Wipro FY26 Annual Earnings Summary
4 quarters covered · ₹92,624 Cr revenue · ₹13,243 Cr PAT · 17.3% average EBITDA margin.
Quarter-by-quarter progression
Management promises made during the year
Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q1 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q1 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q2 FY26The current-quarter record did not contain enough evidence of delivery; the item remains delayed for follow-up.
Q2 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q3 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q3 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q3 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q4 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q4 FY26The current-quarter record did not contain enough evidence of delivery; the item remains delayed for follow-up.
Q4 FY26Risks flagged during the year
Europe revenue declined 11.6% YoY; consumer sector declined 5% YoY due to tariff impacts and cautious spending.
Q2 FY26 · highConsumer, energy, and manufacturing clients are reevaluating supply chains due to tariffs, affecting demand.
Q4 FY26 · highClient-specific issues and delayed ramp-ups may persist beyond Q1, impacting growth in a key market unit.
Q1 FY26 · mediumLarge deals take 6-8 quarters to fully ramp; Q1 revenue growth was at an 8-quarter low despite record bookings.
Q1 FY26 · mediumVendor consolidation deals require upfront investments and competitive pricing, potentially squeezing margins.
Q2 FY26 · mediumLarge deals, especially mega renewals, may take several quarters to ramp, delaying revenue conversion.
Q2 FY26 · mediumManagement noted no dramatic uptick in discretionary spending; clarity expected only after client budgeting in January.
Q2 FY26 · mediumCFO acknowledged that investments for growth will pressure margins, though intent is to keep them in a narrow band.
Q3 FY26 · mediumManagement cited delay in ramp-ups of some large deals won earlier, impacting Q4 guidance.
Q3 FY26 · mediumCFO noted pricing pressures in some vendor consolidation deals, which could compress margins.
Q3 FY26 · mediumEMR sector declined 4.9% sequentially and Americas 2 declined 0.8%, partly due to program completions and furloughs.
Q3 FY26 · mediumCEO acknowledged that trade/tariff uncertainties continue, affecting client discretionary spending decisions.
What changed through the year
Q1 FY26 · Q2 FY26 revenue guidance: -1% to +1% sequential CC
IT services revenue expected between $2.56B and $2.612B, reflecting cautious near-term outlook.
Q1 FY26 · H2 FY26 performance expected to be better
Management expects stronger revenue growth in second half due to large deal ramp-ups and strong pipeline.
Q1 FY26 · Capital allocation: minimum 70% net income payout over 3 years
Interim dividend of INR 5/share declared; endeavor to pay dividends twice a year (June and Q3 results).
Q2 FY26 · Q3 FY26 IT Services Revenue Guidance
Sequential constant currency revenue growth of -0.5% to +1.5%.
Q2 FY26 · Adjusted Operating Margin Target
Management intends to maintain adjusted operating margin in a narrow band around 17.2%.
Q2 FY26 · Harman Digital Transformation Solutions Acquisition
Expected to close during Q3; revenue from acquisition not included in guidance.
Q3 FY26 · Q4 FY26 IT Services Revenue Growth 0-2% CC
Sequential constant currency revenue growth guidance of 0% to 2%, including incremental two months of Harman DTS revenue.
Q3 FY26 · Margins to Remain in Similar Band
Management aims to maintain operating margins in the same band as recent quarters despite Harman dilution.
Q3 FY26 · Campus Hiring Ramp-Up to 2,500 in Q4
Plans to hire 2,500 freshers from campuses in Q4 FY26, up from 400 in Q3.
Q4 FY26 · Q1 FY27 Revenue Guidance: -2% to 0% sequential CC
IT services revenue expected between $2.597B and $2.651B, reflecting seasonal weakness and client-specific issues.
Q4 FY26 · Medium-term margin band maintained
Management aims to keep operating margins in a narrow band despite wage hikes, deal ramp costs, and AI investments.
Q4 FY26 · Buyback of ₹15,000 crore at ₹250/share
Largest buyback in Wipro's history, expected to complete in Q1 FY27, subject to shareholder approval.