Wipro Ltd. share price target

Wipro reported a flat revenue growth in Q1FY26 owing to decrease in revenue in BFSI and consumer sector. Total bookings and large-deal bookings witnessed an increase in the quarter. However, the revenue guidance for Q2FY26 remains weak. Challenges faced in the macroeconomic environment, discretionary spending and client-specific challenges led to a decrease in revenue from Europe. The company...

We resume our coverage with a HOLD rating on the stock.

Wipro's Q1 FY26 results reflect a company navigating short-term headwinds while positioning for long-term growth. Revenues declined 2.0% QoQ and 2.3% YoY in constant currency, mainly due to macro uncertainty and weak discretionary spending, particularly in Europe and sectors like consumer and manufacturing. Despite this, margins improved to 17.3% (IT services), within the aspirational 17% to 17.5% band, showcasing strong cost discipline. The standout positive was a robust USD 5bn in total contract value up 51% YoY, including USD 2.7bn in large deals, driven by AI-led transformation and vendor consolidation. Wipro's AI-first...

Wipro reported steady operating performance in Q1, though one-off restructuring costs led to a miss on reported EBITM. IT Services revenue declined 0.3% QoQ to USD2.59bn (down 2% CC), in line with our expectations.

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.

Wipro (WPRO) grew marginally better than expected at -2% CC, within its guided range for Q1FY26. Growth was led by the healthcare and technology verticals. Guidance for Q2FY26 is flat at the midpoint.

The revenue growth (-2.0% QoQ CC) was above our estimates (-2.6% QoQ), partly aided by outperformance of CAPCO (+6.0% YoY). The growth performance in Consumer and BFS (beyond CAPCO) was weak. The discretionary budgets were tight in Consumer and Manufacturing, especially in Europe, otherwise AI-led transformation and modernization of data witnessed steady recover in Q1. The exceptional large deal TCV (including 2 mega deals) is a mix of both renewals and NN. The large wins are a strategic outcome of...

solutions, headquartered in Bengaluru, India. The company derives 100% of its revenue from IT services segment, offering a wide portfolio that includes digital strategy advisory, technology consulting, application development and maintenance, systems integration, cloud and infrastructure services, analytics, and business process services. Wipro serves a diversified set of industries, with Banking and Financial Services (34.3%), Retail (19.1%), Technology & Communication (15.3%), Healthcare (14.1%), and Energy, Manufacturing & Resources (17.2%) contributing to its revenue mix. Geographically, the company generates majority of its revenue from the Americas (62.3%), followed by Europe (27.1%) and APMEA (10.6%). As of FY25, Wipro employed 233,346 people, with a utilization rate of 85.6% and an attrition rate of 15.0%. Client concentration is moderate, with the top customer contributing 4.3% of revenue, the top five 14.0%, and the top ten 23.3%. In FY25,...

Wipro reported weak revenue performance in Q4, while margins stood steady. Revenue declined 0.8% QoQ CC, a tad below our expectations. IT Services EBITM was flat at 17.5%.

Uncertainty hit 4QFY25 and led to weaker 1QFY26 guidance. A quick tariff resolution required to avert a third successive revenue decline

The revenue performance on IT Service (0.8% QoQ CC decline) was tad below our estimates, attributed to the continued weakness in key geographies (Europe) along with a softness in few verticals (Consumer and Manufacturing). The mounting pressure on tariff was partially visible in Q4 with multiple programs kept on hold while pausing smaller and mid-size discretionary deals. The weak revenue guidance (-1.5% to -3.5% QoQ CC) bakes in the level of tariff uncertainties, which might escalate the cash provisioning or measured...

Wipro (WPRO) reported 4QFY25 IT Services revenue of USD2.6b, down 0.8% QoQ in constant currency (CC), below our estimate of flat QoQ. It posted an order intake of USD3.9b (up 12.5% QoQ), with a large deal TCV of USD1.8b (up 43% QoQ).

Wipro reported IT services revenues of $2597 million, down 0.8% q-o-q/ 1.2% y-o-y in CC terms, missing our estimates of decline of 0.5% q-o-q in CC terms. Rupee revenue stood at Rs. 22,445 crore, up 0.7% q-o-q/1.7% y-o-y.

Wipro reported IT services revenues of Wipro reported revenue at $2629.1 million, up 0.1% q-o-q/ down 0.7% y-o-y in CC terms, beating our estimates of decline of 0.4% q-o-q in CC . IT service revenue in rupee terms stood at Rs. 22,285 crore, up 0.4% q-o-q/0.6% y-o-y.

Both revenue and margins were better than our estimates. The EBIT margin beat of 130bps versus our estimate was a big +ve surprise

Wipro (WPRO) reported 3QFY25 IT Services revenue of USD2.6b (0.1% QoQ) in constant currency (CC), above our estimate of a 1.0% QoQ decline. It posted an order intake of USD3.5b (down 1.3% QoQ), with a large deal TCV of USD0.96b (down 35% QoQ).