Wipro Limited reported consolidated revenue of ₹24,752.7 crore in Q2 FY27, up 9.1% year-on-year (YoY), while net profit declined 1.9% to ₹3,199.7 crore. The IT services business recorded just 0.6% YoY growth in constant currency (CC), indicating that underlying revenue growth remained modest despite the stronger rupee-reported numbers.
In the Wipro Q2 FY27 results, IT services operating margin improved by 50 basis points (bps) quarter-on-quarter (QoQ) to 16.5%. However, total bookings declined 22.9% sequentially in constant currency, while large-deal bookings fell 58.6% to $674 million.
Wipro's guidance for Q3 FY27 indicates sequential constant-currency revenue growth between -1.5% and +0.5%, suggesting that the company expects near-term demand to remain subdued.
The results were announced on 15 October 2026, covering the quarter ended 30 September 2026.
Table of Contents
- Wipro Q2 FY27 Results Highlights
- Wipro Q2 FY27 Financial Performance
- Why Did Wipro's Net Profit Decline?
- Wipro IT Services Revenue and Operating Margin
- Wipro Q2 FY27 Deal Bookings
- Wipro Revenue by Geography
- Wipro Revenue by Industry Vertical
- Wipro Client Metrics and Employee Headcount
- Wipro Cash Flow and Balance Sheet
- Wipro ₹15,000 Crore Share Buyback
- Wipro H1 FY27 Financial Performance
- Wipro Q3 FY27 Revenue Guidance
- Wipro Strategic Deals and Mindsprint Acquisition
- Wipro Management Commentary
- Wipro Q2 FY27 Results Analysis: Key Positives and Risks
- What Should Investors Watch Next?
- Conclusion
Wipro's Q2 FY27 earnings reflected an improvement in operating margins and cash generation, but revenue growth and new deal bookings remained under pressure.
|
Particulars
|
Q2 FY27
|
|
Consolidated revenue
|
₹24,752.7 crore
|
|
Revenue growth YoY
|
+9.1%
|
|
Net profit
|
₹3,199.7 crore
|
|
Net profit growth YoY
|
-1.9%
|
|
IT services revenue
|
$2,611.5 million
|
|
IT services CC growth YoY
|
+0.6%
|
|
IT services CC growth QoQ
|
0.0%
|
|
IT services operating margin
|
16.5%
|
|
Total bookings
|
$2,595 million
|
|
Large-deal bookings
|
$674 million
|
|
Operating cash flow
|
₹5,304.8 crore
|
|
Free cash flow
|
₹4,888 crore
|
|
Basic EPS
|
₹3.23
|
|
Closing employee count
|
2,36,328
|
Source: Wipro Q2 FY27 official results release and quarterly datasheet.
The key developments in Wipro's September 2026 quarter were:
-
Revenue increased 9.1% YoY, but constant-currency IT services growth was limited to 0.6%.
-
Operating margin improved 50 bps QoQ to 16.5%, despite flat sequential CC revenue.
-
Net profit declined 4.7% QoQ, partly due to lower finance and other income and higher finance costs.
-
Large-deal bookings declined 58.6% QoQ in CC, indicating a weaker quarter for major contract wins.
-
Operating cash flow reached 165.8% of net income, reflecting strong cash conversion.
-
Employee headcount fell by 6,716 QoQ, while voluntary attrition improved to 13.8%.
These figures show a difference between Wipro's operating efficiency and its revenue growth momentum.
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To assess Wipro's stock performance alongside its revenue growth and profitability, check the Wipro share price with its historical charts and key valuation ratios.
Wipro's consolidated revenue increased both sequentially and annually in Q2 FY27. However, higher operating expenses and changes in non-operating income affected profitability.
