Wipro Q2 Results Preview: Margin Seen Steady As Deal Ramps Set To Offset Costs

Wipro is expected to report modest sequential revenue growth for the July–September quarter, with margins remaining largely steady as deal ramp-ups and cost factors offset each other.

Bloomberg consensus sees revenue at Rs 22,680 crore, up 2% from Rs 22,135 crore, while profit is seen down 2% at Rs 3,279 crore. Ebitda is expected to rise 5% to Rs 4,457 crore, with the margin near 19.65% versus 19.14% in the prior quarter. Analysts will focus on guidance for the next quarter and the impact of large deal ramps on near-term margin.

The quarter will test how recently won large deals affect operating profit as ramp costs feed through. Market attention will centre on Q3 guidance, consulting and Europe demand, and commentary on discretionary spend and any cost headwinds linked to deal ramps.

Wipro Q2 Results Preview (Consolidated, QoQ) (Bloomberg Estimates)

• Revenue seen 2% higher at Rs 22,680 crore versus Rs 22,135 crore.

• Profit seen 2% lower at Rs 3,279 crore versus Rs 3,330 crore.

• EBIT seen 5% higher at Rs 4,457 crore versus Rs 4,238 crore.

• EBIT margin at 19.65% versus 19.14%.

Here's what analysts are expecting from Wipro Q2 results:

Goldman Sachs

• Q2 revenue growth expected above the mid-point of Wipro's -1% to +1% guidance.

• Sees Q3 FY26 guidance at 0% to +2% quarter-on-quarter (Goldman estimate 1.5%).

• Margins likely to improve sequentially due to the absence of Q1 restructuring costs.

• Headcount expected to stay flat quarter-on-quarter.

Jefferies

• IT services revenue expected flat quarter-on-quarter in constant currency, near the midpoint of guidance.

• Ebit margin may decline by about 20 basis points due to ramp-up costs.

• Expects Q3 guidance of 0%–2% quarter-on-quarter as mega deal ramps offset furloughs.

• Key focus: Europe demand, consulting performance, deal bookings, AI adoption, H-1B visa fee impact, and capital allocation.

InCred

• Constant currency revenue growth seen at 0.1%, led by financial services, partly offset by softness in consumer and healthcare.

• Services Ebit margin likely flat as cost optimisation and vendor consolidation balance headwinds.

• Watch for Q3 guidance, large deal wins, and vertical performance.

Nomura

• Revenue expected to grow 0.2% quarter-on-quarter in constant currency, within guided range.

• Ebit margin may decline by about 60 basis points due to upfront ramp-up costs of large deals.

• Focus areas: consulting (particularly in BFSI), deal pipeline, and client discretionary spending.

HSBC

• Constant currency growth expected at the mid-point of guidance (-1% to +1%), with a 20 basis point currency cushion.

• Ebit margin seen improving by around 40 basis points, aided by rupee depreciation.

• Expects stronger Q3 guidance of 1%–2% quarter-on-quarter; focus on Europe and deal ramp progress.

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