WIT

Image source: The Motley Fool. Thursday, July 16, 2026 at 9:30 a.m. ET Chief Executive Officer and Managing Director - Srinivas Pallia CFO - Aparna C. Iyer CHRO - Saurabh Govil Chief Strategist and technology officer - Hari Shetty Vice President Corporate Treasurer and Head of Investor Relations - Abhishek Jain Operator: Ladies and gentlemen, good day, and welcome to Wipro Limited Q1 FY 27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. And the duration for today's call will be for 45 minutes. I now hand the conference over to Mr. Abhishek Jain, Vice President Corporate Treasurer and Head of Investor Relations. Unidentified Speaker: Thank you, Anne. Over to you. Thank you, Yashashri. Abhishek Jain: Good evening, and warm welcome to our Q1 FY 2027 Earnings Call. We will begin the call with the business highlights and overview by Srinivas Pallia, our Chief Executive Officer and Managing Director followed by updates on financial overview by our CFO, Aparna C. Iyer We also have our CHRO, Saurabh Govil, and our Chief Strategist and technology officer, Hari Shetty, on this call. Afterwards, the operator will open the bridge for Q&A with our management team. Before Srini starts, let me draw your attention to the fact that during this call, we may make certain forward looking statements within the meaning of Private Securities Litigation Reform Act of 2000. These statements are based on management's current expectations and are associated with uncertainties and risks. Which may cause the actual results to differ materially from those expected. Uncertainties and risk factors are explained in our detailed filings with the SEC. Wipro does not undertake any obligation to update the forward looking statements to reflect events and circumstances after the date of filing. Conference call will be archived, a transcript will be available on our website. With that, I would like to turn over the call to Srinivas. Srinivas Pallia: Thank you, Abhishek. Good evening, everyone. Thank you for joining us today. Let me start with a quick view of the broader market. The macro environment remains resilient but uncertainty continues to shape decision making. Technology investment has not slowed. They have become more focused. Clients continue to invest in AI data, cloud, modernization, cybersecurity, and productivity led transformation. Spending today is measured with more rigor, and longer decision cycles. The AI disruption is expanding the market not shrinking it. At the same time, conversations around AI are becoming more intense. As the tokenization landscape evolves, clients are focused on net productivity and require a tighter linkage between investment and outcomes. Despite selective client spending, our pipeline remains healthy. We continue to see strong engagement across our markets and industries. We are executing a consulting led AI powered strategy to help our clients reimagine and redesign their enterprise around intelligence. With the I will now share our financial performance. All numbers are in constant currency. Our IT services revenue for Q1 was $2.61 billion up 0.9% year on year. And down 1.2% sequentially. Our IT services margin was 16% a 1.2% decline year on year. In our markets, Americas remained soft declining both sequentially and on a year on year basis. We continue to see momentum in technology and communications, sector, and some good wins in the consumer sector. As we move into Q2, we are also seeing momentum build up. APMEA's revenue grew sequentially in BFSI. and on a year on year basis. We are encouraged by the momentum we continue to see in this market. Particularly in the BFSI and consumer sectors. Our Europe SMU grew year on year with strong traction in BFSI, technology, and communication. However, energy manufacturing and resources remain soft. We see a healthy pipeline across various regions in Europe, such as UK and Nordics. During the quarter, order booking total $3.4 billion and large deal bookings total $1.6 billion Our order booking includes 13 large deals this quarter. Let me highlight 2 of these deal wins. A leading global animal health care provider selected us to modernize and manage digital operations across their global network of hospitals and clinics. Using Wipro intelligence, we will help transform service operations improve productivity, and enable predictive issue prevention. We are helping the client create a more autonomous technology environment. The goal is to improve experiences for clinical teams employees and customers while increasing operational rig rigor. Second deal win. A leading European specialty chemicals company chose us to run and transform the complex application landscape. Leveraging AI led capabilities through WINGS part of our Wipro intelligence. Excuse me. We will automate operations improve delivery efficiency, and provide greater visibility through an AI powered digital command center. The outcome here will be elevated service quality, higher productivity, and lower operating costs. Across markets and industries, we are helping clients reimagine operations, by embedding AI at the core of their business spanning both physical and digital worlds. In this context, let me share some examples of the work we are already doing with clients. 1. For a global industrial manufacturer we are reimagining finance and procurement through our Winx platform Combining Agentic intelligent orchestration, real time analytics, and AI forward knowledge management. To create a highly automated operating model. In my second example, with 1 of our health care clients, we are deploying multi agent AI systems reducing provider enrollment processing times up to 70%. While automating their manual effort up to 90%. 3. For a leading global technology company, We are improving the quality reasoning, and safety of their next generation AI models through expert led data creation, and AI evaluation. This is delivering significant gains in model accuracy reasoning capability. With a life sciences client, our WINGS platform is transforming pharma coexistence from a document centric labor intensive process into an AI native safety operation. This is powered by autonomous agents and regulatory grid workflows. For a global energy leader, we are defining their enterprise robotic strategy and road map for physical AI. Enabled autonomous operations. Collectively, these engagements demonstrate the breadth of Wipro's AI capabilities strategy and advisory to domain specific solutions. And the wins that I talked about also reflect a broader shift in enterprise priorities. In fact, interestingly today, clients are looking beyond technology modernization alone. The focus is moving towards AI enabled operating models that improve service quality, reduce operational complexity, strengthen resilience, and unlock sustainable productivity gains. And this is where we are well positioned. Let me now share a few additional updates. During the quarter, we closed the acquisition of Mindprint and quickly transitioned from integration planning to execution. While we continue to deepen our relationship with Olam Group, we have also started to see good opportunities in the food and agriculture sector. You may recall last quarter, we launched AI native business and platform suite. Since then, we have moved decisively from strategy to execution. We are building multiple AI powered industry platforms developing new AI native business models, and forging strong partnerships across the AI ecosystem. We have laid the foundation strengthen the team, with specialized AI native leadership talent. And define our road map to establish clear priorities for the next phase of growth. As you would have been aware, we recently launched Applied AI Center of Excellence for cloud models powered by Anthropic. This strengthens our ability to help clients rapidly adopt frontier AI capabilities. While maintaining enterprise grade controls and governance. Capco our BFSI consulting arm, won the AI governance and risk excellence award. At the OpenAI Partner Summit. And our UK AI lab won the OpenAI Codec Hackathon for an AI powered banking solution. With that, let me shift focus to the next quarter. In quarter 2, we are guiding for a sequential growth of -1.5% to +0.5% in constant currency terms. As we continue to navigate macro uncertainty, and geopolitical instability, our priorities are to remain disciplined in execution. Helping clients navigate complexity and creating sustainable value for all our stakeholders. With that, let me hand it over to Aparna to share financial performance in more detail. Aparna C. Iyer: Thank you. Thank you, Srinivas. Good evening, everybody, and thank you for joining us. Let me share a quick update on the financial performance, and then we can open for the Q&A. Our IT services revenues grew 0.9% year on year in constant currency. While declining 1.2% sequentially. This is well within our guided range. Our operating margins for the quarter was 16%. We declined 1.2% year on year. The reasons are because of the incremental impact of salary increase, ramp up of large deals won earlier, and our ongoing investments in AI. This was partially offset by the rupee depreciation benefits and the other operational efficiencies. We remain focused on returning back to our previously stated narrowband. Income for the quarter was $33.6 billion Our EPS for the quarter was INR 3.2, Both grew 0.6% year on year. Moving on to our SMU and sector performance. All the growth numbers that I will share will be on constant currency. A1 was flattish year on year while declining 2.3% sequentially. Americas too declined 7.3% year on year, and 2.5% declined sequentially. Europe grew 6% on a year on year basis while declining 0.9% sequentially. APMEA grew 13.5% on a year on year basis and grew 4.4% sequentially. Moving on to sector performance, BFSI grew 2.6% on a year on year basis, while declining 1.2% sequentially. Consumer grew 1.9% year on year, and point 7% growth sequentially. Technology and communication grew 10.8% on a year on year basis. And grew point 2% sequentially. Health, declined 2.6% sequentially and 0.0% year on year. EMR, also declined 3.6% sequentially and 8.9% year on year. Our operating cash flow stood at 98% of net income for Q1. Our gross cash, including investments, was at $4.3 billion Accounting yield for the average investment held in India was stable at 7.2%. Our ETR was at 22.6% for Q1. Versus 21.6% in the same time last year. In terms of the guidance, to reiterate what was stated by Srinivas, our IT services business segment with expected to be in the range of $2.574 billion to $2.627 billion This translates to a sequential guidance of minus 1.5% to a plus 0.5% in constant currency terms. Lastly, in the recently concluded board meeting, our board of directors have declared interim dividend of INR 2 Including this dividend, our payouts in the last 1 year we would be returning in excess of $3 billion in terms of the cash back to shareholders. With this, we can open up for Q&A. Operator: Thank you very much. We will now begin the question and answer session. