[WIT] Wipro: Q2 FY2027 Results Test Whether Large Deals Turn Into Revenue

Wipro, the Bengaluru-based IT services company whose American depositary shares trade on the NYSE, earns almost all of its revenue from outsourcing, consulting and digital work for US and European enterprises. The company has scheduled its earnings call for 2026-10-15[1], when it will report Wipro Q2 FY2027 results for the second quarter of fiscal 2027, ending September 30, 2026. In the latest disclosed quarter, the first quarter of fiscal 2027 (April-June 2026), IT services revenue was $2,614.5 million, down 1.2% sequentially and up 0.9% year on year in constant currency, while IT services margin was 16.0%, 1.2 percentage points lower than a year earlier; gross revenue was INR 244.8 billion and net income was INR 33.6 billion, up just 0.6% year on year[2]. Management guided second-quarter IT services revenue to $2,574 million-$2,627 million, a sequential range of -1.5% to +0.5% in constant currency[3]. The rupee revenue consensus compiled by Drillr is INR 242.26 billion (5 analysts, range INR 238.46-246.06 billion), with net income of INR 33.87 billion and an EPS estimate of INR 3.23 that comes from a single analyst[4]; the earnings calendar separately lists revenue of $2.530 billion and EPS of $0.04 per ADS, but that dollar figure matches neither disclosed IT services revenue nor total revenue and is only a loose reference[1].

Three things matter most in the second-quarter report. First, can IT services revenue reach the $2,600.5 million guidance midpoint? Total bookings rose 14% to $16.4 billion in FY2026 and large-deal bookings reached $7.8 billion[5], and first-quarter large-deal bookings grew another 12.9% sequentially in constant currency to $1,626 million[2], yet revenue kept falling; this quarter tests whether bookings are turning into revenue, although the first full quarter of Mindsprint will blur the reading. Second, can IT services margin recover from 16.0% to above 16.5%? Management blamed the first-quarter drop on wage increases, the ramp-up of earlier large deals and deliberate AI investment[6]; a recovery would point to a temporary cost, while a margin stuck near 16% would look more like a new level set by AI pricing pressure. Third, can the Americas stop shrinking? First-quarter Americas revenue fell 7.3% year on year in constant currency, with BFSI down 1.2% and health care down 2.6% sequentially[7], and Americas 2 margin fell from 19.7% to 15.9% in a year[8]; the direction of the Americas decides whether group margin can stabilize.

Company Background and Business Structure

Wipro gives guidance only for the next quarter's IT services revenue in dollars, and its record against that guidance has been steady. It files IFRS statements in rupees with the SEC while also reporting IT services revenue and constant-currency growth in dollars; in 7 of the 8 quarters of FY2025 and FY2026, revenue landed inside the guided range, and in the other quarter (the third quarter of FY2025) it came in above the range[9]. On April 1, 2026, the company set up an AI-Native Business & Platforms Unit to build AI platforms and incubate new AI businesses[10]; management also committed $500 million to Wipro Ventures for startups in AI, data and security and described a pivot toward a platform-plus-services model[5].

IT services is almost the entire business and is managed through four strategic market units. In FY2026 (ended March 31, 2026), the IT services segment generated INR 921.15 billion of revenue, while the IT products segment, a value-added reseller of security, software and SaaS products, brought in only INR 6.94 billion[8]. By dollar revenue, Americas 1 (health care, consumer, communications and technology) contributed 33.2%, Americas 2 (banking, financial services and insurance, plus energy, manufacturing and resources) 29.2%, Europe 26.5% and Asia Pacific, Middle East and Africa (APMEA) 11.1%; by industry, BFSI was 34.1%, consumer 18.4% and health care 14.5%[11]. From April 1, 2026, Latin American and Canadian clients moved into the matching industry sectors of Americas 1 and Americas 2, and prior periods were restated on the new basis[12].

