Last updated: 12 October 2026. We will update this article after Wipro’s Q2 results on 15 October.
Wipro has had a terrible 2026. The stock is down about 38% this year, the worst performance of any large-cap Indian IT stock, in a year when the whole sector has been beaten up. It traded near ₹162 in early October, close to its 52-week low and about 40% below its December 2025 high of ₹273.
The most striking number: in June, Wipro bought back ₹15,000 crore of its own shares at ₹250 each. Four months later, the stock trades about 35% below that price. Here’s why Wipro has fallen so much harder than TCS, Infosys and HCLTech, and what its September-quarter results on Thursday, 15 October, need to show for that to change.
Key takeaways
- Wipro isn’t growing on its own. Its IT services revenue fell 1.2% from the previous quarter in Q1 FY27, and most of the year-on-year growth came from acquisitions and a weaker rupee.
- Margins are slipping. The IT services operating margin dropped to 16% in Q1, down 1.3 percentage points in a single quarter.
- Big deal wins have slowed. Large deal bookings of $1.63 billion in Q1 were about 39% lower than a year earlier.
- For Q2, Wipro has guided for revenue between a 1.5% decline and 0.5% growth. The guidance it gives for Q3 on 15 October matters more than the quarter itself.
How far Wipro has fallen
| Date | What happened | Share price |
|---|---|---|
| 22 December 2025 | 52-week high | ₹273 |
| 16 April 2026 | Q4 results; ₹15,000 crore buyback announced | ₹210 (buyback at ₹250) |
| 5 June 2026 | Buyback record date | Around ₹205 |
| 16 July 2026 | Q1 FY27 results | ₹178 |
| 5 October 2026 | Ahead of Q2 results | ₹162 |
The fall has been steady rather than a single crash. The stock has traded below its 200-day moving average for months, and not even a buyback at a 19% premium could hold it up.
Why Wipro has fallen harder than its peers
All Indian IT stocks have suffered in 2026 from fears that AI will shrink the large, people-heavy contracts the industry depends on, and from slow technology spending by global clients. (We covered the sector-wide picture in Is the IT Selloff Over?) But Wipro has specific problems that its peers don’t share to the same degree.
1. It has stopped growing on its own
Wipro’s reported revenue for Q1 FY27 rose 10.6% year-on-year to ₹24,479 crore, which sounds healthy. It isn’t. In constant currency, IT services revenue grew just 0.9% from a year earlier and fell 1.2% from the previous quarter. The rest of the headline growth came from a weaker rupee, which inflates the rupee value of dollar revenue, and from acquisitions such as Harman’s DTS business and Mindsprint, which Wipro completed on 15 May 2026.
Even with that help, revenue missed the Street estimate of ₹24,776 crore compiled by Reuters-LSEG. Wipro has struggled with flat or falling organic revenue for most of the last three years, which is why investors are no longer willing to pay for a recovery that keeps getting pushed back.
2. Margins are at a multi-year low
Wipro’s IT services operating margin fell to 16% in Q1, down from 17.3% in the previous quarter and 17.2% a year earlier. That’s its weakest level in about 15 quarters. The company blamed salary increases, start-up costs on new large deals and investment in AI. Compare that with TCS, which held its operating margin at about 24% in the September quarter. When revenue isn’t growing, falling margins mean falling profit: Wipro’s net profit of ₹3,356 crore was up just 0.6% year-on-year and down 4.7% from the previous quarter.
3. Big deal wins have slowed
Large deals (contracts worth $30 million or more) are the best guide to future revenue. Wipro’s large deal bookings were $1.63 billion in Q1. That was up 12.9% from the previous quarter but down roughly 39% from $2.67 billion a year earlier. Wipro also said some deals it has already won are taking longer than expected to turn into revenue. Slower deal wins today mean weaker revenue in six to twelve months.
4. Its business mix is more exposed
Wipro earns a larger share of its revenue from consulting and discretionary projects than TCS or HCLTech. That’s the spending clients cut first when budgets tighten, and the kind of work most exposed to AI tools doing it faster and cheaper. Brokerages have also long flagged that Wipro wins fewer very large, multi-year contracts than its peers, which gives it less revenue visibility.
5. The buyback didn’t put a floor under the stock
When Wipro announced its ₹15,000 crore buyback at ₹250 a share in April, the price was about a 19% premium to the market. Buybacks often support a stock while they’re running. But a tender-offer buyback only takes back a small slice of each shareholder’s holding (about 5.7% of all shares here), and once it closed, that support disappeared. Our read: with no growth trigger in sight, the stock went straight back to trading on fundamentals, and the fundamentals were weak.