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Take our first question. From the line of Ravi Menon from Axis Capital. Please go ahead. Ravi Menon: Hi, thank you for the opportunity. Aparna, did not surprise that you have added headcount despite the guidance that implies a sequential decline. Attrition sales seems to be well under control. Utilization has also come off a slightly quarter on quarter. So why add headcount now when you are still looking at a decline in revenue next quarter? Aparna C. Iyer: Our headcount also includes the people who joined us from the Mindprint team, Ravi. If you exclude that, our headcount has actually gone down quarter on quarter. And guidance, of course, includes the revenues from stream completely in Q2. Saurabh Govil: Just to add, outside of the headquarter has actually gone down by 2.5 thousand 2 thousand 5 hundred people. Aparna C. Iyer: that is correct. Rishi. Ravi Menon: Thank you. And, Srini, in BFSI, most of the peers seem to be doing well. And you also spoke of how things seem to be looking up there. But this quarter, then, we had a decline. Who are clients with big issue? And, you know, is this something that you expect to maybe hold us back a little bit in Q2 as well? Or you think BFSI comes back to growth? So, Ravi, Hi, Ravi. Srinivas Pallia: it is Srinivas here. So as far as the BFS sector is concerned, specifically for us, Ravi, if you have seen we did see a year on year growth of 2.6% in constant terms. The sector declined 1.2% sequentially. Now, if I were to give a little bit of a color in terms of, how the sectors perform, Europe and APMEA, Ravi, actually year on year, have seen a growth. In fact, Europe, the FSI growth was led by a ramp up of the large deal we had announced earlier. And if I were to look at APMEA, we continue to see very good traction. With both in terms of ramp ups and also existing deals and the new deal wins that we have seen. I also want to call out that we see good momentum in the BFSI in Americas as well. So net, yes, you know, I agree with your comment. And having said that, we are also seeing good traction for us as well, Ravi. Ravi Menon: Thanks, Ravi. We appreciate that. So we can look at this as maybe you know, 1 off client incident, something like that. Is there is there any cutback or did you lose out of any vendor consolidation? Could you comment on what caused the decline this got? Srinivas Pallia: There are 2 aspects, Ravi. 1 is, you know, clearly, some of the largest that we have won had taken a lot more time for us to scale, ramp up. I think now the clients are moving. that is the reason why I said, with The Americas because we have 1 couple of deals out-- the large deals out there. Of them are, are coming back. 1 is the nature of the demand. Discretionary spend has been slower, and some of the decision making has been, slower. But we think, will come back. 1 thing that we are seeing while, you know, from a customer perspective, in the BFSI sector, there are 2, you know, a couple of opportunities that we see, Ravi. 1 is on the cost and vendor consolidation. Remains the key drivers for our clients. Rishi? And, you know, this is very similar to the commentary that we gave in the last few quarters. However, Ravi, what we are now seeing is that deep savings are getting reinvested by some of our clients into AI capabilities. And that is where I think, you know, the they will know the new transformation projects and discretionary spend, will come back. that is how we see it, Ravi. Thank you, Ravi. Ravi Menon: 1 last question, if I may. You know, on AI, your couple of peers have found very different strategies on setting up a very big, large data centers, someone else looking at a small capacity data center, which they think, they will, but they will own the entire hardware stack. Anything that you are thinking among those lines, So, Ravi, I think, at a macro level, the way we see is that AI is a structural opportunity for us and for the industry in general. Srinivas Pallia: Having said that, the specialist in AI, you know, to be honest, is not just driven by models. Rishi? For us, having the client context, understanding the domain and industry aspect of it, understanding the process, Rishi? And the you know, driving the data for an AI implementation becomes very critical. And also, you know, clients are looking at security and change management, organization change management. In this context. So that is where I would say that, you know, the direction that, AI is moving on. And for us, Ravi, you know, very clearly, we are pivoted to AI. And in you know, we are doing an AI first approach. And our consulting led you know, you know, AI power strategy is all about that. When you are doing a run aspect of it, which is application management infrastructure, or in a process. We are doing with the AI first approach, and, we are clearly built a strong platform around things, which we are gaining very, a good traction, which is our delivery platform. And the second thing, you know, I mean, obviously, you are busy. Now listening to a lot of commentary around that, the software development life cycle, there is a dramatic improvement in productivity. Now the I do not know. We have to have the context of if it is a pure play green project, which is like a tool, like a, let's say, Python, the productivity is significantly higher. But on the other end of the spectrum, it is a complex code. And, you know, if you do not have the right, you know, target environment which is dot 4 legacy, deployment and production also becomes difficult. There, the productivity, you know, comes down, significantly. And so that is how we see it. But for us, the biggest opportunity is all the new AI services that we are seeing in the market. Now we call that as reimagine AI. Now, I think it is very important also, you know, what we are trying to do. Maybe I will double click later, but we have clearly created the AI native unit which I talked about. We are building the industry and cross industry platforms. In fact, some of the, you know, margin dilution that you talk you know, the question that was asked, investing in this. I think it is very important for us to invest for the future. So that is number 1, AI native unit. Second, no. We have the half a billion dollar Wipro Ventures, and now we are specifically focused on targeting AI and data and, you know, security startups. This will also enhance our overall Wipro intelligence platform. 3. We invested in our Wipro innovation network. We actually launched the innovation networks for our clients, and that is actually picking up. The clients are co innovating with us in those innovation network. And finally, you know, ecosystem partnering with the frontier AI companies. So that is how we are driving AI. Across our industries, and each industry is different in terms of adoption. But everyone wants to be you know, in the AI journey, Ravi. Yeah. We said but I have 1 more thing. When you said that the much productivity benefit in the you know, the old complex code. So then can we say that there is all the investor concern about significant, you know, erosion on the existing book of business Can we say that this is really unfounded? So the way I see it, Ravi, is that, you know, I am looking at for the industry and for Wipro. What are the like I said, structural-- what are the structural opportunities? Today, if you look at the traction that we have, the reimagined AI services, that is how I call them, you know, new AI services. 1, AI advisory and change management. that is something that, you know, for example, Capco is leading it to kinda OpenAI gave us an award around that. So is data priming for AI. Rishi? You know, if you do not have the right and the enterprises are struggling with data. We have to be honest about that. Enterprises have told us we have got too much of data. We do not know whether it is we do we need all this data to get the AI right. 3. Is, you know, agent implementation and managing agents. Organization is building number of agents. How do you deploy them? How do you orchestrate, deploy, and manage them? And, Ravi, you know, the token tokenization, token economics, whatever you call it, it is going, you know, it is actually skyrocketing right now. So then they especially the CFOs are saying, you know, hey, you know, what is my ROI? So do I use a high end LLM for a particular process of the workflow? Do I use an open source model? So that is the conversation that is going on. We are having the deep tech, we are able to actually have that conversation with the client. So there are multiple, new opportunities, whether it is model ops, You know, EID is something that is picking up within enterprises. You would have heard of Sovereign AI. So that is another 1. And finally, every client wants us to make AI secure and, you know, responsible. So to me, NetNET is a positive, you know, in terms of new services that are coming in. Short term, SDLC life cycle will continue to bring in higher productivity and shorter development life cycle. But I just want to call out even there, human it is going to be human plus AI always. Because in a software development life cycle, the business requirement, the user stories, you need humans. At the same time, when you are deploying and taking into production, need human intervention. Of course, you know, AI can prove millions of lines of code, but we need to make sure that code is optimized. So that is how I see it, Ravi. Ravi Menon: Thanks so much for the detail, Srini. Beautiful. Thank you. Operator: Thank you. Next question is from the line of Nitin Padmanabhan from Investec. Nitin Padmanabhan: Yes. Hi, good evening. Thanks the opportunity. First, I wanted your thoughts on how should we see margins recovering to the band that we stated? Do you think it will be gradual through the year? Or do you think there is any element that can help faster sort of a recovery, considering we do not have wage increases? And has done behind. The second is from an overall business perspective, when do you think the headwinds sort of received where we can start showing some level of growth as a business. And do you think these headwinds are largely over in Q2? Or do you see any specific things that could linger? Yeah. Thank you. Srinivas Pallia: Hi, Nitin. Srinivas here. On the margin aspect, Nitin, Aparna talked about it as well in our commentary The reason why we had a drop of 120 basis points is number 1, I know the impact of MSI we had, it is coming into this quarter. 