Wipro Q3 Result Review: Brokerages Remain Mixed; UBS Hikes Target Price

Shares of Wipro will be in focus heading into trade on Monday after a slew of brokerages offered mixed views on the company's third-quarter earnings for the financial year ending March 2026. 

The IT major posted a bottom-line of Rs 3,119 crore, compared to Rs 3,262 crore in the preceding quarter. The company's revenue went up 3.8% to Rs 23,555.8 crore from Rs 22,697.3 crore in the second quarter. 

Wipro Q3 Results (Consolidated, QoQ)

• Revenue up 3.8% at Rs 23,556 crore versus Rs 22,697 crore (Bloomberg estimate: Rs 22,697 crore) 
• Profit down 4.4% at Rs 3,119 crore versus Rs 3,246 crore (Estimate: Rs 3,354 crore)
• EBIT down 5.1% at Rs 3,491 crore versus Rs 3,681 crore (Estimate: Rs 3,727 crore)
• Margin at 14.8% versus 16.2% (Estimate: 16.4%)
• Note: New Labour Code impact of Rs 303 crore in Q3

Brokerages On Wipro Q3

Bank of America (BofA)

• Rating: Retain Underperform

• Target Price: Rs 230

• Key Takeaways:

  • Q3 revenue was in line; margins beat estimates

  • Noticeable improvement in profitability

  • Q4 revenue outlook below expectations

  • Higher net new wins, but much of it remains work-in-progress

  Jefferies 

  • Rating: Maintain Underperform

  • Target Price: Rs 220

  • Key Takeaways:

    • Revenue and margins broadly in line

    • Profit beat estimates

    • Harman acquisition provides growth support

    • Delayed deal ramp-ups continue to weigh on growth

    • Acquisition integration and ramp-ups are likely to pressure margins

    UBS

    • Rating: Maintain Neutral

    • Target Price: Raised to Rs 290 from Rs 285

    • Key Takeaways:

      • Q3 marginally ahead of expectations

      • Management reiterated growth as top priority

      • Strong traction in BFSI vertical

      • Manufacturing momentum improving in Europe

      • Capco is showing healthy momentum in energy consulting

      Nomura

      • Rating: Maintain Buy

      • Target Price: Cut to Rs 290 from Rs 300

      • Key Takeaways:

        • Q4 guidance weaker than expected

        • Margin execution remains strong

        • Deal wins are steady despite macro headwinds

        • Management aims to keep EBIT margins in a tight band

        • FY27–FY28 EPS cut by 3%

        • High dividend yield is seen as a key support for the stock

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