Wipro Q2 FY27 vs Q1 FY27 Financial Results
|
Particulars
|
Q2 FY27 / Q1 FY27
|
|
Revenue from operations
|
₹24,752.7 cr / ₹24,478.6 cr
|
|
Employee expenses
|
₹14,837.0 cr / ₹14,753.1 cr
|
|
Subcontracting and technical fees
|
₹2,811.1 cr / ₹2,878.7 cr
|
|
Depreciation and amortisation*
|
₹876.7 cr / ₹804.4 cr
|
|
Total operating expenses
|
₹20,753.7 cr / ₹20,635.9 cr
|
|
Finance costs
|
₹545.4 cr / ₹472.8 cr
|
|
Finance and other income
|
₹677.0 cr / ₹887.2 cr
|
|
Profit before tax
|
₹4,204.7 cr / ₹4,334.5 cr
|
|
Tax expense
|
₹1,005.0 cr / ₹978.2 cr
|
|
Net profit
|
₹3,199.7 cr / ₹3,356.3 cr
|
|
Basic EPS
|
₹3.23 / ₹3.20
|
Includes impairment where applicable.
Source: Wipro audited consolidated financial statements, Q2 FY27.
Revenue increased by ₹274.1 crore sequentially, while total operating expenses increased by ₹117.8 crore.
Employee benefit expenses remained the largest operating cost, reaching ₹14,837 crore during the quarter.
Subcontracting and technical fees declined sequentially, while depreciation and amortisation expenses increased.
Wipro Q2 FY27 vs Q2 FY26 Results
The year-on-year comparison shows revenue growth outpacing profit growth.
|
Particulars
|
Q2 FY27 / Q2 FY26
|
|
Revenue
|
₹24,752.7 cr / ₹22,697.3 cr
|
|
Operating expenses
|
₹20,753.7 cr / ₹18,970.2 cr
|
|
Profit before tax
|
₹4,204.7 cr / ₹4,282.4 cr
|
|
Net profit
|
₹3,199.7 cr / ₹3,262.4 cr
|
|
PAT attributable to shareholders
|
₹3,200.6 cr / ₹3,246.2 cr
|
|
Basic EPS
|
₹3.23 / ₹3.10
|
Source: Wipro Q2 FY27 audited financial results.
Wipro Q2 FY27 YoY Growth
|
Metric
|
YoY change
|
|
Revenue
|
+9.1%
|
|
Operating expenses
|
+9.4%
|
|
Profit before tax
|
-1.8%
|
|
Net profit
|
-1.9%
|
|
PAT attributable to shareholders
|
-1.4%
|
|
Basic EPS
|
+4.2%
|
Wipro's revenue grew by approximately ₹2,055 crore YoY, but net profit declined by ₹62.7 crore.
The difference between revenue and earnings growth indicates that higher reported revenue did not translate into a corresponding increase in bottom-line profitability.
Wipro's net profit declined even though its IT services operating margin improved during Q2 FY27.
The main explanation lies in changes to finance income, finance expenses and taxation.
Factors Affecting Wipro's Profit
|
Particulars
|
Q2 FY27 / Q1 FY27
|
|
Finance and other income
|
₹677.0 cr / ₹887.2 cr
|
|
Finance costs
|
₹545.4 cr / ₹472.8 cr
|
|
Profit before tax
|
₹4,204.7 cr / ₹4,334.5 cr
|
|
Tax expense
|
₹1,005.0 cr / ₹978.2 cr
|
|
Net profit
|
₹3,199.7 cr / ₹3,356.3 cr
|
Source: Wipro audited consolidated financial statements.
Three developments affected sequential profitability:
-
Lower finance and other income: Declined by ₹210.2 crore from the previous quarter.
-
Higher finance costs: Increased by ₹72.6 crore sequentially.
-
Higher tax expense: Increased by ₹26.8 crore.
The effective tax rate increased to approximately 23.9% from 22.6% in Q1 FY27.
As a result, Wipro's net profit declined by ₹156.6 crore QoQ despite an improvement in IT services operating profitability.
This distinction matters because IT services operating margin measures the performance of the core business, while consolidated net profit also reflects financing, other income and taxation.
IT services remains Wipro's principal business and provides a clearer picture of underlying client demand than consolidated rupee revenue alone.
In Q2 FY27, IT services revenue stood at $2,611.5 million, declining 0.1% QoQ in reported US dollars.
On a constant-currency basis, revenue was flat sequentially and increased 0.6% YoY.
