IT services segment revenue flat sequentially and increased 0.6% YoY CC
Operating Margin at 16.5% expanded 0.5% QoQ
EPS increased 4.2% YoY; Operating cash flow at 165.8% of Net income
EAST BRUNSWICK, N.J. & BENGALURU, India--(BUSINESS WIRE)--October 15, 2026--
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading AI-powered technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter ended September 30, 2026.
Highlights of the Results
Results for the Quarter ended September 30, 2026:
1. Gross revenue at Rs 247.5 billion ($2,583.0 million1), an increase of
1.1% QoQ and 9.1% YoY.
2. IT services segment revenue was at $2611.5 million, decrease of 0.1%
QoQ and increase of 0.3% YoY.
3. Non-GAAP constant currency2 IT Services segment revenue was flat
sequentially and increase of 0.6% YoY.
4. Total Bookings3 was at $2,595 million, down by 22.9% QoQ in constant
currency2. Large deal bookings4 was at $674 million, decrease of 58.6%
QoQ in constant currency2.
5. IT services operating margin5 for Q2'27 was at 16.5%, up by 0.5% QoQ
and down by 0.2% YoY.
6. Net income for the quarter was at Rs 32.0 billion ($333.9 million1),
decrease of 4.7% QoQ and 1.9% YoY.
7. Earnings per share for the quarter at Rs 3.23 ($0.031), increase of
0.9% QoQ and increase of 4.2% YoY.
8. Operating cash flows of Rs 53.0 billion ($553.6 million1), increase of
61.3% QoQ and at 165.8% of net income for the quarter.
9. Voluntary attrition was at 13.8% on a trailing 12-month basis.
Outlook for the Quarter ending December 31, 2026
We expect revenue from our IT Services business segment to be in the range of $2,571 million to $2,625 million*. This translates to sequential guidance of (-)1.5% to (+)0.5% in constant currency terms.
*Outlook for the Quarter ending December 31, 2026, is based on the following exchange rates: GBP/USD at 1.35, Euro/USD at 1.15 , AUD/USD at 0.71, USD/INR at 95.76 and CAD/USD at 0.72
Performance for the Quarter ended September 30, 2026
Srini Pallia, CEO and Managing Director, said, "The strategic investments we have been making are beginning to deliver results. They are enhancing our ability to win in new markets, add new clients, and grow existing relationships. At the same time, our consulting-led, AI-powered strategy is helping us create larger transformation opportunities. We see AI as a long-term growth driver that will expand the addressable market for technology and business transformation. We are already seeing its potential reflected in the momentum across our AI-Native Unit and AI offerings portfolio."
Aparna Iyer, Chief Financial Officer, said, "Our operating margin for the quarter was 16.5%, an expansion of 0.5% sequentially. We have delivered this improvement even while continuing to invest in our business and people. We remain relentless in driving cash flow conversion. Q2 is yet another quarter where our operating cash flow has been robust and stood at 166% of net income."
1. For the convenience of the readers, the amounts in Indian Rupees in
this release have been translated into United States Dollars at the
certified foreign exchange rate of US$1 = Rs 95.83, as published by the
Federal Reserve Board of Governors on September 30, 2026. However, the
realized exchange rate in our IT Services business segment for the
quarter ended September 30, 2026, was US$1= Rs 94.45
2. Constant currency (CC) for a period is the product of volumes in that
period times the average actual exchange rate of the corresponding
comparative period.
3. Total Bookings refers to the total contract value of all orders that
were booked during the period including new orders, renewals, and
increases to existing contracts. Bookings do not reflect subsequent
terminations or reductions related to bookings originally recorded in
prior fiscal periods. Bookings are recorded using then-existing foreign
currency exchange rates and are not subsequently adjusted for foreign
currency exchange rate fluctuations. The revenues from these contracts
accrue over the tenure of the contract. For constant currency growth
rates, refer note 2.
4. Large deal bookings consist of deals greater than or equal to $30
million in total contract value.
5. IT Services Operating Margin refers to Segment Results Total as
reflected in IFRS financial.
