WIPRO
Large CapWipro Limited
IT
Wipro Limited is a global IT services company. It operates across strategic market units including Americas 1, Americas 2, Europe, and APMEA, providing IT services. The company is making a strategic pivot to an AI-native business and platforms unit to expand beyond a services-only model.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/3 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -2% YoY · margin compression · Rev +8% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹24,236 Cr | +7.7% | +2.9% |
| EBITDA | ₹4,909 Cr | +6.2% | +14.3% |
| Operating margin | 20.0% | -100 bps | +200 bps |
| PAT | ₹3,522 Cr | -1.8% | +12.0% |
| PAT margin | 14.5% | -141 bps | +118 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Wipro reports Q4 FY'26 IT Services revenue of $2.65B (0.2% QoQ growth, 0.2% YoY degrowth in constant currency). Operating margin contracted to 17.3%. Order booking grew 3.2% QoQ to $3.5B, but declined 13.9% YoY. Q1 FY'27 guidance is -2% to 0% sequential growth.
The company reported marginal sequential revenue growth but YoY degrowth and margin contraction in Q4 FY'26. Weak Q1 FY'27 guidance reflects ongoing client-specific issues and delayed ramp-ups in Americas 2 BFSI. While strategic large deal wins and AI investments are positive, execution and revenue conversion remain critical.
AI-native business and platforms unit
Launched to expand beyond a services-only model to a services-as-a-software approach, incubate new AI-led businesses, and unlock non-linear growth.
Strategic Deal Wins
Announced a strategic deal with Olam Group expected to exceed $1 billion in contract value with $800 million committed spend. Closed engagements with global technology leaders for AI models and engineering services.
APMEA Region Momentum
Grew sequentially and YoY, driven by Southeast Asia, with traction in BFSI, technology, and communication sectors.
Capco Performance
Performing very well sequentially and YoY, making a big difference in AI advisory and consulting.
Resilient IT Spending
Despite geopolitical and policy disruptions, IT spending has shown resilience.
Investments in Cloud, Data, AI
Cloud, data, and AI continue to attract investments as they provide infrastructure for future growth.
Strong Pipeline
Management sees a very strong pipeline across the market, including countries and sectors.
Geopolitical and Policy Disruptions
These have become the new normal, impacting the business environment.
Client Priorities Shifting
Spending decisions are increasingly tied to outcomes, requiring a shift in approach.
Competitive Landscape
The competition in the market is very intense.
Tariff Flood Disruptions
The manufacturing sector has been constantly under pressure due to tariff flood disruptions.
Delayed Ramp-ups on Large Deals
BFSI sector in Americas 2 was impacted by delayed ramp-ups on some large deals closed earlier in the year.
Client-Specific Issues
Certain client-specific issues impacted the BFSI sector in Americas 2 in Q4 and are expected to continue into Q1.
Margin Pressure from Investments
Wage hikes, lower margins on new large deals, DTS HARMAN acquisition, and investments in Wipro Intelligence/AI-native unit will put pressure on margins.
Volatility in Quarterly Performance
Management expects volatility in quarterly performance due to two incremental months of salary increases and new large deals.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ is important for assessing sequential momentum, especially with new deal ramp-ups and short-term operational efficiency. YoY is crucial for understanding underlying business trends, given potential seasonality and longer-term growth trajectory in IT services.
IT Services Revenue (Q4 FY'26)
$2.65 billion, reflecting 0.2% sequential growth and 0.2% YoY degrowth in constant currency.
Operating Margin (Q4 FY'26)
17.3%, a contraction of 30 basis points sequentially and 0.2% YoY.
Order Booking (Q4 FY'26)
$3.5 billion, a growth of 3.2% sequentially and a degrowth of 13.9% on a YoY basis.
Large Deals (Q4 FY'26)
14 large deals totaling $1.4 billion.
Strategic Pivot to AI-Native Business
Making a deliberate strategic pivot to stay ahead by launching a dedicated AI-native business and platforms unit to expand beyond a services-only model.
Maintain Margins in Narrow Band
Management's endeavor is to maintain operating margins in a narrow band in the medium term, despite investment areas.
Return Substantial Cash to Shareholders
Announced a buyback of INR 15,000 crores, the largest ever, and distributed $1.3 billion in dividends in FY26, with a 3-year payout ratio of 88%.
Focus on Execution
Staying focused on execution for strategic deals, which will help in quarters ahead.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Americas 2 BFSI Performance | Declined 2.6% sequentially and 6.7% YoY due to client-specific issues and delayed ramp-ups. | Improvement as client-specific issues are expected to end in Q1 and delayed ramp-ups materialize. |
| Q1 FY'27 Revenue Guidance | Minus 2% to 0% sequential growth in constant currency. | Actual performance relative to this weak guidance, especially organic growth beyond new strategic deals. |
| Operating Margin Sustainability | 17.3% in Q4 FY'26, with expected Q1 headwinds from wage hikes and new deal margins. | Ability to maintain margins in a narrow band in the medium term despite investments in AI and new deals. |
| Large Deal Conversion and Ramp-up | 14 large deals totaling $1.4 billion in Q4, but some delays in ramp-up noted. | Timely conversion of strong pipeline and effective ramp-up of new strategic deals to contribute to revenue growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Revenue from our IT Services business segment is expected to be in the range of $2,505 million to $2,557 million, which translates to sequential guidance of (-)3.5% to (-)1.5% in constant currency terms.
"Revenue from our IT Services business segment to be in the range of $2,505 million to $2,557 million"
Trend score and candlestick chart
46NeutralSMA20 -1.9% / mo · near 52W low
Technical chart
WIPROdaily · 5Y-24.8%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 31.
- SMA20 falling (~1.8% over last month) — short-term momentum negative.
- RSI(14) at 31 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 6.1%.
- Piotroski is strong at 8/9.
- Balance sheet contributes 14/15 to the score.
Main drags
- Fair-value margin of safety is negative at -19.4%.
- Growth is weaker at 7/25; verify the latest quarterly trend.
- Valuation is weaker at 10/30; verify the latest quarterly trend.
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 90th percentile within IT. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 72.6%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 90th pctile, median 68 · Large: 81st pctile, median 74
87 documents indexed, but claim history is not strong enough yet.
3 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 72.6%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.1%.
- ▸9 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 14.50
- P/B
- 2.17
- EV/EBITDA
- 10.19
- Market Cap
- 190794.00Cr
Profitability
- ROE
- 15.50%
- ROCE
- 17.90%
- ROA
- 9.38%
- Dividend Y
- 6.05%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 4.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- 5.00%
Balance Sheet
- Debt/Equity
- 0.23
- Interest Coverage
- 12.22×
- Altman Z
- 4.25
- Book Value
- 83.90
Cash Flow
- FCF Yield
- 6.07%
- FCF Positive Y
- 9/5
- OCF
- 14932.00 Cr
- EPS TTM
- 12.58
Shareholding
- Promoter Hold
- 72.62%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.