TickerKhojArticles · 18 October 2026
Wipro Q2 IT-services revenue is flat in constant currency as large-deal bookings fall 58.6% QoQ
Wipro Limited · Q2 FY2026-27, quarter ended 30 September 2026
In short
Wipro reported flat sequential IT-services revenue in constant currency, a 16.5% operating margin and lower bookings for the quarter ended 30 September 2026, while guiding to a -1.5% to +0.5% sequential revenue range for Q3.
The quarter in numbers
Wipro reported gross revenue of ₹247.5 billion for the quarter ended 30 September 2026, up 1.1% sequentially and 9.1% from a year earlier. IT-services revenue was US$2.6115 billion, down 0.1% sequentially on a reported basis and flat in constant currency; year-on-year constant-currency growth was 0.6%.
IT-services operating margin was 16.5%, 50 basis points higher than Q1 but 20 basis points lower than a year earlier. Net income was ₹32.0 billion, down 4.7% sequentially and 1.9% year on year, while earnings per share was ₹3.23.
Operating cash flow was ₹53.0 billion, equal to 165.8% of quarterly net income. Wipro's reconciliation shows free cash flow of ₹48.88 billion, or 152.8% of net income.
Bookings and management's outlook
Total bookings were US$2.595 billion, down 22.9% sequentially in constant currency. Large-deal bookings were US$674 million, down 58.6% sequentially in constant currency. Wipro defines large deals as contracts with total contract value of at least US$30 million and cautions that bookings are recorded contract value, not revenue already recognised.
For the quarter ending 31 December 2026, management guided IT-services revenue to US$2.571 billion to US$2.625 billion. On Wipro's stated exchange-rate assumptions, that represents sequential constant-currency growth of -1.5% to +0.5%.
Chief executive Srini Pallia said the company was seeing momentum in its AI-native unit and AI offerings portfolio, while chief financial officer Aparna Iyer pointed to the sequential margin expansion and cash conversion. These are management's assessments, not NSE Scanner forecasts.
Editorial reading
The quarter combined better sequential operating margin and strong cash conversion with limited revenue momentum and materially lower bookings. That mix makes the bookings trend an important item to monitor, but one quarter of bookings does not determine future revenue because contracts convert over their individual tenures and can later be reduced or terminated.
The Q3 guidance range spans contraction to modest growth. It therefore does not establish a single directional revenue outcome, and the actual result will also depend on the exchange-rate assumptions specified by Wipro.
Questions the disclosures answer
Did Wipro grow sequentially in constant currency? No: the company reported flat quarter-on-quarter IT-services revenue in constant currency, compared with a 0.1% reported-currency decline.
How much did large-deal bookings change? Wipro reported US$674 million, 58.6% below Q1 in constant currency. The disclosure does not provide a quarter-by-quarter revenue conversion schedule for those bookings.
What is the next-quarter revenue range? Management expects IT-services revenue of US$2.571 billion to US$2.625 billion, equivalent to -1.5% to +0.5% sequential growth in constant currency under the company's assumptions.
Risks and open questions
Wipro's release identifies risks including demand variability, competition, wage pressure, talent availability, fixed-price execution, client concentration, immigration restrictions, international operations, acquisitions, geopolitical instability, regulation and general economic conditions.
The documents do not disclose how much of the AI-related pipeline will become signed revenue, the margin profile of AI work, or the timing of revenue conversion from the quarter's bookings. The guidance range also leaves open both a sequential decline and a modest increase.
Sources
- Wipro Q2 FY27 results press release (HTML)
- Wipro Q2 FY27 analyst data sheet
- Wipro Regulation 33 results filing
AI-written from linked Wipro primary sources and checked by an assistant before the owner explicitly authorized this reviewed draft for one-time publication on 18 October 2026. Not human-reviewed; no investment recommendation or price target.