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Wipro’s second-quarter FY27 results show a mixed picture: consolidated revenue grew strongly from a year earlier, but net profit declined, and several forward-looking indicators weakened sequentially. The company’s IT-services business was broadly stable in constant-currency terms, while its next-quarter guidance points to a largely flat near-term trajectory.
Wipro Q2 FY27 results at a glance
| Measure | Q2 FY27 result | Comparison or basis |
|---|---|---|
| Net profit | ₹3,201 crore | Down 1.4% year on year; down 4.7% sequentially |
| Gross revenue | ₹24,752.7 crore | Up 9.1% year on year; down 1.1% sequentially |
| IT-services revenue | $2,611.5 million | Up 0.3% year on year |
| IT-services operating margin | 16.5% | Up 0.5 percentage points sequentially; down 0.2 percentage points year on year |
| Earnings per share | ₹3.23 | Up 4.2% year on year |
The figures were reported by The Economic Times on 15 October 2026. They should be checked against Wipro’s investor-relations filing when the company’s Q2 FY27 primary filing is available.
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Why profit fell while revenue increased
The headline contrast comes from comparing two different measures. Gross revenue expanded 9.1% from the same quarter a year earlier, but net profit contracted 1.4%. On the more immediate quarter-to-quarter comparison, both measures declined: revenue fell 1.1% and profit fell 4.7%.
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IT-services performance and margins
IT-services revenue reached $2,611.5 million, an increase of 0.3% year on year. Measured in constant currency, the segment grew 0.6% year on year and was flat sequentially. Constant-currency figures remove the effect of exchange-rate movements and are useful for assessing underlying demand, but they are not interchangeable with the reported dollar revenue.
The IT-services operating margin was 16.5%. The 0.5-percentage-point sequential improvement indicates better profitability than in the previous quarter, while the 0.2-point year-on-year decline shows that margin performance had not fully recovered to the level recorded a year earlier.
EPS was ₹3.23, up 4.2% year on year. EPS can move differently from consolidated net profit because it also reflects the company’s share count and other per-share factors, so it should not be treated as a replacement for the profit figure.
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Bookings point to softer demand momentum
Total bookings were $2,595 million. In constant-currency terms, that was down 22.9% sequentially. Large-deal bookings were $674 million, a 58.6% sequential decline. Large contracts can vary significantly from quarter to quarter, so one quarter does not establish a full-year trend; however, the reductions are important indicators for investors monitoring future revenue conversion.
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Bookings and recognized revenue measure different stages of the business. Revenue records work delivered during the quarter, whereas bookings represent new contracted work that may be recognized over subsequent periods. A quarter can therefore show higher year-on-year revenue even when new-booking momentum is weaker.
Cash generation and employee metrics
Operating cash flow was ₹5,300 crore, equal to 165.8% of net profit and up 61.3% sequentially. Cash conversion above 100% means operating cash generation exceeded accounting profit in the quarter. This can be affected by timing in receivables, payables and other working-capital items, so the figure is best read alongside results over multiple quarters.
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Voluntary attrition was 13.8% on a trailing-12-month basis. Because this is a rolling annual measure rather than a single-quarter percentage, it describes employee departures over the preceding 12 months and is not directly comparable with a quarterly attrition rate.
Q3 FY27 guidance: broadly flat in constant currency
Wipro guided Q3 FY27 IT-services revenue to a range of $2,571 million to $2,625 million. The company said that range corresponds to sequential constant-currency growth of between -1.5% and 0.5%.
The range includes both a small decline and modest growth, so it signals a broadly flat near-term outlook rather than a clear acceleration. The lower end would represent another sequential contraction, while the upper end would indicate only limited expansion. Guidance is a company forecast, not a guarantee of reported revenue.
How to interpret the quarter
- Top line: The 9.1% annual increase in consolidated gross revenue was positive, but the sequential decline shows that momentum weakened from the prior quarter.
- Profitability: Net profit fell on both annual and sequential comparisons, even as the IT-services operating margin improved sequentially.
- Demand pipeline: Total and large-deal bookings declined sharply sequentially in constant-currency terms, creating a risk to later-period growth if the pattern persists.
- Cash: Operating cash flow was substantially higher than net profit during the quarter, a supportive cash-generation signal that should be evaluated over time.
- Near-term outlook: Q3 guidance covers a narrow range around flat sequential constant-currency growth.
For comparisons with other Indian IT companies, use the same basis for every company: year-on-year versus sequential growth, reported versus constant-currency revenue, operating margin, total and large-deal bookings, cash-flow conversion, attrition and next-quarter guidance. Wipro’s consolidated rupee revenue should not be compared directly with an IT-services segment figure in dollars without labeling the different scopes and currencies.
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