Client concentration is rising while the number of large clients is shrinking. In FY2026 the largest client accounted for 4.6% of IT services revenue, up from 3.0% in FY2024; the top five clients made up 14.3% and the top ten about 23.7%, and about 62% of IT services revenue came from the Americas and 27% from Europe[13]. Clients paying more than $100 million a year fell from 22 in FY2024 to 16 in FY2026, and 715 clients paid more than $1 million[10]. Over the past three years Wipro bought all of Harman's Digital Transformation Solutions unit (DTS, an engineering R&D and IT services provider), and in May 2026 it closed the $375 million purchase of Mindsprint, the IT services arm of Olam Group[14]; management said the deal and the Olam partnership strengthen its position in supply chain and agri-business[5].

Financial History and Current Position

Wipro's rupee revenue is growing, but its dollar IT services revenue is shrinking. Drillr's annual financial data show revenue of INR 790.9 billion in FY2022, INR 904.9 billion in FY2023, INR 897.6 billion in FY2024, INR 890.9 billion in FY2025 and INR 926.2 billion in FY2026, with rupee growth coming mainly from currency and acquisitions. The 20-F shows FY2026 total revenue, including foreign exchange gains, of INR 928.09 billion, up 4.17%; gross margin fell from 30.66% to 29.30%, operating income was INR 151.25 billion for an operating margin of 16.30% (16.98% a year earlier), profit attributable to shareholders was INR 131.97 billion, up only 0.47%, and basic EPS was INR 12.60[15]. Dollar IT services revenue for the year was about $10.5 billion, down 1.6% in constant currency[5], which the company attributed to lower discretionary spending by clients, delayed ramp-ups of some large deals in Americas 2 and certain client-specific issues[16].

FY2026 margin held up through cost cuts, while cash flow was weighed down by working capital. IT services segment revenue rose 3.71% and segment results reached INR 158.65 billion, lifting the margin from 17.07% to 17.22%; gross margin fell 92 basis points because salary increases, promotions and higher average headcount added INR 23.55 billion of employee pay and filling vacant roles added INR 7.56 billion of subcontracting cost, which a roughly 94-basis-point drop in the selling expense ratio offset[17]. Operating cash flow was INR 149.32 billion, INR 20.11 billion lower than a year earlier even though profit rose by only INR 0.48 billion, because trade receivables, unbilled receivables and contract assets increased; purchases of property, plant and equipment were INR 15.60 billion. At March 31, 2026, cash, cash equivalents and short-term investments were INR 543.24 billion, or INR 375.36 billion net of borrowings[18].

The first quarter of fiscal 2027 (April-June 2026) looked better in rupees, but mostly because of currency and acquisitions. Gross revenue was INR 244.8 billion, up 10.6% year on year, while dollar IT services revenue of $2,614.5 million grew only 0.9% year on year and fell 1.2% sequentially in constant currency; net income was INR 33.6 billion, up 0.6% year on year and down 4.7% sequentially, and EPS was INR 3.20[2]. Operating cash flow was INR 32.88 billion, or 98.0% of net income, and free cash flow after capital spending was INR 29.62 billion, or 88.2% of net income[19]. Chief Financial Officer Aparna Iyer said that, including the INR 2 per share interim dividend declared in the quarter, Wipro had returned more than $3 billion in cash to shareholders over the past year[20].

Operating Model

IT services revenue is built from existing contracts, short-cycle projects, the ramp-up of new large deals and acquisitions, minus expirations, reductions and client insourcing. The company defines total bookings as new orders, renewals and increases to existing contracts, with revenue recognized over the contract term, and bookings do not reflect later terminations or reductions[20]; bookings therefore lead revenue by roughly one to four quarters. Short-cycle consulting, development and transformation projects depend on clients' discretionary budgets and are the main source of quarterly swings. Rupee revenue equals dollar revenue times the realized exchange rate, which was INR 93.53 per dollar for IT services in the first quarter[20], so a weaker rupee lifts both rupee revenue and margin.

