Wipro’s September-quarter numbers landed on 15 October 2026 with a familiar shape: revenue barely moved, profit slipped, and the deal pipeline thinned out. India’s fourth-largest software exporter reported a 1.4% year-on-year decline in net profit to ₹3,201 crore for Q2 FY27, while large deal bookings collapsed 58.6% sequentially to $674 million — a figure that left investors with little to cheer and little reason to re-rate the stock.
The total contract value of new deals fell 23% quarter-on-quarter to $2.6 billion, which The Times of India described as a near four-year low for bookings. Two deals that had already been awarded to the company were not signed during the quarter, and chief executive Srini Pallia expects them to flow into the December quarter.
The headline numbers, quarter by quarter
Wipro’s gross revenue rose 9.1% year-on-year to ₹24,752.7 crore, though it declined 1.1% sequentially. In constant currency, IT services revenue was flat quarter-on-quarter and grew 0.6% year-on-year. In dollar terms, revenue declined 0.1% sequentially to $2.6 billion — the second consecutive quarter of sequential dollar revenue contraction, according to The Economic Times.
Net profit of ₹3,201 crore was down 1.4% year-on-year and 4.7% sequentially. Total project bookings stood at $2,595 million, down 22.9% sequentially in constant currency terms.
One bright spot: IT services operating margin expanded 50 basis points sequentially to 16.5%, helped by better operating efficiency, favourable rupee movement and the absence of salary increments. Chief financial officer Aparna Iyer noted the margin expanded despite continued investments in the business and workforce, and that operating cash flow stood at 166% of net income. The margin, however, was still down 20 basis points year-on-year.
Why the deal pipeline thinned
The booking slump was not spread evenly across the business. Pallia pointed to a client-specific situation in Americas 1 — Wipro’s mainstay market — along with weakness in healthcare. “Our bookings were lower this quarter. However, a couple of deals that had been awarded to us were not signed during the quarter. We expect these to flow into Q3, and we are very bullish about our Q3 bookings performance,” he said, according to The Times of India.
He also flagged the seasonal drag ahead: the December quarter typically sees a significant impact from client furloughs, though he expressed confidence in the company’s pipeline and deal momentum.
Shubham Singh Rathore, principal analyst at Gartner, offered a more measured read. He said Wipro maintained delivery stability and commercial engagement, with regional performance led by APMEA and Americas 2. “A controlled trailing twelve-month voluntary attrition at 13.8% and geographic breadth position Wipro effectively to execute multiyear enterprise transformation contracts globally,” he said.
How Wipro stacks up against TCS and HCLTech
The comparison with larger peers is where the quarter stings. Tata Consultancy Services and HCL Technologies reported sequential revenue growth of 0.2% and 2% respectively, and both showed sustained traction in order flows while Wipro’s bookings fell.
The Economic Times framed the gap through incremental trailing 12-month revenue. Wipro’s TTM incremental revenue turned positive in the June quarter at $32 million — the first time in 11 quarters — and improved to $95 million in the three months to September. That sounds like progress until you set it against the $505 million and $628.9 million reported by TCS and HCLTech over the same period. The trajectory is improving; the scale of the gap is not.
What it means for the Wipro share price
Wipro’s stock has been range-bound for the past three months, essentially since the company declared its previous quarter’s results on 16 July. It now trades at a multi-year low trailing price-earnings multiple of 13.
The Economic Times’ verdict: while the expected pickup in deal momentum and gradual margin improvement augur well for the medium term, the stock may remain range-bound in the short term given the slow pace of top-line improvement. Investors may have to wait longer for a valuation re-rating.
The December-quarter guidance
For the quarter ending 31 December, Wipro expects IT services revenue of $2,571 million to $2,625 million, implying sequential growth of -1.5% to 0.5% in constant currency terms. In other words, the company is not promising growth — it is promising a range that includes a decline.
On margins, the company expects further improvement in coming quarters and is aiming to reach its target band of 17-17.5% over the medium term, up from the current 16.5%.
Headcount shrinks, fresher hiring lags
Wipro’s workforce declined by 6,716 sequentially to 236,328 employees as of 30 September. The company attributed the reduction to routine realignment with demand, supply and flat utilisation.
Fresher onboarding also ran behind plan. Chief human resources officer Saurabh Govil said around 1,000 freshers were onboarded in the first half of FY27, below the company’s target, though hiring could step up in the second half.
The AI bet, and why Wipro won’t put a number on it
Pallia has been positioning AI as the core of Wipro’s growth story. “Our consulting-led, AI-powered strategy is helping us create larger transformation opportunities. We see AI as a long-term growth driver that will expand the addressable market for technology and business transformation,” he said, pointing to momentum across the company’s AI-Native Unit and AI offerings portfolio.
But Wipro does not disclose AI revenue separately. “We track these numbers internally but have not disclosed them externally. We want to avoid repeating what happened with digital services in the past. Our focus is on transforming clients through AI and helping them become AI-native,” Pallia said.
Rathore noted that enterprises are increasingly investing in infrastructure readiness and automated delivery, citing Gartner’s projection that worldwide spending on AI-optimised servers will rise 64.5% in 2026 to $635.8 billion, reaching $934 billion by 2030. Whether that spending translates into Wipro bookings — and eventually into a higher share price — is the question the December quarter will need to start answering.
The short version for investors
Wipro’s Q2 FY27 was a holding-pattern quarter: margins inching up, revenue flat, bookings weak but with management insisting the missing deals are delayed rather than lost. The stock’s 13-times trailing earnings multiple reflects that uncertainty. Until the December quarter shows the promised deal closures and a firmer revenue trajectory, the share price is likely to keep treading water.
FAQ
What was Wipro's Q2 FY27 net profit?
Wipro reported a net profit of ₹3,201 crore for the September 2026 quarter, down 1.4% year-on-year and 4.7% sequentially.
Why did Wipro's large deal bookings fall?
Large deal bookings fell 58.6% sequentially to $674 million, mainly because two awarded deals were not signed during the quarter, along with a client-specific situation in Americas 1 and weakness in healthcare. CEO Srini Pallia expects the delayed deals to close in the December quarter.
What is Wipro's guidance for the December quarter?
Wipro expects IT services revenue of $2,571 million to $2,625 million for the quarter ending 31 December, implying sequential growth of -1.5% to 0.5% in constant currency terms.
How does Wipro's Q2 FY27 performance compare with TCS and HCLTech?
TCS and HCLTech reported sequential revenue growth of 0.2% and 2% respectively, with sustained order flows, while Wipro’s revenue was flat sequentially and its total bookings fell 22.9% quarter-on-quarter.
Why has the Wipro share price been range-bound?
The stock has traded in a range for the past three months since the previous results on 16 July, and now trades at a multi-year low trailing price-earnings multiple of 13. Analysts cited by The Economic Times expect it to remain range-bound in the short term given the slow pace of top-line improvement.