Wipro (WIT) Earnings Date & Reports

Key Takeaways

• Wipro reported IT services segment revenue of $2,611.5 million for the quarter ended September 30, 2026 (Q2 FY27), flat sequentially and up 0.3% year over year.
• In constant currency (a measure that strips out exchange-rate swings), IT services revenue rose 0.6% year over year.
• IT services operating margin expanded 50 basis points sequentially to 16.5%, even as the company continued investing in its business.
• Net income came in at Rs 32.0 billion (about $333.9 million), down 4.7% sequentially, while earnings per share rose 4.2% year over year to Rs 3.23.
• Total bookings declined 22.9% sequentially to $2,595 million, with large deal bookings down sharply as some signings slipped into the next quarter.
• For Q3 FY27, Wipro guided IT services revenue to a range of $2,571 million to $2,625 million, implying sequential growth of -1.5% to +0.5% in constant currency.

Earnings Context and Why It Matters

Wipro Limited (NYSE: WIT), a leading AI-powered technology services and consulting company headquartered in Bengaluru, India, closed its second quarter of fiscal year 2027 amid a cautiously recovering global IT services environment. Investors have been watching closely whether consulting-led and artificial intelligence (AI) initiatives can reignite growth that has remained subdued across the sector. This report matters because it tests whether Wipro's strategic investments are translating into deal momentum and margin stability, and it sets the tone for the December quarter. With client spending still selective, particularly in U.S. healthcare, the results offer a clearer read on demand durability heading into the rest of the fiscal year.

Reported Results

For the quarter ended September 30, 2026, Wipro reported gross revenue of Rs 247.5 billion ($2,583.0 million), up 1.1% sequentially and 9.1% year over year. IT services segment revenue was $2,611.5 million, a marginal 0.1% sequential decline and a 0.3% year-over-year increase. On a non-GAAP (non-Generally Accepted Accounting Principles) constant currency basis, IT services revenue was flat sequentially and grew 0.6% year over year.

Profitability was a bright spot. IT services operating margin reached 16.5%, up 0.5 percentage points sequentially but down 0.2 percentage points year over year. Net income for the quarter was Rs 32.0 billion ($333.9 million), down 4.7% sequentially and 1.9% year over year, largely reflecting a 68% sequential drop in other income after the company completed a buyback in June 2026. Earnings per share (EPS), however, rose 0.9% sequentially and 4.2% year over year to Rs 3.23, aided by the reduced share count.

Geographically, three of Wipro's four strategic market units posted sequential growth. Europe grew 0.6% sequentially and 5.1% year over year, while APMEA (Asia Pacific, Middle East, and Africa) advanced 3.1% sequentially and 13% year over year in constant currency. Americas 1 declined due to client-specific issues and healthcare softness. In sectors, BFSI (banking, financial services, and insurance) and Consumer grew sequentially, while Health declined 3.8% sequentially and 6.5% year over year.

Bookings weakened, with total bookings of $2,595 million down 22.9% sequentially in constant currency and large deal bookings down 58.6% to $674 million, as several deals slipped into Q3. Operating cash flow was a standout at Rs 53.0 billion, up 61.3% sequentially and equal to 165.8% of net income. Voluntary attrition stood at 13.8% on a trailing 12-month basis.

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Market Reaction and Investor Sentiment

Wipro's Q2 FY27 results were broadly in line with expectations, with the cautious Q3 guidance landing within the range the Street had anticipated. On the National Stock Exchange of India, Wipro shares ended the October 15 session up about 1.82% at Rs 174.05, while the U.S.-listed American depositary receipts (ADRs) rose. Sentiment reflected a muted but steady reaction: investors welcomed the margin expansion and robust cash generation but remained wary of soft bookings and the flat sequential revenue trajectory. The sharp drop in large deal bookings, attributed in part to delayed signings rather than lost demand, was a key area of scrutiny, with management expressing confidence that those deals would close in Q3.

Forward Outlook and Key Factors to Monitor

Looking ahead, Wipro's December-quarter guidance points to another modest period, with IT services revenue projected between $2,571 million and $2,625 million, implying sequential growth of -1.5% to +0.5% in constant currency. Management attributed the cautious range to seasonal furloughs and fewer working days, while emphasizing a robust pipeline and expectations of better deal closures in Q3.

Several factors will shape the next several quarters. First, investors should watch whether the large deals that slipped from Q2 actually convert into signed bookings, as this would validate management's pipeline commentary. Second, the trajectory of the U.S. healthcare vertical remains a concern, given policy-driven spending pressures among large payers; stabilization there would reduce a notable drag on growth.

Third, Wipro's consulting-led, AI-powered strategy is a central theme. The company's AI Native Unit, launched in April, now counts more than 2,000 engineers, and management sees AI as a long-term growth driver that could expand the addressable market. Fourth, margin durability will be tested against continued investment in the business, wage costs, and currency movements. Finally, the strength of BFSI and Europe, both of which grew in Q2, will be a useful barometer of broader demand resilience in the IT services sector.

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