On the profit side, the key fact is that labor cost is largely fixed before each quarter begins. The annual report says a significant portion of operating expenses, particularly personnel and facilities, is fixed in advance, so unexpected changes in the number and timing of projects can swing quarterly results[21]. In FY2026 employee benefits expense was INR 555.86 billion, about 60% of total income, sub-contracting and technical fees were INR 107.67 billion and software licenses for internal use were INR 21.72 billion[22]; with revenue flat, margin is therefore set by pricing, utilization, the onsite-offshore and employee-subcontractor mix and the timing of wage increases, and these factors reach segment results almost within the same quarter.

Operating cash flow equals net profit plus depreciation, amortization and other non-cash items, minus working-capital build and income tax. FY2026 profit was INR 132.66 billion[22] and operating cash flow was INR 149.32 billion, about 113% of profit, but higher receivables and unbilled revenue made cash flow lower than a year earlier[18]. First-quarter operating cash flow was still 98.0% of net income[19], and with INR 543.24 billion of cash and short-term investments at the start of the year[18], neither cash nor the balance sheet is a near-term constraint; the operating questions sit in revenue conversion and margin.

Industry and Competitive Position

Wipro competes on several fronts at once. Its annual report lists large global consulting firms, specialized and fast-growing software and service providers, AI-native companies and the internal IT departments and global capability centers of large enterprises; some rivals innovate or scale faster or offer more aggressive pricing and contract terms, and platform and AI-native vendors increasingly sell integrated solutions that reduce or replace third-party integration work[23]. The company also acknowledges that client expectations of AI-driven productivity can pressure its existing revenue base and lower revenue realization on new contracts[24].

The disclosed figures show Wipro's relative position weakening while its response is still under way. Clients paying more than $100 million a year fell from 22 to 16[10], while the largest client's share rose from 3.0% to 4.6%[13], so revenue depends more on a few big accounts even as the base of large accounts narrows. The response is a consulting-led AI strategy and larger multi-year deals: Wipro closed 50 large deals in FY2026, four of them with total contract value above $500 million[5]. The available material lacks like-for-like growth and margin comparisons with Indian peers or Accenture, so the size of Wipro's gap to rivals cannot be quantified.

Core Debates

Bookings rose 14% and large-deal bookings 45% in FY2026, yet IT services revenue fell 1.6% in constant currency. Can second-quarter revenue reach the midpoint of the $2.574-2.627 billion guidance and show that those deals are converting?

This question decides whether Wipro can return to growth. IT services is essentially the whole company, 99.6% of segment revenue in the first quarter[8], and the direction of revenue determines whether scale can spread fixed labor cost. FY2026 bookings were strong: total bookings rose 14% to $16.4 billion, large-deal bookings reached $7.8 billion and four deals carried total contract value above $500 million[5], yet IT services revenue fell 1.6% in constant currency[16].

The case for conversion rests on booking momentum, and the case against rests on revenue itself. First-quarter large-deal bookings were $1,626 million, up 12.9% sequentially in constant currency, while total bookings were $3,370 million, down 2.4%[2]; management said the year-on-year drop in deal wins was mainly timing, with several large deals slipping into the second quarter, and that the pipeline remained healthy[6]. At the same time, first-quarter revenue fell 1.2% sequentially, and the annual report lists lower revenue realization on new contracts as a profit headwind[24]; that supports another reading, in which much of the large-deal value is renewals or vendor consolidation priced lower on AI productivity expectations, so bookings do not equal incremental revenue.

The numeric baselines for this debate are clear. IT services revenue in the second quarter of FY2026 was $2,604.3 million[9], this year's second-quarter guidance is $2,574 million-$2,627 million with a midpoint of $2,600.5 million[3], and first-quarter sequential growth was -1.2% in constant currency[2]. The transmission runs from clients signing multi-year large deals, through transition and staffing, to quarter-by-quarter IT services revenue; at the same time, longer client decision cycles are cutting short-cycle projects[25], and the gap between the two sets sequential growth.

