Wipro Margin Trend — Quarter by Quarter

Wipro's EBITDA margin moved from 17.6% in Q3 FY24 to 17.3% in Q4 FY26 across 8 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

Quarter	EBITDA Margin (%)	YoY Change
Q4 FY26	17.3%	-30 bps
Q3 FY26	18.0%	+10 bps
Q2 FY26	16.7%	-10 bps
Q1 FY26	17.3%	+80 bps
Q4 FY25	17.5%	+110 bps
Q3 FY25	17.5%	+150 bps
Q2 FY25	16.8%	+71 bps
Q3 FY24	17.6%	—

What management said about ebitda margin

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.

Q3 FY26 · Margins to Remain in Similar Band

Management aims to maintain operating margins in the same band as recent quarters despite Harman dilution.

Q2 FY26 · Adjusted Operating Margin Target

Management intends to maintain adjusted operating margin in a narrow band around 17.2%.

Q4 FY25 · Margins to be maintained in a narrow band

CFO stated endeavor to maintain operating margins in a narrow band in coming quarters, despite revenue headwinds.

Q3 FY25 · Operating Margin to Stay in Narrow Band Around 17.5%

CFO stated confidence in sustaining margins in a narrow band around the current level for Q4.

Q2 FY25 · Margins expected to stay in narrow band in Q3

Despite headwinds from furloughs and salary increases, management confident of maintaining margins within a narrow band.

Q2 FY25 · Target operating margin band of 17%-17.5%

Q2 margin of 16.8% brings company closer to the aspirational band; revenue growth needed to sustain beyond 17%.

Q1 FY25 · Margins to remain in narrow band with upward bias

Management expects operating margins to sustain within a narrow band with an upward bias in coming quarters.

Q4 FY24 · Margins expected to remain range-bound

Management expects margins to stay within a narrow band similar to recent quarters, with no specific target provided.

Q2 FY24 · Margins expected to remain range-bound

Despite wage hikes from December and softer revenue, management aims to keep margins within recent quarters' band.

Q1 FY24 · Q2 FY24 margins expected to be in similar range as recent quarters

Operating margins are expected to remain around 16% in Q2, similar to Q1, with no salary increases planned until Q3.