Wipro IT Services Revenue Trend
|
Quarter
|
IT Services Revenue
|
|
Q1 FY26
|
$2,587.4 mn
|
|
Q2 FY26
|
$2,604.3 mn
|
|
Q3 FY26
|
$2,635.4 mn
|
|
Q4 FY26
|
$2,651.0 mn
|
|
Q1 FY27
|
$2,614.5 mn
|
|
Q2 FY27
|
$2,611.5 mn
|
Wipro IT Services Operating Margin Trend
|
Quarter
|
Operating Margin
|
|
Q1 FY26
|
17.3%
|
|
Q2 FY26
|
16.7%
|
|
Q3 FY26
|
17.6%
|
|
Q4 FY26
|
17.3%
|
|
Q1 FY27
|
16.0%
|
|
Q2 FY27
|
16.5%
|
Source: Wipro official quarterly datasheet.
IT services revenue remained below the Q4 FY26 level of $2,651 million.
However, operating margin recovered from 16.0% in Q1 FY27 to 16.5% in Q2 FY27.
Why Is Constant-Currency Growth Important?
Wipro reported two substantially different revenue growth figures:
These metrics measure different things.
Reported rupee revenue reflects currency translation and the consolidated business, while constant-currency IT services growth removes exchange-rate movements from the comparison.
Wipro disclosed a realised exchange rate of ₹94.45 per US dollar for its IT services business during Q2 FY27.
The convenience translation rate used in its results was ₹95.83 per US dollar.
Consequently, the 9.1% increase in consolidated rupee revenue should not be interpreted as equivalent to 9.1% underlying IT services demand growth.
Wipro IT Services Operating Margin
Wipro reported IT services operating income of ₹4,072.6 crore, up 3.9% QoQ and 6.8% YoY.
The operating margin reached 16.5%, representing:
The sequential improvement indicates better operating profitability despite the absence of constant-currency revenue growth.
However, margins remained below the 17.3% recorded in Q4 FY26.
Wipro's deal bookings were among the weaker areas of its Q2 FY27 performance.
Total bookings reached $2.595 billion, while large-deal bookings were $674 million.
Wipro Total Bookings Trend
|
Quarter
|
Total Bookings
|
|
Q1 FY26
|
$4,971 mn
|
|
Q2 FY26
|
$4,688 mn
|
|
Q3 FY26
|
$3,335 mn
|
|
Q4 FY26
|
$3,455 mn
|
|
Q1 FY27
|
$3,370 mn
|
|
Q2 FY27
|
$2,595 mn
|
Wipro Large-Deal Bookings Trend
|
Quarter
|
Large-Deal Bookings
|
|
Q1 FY26
|
$2,666 mn
|
|
Q2 FY26
|
$2,853 mn
|
|
Q3 FY26
|
$871 mn
|
|
Q4 FY26
|
$1,440 mn
|
|
Q1 FY27
|
$1,626 mn
|
|
Q2 FY27
|
$674 mn
|
Source: Wipro quarterly datasheet.
Total bookings declined 22.9% QoQ in constant currency, while large-deal bookings fell 58.6%.
Based on reported total contract value (TCV), without currency adjustments:
These year-on-year percentages are calculated from reported TCV values and are not company-reported constant-currency growth figures.
Wipro H1 FY27 Deal Bookings
The decline was also visible in the first-half comparison.
|
Particulars
|
H1 FY27 / H1 FY26
|
|
Total bookings
|
$5.965 bn / $9.659 bn
|
|
Large-deal bookings
|
$2.300 bn / $5.519 bn
|
H1 FY27 Booking Growth
|
Metric
|
YoY change
|
|
Total bookings
|
-38.2%
|
|
Large-deal bookings
|
-58.3%
|
Source: Calculated from Wipro's reported quarterly TCV data; not constant-currency adjusted.
Wipro defines large deals as contracts with a total contract value of at least $30 million.
Total bookings include new contracts, renewals and changes or increases to existing contracts.
Importantly, bookings do not translate immediately into revenue. Revenue is recognised over the contract period.
Nevertheless, the decline in large-deal TCV is an important indicator to monitor because new contract wins contribute to future revenue visibility.
