Accumulate Wipro; target of Rs 615: Emkay

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26 Aug, 2025 12:21

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Emkay's research report on Wipro

"Wipro management continues to emphasis the increased focus on improving revenue growth trajectory that has been evident through recent quarters. Company indicated that apart from the overall pick up in demand environment, it’s efforts at (1) mining top clients, (2) hunting new client logos and(3) getting it’s fair share of business in the IMS business have begun yielding results which has resulted in deal wins and backfilling of the deal pipeline. While remaining short of committing, co hopes that the stronger deal pipeline should help in a ‘relatively better’ June’14 quarter (note that for Wipro, June quarter historically tends to be a weak quarter). Amongst verticals, company is seeing decent traction in Energy and Utilities, Healthcare and certain pockets of Financial Services. Further the local leadership enforcement along with the big IMS re-bid opportunity places Wipro well to get its fair share of wins in Continental Europe."

"We retain Wipro as ACCUMULATE with an unchanged TP of Rs 615, based on 15x FY16E P/E. Wipro along with (BUY rated) Infosys are our top bets in the Tier I space as we expect upward earning revisions on back of growth and margin surprises. At ~14.7x/13.6x FY15/16E P/E Wipro is trading at attractive valuations given improving operational performance (improving revenue growth with possible positive margin surprises)," says Emkay Global Financial Services research.

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