Wipro Ltd. share price target

Management expects near-term growth to remain muted, with Q4FY26 IT Services revenue guided at 0–2% QoQ in constant currency, reflecting cautious client spending and deal ramp-up delays.

Wipro is slowly stabilizing after a long weak phase, but the recovery is gradual. Q3 FY26 showed modest improvement with 1.4% QoQ revenue growth in CC term, driven by better traction in BFSI, healthcare, Europe, and APMEA, while consumer and EMR remain soft due to macro uncertainty and delayed client spending. Operating margin improved to 17.6%, supported by tight cost control, restructuring benefits, and lower attrition, though near-term margin upside may be limited due to wage hikes, integration costs from the Harman DTS acquisition, and continued investments in growth. Deal momentum remains healthy with USD...

We maintain a HOLD rating on the stock.

Wipro reported soft organic revenue growth of 0.6% QoQ CC in Q3FY26. Guidance for Q4FY26 also implies weak revenue growth of -1.6% to 0.5% QoQ CC due to delayed ramp-up of large deals won in previous quarters and lower working days.

Unlike some of its immediate peers who reported in 3Q, Wipro's commentary on demand and on deal ramp-ups sounded cautious

Wipro (WPRO) reported 3QFY26 IT Services revenue of USD2.6b, up 1.4% QoQ CC, in line with our estimate of 1.5% QoQ growth. It posted an order intake of USD3.3b (down 30% QoQ), with a large-deal TCV of USD0.9b (down 6.2% YoY).

We recommend a HOLD rating on the stock.

Wipro Limited reported Q2FY26 IT services revenue of USD 2.6bn, with 0.3% sequential growth in constant currency and a 17.2% adjusted operating margin, reflecting operational discipline despite one-off impacts. Americas 1 and Europe markets grew sequentially, supported by BFSI, healthcare, and technology sectors. The company closed USD 4.7bn in contract value with 13 large deals, including two megadeals in healthcare and BFSI, driven by AI-powered transformations and vendor consolidations. Wipro launched "Wipro Intelligence," a unified AI platform suite accelerating client digital transformation...

Continued business momentum reflected in total and large deal TCV and adjusted EBIT margin. Closer to industry matching growth in FY26

Wipro’s valuation remains supported by improving deal momentum, steady margin discipline, and consistent cash generation.

Wipro (WPRO) reported 2QFY26 IT Services revenue of USD2.6b, up 0.3% QoQ CC, in line with our estimate of 0.3% QoQ growth. It posted an order intake of USD4.7b (down 5.7% QoQ), with a large-deal TCV of USD2.8b (up 7% QoQ).

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...

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...

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.

Aggression in cost take out and vendor consolidation deals and better revenue conversion give confidence that Wipro IT services will grow

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.

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...

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

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,...