The sharp drop in total and large deal bookings signals potential revenue headwinds in coming quarters. The Q3 guidance range of -1.5% to +0.5% CC is cautious. Monitor the next quarter's bookings recovery and whether the operating margin expansion can be sustained amid a weak demand environment.
Price Chart
Executive Summary
Wipro reported Q2 FY2027 results with IT services segment revenue flat sequentially in constant currency and up 0.6% YoY. Operating margin expanded 50bps QoQ to 16.5%, and EPS grew 4.2% YoY to INR 3.23. However, total bookings fell 22.9% QoQ and large deal bookings dropped 58.6% QoQ. Net income declined 1.9% YoY. Guidance for Q3 implies IT services revenue of $2,571M-$2,625M, or -1.5% to +0.5% sequential CC growth — a tepid outlook.
Key Facts
- IT services segment revenue was $2,611.5M, down 0.1% QoQ and up 0.3% YoY reported; flat sequentially and up 0.6% YoY in constant currency.
- IT services operating margin was 16.5%, up 50bps QoQ and down 20bps YoY.
- Net income was INR 31,997M ($333.9M), down 4.7% QoQ and 1.9% YoY.
- EPS was INR 3.23 ($0.031), up 0.9% QoQ and 4.2% YoY.
- Total bookings were $2,595M, down 22.9% QoQ in constant currency; large deal bookings were $674M, down 58.6% QoQ.
- Operating cash flow was INR 53,048M (165.8% of net income).
- Voluntary attrition was 13.8% on a trailing 12-month basis.
- Q3 FY2027 guidance: IT services revenue $2,571M-$2,625M, implying -1.5% to +0.5% sequential CC growth.
- The company completed a buyback of 600M equity shares for INR 150,508M during the six months.
- Goodwill increased to INR 409,181M from INR 387,399M, driven by acquisitions (Mindsprint, Alpha Net).
Financial Impact
Revenue grew 9.1% YoY to INR 247,527M but IT services CC growth was only 0.6% YoY. Net income declined 1.9% YoY. Guidance implies potential sequential decline of up to 1.5% in constant currency.
Risk Factors
- Total bookings fell 22.9% QoQ and large deal bookings dropped 58.6% QoQ, signaling potential demand slowdown.
- Q3 guidance implies possible sequential revenue decline of up to 1.5% in constant currency.
- Net income declined 1.9% YoY despite revenue growth, pressured by higher finance expenses and lower other income.
- Finance expenses nearly doubled YoY to INR 5,454M, driven by higher borrowings and interest costs.
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-426841 |
| Document: d188224dex994.htm | 0001193125-26-426841 |
| Document: d188224dex991.htm | 0001193125-26-426841 |
| Document: d188224dex992.htm | 0001193125-26-426841 |
| Document: d188224d6k.htm | 0001193125-26-426841 |
| Document: d188224dex995.htm | 0001193125-26-426841 |
| Document: 0001193125-26-426841-index-headers.html | 0001193125-26-426841 |
| Document: 0001193125-26-426841-index.html | 0001193125-26-426841 |
| Document: 0001193125-26-426841.txt | 0001193125-26-426841 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 6-K | $2.15 $2.19 | ▲ +1.86% | ▲ +3.04% | $2.09 (−2.79%) |
Oct 20, 2026 6d ago | 6-K | $2.15 $2.19 | ▲ +1.86% | ▲ +3.04% | $2.09 (−2.79%) |
Jul 20, 2026 14w ago | 6-K | $1.85 $1.82 | ▼ −1.62% | ▼ −2.46% | $2.09 (+12.97%) |
Jul 20, 2026 14w ago | 6-K | $1.85 $1.82 | ▼ −1.62% | ▼ −2.46% | $2.09 (+12.97%) |
Jul 2, 2026 16w ago | 6-K | $1.89 $1.84 | ▼ −2.65% | ▼ −3.52% | $2.09 (+10.58%) |
Jun 26, 2026 17w ago | 6-K | $2.17 $2.25 | ▲ +3.69% | ▲ +2.91% | $2.09 (−3.69%) |
Jun 25, 2026 17w ago | 6-K | $2.19 $2.27 | ▲ +3.65% | ▲ +4.38% | $2.09 (−4.57%) |
Jun 25, 2026 17w ago | 6-K | $2.19 $2.27 | ▲ +3.65% | ▲ +4.38% | $2.09 (−4.57%) |
Jun 25, 2026 17w ago | 6-K | $2.19 $2.27 | ▲ +3.65% | ▲ +4.38% | $2.09 (−4.57%) |
Jun 11, 2026 19w ago | Institutional Cluster | $2.15 $2.20 | ▲ +2.33% | ▲ +1.78% | $2.09 (−2.79%) |
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