Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,156.00 last close on 9 Oct 2026 +3.85%
Research updated
Wipro Ltd.
NSE: WIPROTechnologyInformation Technology Services
- Last close
- ₹162.57
- Day change
- +₹4.19 (+2.65%)vs
- Market cap
- ₹1.60 lakh crIndian rupees
- Research updated
- 1 report
About Wipro
Wipro Ltd. is an Indian multinational technology services and consulting company headquartered in Bengaluru. It focuses on delivering information technology, consulting, and business process services to enterprises worldwide, serving clients across industries such as financial services, manufacturing, retail, healthcare, energy, and communications. Wipro’s core offerings span digital strategy and consulting, custom application development, systems integration, cloud and infrastructure services, cybersecurity, data analytics, and artificial intelligence-driven solutions, often delivered in large, complex digital transformation programs. The company also provides business process services and outsourced research and development, supporting clients’ product engineering and innovation needs. Wipro operates primarily through its IT Services and IT Products segments, delivering integrated, consulting-led solutions that combine design, engineering, and operations capabilities. With a global delivery footprint across major regions including the Americas, Europe, Asia Pacific, and the Middle East, Wipro plays a significant role in enabling organizations to modernize their technology estates and optimize operations in an increasingly digital economy.
- Sector
- Technology
- Industry
- Information Technology Services
- Listing
- NSE: WIPRO
- Chief executive
- Mr. Srinivas Pallia
- Employees
- 2,40,000
- Headquarters
- Bengaluru, India
- ISIN
- INE075A01022
- Website
- wipro.com
Public research · Report of
Business model & financial foundation
Wipro (NSE: WIPRO), IT services and consulting: revenue of ₹92,624 crore in FY26 (+4.0% on FY25), an EBITDA margin of 21.6% and net profit of ₹13,197 crore.
- Revenue, FY26 (₹ crore)
- 92,624
- consolidated
- Revenue growth, FY26
- +4.0%
- on FY25
- EBITDA margin, FY26
- 21.6%
- EBITDA (vendor classification) / revenue
- Net profit, FY26 (₹ crore)
- 13,197
- to owners
- Return on equity, FY26
- 15.4%
- on average equity
- Market capitalisation (₹ crore)
- 1,65,045
- at the close of 12 Oct 2026
Company profile
Wipro is India's fourth-largest IT services company by revenue, earning about 99% of revenue from IT Services (consulting, application development and maintenance, cloud and infrastructure, engineering services, BPO) across four strategic market units: Americas 1, Americas 2, Europe and APMEA. It earned USD 10.48 billion of IT services revenue in FY26 from about 1,230 active clients, with around 243,000 employees. It is controlled by the Azim Premji promoter group.
| Item | Value |
|---|---|
| Legal name | Wipro Limited (formerly Western India Vegetable Products Limited) |
| Exchange and ticker | NSE: WIPRO; BSE: 507685 |
| ISIN | INE075A01022 |
| Sector | Information Technology |
| Industry | IT services and consulting |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP |
| Market capitalisation | ₹1,65,045 crore (12 Oct 2026) |
| Shares outstanding | 1,048 crore shares (FY26) |
| Price | ₹162.6 (close, 12 Oct 2026) |
| 52-week range | ₹156.8 - ₹273.1 (to 12 Oct 2026) |
| Website | https://www.wipro.com |
Corporate structure and shareholding
Parent: Promoter group led by Azim Premji (Zash, Prazim, Hasham Traders, Azim Premji Trust), 72.58% at Sep 2026.
| Entity | Holding | Business |
|---|---|---|
| Wipro LLC | 100% | US holding company for the Americas operations |
| Wipro IT Services LLC | 100% | US operating and holding company; issuer of USD notes; holds Rizing, Appirio, Designit Services, Capco LLC |
| The Capital Markets Company (Capco) | 100% | Financial services consulting |
| Wipro Holdings (UK) Limited | 100% | Holding company for Europe operations |
| Designit A/S | 100% | Design and experience consulting |
| Wipro Connected Services Inc. (ex-Harman DTS) | 100% | Engineering and R&D services, acquired Dec 2025 |
| Mindsprint | 100% | IT and digital services, acquired from Olam Group 15 May 2026 |
| Wipro Arabia Limited | 66.67% | IT services in Saudi Arabia |
148 subsidiaries, 1 associate and 1 joint venture at 31 Mar 2026 (S23:p123).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 72.63% | 72.62% | 72.59% | 72.58% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 8.22% | 8.32% | 8.85% | 9.46% |
| Domestic institutions | 10.64% | 10.34% | 7.51% | 7.77% |
| of which mutual funds | 4.86% | 4.31% | 1.83% | 1.66% |
| Retail | 8.40% | 8.60% | 10.92% | 10.07% |
| Other | 0.10% | 0.10% | 0.10% | 0.10% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Wipro earns ~99% of revenue from IT Services: application development and maintenance, cloud and infrastructure, consulting (Capco, Designit), engineering services (ex-Harman DTS) and BPO, sold mostly on multi-year contracts to ~1,230 active clients in four strategic market units: Americas 1 (35.2% of Q1 FY27 revenue), Americas 2 (25.4%), Europe (27.2%) and APMEA (12.2%). BFSI is 34.1%. Revenue is billed in USD, GBP and EUR and costs are mostly in rupees, so a weaker rupee lifts INR revenue and margin. FY26 IT Services revenue was $10,478.1m, cc -1.6%; consolidated revenue 92,624 cr, EBIT 15,125 cr (16.3%), profit to owners 13,197 cr, diluted EPS 12.56. Wipro controls delivery mix (offshore share, utilisation, subcontracting) and pricing on new work; it does not control client discretionary budgets, the rupee, or US immigration rules.