Wipro's geographical performance remained uneven in Q2 FY27.
Europe and Asia Pacific, Middle East and Africa (APMEA) reported positive constant-currency growth, while both American strategic market units recorded annual declines.
Geography-Wise Revenue Mix and Growth
|
Geography
|
Revenue Share / YoY CC Growth
|
|
Americas 1
|
34.4% / -2.7%
|
|
Americas 2
|
25.6% / -4.7%
|
|
Europe
|
27.4% / +5.1%
|
|
APMEA
|
12.6% / +13.3%
|
Source: Wipro Q2 FY27 quarterly datasheet.
Americas 1 and Americas 2 together contributed 60% of IT services revenue.
Both regions reported negative year-on-year constant-currency growth, making demand recovery in the Americas particularly relevant.
Europe grew 5.1% YoY CC, while APMEA recorded the strongest growth at 13.3%.
Sequential Geography Performance
|
Geography
|
QoQ CC growth
|
|
Americas 1
|
-2.1%
|
|
Americas 2
|
+0.9%
|
|
Europe
|
+0.6%
|
|
APMEA
|
+3.1%
|
APMEA also delivered the strongest sequential performance.
The regional differences suggest that Wipro's revenue growth challenges are not uniform across all markets.
Wipro's industry-wise performance showed stronger demand in Technology & Communications and Consumer, while Health and Energy, Manufacturing & Resources (EMR) contracted.
Industry-Wise Revenue Performance
|
Industry Vertical
|
Revenue Share / YoY CC Growth
|
|
BFSI
|
34.5% / +1.3%
|
|
Consumer
|
19.2% / +6.0%
|
|
Technology & Communications
|
16.5% / +7.1%
|
|
Energy, Manufacturing & Resources
|
16.3% / -6.6%
|
|
Health
|
13.5% / -6.5%
|
Banking, Financial Services and Insurance (BFSI) remained Wipro's largest vertical, accounting for 34.5% of revenue.
However, its constant-currency growth was limited to 1.3% YoY.
Technology & Communications delivered the strongest annual growth at 7.1%, followed by Consumer at 6.0%.
In contrast, EMR declined 6.6% and Health contracted 6.5%.
Technology & Communications also recorded a 2.6% sequential CC decline despite its positive annual performance.
The combination of positive and negative growth across industries indicates that Wipro's demand environment remained mixed.
Wipro's client data showed an increase in its largest customer relationships, although total active customer count declined.
Wipro Client Metrics: Q2 FY27
|
Metric
|
Q2 FY27
|
|
Clients above $100 mn annual revenue
|
18
|
|
Clients above $50 mn
|
45
|
|
Clients above $20 mn
|
107
|
|
Clients above $10 mn
|
185
|
|
Clients above $5 mn
|
299
|
|
Active customers
|
1,229
|
|
New customers
|
33
|
Wipro Client Metrics: Q1 FY27
|
Metric
|
Q1 FY27
|
|
Clients above $100 mn annual revenue
|
16
|
|
Clients above $50 mn
|
45
|
|
Clients above $20 mn
|
110
|
|
Clients above $10 mn
|
184
|
|
Clients above $5 mn
|
287
|
|
Active customers
|
1,232
|
|
New customers
|
48
|
Client revenue thresholds are based on trailing 12-month revenue.
Source: Wipro quarterly datasheet.
The number of clients generating more than $100 million annually increased from 16 to 18.
Clients in the above-$5-million category also increased from 287 to 299.
However, new customer additions declined from 48 to 33 sequentially.
Active customer count stood at 1,229, compared with 1,257 in Q2 FY26.
Wipro Employee Headcount and Attrition
Wipro's total workforce declined sequentially during the September quarter.
Wipro Workforce in Q2 FY27
|
Workforce Metric
|
Q2 FY27
|
|
Closing headcount
|
2,36,328
|
|
IT services sales and support staff
|
15,016
|
|
Net utilisation excluding trainees
|
83.4%
|
|
Voluntary attrition, TTM
|
13.8%
|
Wipro Workforce in Q1 FY27
|
Workforce Metric
|
Q1 FY27
|
|
Closing headcount
|
2,43,044
|
|
IT services sales and support staff
|
15,100
|
|
Net utilisation excluding trainees
|
83.6%
|
|
Voluntary attrition, TTM
|
13.9%
|
Employee headcount declined by 6,716, or approximately 2.8%, QoQ.
