Wipro reported gross revenue of Rs 235.6 billion for Q3 2026, marking a 3.8% sequential increase and a 5.5% year-on-year rise. The IT services segment generated $2,635.4 million in revenue, up 1.2% QoQ and flat YoY on a reported basis. On a constant-currency non-GAAP basis, IT services revenue rose 1.4% quarter-over-quarter but was down 1.2% year-over-year. Operating margins in IT services expanded by 90 basis points sequentially to 17.6%, a 10-basis-point improvement over the prior year quarter, reflecting improved utilisation, pricing discipline and higher-margin AI-led engagements.

Net income stood at Rs 31.2 billion, down 3.9% QoQ and 7.0% YoY, driving basic earnings per share of Rs 2.98, a decline of 3.9% sequentially and 7.2% annually. Adjusting for the impact of new labour code gratuity costs, net income rose to Rs 33.6 billion, up 3.6% QoQ and flat YoY, while adjusted EPS increased to Rs 3.21, a 3.5% sequential gain and flat against the prior year. Management attributed the sequential improvement to higher-margin deal wins and operational efficiencies in its AI-powered platforms business.

Operating cash flow for the quarter was Rs 42.6 billion, up 25.7% quarter-over-quarter, amounting to 135.4% of net income, although down 13.6% from the same period last year. The company’s robust cash conversion underpins its balance sheet strength. The board declared an interim dividend of Rs 6 per share, bringing total payout for the fiscal year to approximately $1.3 billion. Voluntary attrition moderated to 14.2% on a trailing 12-month basis, supporting margin stability and delivery continuity across global delivery centers.

For Q4 2026, Wipro expects IT services revenue in the range of $2,635 million to $2,688 million, implying flat to 2.0% sequential growth in constant currency. Management highlighted continued traction in AI-powered offerings, with Wipro Intelligence™ contributing to several large deal closures in healthcare, financial services and manufacturing. Notable wins include a multi-year engagement with a US national health insurer leveraging the PayerAI platform, and an extension of a decade-long agreement with a global technology leader for trust and safety operations. These wins underscore Wipro’s ability to deliver scalable, high-impact AI and automation solutions across industries.