Wipro Financial Breakdown: Revenue, Profit & Ratios
Wipro, India's fourth-largest IT services company, reported its Q2 FY27 results on 15 October 2026 — revenue grew 9.1% year-on-year to ₹24,752.7 crore while net profit slipped 1.4% to ₹3,200.6 crore. Here is a complete financial breakdown of Wipro: the fresh quarterly numbers, a five-year revenue and profit trend, margins, key ratios, shareholding, dividends and a peer comparison with TCS and Infosys.
Q2 FY27 results snapshot (announced 15 October 2026)
The September quarter tells a mixed story — topline growth held up but profit momentum stayed weak:
- Revenue: ₹24,752.7 crore, up 9.1% YoY (₹22,697.3 crore in Q2 FY26) and 1.1% QoQ
- Net profit: ₹3,200.6 crore, down 1.4% YoY (₹3,246.2 crore in Q2 FY26) and 4.5% QoQ — missed Bloomberg consensus of ~₹3,310 crore; other income fell after the June 2026 share-buyback completion
- IT services revenue: $2,611.5 million, down 0.1% QoQ and up 0.3% YoY (constant currency: flat QoQ, +0.6% YoY)
- IT services operating margin: 16.5%, up 50 bps QoQ, but below management's 17–18% target band
- Q3 FY27 guidance: IT services revenue of $2,571–2,625 million — a sequential change of −1.5% to +0.5% in constant-currency terms (subdued December quarter)
- Bookings: total deal bookings of $2.6 billion, down 22.9% sequentially; large-deal bookings fell 58.6% QoQ to ~$0.7 billion
- Cash flow: operating cash flow was a robust 166% of net profit in the quarter
- People metrics: headcount 236,328; 12-month attrition 13.8%; utilisation (ex-trainees) 83.4%
- H1 FY27 so far: revenue ₹49,231 crore (+~10% YoY), net profit ₹6,553 crore (marginally down YoY)
- Stock reaction: shares ended the results day at ₹174.05 (+1.82%), market cap ~₹1,72,402 crore; the stock is down nearly 35% year-to-date
CEO Srini Pallia said strategic investments were "beginning to deliver results" and that a consulting-led, AI-powered strategy was creating larger transformation opportunities — while acknowledging a few awarded deals hadn't been signed and would flow into Q3.
Business overview
Wipro is one of India's oldest technology companies — founded in 1945 as a vegetable-oil maker by M.H. Premji, it pivoted into IT services in the 1980s and is today India's fourth-largest IT services firm (after TCS, Infosys and HCLTech). The company provides IT services, consulting and business-process services to clients across Americas, Europe and APMEA. IT services is virtually the entire business — ₹24,667 crore of the ₹24,753 crore Q2 FY27 revenue came from the IT services segment. The company is promoter-led: the Premji family holds about 72.6% of the equity with zero pledge.
Revenue trend: five years of modest growth
Consolidated revenue (₹ crore) for the financial years ended March:
| Particular | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue (₹ cr) | 79,312 | 90,488 | 89,760 | 89,088 | 92,624 |
| Growth YoY | — | 14.1% | −0.8% | −0.7% | 4.0% |
Wipro's five-year sales CAGR works out to roughly 4% — slower than the industry median of ~10.9%, which points to gradual market-share loss in a weak-demand phase for Indian IT. FY26's 4% growth marked a return to positive territory after two flat years. Revenue TTM stands at ~₹97,023 crore.
Profitability and margins
| Particular | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating profit (₹ cr) | 16,605 | 16,345 | 16,731 | 17,930 | 17,225 |
| Operating margin | 20.9% | 18.1% | 18.6% | 20.1% | 18.6% |
| Net profit / PAT (₹ cr) | 12,243 | 11,367 | 11,112 | 13,218 | 13,266 |
| Net profit margin | 15.4% | 12.6% | 12.4% | 14.8% | 14.3% |
| Adjusted EPS (₹) | 11.2 | 10.3 | 10.6 | 12.5 | 12.6 |
Margins have hovered in the 18–21% band for operating profit over five years — structurally lower than TCS (~24%) and Infosys (~21%). Net profit has stayed in a narrow ₹11,100–₹13,300 crore band since FY22, growing just ~2% CAGR. Note the Q2 FY27 dip: profit fell even as revenue rose, reflecting margin pressure and lower other income.
Balance sheet strength
- Shareholder funds: ₹87,226 crore (FY26), reserves ₹85,129 crore
- Debt: total debt ~₹16,787 crore vs ₹87,226 crore equity — a light debt-to-equity of ~0.1; long-term debt was down to just ₹196 crore at FY26 end
- Cash & investments: cash equivalents ₹10,556 crore plus investments of ₹46,786 crore — a deep cash buffer
- Operating cash flow: ₹14,932 crore in FY26 — consistently above net profit (PAT-to-CFO conversion ~1.15x)
- Working capital: cash conversion cycle improved to negative ~11 days (clients effectively fund operations)
Key ratios
| Ratio | FY26 | Current |
|---|---|---|
| Return on equity (ROE) | 15.7% | 15.7% |
| Return on capital employed (ROCE) | — | 18.5% |
| Return on assets (ROA) | — | 9.9% |
| Debt-to-equity | 0.10 | ~0.1 |
| P/E (TTM) | — | ~13.9 |
| Price-to-book | — | 2.31 |
| EV/EBITDA | — | 8.6 |
| Dividend yield | — | ~6.0% |
Wipro's ROE has ranged 14.7–20.5% over five years — decent, but below the 25%+ that TCS and Infosys routinely deliver. The stock trades at a clear discount to peers on P/E (13.9 vs industry ~21.9), largely a reflection of slower growth and margin trajectory.
