Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading AI-powered technology services and consulting company, announced its financial results for the first quarter ended June 30, 2026. The company reported a 0.9% year-over-year increase in IT services revenue on a constant currency basis, with large deal bookings surging 12.9% quarter-over-quarter to $1.6 billion.
Key Financial Highlights
- Gross revenue: ₹244.8 billion ($2,585.9 million), up 1.0% QoQ and 10.6% YoY.
- IT services revenue: $2,614.5 million, down 1.4% QoQ but up 1.0% YoY; non-GAAP constant currency growth of 0.9% YoY.
- Total bookings: $3,370 million, down 2.4% QoQ in constant currency.
- Large deal bookings: $1,626 million, up 12.9% QoQ in constant currency, including 13 large deals.
- IT services operating margin: 16.0%, down 1.3% QoQ and 1.2% YoY.
- Net income: ₹33.6 billion ($354.6 million), down 4.7% QoQ but up 0.6% YoY.
- Earnings per share: ₹3.20 ($0.031), down 4.2% QoQ but up 0.6% YoY.
- Operating cash flow: ₹32.9 billion ($348 million), at 98% of net income, up 3.6% QoQ.
- Voluntary attrition: 13.9% on a trailing 12-month basis.
- Interim dividend: Declared ₹2 ($0.021) per equity share/ADS.
Management Commentary
Srini Pallia, CEO and Managing Director, said, “Clients are moving beyond technology modernization to AI-enabled operating models that improve quality, resilience, and productivity. Wipro’s consulting-led, AI-powered approach helps clients embed AI at the core of their business, and these engagements reflect both the breadth of our capabilities and the trust clients place in us as a transformation partner.”
Aparna Iyer, Chief Financial Officer, added, “As we navigate an evolving technology landscape, we remain focused on investing in our people and strategic priority areas. While these investments may create some near-term margin volatility, it sets a strong foundation for future growth. Cash flow remained robust, with operating cash flow at 98% of net income for the quarter. We are also pleased to share that the Board has declared an interim dividend of ₹2 per share. Including this dividend and payouts made over the past year, we would have returned more than $3 billion in cash to our shareholders while continuing to invest steadily for growth.”
Strategic Deal Wins
Wipro secured multiple large and strategic deals during the quarter across industries. Key wins include:
- A global chemicals company selected Wipro for a multi-year IT modernization deal, leveraging AI and GenAI for automation and cost optimization.
- A major US technology company renewed its engagement for geospatial data operations, using AI-powered global delivery.
- A US health insurer extended its digital workplace support contract with AI-infused service delivery.
- A leading Australian health and community services provider chose Wipro to modernize its technology landscape.
- Capco, a Wipro company, secured engagements with a global energy company and a US housing finance institution for data modernization and program execution.
Analyst Recognition
Wipro was recognized as a Leader in several industry reports, including ISG Provider Lens for Semiconductor Services, Avasant RadarView for Banking and High-Tech Digital Services, and Everest Group’s Healthcare Payer Digital Services PEAK Matrix® Assessment.
Outlook for Q2 FY2027
For the quarter ending September 30, 2026, Wipro expects IT services revenue in the range of $2,574 million to $2,627 million, translating to sequential guidance of (-)1.5% to (+)0.5% in constant currency terms.
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