We have rolled forward our valuation basis to Jun’27 estimates. We value Wipro at 21.0x (~at its 3-year Avg. NTM P/E) Jun’27 EPS, implying a target price of INR 279 per share. Wipro is currently trading at 1-year NTM P/E of 21.0x, below the peer average of 25.5x, due to its weaker revenue and net profit growth. We reiterate our “ACCUMULATE” rating on the stock.