What remains unresolved is whether organic growth can be isolated. Wipro closed the Mindsprint acquisition in May 2026[14], the second quarter is its first full quarter in the numbers and the company has not broken out its contribution, so even a midpoint result would not prove on its own that large deals are converting. Four things to watch: whether IT services revenue is at least $2,600.5 million with sequential constant-currency growth no worse than -0.5%; whether large-deal bookings return above $1.95 billion, the FY2026 quarterly average, and include the deals that slipped from the first quarter; whether the company discloses Mindsprint's revenue or organic growth; and whether the third-quarter guidance range turns positive. Revenue below $2,574 million or large-deal bookings below $1 billion would show conversion still lagging bookings, and a midpoint result driven mainly by acquisitions while organic revenue keeps falling would also weaken the conversion view.

IT services margin fell from 17.3% to 16.0% in the first quarter. Can it recover above 16.5% in the second quarter and show that wage hikes and deal ramp-ups were a passing cost rather than a new level set by AI pricing pressure?

With revenue flat, margin is the most direct earnings variable. Wipro's main cost is delivery staff, and a significant part of that cost is fixed before the quarter starts[21], so when revenue does not grow, margin depends almost entirely on labor cost, subcontracting and utilization. In FY2026 the company lifted IT services margin to 17.22% by cutting selling expenses[17]; in the first quarter that cushion was absorbed by wage increases and investment, margin fell from 17.3% in the prior quarter to 16.0% and net income grew only 0.6% year on year[2].

The shift in the cost structure matches management's explanation. First-quarter employee benefits expense was INR 147.53 billion, 60.1% of total income versus 59.1% in the prior quarter; sub-contracting and technical fees rose to 11.7% from 11.5%; and software licenses for internal use were INR 6.30 billion, up from INR 4.96 billion a year earlier[22]. Management attributed the margin decline to salary increases, the ramp-up of earlier large deals and deliberate AI investment, listed automation, productivity gains, G&A optimization and better bench utilization as levers and said recovery would be gradual; excluding Mindsprint, internal headcount fell by 2,500 sequentially[6]. The CFO also warned that these investments "may create some near-term margin volatility"[20].

The baseline is the first-quarter IT services margin of 16.0%, segment results of INR 39.19 billion on revenue of INR 244.53 billion[8]. The transmission runs from salary increases and promotions, staff held for ramp-ups and subcontracting to higher employee and subcontracting cost ratios, which with flat revenue directly compress segment margin; moving bench staff onto billable work and replacing subcontractors with employees works in the opposite direction. The other reading is that AI lets clients demand lower prices, and the annual report lists both lower revenue realization on new contracts and the market's limited acceptance of price increases as profit headwinds[24]; that pressure would not fade when the wage cycle passes.

The second quarter can separate the two readings, but only if several cost measures are read together. The questions are whether margin returns above 16.5% or falls below 15.5%, whether employee benefits expense drops back below 59.5% of total income, whether subcontracting cost falls back below 11.5%, and whether internal headcount excluding acquisitions keeps falling. A margin below 15.5% would show AI investment and integration costs weighing on profit beyond the wage cycle, and a recovery that comes only from currency or one-off items, without better cost ratios, would not prove the pressure is temporary either.

Americas revenue fell 7.3% year on year in constant currency, and Americas 2 margin dropped from 19.7% to 15.9% in a year. Can BFSI deal ramp-ups reverse that in the second quarter, and when will health-care budget cuts bottom out?

The Americas is Wipro's largest market and the biggest drag in the first quarter. The region generates about 62% of IT services revenue[13]; first-quarter Americas revenue fell 7.3% year on year and 2.5% sequentially in constant currency, while Europe grew 6% and APAC grew 13.5% year on year[7]. Americas 2 produced 40.4% of IT services segment results in FY2026[11], so its margin matters more to group margin than any other unit.

Both Americas units are under pressure, and the profit decline is sharpest in Americas 2. First-quarter Americas 2 revenue was INR 62.12 billion, roughly flat with INR 61.72 billion in the prior quarter, while segment results fell from INR 12.06 billion a year earlier to INR 9.87 billion and margin from 19.7% to 15.9%; Americas 1 revenue was INR 86.09 billion and its margin fell from 21.2% in the prior quarter to 19.4%[8]. All of these comparisons use the basis restated from April 1, 2026[12], so the restated year-on-year series is still short.

