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Wipro Ltd — Q4 FY26
Wipro's Q4 FY26 IT services revenue of $2.65B declined 2% YoY in constant currency, with operating margin contracting 30bps to 17.3%.
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Wipro's Q4 FY26 IT services revenue of $2.65B declined 2% YoY in constant currency, with operating margin contracting 30bps to 17.3%. Sequential growth of 2% was driven by Americas1, Europe, and APMEA, but Americas2 declined sharply due to client-specific issues and delayed ramp-ups in BFSI. Large deal bookings totaled $3.5B, including a $1B+ Olam deal. Management guided Q1 revenue between $2.597B-$2.651B, implying -2% to 0% sequential growth, absorbing wage hikes and deal ramp-up costs. Margins are expected to remain in a narrow band medium-term, but near-term volatility from investments in the new AI-native unit and large deal transitions poses risk. The key risk is sustained weakness in Americas2 BFSI if client issues persist beyond Q1.
Promises0 met · 2 missedRisks3 trackedTranscriptfull text
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Sustained weakness in Americas2 BFSI
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Large Deal Bookings
$3.5B
+3.2% QoQ
Sequential growth in order bookings; 14 large deals worth $1.4B.
Top 5 Client Revenue Growth
2% YoY
+2% YoY
Year-on-year constant currency growth in top 5 clients, despite top client decline.
APMEA Revenue Growth
3.1% QoQ
+3.1% QoQ
Sequential growth driven by Southeast Asia, BFSI, and tech sectors.
Technology & Communication Revenue Growth
5.3% QoQ
+5.3% QoQ
Strong sequential growth; 10.4% YoY increase in constant currency.
What Changed vs Last Quarter
NEW
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.
NEW
Medium-term margin band maintained
Management aims to keep operating margins in a narrow band despite wage hikes, deal ramp costs, and AI investments.
NEW
Buyback of ₹15,000 crore at ₹250/share
Largest buyback in Wipro's history, expected to complete in Q1 FY27, subject to shareholder approval.
DROPPED
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
Margins to Remain in Similar Band
Management aims to maintain operating margins in the same band as recent quarters despite Harman dilution.
DROPPED
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.
NEW RISK
Sustained weakness in Americas2 BFSI
Client-specific issues and delayed ramp-ups may persist beyond Q1, impacting growth in a key market unit.
NEW RISK
Margin pressure from large deal ramp-ups
New large deals won competitively may have lower initial margins, adding to near-term margin volatility.
NEW RISK
Geopolitical and tariff disruptions
Clients in manufacturing and auto sectors are cautious due to tariffs, potentially delaying IT spending decisions.
RISK GONE
Delayed Ramp-Up of Large Deals
Management cited delay in ramp-ups of some large deals won earlier, impacting Q4 guidance.
RISK GONE
Pricing Pressure in Vendor Consolidation Deals
CFO noted pricing pressures in some vendor consolidation deals, which could compress margins.
RISK GONE
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.
RISK GONE
Geopolitical Uncertainty Impact on Discretionary Spend
CEO acknowledged that trade/tariff uncertainties continue, affecting client discretionary spending decisions.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q1 FY26, Q3 FY26, Q4 FY25
Management cited delay in ramp-ups of some large deals won earlier, impacting Q4 guidance.
Mentioned in Q1 FY25, Q2 FY25, Q3 FY26, Q4 FY25
Management aims to maintain operating margins in the same band as recent quarters despite Harman dilution.
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 FY25, Q2 FY25, Q3 FY25
Management expects IT services revenue to be between $2.602B and $2.655B in constant currency terms for Q4.
Fast read
Guidance and risk preview
IT services revenue expected between $2.597B and $2.651B, reflecting seasonal weakness and client-specific issues.
Client-specific issues and delayed ramp-ups may persist beyond Q1, impacting growth in a key market unit.
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