Wipro Q4 FY2026 Earnings: Revenue Hits $2.65 Billion

Wipro posted Q4 FY2026 net income of $373.2 million (INR 35.0 billion), up 12.3% QoQ but down 1.9% YoY. IT Services revenue reached $2,651 million, growing 2.1% YoY in reported currency. EPS came in at INR 3.34 ($0.04). Shares fell as much as 3.69% on April 17, 2026, as soft Q1 FY27 guidance overshadowed the buyback announcement.

About Wipro Limited

Wipro Limited (NYSE: WIT | BSE: 507685 | NSE: WIPRO) is India’s fourth-largest IT services company by revenue, offering technology consulting, IT services, and business process services to clients across 65 countries. Founded in 1945 and headquartered in Bengaluru, Karnataka, India, the company has evolved from a consumer goods manufacturer into a global AI-powered technology services and consulting firm.

As of April 2026, Wipro carries a market capitalization of approximately $23.10 billion (INR 2.15 trillion). The company employs over 242,156 professionals as of Q4 FY26, with a voluntary attrition rate of 13.8% on a trailing 12-month basis. Its stock P/E ratio stands at approximately 16.3x, dividend yield at 5.39%, and Return on Equity (ROE) at 15.4%.
Wipro’s Wipro Intelligence platform underpins its AI-first transformation strategy, enabling automation, analytics, and agentic services for enterprise clients worldwide.

Top Financial Highlights

1. Gross revenue reached INR 242.4 billion ($2,583.0 million), increasing 2.9% sequentially and 7.7% year over year.
2. IT services segment revenue was $2,651.0 million, up 0.6% QoQ and 2.1% YoY in reported currency.
3. Constant currency IT services revenue grew 0.2% sequentially but declined 0.2% year over year, indicating muted underlying demand.
4. Net income for Q4 stood at INR 35.0 billion ($373.2 million), rising 12.3% QoQ but declining 1.9% YoY.
5. Adjusted net income was INR 34.9 billion ($371.5 million), up 3.7% QoQ after adjustments.
6. Basic EPS was INR 3.34 ($0.04), increasing 12.1% QoQ and declining 2.1% YoY.
7. IT services operating margin was 17.3%, down 0.3% QoQ and 0.2% YoY.
8. Total bookings reached $3,455 million, rising 3.2% QoQ in constant currency.
9. Large deal bookings were $1,440 million, increasing 65.1% QoQ in constant currency, indicating strong deal momentum.
10. Operating cash flow totaled INR 31.7 billion ($338.2 million), representing 90.1% of net income for the quarter.
11. Full-year FY26 revenue reached INR 926.2 billion (~$9.9 billion), growing 4.0% year over year.
12. Full-year large deal bookings were $7.8 billion, increasing 45.4% year over year.
13. Cash and cash equivalents stood at INR 105.6 billion (~$1.125 billion) as of March 31, 2026.
14. A board-approved share buyback of INR 150 billion (~$1.6 billion) was announced at INR 250 per share, representing a 19% premium and covering up to 5.7% of paid-up capital.
15. Q1 FY27 IT services revenue guidance is in the range of $2,597 million to $2,651 million, implying sequential growth of -2.0% to 0% in constant currency.

Beat or Miss?

Revenue came in marginally below the street’s estimate of approximately $2,666 million, while net profit landed within the projected range. The Q1 FY27 guidance of -2.0% to 0% sequential growth in constant currency was softer than analyst expectations of -1.0% to +1.0%, becoming the primary sentiment overhang post-results.

What Leadership Is Saying?

CEO and Managing Director Srini Pallia on strategy and AI pivot:

“Advancements in AI are reshaping client priorities and creating new opportunities for us to partner more deeply to deliver value-driven outcomes. To strengthen our position in an AI-first world, we are pivoting to a services-as-a-software model through the AI Native Business and Platforms unit. Our strategic deal with the Olam Group further reflects the decisive investments we are making to capture opportunities at scale.”

CFO Aparna Iyer on financial performance and capital allocation:

“We have continued to invest in our clients, capabilities and people and maintained our margins in narrow band. Our cash conversion continues to remain strong with operating cash flows at 112.6% of net income for FY’26. During the year we have returned substantial portion of our cash generated to shareholders in the form of dividend. Additionally, in our recently concluded board meeting, the Board of Directors announced buyback of INR 15,000 Cr at a price of INR 250, subject to shareholder approval.”

Historical Performance

Wipro YoY Comparison

Competitor YoY Comparison (Q4 FY26 vs Q4 FY25)

Infosys is scheduled to report Q4 FY26 results on April 23, 2026, with analysts projecting net profit growth of approximately 9.3% YoY to INR 7,692.7 crore and revenue rising around 14.2% YoY to INR 46,738.9 crore. TCS delivered significantly stronger margin performance at 25.3% EBIT margin vs Wipro’s 17.3%, with ROE at 48.29% compared to Wipro’s 15.4%. Wipro’s large deal bookings surge of 65.1% QoQ is a notable positive differentiator versus peers, signaling pipeline momentum that could translate to revenue in FY27.

How the Market Reacted?

Wipro shares declined as much as 3.69% to INR 202.50 on the NSE on April 17, 2026, the session following the Q4 FY26 results announcement and the buyback declaration. The selloff was driven primarily by the conservative Q1 FY27 guidance of -2.0% to 0% sequential growth in constant currency terms, which disappointed investors who had expected a return to positive sequential growth.

The INR 15,000 crore buyback at INR 250 per share (a 19% premium to the last close) was viewed as a positive capital return signal, but failed to offset sentiment around the soft revenue outlook. Wipro had already underperformed the broader Nifty index significantly over the prior three months, declining approximately 23% to become one of Nifty’s worst-performing large-caps before the Q4 announcement.