IT Stocks Results Day October 15, 2026: Wipro, Tech Mahindra and Persistent Q2 Preview

IT stocks results day October 15 brings three quite different technology companies to the table on the same Thursday: Wipro, Tech Mahindra and Persistent Systems. All three report September-quarter (Q2 FY27) numbers today, and the expectations could hardly be further apart. Brokerages think Wipro shrank again on an organic basis. They think Tech Mahindra grew profit by about 30% or more year-on-year. And they expect Persistent to lead the sector on growth once more. Here’s how the three stocks traded going in, what the main brokerage previews are looking for, and which numbers will matter most when the results come out.

IT stocks results day October 15: how the shares traded going in

The sector walked into Thursday with some wind behind it. The Nifty IT index gained 340.90 points, or 1.14%, on Wednesday, October 14, closing at 30,171 against 29,830.10 the day before. Its range for the session was 29,879.50 to 30,377.15, according to ThePip’s Nifty IT data. Business Standard reported that IT stocks added ₹25,029 crore in market value that day. That made Nifty IT the second-best sectoral index after FMCG, on a day the Nifty 50 slipped 0.44% to 22,622.7 and the Sensex fell 0.34% to 72,781.89.

Today’s three reporters didn’t move in step:

• Wipro: up 1.14% (₹1.92) at ₹170.92. It is about 7.1% of the Nifty IT index.
• Tech Mahindra: up 2.05% (₹31.70) at ₹1,575.20, with an index weight of about 6.4%.
• Persistent Systems: down 1.50% (₹90) at ₹5,898, with an index weight of about 3.9%.

The closing prices and weights come from the same ThePip constituent table and line up with EODData’s NSE end-of-day records. Those records also show the month so far. Persistent closed at ₹5,367 on October 1, so even after Wednesday’s dip it’s about 9.9% higher in October. Wipro is up about 7.2% from its October 1 close of ₹159.4, and Tech Mahindra about 2.8% from ₹1,533. The Nifty IT index sits about 6.6% above its October 1 close of 28,304.70 (Yahoo Finance history), yet it’s still about 25% below its 52-week high of 40,301.40.

Not everyone is calling this a turn. “The primary trend remains on the downside, as the index is still below 32,000,” Om Mehra of Samco Securities told Business Standard. He also said mutual funds were still buying IT stocks at what he called cheap valuations. Our report on IT stocks on October 14 covers Wednesday’s session in more detail.

Wipro Q2 preview: another organic decline, and the Q3 guide

On growth, Wipro is the weak link of the three. Bloomberg consensus estimates quoted by NDTV Profit look like this:

• Revenue: up 0.9% quarter-on-quarter to ₹24,710 crore, from ₹24,479 crore.
• EBIT (operating profit): up 4.9% to ₹4,018 crore, from ₹3,829 crore.
• EBIT margin: 16.26%, up 56 basis points from 15.64%.
• Net profit: down 1.4% to ₹3,306 crore, from ₹3,352 crore.

Rupee revenue can go up even while the underlying business shrinks, because the rupee has weakened and recent acquisitions add to the top line. The CNBC-TV18 poll shows that gap clearly. It sees dollar revenue falling 0.9% to $2,592.2 million, from $2,614 million, while rupee revenue rises 1% to ₹24,733 crore. It pencils in reported constant-currency growth of minus 0.75% and organic constant-currency growth of minus 1.4%, the weakest among the large IT names. If that’s how it lands, it would be Wipro’s third straight quarter of organic decline. The poll also expects profit after tax to fall 3.1% sequentially to ₹3,248.6 crore, with the EBIT margin flat at 16%. One small mismatch to keep in mind: CNBC-TV18 puts the June-quarter margin at 16%, while the Bloomberg figures above use 15.64%.

The brokerages agree on direction. Kotak Institutional Equities, quoted by Livemint, expects revenue to drop 1% from the previous quarter, and 1.8% organically, citing weak global economies, pricing pressure and lost market share. That estimate already includes about 80 basis points from the AlphaNet acquisition and a full quarter of Mindsprint. HSBC expects organic constant-currency revenue to fall about 1%, pointing to a key banking client taking work in-house and a delayed ramp-up of a large deal in the Americas 2 business.

The bigger swing factor, though, is Wipro’s revenue guidance for the December quarter. Kotak expects a range of minus 2% to 0%. CNBC-TV18’s October 2 sector poll pointed to either minus 2% to 0% or minus 1.5% to plus 0.5%. December is usually a soft quarter anyway, partly because of client furloughs (unpaid holiday shutdowns).

For Wipro, the December-quarter guidance range will probably move the stock more than the September numbers do. Every estimated range starts below zero.

