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View Promises →Wipro Limited — Q3 FY26
Wipro's Q3 FY26 results showed broad-based sequential growth of 1.4% CC in IT services revenue, with three of four markets and four of five sectors growing.
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Wipro's Q3 FY26 results showed broad-based sequential growth of 1.4% CC in IT services revenue, with three of four markets and four of five sectors growing. Operating margins expanded 40bps QoQ to 17.6%, one of the best in recent years, aided by cost rigor and forex. Total contract value was $3.3B and large deal bookings $871M, though TCV declined sequentially. The Harman DTS acquisition contributed 0.8% to revenue. Management guided Q4 revenue growth of 0-2% CC, factoring in Harman dilution and fewer working days. AI is becoming central to deal pipeline, but discretionary spending remains cautious. Key risk: delayed ramp-ups in large deals and pricing pressure in vendor consolidation contracts.
विप्रो की तीसरी तिमाही के नतीजों में आईटी सेवाओं की कमाई में 1.4% का लगातार बढ़ोतरी हुई। चार में से तीन बाजार और पांच में से चार क्षेत्रों में बढ़त देखी गई। कंपनी का मुनाफा बढ़कर 17.6% हो गया, जो हाल के वर्षों में सबसे अच्छा है। इसकी वजह खर्च पर नियंत्रण और विदेशी मुद्रा से मिला फायदा है। कुल अनुबंध मूल्य 3.3 अरब डॉलर और बड़े सौदे 87.1 करोड़ डॉलर रहे, हालांकि यह पिछली तिमाही से कम है। हरमन डीटीएस कंपनी को खरीदने से कमाई में 0.8% का फायदा हुआ। कंपनी ने अगली तिमाही में 0-2% तक कमाई बढ़ने का अनुमान लगाया है, लेकिन काम के दिन कम होने और हरमन के असर से सावधानी बरत रही है। एआई अब सौदों में अहम भूमिका निभा रहा है, लेकिन ग्राहक खर्च में सावधानी बरत रहे हैं। मुख्य जोखिम: बड़े सौदों में देरी और ठेकेदारों के बदलाव में कीमतों पर दबाव।
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IT Services Revenue (CC QoQ Growth)
1.4%
+1.4% QoQ
Sequential constant currency revenue growth, including 0.8% from Harman DTS acquisition.
Total Contract Value (TCV)
$3.3B
-$0.5B QoQ
TCV declined sequentially but YTD TCV grew 25% YoY to $13B.
Large Deal Bookings
$871M
-$129M QoQ
Large deal bookings declined QoQ but YTD large deals grew over 50% YoY.
Headcount Addition (Freshers)
400
-2,100 QoQ
Campus hiring was muted in Q3; plan to ramp up to 2,500 in Q4.
What Changed vs Last Quarter
NEW
Margins to Remain in Similar Band
Management aims to maintain operating margins in the same band as recent quarters despite Harman dilution.
NEW
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.
UPDATED
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.
DROPPED
Adjusted Operating Margin Target
Management intends to maintain adjusted operating margin in a narrow band around 17.2%.
DROPPED
Harman Digital Transformation Solutions Acquisition
Expected to close during Q3; revenue from acquisition not included in guidance.
NEW RISK
Delayed Ramp-Up of Large Deals
Management cited delay in ramp-ups of some large deals won earlier, impacting Q4 guidance.
NEW RISK
Pricing Pressure in Vendor Consolidation Deals
CFO noted pricing pressures in some vendor consolidation deals, which could compress margins.
NEW RISK
Softness in EMR and Americas 2
EMR sector declined 4.9% sequentially and Americas 2 declined 0.8%, partly due to program completions and furloughs.
NEW RISK
Geopolitical Uncertainty Impact on Discretionary Spend
CEO acknowledged that trade/tariff uncertainties continue, affecting client discretionary spending decisions.
RISK GONE
Execution Risk on Large Deal Ramp-Up
Large deals, especially mega renewals, may take several quarters to ramp, delaying revenue conversion.
RISK GONE
Discretionary Spending Slowdown
Management noted no dramatic uptick in discretionary spending; clarity expected only after client budgeting in January.
RISK GONE
Tariff Uncertainty Impact on Key Sectors
Consumer, energy, and manufacturing clients are reevaluating supply chains due to tariffs, affecting demand.
RISK GONE
Margin Pressure from Growth Investments
CFO acknowledged that investments for growth will pressure margins, though intent is to keep them in a narrow band.
🤫 Topics management stopped discussing
Mentioned in Q1 FY26, Q2 FY26, Q4 FY25
CFO acknowledged that investments for growth will pressure margins, though intent is to keep them in a narrow band.
Mentioned in Q2 FY25, Q2 FY26, Q3 FY25
Management intends to maintain adjusted operating margin in a narrow band around 17.2%.
Mentioned in Q1 FY26, Q2 FY26, Q4 FY25
Sequential constant currency revenue growth of -0.5% to +1.5%.
Mentioned in Q1 FY25, Q2 FY25, Q3 FY25
Management expects IT services revenue to be between $2.602B and $2.655B in constant currency terms for Q4.
Mentioned in Q2 FY25, Q3 FY25
Energy, manufacturing, and resources declined 8.7% YoY; consumer grew only 0.4% YoY. These segments represent ~36-38% of revenue and may hinder consistent growth.
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Guidance and risk preview
Sequential constant currency revenue growth guidance of 0% to 2%, including incremental two months of Harman DTS revenue.
Management cited delay in ramp-ups of some large deals won earlier, impacting Q4 guidance.
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