However, the workforce remained 836 employees higher than the 2,35,492 reported in Q2 FY26.
Voluntary attrition improved from 14.9% in Q2 FY26 to 13.8% in Q2 FY27.
Net utilisation excluding trainees declined from 86.4% a year earlier to 83.4%.
The lower utilisation level is relevant to future margin performance because employee deployment and operating efficiency are closely linked in the IT services business.
Cash generation was one of the stronger aspects of Wipro's Q2 FY27 results.
Operating cash flow reached ₹5,304.8 crore, increasing 61.3% sequentially.
Wipro Q2 FY27 Cash Flow
|
Particulars
|
Q2 FY27
|
|
Net profit
|
₹3,199.7 crore
|
|
Operating cash flow
|
₹5,304.8 crore
|
|
Free cash flow
|
₹4,888.0 crore
|
|
Operating cash flow/net profit
|
165.8%
|
|
Free cash flow/net profit
|
152.8%
|
|
Purchase of property, plant and equipment
|
₹426.1 crore
|
Source: Wipro Q2 FY27 cash flow disclosures.
Operating cash flow exceeded reported net profit by approximately ₹2,105 crore.
Free cash flow also remained higher than net profit.
This indicates strong cash conversion during the quarter, although the sustainability of this performance will depend on subsequent cash flow results.
Wipro Balance Sheet as of September 2026
Wipro's balance sheet reflected substantial capital movements during H1 FY27, including its share buyback and acquisition-related expenditure.
30 September 2026
|
Particulars
|
Value
|
|
Cash and cash equivalents
|
₹9,501.6 cr
|
|
Current investments
|
₹34,152.7 cr
|
|
Goodwill
|
₹40,918.1 cr
|
|
Intangible assets
|
₹4,968.4 cr
|
|
Total assets
|
₹1,36,051.0 cr
|
|
Total equity including NCI
|
₹79,655.0 cr
|
|
Total liabilities
|
₹56,396.0 cr
|
31 March 2026
|
Particulars
|
Value
|
|
Cash and cash equivalents
|
₹10,555.5 cr
|
|
Current investments
|
₹43,768.0 cr
|
|
Goodwill
|
₹38,739.9 cr
|
|
Intangible assets
|
₹2,917.6 cr
|
|
Total assets
|
₹1,41,926.2 cr
|
|
Total equity including NCI
|
₹88,787.7 cr
|
|
Total liabilities
|
₹53,138.5 cr
|
Source: Wipro audited IFRS consolidated balance sheet.
Cash and current investments together declined from ₹54,323.5 crore in March 2026 to ₹43,654.3 crore in September 2026.
This represents a decline of approximately 19.6%.
Borrowings excluding lease liabilities increased to approximately ₹18,502.1 crore from ₹16,787.4 crore.
However, cash and current investments still exceeded these borrowings by approximately ₹25,152.2 crore at September-end.
This is a derived liquidity measure and should not be confused with Wipro's officially reported net cash position.
Goodwill increased approximately 5.6%, while intangible assets increased approximately 70.3% during the first half.
Wipro completed a ₹15,000 crore share buyback during H1 FY27.
The buyback is particularly relevant when interpreting the company's earnings per share.
Wipro Buyback Details
|
Particulars
|
Details
|
|
Shares repurchased
|
60 crore
|
|
Buyback price
|
₹250 per share
|
|
Buyback amount
|
₹15,000 crore
|
|
Transaction-related costs
|
₹50.8 crore
|
|
Total cash outflow
|
₹15,050.8 crore
|
|
Tender period
|
11–17 June 2026
|
|
Settlement completed
|
24 June 2026
|
|
Shares extinguished
|
25 June 2026
|
Source: Wipro official buyback and financial disclosures.
The repurchased shares represented approximately 5.7% of paid-up equity shares as of 31 March 2026.