Tech Mahindra Q2 preview: profit growth, a possible bonus, and margins

Tech Mahindra has the friendliest setup of the lot. Business Standard says analysts expect net profit to rise more than 30% year-on-year, with double-digit sales growth and margins roughly flat from the June quarter because of wage hikes. The board will also consider a dividend and a bonus issue on October 15. If it goes through, it would be the company’s first bonus in 11 years.

• Axis Direct: profit after tax up 30.1% year-on-year to ₹1,563 crore, from ₹1,202 crore, on 14% revenue growth to ₹15,948 crore. It sees the margin at 14.5%, up 240 basis points from a year ago and 13 basis points from the June quarter.
• Kotak Institutional Equities: revenue up 15.3% year-on-year and 2.7% from the June quarter. It expects adjusted profit up 30.4% to ₹1,557.8 crore and an EBIT margin of 14.5%, with wage revisions shaving off 80 basis points.
• PL Capital: adjusted profit up 49% year-on-year and 22% from the June quarter, sales up 14.6% and a margin of 14.4%.

In constant currency, BusinessLine says analysts expect growth of 1.2% to 1.7% over the June quarter, helped by the Orange deal and by retail and healthcare clients. Some of that is offset by lower revenue from Pininfarina after a large programme wrapped up in the June quarter. Nuvama expects management to stick with its 15% EBIT margin target for FY27. Kotak expects a foreign-exchange loss of about $25 million, and adds that the rupee’s 0.8% fall over the quarter may not show up in net profit straight away because of the hedges IT companies carry.

Deal wins are the other number we’d watch. Business Standard says analysts see $0.8 billion to $1 billion of new deals, probably the lowest in four quarters. Kotak’s estimate of about $0.9 billion would still be roughly 10% above a year ago.

Persistent Systems Q2 preview: fastest grower, facing a margin test

Persistent reports today, and CEO Sandeep Kalra and senior management will take questions on a conference call at 5:00 PM IST, according to the company’s exchange filing dated October 8. That call comes after the 3:30 PM market close, so a good chunk of the share-price reaction to management’s commentary will probably show up on Friday.

The growth bar is set high. Kotak expects revenue to rise 7% over the June quarter and Motilal Oswal about 5%, according to Financial Express. The paper ties mid-tier outperformance to faster conversion of large deals, and notes that Persistent won a $650 million mega deal from a major US technology client in June. A separate CNBC-TV18 poll estimates 6.7% constant-currency growth over the June quarter, all of it organic, with that deal ramping up.

The catch is margins. Financial Express says Persistent is expected to see a 40 basis point drop in margin from the June quarter after wage hikes, which is the opposite of the small gain expected at Tech Mahindra.

Persistent is priced for growth. A strong revenue number with a weaker margin can still leave investors disappointed after a run of nearly 10% this month.

IT stocks to watch on October 15: what to check first

1. Wipro’s December-quarter guidance: does the range start at minus 2%, minus 1.5% or better, and does management give any timeline for organic growth to come back?
2. Wipro organic growth: a print near the CNBC-TV18 poll’s minus 1.4% would confirm a third straight quarter of decline.
3. Tech Mahindra’s bonus and dividend: the bonus ratio and the dividend amount, if the board signs off.
4. Tech Mahindra margin: does the EBIT margin hold near the 14.4% to 14.5% brokerages expect, and does the 15% FY27 target survive?
5. Deal wins: do Tech Mahindra’s new deals reach the $0.8 billion to $1 billion range, and how much of Persistent’s large-deal pipeline is turning into revenue?
6. Persistent’s growth versus margin: growth of 5% to 7% over the June quarter, as brokerages expect, and how deep any margin dip goes.

Where IT stocks could go after results day

The quarter so far backs up the split in these previews. CNBC-TV18 noted on October 14 that TCS posted 0.5% constant-currency growth over the June quarter and HCLTech 2.3%, while Wipro is expected to come in below zero. Its October 2 poll had already flagged the weakest large-cap IT growth in three years, with mid-tier companies doing better thanks to market-share gains and large deals.

So today’s three reports pull in different directions. Wipro needs guidance that’s no worse than feared. Tech Mahindra has to show its turnaround in profit, not only in revenue. Persistent has to prove fast growth isn’t costing it too much margin. And because Wednesday’s 1.14% index gain came right after a sharp rally the day before, any letdown could hit share prices quickly on Friday. Our guide on how to analyse quarterly results shows how to separate organic growth, currency effects and one-offs once the numbers are out. The Stock Market Today India hub tracks the wider market through the session, and our Nifty outlook for October 15 sets out the broader picture for the day.