Hold Wipro: target of Rs 256: ICICI Securities

ICICI Securities recommended hold rating on Wipro with a target price of Rs 256 in its research report dated January 17, 2026.

Broker Research

January 21, 2026 / 14:59 IST

Hold

ICICI Securities's research report on Wipro

Wipro reported soft organic revenue growth of 0.6% QoQ CC in Q3FY26. Guidance for Q4FY26 also implies weak revenue growth of -1.6% to 0.5% QoQ CC due to delayed ramp-up of large deals won in previous quarters and lower working days. Weak outlook and a cautious demand commentary are in contrast to the optimism in AI-led discretionary demand uptick commentary by large cap peers. Deal TCV was also soft at USD 871mn, down 9% YoY (vs. past four quarters’ average of USD 2,061mn).

Outlook

We cut our EPS estimates by 0–2% for FY26–28, factoring in weak organic revenue growth in Q4FY26, impact on margins due to D&A charge from acquisition and investments in large deals. We maintain HOLD with a one-year forward TP of INR 256, based on a target P/E of 18x on Dec’27 EPS of INR 14.

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