2. The investments that we are making, in AI and in deals. that is the second part. 3. Is, you know, the acquisition some of the acquisitions that we made, and they are actually coming to execution mode right now. So the impact of the, you know, impact we had on the margin. Having said that, Nitin, our mission is clearly to go back to the narrow band that we have been talking about, 17% to 17.5%. Now the question that you are asking is what is the time frame? Rishi? Now, in the context of the volatility that we see, in the context of the revenue situation that we see, right, I do not want to predict exactly based you know, when we will get there. But the point is that we want to get there. If you noticed in the last 2 years also, Nitin, now, despite challenges with the revenue, we continue to stay focused on margin improvements. You can be rest assured, we will continue that part. However, I know I want to clearly articulate we want to invest in our new AI native business We want to because when you are doing an AI native business, you need and now you also need to have the right talent, and you need to have the right infrastructure to build the new products, new platforms, and solutions as well. So it is a combination of all this, Nitin. Nitin Padmanabhan: Yeah. Qualitatively, do you think it is fair to assume that it is gradual rather than quicker? Just a thought process is fine. Srinivas Pallia: Got it. The endeavor is to reach where we want to reach. And if you look at the within, there are multiple levers for us from a operational perspective. But that is you can take the cost out in FPP both in terms of automation AI and productivity. Now we have other levels including, you know, G and A and so on and so forth. You know? I do not think bench utilization has been higher. that is another lever that we have. How do you restructure the pyramid right, in the context of AI? How much of the projects and programs you can, you know, run it through agents and how many of our current existing programs we can identify all the levers that we are looking at, Nitin, and we will stay focused on that. But the point the message I wanted to give you is that despite all this, you will also want to continue to invest in our future is very, very critical because the world is pivoting to AI. We have already pivoted to AI. And we will continue our journey around consulting led India forward, and we will stay focused on that. The pro intelligence platform, delivery platforms and the industry cross industry plat platforms, we are seeing good traction in And in the future, the consumption will be platform plus service, not just pure play service. Nitin Padmanabhan: Surendra. And from a growth perspective? When do you think the and then that you are seeing sort of the seat? Srinivas Pallia: Yeah. So if you if you if you look at it from a growth perspective, the thing, typically, we give just 1 quarter view of our guidance. Rishi? Like I said, the demand environment remains soft. That is reflected in our quarter 2 guidance. Having said that, and, Nathan, I just want to call out the point that I made that we are seeing good traction building up in Americas in the BFSI segment. Rishi? Now, which was a question that in the Ravi had asked. Second, EMR, which is, you know, energy manufacturing resources sector, which was very soft in Europe and APMEA. We have won couple of deals in Europe in this segment. We will see that, you know, coming in delivery. Rishi? So to me, also, the way the customer takes the cost out, then they start shifting their, you know, budgets to AI. You know, we are ready for that. that is how I see it. So I cannot give a commentary terms of how our quarters will go because I want to stay within our the quarter to guidance. Nitin Padmanabhan: Surendra. Fair enough. Thank you, Srinivas. All the very best. Operator: Thank you. Next question is from the line of Vibhor Singhal from NuvaMa Institutional Equities. Please go ahead. Vibhor Singhal: Yes. Hi. Thanks for taking my question. So, Srini, a couple of questions from my side. I think 2 verticals have kind of dragged the growth this quarter. Top energy and health care. You mentioned about energy that the softness in the European markets and we have won a couple of deals. So good to hear that we will probably have recovering that soon. what is your take on the health care segment as this segment has been 1 of the 1 of our key segments in which we were 1 of the early And at this point Sir, if I, Vibhor, Vibhor, sorry to interrupt you. Srinivas Pallia: You know, could not hear you properly. I am sorry. Could you just repeat the question? Operator: Thank you. Yeah. Sure. Please go ahead, Vibhor. Yeah. Vibhor Singhal: I hope I am audible now. Yes. Yeah. Sorry for that, Srini. Yeah. So my question was basically on the 2 verticals which dragged the growth this time. 1 was the ENU, which you mentioned that it was because and good to hear that, there are deals that we have bundled ramp up in the coming quarters. On the health care vertical, what is the view that we are looking at? Is I mean, This we used to be-- I mean, we were 1 of the pioneers of this industry. From the peers, we hear a lot of comment. A lot of companies are kind of incubating their health care vertical because of the strong demand that they are seeing. Especially from the payer side and some, of course, in the provider side as well. What is the out outlook on that vertical in terms of deals that we might have won and when using that vertical kind of comes back to growth. I will have a couple of follow ups if you can answer this Sure, Vibhor. Srinivas Pallia: I think, you know, your observation is very valid. For us, health care sector has degrown by 2% sequentially. If you look at from a year on year basis, 3%. See, what has what has happened is especially when I say healthcare, We have got payers, we got providers, we got life sciences, and we have got medical device know, devices companies. These are the fourth industry segments the health care sector. Rishi. We have a huge presence, in, payers and providers in the U.S. The impact that we had is because of the U.S. healthcare ecosystem. Rishi, which is facing sustained pressure both from structural and demographic forces due to the situation, which is very much you know, within the U-- in the U.S. context. Rishi? So what we have seen in some of these companies are, you know, because of the pressures that they have, from the whole government and so on so forth. Rishi? Is they have been their budgets have been flattish for us. In some places, we have seen the negative growth. They are also there is a lot of pressure on in terms of taking the cost out. And also, most of the budgets right now have kind of, you know, being reallocated to some kind of discretionary spend, but towards AI, and big portion of it is on the compliance report. So, to me, the more they use AI and automation aggressively, and, you know, offset the cost pressures, I think, you know, that would help us going forward. So we are staying focused on the regulatory mandates like I talked about, like, you know, both Medicare Medicaid and ACA. If you recollect, we have a huge platform that supports, these aspects. Member onboarding in terms of member services that we need to do you know, how that, you know, how that has evolved for us in the last 1 to 2 quarters had an impact on the numbers that you see. Having said that, you know, if I look at the opportunities that we see, right, you know, especially reimagining their some of their processes with AI. So we have got, you know, the claims is 1 important thing. Clients are looking at taking the cost out on contact centers Also, you know, now more and more with the HIPAA compliant, and the regulatory compliance coming into picture, they are able to deploy AI more confidently into clinical operations, including the regulatory processes. So I see these as our new opportunities that are coming in. We are staying focused on that, Vibhor. Vibhor Singhal: Got it. Got it. Any timeline that you would be able to provide that you think healthcare vertical should see some recovery? Srinivas Pallia: So Vibhor, like I said, you know, I do not want to forecast beyond quarter 2. You know? So quarter 2 is, you know, all this that I talked to you about is baked in. Having said that, you know, AI, you know like I said, you know, AI is a structural I see this opportunity in every industry verticals within the care system report. Including for providers. Because they also want to, you know, improve their efficiency. Let's look at providers today. You know, they depend a lot on these products like Epic, who are also making it more AI. Are actually integrating their provider systems into payer systems And then also that and then, you employee, you know, the members and then the patients They can actually, you know, have a end to end view of how the medical Medicare, medical systems work as well. So these are the opportunities that are coming in. We are having the conversations around that as well, Vibhor. But I am not giving you a specific timeline at this point in time. Vibhor Singhal: Got it. Got it. This is helpful, Srini. Just my second question on the deal wins. The total deal wins and the large deal wins were down quite sharply on a Y-o-Y basis. I would assume it is just a timing kind of a thing because you mentioned the pipeline remains quite strong. So maybe some deals got pushed into Q2 or something like that. Is that correct, Srini? Srinivas Pallia: So, absolutely, Vibhor. You know, if you look at our quarter 1, right, you know, we clearly had a like I said, $3.3 billion worth of booking. All of which $1.6 billion were 13 large deals that contributed to that. Having said that, your point is valid. Some of the decisions on some of these deals have actually slipped to quarter 2. And, you know, I always tell my team, you know, when it flips, you gotta really hold on let it slip because, you know, I am trying to close it in m 1, m 2 rather than wait for the m 3. So that is it. that is the work that we are doing right now. Your point is valid. The observation is valid. The pipeline is healthy. Also, there are lot of deals around cost optimization and vendor consolidation. So also want to call out, Vibhor, that want to give a little bit of color in terms of the kind of pipeline we have. Rishi? So the pipeline you know, 1. Let me give you 1 color. About 1 is sectors. Let me also give you the type of deal outside of these large and mega deals. Rishi? So I called out BFSI, if you remember. Rishi? Americas and Europe, the pipeline is strong, Vibhor. But if I look at from a consumer, you know, we just won couple of deals in America. But, you know, it is I would not want to say that it is you know, big piece, but it is definitely modest in Americas and Europe. In APM, your consumer is weak. that is how I see it, Vibhor. Tech and the comms are very strong. In Americas. I think, you know, that 1 place we are seeing the double-digit growth that I talked about, and I think will continue, you know, we see continue to see strong momentum there. EMR, which you also called out after I said it, right now it is strong in Europe because, we have come back to win. Also, it is strong in Americas, including our