NSE: WIPRO · BSE: 507685
WIPRO LTD
Delivers IT services, consulting, and digital transformation to enterprise clients across the Americas, Europe, and Asia Pacific, Middle East & Africa. Revenue is reported by geography: Americas 1 was 32.9% of FY26 segment revenue at ₹30,557.1 crore, Americas 2 was 29.0% at ₹26,907.7 crore, Europe 26.3% at ₹24,416.5 crore, and APMEA 11.0% at ₹10,234.0 crore, with a small IT Products segment at 0.7% (₹694.0 crore). The business is pivoting toward AI-led solutions through a dedicated AI-native business and platforms unit, its WINGS platform, and partnerships with Anthropic, OpenAI, and Databricks. Customers span BFSI, healthcare, consumer, energy, manufacturing, and technology sectors globally. The biggest cost is people — employee costs were 60% of FY26 revenue, with other operating expenses at 20.1% and depreciation at 3.1%. The board announced a ₹15,000 crore buyback at ₹250/share in FY26, described as the largest in its history, and over $3B has been returned to shareholders in the trailing 12 months through dividends and buybacks. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Americas 1 (33%), Americas 2 (29%), Europe (26%), APMEA (11%), IT Products (1%). Cyclical, people-driven IT services and consulting
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 79,312 | 90,488 | 89,760 | 89,088 | 92,624 |
| EBITDA (ex other income) | 16,684 | 16,854 | 16,776 | 18,021 | 17,811 |
| margin % | 21.0 | 18.6 | 18.7 | 20.2 | 19.2 |
| Owners' profit | 12,230 | 11,350 | 11,045 | 13,135 | 13,197 |
| EPS, as reported (₹) | 22.37 | 20.73 | 20.89 | 12.56 | 12.60 |
| ROE % · ROCE % | 18.7 · 20.4 | 14.6 · 17.5 | 14.9 · 17.9 | 16.0 · 19.0 | 15.0 · 18.6 |
| Debt / equity (x) | 0.23 | 0.19 | 0.19 | 0.20 | 0.19 |
| Cash from operations | 11,080 | 13,060 | 17,622 | 16,943 | 14,932 |
| Capex | (2,015) | (1,483) | (1,051) | (1,474) | (1,560) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22,302 | 22,319 | 22,504 | 22,135 | 22,697 | 23,556 | 24,236 | 24,479 |
| Profit before tax | 4,278 | 4,453 | 4,714 | 4,253 | 4,267 | 4,131 | 4,665 | 4,335 |
| Net profit | 3,227 | 3,367 | 3,588 | 3,337 | 3,262 | 3,145 | 3,522 | 3,356 |
| EPS (₹) | 6.14 | 3.21 | 3.41 | 3.18 | 3.10 | 2.98 | 3.34 | 3.20 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Americas 1 | 30,557 | 32.9 |
| Americas 2 | 26,908 | 29.0 |
| Europe | 24,417 | 26.3 |
| APMEA | 10,234 | 11.0 |
| IT Products | 694 | 0.7 |
| Total, before eliminations | 92,809 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD ◆ | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.6 | 15.0 | 30 of 65 | 55% |
| P/B | 2.1 | 2.6 | 27 of 65 | 59% |
| ROCE | 17.1 | 14.2 | 31 of 76 | 60% |
| ROE | 15.0 | 11.5 | 23 of 64 | 65% |
| Debt / Equity | 0.2 | 0.0 | 47 of 65 | 28% |
| EBITDA margin | 22.9 | 18.4 | 19 of 65 | 72% |
| Revenue growth | 10.6 | 10.6 | 32 of 63 | 48% |
| Profit growth | 0.6 | 6.7 | 36 of 62 | 43% |
| Market cap | 182720 | 419 | 4 of 76 | 96% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Wipro allots 225,996 equity shares under employee stock plans | capital market events | low | — | — |
| 16 Oct 2026 · Wipro Q2 FY27: flat revenue, margins up, TCV $2.6B, Q3 guidance weak | investor communications | medium | — | — |
| 16 Oct 2026 · Wipro Q2FY27 newspaper ad - results for Sept 30, 2026 | compliance | minimal | — | — |
| 16 Oct 2026 · Wipro acquires 20% stake in US-based insurance AI firm FLARRE.AI | strategic transactions | high | — | — |
| 15 Oct 2026 · Wipro Q2 FY27 earnings press conference recording available online | investor communications | low | — | — |
| 15 Oct 2026 · Wipro Q2 FY27 auditor reports filed with clean opinions on all three statements | results | high | — | — |
| 15 Oct 2026 · Wipro Q2 FY27: margin up to 16.5%, bookings drop 22.9% QoQ | results | high | — | — |
| 15 Oct 2026 · Wipro Q2 FY27 Results: Revenue Up 9%, PAT Flat, Buyback Completed | results | high | — | — |
| 15 Oct 2026 · Wipro Q2 FY27 results: Revenue up 9%, PAT flat YoY | results | high | — | — |
| 14 Oct 2026 · Allotment of 88,280 equity shares under ESOP schemes | capital market events | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.