Wipro’s Q1 FY27 results at a glance
| Metric | Q1 FY27 | Change |
|---|---|---|
| Revenue from operations | ₹24,479 crore | +10.6% YoY, +1% QoQ; missed the ₹24,776 crore estimate |
| IT services revenue | $2.61 billion | −1.2% QoQ and +0.9% YoY in constant currency |
| Net profit | ₹3,356 crore | +0.6% YoY, −4.7% QoQ |
| IT services operating margin | 16.0% | Down 1.3 points QoQ and 1.2 points YoY |
| Large deal bookings | $1.63 billion (13 deals) | +12.9% QoQ, about −39% YoY |
| Total bookings | $3.4 billion | – |
| Interim dividend | ₹2 per share | – |
What Q2 results on 15 October need to show
Wipro reports after market hours on Thursday, 15 October. It has guided for IT services revenue of $2.574–2.627 billion, which works out to between a 1.5% decline and 0.5% growth in constant currency. That range includes a full quarter of Mindsprint revenue, so organic growth will be weaker than the headline.
Brokerages expect a quarter at the soft end. Kotak Institutional Equities, Choice Institutional Equities and PL Capital estimate revenue will decline between about 0.5% and 0.7% from the previous quarter, and Kotak expects Wipro to guide for −2% to 0% for Q3. Wipro has made no dividend proposal for this meeting.
| What to look at | Would change the story | Would confirm the decline |
|---|---|---|
| Q2 revenue | Flat or positive in constant currency | A decline at the bottom of the −1.5% to +0.5% range |
| Q3 guidance | Better than −2% to 0%, especially a positive top end | Another negative range, which would mean a fourth year of little or no growth |
| Operating margin | Back above 16.5% | Below 16%, showing cost pressure is getting worse |
| Large deals | Bookings back above $2 billion | Another quarter well below last year |
| Deal ramp-ups | Management says delayed deals are now producing revenue | More delays, which push any recovery into FY28 |
The Q3 guidance matters most. Wipro gives guidance one quarter at a time, so it’s the clearest signal of whether the business has bottomed. TCS’s September quarter showed that the market will reward even modest stability in a beaten-down IT stock. Wipro doesn’t need strong growth to rally; it needs to show that revenue has stopped shrinking.
Is Wipro now cheap enough to buy?
A 38% fall makes the stock look tempting, and the dividend helps: Wipro paid ₹11 a share for FY26, which is a yield of about 6.8% at ₹162. But that payout was higher than this year is likely to be (₹2 so far for FY27), so don’t treat it as a guaranteed income stream. Here’s how the two sides line up:
| The case for Wipro | The case against |
|---|---|
| The stock has already priced in a lot of bad news | Organic revenue is still shrinking, not just slowing |
| Strong cash generation: operating cash flow was 98% of net profit in Q1 | Margins are falling while peers like TCS hold theirs |
| Large deal bookings rose 12.9% from the previous quarter | Bookings are still about 39% lower than a year ago |
| A weak rupee boosts rupee earnings | Discretionary and consulting work is the most exposed to AI and budget cuts |
| Low expectations mean a stable quarter could trigger a relief rally | It has disappointed on recovery hopes for about three years |
Our read: Wipro is cheap for a reason. The fall reflects a business that hasn’t grown organically for years, not just a sector-wide panic. That makes 15 October a genuine turning point either way. A flat quarter and better Q3 guidance could start a sharp relief rally from these levels. Another negative guidance range would suggest the bottom is still some way off, regardless of how cheap the stock looks.
What to watch next
- 12 October: HCLTech results, which will set the tone for the rest of the IT season
- 15 October (after market): Wipro Q2 FY27 results, Q3 guidance and management commentary
- 16 October: the stock’s reaction and brokerage target-price changes
- 23 October: Infosys results, which will show whether Wipro’s problems are company-specific or sector-wide
Frequently asked questions
Why is Wipro’s share price falling in 2026?
Wipro’s organic revenue is shrinking, its operating margin has dropped to about 16%, and its large deal bookings are down about 39% from a year ago. Sector-wide fears about AI and weak client spending have added to the pressure. The stock is down about 38% in 2026.
When are Wipro’s Q2 FY27 results?
Thursday, 15 October 2026, after market hours. The board meets over 14 and 15 October.
What was Wipro’s buyback price in 2026?
₹250 per share, for a total of up to ₹15,000 crore through a tender offer. The record date was 5 June 2026. The stock now trades about 35% below that price.
Will Wipro declare a dividend with Q2 results?
Wipro hasn’t proposed a dividend for the 15 October meeting. It paid an interim dividend of ₹2 per share with its Q1 results in July.
Should I buy Wipro shares now?
The stock is much cheaper than it was, but the business hasn’t yet shown that revenue has stopped shrinking. The Q3 guidance on 15 October is the key signal. This is not investment advice.
Sources
- Q1 FY27 results, margins and Q2 guidance: Kotak Neo, NiftyTrader, Staffing Industry Analysts
- Margin low and large deal bookings: IIFL, INDmoney
- Buyback: Wipro filing (SEC Form 6-K), Angel One
- 2026 share price fall and Q2 date: NewsBytes, Sahi, 5paisa
- Q2 expectations: Goodreturns, citing Kotak, Choice and PL Capital
Disclaimer: This article is for information and education only and is not investment advice. Share prices and brokerage estimates can change before results are announced.
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