Highlights of Strategic Deal Wins
In Q2'27, Wipro continued to win large and strategic deals across industries. Key highlights include:
1. One of the largest US-based banking institutions has selected Wipro to
modernize its mortgage operations through Wipro's lending platform
NetOxygen. Powered by Wipro Intelligence(TM), the platform will be
implemented to simplify lending processes, automate key tasks, and
provide actionable insights to support faster and more informed
decision-making. Deployment of this platform is expected to improve
borrower experience, accelerate loan closing times, and create a more
efficient, scalable, and compliant lending ecosystem.
2. A global technology company has renewed and expanded its relationship
with Wipro to modernize its Enterprise Products organization and enhance
employee experience through more resilient and scalable applications. As
part of this multi-year engagement, Wipro will strengthen the client's
application landscape, support the development of AI-enabled enterprise
solutions, and consolidate responsibilities into a unified delivery
model. Wipro will leverage intelligent automation and AI-powered
engineering capabilities to improve productivity, accelerate testing and
delivery, and create a more integrated, cost-efficient operating model
that enhances application reliability and user experience.
3. Seeking to improve operational efficiency and overall stakeholder
experience, a leading US-based health insurance provider has appointed
Wipro as a strategic partner to transform its provider services
organization. Wipro will combine end-to-end provider support services
with analytics, workforce planning, quality management, and operational
excellence methodologies to identify root causes, optimize workflows, and
improve business outcomes. This engagement will help accelerate issue
resolution, enhance customer experience, and create a more scalable and
cost-efficient operating model.
4. Wipro was selected by a global biotechnology company to transform and
scale its post-market quality assurance operations to address changing
regulatory requirements and the need for greater operational efficiency.
Wipro will deliver end-to-end complaint management, reporting, and
multilingual support services. Wipro will also introduce an AI-enabled
operating model to ensure intelligent document processing, workflow
orchestration, and automated compliance support. This transformation will
improve processing speed, quality, and audit readiness, while reducing
costs and creating a more resilient organization.
5. A leading Asia-based Fortune 500 conglomerate selected Wipro to
establish an AI Global Capability Center (GCC) as part of its enterprise
AI transformation agenda. The engagement combines AI engineering talent,
governance, innovation programs, and capability building to accelerate
the development of AI-powered products and platforms while creating a
scalable operating model for long-term growth.
6. A leading global network technology provider has selected Wipro for a
strategic engagement to scale its core mobile network services business
worldwide. Wipro will provide network implementation, testing, and AI-led
automation to simplify delivery and improve operational efficiency. The
engagement will enable the client to expand delivery capacity, accelerate
service deployment, and enhance quality and consistency across customer
programs through a centralized delivery model.
7. In a significant win for Wipro's AI-Native Business & Platform unit, a
large North American public services organization has selected Wipro to
modernize its enrolment, customer engagement, and operational management
processes. Wipro will deploy an AI-native digital operations platform
designed to streamline onboarding, communications, and workflow
management through a unified operating model. Powered by AI agents,
conversational AI, intelligent document processing and predictive
analytics, the platform will automate complex processes, enhance
operational efficiency, and improve user experiences at scale. This win
further demonstrates growing demand for AI-native platforms that help
organizations simplify operations, improve service outcomes, and
accelerate digital transformation.
8. A global leader in beverages has awarded Wipro an expanded engagement
to simplify, consolidate and optimize its technology operations. Wipro
will deliver end-to-end infrastructure and hybrid cloud services,
enhanced with Wipro Intelligence(TM), to provide personalized support,
proactive issue resolution, automation of routine tasks, and improved
operational visibility. The engagement will enhance employee experience,
improve service performance, strengthen compliance, and cost
optimization.
9. A Europe-based global provider of industrial products and service
solutions has renewed its engagement with Wipro for an enterprise-wide
business transformation. Wipro will implement a single global enterprise
resource planning platform, standardizing processes and data across
regions while modernizing the client's core business systems. The program
will provide real-time operational and financial visibility, improve
efficiency, and enhance the agility needed to scale and respond more
quickly to evolving market and customer demands.
