconductors especially, growing quickly enough to offset AI-driven deflation in legacy application work. If either fails, Wipro's value rests on its yield, buybacks and balance-sheet strength. Until bookings recover, the stock is best seen as a defensive, income-oriented holding, not a growth recovery story.
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View Subscription PlansExecutive Leadership
Board of Directors
| Director | Category | Board tenure / role | Background and education |
|---|---|---|---|
Rishad A. Premji | Executive Chairman (promoter) | Board since 2015; Executive Chairman since 31 July 2019 | Previously Chief Strategy Officer of Wipro; earlier at Bain & Company and GE Capital; BA in Economics (Wesleyan University), MBA (Harvard Business School) |
Azim H. Premji | Founder Chairman, Non-Executive Non-Independent (promoter) | Led Wipro from 1966; Executive Chairman until July 2019 | Built Wipro from a vegetable-oil maker into an IT major; founder of Azim Premji Foundation; BS in Electrical Engineering (Stanford University); born 1945 |
Srinivas Pallia | CEO & Managing Director (executive) | CEO since 7 April 2024 | Joined Wipro in 1992; previously CEO Americas 1 and President, Consumer Business Unit; BE (Bangalore University), Master's in Management (Indian Institute of Science) |
Deepak M. Satwalekar | Lead Independent Director | Joined July 2020; reappointed for a second term | Former MD of HDFC Ltd. and CEO of HDFC Standard Life; chaired the RBI's corporate governance committee; Chairman of Home First Finance; B.Tech (IIT Bombay), MBA (The American University, Washington D.C.) |
Tulsi Naidu | Independent Director | Since 1 July 2021; chairs a Board committee from 1 July 2025 | CEO of Zurich UK; career in insurance and financial services |
N. S. Kannan | Independent Director | Current term | Former MD & CEO of ICICI Prudential Life Insurance; former Executive Director and CFO of ICICI Bank |
Päivi Rekonen | Independent Director | Current term; member of the Stakeholders Relationship Committee | Technology and digital transformation executive based in Europe |
Laura M. Miller | Independent Director | Since 1 April 2026 | Former member of Macy's executive leadership team (digital, data and AI); earlier technology and operations roles at InterContinental Hotels Group and First Data |
Executive Leadership Team
| Executive | Title | Tenure / prior roles |
|---|---|---|
Srinivas Pallia | CEO & Managing Director | CEO since April 2024; 30+ years at Wipro |
Aparna C. Iyer | Chief Financial Officer | CFO since September 2023; joined Wipro in 2003; previously led FP&A and treasury roles; Chartered Accountant |
Nagendra Bandaru | CEO, AI-Native Business & Platforms Unit | Since 1 April 2026; previously President and Managing Partner, Technology Services GBLs; nearly three decades at Wipro |
Kanwar Singh | President & Managing Partner, Technology Services GBLs; Senior Managing Partner | Since April 2026; 19 years at Accenture leading technology delivery and sales support for the Americas; IIT Roorkee graduate |
Srikumar Rao | Managing Partner & Global Head of Engineering | Leads the Engineering GBL, including semiconductors and Wipro Connected Services |
Sandhya Arun | Chief Technology Officer | Leads technology strategy and AI platform direction |
Saurabh Govil | Chief Human Resources Officer | Has led Wipro's workforce localisation and visa strategy |
M. Sanaulla Khan | Company Secretary & Compliance Officer | Signatory to Wipro's exchange filings |
Directors' Remuneration
| Executive | FY26 total remuneration | Components |
|---|---|---|
Srinivas Pallia, CEO & MD | US$5,290,568 (about ₹49.6 crore), down 7.4% from ₹53.6 crore in FY25 | Salary and allowances US$1.65 million; commission and variable pay US$1.05 million; other benefits, including stock-linked rewards, US$2.47 million |
Rishad A. Premji, Executive Chairman | US$773,213 (about ₹7.3 crore), down from about ₹13.7 crore in FY25 | Salary, commission and long-term incentives |
Aparna C. Iyer, CFO | US$717,749 (about ₹6.73 crore) | Salary, variable pay and stock awards |
Major Shareholders
| Shareholder | Shares | % of equity |
|---|---|---|
Zash Traders (partnership; Azim H. Premji as partner) | 2,078,093,874 | 20.98 |
Prazim Traders (partnership; Azim H. Premji as partner) | 2,038,614,716 | 20.58 |
Hasham Traders (partnership; Azim H. Premji as partner) | 1,780,547,328 | 17.98 |
Azim Premji Trust | 642,061,825 | 6.48 |
Azim H. Premji (individual) | 407,860,044 | 4.12 |
Life Insurance Corporation of India | 278,913,654 | 2.82 |
JPMorgan Chase Bank, N.A. (ADR depositary) | 260,680,487 | 2.63 |
Prazim Trading and Investment Company Pvt Ltd | 182,797,240 | 1.85 |
Azim Premji Philanthropic Initiatives Pvt Ltd | 26,163,172 | 0.26 |
Rishad Azim Premji | 12,775,239 | 0.13 |
Competitive Landscape
Competitors by Segment
| Segment | Principal competitors |
|---|---|
IT services and consulting (global) | Accenture, Cognizant, Capgemini, IBM Consulting, NTT DATA, DXC Technology, Deloitte |
IT services (Indian-heritage) | TCS, Infosys, HCLTech, Tech Mahindra, LTM (formerly LTIMindtree), Coforge, Persistent Systems, Mphasis |
Financial-services consulting (Capco) | Accenture, Deloitte, EY, McKinsey, Oliver Wyman, Synechron |
Semiconductor engineering services | HCLTech, TCS, L&T Technology Services, Capgemini Engineering, Cyient, Tessolve, eInfochips (Arrow), Quest Global, Sasken, Mirafra, Ignitarium, Alten, Akkodis |
Embedded / device / automotive engineering | Tata Elxsi, KPIT, LTTS, HCLTech ER&D, Capgemini Engineering, Bosch Global Software, Luxoft (DXC) |
Peer Comparison FY2026
| Company | FY26 revenue (INR Cr) | FY26 reported revenue growth (%) | FY26 constant-currency growth (%) | FY26 operating / EBIT margin (%) |
|---|---|---|---|---|
TCS | 267,021 | 4.6 | -2.4 | 25.0 (adjusted) |
Infosys | 178,650 | 9.6 | 3.1 | 21.0 (adjusted); 20.3 reported |
HCLTech | 130,144 | 11.2 | 4.8 (services) | 17.2 |
Wipro | 92,624 | 4.0 | -1.6 (IT Services) | 17.2 (IT Services) |
Tech Mahindra | 56,815 | 7.2 | — | 12.6 |