Segment split
Wipro is a pure-play IT services company. In Q2 FY27, IT services revenue was ₹24,667 crore — roughly 99.7% of the ₹24,753 crore gross revenue. Geographically (Q2 FY27), APMEA grew fastest at +2.9% QoQ; Europe +0.5%; Americas 1 declined 2.3% QoQ while Americas 2 grew 0.8%. By vertical, BFSI and Hi-Tech are the key growth drivers while Consumer and Telecom remain under pressure — the same mix as peers (also see our TCS and HCLTech breakdowns).
Shareholding pattern
- Promoters: ~72.58% (Premji family and related entities), with zero pledge
- Institutional and public investors hold the balance
- Face value: ₹2 per share; TTM EPS ~₹13.3
Dividend history
Wipro has turned into a strong dividend payer. Per-share dividends by ex-date:
- FY26: ₹5 (interim, Jul 2025) + ₹6 (interim, Jan 2026) = ₹11 per share, a payout ratio of ~87.4% (cash dividends paid: ₹11,578 crore)
- FY25: ₹11 per share paid; payout ratio 47.8%
- FY27 so far: ₹2 interim dividend (ex-date 27 July 2026)
- Current dividend yield is about 6.0% — the highest among the top-4 Indian IT services firms
Peer comparison
How Wipro stacks up against the other large Indian IT services firms (FY26 figures):
| Company | Revenue (₹ cr) | Net profit margin | P/E |
|---|---|---|---|
| TCS | 2,67,021 | 19.3% | ~16 |
| Infosys | 1,78,650 | 16.7% | ~15 |
| HCLTech | 1,17,055 | 14.8% | ~19 |
| Wipro | 92,624 | 14.3% | ~14 |
| Tech Mahindra | 56,815 | 9.4% | ~31 |
Wipro is the cheapest of the top tier on P/E and the most generous dividend payer — but also the slowest-growing and lowest-margin large-cap of the group. Brokerage views after Q2 FY27 diverged: Nomura kept a Buy with a ₹200 target citing strong pipeline, while Emkay stayed at Reduce (₹170 target) and Goldman Sachs held a Sell, per media reports.
Key risks to watch
- Weak growth momentum: 4% five-year revenue CAGR trails peers; Q3 FY27 guidance (−1.5% to +0.5%) signals another soft quarter
- Deal-win volatility: large-deal bookings plunged 59% QoQ in Q2 FY27 — pipeline conversion needs watching
- Margin gap: 16.5% IT-services margin trails management's own 17–18% band and peer levels
- Discretionary spending: a prolonged global slowdown in discretionary IT budgets and AI-led deflationary pressure on traditional services
- Valuation rerating is conditional: the discount to TCS/Infosys closes only if growth re-accelerates
FAQs
What was Wipro's Q2 FY27 revenue and profit?
Wipro reported Q2 FY27 (July–September 2026) revenue of ₹24,752.7 crore, up 9.1% YoY, and net profit of ₹3,200.6 crore, down 1.4% YoY and 4.5% QoQ.
What is Wipro's Q3 FY27 revenue guidance?
Wipro guided IT-services revenue of $2,571–2,625 million for Q3 FY27, implying a sequential change of −1.5% to +0.5% in constant-currency terms — a subdued outlook.
What is Wipro's dividend per share?
Wipro paid ₹11 per share in FY26 (₹5 interim in July 2025 + ₹6 interim in January 2026), an 87.4% payout ratio; current dividend yield is about 6%.
What is Wipro's ROE and debt-to-equity?
Wipro's ROE is ~15.7% and debt-to-equity is ~0.1 — the company is essentially net-cash with ₹46,786 crore of investments plus ₹10,556 crore cash on books (FY26).
How does Wipro compare with TCS and Infosys?
Wipro is smaller (FY26 revenue ₹92,624 crore vs TCS ₹2.67 lakh crore and Infosys ₹1.79 lakh crore), grows slower (~4% CAGR vs ~10% for peers), has lower margins (18.6% OPM vs 24%/21%) but trades at a cheaper P/E (~14 vs ~15–16) and pays a higher dividend yield (~6%).
Who are Wipro's promoters?
The Premji family and related entities are the promoters, holding about 72.6% of equity with zero pledged shares.
Conclusion
Wipro's Q2 FY27 results sum up the company's last five years: the topline is moving again (+9.1% YoY, bookings pipeline described as strong by management), but profit and deal-conversion momentum remain fragile. The balance sheet is fortress-like — net-cash, 166% OCF-to-profit conversion in Q2, an 87% dividend payout and a 6% yield. The open question is whether the AI-led growth strategy under Srini Pallia can lift the company from its 4% revenue-growth gear to peer-level growth — until then, the market keeps valuing Wipro at a discount to TCS and Infosys.
Disclaimer: This article is for educational purposes only and is not investment advice. All figures are from company filings, exchange announcements and financial data portals, and are current as of 17 October 2026. Please consult a SEBI-registered investment adviser before making investment decisions.