10. A leading global life sciences company has selected Wipro to establish
an AI-powered supply chain intelligence platform to improve the speed,
consistency, and quality of critical decisions. Beginning with a
consulting-led assessment of business processes, data readiness, and
governance requirements, Wipro will establish a trusted data foundation
and deploy agents through WEGA to improve manufacturing, distribution,
and inventory management decisions. This engagement will help accelerate
decision-making, strengthen supplier risk visibility, improve
responsiveness to supply disruptions, and create a scalable platform for
future growth.
11. A major energy company in the Middle East has selected Wipro to
transform its procurement and finance operations through an AI-led
operating model. Leveraging Wipro Intelligence(TM), Wipro will automate
procurement workflows, supplier interactions, invoice management, and
exception resolution. This will enable a more efficient, scalable and
insight-driven enterprise operations function.
12. A leading North American financial services institution is modernizing
its trade exception management capability with Capco, a Wipro company, to
create a single view of trade, settlement, and position exceptions across
the enterprise. Capco will design and implement a scalable platform that
consolidates data from multiple internal and external sources, enabling
faster investigation and resolution of operational exceptions. The
solution will introduce AI-assisted exception detection, enhanced
auditability, and configurable workflows to strengthen accountability,
and operational controls.
Analyst Recognitions
1. Wipro was recognized as a Leader in IDC MarketScape: Worldwide
AI-Driven Professional Services for Oil and Gas Companies 2026 Vendor
Assessment (Doc # US54135126 Aug 2026)
2. Wipro was recognized as a Leader in ISG Provider Lens(R) - Microsoft AI
and Cloud Ecosystem 2026 - US (all quadrants)
3. Wipro was rated as a Leader in Avasant's Healthcare Payor Digital
Services 2026 RadarView(TM)
4. Wipro was featured as a Leader in Avasant's Telecom Digital Services
2026 RadarView(TM)
5. Wipro was ranked as a Leader in Avasant's Utilities Digital Services
2026 RadarView(TM)
6. Wipro was positioned as a Leader in Everest Group's Cybersecurity
Services PEAK Matrix(R) Assessment 2026 -- Global
7. Wipro was positioned as a Leader in IDC MarketScape: Worldwide Oracle
Implementation Services 2026 Vendor Assessment (Doc # US54124626 Aug
2026)
8. Wipro was positioned as a Leader in ISG Provider Lens(R) - Future of
Work Services 2026 - US & Europe (all quadrants)
9. Wipro was recognized as a Leader in Everest Group's Quality Engineering
(QE) Services for AI Applications and Systems PEAK Matrix(R) Assessment
2026
10. Wipro was rated as a Leader in Everest Group's Application Management
Services PEAK Matrix(R) Assessment 2026
11. Wipro was positioned as a Leader in Everest Group's Integrated Finance
and Accounting Services $(FAS)$ PEAK Matrix(R) Assessment 2026
IT Products
1. IT Products segment revenue for the quarter was Rs 1.5 billion ($15.8
million1)
2. IT Products segment results for the quarter were (-) Rs 0.1 billion
((-) $0.8 million1)
Please refer to the table at the end for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.
About Key Metrics and Non-GAAP Financial Measures
This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.
The table at the end provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.
Our key metrics and non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.
Results for the Quarter ended September 30, 2026, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/
Quarterly Conference Call
We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (9:30 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a webcast and can be accessed at the following link-https://event.choruscall.com/mediaframe/webcast.html?webcastid=0q8EorJM
An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading AI-powered technology services and consulting company focused on building innovative solutions that address clients' most complex digital transformation needs. Leveraging our consulting-led approach and the Wipro Intelligence(TM) unified suite of AI-powered platforms, solutions and transformative offerings, we help clients realize their boldest ambitions to build intelligent and sustainable businesses. The Wipro Innovation Network -- part of the Wipro Intelligence(TM) suite -- underpins our commitment to client-centric co-innovation and co-creation by bringing together capabilities from the innovation labs and partner labs, academia, and global tech communities. With over 230,000 employees and business partners across 65 countries, we deliver on the promise of helping our customers, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com.
Forward-Looking Statements
The forward-looking statements contained herein represent Wipro's beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro's control. Such statements include, but are not limited to, statements regarding Wipro's growth prospects, its future financial operating results, the benefits its customers experience and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.
Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Rs in millions, except share and per share data, unless otherwise
stated)
As at March 31,
2026 As at September 30, 2026
--------------- --------------------------
Convenience
translation
into U.S.
Dollar in
millions
(unaudited) at
the rate of Rs
95.83
--------------- --------- ---------------
ASSETS
Goodwill 387,399 409,181 4,270
Intangible assets 29,176 49,684 518
Property, plant
and equipment 81,787 81,507 851
Right-of-Use
assets 28,287 26,939 281
Financial
assets
Investments 28,053 27,727 289
Trade
receivables 349 - -
Unbilled
receivables 7,433 8,703 91
Other
financial
assets 6,259 7,946 83
Investments
accounted for
using the equity
method 2,126 2,228 23
Deferred tax
assets 5,242 5,620 59
Non-current tax
assets 7,787 3,858 40
Other non-current
assets 9,010 8,936 93
--------------- --------- ---------------
Total non-current
assets 592,908 632,329 6,598
--------------- --------- ---------------
Inventories 517 835 9
Financial
assets
Derivative
assets 888 1,726 18
Investments 437,680 341,527 3,564
Cash and cash
equivalents 105,555 95,016 992
Trade
receivables 135,901 129,060 1,347
Unbilled
receivables 76,823 79,301 827
Other
financial
assets 10,245 13,277 139
Contract assets 14,819 16,115 168
Current tax
assets 10,762 12,178 127
Other current
assets 33,164 39,146 408
--------------- --------- ---------------
Total current assets 826,354 728,181 7,599
--------------- --------- ---------------
TOTAL ASSETS 1,419,262 1,360,510 14,197
--------------- --------- ---------------
EQUITY
Share capital 20,977 19,810 207
Share premium 6,158 1,554 16
Retained earnings 735,057 641,170 6,691
Share-based
payment reserve 7,920 6,013 63
Special Economic
Zone
Re-investment
reserve 25,966 21,842 228
Other components
of equity 89,290 104,440 1,090
--------------- --------- ---------------
Equity attributable
to the equity
holders of the
Company 885,368 794,829 8,295
Non-controlling
interests 2,509 1,721 18
--------------- --------- ---------------
TOTAL EQUITY 887,877 796,550 8,313
--------------- --------- ---------------
LIABILITIES
Financial
liabilities
Loans and
borrowings 1,962 - -
Lease
liabilities 26,327 26,474 276
Accrued
expenses 4,394 4,686 49
Other
financial
liabilities 6,743 8,574 89
Deferred tax
liabilities 17,266 21,677 226
Non-current tax
liabilities 48,195 45,289 473
Other non-current
liabilities 23,042 28,920 302
Provisions 224 121 1
--------------- --------- ---------------
Total non-current
liabilities 128,153 135,741 1,416
--------------- --------- ---------------
Financial
liabilities
Loans,
borrowings
and bank
overdrafts 165,912 185,021 1,931
Lease
liabilities 8,709 9,570 100
Derivative
liabilities 10,978 2,992 31
Trade payables
and accrued
expenses 94,924 99,284 1,036
Other
financial
liabilities 11,357 5,131 53
Contract
liabilities 25,434 22,706 237
Current tax
liabilities 49,621 63,432 662
Other current
liabilities 34,801 38,951 406
Provisions 1,496 1,132 12
--------------- --------- ---------------
Total current
liabilities 403,232 428,219 4,468
--------------- --------- ---------------
TOTAL LIABILITIES 531,385 563,960 5,884
=============== ========= ===============
TOTAL EQUITY AND
LIABILITIES 1,419,262 1,360,510 14,197
--------------- --------- ---------------
WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Rs in millions, except share and per share data, unless otherwise stated)
Three months ended September 30, Six months ended September 30,
----------------------------------------------- -------------- ----------------------------------
2025 2026 2026 2025 2026 2026
-------------- ------------- ------------- -------------- -------------- --------------
Convenience Convenience
translation translation into
into US dollar U.S. Dollar in
in millions millions
(unaudited) at (unaudited) at
the rate of Rs the rate of Rs
95.83 95.83
-------------- ------------- -------------- -------------- -------------- -----------------
Revenues 226,973 247,527 2,583 448,319 492,313 5,137
Cost of revenues (159,832) (176,071) (1,838) (317,079) (350,971) (3,662)
-------------- ------------- ------------- -------------- -------------- --------------
Gross profit 67,141 71,456 745 131,240 141,342 1,475
Selling and
marketing
expenses (14,920) (16,726) (174) (30,205) (33,222) (347)
General and
administrative
expenses (14,950) (14,740) (154) (28,222) (29,703) (310)