By industry, BFSI and health care are weak for different reasons. In the first quarter BFSI grew 2.6% year on year and fell 1.2% sequentially in constant currency, while health care fell 3.0% year on year and 2.6% sequentially[7]; management blamed the BFSI decline on slower ramp-ups of recently won large deals and slower discretionary spending, and the health-care decline on structural and regulatory budget pressure at US payers and providers, with clients shifting some budgets to AI and compliance, but it gave no recovery date[6]. Another reading is that BFSI clients are using vendor consolidation to push prices down and redirecting the savings to AI[26], in which case Americas 2 margin would not return to its former level even after the ramp-ups finish.

In the second quarter, watch whether Americas 2 margin returns above 17% and its revenue grows more than 2% sequentially, whether BFSI sequential growth turns positive in constant currency, whether the health-care decline narrows, and whether Americas 1 holds above INR 86 billion of revenue and a 19.4% margin. The chain runs from the transition pace of signed BFSI deals and the outsourcing budgets of health-care clients to revenue in the two Americas units; ramp-up costs arrive first and depress Americas 2 margin, which then feeds overall IT services revenue and margin. If Americas 2 revenue and margin keep falling, the problem is more than ramp-up timing; if health-care budget cuts widen and drag on Americas 1, the weakness would spread from one Americas unit to both.

Risks and Falsifiers

The first risk is that AI compresses traditional outsourcing. Clients expect AI-driven productivity, ask for lower prices and move traditional IT and BPO budgets to AI[26], while AI-native vendors, platform vendors and clients' own global capability centers also divert demand[23]. The exposure is the pricing and renewal size of all IT services revenue, about $10.5 billion in FY2026[5]. Two consecutive quarters of positive sequential constant-currency growth with IT services margin stable around 17% would falsify this concern.

The second risk is rising concentration in a shrinking group of large clients. The largest client accounts for 4.6% of IT services revenue and the top ten for about 23.7%[13], while clients paying more than $100 million a year fell from 22 to 16[10]. A 25% cut by a single large client would equal about 1.2% of IT services revenue, close to half the width of the second-quarter guidance range[3]. A rebound in the number of $100 million clients, with the top-five share no longer rising, would show this risk easing.

The third risk is that large deals are mostly renewals and vendor consolidation, that AI productivity expectations have lowered new-contract pricing and that bookings growth merely replaces existing revenue[24]. If second-quarter revenue lands at the $2,574 million bottom of guidance, it would be about $30 million, or 1.2%, below the $2,604.3 million of a year earlier[9], even with a full quarter of Mindsprint included. Revenue of at least $2,600.5 million, together with a company statement that incremental revenue from new large deals has begun, would falsify this view.

The fourth risk is that AI investment, Mindsprint integration and productivity give-backs to clients arrive together and leave margin stuck near 16%[6]. On first-quarter IT services revenue of about INR 244.5 billion, each percentage point of margin equals about INR 2.4 billion of quarterly segment results[8], roughly 7% of first-quarter net income of INR 33.6 billion[2]. A second-quarter margin of at least 16.7%, with both employee and subcontracting cost ratios falling, would falsify this risk.

The fifth risk is that US BFSI and health-care clients shift outsourcing budgets to AI and compliance and use vendor consolidation to push down prices[26]. If Americas 2 margin stays at 15.9% instead of returning to the 19.7% of a year earlier, quarterly revenue of about INR 62 billion would yield about INR 2.4 billion less segment results each quarter[8]. An Americas 2 margin back above 17% with positive sequential BFSI growth would falsify this risk.