| Segment | revenue, FY25 (₹ crore) | Share | segment result, FY25 (₹ crore) | Share |
|---|---|---|---|---|
| IT Services | 88,822 | 99.7% | 15,164 | 100.2% |
| IT Products | 269.2 | 0.3% | -17.3 | -0.1% |
| Reconciling items (segment result) | -19.5 | -0.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Tata Consultancy Services (TCS) | Largest Indian IT services firm; same clients, verticals and delivery model |
| Infosys (INFY) | Closest large-cap peer in scale, BFSI exposure and large-deal competition |
| HCL Technologies (HCLTECH) | Comparable scale; infrastructure and engineering services overlap |
| LTIMindtree (LTIM) | Mid-tier peer competing for BFSI and manufacturing deals |
| Coforge (COFORGE) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenues | 79,093 | 90,488 | 89,760 | 89,088 | 92,624 |
| Cost of revenue (vendor classification) * | 55,587 | 64,545 | 63,150 | 61,780 | 65,619 |
| Other operating costs (vendor classification) * | 9,913 | 11,423 | 11,976 | 11,379 | 10,973 |
| EBITDA (vendor classification) * | 18,001 | 18,534 | 18,705 | 20,221 | 20,019 |
| Results from operating activities | 15,660 | 13,961 | 13,610 | 15,127 | 15,125 |
| Finance expenses | 532.5 | 1,008 | 1,255 | 1,477 | 1,458 |
| Profit before tax | 15,128 | 14,766 | 14,721 | 17,496 | 17,342 |
| Income tax expense | 2,895 | 3,399 | 3,609 | 4,278 | 4,077 |
| Profit for the period | 12,233 | 11,367 | 11,112 | 13,218 | 13,266 |
| Diluted EPS (INR, bonus-adjusted) | 11.15 | 10.34 | 10.41 | 12.52 | 12.56 |
| Depreciation and amortisation (from the cash flow add-back) * | 3,091 | 3,340 | 3,407 | 2,958 | 2,911 |
| Cost of revenues | 64,545 | 63,150 | 61,780 | 65,619 | |
| Selling and marketing expenses | 6,516 | 6,997 | 6,438 | 5,922 | |
| General and administrative expenses | 5,914 | 6,038 | 5,747 | 6,143 | |
| Foreign exchange gains/(losses), net and other operating income | 447.2 | 34.0 | 3.20 | 185.3 | |
| Finance and other income | 1,819 | 2,390 | 3,820 | 3,649 | |
| Share of net profit/(loss) of associates and JV | -5.70 | -23.3 | 25.4 | 25.7 | |
| Profit attributable to equity holders | 11,350 | 11,045 | 13,135 | 13,197 | |
| Profit attributable to non-controlling interests | 16.5 | 66.9 | 82.6 | 68.1 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to equity holders of the Company | 65,867 | 78,175 | 74,988 | 82,831 | 88,788 |
| Loans and borrowings (current + non-current, excl. leases) | 17,593 | 17,467 | 14,147 | 16,182 | 20,291 |
| Cash and cash equivalents | 10,384 | 9,188 | 9,695 | 12,197 | 10,556 |
| Trade receivables (current + non-current) | 11,522 | 12,635 | 11,952 | 11,804 | 13,590 |
| Inventories * | 133.4 | 118.8 | 90.7 | 69.4 | 51.7 |
| Trade payables * | 2,868 | 2,173 | 2,328 | 2,199 | 2,226 |
| Net property, plant and equipment * | 251.1 | 258.0 | 224.2 | 544.5 | 507.9 |
| Capital work in progress * | 1,629 | 632.3 | 748.0 | 221.1 | 456.3 |
| Total assets * | 1,07,918 | 1,17,582 | 1,15,246 | 1,28,652 | 1,41,926 |
| Investments (current + non-current) | 33,280 | 43,793 | |||
| Lease liabilities (current + non-current) | 2,318 | 3,022 | |||
| Unbilled receivables + contract assets | 7,820 | 8,008 | |||
| Net debt (negative = net cash) | -26,510 | -36,787 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 14,006 | 16,069 | 19,276 | 16,943 | 14,932 |
| Free cash flow (vendor definition) * | 9,064 | 11,577 | 16,571 | 15,439 | 13,371 |
| Dividends paid (the provider's sign: an outflow is negative) * | -546.7 | -3,281 | -521.8 | -6,275 | -11,521 |
