NDR takeaways | AI - Medium-term opportunity; Short-term pressure

Research evidence excerpt

NDR takeaways | AI - Medium-term opportunity; Short-term pressure

India | Computer Services & IT Consulting

Wipro EquityJuneResearch15, 2026

FLASH NOTENDR takeaways | AI - Medium-term

RATING UNDERPERFORMopportunity; Short-term pressure

PRICE INR180.10^

We hosted Aparna Iyer (CFO) and Hari Shetty (Chief Strategist & CTO) for

meetings. They highlighted that compression in traditional svcs revenues PRICE TARGET | % TO PT INR180 | -0%

may continue to impact growth in the coming qtrs, but AI will expand 52W HIGH-LOW INR273.15 - INR175.80

addressable market led by Build/Reimagine opportunities. Wipro is driving FLOAT (%) | ADV MM (USD) 27.1% | 58.88

platform based delivery and shifting away from T&M pricing. While margins MARKET CAP INR1.9T | $19.8B

may be under pressure in 1Q, Wipro aims to bring them to 17-17.5% range. TICKER WPRO IN ^Prior trading day's closing price unless otherwise

noted.

Build & Reimagine opportunities to expand TAM: Wipro catgegorised AI demand in three

distinct segments. 1) Run/Operate - Automate existing tech and business process using

agents and delivery platforms. Wipro aims to win more vendor consolidation work to offset

the deflation in this segment. 2) Build - Rebuild existing applications/systems to embed AI

which will help expand addressable market. 3) Reimagine - helping clients redesign workflows

for better business outcomes. While Run and Build deals are progressing at a normal pace,

Reimagine is expected to scale over time as confidence and reference cases improve.

Token optimization emerging as a new AI service: Management highlighted that token cost

management may become a new service opportunity. Enterprise AI adoption remains nascent

as they form only 20% of tokens consumed, However, as usage scales, focus on managing