Foreign exchange
gains/(losses),
net 558 655 7 740 1,434 15
-------------- ------------- ------------- -------------- -------------- --------------
Results from
operating
activities 37,829 40,645 424 73,553 79,851 833
Finance expenses (3,612) (5,454) (57) (7,220) (10,182) (106)
Finance and other
income 8,455 6,770 71 18,872 15,642 163
Share of net
profit/ (loss) of
associate and
joint venture
accounted for
using the equity
method 152 86 1 202 81 1
-------------- ------------- ------------- -------------- -------------- --------------
Profit before tax 42,824 42,047 439 85,407 85,392 891
Income tax expense (10,200) (10,050) (105) (19,418) (19,832) (207)
-------------- ------------- ------------- -------------- -------------- --------------
Profit for the period 32,624 31,997 334 65,989 65,560 684
-------------- ------------- ------------- -------------- -------------- --------------
Profit attributable
to:
Equity holders of
the Company 32,462 32,006 334 65,766 65,526 684
Non-controlling
interests 162 (9) ^ 223 34 ^
-------------- ------------- ------------- -------------- -------------- --------------
Profit for the period 32,624 31,997 334 65,989 65,560 684
-------------- ------------- ------------- -------------- -------------- --------------
Earnings per equity
share:
Attributable to
equity holders of
the Company
Basic 3.10 3.23 0.03 6.28 6.43 0.07
Diluted 3.09 3.23 0.03 6.26 6.43 0.07
Weighted average
number of equity
shares
used in computing
earnings per equity
share
Basic 10,475,705,330 9,898,117,199 9,898,117,199 10,474,157,025 10,177,461,861 10,177,461,861
Diluted 10,496,319,658 9,911,142,842 9,911,142,842 10,495,032,480 10,192,427,079 10,192,427,079
^ Value is less than 0.5
---------------------------------------------------------------------------------------------------------------------------
Information on reportable segments for the three months ended September 30, 2026, June 30, 2026, September 30, 2025, six months ended September 30, 2026, September 30, 2025 and year ended March 31, 2026 are as follows:
Particulars Three months ended Six months ended Year ended
--------------- ------------------------------ -------------------- ----------
September June 30, September September September March
30, 2026 2026 30, 2025 30, 2026 30, 2025 31, 2026
--------------- --------- -------- --------- --------- --------- ----------
Audited Audited Audited Audited Audited Audited
--------------- --------- -------- --------- --------- --------- ----------
Segment revenue
IT Services
Americas 1 84,985 86,087 80,556 171,072 159,595 328,118
Americas 2 63,194 62,119 61,276 125,313 122,404 246,530
Europe 67,546 66,569 59,531 134,115 116,348 244,165
APMEA 30,945 29,754 25,042 60,699 48,858 102,340
-------- ------- -------- -------- -------- -------
Total of IT
Services 246,670 244,529 226,405 491,199 447,205 921,153
IT Products 1,512 1,036 1,126 2,548 1,854 6,940
--------------- -------- ------- -------- -------- -------- -------
Total segment
revenue 248,182 245,565 227,531 493,747 449,059 928,093
--------------- -------- ------- -------- -------- -------- -------
Segment result
IT Services
Americas 1 16,009 16,691 17,265 32,700 33,581 69,852
Americas 2 11,222 9,874 11,292 21,096 23,355 46,182
Europe 11,309 9,047 6,962 20,356 12,988 31,083
APMEA 4,323 4,362 3,308 8,685 6,287 14,955
Unallocated (2,137) (787) (1,018) (2,924) (268) (3,426)
-------- ------- -------- -------- -------- -------
Total of IT
Services 40,726 39,187 37,809 79,913 75,943 158,646
IT Products (72) 16 101 (56) 121 559
Reconciling
Items (9) 3 (81) (6) (2,511) (7,954)
--------------- -------- ------- -------- -------- -------- -------
Total segment
result 40,645 39,206 37,829 79,851 73,553 151,251
--------------- -------- ------- -------- -------- -------- -------
Finance
expenses (5,454) (4,728) (3,612) (10,182) (7,220) (14,577)
Finance and
other income 6,770 8,872 8,455 15,642 18,872 36,491
Share of net
profit/ (loss)
of associate
and joint
venture
accounted for
using the
equity method 86 (5) 152 81 202 257
--------------- -------- ------- -------- -------- -------- -------
Profit before
tax 42,047 43,345 42,824 85,392 85,407 173,422
--------------- -------- ------- -------- -------- -------- -------
Additional Information:
The Company is organized into the following operating segments: IT Services and IT Products.
