Wipro Limited (WIPRO)
🎯 Key Takeaways
- Wipro Limited is navigating a period of strategic transition amid a challenging IT sector environment, marked by declining revenue trends and delayed growth initiatives. The company remains financially stable with strong ROE and ROCE, but its recent performance reflects broader industry headwinds and execution challenges in key segments.
- Revenue grew 3.8% QoQ to ₹23,556 in Q3FY26.
- ⚠️ Delay in closing the Alpha Net Consulting acquisition could hinder near-term revenue synergies and growth expectations.
📖 The Story
Wipro Limited is navigating a period of strategic transition amid a challenging IT sector environment, marked by declining revenue trends and delayed growth initiatives. The company remains financially stable with strong ROE and ROCE, but its recent performance reflects broader industry headwinds and execution challenges in key segments. Management is prioritizing capital efficiency through shareholder returns and incremental investments, while managing legacy contract delays and evolving market dynamics.
📰 What's Happening
In the latest filings, Wipro announced the extension of the Alpha Net Consulting LLC acquisition deadline to September 30, 2026, delaying anticipated growth from the target contracts. Concurrently, the company executed a ₹250 per share buyback of 6 crore equity shares on June 26, 2026, returning capital to shareholders. Additionally, Wipro scheduled its 80th AGM for July 15, 2026 via video conferencing, with e-voting open from July 11–14, and recommended the re-appointment of Azim H. Premji as Non-Executive Director. The board also declared an interim dividend of ₹5 per share and a final dividend of ₹6 per share.
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 quarterly revenue has shown a sequential decline, with Q3FY26 revenue at ₹23,556 crore down from ₹23,556 crore in Q2FY26 (though up from ₹22,697 crore in Q2FY26), indicating modest growth but persistent margin pressure. Operating profit margin has declined from 20.6% in Q4FY25 to 18.2% in Q3FY26, reflecting pricing pressures and cost inefficiencies. Net profit and EPS have also trended downward from peaks in FY25, with EPS falling from ₹6.14 in Q2FY25 to ₹2.98 in Q3FY26, suggesting weakening profitability despite stable top-line performance.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance on revenue or margin recovery in the latest filings, though it has signaled confidence in closing the Alpha Net acquisition by September 30, 2026, which could contribute to near-term growth. The board’s recommendation to re-appoint Azim H. Premji underscores continuity in leadership, while the buyback and dividend declarations reflect a focus on shareholder returns amid subdued growth. No formal long-term outlook or strategic roadmap was disclosed in the recent announcements.
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 a stable capital structure with equity increasing slightly to ₹2,097 crore in 2025-26 from ₹2,094 crore in the prior year, while reserves grew to ₹83,489 crore. Borrowings have declined significantly to ₹12,851 crore from ₹16,182 crore, indicating active deleveraging. Total assets have risen to ₹1.31 L Cr, suggesting incremental investment in operations or acquisitions, but the declining debt-to-equity ratio (0.20) highlights a conservative and strengthening financial position.
💰 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 | — | — | — |
⚠️ Risk Factors
1. Delay in closing the Alpha Net Consulting acquisition could hinder near-term revenue synergies and growth expectations. 2. Operating margin compression to 18.2% in Q3FY26 raises concerns about pricing power and cost control in a competitive IT environment. 3. Declining EPS trends and sector-specific headwinds pose challenges to earnings sustainability. 4. Regulatory and compliance risks around virtual AGMs and e-voting procedures may affect shareholder engagement and governance efficiency.
📋 Recent Filings
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Financial Results 7 July 2026Wipro Limited announced a board meeting on July 15-16, 2026 to approve quarterly financial results for June 30, 2026 and consider an interim dividend,...
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share transfer 6 July 2026Wipro Limited received a SEBI-mandated certificate from its share transfer agent KFin Technologies confirming dematerialization/rematerialization of s...
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Announcement 3 July 2026Wipro announced the grant of 66,138 restricted stock units to employees under its 2024 stock scheme, effective July 3, 2026, as part of its employee c...
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Announcement 26 June 2026Wipro announced that its subsidiary Capco received the AI Governance & Risk Excellence Award from OpenAI at the 2026 Partner Summit, recognizing its i...
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🟡 buyback redemption 26 June 2026Wipro announced a buyback of 6 crore equity shares at ₹250 per share on June 26, 2026, targeting full payment to shareholders of record on June 5, 202...
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Announcement 24 June 2026Wipro announced the grant of 275,108 restricted stock units to employees under its 2024 stock scheme, effective June 24, 2026, as part of its employee...
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Announcement 23 June 2026Wipro announced an expanded partnership with Palo Alto Networks to deliver AI-powered Managed Detection and Response (MDR) services using Cortex XSIAM...
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🔴 Announcement 23 June 2026Wipro announced that its pending acquisition of select Alpha Net Consulting LLC customer contracts, originally slated for completion by June 30, 2026,...
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🔴 annual report 22 June 2026Wipro announced its 80th Annual General Meeting scheduled for July 15, 2026 via video conferencing, accompanied by the Integrated Annual Report 2025-2...
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🔴 Corporate Action 19 June 2026Wipro announced the allotment of 73,450 shares under its 2004 ADS Restricted Stock Unit Plan, 271,068 shares under the 2007 Restricted Stock Unit Plan...
🧠 Analyst's Read
Wipro is currently in a phase of cautious stabilization, balancing shareholder returns with strategic delays in growth initiatives. Investors should monitor the closure of the Alpha Net deal, margin recovery trends, and management’s ability to deliver on operational efficiency in the coming quarters.
Based on filing content and financial data. Not a recommendation.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-14.
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