WIPRO Q2 FY27 Results Analysis: Revenue Rises 9%, PAT Slips 2%
WIPRO's Q2 FY27 numbers came in mixed, with revenue of Rs. 24,752.70 Cr (+9.06% YoY) and PAT growth of -1.40% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 15, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 24,752.70 Cr (+9.06% YoY) |
| PAT (Q2) | Rs. 3,200.60 Cr (-1.40% YoY) |
| EBITDA margin | 19.68% (+35 bps YoY) |
| EPS (Q2) | Rs. 3.23 (+4.19% YoY) |
| Market cap | Rs. 172,402.46 Cr |
| CMP | Rs. 174.05 |
Quarter Snapshot
Wipro delivered 9.06% YoY revenue growth to Rs.24,753 Cr, aided by rupee depreciation and the Mindsprint acquisition, but consolidated PAT declined 1.92% YoY as finance costs rose 51% and subsidiary profits fell 46.5%. IT Services operating margin improved 48 bps QoQ to 16.51% but remains 49 bps below the 17% floor of management's guided 17-17.5% band, leaving the margin recovery path dependent on continued sequential improvement. Europe (+13.46% YoY, margin +505 bps) and APMEA (+23.57% YoY) led growth while Americas 1 margin compressed 259 bps YoY on healthcare weakness.
Key Investment Insights
Key Positives
- Consolidated revenue grew 9.06% YoY to Rs.24,753 Cr; IT Services segment revenue grew 8.95% YoY to Rs.24,667 Cr
- IT Services operating margin improved 48 bps QoQ to 16.51% from 16.03% in Q1
- Europe revenue grew 13.46% YoY with operating margin up 505 bps YoY to 16.74%
- APMEA revenue grew 23.57% YoY with margin up 76 bps YoY to 13.97%
- Americas 2 returned to YoY growth of 3.13% after declining 7.3% YoY in Q1; margin improved 187 bps QoQ to 17.76%
- H1 FY27 CFO of Rs.8,593 Cr was 1.31x PAT; free cash flow of Rs.7,829 Cr
- Standalone PAT grew 9.51% YoY to Rs.2,862.7 Cr with employee costs up only 1.08% YoY
- P&L-derived EBITDA margin of 19.68%, up 35 bps YoY and 75 bps QoQ
Risk Factors
- IT Services operating margin of 16.51% is 49 bps below the 17% floor of management's guided 17-17.5% band
- Consolidated PAT declined 1.92% YoY to Rs.3,199.7 Cr despite 9.06% revenue growth
- Americas 1 revenue declined 1.28% QoQ and margin compressed 259 bps YoY to 18.84%, reflecting healthcare-payer weakness
- Finance costs rose 51% YoY to Rs.545 Cr with current borrowings up 11.5% to Rs.18,502 Cr
- Subsidiary contribution to PAT fell 46.5% YoY from Rs.632.0 Cr to Rs.337.9 Cr
- Other income fell 20.28% YoY to Rs.755.5 Cr
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.