Why Did Wipro's EPS Increase Despite Lower Profit?
Wipro's profit attributable to shareholders declined approximately 1.4% YoY.
However, basic EPS increased from ₹3.10 in Q2 FY26 to ₹3.23 in Q2 FY27.
The explanation lies primarily in the reduction in the weighted-average number of shares.
|
Metric
|
Q2 FY27 / Q2 FY26
|
|
PAT attributable to shareholders
|
₹3,200.6 cr / ₹3,246.2 cr
|
|
Basic weighted-average shares
|
9.898 bn / 10.476 bn
|
|
Basic EPS
|
₹3.23 / ₹3.10
|
The weighted-average share count declined approximately 5.5% YoY.
With fewer shares outstanding, earnings were distributed across a smaller share base for EPS calculation purposes.
Therefore, Wipro's 4.2% EPS growth should not be interpreted as equivalent to growth in absolute net profit.
This distinction is important when comparing earnings performance before and after a major buyback.
Wipro's first-half results provide a broader view of revenue growth, profitability and cash generation.
For H1 FY27, consolidated revenue increased approximately 9.8% YoY, while net profit declined approximately 0.7%.
Wipro H1 FY27 vs H1 FY26 Results
|
Particulars
|
H1 FY27 / H1 FY26
|
|
Revenue
|
₹49,231.3 cr / ₹44,831.9 cr
|
|
Gross profit
|
₹14,134.2 cr / ₹13,124.0 cr
|
|
Profit before tax
|
₹8,539.2 cr / ₹8,540.7 cr
|
|
Net profit
|
₹6,556.0 cr / ₹6,598.9 cr
|
|
PAT attributable to shareholders
|
₹6,552.6 cr / ₹6,576.6 cr
|
|
Basic EPS
|
₹6.43 / ₹6.28
|
|
Operating cash flow
|
₹8,592.8 cr / ₹7,499.1 cr
|
Source: Wipro audited H1 FY27 financial statements.
Wipro H1 FY27 YoY Growth
|
Metric
|
YoY change
|
|
Revenue
|
+9.8%
|
|
Gross profit
|
+7.7%
|
|
Profit before tax
|
Broadly flat
|
|
Net profit
|
-0.7%
|
|
PAT attributable to shareholders
|
-0.4%
|
|
Basic EPS
|
+2.4%
|
|
Operating cash flow
|
+14.6%
|
The first-half figures reinforce the pattern seen in Q2 FY27.
Revenue increased in rupee terms, but profitability remained broadly unchanged.
Operating cash flow grew faster than reported revenue, while EPS increased despite lower absolute profit.
H1 FY27 free cash flow stood at ₹7,849.7 crore, equivalent to approximately 119.7% of net income.
During the same period, Wipro recorded ₹3,297.1 crore of business-acquisition cash outflow, net of cash acquired.
Wipro expects its IT services revenue for the quarter ending 31 December 2026 to remain within a relatively narrow range.
Wipro Q3 FY27 Guidance
|
Particulars
|
Guidance
|
|
IT services revenue
|
$2,571–2,625 million
|
|
Sequential CC growth
|
-1.5% to +0.5%
|
|
Previous quarter revenue
|
$2,611.5 million
|
|
Q2 FY27 CC growth
|
0.0%
|
Source: Wipro Q2 FY27 official results release.
The lower end of the guidance allows for a 1.5% sequential contraction, while the upper end indicates a possible 0.5% expansion.
This means Wipro is not guiding for a sharp recovery in IT services revenue during Q3 FY27.
Did Wipro Meet Its Q2 FY27 Guidance?
Wipro had previously guided Q2 FY27 IT services revenue to $2,574–2,627 million.
After adjusting for actual realised currencies, the guidance range was $2,570–2,623 million.
Actual IT services revenue of approximately $2,612 million was within this range.
Constant-currency sequential growth of 0.0% was also within the guided range of -1.5% to +0.5%.
Thus, Wipro met its Q2 revenue guidance, although the quarter did not deliver positive sequential constant-currency growth.
