Profit after tax (PAT) is expected to grow 5–12%, estimated in the range of Rs 3,161 crore to Rs 3,351 crore. Meanwhile, revenue growth may remain flat to 2% year-on-year in the April–June quarter, with estimates ranging between Rs 21,991 crore and Rs 22,358 crore.
Estimates from four brokerages—Elara Capital, JM Financial, Kotak Institutional Equities, and HSBC—have been taken into account.
Here’s a breakdown of what analysts expect across six key metrics:
PAT (Profit After Tax)
Brokerages expect Wipro’s net profit to remain resilient on a year-on-year basis, despite sequential moderation.
- Elara Capital pegs adjusted PAT at Rs 3,351 crore, up 10.3% YoY and down 6.6% QoQ.
- JM Financial estimates PAT at Rs 3,350 crore, growing 11.6% YoY but falling 6.1% QoQ.
- Kotak Equities is slightly lower with a Rs 3,309 crore estimate, implying 10.2% YoY growth and a 7.3% QoQ decline.
- HSBC, however, sees a sharper 11.4% QoQ dip, projecting PAT at Rs 3,161 crore—still a 5.3% YoY increase.
The sequential decline in profits is attributed to weaker revenues and some operating cost pressures during the quarter.
Revenue
Top-line performance is expected to be largely flat, with marginal YoY growth and QoQ declines across all estimates:
- Elara Capital forecasts revenue at Rs 22,015 crore, up 0.2% YoY and down 2.2% QoQ.
- HSBC has a near-identical estimate of Rs 22,000 crore.
- JM Financial is slightly more optimistic at Rs 22,358 crore, up 1.8% YoY and down 0.6% QoQ.
- Kotak projects the lowest figure at Rs 21,991 crore, up 0.2% YoY and down 2.4% QoQ.
HSBC expects a 1% decline in dollar revenues, noting that lower utilisation and a stronger rupee may weigh on revenue realisation.
EBIT / EBIT Margins
Operating profit (EBIT) is expected to remain steady with moderate YoY gains, but flat to slightly negative QoQ performance:
- Elara: Rs 3,781 crore, up 4.8% YoY, down 3.3% QoQ
- HSBC: Rs 3,702 crore, up 2.1% YoY, down 4.7% QoQ
- JM Financial: Rs 3,719 crore, up 2.5% YoY, down 4.3% QoQ
- Kotak: Rs 3,847 crore, up 6.7% YoY, down 1.6% QoQ
EBIT margins are expected to remain in a narrow band:
- Kotak forecasts EBIT margin at 17.5%, up 106 bps YoY and 14 bps QoQ.
- HSBC sees 16.8%, up 31 bps YoY but down 44 bps QoQ.
- JM Financial believes margin stability will be supported by Wipro’s efficiency programs and currency tailwinds.
Growth Guidance
Wipro had earlier guided for a -3.5% to -1.5% QoQ constant currency (cc) revenue decline.
- JM Financial expects Wipro to be at the upper end of this band, thanks to a 135-bps cross-currency tailwind that could lift USD revenue by 0.7% QoQ.
- For Q2FY26, JM expects new guidance in the range of -1% to +1% QoQ cc growth, signaling potential stabilization in the second half of FY26.
- Kotak forecasts a 2.7% revenue decline, aligning with the midpoint of Wipro’s guidance.
Deals
The ramp-up of large deals, such as the Phoenix contract, is expected to support revenues in H2FY26.
Key Monitorables
Analysts believe that while Q1FY26 may be muted, commentary and visibility into H2 will be critical. Key factors to watch include:
- Performance in Europe, which continues to weigh on overall growth
- Participation and competitiveness in vendor consolidation deals
- GCC (Global Capability Center) growth strategy
- Management commentary on margin sustainability and hiring trends
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)