Wipro Limited (WIPRO)

Information Technology · IT - Software · NSE · Updated 2 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹183.65 ↓ 26.04% (1Y)

🎯 Key Takeaways

Wipro is in a strategic transition phase, shifting from mature IT services growth to AI-driven expansion, with management prioritizing margin recovery and high-value deal generation. Despite strong large deal momentum and recognition as a leader in ISG and Avasant reports, near-term healthcare weakness and cautious growth guidance are weighing on performance.
Revenue grew 3.8% QoQ to ₹23,556 in Q3FY26.
⚠️ Healthcare segment continues to face pressure from US payer dynamics, with sequential revenue decline of 2.6% in Q1 FY27 despite a strong pipeline, cr

Market Cap

₹1.99 L Cr

P/E Ratio

15.0

P/B Ratio

2.42

ROE

16.1%

ROCE

19.1%

Debt/Equity

0.20

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Wipro is in a strategic transition phase, shifting from mature IT services growth to AI-driven expansion, with management prioritizing margin recovery and high-value deal generation. Despite strong large deal momentum and recognition as a leader in ISG and Avasant reports, near-term healthcare weakness and cautious growth guidance are weighing on performance. The company is actively investing in AI initiatives like WINGS and the Applied AI Center of Excellence to reposition its portfolio, signaling a deliberate shift toward higher-margin, technology-led growth rather than volume-driven expansion.

📰 What's Happening

In Q1 FY27, Wipro reported flat YoY revenue of ₹33.6 crores with a 1.2% QoQ decline, yet secured $3.4 billion in order wins — including $1.6 billion in large deals — driven by BFSI strength in the Americas and EMR growth in Europe. Management highlighted AI as a key catalyst, citing WINGS and the Applied AI Center of Excellence accelerating deal pipelines. Healthcare revenue declined 2.6% sequentially due to US payer pressures, though pipeline remains robust in Tech and Communications. Headcount reduced by 2,500, and Mindsprint contributed 45 days of revenue. Management targets 17%-17.5% margins in coming quarters, with AI-led deals expected to be margin-accretive, while Q2 growth is projected at -1.5% to +0.5% sequentially.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26
Revenue	22,208	21,964	22,302	22,319	22,504	22,135	22,697	23,556
Operating Profit	5,054	5,084	5,465	5,544	5,812	5,300	5,320	5,302
OPM %	19.8%	19.8%	20.2%	20.3%	20.6%	19.1%	19.3%	18.2%
Net Profit	2,858	3,037	3,227	3,367	3,588	3,337	3,262	3,145
EPS	₹5.43	₹5.75	₹6.14	₹3.21	₹3.41	₹3.18	₹3.10	₹2.98

Wipro's revenue has shown mixed momentum: after peaking in Q4 FY25 with ₹22,504 crores and 20.6% OPM, growth slowed in Q1 FY26 to ₹22,135 crores, followed by a sharp rebound in Q3 FY26 to ₹23,556 crores (+10.6% YoY), indicating volatility tied to large deal timing. Operating margins have gradually declined from a high of 20.6% in Q4 FY25 to 18.2% in Q3 FY26, reflecting margin pressure in IT Services despite stable gross profitability. Net profit and EPS peaked in Q4 FY25 but have since moderated, with Q3 FY26 EPS at ₹2.98, down from ₹3.41 in Q4 FY25, aligning with margin compression and higher share-based compensation costs.

🔮 Management Outlook & What's Next

Management expects Q2 FY27 revenue growth of -1.5% to +0.5% in constant currency, with margins targeted at 17% to 17.5% over coming quarters. They attribute margin recovery to AI-driven deals becoming margin-accretive and ongoing cost optimization. The company is integrating Mindsprint into its operations and scaling AI-powered offerings to shift the revenue mix toward higher-value services. Management remains confident in long-term AI tailwinds but acknowledges near-term softness in Healthcare and cautious demand trends, particularly in North America.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	2023-2024	2023-2024	2024-2025	2024-2025	2025-2026
Equity Capital	1,044	1,045	1,046	2,094	2,097
Reserves	68,394	73,488	80,331	80,270	83,489
Borrowings	15,603	14,147	16,581	16,182	12,851
Total Liabilities	38,660	40,124	43,996	45,607	44,806
Fixed Assets	9,269	9,208	9,193	10,407	10,413
Investments	26,148	33,280	43,869	43,793	42,341
Total Assets	1.08 L Cr	1.15 L Cr	1.26 L Cr	1.28 L Cr	1.31 L Cr

The balance sheet shows stable leverage with D/E at 0.20 and borrowings declining from ₹16,182 crores to ₹12,851 crores in the latest period, indicating active deleveraging. Equity has grown steadily to ₹2,097 crores, supported by reserves of ₹83,489 crores, reflecting strong retained earnings. The company maintains a robust cash position with gross cash of $4.3 billion and an investment yield of 7.2%, providing flexibility for strategic investments, dividends, and buybacks without significant reliance on external financing.

💰 Cash Flow Statement (₹ Cr)

Item	2020-2021
Operating	+14,755
Investing	+774
Financing	-12,884
Net Cash Flow	—

⚖️ Peer Comparison — IT - Software

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Tata Consultancy Services Limited	8.19 L Cr	17.2	67.6%	50.4%	0.00
Infosys Limited	4.54 L Cr	16.6	40.8%	29.2%	0.00
HCL Technologies Limited	3.07 L Cr	18.6	31.9%	23.6%	0.03
Wipro Limited	1.99 L Cr	15.0	19.1%	16.1%	0.20
Tech Mahindra Limited	1.34 L Cr	26.3	22.1%	10.0%	0.07
LTM Limited	1.18 L Cr	25.7	—	—	—
Oracle Financial Services Software Limited	78,487	34.0	—	—	—
Persistent Systems Limited	74,176	54.5	—	—	—
Coforge Limited	43,059	50.2	—	—	—
MphasiS Limited	39,760	23.9	—	—	—

🔗 Peer Stock Analyses

TCS INFY HCLTECH TECHM LTM

⚠️ Risk Factors

1. Healthcare segment continues to face pressure from US payer dynamics, with sequential revenue decline of 2.6% in Q1 FY27 despite a strong pipeline, creating near-term headwinds. 2. Operating margin compression to 18.2% in Q3 FY26 from 20.6% in Q4 FY25 reflects pricing pressure and cost investments, with management’s margin recovery dependent on AI-driven deals materializing as expected. 3. IT services growth remains soft, with management guiding for near-zero to slightly positive sequential growth in Q2 FY27, indicating demand caution in key markets like North America. 4. Integration risks around Mindsprint and scaling of AI initiatives could delay expected margin accretion if execution falters.

📋 Recent Filings

🧠 Analyst's Read

Wipro is undergoing a strategic pivot toward AI-led growth, supported by strong large deal momentum and leadership recognition, but near-term margin pressure and Healthcare weakness require patience. Investors should monitor the pace of AI deal conversion, Healthcare recovery, and whether margin targets are achieved without compromising revenue momentum in the next two quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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