LATAM. But, you know, a little bit modest in APMEA, I think, you know, based on what is going on. Health care I did talk about it. Rishi? I want this overall, it is strong, but, you know, but I want to be careful in terms of what we call out. So that is the color from a sector perspective, Vibhor. But if I look at from a opportunity's perspective, there are new opportunities also coming in like I talked about. Rishi? You know, there are clients who are talking to us on sovereign AI. There are clients want to build AI business. Rishi? So those opportunities are also coming in. The size and scale depends upon how much, you know, for example, if I look at AIDC, how much of, you know, design on architecture you do, how much of implementation and delivery. And management that you do. Depends on which part of the project and program we are involved and the size and scale and complexity depends on that, Vibhor. But overall, your point, you know, you know, our pipeline is healthy. Vibhor Singhal: Got it. Got it. Got it. For taking my question, Srini. Just 1 follow-up for Aparna, if I may. Aparna C. Iyer: Aparna, I just wanted to get some color on to look at the margins. In wake of the AI driven deals that we are seeing at this point of time. I mean, I know it is difficult to take a 1-- make a 1-statement analysis that will give the margins that is really margin accretive or dilutive. From an overall point of view, I mean, let's say we are also building SLMs for the client or let's say the application layers for them. There is the token cost involved. So overall, where does the math fit, for these large AI driven deals that we are chasing and we are winning in terms of margin vis a vis our current portfolio? So clearly, the board, I think we like you rightly said, 1 size does not fit all. It will depend deal-to-deal. Wherever the intention is to use AI for you to be able to drive higher productivity and take cost out, for a large operation for a client that the cost take out is priority, you will see that, you know, there will be a lot of productivity forward productivity that gets baked into these. Rishi? See, reimagine AI that, Srinivas spoke about, the parts which are newer, where you are going to be seeing newer spends on account of AI, there we are very confident we will drive a premium and great realization. Similarly, service offerings around data, AI advisory, they will all be very increment like, incrementally net positive to the rate realization and margins. So it will depend on what we are using the AI for and how we are, structuring the deal. So large deal, will remain competitive. You will have some amount of, forward productivity that gets they think. When you are looking at AI over smaller programs, where you are looking at things like data modernization and you are looking at smaller pockets, and you are looking at newer areas, they will be accretive. And that is been our experience thus far and yes. that is it. Got it. Got it. Vibhor Singhal: Great. Thanks, Thanks, Aparna, for the clarification, and thanks a lot, guys, for taking my questions. wish you all the best. Thank you. Operator: We will take our next question from the line of Ravi Kumar from JM Financial. Please go ahead. Analyst: Can you break the 2Q revenue guidance into organic and incremental contribution from inorganic? Aparna C. Iyer: We are not doing that, Ravi. We are not breaking our guidance out. And if you look at it, last quarter we had said you know, mind print was coming in, and we had the guidance, they did 45 days. But in our actual Q1 results, we have had 2 months of it of the revenues being consolidated. You can do the math. Like we typically do, we only disclose in the first quarter. And after that, it is we do not make further disclosure. And the second part of the question is, if using the last earnings calls, you mentioned about client insourcing impacting BFSI. Is that fully blind in this quarter? Or do we see some impact from a going forward perspective as well? No. I think that is behind us. Ravi. Yeah. You. that is all from my side. Operator: Thank you. We will take our last question from the line of Abhishek Bhandari from Nomura. Please go ahead. Analyst: Thank you for the opportunity. Srini, on this call, you guys have mentioned that the large deal environment remains very competitive. I was curious to understand as the degree of competition increased, decreased, or is it stable? And a related question is, you know, how are you future proofing your margins in the wake of such competitive pressures? We already saw some glimpse of, you know, margin headwind in Q1. Which, of course, will recoup through the year. But if the market remains like this, how do you ensure that, you know, we do not trade off the margin for chasing growth? Srinivas Pallia: Yeah. Abhishek, you know, to the first point of first question on the competitive landscape. From a broader industry perspective, Abhishek, you know, if I look at it, AI is reshaping most of the spend allocations. What that means is from our client perspective, the traditional IT, the traditional BPO that we do, and the support has aspects of it, those budgets are getting compressed. So the clients want us to deploy more AI. The clients want us to, you know, you know, kind of disrupt that aspect of the whole process to bring in a genetic aspect of it. So that is a I would say, lever for our clients to, you know, to, you know, improve their budgets for new spend pools around AI. So what so the clients are also driving that not just competition, but also client wants to take the cost out on that. We do have opportunities for us to go, you know, and talk to our clients in terms of example, how we can deploy wings and bring in end to end productivity benefits. Make it more agentic And, you know, of course, you know, the clients are also looking at experience aspect of it, velocity aspect of it, so on and so forth. Now coming to, the so if that is the place there is compression, there is definitely Abhishek. Now the reason I am saying is that sometimes, you know, we will have to look at client to client in terms of their ability and, propensity to implement AI. We have seen certain clients, you know, who want to do it in a lot more faster way, and some of them are saying that, you know, we want to spread it out. So in that context, you know, the pricing aspects also changes and, you know, you know, we have to relook at how the solutioning happens because when you deploy AI quickly, the token cost also, know, increases for our clients. So looking at total cost of ownership. And that is something that, you know, we have been carefully working on Abhishek. And this is something that I think as an industry, as we pro, we will all continue to evolve. Now coming to the margin pressure, I know it is actually related to that. Rishi? If you look at large traditional deal, cost optimization, vendor consolidation, they will be margin pressures because sometimes you want to invest into the deals for now. To, you know, to make it more long term as well, Abhishek. If it is a net new reimagine AI kind of projects and programs, Rishi? You know, the margins are much better. But if it is a traditional work where you have to bring in the productivity through AI, at the same time, help the clients to shift the budgets that are competitive pressures. Got it. Analyst: Thanks, Srini, and all the best for the year. Thanks, Abhishek. Operator: Thank you. I would now like to hand the conference back to Mr. Abhishek Jain for closing comments. Over to you, sir. Abhishek Jain: Yes. Thank you all for joining the call. Case we could not take any questions due to time constraints, please feel free to reach out to the Investor Relations team. Have a nice day. Thank you. Operator: Thank you. On behalf of April Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Before you buy stock in Wipro, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Wipro wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,351!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,304,257!* Now, it’s worth noting Stock Advisor’s total average return is 934% — a market-crushing outperformance compared to 210% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of July 16, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Wipro (WIT) Q1 2027 Earnings Call Transcript was originally published by The Motley Fool

Interested in Wipro Limited? Here are five stocks we like better. Wipro’s Q1 IT services revenue rose 0.9% year over year in constant currency to $2.61 billion, but declined 1.2% sequentially as margins slipped to 16.0% amid wage hikes, large deal ramp-ups and AI investments. Demand was uneven across regions and industries: Europe and APMEA grew, while the Americas remained soft. BFSI and technology/communications showed some strength, but health care and energy/manufacturing/resources weakened. AI is now central to Wipro’s strategy, with the company highlighting $1.6 billion in large deal bookings, new AI-led wins, and ongoing investments in platforms, partnerships and venture funding, even as second-quarter guidance remained cautious. Wipro (NYSE:WIT) reported modest year-over-year growth in its fiscal first quarter IT services revenue while management highlighted continued pressure from cautious client spending, longer decision cycles and investment in artificial intelligence capabilities. On the company’s Q1 FY 2027 earnings call, Chief Executive Officer and Managing Director Srinivas Pallia said the macro environment remains “resilient,” but uncertainty is still influencing client decisions. He said technology spending has not stopped, but clients are applying more rigor to investments and focusing on areas such as AI, data, cloud, modernization, cybersecurity and productivity-led transformation. → 3 Space Stocks That Could Outshine SpaceX After Its IPO “The AI disruption is expanding the market, not shrinking it,” Pallia said. He added that clients are increasingly focused on the productivity gains and business outcomes tied to AI spending. Wipro’s IT services revenue for the quarter was $2.61 billion, up 0.9% year over year in constant currency and down 1.2% sequentially. Chief Financial Officer Aparna Iyer said the performance was within the company’s guided range. → These 3 Water ETFs Could be Quiet Winners From Infrastructure Spending Operating margin for IT services was 16%, down 1.2 percentage points from a year earlier. Iyer attributed the decline to the incremental impact of salary increases, the ramp-up of large deals won earlier and ongoing investments in AI. These pressures were partially offset by rupee depreciation benefits and operational efficiencies. Net income for the quarter was INR 33.6 billion, while earnings per share were INR 3.2. Both increased 0.6% year over year, according to Iyer. Operating cash flow stood at 98% of net income. → Why ASML’s AI Monopoly Is Still Getting Stronger The company’s board declared an interim