Wipro Q4 Result Review— Downtrend In Revenue Growth Continues With Yet Another Weak Guidance: ICICI Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. 

ICICI Securities Report

Wipro Ltd.’s Q1 FY26 revenue guidance of -3.5% to -1.5% QoQ constant currency is the weakest ever (except Covid and GFC quarters), implying heightened uncertainty in client decision making due to global tariff war.

Guidance factors in a pause in large transformation projects, ramp downs and delays in decision making. Large deal wins were strong (+17% YoY), but total bookings were down 4% YoY due to softness in smaller discretionary deals (down 13.4% YoY) in FY25.

Weak guidance implies continued underperformance and yet another year of revenue decline for Wipro in FY26. We cut our EPS estimates by 5%/4% for FY26/27E led by a cut in revenue estimates and currency (INR/USD) rate.

We continue to value Wipro at 18x from Q4 FY26 to Q3 FY27 earnings per share of Rs 13 to arrive at a revised target price of Rs 230. Maintain Reduce.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.