Wipro Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Wipro Ltd filed with BSE on 17 Apr 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Wipro reported Q4 FY26 IT Services revenue of $2.65 billion, roughly flat sequentially and down 0.2% year-on-year in constant currency, with an operating margin of 17.3%. Management highlighted large deal wins including a strategic engagement with the Olam Group and a vendor consolidation deal, alongside continued softness in the Americas 2 BFSI segment due to client-specific issues and delayed ramp-ups. The Board approved a share buyback of INR15,000 crores at INR250 per share, and management guided Q1 FY27 revenue to a sequential range of minus 2% to 0% in constant currency.
Numbers mentioned
IT Services revenue: $2.65 billion (Q4 FY26)
p. 3
“Our IT Services revenue for quarter 4 was $2.65 billion, reflecting a sequential growth of 0.2% and degrowth of 0.2% on a YoY basis.”
Srini Pallia, page 3 of the filed PDF · View the filing
Operating margin: 17.3% (Q4 FY26)
p. 3
“Our operating margin came in at 17.3%, a contraction of 30 basis points sequentially.”
Srini Pallia, page 3 of the filed PDF · View the filing
Order booking: $3.5 billion (Q4 FY26)
p. 3
“The order booking for quarter 4 was at $3.5 billion, which is a growth of 3.2% sequentially and a degrowth of 13.9% on a YoY basis.”
Srini Pallia, page 3 of the filed PDF · View the filing
Large deals: 14 deals totaling $1.4 billion (Q4 FY26)
p. 4
“We had 14 large deals totaling $1.4 billion this quarter.”
Srini Pallia, page 4 of the filed PDF · View the filing
IT Services revenue: $10.5 billion (FY26)
p. 4
“For the full year, IT Services revenue were $10.5 billion, reflecting a YoY degrowth of 1.6%.”
Srini Pallia, page 4 of the filed PDF · View the filing
Operating margin: 17.2% (FY26)
p. 4
“Our operating margin was at 17.2%, an expansion of almost 15 basis points as compared to FY '25.”
Srini Pallia, page 4 of the filed PDF · View the filing
Net income: INR35 billion (Q4 FY26)
p. 5
“Net income for the quarter was at INR35 billion.”
Aparna Iyer, page 5 of the filed PDF · View the filing
EPS: INR3.3 (Q4 FY26)
p. 5
“EPS for the quarter was at INR3.3 and INR12.6 for the full year.”
Aparna Iyer, page 5 of the filed PDF · View the filing
Operating cash flow as % of net income: 112.6% (FY26)
p. 5
“Our operating cash flow continues to be higher than the net income and stood at 112.6% of net income for FY26.”
Aparna Iyer, page 5 of the filed PDF · View the filing
Gross cash including investments: $5.9 billion
p. 5
“Our gross cash including investments was at 5.9 billion.”
Aparna Iyer, page 5 of the filed PDF · View the filing
Accounting yield on average investments held in India: 7.3%
p. 5
“Accounting yield on average investment held in India was at 7.3%.”
Aparna Iyer, page 5 of the filed PDF · View the filing
Effective tax rate: 23.5%
p. 6
“Our ETR was at 23.5%.”
Aparna Iyer, page 6 of the filed PDF · View the filing
Dividends distributed: $1.3 billion (FY26)
p. 6
“in FY26 alone, we distributed dividends of $1.3 billion, taking our total payout ratio for 3-year block ending FY26 to about 88%”
Aparna Iyer, page 6 of the filed PDF · View the filing
Buyback size: INR15,000 crores at INR250 per share
p. 6
“the Board of Directors have announced and approved a buyback of INR15,000 crores at a price of INR250 per share.”
Aparna Iyer, page 6 of the filed PDF · View the filing
Top 5 client growth: 0.2% YoY constant currency (FY26)
p. 14
“Top five actually has grown on a YoY constant currency by 0.2%.”
Aparna Iyer, page 14 of the filed PDF · View the filing
Top 10 client growth: 1.5% YoY constant currency (FY26)
p. 14
“top 10 have grown a positive 1.5% on YoY constant currency.”
Aparna Iyer, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
IT Services revenue — $2.597 billion to $2.651 billion · Q1 FY27
stated firmly by Aparna Iyer
p. 6
“we expect our revenue from IT Services business segment to be in the range of $2.597 billion to $2.651 billion.”
Aparna Iyer, page 6 of the filed PDF · View the filing
Sequential revenue growth — minus 2% to 0% · Q1 FY27
stated firmly by Srini Pallia
p. 5
“In Q1, we are guiding for a sequential growth of minus 2% to 0% in constant currency terms.”
Srini Pallia, page 5 of the filed PDF · View the filing
Operating margin — narrow band · medium term
stated as an aspiration by Aparna Iyer
p. 5
“Having said that, our endeavour would be to maintain these margins in a narrow band in the medium term.”
Aparna Iyer, page 5 of the filed PDF · View the filing
Buyback completion — 5.7% of paid-up capital · Q1 FY27
stated conditionally by Aparna Iyer
p. 6
“The buyback is expected to complete in Q1 '27 subject to shareholder approval.”
Aparna Iyer, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the delay is client-specific but expects the opportunity to materialize soon, driving growth in that account and sector.
Answered by Srini Pallia
Asked by Sandeep Shah: Why do delays in large deal ramp-ups keep pushing out despite these being cost takeout/vendor consolidation deals?
p. 6
“This has been a combination of both client-specific issue and delayed ramp-up that that you're talking about.”
Srini Pallia, page 6 of the filed PDF · View the filing
Management said the specific client issue ends in Q1 with no further material impact, and they see a strong pipeline across markets and sectors.
