Wipro Q2 Results: Revenue Grows 9.1% to ₹24,753 Crore, but Net Profit Slips 1.9%

7 November 2026 | Curated by Gurdeep Singh, Amritsar, Punjab

Wipro’s September-quarter results for FY2026–27 present a mixed picture. The Bengaluru-based technology company increased consolidated revenue by 9.1% year-on-year, but net income declined 1.9%. Its IT services business recorded only marginal growth in constant-currency terms, even as operating margin improved and cash generation strengthened.

For the quarter ended 30 September 2026, Wipro reported gross revenue of ₹24,753 crore and net income of approximately ₹3,200 crore. IT services operating margin stood at 16.5%, while total bookings reached $2.595 billion.

Revenue growth does not tell the whole story

Gross revenue increased 9.1% from ₹22,697 crore in the corresponding quarter last year. On a sequential basis, revenue rose 1.1%. However, the IT services segment—the key measure for assessing Wipro’s technology-services performance—generated $2.612 billion in revenue, up only 0.3% year-on-year and down 0.1% quarter-on-quarter.

In constant-currency terms, IT services revenue was flat compared with the previous quarter and increased just 0.6% year-on-year. Constant currency removes the impact of exchange-rate movements, making it easier to assess underlying demand. The modest growth indicates that clients remain selective about technology spending.

Net income declines despite higher revenue

Wipro’s net income was ₹3,200 crore, compared with ₹3,262 crore in Q2 FY26, a decline of 1.9%. It was also 4.7% lower than the preceding quarter. Earnings per share stood at ₹3.23, up 4.2% year-on-year.

The difference between revenue and profit trends matters. A company can generate higher sales without achieving equivalent profit growth when its service mix, operating costs, employee expenses, pricing or other items move in an unfavourable direction. Investors should therefore assess revenue, margins, cash flow and profit together rather than relying on one headline figure.

Operating margin improves to 16.5%

Wipro’s IT services operating margin improved by 0.5 percentage points sequentially to 16.5%. It was, however, 0.2 percentage points lower than the year-ago quarter. The improvement over the previous quarter suggests better near-term operating discipline, but the year-on-year comparison shows that margin recovery is not yet complete.

Operating cash flow was ₹5,300 crore, equal to 165.8% of net income. Strong cash conversion is a positive feature because it indicates that reported earnings were supported by cash generated from operations. It can help fund investment, acquisitions and shareholder returns.

Bookings fall, making deal conversion important

Total bookings stood at $2.595 billion, down 22.9% sequentially in constant-currency terms. Large-deal bookings were $674 million, a 58.6% sequential decline on the same basis.

Wipro nevertheless secured strategic engagements during the quarter, including a major US banking mandate to modernise mortgage operations using its NetOxygen lending platform. The company also announced the renewal and expansion of a relationship with a global technology company. Such wins can support future revenue, but bookings are not immediate sales: projects are delivered and recognised over their contract periods, and some contracts may change.

Management’s outlook for the December quarter

For the quarter ending 31 December 2026, Wipro guided to IT services revenue of $2.571 billion to $2.625 billion. This represents sequential constant-currency guidance ranging from a 1.5% decline to 0.5% growth.

The range points to a cautious near-term outlook. The company will need stronger client spending, improved deal momentum and consistent execution to deliver a clearer acceleration in its core services business.

Workforce and operating indicators

Voluntary attrition over the trailing twelve months was 13.8%. Attrition is one indicator of workforce stability, but it should be read alongside hiring, employee utilisation, wage costs and the skills needed for new technology projects. Wipro’s AI-focused strategy also makes reskilling and the ability to deliver measurable customer outcomes increasingly important.

What should investors watch next?

• IT services growth: Whether constant-currency revenue moves beyond the current flat-to-low-growth range.
• Bookings: Whether total and large-deal bookings recover after their sequential decline.
• Margins: Whether the 16.5% operating margin can improve without weakening investment in talent and technology.
• Cash conversion: Whether strong operating cash flow remains sustainable.
• Client budgets: Whether banks, technology companies and other customers resume larger transformation programmes.

The bigger picture

Wipro’s Q2 FY27 performance is not a simple growth story. Consolidated revenue increased, operating margin improved sequentially and operating cash flow was strong. At the same time, net income declined year-on-year, IT services growth remained subdued and bookings weakened compared with the previous quarter.

The December-quarter performance will be an important test of whether Wipro can turn strategic wins and AI-led offerings into stronger, repeatable growth. For India’s IT sector, the results reinforce a broader reality: technology demand is evolving, but companies still have to prove that new opportunities can translate into profitable revenue.

This article is for news and general information only. It is not investment advice or a recommendation to buy or sell any security. Readers should review company disclosures and consider their own financial circumstances before making investment decisions.

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