Wipro continued expanding its AI-enabled services, digital transformation and enterprise technology capabilities during Q2 FY27.
The company disclosed 12 representative strategic deal wins across banking, technology, healthcare, manufacturing, energy and consumer industries.
Major Strategic Deals
The disclosed engagements included:
-
Banking: Mortgage operations modernisation for a large US financial institution using NetOxygen and Wipro Intelligence.
-
Technology: Expanded multi-year engagement covering enterprise applications, AI-enabled solutions and intelligent automation.
-
Healthcare: Transformation of provider-services operations for a US health insurer.
-
Manufacturing: Enterprise-wide ERP and business transformation for a European industrial company.
-
Energy: AI-led procurement and finance transformation for a major Middle Eastern energy company.
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Consumer: Infrastructure and hybrid-cloud services for a global beverage company.
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Life sciences: AI-powered supply-chain intelligence using Wipro's WEGA platform.
Wipro did not disclose individual contract values for these strategic wins.
Therefore, the number and scope of the disclosed engagements should not be treated as evidence of a corresponding increase in total bookings.
Wipro's Mindsprint Acquisition
Wipro completed its acquisition of Mindsprint, Olam Group's IT and digital-services business, on 15 May 2026.
The acquisition consideration disclosed in Wipro's FY26 Form 20-F was $375 million.
Mindsprint brought more than 3,200 professionals and capabilities in:
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Food and agribusiness technology.
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Supply-chain transformation.
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Digital platforms and proprietary intellectual property.
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Enterprise technology services.
The acquisition formed part of Wipro's eight-year strategic transformation engagement with Olam Group.
During H1 FY27, Wipro reported increases in goodwill and intangible assets, alongside acquisition-related cash outflows.
However, the entire movement in goodwill and intangible assets cannot be attributed exclusively to Mindsprint without a detailed purchase-price allocation.
Wipro's management highlighted its focus on consulting-led growth, AI-enabled services, client expansion and operating efficiency.
CEO Srini Pallia indicated that strategic investments were beginning to contribute to the business.
Management continued to emphasise opportunities in AI-powered transformation, new markets and deeper relationships with existing clients.
Wipro also reported momentum in its AI-Native Business & Platforms unit and broader AI portfolio.
CFO Aparna Iyer highlighted the 50-bps sequential improvement in IT services operating margin to 16.5%.
She also emphasised operating cash flow conversion of approximately 166% of net income while the company continued investing in its business and workforce.
These comments indicate that management is prioritising operational discipline alongside longer-term investments in AI and consulting capabilities.
However, the contribution of these initiatives to sustained revenue growth will need to be assessed through future deal bookings and financial results.
The Wipro Q2 FY27 results present a mixed operating picture.
The company improved its operating margin and generated substantial cash, but underlying revenue growth remained limited and bookings weakened.
Key Positives
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Margin improvement: IT services operating margin increased 50 bps sequentially to 16.5%.
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Strong cash conversion: Operating cash flow reached ₹5,304.8 crore, equivalent to 165.8% of net income.
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Higher free cash flow: Free cash flow stood at ₹4,888 crore.
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Growth in Europe and APMEA: Constant-currency revenue increased 5.1% and 13.3% YoY, respectively.
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Larger customer relationships: Clients generating more than $100 million annually increased from 16 to 18.
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Lower voluntary attrition: The TTM attrition rate declined to 13.8% from 14.9% a year earlier.
Key Risks
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Weak underlying growth: IT services revenue increased only 0.6% YoY in constant currency.
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Lower bookings: Total bookings declined 22.9% QoQ CC, while large-deal bookings fell 58.6%.
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Americas demand: Both American strategic market units reported negative YoY CC growth.
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Industry weakness: Health and EMR recorded annual constant-currency revenue contractions exceeding 6%.
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Lower utilisation: Net utilisation declined to 83.4% from 86.4% YoY.
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Reduced workforce: Employee headcount declined by 6,716 sequentially.
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Profit pressure: Net profit declined 4.7% QoQ despite higher IT services operating margin.
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Cautious guidance: Q3 FY27 revenue guidance permits a sequential constant-currency decline of up to 1.5%.
