Wipro Q2 Results October 15, 2026: Flat CC Revenue, 16.5% Margin and Weak Bookings

Wipro put out its September-quarter numbers after market hours on Thursday, and the Wipro Q2 results October 15 release was a mixed bag. IT services revenue went nowhere in constant currency, operating margin got better, profit slipped, deal bookings dropped hard and the December-quarter outlook was cautious. Below we go through the key figures from the company’s own Q2 FY27 press release and analyst datasheet, what the market had been expecting, and what to keep an eye on when the stock trades on Friday. If reading earnings is new to you, our pillar guide on how to analyse quarterly results of a company lays out the framework we use here.

Wipro Q2 results October 15: the headline numbers

Wipro reports under IFRS. For the quarter ended September 30, 2026, the headline figures were:

• Gross revenue: ₹247.5 billion (about ₹24,752.7 crore), up 1.1% quarter-on-quarter (QoQ) and 9.1% year-on-year (YoY) in rupee terms.
• IT services revenue: $2,611.5 million, down 0.1% QoQ and up 0.3% YoY in reported dollar terms.
• Constant-currency IT services growth: flat (0.0%) QoQ and up 0.6% YoY.
• IT services operating margin: 16.5%, up 0.5 percentage point QoQ and down 0.2 percentage point YoY.
• Net income: ₹32.0 billion (₹3,199.7 crore), down 4.7% QoQ and 1.9% YoY.
• Earnings per share: ₹3.23, up 0.9% QoQ and 4.2% YoY.
• Operating cash flow: ₹53.0 billion, up 61.3% QoQ and equal to 165.8% of net income.
• Total bookings: $2,595 million, down 22.9% QoQ in constant currency; large deal bookings (deals of $30 million or more) were $674 million, down 58.6% QoQ in constant currency.
• Voluntary attrition: 13.8% on a trailing 12-month basis.

That 9.1% rupee revenue growth looks far better than the dollar numbers, and currency is the reason. The press release says the realised exchange rate in IT services for the quarter was ₹94.45 to the dollar, while the convenience translation in the statements uses ₹95.83. When you line Wipro up against peers, constant-currency growth is the cleaner read on business momentum, and on that measure the quarter was flat.

Against the street: revenue in line, profit short

Brokerages had braced for a weak quarter. As per Financial Express live coverage, Kotak Institutional Equities had pencilled in a 1% sequential revenue decline, which included roughly 80 basis points from the AlphaNet acquisition and a full quarter of Mindsprint consolidation, and an organic fall of 1.8%. Kotak also expected December-quarter guidance of -2% to 0%. Anand Rathi was looking for an organic sequential decline of around 1.5-1.8%.

Measured against that, flat constant-currency revenue came in a little better than feared. Wipro’s datasheet shows Q2 IT services revenue of $2,612 million against its own guidance range of $2,574-2,627 million (restated at actual currency to $2,570-2,623 million), so the quarter landed in the upper half of the band.

Profit was another matter. NDTV Profit set the numbers against analyst estimates: net profit of ₹3,200 crore versus an estimate of ₹3,306 crore, and revenue of ₹24,753 crore versus ₹24,710 crore expected. Revenue, then, was roughly in line, and profit missed.

Wipro’s operating profit grew this quarter. The profit miss came from below the operating line: lower other income and higher finance costs.

Margins up, profit down: how both happened

This is the bit of the quarter most worth understanding, because the “profit falls” headline hides an improvement in the operating business. From the consolidated income statement in the press release (figures in ₹ million):

• Results from operating activities climbed to 40,645 from 37,829 a year earlier, a rise of about 7.4%.
• Finance and other income dropped to 6,770 from 8,455 a year earlier (down about 19.9%) and from 8,872 in the June quarter (down about 23.7%), going by the segment table.
• Finance expenses rose to 5,454 from 3,612 a year earlier (up about 51%) and from 4,728 in the June quarter.
• Profit before tax was 42,047, down about 1.8% YoY and about 3.0% QoQ.
• Income tax was 10,050, an effective rate of about 23.9% of profit before tax.

So the core business earned more, but treasury and other income shrank while interest costs went up. That is exactly why investors should look past net profit to operating profit. Our explainer on other income in quarterly results shows how swings in non-operating lines can flatter or dent reported earnings.

EPS rose 4.2% YoY even though net profit fell 1.9%. The share count explains it: the weighted average basic share count used for EPS was 9,898,117,199 in the quarter, against 10,475,705,330 a year earlier, about 5.5% fewer shares. With fewer shares, each one gets a bigger slice of a slightly smaller profit.

Cash generation was strong. Net cash from operating activities came to ₹53,048 million. After capital expenditure of ₹4,261 million and asset-sale proceeds of ₹93 million, free cash flow was ₹48,880 million, or 152.8% of net income, per the reconciliation in the press release.

Bookings were the real disappointment

Bookings matter because today’s bookings are tomorrow’s revenue. The datasheet shows total bookings of $2,595 million in Q2 FY27, against $3,370 million in Q1 FY27 and $4,688 million in Q2 FY26, a reported drop of about 44.6% from a year earlier. Large deal bookings were $674 million, compared with $1,626 million in the June quarter and $2,853 million a year earlier, a reported fall of about 76.4% YoY.

