The Long View: Wipro

研报英文原文证据摘录

The Long View: Wipro

India | Computer Services & IT Consulting

Wipro EquityJulyResearch16, 2026

TARGET | ESTIMATE CHANGEAnother soft print | Guidance implies delayed

RATING UNDERPERFORMrecovery | UPF

PRICE INR178.00^

Wipro's Jun-26 results missed estimates with 140bps QoQ margin decline

and -1.5% to 0.5% QoQcc growth guidance for Sep-26 being the key negative PRICE TARGET | % TO PT INR150 (INR180) | -16%

surprise. Wipro has struggled to grow organic revenues for 3 years in a row 52W HIGH-LOW INR273.15 - INR168.55

and FY27 is unlikely to be any different. We cut our revenue/PAT by 2-5% FLOAT (%) | ADV MM (USD) 25.7% | 50.96

on slower growth outlook. Over FY27-29E, we expect 5% EPS CAGR which MARKET CAP INR1.9T | $19.4B

along with 5% dividend yields makes risk-reward unattractive. Maintain UPF TICKER WPRO IN ^Prior trading day's closing price unless otherwise

with revised PT of Rs150. noted.

RATING UNDERPERFORM

Revenue ahead; Margin miss: Wipro's IT Services revenue of US$2.6bn, down 1.2% QoQcc

(organic: -2.0% QoQcc) was slightly below the mid-point of its guided range and tad above our PRICE $1.84^

estimates. EBIT margins, at 15.7% were down 140bps QoQ, was below our estimates and a PRICE TARGET | % TO PT $1.56 ($1.93) | -15%

key negative surprise. IT services EBIT margins at 16.0%, declined by 130bps QoQ. Profits at 52W HIGH-LOW $3.12 - $1.80

Rs33.5bn, down 5% YoY were in line with estimates due to higher than expected other income FLOAT (%) | ADV MM (USD) 0.0% | 24.73

and lower tax provisions.

MARKET CAP $260.0M

Growth supported by Mindsprint acquisition: Wipro's revenues were boosted by the TICKER WIT

Mindsprint acquisition which contributed 80bps excluding which organic revenues declined by ^Prior trading day's closing price unless otherwise

2% QoQcc.