dividend of INR 2. Iyer said that including the dividend, Wipro would have returned more than $3 billion in cash to shareholders over the last year. Pallia said the Americas region remained soft, declining both sequentially and year over year. However, he pointed to momentum in the technology and communication sector, some wins in the consumer sector and improving momentum in BFSI heading into the second quarter. APMEA revenue grew both sequentially and year over year, with strength in BFSI and consumer. Europe grew year over year, supported by traction in BFSI, technology and communication, though Pallia said energy, manufacturing and resources remained soft. Iyer provided additional constant-currency detail by strategic market unit: Americas 1 was flat year over year and declined 2.3% sequentially. Americas 2 declined 7.3% year over year and 2.5% sequentially. Europe grew 6% year over year and declined 0.9% sequentially. APMEA grew 13.5% year over year and 4.4% sequentially. By sector, BFSI grew 2.6% year over year but declined 1.2% sequentially. Consumer grew 1.9% year over year and 0.7% sequentially, while technology and communication grew 10.8% year over year and 0.2% sequentially. Health declined 3% year over year, and energy, manufacturing and resources declined 8.9% year over year. Wipro reported total order bookings of $3.4 billion for the quarter, including $1.6 billion in large deal bookings across 13 large deals. Pallia highlighted a deal with a global animal healthcare provider to modernize and manage digital operations across its hospital and clinic network. He said Wipro would use Wipro Intelligence to help transform service operations, improve productivity and support predictive issue prevention. He also cited a deal with a European specialty chemicals company to run and transform its application landscape using AI-led capabilities through Winx, part of Wipro Intelligence. Pallia said the work is aimed at improving automation, delivery efficiency and service quality while reducing operating costs. During the analyst question-and-answer session, Pallia said some deal decisions had slipped into the second quarter, but he described the pipeline as healthy. He cited strength in BFSI in the Americas and Europe, technology and communication in the Americas, and energy, manufacturing and resources in Europe and the Americas. Management repeatedly emphasized AI as a central strategic focus. Pallia said Wipro is pursuing a “consulting-led AI-powered strategy” and has moved from strategy to execution in its AI-Native Business & Platforms Unit, which was launched in the prior quarter. He said Wipro is building AI-powered industry platforms, developing AI-native business models and strengthening partnerships across the AI ecosystem. The company also recently launched an Applied AI Center of Excellence for Claude models powered by Anthropic. Pallia said this is intended to help clients adopt frontier AI capabilities while maintaining enterprise-grade controls and governance. Pallia described several client examples, including using multi-agent AI systems for a healthcare client to reduce provider enrollment processing times by up to 70% and automate manual effort by up to 90%. He also cited AI work in finance and procurement, AI model evaluation, pharmacovigilance and enterprise robotics strategy. In response to analyst questions, Pallia said AI is creating new service opportunities in areas such as AI advisory, change management, data preparation, agent implementation, MLOps, sovereign AI and responsible AI. He also said productivity gains in software development vary depending on whether work involves greenfield projects or complex legacy code. For the second quarter, Wipro expects IT services revenue between $2.574 billion and $2.627 billion. That translates to sequential growth of negative 1.5% to positive 0.5% in constant currency terms. Management declined to provide a specific timeline for returning margins to its previously stated 17% to 17.5% “narrow band.” Pallia said Wipro remains focused on operational levers such as automation, productivity, utilization and pyramid restructuring, while continuing to invest in AI capabilities. On headcount, Iyer said the company’s reported employee additions included workers who joined through the Mindsprint acquisition. Excluding Mindsprint, headcount declined by 2,500 during the quarter, Pallia added. Iyer also said the impact from client insourcing in BFSI discussed in earlier calls is now behind the company. Pallia said Wipro is navigating macro uncertainty and geopolitical instability with a focus on disciplined execution, helping clients manage complexity and building sustainable value for stakeholders. Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries. The company's service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Wipro Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. IT Services Revenue: $2.61 billion, up 0.9% year-on-year, down 1.2% sequentially. IT Services Margin: 16%, a 1.2% decline year-on-year. Net Income: INR33.6 billion, grew 0.6% year-on-year. Earnings Per Share (EPS): INR3.2, grew 0.6% year-on-year. Order Booking: $3.4 billion, with large deal bookings totaling $1.6 billion. Operating Cash Flow: 98% of net income for quarter one. Gross Cash (including investments): INR4.3 billion. Effective Tax Rate (ETR): 22.6% for quarter one. Interim Dividend: INR2 declared by the board of directors. Guidance for Q2: IT services revenue expected to be in the range of $2.574 billion-$2.627 billion, translating to a sequential growth of -1.5% to +0.5% in constant currency terms. Warning! GuruFocus has detected 3 Warning Sign with WIT. Is WIT fairly valued? Test your thesis with our free DCF calculator. Release Date: July 16, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Wipro Ltd (NYSE:WIT) reported IT services revenue of $2.61 billion for Q1 FY 2027, marking a 0.9% year-on-year increase. The company secured $3.4 billion in order bookings, including 13 large deals, indicating a healthy pipeline. Wipro Ltd (NYSE:WIT) is executing a consulting-led AI-powered strategy, helping clients reimagine operations with AI at the core. The company has launched an AI-Native Business & Platforms Unit, focusing on building AI-powered industry platforms and business models. Wipro Ltd (NYSE:WIT) has seen strong growth in Europe, particularly in BFSI, technology, and communication sectors. IT services revenue declined 1.2% sequentially, reflecting challenges in the current macroeconomic environment. Operating margins for the quarter were 16%, a decline of 1.2% year-on-year, impacted by salary increases and investments in AI. The Americas market remains soft, with declines both sequentially and year-on-year. The healthcare and energy manufacturing and resources sectors experienced softness, impacting overall growth. Guidance for Q2 indicates a potential sequential revenue decline of up to 1.5% in constant currency terms. Q: Why did Wipro add headcount despite a sequential revenue decline guidance? A: Aparna Iyer, CFO, explained that the headcount increase includes the addition of the Mindsprint team. Excluding this, the headcount actually decreased by 2,500 people quarter-on-quarter. Q: What caused the decline in the BFSI sector, and do you expect it to recover? A: Srinivas Pallia, CEO, noted that while BFSI saw a year-on-year growth of 2.6%, it declined 1.2% sequentially. The decline was due to slower ramp-up of large deals and discretionary spending. However, there is good momentum in BFSI, especially in Europe and APMEA, and they expect recovery as clients reinvest savings into AI capabilities. Q: How is Wipro approaching AI investments and strategies compared to its peers? A: Srinivas Pallia highlighted that Wipro is adopting an AI-first approach, focusing on consulting-led AI-powered strategies. They are investing in AI-native business models, industry platforms, and partnerships across the AI ecosystem. Wipro is also focusing on AI advisory, data priming, and managing AI agents to drive productivity and transformation. Q: What is the outlook for Wipro's margins and growth amid current headwinds? A: Srinivas Pallia stated that while margins dropped due to salary increases and AI investments, the goal is to return to the 17%-17.5% margin band. Growth headwinds are expected to persist in Q2, but there is traction in BFSI and EMR sectors, and AI investments are expected to drive future growth. Q: What is the status of the healthcare vertical, and when is recovery expected? A: Srinivas Pallia explained that the healthcare sector declined due to pressures in the U.S. ecosystem. However, opportunities exist in reimagining processes with AI, particularly in claims and compliance. While no specific timeline for recovery was provided, AI is seen as a structural opportunity across healthcare segments. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Revenue increased 0.9% YoY in CC Large deal bookings at $1.6 Bn, grew 12.9% QoQ, including 13 large deals in Q1 Net income grew 0.6% YoY; Operating cash flow at 98% of Net income EAST BRUNSWICK, N.J. & BANGALORE, India, July 16, 2026--(BUSINESS WIRE)--Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading AI-powered technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter ended June 30, 2026. Highlights of the Results Results for the Quarter ended June 30, 2026: Gross revenue at Rs 244.8 billion ($2,585.9 million1), an increase of 1.0% QoQ and 10.6% YoY. IT services segment revenue was at $2,614.5 million, decrease of -1.4% QoQ and increase of 1.0% YoY. Non-GAAP constant currency2 IT Services segment revenue decreased 1.2% QoQ and increased 0.9% YoY. Total bookings3 was at $3,370 million, down by 2.4% QoQ in constant currency2. Large deal bookings4 was at $1,626 million, increase of 12.9% QoQ in constant currency2. IT services operating margin5 for Q1’27 was at 16.0%, decrease of 1.3% QoQ and 1.2% YoY. Net income for the quarter was at Rs 33.6 billion ($354.6million1), decrease of 4.7% QoQ and increase of 0.6% YoY. Earnings per share for the quarter at Rs 3.20 ($0.031), decrease of 4.2% QoQ and increase of 0.6% YoY. Operating cash flows of Rs 32.9 billion ($348 million1), increase of 3.6% QoQ and at 98.0% of net income for the quarter. Voluntary attrition was at 13.9% on a trailing 12-month basis. Declared interim dividend of Rs 2 ($0.021) per equity share/ADS. Outlook for the Quarter ending September 30, 2026 We expect revenue from our IT Services business segment to be in the range of $2,574 million to $2,627 million*. This translates to sequential guidance of (-)1.5% to (+)0.5% in constant currency terms. *Outlook for the Quarter ending September 30, 2026, is based on the following exchange rates: GBP/USD at 1.34, Euro/USD at 1.16, AUD/USD at 0.71, USD/INR at 94.50 and CAD/USD at 0.71 Performance for the Quarter ended June 30, 2026 Srini Pallia, CEO and Managing Director, said, "Clients are moving beyond technology modernization to AI-enabled operating models that improve quality, resilience, and productivity. Wipro’s consulting-led, AI-powered approach helps clients embed AI at the core of their business, and these engagements reflect both the breadth of our capabilities and the trust clients place in us as a transformation partner." Aparna Iyer, Chief Financial Officer, said, "As we navigate an evolving technology landscape, we remain focused on investing in our people and strategic priority areas. While these investments may create some near-term margin volatility, it sets a strong foundation for future growth. Cash flow remained robust, with operating cash flow at 98% of net income for the quarter. We are also pleased to share that the Board has declared an interim dividend of Rs 2 per share. Including this dividend and payouts made over the past year, we would have returned more than $3 Bn in cash to our shareholders while continuing to invest steadily for growth." For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = Rs 94.66, as published by the Federal Reserve Board of Governors on June 30, 2026. However, the realized exchange rate in our IT Services business segment for the quarter ended June 30, 2026, was US$1= Rs 93.53 Constant currency for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period. Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 2. Large deal bookings consist of deals greater than or equal to $30 million in total contract value. IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials. Highlights of Strategic Deal Wins In the first quarter, Wipro continued to win large and strategic deals across industries. Key highlights include: A global chemicals company has selected Wipro for a multi-year deal to modernize its IT operations. As part of the engagement, Wipro will use its consulting-led approach to consolidate multiple vendors into a single, integrated operating model and manage infrastructure and application services end-to-end. Powered by Wipro Intelligence™, the solution will embed digital agents, AIOps and GenAI-enabled capabilities to increase automation, prevent issues, and improve resolution times. This will help the client deliver structural cost optimization, enhance service stability, increase transparency, and build a scalable, future-ready IT operating model. One of the world’s largest global technology companies has renewed its multi-year engagement with Wipro to innovate in the arena of Geospatial Data Operations and mapping. Wipro will provide end-to-end support for the Geospatial Data Operations ecosystem, through a scalable, AI-powered global delivery model. Leveraging AI-enabled automation, analytics, and data-driven insights, through a robust governance framework, Wipro will drive operational resilience, improve quality, and accelerate product deployment for the client. Wipro will enable the client to maximize productivity and enhance decision making in an evolving business environment. A leading global technology provider has expanded its decades-long engagement with Wipro to enhance the quality and reliability of its products that support millions of users worldwide. Wipro will deliver AI-infused quality engineering services, leveraging automation and intelligent testing capabilities, to accelerate development cycles. The engagement builds on Wipro's deep domain expertise and longstanding role in supporting the client's engineering ecosystem. This collaboration will help reduce time to market, improve operational efficiency, and strengthen the reliability of critical software releases. A leading US-based health insurer has extended and expanded its long-standing engagement with Wipro to enhance digital workplace and end-user support services across its enterprise. Wipro will deploy a unified operating model designed to ensure business continuity and operational efficiency. Leveraging automation and AI-infused capabilities, Wipro will further enhance service delivery, improve responsiveness, and enhance employee technology experience. This renewal will help the client maintain reliable, scalable workplace operations while supporting future modernization initiatives and productivity improvements. A leading US-based hospital network has selected Wipro to provide integrated application management and enterprise IT transformation. Wipro will deliver a comprehensive managed services model spanning operational support, governance, and security, enabling the client to improve operational efficiency, service reliability, and accelerate continuous innovation. Leveraging its AI-delivery platforms, WINGS and WEGA, Wipro will establish a strategic AI and Agentic AI roadmap aligned to the client's business objectives, to drive intelligent automation, improved workforce productivity, and measurable business outcomes. A global US-based specialty Chemicals company has expanded its relationship with Wipro to lead an AI-first transformation of its business and technology landscape. Under the new agreement, Wipro will provide end-to-end support for the client's global Enterprise applications, as well as business processes. Wipro will deploy its proprietary WINGS AI platform to introduce a unified operating model, aimed at simplifying and optimizing operations. AI will be the cornerstone of the program, driving intelligent automation, and enabling smarter, data-driven decision-making across all workflows. This transformation will unlock significant efficiencies, reduce complexity, and accelerate value for the client - further reinforcing the long-standing engagement between the two companies. A leading Australian health and community services provider has selected Wipro to modernize its technology landscape and improve reliability and performance of services that support frontline care and community operations. Through a consulting-led engagement, Wipro will take end-to-end ownership of the client’s IT services, bringing applications, cloud, networks, and workplace support into a more integrated and accountable delivery model. The engagement will also embed intelligent automation and proactive monitoring to improve issue resolution, strengthen service quality, and create a simpler, more seamless technology experience for employees. This transformation will help the client enhance operational resilience, improve user experience, optimize costs, and build a more scalable, future-ready model for continuous innovation. A leading insurer in Australia and New Zealand has renewed and expanded its strategic partnership with Wipro through a multi-year outcome-based engagement to transform and manage its core insurance application landscape. Through a consulting-led and AI-powered delivery model, Wipro will drive AI-led intelligent automation, operational efficiency, and continuous cost optimization across policy, claims, and customer communications platforms. The engagement also establishes a co-innovation framework and AI capability program designed to enhance business agility, strengthen resilience, and accelerate long-term digital transformation. One of the world's largest designer and supplier of apparel selected Wipro as the primary partner for supply chain and planning tech to support end-to-end Warehouse Management System (WMS) operations as part of a broader enterprise transformation program. Wipro will now power its global distribution center (DC) operations across both B2B and B2C channels. Leveraging its deep consulting expertise in Supply Chain Domain and Execution, Wipro will help the client streamline warehouse management and distribution operations. This engagement will enable a more efficient and scalable operating environment for the client driving improved efficiency, reduced complexity, and cost optimization across the client’s supply chain. A leading global energy company has engaged Capco, a Wipro company, to strengthen its engineering, planning, and business management capabilities across critical offshore operations. Capco will provide specialized expertise to support core engineering and operational functions, working closely with stakeholders to streamline execution and enhance management effectiveness. This engagement will improve operational efficiency, strengthen performance visibility and governance, and enable more informed decision-making across one of the client’s most strategic operating environments. A leading US housing finance institution has engaged Capco, a Wipro company, to support a large-scale data modernization program to simplify access to trusted business data, while reducing reliance on legacy platforms. Leveraging its decades-long relationship with the client, Capco will help address the complexity of managing a multi-year transition across systems, stakeholders, and regulatory requirements while ensuring continuity of critical reporting and operations. Capco will lead program execution, coordinate stakeholders, and support data operations, transition planning, and business adoption to enable a more streamlined and modern data environment. This engagement will help improve data accessibility, reduce operational complexity and risk, and create a scalable foundation for more efficient and informed decision-making. A leading global technology enterprise has selected Wipro for a strategic AI-first modern delivery model to accelerate digital modernization. This enterprise-wide program will transform the software development lifecycle across core enterprise packaged platforms. Leveraging WEGA — part of Wipro Intelligence™ — this initiative will embed generative and agentic AI into the software development lifecycle to streamline processes, enhance developer productivity, and accelerate digital transformation across commerce, supply chain, payments, and enterprise integration functions. This AI-native model will enable predictable transformation while boosting productivity, enhancing quality, and shortening time to market. Analyst Recognition Wipro was ranked as a Leader in ISG Provider Lens® - Semiconductor Industry Services and Solutions 2026 - US, Europe (all quadrants) Wipro was recognized as a Leader in Avasant's Airlines and Airports Digital Services 2026 RadarView™ Wipro was featured as a Leader in Avasant's Banking Digital Services 2026 RadarView™ Wipro was positioned as a Leader in Avasant's High-Tech Digital Services 2026 RadarView™ Wipro was recognized as a Leader in Everest Group's Healthcare Payer Digital Services PEAK Matrix® Assessment 2026 Wipro was positioned as a Leader in Everest Group's Google Cloud Services PEAK Matrix® Assessment 2026 Wipro was ranked as a Leader in Everest Group's Oracle Cloud Applications Services PEAK Matrix® Assessment 2026 Wipro was recognized as a Horizon 3 – Market Leader in the HFS Horizons: SAP S/4HANA Transformation Services, 2026 report Wipro was featured as a Leader in ISG Provider Lens® - Global Capability Center (GCC) Services 2026 - Optimization and Enhancement - Global Wipro was recognized as a Leader in ISG Provider