Livemint called the bookings a nearly four-year low. It also reported that CEO Srinivas Pallia told reporters a couple of deals had been awarded to Wipro but not signed in the September quarter and should flow into the December quarter, that he was “very, very bullish” about Q3 bookings, and that seasonal furloughs would weigh on the third quarter. Whether those deals actually show up in Q3 is one of the biggest things to track from here.

Q3 guidance: -1.5% to +0.5% in constant currency

For the quarter ending December 31, 2026, Wipro expects IT services revenue of $2,571-2,625 million, which it says works out to sequential growth of -1.5% to +0.5% in constant currency. The midpoint of that dollar range is $2,598 million, a little under the Q2 actual of $2,611.5 million, so at the midpoint the guidance points to a small decline. The outlook assumes USD/INR at 95.76, GBP/USD at 1.35 and EUR/USD at 1.15.

At the bottom end the band is slightly better than Kotak’s expected -2% to 0%, but it still points to a soft second half. Management had itself flagged seasonal furloughs as a drag on the December quarter, so a negative midpoint was partly priced in. The real question is whether bookings bounce back enough to support growth in the March quarter and after.

Which regions and sectors grew

The datasheet splits constant-currency growth by Wipro’s strategic market units (SMUs) and sectors. QoQ in constant currency:

• Americas 1 (34.4% of IT services revenue): -2.1% QoQ, -2.7% YoY.
• Americas 2 (25.6%): +0.9% QoQ, -4.7% YoY.
• Europe (27.4%): +0.6% QoQ, +5.1% YoY.
• APMEA (12.6%): +3.1% QoQ, +13.3% YoY.

By sector, Banking, Financial Services and Insurance (34.5% of IT services revenue) grew 1.0% QoQ, Consumer (19.2%) grew 2.6%, and Energy, Manufacturing and Resources (16.3%) grew 1.1%. Technology and Communications (16.5%) slipped 2.6% and Health (13.5%) fell 3.8% QoQ, with Health also down 6.5% YoY in constant currency. Ahead of the results, DRChoksey FinServ had warned that a steeper fall in Health or Energy, Manufacturing and Resources could drag growth towards the lower end of guidance, Financial Express reported.

Put together, Wipro’s biggest region, Americas 1, and two of its five sectors are shrinking, while Europe and APMEA do the heavy lifting. Client concentration crept up, with the top client at 4.5% of revenue and the top 10 at 23.9%.

Flat revenue with a shrinking order book is a holding pattern, not a recovery. The December-quarter bookings number will tell investors which way it breaks.

Headcount fell sharply over the quarter

Wipro ended September with 236,328 employees, down 6,716 from 243,044 at the end of June. Compared with 235,492 a year earlier, headcount was up 836. Net utilisation excluding trainees eased to 83.4% from 83.6% in the June quarter and 86.4% a year ago. Voluntary attrition in IT services (excluding business process services) was 13.8%, against 13.9% in the June quarter. Offshore revenue made up 62.2% of services, and fixed-price projects 52.4% of revenue.

On the earnings call, per an Investing.com transcript, Pallia described headcount as “flattish” year-on-year. He said the company does not hire on campus in the first half, plans campus hiring in the second half given volume growth, and that AI-led productivity was also part of the picture.

Share price and ADR reaction

The numbers came out after Indian market hours. In Thursday’s session Wipro shares had closed near ₹174: Fortune India reported a BSE close of ₹173.70, up 1.58%, and NDTV Profit reported ₹174.05, up 1.83%, against a 1.66% rise in the Nifty 50. NDTV Profit put the stock’s 52-week range at ₹156.79 to ₹273.10.

The US-listed ADRs swung around in New York after the release. NDTV Profit said they fell as much as 4.5% before recovering to $1.86, up 3.61%, while Livemint reported they rose as much as 5% to a nearly two-month high of $1.91. Livemint also pointed out that Wipro shares had gained around 10% over the previous four sessions but were still down 34% in 2026.

For how the wider IT pack was set up on results day, see our IT stocks results day preview, and for the original schedule and watch-list, our Wipro Q2 results date post. The day’s market moves are tracked on our Stock Market Today India hub.

Our scorecard for the quarter

Here is how we would score the Wipro Q2 results, line by line:

1. Revenue: flat in constant currency and in the upper half of guidance. A bit better than brokerages feared, but still no growth.
2. Margin: a 0.5 percentage point sequential gain to 16.5% is a real positive, and operating profit rose about 7.4% YoY.
3. Profit: the 1.9% YoY fall came from lower other income and higher finance costs, not weaker operations; EPS still rose thanks to the lower share count.
4. Bookings: the clear weak spot. Total bookings and large deals both fell steeply, which raises the stakes on the deal signings management expects in Q3.
5. Guidance: -1.5% to +0.5% in constant currency points to a small decline at the midpoint for the December quarter.
6. Cash: operating cash flow at 165.8% of net income and free cash flow at 152.8% of net income are both strong.

For traders, Friday’s open will show whether the ADR strength carries over to Indian trading after a run-up into the results. For longer-term investors, the key tests over the next two quarters are whether the deals management described as awarded but unsigned convert into Q3 bookings, whether Americas 1 and Health stabilise, and whether the margin gains hold as campus hiring resumes in the second half. This post is for information only and is not investment advice.