Wipro Limited FY2026 Annual Report
📊
Overview
📋
Detailed Analysis
Sentiment
Mixed
Executive Summary
Wipro FY2026: Revenue ₹92,624.0 Cr (vs ₹89,088.4 Cr YoY), PAT ₹13,265.5 Cr (vs ₹13,218.0 Cr YoY)
In FY2026 (Apr–Mar), Wipro’s consolidated revenue from operations rose to ₹92,624.0 Cr from ₹89,088.4 Cr in FY2025, while consolidated profit for the year increased marginally to ₹13,265.5 Cr from ₹13,218.0 Cr. Operating momentum in deal signings strengthened with total bookings TCV of $16.4 bn and large deal TCV of $7.8 bn in FY2026. Despite reported revenue growth in ₹ terms, management indicated IT Services revenue declined 1.6% in constant currency to $10.5 bn amid cautious client spending. Capital allocation remained shareholder-friendly with an interim dividend of ₹11/share and a...IT Services revenue
$10,478 mn in FY2026vs $10,512 mn in FY2025
IT Services revenue (CC)Page 33
Declined 1.6% in constant currency to $10.5 bn in FY2026vs FY2025
IT Services operating marginPage 30
17.2% in FY2026up 0.2% YoY
Total bookings TCVPage 30
$16.4 bn in FY2026+14.0% YoY
Large deal TCVPage 30
$7.8 bn in FY2026+45.4% YoY
Remaining performance obligations (RPO)Page 249
₹266,386 million as at Mar 31, 2026vs ₹223,292 million as at Mar 31, 2025
Net liquidity (cash & investments less borrowings)Page 346
₹375,361 million as at Mar 31, 2026vs ₹371,631 million as at Mar 31, 2025
Free cash flow as % of net incomePage 58
101.4% in FY2026vs 118.4% in FY2025
Key Highlights
9
IT Products segment revenue increased to ₹694.0 Cr in FY2026 from ₹269.2 Cr in FY2025, reflecting a 157.80% YoY increase.
The company (through subsidiaries) acquired 100% shareholding of Wipro Connected Services, Inc. (USA) along with its subsidiaries and certain other assets in Dec 2025.
Wipro completed the acquisition of DTS for a total purchase price of ₹34,044 million during FY2026.
Goodwill increased to ₹382,214 million as at Mar 31, 2026 from ₹320,346 million as at Mar 31, 2025, indicating higher acquisition-related intangibles on the balance sheet.
Revenue concentration in the US increased to ₹553,186 million in FY2026 from ₹529,943 million in FY2025, while UK revenues rose to ₹97,041 million from ₹95,241 million.
Foreign exchange earnings rose to ₹688,950 million in FY2026 from ₹640,665 million in FY2025, while foreign exchange outgoings increased to ₹305,824 million from ₹298,829 million.
+3 more in Detailed Analysis →
Key Highlights
9
IT Products segment revenue increased to ₹694.0 Cr in FY2026 from ₹269.2 Cr in FY2025, reflecting a 157.80% YoY increase.
The company (through subsidiaries) acquired 100% shareholding of Wipro Connected Services, Inc. (USA) along with its subsidiaries and certain other assets in Dec 2025.
Wipro completed the acquisition of DTS for a total purchase price of ₹34,044 million during FY2026.
Goodwill increased to ₹382,214 million as at Mar 31, 2026 from ₹320,346 million as at Mar 31, 2025, indicating higher acquisition-related intangibles on the balance sheet.
Revenue concentration in the US increased to ₹553,186 million in FY2026 from ₹529,943 million in FY2025, while UK revenues rose to ₹97,041 million from ₹95,241 million.
Foreign exchange earnings rose to ₹688,950 million in FY2026 from ₹640,665 million in FY2025, while foreign exchange outgoings increased to ₹305,824 million from ₹298,829 million.
The company invested ₹4,499 million in R&D in FY2026, supporting product/platform engineering and innovation capacity.
Renewable Energy usage improved to 94% in FY2026 from 84% in FY2025, reflecting faster transition to renewable power sourcing.
Total employees at year-end were 246,990 in FY2026 with 92,123 female employees (37.30%), indicating continued scale and gender diversity in the workforce.
MD&A Insights
5
Management stated IT Services revenue declined 1.6% in constant currency to $10.5 bn in FY2026 due to cautious client spending while prioritizing AI and modernization programs.
The aggregate transaction price allocated to remaining performance obligations rose to ₹266,386 million as at Mar 31, 2026 (vs ₹223,292 million as at Mar 31, 2025) with ~60% expected to be recognized within two years.
Wipro reported that its operating segments are IT Services and IT Products, with IT Services organized into Americas 1, Americas 2, Europe and APMEA strategic market units.
Global IT services spending is expected to accelerate to 4.2% year-over-year, which management uses as a reference point for industry demand backdrop.
Coverage of Code of Business Conduct (COBC) training reached 85% across all employee categories (including contract), indicating ongoing compliance focus.
Guidance & Outlook
5
The Board approved a share buyback of up to ₹150,000 million (described as the company’s largest), indicating an intent to deploy surplus capital toward shareholder returns.
The buyback was structured as up to 600,000,000 equity shares at ₹250 per share for an aggregate amount not exceeding ₹150,000 million.
From FY2026, the capital allocation policy targets returning 70% or more of cumulative net income over a three-year period via dividends/special dividends/buybacks (subject to approvals and applicable laws).
Wipro completed acquisition of Mindsprint in May 2026 for total consideration of US$375 million, which is positioned as an inorganic growth lever beyond FY2026.
The company signed a definitive agreement on Apr 14, 2026 to acquire select customer contracts of Alpha Net Consulting for total consideration (including earnouts) of US$70.8 million, expected to conclude by Jun 30, 2026.
Risks & Concerns
5
Income tax disputes under Income Tax appeals increased to ₹13,010 Cr as at Mar 31, 2026 from ₹11,910 Cr as at Mar 31, 2025, indicating elevated contingent liability overhang.
Income tax claims not acknowledged as debt were ₹103,344 million as at Mar 31, 2026 versus ₹99,291 million as at Mar 31, 2025 and remain pending before appellate authorities.
Consolidated profit before tax declined to ₹173,422 million in FY2026 from ₹174,957 million in FY2025, signalling margin/operating leverage pressure despite higher reported revenue.
Aggregate guarantees granted on behalf of subsidiaries were ₹10,887 Cr during the year, creating off-balance-sheet exposure.
Consolidated lease liabilities increased to ₹35,036 million as at Mar 31, 2026 from ₹30,218 million as at Mar 31, 2025, raising fixed obligations.
AI-generated analysis. May contain inaccuracies — verify against original sources.