The American Depositary Receipts (ADRs) of Wipro recovered, surging 5% in Thursday’s trade on 15 October to hit a nearly two-month high of $1.91, even as the company’s September-quarter performance remained muted. Investors appeared to be rotating back into software stocks amid concerns over growth.
The Bengaluru-headquartered company reported a net profit attributable to equity holders of ₹3,200 crore, down 4.6% from ₹3,356.3 crore in the previous quarter and 1.9% year-on-year (YoY) from ₹3,262.4 crore in September 2025.
Wipro posted revenue from operations of ₹24,752.7 crore, marking a 1.1% increase from ₹24,478.6 crore in the June quarter and a 9% rise from ₹22,697.3 crore in the year-ago quarter. Revenue from the IT services segment came in at ₹24,667 crore, compared with ₹24,452.9 crore in the same period last year, marking a modest 1% YoY increase.
In constant currency terms, revenue remained flat quarter-on-quarter (QoQ) but increased by a modest 0.6% YoY. The IT services operating margin for Q2 FY27 stood at 16.5%, up 0.5 percentage points QoQ but down 0.2 percentage points YoY.
Revenue from the IT services segment stood at $2,611.5 million, down 0.1% QoQ but up 0.3% YoY.
Wipro’s deal bookings plunge to nearly four-year low
Wipro’s total deal bookings fell to $2.6 billion in the September quarter from $4.7 billion a year earlier, marking a sharp decline. Bookings also fell 22.9% QoQ in constant currency terms. Large deal bookings came in at $0.7 billion, down 58.6% QoQ in constant currency terms.
Artificial intelligence (AI) has disrupted India’s $315 billion IT industry, prompting companies to revamp their business models and offer deeper discounts to win deals. Wipro has also faced challenges related to senior-level exits and acquisitions.
The company expects revenue from its IT services business to range between $2,571 million and $2,625 million in Q3 FY27. This translates into sequential revenue guidance of -1.5% to +0.5% in constant currency terms.
CEO Srinivas Pallia told reporters that a couple of deals had been awarded to Wipro but were not signed during the September quarter. These deals are expected to flow into the December quarter, and Pallia said he was “very, very bullish” about Q3 bookings. He added that seasonal furloughs would weigh on third-quarter performance.
Wipro shares: What to expect on Dalal Street on Friday?
According to market experts, Wipro shares are likely to open with modest gains in Friday’s trade, as the recent recovery in the stock gathers momentum amid a broader rotation back into software stocks. The stock has gained around 10% over the last four trading sessions as investors appear to be embracing the so-called anti-AI trade, helping it recover some of its steep losses.
Despite this double-digit recovery from recent levels, Wipro shares remain down 34% in 2026. The stock has, however, recovered modestly from its low, when losses had widened to 41%, and is now trading around ₹174 apiece.
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