Answered by Srini Pallia
Asked by Sandeep Shah: Will client-specific issues from geopolitics/macro continue beyond Q1?
p. 6
“So as far as this particular client is concerned, it will end in quarter 1, Sandeep, and there is no further impact for us materially.”
Srini Pallia, page 6 of the filed PDF · View the filing
Management clarified the two announced deals are strategic wins, not inorganic, and are included in the guided range at the midpoint assuming 1.5 months of revenue contribution.
Answered by Aparna Iyer
Asked by Sandeep Shah: Can you quantify the inorganic growth contribution in the Q1 guidance?
p. 7
“They are not inorganic. They are actually strategic deal wins.”
Aparna Iyer, page 7 of the filed PDF · View the filing
Management called it a one-off quarter of volatility and said the relationship remains strong.
Answered by Aparna Iyer
Asked by Ravi Menon: Why did the top customer see a sharp sequential decline, and why is management confident it's temporary?
p. 8
“This kind of one-off quarter volatility is not something that we are unduly concerned about.”
Aparna Iyer, page 8 of the filed PDF · View the filing
Management characterized it as a quarterly aberration expected to self-correct, with DSO remaining flattish YoY.
Answered by Aparna Iyer
Asked by Ravi Menon: What drove the rise in unbilled revenue this quarter?
p. 8
“No. So I don't think -- see, the unbilled revenue that has gone up is more a quarterly aberration.”
Aparna Iyer, page 8 of the filed PDF · View the filing
Management said it's a client-specific strategy change causing timing delays, with clear visibility of eventual ramp-up.
Answered by Srini Pallia
Asked by Dipesh Mehta: What is causing the delay in ramp-up of the large deal?
p. 9
“But having said that, we have the clear visibility going forward. It's about the matter of timing, when and how much, and that should help us going forward, Dipesh.”
Srini Pallia, page 9 of the filed PDF · View the filing
Management said Capco is performing very well sequentially and YoY, with some of its highest revenues in recent quarters.
Answered by Srini Pallia
Asked by Dipesh Mehta: How is Capco performing?
p. 9
“They are definitely doing well. And if you look at sequentially, Capco is performing very well and also on the YoY, both have been very positive.”
Srini Pallia, page 9 of the filed PDF · View the filing
Management said there will be margin pressure from wage hikes, new deal ramp-ups, and HARMAN integration, but they aim to keep margins in a narrow band over the medium term through productivity gains.
Answered by Aparna Iyer
Asked by Vibhor Singhal: Are current margins sustainable given wage hikes and deal investments?
p. 12
“hopefully we are able to keep our margins on a medium term and narrow band.”
Aparna Iyer, page 12 of the filed PDF · View the filing
Management attributed this quarter's and last quarter's issues to two specific reasons: a client ramp-up pause and an account-specific issue, while maintaining focus on top account management.
Answered by Srini Pallia
Asked by Prateek Maheshwari: Why has Americas 2 faced recurring client-specific issues over multiple years?
p. 13
“But 1 is the specific client ramp-up that has not happened upon I talked in detail about that.”
Srini Pallia, page 13 of the filed PDF · View the filing
Management pointed to a stock exchange filing on HARMAN's revenues and said the quarterly run rate could be assumed from that.
Answered by Aparna Iyer
Asked by Abhishek Shindadkar: What was HARMAN's contribution to Q4 revenue?
p. 14
“So we actually made a stock exchange filing around the revenues of the organization. You can assume the quarterly run rate around that much.”
Aparna Iyer, page 14 of the filed PDF · View the filing
Management said top 5 and top 10 clients have grown YoY in constant currency and they are not unduly worried about these relationships.
Answered by Aparna Iyer
Asked by Abhishek Shindadkar: Will challenges in top 5 client accounts continue into the next quarter?
p. 14
“Top five actually has grown on a YoY constant currency by 0.2%.”
Aparna Iyer, page 14 of the filed PDF · View the filing
Risks flagged
Client-specific issue in Americas 2 BFSI impacting growth in Q4 and Q1
p. 8
“We have said that the client-specific issue that we have seen in one of our clients in Americas too has had an impact on both Q4 and Q1, and there won't be a continuing impact of that going forward.”
Aparna Iyer, page 8 of the filed PDF · View the filing
Delayed ramp-up of a large deal impacting sector growth in a specific market unit
p. 8
“We are seeing challenging, one of those large deals that we spoke about, where we are seeing a delayed ramp-up, which is, in particular, impacting the growth rate of that particular sector in that particular market unit.”
Aparna Iyer, page 8 of the filed PDF · View the filing
Two incremental months of salary increases pressuring Q1 margins
p. 5
“As we move into Q1, we will have the headwinds of two months of salary increase and a few large deals that we've won, and the volatility could be there in our quarterly performance.”
Aparna Iyer, page 5 of the filed PDF · View the filing
New large deals expected to carry lower margins as they start up
p. 11
“Two, we are winning some of these large deals and they are one in a competitive environment. They will come with their share of lower margins, especially as we start these deals, right?”
Aparna Iyer, page 11 of the filed PDF · View the filing
Tariff and trade disruptions pressuring manufacturing and auto clients
p. 10
“And the third is terms of overall manufacturing, we have not seen any clear change, but they have been constantly under pressure because of tariff flood disruptions that they're going through.”
Srini Pallia, page 10 of the filed PDF · View the filing
Health care sector impacted by seasonality and policy changes
p. 4
“The health care sector was impacted by seasonality and policy changes.”
Srini Pallia, page 4 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.