IT Services: The IT Services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units ("SMUs") - Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa ("APMEA").
Americas 1 and Americas 2 are organized by industry sectors, while Europe and APMEA are organized by countries.
Americas 1 includes the following industry sectors in the United States of America, Latin America and Canada: Communication, Media and Networks, Technology Software and Gaming, Technology New Age, Health and Consumer. Americas 2 includes the following industry sectors in the United States of America, Latin America and Canada: Banking and Financial Services, Energy, Manufacturing and Resources and Capital Markets and Insurance. Europe consists of the United Kingdom and Ireland, Switzerland, Germany and Western Europe. APMEA consists of Australia and New Zealand, Southeast Asia, Japan, India, the Middle East, and Africa.
Effective April 1, 2026, the customers across Latin America and Canada are aligned with the respective industry sectors in Americas 1 and Americas 2. Additionally, Hi-tech sector and airports as a sub-sector for Americas are now subsumed under existing sectors of Americas 1.
Prior period comparables are readjusted to reflect this change.
Revenue from each customer is attributed to the respective SMUs based on the location of the customer's primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer's buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.
IT Products: The Company is a value-added reseller of security, packaged and SaaS software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to these items is reported as revenue from the sale of IT Products.
Reconciliation of selected GAAP measures to Non-GAAP measures
1. Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn)
Three Months ended September 30, 2026
IT Services Revenue as per IFRS $2611.5
Effect of Foreign currency exchange movement $3.7
--------
Non-GAAP Constant Currency IT Services Revenue
based on previous quarter exchange rates $2615.2
--------------------------------------------------------------- --------
Three Months ended September 30, 2026
IT Services Revenue as per IFRS $2,611.5
Effect of Foreign currency exchange movement $7.5
--------
Non-GAAP Constant Currency IT Services Revenue
based on exchange rates of comparable period in previous year $2619.1
--------------------------------------------------------------- --------
2. Reconciliation of Free Cash Flow for Three months and Six months ended September 30, 2026
Amounts in INR Mn
Three months ended Six months ended
September 30, 2026 September 30, 2026
------------------------------------ ------------------- -------------------
Net Income for the period [A] 31,997 65,560
------------------------------------ ------------------- -------------------
Computation of Free Cash Flow
------------------------------------ ------------------- -------------------
Net cash generated from operating
activities [B] 53,048 85,928
------------------------------------ ------------------- -------------------
Add/ (deduct) cash inflow/
(outflow)on:
------------------------------------ ------------------- -------------------
Purchase of property, plant and
equipment (-)4,261 (-)7,640
------------------------------------ ------------------- -------------------
Proceeds from sale of property,
plant and equipment 93 209
------------------------------------ ------------------- -------------------
Free Cash Flow [C] 48,880 78,497
------------------------------------ ------------------- -------------------
Operating Cash Flow as percentage of
Net Income [B/A] 165.8% 131.1%
------------------------------------ ------------------- -------------------
Free Cash Flow as percentage of Net
Income [C/A] 152.8% 119.7%
------------------------------------ ------------------- -------------------
View source version on businesswire.com: https://www.businesswire.com/news/home/20261015126740/en/
CONTACT: Contact for Investor Relations
Abhishek Jain
Phone: +91-80-6142 6143
abhishek.jain2@wipro.com
Contact for Media & Press
Dinesh Joshi
Phone: +91 92052-64001
media-relations@wipro.com