Wipro (WPRO) reported 2QFY26 IT Services revenue of USD2.6b, up 0.3% QoQ CC, in line with our estimate of 0.3% QoQ growth. It posted an order intake of USD4.7b (down 5.7% QoQ), with a large-deal TCV of USD2.8b (up 7% QoQ). EBIT margin of IT Services was 16.7% (est. 17.0%). PAT stood at INR32b (down 2.5% QoQ/up 1.2% YoY) vs. our est. of INR31b. In INR terms, revenue/EBIT/ PAT grew 1.2%/1.0%/5.3% YoY in 1HFY26. In 2HFY26, we expect revenue to grow 6.0% and EBIT/PAT to decline 1.0%/5.3% YoY.
OutlookWe believe that broad-based growth across verticals and a stable conversion of deal TCV to revenue will be key to a constructive view. We reiterate our Sell rating on Wipro with a TP of INR200, implying 16x Jun’27E EPS.
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