Wipro Q3 Revenue Rises 5.5% YoY to Rs235.6 B; Operating Margin Hits 17.6%
Wipro reported Q3 FY2026 gross revenue of Rs235.6 billion ($2.62 billion), up 3.8% QoQ and 5.5% YoY, with IT services revenue rising 1.2% QoQ to $2.635 billion and operating margin expanding 0.9pp to 17.6%. Declared interim dividend Rs 6 per share and guided Q4 IT services revenue at $2.635–2.688 billion (0–2% constant currency).
1. Q3 Top-Line Growth and Bookings
Wipro reported gross revenue of Rs 235.6 billion for the quarter ended December 31, 2025, representing a 3.8% sequential increase and a 5.5% gain year-over-year. IT services segment revenue reached $2,635.4 million, up 1.2% sequentially and 0.2% year-on-year; on a non-GAAP constant-currency basis, IT services revenue rose 1.4% sequentially but declined 1.2% year-over-year. Total bookings were $3,335 million, down 5.7% year-over-year in constant currency, while large deal bookings of $871 million fell 8.4% year-over-year in constant currency, reflecting modest softness in new multi-year engagements despite ongoing demand for AI-driven offerings.
2. Operating Margins and Adjusted Profit
The IT services operating margin expanded by 90 basis points sequentially to 17.6%, marking a 10 basis-point improvement year-over-year and the highest level in several years. Reported net income was Rs 31.2 billion, a 3.9% sequential decline and 7.0% drop year-over-year, translating to earnings per share of Rs 2.98. Adjusting for a one-off labour code impact of Rs 3,028 million, adjusted net income rose 3.6% sequentially to Rs 33.6 billion and was flat year-over-year, with adjusted EPS of Rs 3.21 up 3.5% sequentially.
3. Cash Generation, Attrition and Capital Return
Operating cash flow was Rs 42.6 billion, up 25.7% sequentially and representing 135.4% of net income, underscoring strong working-capital management. Voluntary attrition on a trailing 12-month basis stood at 14.2%, reflecting stability in employee retention amid skill-intensive AI engagements. The board declared an interim dividend of Rs 6 per share, taking total dividend payouts for the year to $1.3 billion and demonstrating commitment to shareholder returns.
4. Q4 Guidance and AI-Led Momentum
Management expects IT services revenue in the March quarter to range between $2,635 million and $2,688 million, implying 0% to 2.0% constant-currency sequential growth. Leadership highlighted continued traction in its AI-enabled platforms, including WINGS and WEGA, and pointed to a robust innovation network across global delivery centres as key drivers for next-quarter performance and margin expansion.