Wipro Ltd (WIT)

Price$1.67Cached quoteAs of 2026-09-10 22:37 UTC

AI: Fair-priced

Price checkThe shares look reasonably priced, but weak growth keeps the discount from being a clear bargain.

The observed ADR is valued at roughly 14 to 15 times recent annual earnings, close to a 7% earnings yield, meaning about seven cents of annual profit for each dollar of market value. That is reasonable for a mature services company, not obviously distressed. The supplied FY2025 history also shows ₹154.7 billion of free cash flow, meaning cash left after operations and capital spending, versus ₹131.4 billion of profit. Weak latest growth guidance offsets that cash strength, so Fair-priced is better supported than either extreme.

Big pictureWipro has protected profit and cash despite several years of stalled sales.

Revenue slipped from ₹904.9 billion in FY2023 to ₹890.9 billion in FY2025, while operating income rose 8.4% and net income rose 15.7%, showing that cost control helped profits. FY2025 operating cash flow was ₹169.4 billion and capital spending was ₹14.7 billion, leaving ₹154.7 billion of free cash flow, 18% above net income. Yet the underlying cycle remains weak: FY2026 IT-services revenue fell 1.6% in constant currency, which removes exchange-rate effects, despite growth in reported rupee revenue. Cash has been durable; sales growth has not.

Business strengthA liquid balance sheet and buyback help per-share value, though acquisitions have raised asset risk.

At FY2025, current assets were ₹777.8 billion against ₹286.3 billion of current liabilities, while debt exceeded cash by only ₹39.8 billion, about 0.22 times EBITDA, a rough measure of cash-like operating profit. Goodwill from acquisitions was ₹325.0 billion, equal to about 39% of equity, so acquired businesses must continue earning acceptable returns. Stock compensation was ₹5.5 billion, about 4% of net income. In June 2026 Wipro retired 600 million shares, about 5.7% of the total, through a ₹150.5 billion buyback.

What could change the storyThe valuation improves if large wins become growth; it worsens if weak guidance becomes the new normal.

The bull case is conversion: FY2026 large-deal bookings reached $7.8 billion, and Q1 FY2027 large deals were $1.63 billion, up 12.9% sequentially. The bear case is that bookings keep taking too long to become revenue: Q1 IT-services revenue fell 1.2% sequentially, margin dropped to 16.0%, and next-quarter guidance called for between a 1.5% decline and 0.5% growth in constant currency. At roughly 15 times earnings, the valuation requires stable profits and eventual low-single-digit growth, not a dramatic recovery. Sustained shrinkage would make that valuation look expensive.

AI: News

Weak first-quarter outlookFirst-quarter results showed weak growth and guidance, reinforcing doubts that large contracts are converting fast enough.

On July 16, Wipro reported Q1 FY2027 IT-services revenue down 1.2% sequentially in constant currency, operating margin of 16.0%, and total bookings of $3.37 billion. It guided the next quarter to between a 1.5% decline and 0.5% growth. Reuters reported the Indian shares fell as much as 2.4% the next day and 14 brokerages cut price targets. The timing is consistent with concern that strong deal wins are not converting into growth quickly enough, though price moves can have multiple causes.

Nifty 50 removalWipro will leave a major Indian index, creating potential selling pressure without changing the underlying business.

On August 10, the exchange operator said Wipro would leave the Nifty 50 on September 30, replaced by BSE after the index review. Reuters reported that passive funds tracking the benchmark managed about $97 billion and that Wipro shares fell 1.1% that day. Index removal does not change Wipro's profits, but it can create mechanical selling by index funds and reflects Wipro's relative market-value position. The same-day decline should not be treated as proof that the index decision alone caused the move.

Large buyback completedThe completed buyback materially reduced shares outstanding, but it also used a large part of Wipro's cash resources.

Wipro completed the buyback in late June, settling valid bids on June 24 and extinguishing 600 million shares on June 25. The company spent ₹150.5 billion including transaction costs, reducing the share count by about 5.7%. Fewer shares can lift earnings per share if profit holds steady, but the cash outlay also reduces the balance-sheet cushion. Because the tender price was set earlier and above later market levels, the buyback creates value only if management repurchased shares below their underlying business value.

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Revenue

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Financial statements

	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	—	$10.43B	$10.77B	$11.01B	$10.43B	$8.47B	$8.09B	$8.47B	$8.37B	—	—
Gross profit	—	$3.20B	$3.19B	$3.16B	$3.10B	$2.68B	$2.31B	$2.50B	$2.45B	—	—
Gross margin	—	30.66%	29.65%	28.68%	29.72%	31.68%	28.54%	29.50%	29.23%	—	—
Operating expenses	—	$1.43B	$1.56B	$1.46B	$1.25B	$1.00B	$908.0M	$1.05B	$1.15B	—	—
Operating income	—	$1.77B	$1.63B	$1.70B	$1.85B	$1.68B	$1.40B	$1.44B	$1.29B	—	—
Operating margin	—	16.98%	15.16%	15.43%	17.74%	19.87%	17.32%	17.05%	15.48%	—	—
Net income	—	$1.55B	$1.33B	$1.38B	$1.61B	$1.49B	$1.29B	$1.30B	$1.23B	—	—
Net profit margin	—	14.84%	12.38%	12.56%	15.46%	17.55%	16.00%	15.37%	14.70%	—	—
Basic EPSper basic share	—	$0.15	$0.25	$0.25	$0.29	$0.26	$0.22	$0.22	$0.26	—	—
Diluted EPSper diluted share	—	$0.14	$0.25	$0.25	$0.29	$0.26	$0.22	$0.22	$0.26	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of WIT
Holder	Shares held
BlackRock, Inc.	57M
MORGAN STANLEY	33.03M
Penserra Capital Management LLC	31.67M
Defiance ETFs, LLC	31.67M
STATE STREET CORP	21.8M
VANGUARD CAPITAL MANAGEMENT LLC	20.93M
Creative Planning	9.02M
ACADIAN ASSET MANAGEMENT LLC	8.32M
Robeco Institutional Asset Management B.V.	5.49M
WELLINGTON MANAGEMENT GROUP LLP	5.32M
UBS Group AG	5.12M
FIRST TRUST ADVISORS LP	4.77M
AMERICAN CENTURY COMPANIES INC	4.36M
Promethos Capital, LLC	4.16M
Connor, Clark & Lunn Investment Management Ltd.	3.46M
MARSHALL WACE, LLP	3.4M
NORTHERN TRUST CORP	3.32M
AQR CAPITAL MANAGEMENT LLC	3.25M
GOLDMAN SACHS GROUP INC	3.2M
SCHRODER INVESTMENT MANAGEMENT GROUP	3.12M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)5$16.17M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 19, 2026Form 4	Iyer Aparna ChandrasekharChief Financial Officer	SellEquity Shares	45.0K	$2.00	$90.0K	3.7K
May 14, 2026Form 4	Pallia SrinivasChief Executive Officer	SellEquity Shares	203.2K	$1.82	$369.7K	893.8K
May 8, 2026Form 4	Pallia SrinivasChief Executive Officer	SellEquity Shares	217.6K	$1.98	$430.8K	745.9K
May 4, 2026Form 4/A	Iyer Aparna ChandrasekharChief Financial Officer	SellEquity Shares	75.0K	$2.12	$159.0K	0
May 4, 2026Form 4	Iyer Aparna ChandrasekharChief Financial Officer	SellEquity Shares	75.0K	$201.58	$15.12M	48.7K

Review ownership filings at SEC.gov ↗

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Wipro Ltd (WIT)

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