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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹22,697 Cr
verified against source
Revenue YoY
-2.6%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Wipro's Q2 FY26 IT services revenue was $2.6B, with sequential growth of 0.3% CC but a YoY decline of 2.6%. Adjusted operating margin improved 40bps YoY to 17.2%, though reported margin was 16.7% due to a one-off bad debt charge. Total contract value was $4.7B with 13 large deals, including two mega renewals. BFSI and healthcare showed resilience, while consumer and manufacturing remained weak due to tariff uncertainty. Management guided Q3 revenue growth of -0.5% to +1.5% CC, signaling cautious optimism. Key risks include execution on large deal ramp-ups, persistent discretionary spending slowdown, and margin pressure from growth investments.
Colored figures show movement against the previous available record.
Guidance to track
- Sequential constant currency revenue growth of -0.5% to +1.5%.
- Management intends to maintain adjusted operating margin in a narrow band around 17.2%.
- Expected to close during Q3; revenue from acquisition not included in guidance.
Risks flagged
- Large deals, especially mega renewals, may take several quarters to ramp, delaying revenue conversion.
- Management noted no dramatic uptick in discretionary spending; clarity expected only after client budgeting in January.
- Consumer, energy, and manufacturing clients are reevaluating supply chains due to tariffs, affecting demand.
- CFO acknowledged that investments for growth will pressure margins, though intent is to keep them in a narrow band.
Key quotes
- Wipro Intelligence is about proof, not just promise. So we embed productivity gains, assure business outcomes, and build responsible AI guardrails for our clients.
- Our endeavor would be to keep it in a narrow band even as we continue to invest for growth.
- We have a very focused and purposeful approach on how can we localize. So today, nearly 80% of our U.S. employee base are locals.
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