Hold Wipro; target of Rs 260: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Wipro

IT services revenues stood at $2,597 million, down 0.8% q-o-q/ 1.2% y-o-y in constant currency terms, missing our estimates of 0.5% q-o-q decline in CC terms. IT services EBIT margin was flat sequentially at 17.5% in line with our estimates.Large deal bookings stood at $1.8 billion, up 48.5% y-o-y in CC terms. Company provided weak revenue growth guidance for IT services of -3.5% to -1.5% in CC terms for Q1FY26. We have cut EPS estimates for FY26/27E by ~1%/4% to factor constrained visibility owing to increased uncertainty.

Outlook

We maintain Hold rating with revised PT of Rs. 260 (valued at 19x FY27E EPS). At CMP, the stock trades at 19.7/19.3/18.1x FY25/26/27E EPS.

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Wipro - 17042025 - khan