Wipro Limited (WIT)

Wipro reported results for the quarter ended 30 September 2026 on 15 October, with gross revenue of ₹247.5 billion, up 9.1 percent from a year earlier 1.

Revenue from its core IT services business was flat from the previous quarter and rose 0.6 percent from a year earlier in constant currency, which sets currency swings aside 1. Net income was ₹32.0 billion, down 1.9 percent from a year earlier 1. Business Today reported that profit of Rs 3,200.6 crore was down 4.52 percent from the first quarter 5.

The IT services operating margin, the share of segment revenue left after running costs, was 16.5 percent, up 0.5 point from the prior quarter 1. Chief financial officer Aparna Iyer said operating cash flow was 166 percent of net income 1.

New orders were weaker: total bookings were $2,595 million, down 22.9 percent from the prior quarter in constant currency, and large-deal bookings were $674 million, down 58.6 percent 1.

For the quarter ending 31 December 2026 the company expects IT services revenue of $2,571 million to $2,625 million, or minus 1.5 to plus 0.5 percent from the prior quarter in constant currency 1.

Chief executive Srini Pallia said “The strategic investments we have been making are beginning to deliver results” 1. He added that Wipro will keep investing in acquisitions and AI even when margins suffer in the near term 6.

Separately, on 8 October the US Labor Department suspended Wipro, other large IT firms, Microsoft and Adobe from the PERM labor certification program, generally needed before an employer sponsors a green card 97. It will not process pending applications from them 7.

Wipro was incorporated on 29 December 1945 as Western India Vegetable Products Limited and began as a vegetable oil maker in Amalner, Maharashtra 3. It later moved into soaps and other consumer care products 3.

In the late 1970s and early 1980s, under founder Azim Premji, the company expanded into the IT industry in India, and it began selling personal computers there in 1985 3. In the 1990s it used that hardware expertise to offer software services to clients across the world 3.

In October 2000 Wipro raised capital in an initial US public offering of American depositary shares, which are listed on the New York Stock Exchange 3. Through the 2000s its IT business scaled by winning new clients and buying capabilities and talent in new places 3.

In 2013 Wipro demerged its non-IT business segments to focus solely on its IT business 3. It then built up digital, cloud, engineering and cybersecurity work through investments and acquisitions 3.

Reuters reported that Wipro said it would acquire British consultancy Capco for $1.45 billion in cash, to strengthen its offering to financial services firms 8. Wipro said Capco would give it access to 30 new large banking and financial clients 8.

Capco was costly in the near term 8. Wipro said the deal would reduce its IT services margin before interest and taxes by about 2 percent in the first year, and add to earnings per share from the third year 8.

Total revenue was ₹897,943 million for the year ended 31 March 2024, ₹890,916 million for 2025 and ₹928,093 million for 2026 3. In fiscal 2026 IT services revenue rose 3.71 percent, but fell 1.6 percent in constant currency 3.

Constant currency, as the company defines it, multiplies a period's volumes by the prior period's average exchange rate, so it sets currency swings aside 1. The gap between the two growth figures is therefore the effect of exchange rates 1.

Orders grew even as revenue stalled 3. Large-deal bookings, deals of at least $30 million, were $7,829 million in fiscal 2026 against $5,368 million a year earlier 3. IT services operating profit was 17.22 percent of segment revenue 3.

In fiscal 2025 Wipro issued a bonus, one new share for every share held as of 3 December 2024 3. Over its last three fiscal years it also acquired all of Applied Value Technologies and 60 percent of Aggne Global, an insurance-focused consultancy 3.

The largest deal of the stretch closed on 1 December 2025 3. Wipro acquired 100 percent of the Digital Transformation Solutions unit of Harman International, an engineering and IT services provider, for ₹34,044 million in cash 3.

In May 2026 Wipro completed its acquisition of Mindsprint, the IT services arm of Olam Group, for total consideration of $375 million 3. On 1 April 2026 it had launched a dedicated AI-Native Business and Platforms Unit 4.

What Wipro does

Wipro has two segments, IT Services and IT Products 3. In fiscal 2026 IT Services made 99.3 percent of revenue and 104.9 percent of operating income, while IT Products made 0.7 percent of revenue 3.

A segment can show more than all of the operating income because costs not assigned to a segment, called reconciling items, count against it 3. IT Services is run through four market units and four global business lines 3.

Technology Services

This line covers cloud, infrastructure and security work, industry cloud and digital projects, enterprise applications on platforms such as SAP, Oracle, Salesforce and ServiceNow, and data, analytics and AI 3. Designit, its design arm, sits here too 3.

Business Process Services

Wipro runs finance and accounting, customer experience, supply chain and procurement, and human resources work for clients, plus trust and safety services such as content moderation 3.

Engineering

Wipro Engineering designs custom silicon and hardware, builds embedded and automotive software, works on 5G and open radio networks, and tests devices 3. The Harman unit it acquired now operates as Connected Services within it 3.

Consulting

Consulting includes Wipro Domain and Consulting, Capco, which serves banking, payments, capital markets, wealth and insurance, and Aggne, which serves insurance 3. In the latest quarter a North American financial firm chose Capco to build a platform that gathers its trade exceptions in one view 1.