| Purchase of property, plant and equipment | -1,942 | -1,429 | -618.8 | -1,474 | -1,560 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 1,093 | 1,095 | 1,058 | 1,046 | 1,048 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenues | 22,302 | 22,319 | 22,504 | 22,135 | 22,697 | 23,556 | 24,236 | 24,479 |
| Cost of revenue (vendor classification) * | 15,505 | 15,392 | 15,553 | 15,725 | 15,983 | 16,720 | 17,191 | 17,490 |
| Other operating costs (vendor classification) * | 3,042 | 3,071 | 2,260 | 2,856 | 2,987 | 3,341 | 1,789 | 7,013 |
| EBITDA (vendor classification) * | 5,243 | 4,604 | 4,782 | 4,843 | 4,967 | 4,809 | 5,401 | 5,084 |
| Results from operating activities | 3,715 | 3,897 | 3,909 | 3,572 | 3,783 | 3,574 | 4,196 | 3,921 |
| Finance expenses | 356.9 | 414.6 | 376.7 | 360.8 | 361.2 | 365.6 | 370.1 | 472.8 |
| Profit before tax | 4,278 | 4,453 | 4,743 | 4,258 | 4,282 | 4,134 | 4,668 | 4,335 |
| Income tax expense | 1,051 | 1,087 | 1,155 | 921.8 | 1,020 | 988.9 | 1,146 | 978.2 |
| Profit for the period | 3,227 | 3,367 | 3,588 | 3,337 | 3,262 | 3,145 | 3,522 | 3,356 |
| Diluted EPS (INR) | 3.06 | 3.20 | 3.39 | 3.17 | 3.09 | 2.97 | 3.33 | 3.20 |
| Depreciation and amortisation (from the cash flow add-back) * | 830.8 | 676.5 | 721.7 | 685.5 | 691.7 | 805.0 | 728.5 | 804.4 |
| Cost of revenues | 15,505 | 15,392 | 15,553 | 15,725 | 15,983 | 16,720 | 17,191 | 17,490 |
| Selling and marketing expenses | 1,739 | 1,608 | 1,507 | 1,529 | 1,492 | 1,501 | 1,400 | 1,650 |
| General and administrative expenses | 1,303 | 1,463 | 1,559 | 1,327 | 1,495 | 1,840 | 1,481 | 1,496 |
| Other operating income/(loss) and FX gains/(losses), net | -39.6 | 41.0 | 22.4 | 18.2 | 55.8 | 78.8 | 32.5 | 77.9 |
| Finance and other income | 919.5 | 970.8 | 1,182 | 1,042 | 845.5 | 923.2 | 838.7 | 887.2 |
| Share of net profit/(loss) of associate and JV | 0.30 | 0.50 | 29.1 | 5.00 | 15.2 | 2.80 | 2.70 | -0.50 |
| Profit attributable to equity holders | 3,209 | 3,354 | 3,570 | 3,330 | 3,246 | 3,119 | 3,502 | 3,352 |
| Profit attributable to non-controlling interests | 17.8 | 12.9 | 18.5 | 6.10 | 16.2 | 26.0 | 19.8 | 4.30 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 27.7% | 14.4% | -0.8% | -0.7% | 4.0% |
| EBITDA margin | 22.8% | 20.5% | 20.8% | 22.7% | 21.6% |
| Net margin | 12.5% | 12.3% | 14.7% | 14.2% | |
| Return on equity | 15.8% | 14.4% | 16.6% | 15.4% | |
| Return on capital employed | 21.0% | 15.6% | 14.7% | 16.1% | 14.5% |
| Return on assets | 10.1% | 9.5% | 10.8% | 9.8% | |
| Borrowings less cash (₹ crore) | 7,209 | 8,279 | 4,451 | 3,984 | 9,736 |
| Borrowings less cash / EBITDA | 0.40x | 0.45x | 0.24x | 0.20x | 0.49x |
| Interest cover | 29.4x | 13.9x | 10.8x | 10.2x | 10.4x |
| Asset turnover | 0.83x | 0.80x | 0.77x | 0.73x | 0.68x |
| Receivable days | 53 | 51 | 49 | 48 | 54 |
| Inventory days (on revenue) | 1 | 0 | 0 | 0 | 0 |
| Payable days (on revenue) | 13 | 9 | 9 | 9 | 9 |
| Cash conversion | 1.42x | 1.75x | 1.29x | 1.13x | |
| Capex intensity | 2.5% | 1.6% | 0.7% | 1.7% | 1.7% |
| Free cash flow (₹ crore) | 12,064 | 14,641 | 18,657 | 15,469 | 13,371 |
| Dividend payout | 28.9% | 4.7% | 47.8% | 87.3% | |
| EPS, diluted (₹) | 11.15 | 10.34 | 10.41 | 12.52 | 12.56 |
| Book value per share (₹) | 60.24 | 71.36 | 70.90 | 79.21 | 84.75 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (vendor classification) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (vendor classification).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR, bonus-adjusted)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Wipro
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Prices are the last close on the NSE, 9 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 12 Oct 2026.
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