What to Watch Next

• Large-deal conversion: IT services revenue against the $2,600.5 million guidance midpoint, from a first-quarter base of $2,614.5 million and -1.2% sequential constant-currency growth. At least the midpoint with sequential growth no worse than -0.5% strengthens the case; below $2,574 million weakens it. Large-deal bookings, $1,626 million in the first quarter, should return above $1.95 billion; below $1 billion would weaken the case, and a Mindsprint breakout would show organic growth.
• Margin recovery: IT services margin from 16.0%. At least 16.7% with falling cost ratios strengthens the temporary-cost reading; below 15.5% weakens it. Employee benefits at 60.1% and subcontracting at 11.7% of total income should fall below 59.5% and 11.5%, and internal headcount excluding acquisitions, down 2,500 last quarter, shows whether cost discipline continues.
• Americas recovery: Americas 2 margin of 15.9% on INR 62.12 billion of revenue should move above 17% with more than 2% sequential revenue growth. BFSI sequential growth of -1.2% should turn positive and the health-care decline of -2.6% should narrow; a wider health-care decline that drags on Americas 1 would weaken the case.

Conclusion

Wipro's business runs on multi-year outsourcing contracts, short-cycle projects and the ramp-up of new large deals, and its margin depends on whether revenue can spread a largely fixed labor cost. The company's cash position is sound, with first-quarter operating cash flow at 98.0% of net income[19], but IT services revenue is still falling sequentially in constant currency and margin has dropped to 16.0%[2]. The central unresolved relationship is whether the 14% bookings growth of FY2026[5] becomes revenue growth or merely replaces existing revenue repriced lower by AI.

Two independent commentaries published after the first-quarter results address that relationship from different angles. Rahul Asati of INDmoney argued that the first-quarter problem was limited growth in core IT services and a sharp fall in margin, and that large deals, the Mindsprint acquisition and AI investment may support future growth but "have not yet produced a clear turnaround"[27]; that places both the conversion and margin debates in the not-yet-delivered column, but it does not separate Mindsprint's consolidation from organic growth or discuss the seasonality of wage increases. Danica Macayan of Outsource Accelerator took the more pessimistic side, reading Wipro's exit from the Nifty 50 as a sign of structural decline in Indian IT: the combined index weight of India's top five technology companies fell below 9%, Wipro's stock fell roughly 29.5% in 2026, and generative AI may "automate coding, testing, and maintenance work" that underpins the outsourcing model[28]. Both see growth as not yet restored; they differ in treating the problem as a matter of timing or of industry structure, and the second view is a long-term judgment that one quarter of data cannot confirm or refute.

The combination that would materially strengthen the current understanding is second-quarter IT services revenue of at least $2,600.5 million with a company explanation of organic growth, large-deal bookings back above $1.95 billion, margin above 16.5% with lower employee and subcontracting cost ratios, and Americas 2 margin back above 17%. Conversely, rising large-deal bookings with no revenue growth, a margin below 15.5% or a further decline in Americas 2 would support the more pessimistic reading that AI is compressing traditional outsourcing.

Sources

[1] Drillr earnings calendar (updated 2026-09-24) · WIT 2026-10-15 call · 2026-09-24 · Drillr earnings calendar · https://gateway.drillr.ai/mcp/private

[2] WIT 6-K filed 2026-07-22 · Q1 FY27 results highlights · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001123799&type=6-K&dateb=&owner=include&count=40

[3] WIT 6-K filed 2026-07-22 · outlook for the quarter ending September 30, 2026 · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001123799&type=6-K&dateb=&owner=include&count=40

[4] Drillr analyst_financial_estimates (updated 2026-09-24) · WIT quarter ending 2026-09-30 · 2026-09-24 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[5] WIT 6-K filed 2026-07-20 · CEO AGM speech on FY26 bookings and strategy · 2026-07-20 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001123799&type=6-K&dateb=&owner=include&count=40

[6] WIT Q1 FY27 earnings call 2026-07-16 · Drillr structured summary of Q&A · 2026-07-16 · earnings-call · https://gateway.drillr.ai/mcp/private

[7] WIT Q1 FY27 earnings call 2026-07-16 · Drillr structured summary of segment performance · 2026-07-16 · earnings-call · https://gateway.drillr.ai/mcp/private