Lens® - Digital Engineering Services - US, Europe (all quadrants) Wipro was ranked as a Leader in ISG Provider Lens® - Life Sciences Digital Services 2026 - Global (all quadrants) Wipro was ranked as a Leader in Avasant's Supply Chain Operations Business Process Transformation 2026 RadarView™ IT Products IT Products segment revenue for the quarter was Rs 1.0 billion ($10.9 million1) IT Products segment results for the quarter were Rs 0.02 billion ($0.2 million1) Please refer to the table at the end for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis. About Key Metrics and Non-GAAP Financial Measures This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS. The table at the end provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates. Our key metrics and non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated. Results for the Quarter ended June 30, 2026, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/ Quarterly Conference Call We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (9:30 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a webcast and can be accessed at the following link-https://event.choruscall.com/mediaframe/webcast.html?webcastid=dwiGwjsR An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com About Wipro Limited Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading AI-powered technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our consulting-led approach and the Wipro Intelligence™ unified suite of AI-powered platforms, solutions and transformative offerings, we help clients realize their boldest ambitions to build intelligent and sustainable businesses. The Wipro Innovation Network – part of the Wipro Intelligence™ suite – underpins our commitment to client-centric co-innovation and co-creation by bringing together capabilities from the innovation labs and partner labs, academia, and global tech communities. With over 230,000 employees and business partners across 65 countries, we deliver on the promise of helping our customers, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com. Forward-Looking Statements The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, the benefits its customers experience and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf. Information on reportable segments for the three months ended June 30, 2026, March 31, 2026, June 30, 2025, and year ended March 31, 2026 are as follows: Additional Information: The Company is organized into the following operating segments: IT Services and IT Products. IT Services: The IT Services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units ("SMUs") - Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa ("APMEA"). Americas 1 and Americas 2 are organized by industry sectors, while Europe and APMEA are organized by countries. Americas 1 includes the following industry sectors in the United States of America, Latin America and Canada: Communication, Media and Networks, Technology Software and Gaming, Technology New Age, Health and Consumer. Americas 2 includes the following industry sectors in the United States of America, Latin America and Canada: Banking and Financial Services, Energy, Manufacturing and Resources and Capital Markets and Insurance. Europe consists of the United Kingdom and Ireland, Switzerland, Germany and Western Europe. APMEA consists of Australia and New Zealand, Southeast Asia, Japan, India, the Middle East, and Africa. Effective April 1, 2026, the customers across Latin America and Canada are aligned with the respective industry sectors in Americas 1 and Americas 2. Additionally, Hi-tech sector and airports as a sub-sector for Americas are now subsumed under existing sectors of Americas 1. Prior period comparables are readjusted to reflect this change. Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers. IT Products: The Company is a value-added reseller of security, packaged and SaaS software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to these items is reported as revenue from the sale of IT Products. Reconciliation of selected GAAP measures to Non-GAAP measures Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn) Reconciliation of Free Cash Flow for three months ended June 30, 2026 View source version on businesswire.com: https://www.businesswire.com/news/home/20260716208701/en/ Contacts Contact for Investor Relations Abhishek JainPhone: +91-80-6142 [email protected] Contact for Media & Press Dinesh JoshiPhone: +91 [email protected]

EAST BRUNSWICK, N.J. & BENGALURU, India, July 07, 2026--(BUSINESS WIRE)--Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading AI-powered technology services and consulting company, will announce results for the first quarter ended June 30, 2026, on Thursday, July 16, 2026, after stock market trading hours in India. The results will be available in the Investors section of the company’s website at www.wipro.com/investors/. At 7:00 PM IST (9:30 AM US Eastern time) following the results announcement, the senior management will discuss the company’s performance for the quarter and answer questions sent by 6:30 PM IST (9:00 AM US Eastern time) to: [email protected]. The audio from the conference call will be available online through a webcast and can be accessed at https://event.choruscall.com/mediaframe/webcast.html?webcastid=dwiGwjsR Dial-in details for the conference call are as below Please dial any of the above numbers five to ten minutes ahead of schedule. The operator will provide instructions on asking questions before and during the call. The replay of the call will be available two hours after the end of the call on the following numbers. Call Playback Numbers: About Wipro Limited Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading AI-powered technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our consulting-led approach and the Wipro Intelligence™ unified suite of AI-powered platforms, solutions and transformative offerings, we help clients realize their boldest ambitions to build intelligent and sustainable businesses. The Wipro Innovation Network – part of the Wipro Intelligence™ suite – underpins our commitment to client-centric co-innovation and co-creation by bringing together capabilities from the innovation labs and partner labs, academia, and global tech communities. With over 240,000 employees and business partners across 65 countries, we deliver on the promise of helping our customers, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com. Forward-Looking Statements The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf. View source version on businesswire.com: https://www.businesswire.com/news/home/20260707229029/en/ Contacts Abhishek Jain+91 80 61427201 Media Contact:[email protected]

ServiceNow (NOW) stock is rising 14% to $124 as capital rotates into beaten-down enterprise software following Dell Technologies (DELL) posting Q1 FY2027 revenue of $43.84B (up 88% YoY) with AI-optimized server revenue jumping 757% to $16.13B. Snowflake (SNOW) has reported Q1 revenue of $1.39B (up 34% YoY) and raised its full-year guidance, while Wipro (WIT) has expanded its AI partnership with ServiceNow (NOW) for agentic workflows. Dell’s blowout earnings validated the enterprise AI infrastructure thesis that ServiceNow is positioned to capture through its workflow and governance layer, triggering broad repricing across the software stack as the “SaaSpocalypse” narrative retreats. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Dell Technologies didn't make the cut. Grab the names FREE today. Shares of ServiceNow (NYSE:NOW) are up 14% in Friday trading, changing hands at roughly $124 after closing Thursday at $108.73. The pop comes as capital rotates back into beaten-down enterprise software names following a blowout quarter from Dell Technologies (NYSE:DELL). The move is striking given the setup. ServiceNow stock still sits 47% below its one-year high, so this is a bounce off of a deeply oversold tape. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Dell Technologies didn't make the cut. Grab the names FREE today. The broader software complex is participating. Snowflake (NYSE:SNOW), Wipro (NYSE:WIT), and C3.ai (NYSE:AI) shares are all in motion as investors reprice the AI workflow layer. Dell Technologies reported Q1 FY2027 results after Thursday's close, posting revenue of $43.84 billion, up 88% year over year (YoY) against a consensus near $35.77 billion. Non-GAAP EPS of $4.86 crushed the $2.96 estimate by 64%. The headline figure was AI-optimized server revenue of $16.13 billion, up 757% YoY, with $24.4 billion in AI orders booked during Q1. Dell Technologies also raised its full-year FY27 revenue guidance to $165 billion to $169 billion and lifted its full-year AI server outlook to roughly $60 billion. Those numbers validate the enterprise AI buildout that ServiceNow is leveraged to. ServiceNow sits as the workflow and governance layer on top of that infrastructure spend, and the read-through is direct. Dell stock is up 29% in Friday's session. The rotation started earlier in the week when Snowflake reported Q1 FY2027 revenue of $1.39 billion, up 34% YoY, and raised its full-year product revenue guide to $5,840 million. CEO Sridhar Ramaswamy called Q1 "a clear inflection point" in Snowflake's AI journey. That print reframed the "SaaSpocalypse" narrative that had crushed enterprise software multiples. Snowflake stock is up 4% Friday, extending a recovery week. ServiceNow also got a direct catalyst. Wipro and ServiceNow announced an expanded AI partnership this week to integrate Wipro Intelligence with the ServiceNow AI Platform for agentic workflows, a deal that sent Wipro ADRs up 18% on the news. Bank of America analyst Tal Liani published a bullish call positioning ServiceNow as an AI "growth engine," framing Salesforce (NYSE:CRM) as the structural risk in the workflow stack. CEO Bill McDermott has been pounding the same drum, asserting "no AI company in the enterprise better positioned for sustainable profitable revenue growth than ServiceNow" on the most recent call. Adding to the buzz, ServiceNow CMO Colin Fleming is leaving to join OpenAI as CMO of its business division. That is a talent-flow signal that underscores how tightly the enterprise AI orbit has consolidated. Reddit sentiment confirms the grassroots shift. The top r/stocks thread, "NOW might actually be a decent AI play," climbed to 111 upvotes and 67 comments by Tuesday afternoon as the rotation thesis spread. The near-term tell is whether ServiceNow stock holds these gains into the close and follows through on Monday. Traders can monitor the $120 level as a potential make-or-break point for NOW stock. For the time being, cautious investors should treat this as a catalyst-driven repricing rather than a confirmed breakout. The setup is improving, but ServiceNow stock has work to do before reclaiming its prior trend. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Dell Technologies didn't make the cut. Grab the names FREE today.

