Wipro Limited reported a mixed performance for the quarter ended March 31, 2026, with muted constant currency growth and slight margin contraction, even as reported revenue and profit saw sequential improvement.
The company reported IT services constant currency revenue growth of 0.2% QoQ, falling short of street expectations of 0.4–0.5%, indicating weaker underlying demand trends during the quarter.
In reported terms, gross revenue stood at ₹24,236 crore, registering a 2.9% sequential increase, while revenue in dollar terms came in at $2.58 billion. IT services segment revenue stood at $2.65 billion, reflecting a 0.6% QoQ growth.
On the profitability front, IT services operating margin came in at 17.3%, declining from 17.6% in the previous quarter, broadly in line with expectations of a marginal contraction.
Net profit for the quarter stood at ₹3,521.6 crore, rising 12.0% QoQ from ₹3,145.0 crore in Q3FY26. However, on a year-on-year basis, profit declined marginally by 1.9%, highlighting pressure on earnings despite sequential improvement.
Adjusted net income, excluding the impact of labour code changes, grew 3.7% QoQ, indicating a more moderate improvement in core profitability. Earnings per share (EPS) for the quarter stood at ₹3.34, up 12.1% QoQ, while adjusted EPS came in at ₹3.33, rising 3.7% sequentially.
From a demand perspective, total bookings stood at $3.45 billion, increasing 3.2% QoQ in constant currency, while large deal bookings came in at $1.44 billion, marking a sharp 65.1% QoQ growth, reflecting strong deal momentum during the quarter.
The company reported operating cash flows of ₹3,173 crore, which stood at 90.1% of net income for the quarter, indicating healthy cash conversion. However, operating cash flow declined 15.3% year-on-year.
Employee metrics remained stable, with voluntary attrition at 13.8% on a trailing twelve-month basis.
For the full financial year FY26, the company reported gross revenue of ₹92,624 crore, up 4.0% YoY, while net profit stood at ₹13,200 crore, reflecting a modest 0.5% growth. IT services margin for the year stood at 17.2%, expanding 0.2 percentage points YoY.
Looking ahead, the company guided for IT services revenue in the range of $2.60–2.65 billion for Q1FY27, implying a sequential growth outlook of -2.0% to 0% in constant currency terms, signalling continued near-term demand softness.
On capital allocation, the board approved a buyback of ₹15,000 crore at a price of ₹250 per share, subject to shareholder approval, while confirming that the interim dividend declared during FY26 will be treated as final dividend for the year.
Overall, the quarter reflects muted underlying growth with stable margins, with performance missing expectations on constant currency growth, while reported revenue, profit and deal wins showed sequential improvement.