[8] WIT 6-K filed 2026-07-22 · segment revenue and results by SMU · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001123799&type=6-K&dateb=&owner=include&count=40

[9] WIT 6-K filed 2026-06-25 · annual report guided outlook versus actuals · 2026-06-25 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001123799&type=6-K&dateb=&owner=include&count=40

[10] WIT 20-F filed 2026-06-02 · IT Services clients and AI-Native unit · 2026-06-02 · 20-F · https://www.sec.gov/Archives/edgar/data/1123799/000119312526253514/

[11] WIT 6-K filed 2026-06-25 · annual report SMU and sector revenue mix FY26 · 2026-06-25 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001123799&type=6-K&dateb=&owner=include&count=40

[12] WIT 6-K filed 2026-07-20 · SMU realignment effective April 1, 2026 · 2026-07-20 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001123799&type=6-K&dateb=&owner=include&count=40

[13] WIT 20-F filed 2026-06-02 · client concentration and geographic mix · 2026-06-02 · 20-F · https://www.sec.gov/Archives/edgar/data/1123799/000119312526253514/

[14] WIT 20-F filed 2026-06-02 · acquisitions and capital expenditure · 2026-06-02 · 20-F · https://www.sec.gov/Archives/edgar/data/1123799/000119312526253514/

[15] WIT 20-F filed 2026-06-02 · consolidated results of operations FY2026 · 2026-06-02 · 20-F · https://www.sec.gov/Archives/edgar/data/1123799/000119312526253514/

[16] WIT 20-F filed 2026-06-02 · constant currency IT Services revenue FY2026 · 2026-06-02 · 20-F · https://www.sec.gov/Archives/edgar/data/1123799/000119312526253514/

[17] WIT 20-F filed 2026-06-02 · IT Services segment results FY2026 · 2026-06-02 · 20-F · https://www.sec.gov/Archives/edgar/data/1123799/000119312526253514/

[18] WIT 20-F filed 2026-06-02 · liquidity and cash flows FY2026 · 2026-06-02 · 20-F · https://www.sec.gov/Archives/edgar/data/1123799/000119312526253514/

[19] WIT 6-K filed 2026-07-22 · free cash flow computation Q1 FY27 · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001123799&type=6-K&dateb=&owner=include&count=40

[20] WIT 6-K filed 2026-07-22 · CFO statement and metric definitions · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001123799&type=6-K&dateb=&owner=include&count=40

[21] WIT 20-F filed 2026-06-02 · quarterly results fluctuation risk factor · 2026-06-02 · 20-F · https://www.sec.gov/Archives/edgar/data/1123799/000119312526253514/

[22] WIT 6-K filed 2026-07-20 · consolidated expense breakdown Q1 FY27 (Ind AS) · 2026-07-20 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001123799&type=6-K&dateb=&owner=include&count=40

[23] WIT 20-F filed 2026-06-02 · competition risk factor · 2026-06-02 · 20-F · https://www.sec.gov/Archives/edgar/data/1123799/000119312526253514/

[24] WIT 20-F filed 2026-06-02 · operating profit levers and headwinds · 2026-06-02 · 20-F · https://www.sec.gov/Archives/edgar/data/1123799/000119312526253514/

[25] WIT Q1 FY27 earnings call 2026-07-16 · Drillr structured summary of results and guidance · 2026-07-16 · earnings-call · https://gateway.drillr.ai/mcp/private

[26] WIT Q1 FY27 earnings call 2026-07-16 · Drillr structured summary of risks · 2026-07-16 · earnings-call · https://gateway.drillr.ai/mcp/private

[27] INDmoney 2026-07-17 · Wipro Q1 Results Analysis: Revenue, Margin and Growth Outlook · 2026-07-17 · INDmoney · https://www.indmoney.com/blog/stocks/wipro-q1-results-analysis

[28] Outsource Accelerator 2026-08-19 · Wipro's Nifty 50 exit signals Indian IT's decline · 2026-08-19 · Outsource Accelerator · https://news.outsourceaccelerator.com/wipro-nifty-50-exit/