This article first appeared on GuruFocus. IT Services Revenue (Q4): $2.65 billion, sequential growth of 0.2%, year-on-year degrowth of 0.2% in constant currency. Operating Margin (Q4): 17.3%, a contraction of 30 basis points sequentially. Order Booking (Q4): $3.5 billion, sequential growth of 3.2%, year-on-year degrowth of 13.9%. Large Deals (Q4): 14 deals totaling $1.4 billion. IT Services Revenue (FY26): $10.5 billion, year-on-year degrowth of 1.6% in constant currency. Operating Margin (FY26): 17.2%, expansion of 15 basis points year-on-year. Net Income (Q4): INR35 billion, sequential increase of 3.7% adjusted for labor code changes. Net Income (FY26): Increased 2.2% year-on-year. EPS (Q4): INR3.3. EPS (FY26): INR12.6. Operating Cash Flow (FY26): 112.6% of net income. Gross Cash Including Investments: $5.9 billion. Effective Tax Rate (ETR): 23.5%. Buyback Announcement: INR15,000 crores at INR250 per share, 5.7% of paid-up capital. Dividend Distribution (FY26): $1.3 billion, total payout ratio of 88% for the three-year block ending FY26. Warning! GuruFocus has detected 3 Warning Sign with WIT. Is WIT fairly valued? Test your thesis with our free DCF calculator. Release Date: April 16, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Wipro Ltd (NYSE:WIT) reported a sequential growth in IT Services revenue for Q4, reaching $2.65 billion. The company secured 14 large deals totaling $1.4 billion in Q4, indicating strong deal momentum. Wipro Ltd (NYSE:WIT) announced a strategic deal with the Olam Group, expected to exceed $1 billion in contract value. The company launched a dedicated AI-native business and platforms unit to expand its service offerings. Wipro Ltd (NYSE:WIT) announced a buyback of INR15,000 crores, the largest in its history, reflecting strong shareholder returns. IT Services revenue showed a year-on-year degrowth of 0.2% for Q4 and 1.6% for the full year FY26. Operating margin contracted by 30 basis points sequentially to 17.3% in Q4. Americas 2 experienced a decline both sequentially and year-on-year, impacted by client-specific issues and delayed ramp-ups. The BFSI sector faced challenges with a sequential decline of 1.3% and a year-on-year decline of 0.5%. Guidance for Q1 indicates a potential sequential growth of minus 2% to 0%, reflecting ongoing uncertainties. Q: There has been a delay in ramp-up of large deals. Why is this happening, and when can we expect growth from these deals? A: Srinivas Pallia, Strategic Business Unit Head, explained that the delays are client-specific, particularly in the BFSI sector in Americas 2. The issues are expected to resolve by the end of Q1, and growth should follow as these opportunities materialize. Q: Can you provide details on the inorganic growth contribution factored into the Q1 growth guidance? A: Aparna Iyer, CFO, clarified that the deals announced are strategic wins, not inorganic growth. The guidance assumes these deals will start yielding revenue halfway through the quarter. Q: What led to the decline in top customer revenue, and is this expected to be temporary? A: Aparna Iyer stated that the decline is a one-off quarter volatility and not a concern. The relationship with the top client remains strong, and growth is expected to bounce back. Q: How is Capco performing, and what impact does it have on Wipro's business? A: Srinivas Pallia noted that Capco is performing well, showing positive sequential and year-on-year growth. It plays a significant role in AI advisory and consulting, helping shape client strategies. Q: With the recent buyback announcement, how does Wipro plan to maintain its margins amidst investments and competitive pressures? A: Aparna Iyer mentioned that despite wage hikes and large deal wins, Wipro aims to maintain margins through operational improvements and strategic investments in AI and platform units. The focus will be on driving productivity and cost optimization. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Adjusted net income grew 3.7% QoQ in Q4’26 and grew 2.2% YoY for FY’26 FY’26 margin at 17.2%, expands 0.2%, Q4 margin at 17.3%, contracts 0.2% YoY Operating cash flow at 90.1% of net income for Q4’26 and 112.6% for FY’26 Board approves Buy-Back for the value of Rs 150 billion EAST BRUNSWICK, N.J. & BANGALORE, India, April 16, 2026--(BUSINESS WIRE)--Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading AI-powered technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter and year ended March 31, 2026. Highlights of the Results Results for the Quarter ended March 31, 2026: Results for the Year ended March 31, 2026: Outlook for the Quarter ending June 30, 2026 We expect revenue from our IT Services business segment to be in the range of $2,597 million to $2,651 million*. This translates to sequential guidance of (-)2.0% to 0% in constant currency terms. *Outlook for the Quarter ending June 30, 2026, is based on the following exchange rates: GBP/USD at 1.34, Euro/USD at 1.17, AUD/USD at 0.70, USD/INR at 92.35 and CAD/USD at 0.73 Performance for the Quarter and Year ended March 31, 2026 Srini Pallia, CEO and Managing Director, said, "Advancements in AI are reshaping client priorities and creating new opportunities for us to partner more deeply to deliver value‑driven outcomes. To strengthen our position in an AI‑first world, we are pivoting to a services‑as‑a‑software model through the AI Native Business & Platforms unit. Our strategic deal with the Olam Group further reflects the decisive investments we are making to capture opportunities at scale." Aparna Iyer, Chief Financial Officer, said, "We have continued to invest in our clients, capabilities and people and maintained our margins in narrow band. Our cash conversion continues to remain strong with operating cash flows at 112.6% of net income for FY’26. During the year we have returned substantial portion of our cash generated to shareholders in the form of dividend. Additionally, in our recently concluded board meeting, the Board of Directors announced buyback of Rs 15,000 Cr at a price of Rs 250, subject to shareholder approval." Capital Allocation: The Board of Directors approved the buyback proposal, subject to the approval of shareholders through postal ballot, for purchase by the Company of up to 60,00,00,000 equity shares of Rs 2 each (being 5.7% of total paid-up equity share capital) from the shareholders of the Company on a proportionate basis by way of a tender offer at a price of Rs 250 ($2.661) per equity share for an aggregate amount not exceeding Rs 150 billion ($1.6 billion1) , in accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 and the Companies Act, 2013 and rules made thereunder. The interim dividend of Rs 11 declared in FY’26 by the Board at its meetings held on July 17th, 2025 and January 16th, 2026, shall be considered as final dividend for the financial year 2025-26. Highlights of Strategic Deal Wins In the fourth quarter, Wipro continued to win large and strategic deals across industries. Key highlights include: Analyst Recognition IT Products Please refer to the table at the end for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis. About Key Metrics and Non-GAAP Financial Measures This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS. The table at the end provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates. Our key metrics and non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated. Results for the Quarter and Year ended March 31, 2026, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/ Quarterly Conference Call We will hold an earnings conference call today at 07:45 p.m. Indian Standard Time (10:15 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a webcast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP160426 An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com About Wipro Limited Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading AI-powered technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our consulting-led approach and the Wipro Intelligence™ unified suite of AI-powered platforms, solutions and transformative offerings, we help clients realize their boldest ambitions to build intelligent and sustainable businesses. The Wipro Innovation Network – part of the Wipro Intelligence™ suite – underpins our commitment to client-centric co-innovation and co-creation by bringing together capabilities from the innovation labs and partner labs, academia, and global tech communities. With over 230,000 employees and business partners across 65 countries, we deliver on the promise of helping our customers, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com. Forward-Looking Statements The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, the benefits its customers experience and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf. Information on reportable segments for the three months ended March 31, 2026, December 31, 2025, March 31, 2025, year ended March 31, 2026, and March 31, 2025 are as follows: Additional Information: The Company is organized into the following operating segments: IT Services and IT Products. IT Services: The IT Services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units ("SMUs") - Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa ("APMEA"). Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries. Americas 1 includes the entire business of Latin America ("LATAM") and the following industry sectors in the United States of America: Communications, media and information services, Software and gaming, New age technology, Consumer goods, medical devices and life sciences, Healthcare, and Technology products and services. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: Banking and financial services, Energy, Manufacturing and resources, Capital markets and insurance, and Hi-tech. Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Northern Europe and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South-East Asia, Japan and Africa. Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers. IT Products: The Company is a value-added reseller of security, packaged and SaaS software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to these items is reported as revenue from the sale of IT Products. Reconciliation of selected GAAP measures to Non-GAAP measures 1. Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn) 2. Reconciliation of Free Cash Flow for three months and twelve months ended March 31, 2026 3. Reconciliation for Adjusted Net Income and Adjusted EPS View source version on businesswire.com: https://www.businesswire.com/news/home/20260416585496/en/ Contacts Contact for Investor Relations Abhishek Jain Phone: +91-80-6142 6143 [email protected] Contact for Media & Press Dinesh Joshi Phone: +91 92052-64001 [email protected]