US Labour Certification Disclosure
On 13 October 2026, Wipro disclosed an update concerning the US Permanent Labor Certification (PERM) programme.
The company clarified that the programme relates to a specific permanent-residency pathway and is distinct from broader skilled-talent mobility programmes such as the H-1B visa.
Wipro stated that more than 80% of its US workforce is locally hired and that it does not anticipate a material business impact from the development.
This remains a regulatory disclosure worth monitoring, although the company's stated assessment is that the impact will not be material.
Did Wipro Announce a Dividend With Q2 FY27 Results?
Wipro did not announce a fresh dividend with its Q2 FY27 results on 15 October 2026.
The company had previously declared an interim dividend of ₹2 per equity share with its Q1 FY27 results.
Wipro's Q3 FY27 performance will be important in assessing whether the improvement in operating margin can be maintained while revenue growth and bookings remain subdued.
Investors should monitor the following developments:
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IT services revenue: Whether sequential constant-currency growth improves from 0.0% and where revenue falls within the Q3 guidance range.
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Operating margin: Whether Wipro sustains or improves its 16.5% IT services margin.
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Large-deal bookings: Whether bookings recover from the Q2 level of $674 million.
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Americas business: Whether the negative annual growth in Americas 1 and Americas 2 begins to moderate.
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Industry performance: Whether Health and EMR show improvement from their current revenue contractions.
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Employee utilisation: Whether utilisation improves from 83.4% without putting pressure on margins.
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Cash generation: Whether operating cash flow continues to exceed reported net profit.
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Mindsprint integration: Whether the acquisition begins contributing meaningfully to revenue, customer relationships and deal wins.
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EPS and net profit: Whether future EPS growth is supported by improved absolute earnings rather than primarily by a reduced share count.
Wipro's Q2 FY27 results showed an improvement in operating profitability and cash generation, but underlying business growth remained modest.
Consolidated revenue increased 9.1% YoY to ₹24,752.7 crore, while net profit declined 1.9% to ₹3,199.7 crore. IT services constant-currency revenue grew only 0.6% YoY and remained flat sequentially.
The improvement in operating margin to 16.5% and operating cash flow of ₹5,304.8 crore were important positives.
However, the decline in total bookings and large-deal TCV indicates that future revenue growth remains an area to monitor.
For investors, the key question is whether Wipro can convert its strategic investments, AI-led engagements and existing client relationships into stronger revenue growth while maintaining operating margins and cash conversion.
Want to understand how Wipro's financial performance changed between Q1 and Q2 FY27? Read the Wipro Q1 FY27 Results Analysis to compare revenue trends, operating margins, profitability and management's outlook.
Frequently Asked Questions
1. What are Wipro Q2 FY27 results?
Wipro reported consolidated revenue of ₹24,752.7 crore in Q2 FY27, up 9.1% YoY. Net profit declined 1.9% to ₹3,199.7 crore. IT services revenue stood at $2,611.5 million, with constant-currency growth of 0.6% YoY and 0.0% QoQ.
2. Why did Wipro's net profit fall in Q2 FY27?
Wipro's net profit declined primarily because finance and other income fell by ₹210.2 crore sequentially, finance costs increased by ₹72.6 crore and tax expense rose by ₹26.8 crore. These factors affected consolidated profitability despite a 50-bps improvement in IT services operating margin.
3. What was Wipro's operating margin in Q2 FY27?
Wipro's IT services operating margin was 16.5% in Q2 FY27, compared with 16.0% in Q1 FY27 and 16.7% in Q2 FY26. This represents a 50-bps sequential improvement and a 20-bps annual decline.
4. What is Wipro's Q3 FY27 revenue guidance?
Wipro expects IT services revenue between $2,571 million and $2,625 million in Q3 FY27. This represents sequential constant-currency growth guidance of -1.5% to +0.5% for the quarter ending 31 December 2026.
5. Did Wipro announce a dividend in Q2 FY27?
No. Wipro did not announce a new dividend with its Q2 FY27 results on 15 October 2026. The company had previously declared an interim dividend of ₹2 per equity share with its Q1 FY27 results.