AI-Native Business and Platforms

The unit launched on 1 April 2026 owns Wipro's industry platforms, including NetOxygen for lending and CROAMIS for aviation cargo, and its delivery platforms WINGS and WEGA 4. Nagendra Bandaru leads it and reports to Pallia 4.

Pallia said on the earnings call that the unit now has over 2,000 engineers and is seeing growing success in outcome-based deals 6. Wipro calls the wider suite Wipro Intelligence, with Run AI, Build AI and Reimagine AI parts 3.

IT Products

IT Products resells third-party computing, storage, networking and security products and software to complement the services work 3. Its revenue was ₹6,940 million in fiscal 2026 3.

Clients and regions

The United States gave Wipro ₹553,186 million of its ₹928,093 million revenue in fiscal 2026, about 59.6 percent (computed) 3. The United Kingdom gave ₹97,041 million and India ₹23,446 million 3.

The largest IT Services client was 4.6 percent of that segment's revenue in fiscal 2026, and the five largest were 14.3 percent 3. Wipro had 715 clients paying more than $1 million 3.

In the latest quarter, CRN Asia reported that APMEA grew 3.1 percent from the prior quarter and 13.3 percent from a year earlier in constant currency 6. Americas 1 fell 2 percent from the prior quarter and 2.7 percent from a year earlier 6.

Sites and people

Wipro's registered office is in Bengaluru, and it owns 25.70 million square feet of software development facilities in India 3. It holds land of 19.44 million square feet for future expansion 3.

It employs over 240,000 people in 65 countries, and voluntary attrition was 13.8 percent over the trailing twelve months 31. Rishad Premji is Executive Chairman and Srinivas Pallia is chief executive 3.

Rivals and recognition

Wipro's annual report says its competitors include global consulting firms, IT services companies, AI-native firms and local and niche providers 3. Infosys, TCS, Cognizant, HCLTech and Capgemini were suspended in the same October action 7.

The quarter's release lists eleven analyst recognitions, including Leader placements in IDC MarketScape and Everest Group PEAK Matrix assessments 1.

Current problems

The October suspension from the PERM program is the live issue 7. PERM is the step where an employer shows the Labor Department that no qualified US workers are available, and it is generally needed before sponsoring a green card 7.

Wipro's annual report says it is not party to any pending legal proceedings whose resolution could have a material impact on its financial position 3. It also lists restrictive immigration changes as a risk to growth 3.

The umbrella, in words

Wipro's brands include Wipro Intelligence, Designit for design, Capco for consulting, and Mindsprint, acquired from Olam Group 3. Subsidiaries that matter are the Harman unit, now Connected Services, Applied Value Technologies and Aggne Global 3.

Wipro owns all of the Digital Transformation Solutions unit and all of Applied Value Technologies, and it owns 60 percent of Aggne 3. Wipro Ventures manages 26 active investments and has invested in 12 enterprise-focused venture funds 3.

Agreed partnerships include Amazon Web Services, Microsoft, Google, IBM, SAP, ServiceNow and NVIDIA, which its annual report calls top strategic partners 3.

Control sits with the founding family 3. The annual report shows Azim Premji with 72.62 percent of the equity shares, a total that includes shares held through Hasham Traders, Prazim Traders, Zash Traders and the Azim Premji Trust 3.

Premji disclaims beneficial ownership of shares held by the Azim Premji Trust, and the major shareholders have no differential voting rights 3. The report says the economic interest of two-thirds of Wipro shares is earmarked for philanthropy through the Azim Premji Foundation 3.

For the quarter ending 31 December 2026 Wipro expects IT services revenue of $2,571 million to $2,625 million 1. CRN Asia reported that the company expects seasonal furloughs to affect that quarter 6.

Pallia said Wipro is accelerating investment in AI data centres, AI foundry services, physical AI, AI devices and design-to-manufacturing as new areas of focus 6. He called the AI-native unit a source of non-linear growth, meaning revenue less tied to headcount 6.

On 16 April 2026 Wipro's board approved a buyback of up to 600,000,000 equity shares, 5.7 percent of paid-up capital, through a tender offer for an aggregate amount not exceeding ₹150,000 million 3.

The September 2026 results show paid-up equity share capital of ₹19,810 million, against ₹20,968 million a year earlier 2.

On spending, the annual report puts contractual commitments for building or expanding software development facilities and IT assets at ₹9,416 million as of 31 March 2026 3. It also repeats the aim of zero-carbon emissions worldwide by 2040 3.

The finance chief, Aparna Iyer, said Wipro will keep working to improve margins while creating headroom for growth 6. The annual report lists levers for operating profit, including automation with generative AI and moving toward higher-value transformation projects 3.

The same report warns that profit gains face limits, among them the market's limited ability to accept higher prices for Wipro's offerings and acquisitions with onsite staff that can lower margins 3.

NASSCOM, the Indian industry body cited in the annual report, expects global IT services spending to accelerate to 4.2 percent in calendar year 2026, helped by AI investments 3.

The PERM suspension has no end date in the coverage reviewed 7. OfficeChai said the suspensions follow a Labor Department inspector general investigation announced in July, and further action could not be ruled out 7.