Wipro is one of India's largest IT services exporters, and its Q2 FY 2026-2027 print arrives with the sector navigating longer client decision cycles, selective discretionary spending, and a US Federal Reserve that raised rates 25 bps in September 2026 to a 3.75%-4.00% range. The two most material things this results will speak to are whether IT Services revenue lands within the guided $2,574-2,627 million range and whether operating margin, at 16.0% in Q1 FY27, shows any progress toward the 17%-17.5% band management wants to return to.
| Results date | October 15, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | $2.61 billion (IT Services, constant currency, Q1 FY27) |
| Previous quarter PAT | INR 33.6 billion (Q1 FY27 net income) |
| Market cap | Rs. 161,031.16 Cr |
| CMP | Rs. 162.57 |
Wipro's Q2 FY 2026-2027 results are scheduled to be announced on October 15, 2026. The pre-call note's announcement log could not verify the board-meeting intimation wording or any dividend agenda from the retrieved source documents.
The central question for Wipro's Q2 FY 2026-2027 print is whether IT Services revenue lands within the guided $2,574-2,627 million range — sequential constant-currency growth of -1.5% to +0.5% — and whether some of the Q1 deal decisions management said slipped into Q2 FY27 convert. The starting point is Q1 FY27 revenue of $2.61 billion, up 0.9% year on year but down 1.2% sequentially in constant currency, with Americas 2 down 7.3% year on year and Healthcare down 3% year on year acting as the drags. On margins, Q1 FY27 operating margin of 16.0% sat 97 bps below the floor of the 17%-17.5% band, with management citing salary increases, large-deal ramp-up, AI investment, and acquisition execution as pressures, and rupee depreciation plus operational efficiencies as partial offsets. The rupee's weakening through Q2 — USD/INR traded in a ~94.8-96.0 band in July-September 2026 versus ~93-levels in Q1 — offers a reported-currency translation buffer, while annual increments (IT-sector increments of 8-12%, with 30%+ hikes for niche AI talent) continue to weigh on the cost line. Bookings are the other watchpoint: Q1 FY27 bookings were $3.3-3.4 billion including $1.6 billion from 13 large deals, and the mix between lower-margin traditional cost-optimization work and net-new AI projects, which management said carry better margins, will shape the margin trajectory. The upcoming call is expected to cover revenue delivery versus guidance, the margin bridge, bookings conversion, and the Healthcare and Americas 2 trajectory.
Q2 FY27 revenue versus the $2,574-2,627 million guidance: The Q1 FY27 call guided Q2 FY27 IT Services revenue to $2,574-2,627 million, equivalent to sequential constant-currency growth of -1.5% to +0.5%.
Margin recovery toward the 17%-17.5% band: Q1 FY27 operating margin was 16.0%, down 1.2% year on year, and management has not set a timeline for returning to the 17%-17.5% band.
Bookings, deal conversion and AI deal economics: Q1 FY27 bookings were reported as $3.3 billion and $3.4 billion in different transcript excerpts, including $1.6 billion from 13 large deals.
Healthcare and Americas 2 trajectory: Both segments were the standout weak spots in Q1 FY27.
The CEO has said Wipro wants to return to the 17%-17.5% band but did not want to predict when, given volatility and the revenue situation. Q1 FY27 operating margin was 16.0%, down 1.2% year on year, pressured by salary increases, large-deal ramp-up, AI investment, and acquisition execution.
Management attributed the softness primarily to pressures affecting US healthcare payers and providers, with client budgets flat or negative and spend being reallocated toward AI and compliance. In Q1 FY27, Healthcare declined 2.6% sequentially and 3% year on year.
Yes, the CEO confirmed that some deal decisions slipped from Q1 into Q2 FY27, while describing a healthy pipeline with cost optimization and vendor consolidation as recurring deal themes. Q1 FY27 bookings included $1.6 billion from 13 large deals.
Management said competitive traditional deals focused on cost optimization and vendor consolidation can pressure margins initially, while net-new AI projects have better margins. It added that pricing and solution design must account for client total cost of ownership, including token costs.
Yes. Q1 FY27 IT Services revenue declined 1.2% sequentially in constant currency, within the guided range of -2% to 0% sequential constant-currency growth.