Wipro Announces Results for the Quarter Ended December 31, 2025
EAST BRUNSWICK, N.J. & BANGALORE, India--( BUSINESS WIRE)--Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading AI-powered technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter ended December 31, 2025.
Highlights of the Results
Results for the Quarter ended December 31, 2025:
Outlook for the Quarter ending March 31, 2026
We expect revenue from our IT Services business segment to be in the range of $2,635 million to $2,688 million*. This translates to sequential guidance of 0% to 2.0% in constant currency terms.
*Outlook for the Quarter ending March 31, 2026, is based on the following exchange rates: GBP/USD at 1.33, Euro/USD at 1.17, AUD/USD at 0.65, USD/INR at 88.85 and CAD/USD at 0.72
Performance for the Quarter ended December 31, 2025
Srini Pallia, CEO and Managing Director, said, “In Q3, we delivered broad‑based growth in line with our expectations. As AI becomes a strategic imperative, Wipro Intelligence is emerging as a differentiator and contributed to several wins this quarter. We saw greater adoption of our AI‑enabled platforms and solutions, scaled AI‑led delivery through WINGS and WEGA, and expanded our innovation network across global locations.”
Aparna Iyer, Chief Financial Officer, said, “Our IT services operating margins at 17.6% expanded both sequentially and on a year-on-year basis. This is our best margin performance in last few years. Our continued focus on execution rigour also reflects in our strong operating cash flow of 135% of net income in Q3. We are also pleased to share that the Board has declared an interim dividend of Rs 6 per share which will take the total payout for the year to $1.3 Bn.”
1.
For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = Rs 89.84, as published by the Federal Reserve Board of Governors on December 31, 2025. However, the realized exchange rate in our IT Services business segment for the quarter ended December 31, 2025, was US$1= Rs 88.71
2.
Constant currency for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period.
3.
Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 2.
4.
Large deal bookings consist of deals greater than or equal to $30 million in total contract value.
5.
IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials.
6.
Adjusted for impact of past service cost on gratuity due to implementation of new labour code amounting to Rs 3,028Mn for the three and nine months ended December 31, 2025, is included in the table title “Reconciliation for Adjusted Net Income and Adjusted EPS” at the end.
Highlights of Strategic Deal Wins
In Q3’26, Wipro continued to win large and strategic deals across industries. Key highlights include:
Analyst Recognition
Source & Disclaimer: *Gartner, “Magic Quadrant for Service Integration and Management Services”, Andrea Lanzavecchia, et al, 29 October 2025. *Gartner, “Magic Quadrant for Data Center Outsourcing Services”, Biswajit Maity, et al, 3 November 2025. *Gartner, “Magic Quadrant for Outsourced Digital Workplace Services”, Karl Rosander, et al, 10 November 2025.
GARTNER and MAGIC QUADRANT are trademarks of Gartner, Inc. and its affiliates. Gartner does not endorse any vendor, product, or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner's research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
The Gartner content described herein (the “Gartner Content”) represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this press release, and the opinions expressed in the Gartner Content are subject to change without notice.
IT Products
Please refer to the table at the end for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.
About Key Metrics and Non-GAAP Financial Measures
This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.
The table at the end provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.
Our key metrics and non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.
Results for the Quarter ended December 31, 2025, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/
Quarterly Conference Call
We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (8:30 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a webcast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP160125
An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading AI-powered technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our consulting-led approach and the Wipro Intelligence™ unified suite of AI-powered platforms, solutions and transformative offerings, we help clients realize their boldest ambitions to build intelligent and sustainable businesses. The Wipro Innovation Network – part of the Wipro Intelligence™ suite – underpins our commitment to client-centric co-innovation and co-creation by bringing together capabilities from the innovation labs and partner labs, academia, and global tech communities. With over 230,000 employees and business partners across 65 countries, we deliver on the promise of helping our customers, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com.
Forward-Looking Statements
The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, the benefits its customers experience and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.
Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Rs in millions, except share and per share data, unless otherwise stated)
As at March 31, 2025
As at December 31, 2025
Convenience translation into U.S. Dollar in millions (unaudited) at the rate of Rs 89.84
ASSETS
Goodwill
325,014
367,635
4,092
Intangible assets
27,450
29,494
328
Property, plant and equipment
80,684
80,540
896
Right-of-Use assets
25,598
29,247
326
Financial assets
Derivative assets
^
-
-
Investments
26,458
27,933
311
Trade receivables
299
645
7
Other financial assets
4,664
6,029
67
Investments accounted for using the equity method
1,327
1,991
22
Deferred tax assets
2,561
4,452
50
Contract assets
-
1,673
19
Non-current tax assets
7,230
7,807
87
Other non-current assets
7,460
8,543
95
Total non-current assets
508,745
565,989
6,300
Inventories
694
755
8
Financial assets
Derivative assets
1,820
148
2
Investments
411,474
455,035
5,065
Cash and cash equivalents
121,974
118,914
1,324
Trade receivables
117,745
135,815
1,511
Unbilled receivables
64,280
70,917
789
Other financial assets
8,448
9,511
106
Contract assets
15,795
12,663
141
Current tax assets
6,417
11,215
125
Other current assets
29,128
30,897
344
Total current assets
777,775
845,870
9,415
TOTAL ASSETS
1,286,520
1,411,859
15,715
EQUITY
Share capital
20,944
20,974
233
Share premium
2,628
5,827
65
Retained earnings
716,477
760,420
8,464
Share-based payment reserve
6,985
6,851
76
Special Economic Zone Re-investment reserve
27,778
28,437
317
Other components of equity
53,497
74,271
827
Equity attributable to the equity holders of the Company
828,309
896,780
9,982
Non-controlling interests
2,138
2,174
24
TOTAL EQUITY
830,447
898,954
10,006
LIABILITIES
Financial liabilities
Loans and borrowings
63,954
1,860
21
Lease liabilities
22,193
26,434
294
Derivative liabilities
-
520
6
Other financial liabilities
7,793
7,222
80
Deferred tax liabilities
16,443
17,851
199
Non-current tax liabilities
42,024
45,284
504
Other non-current liabilities
17,119
26,367
294
Provisions
294
158
2
Total non-current liabilities
169,820
125,696
1,400
Financial liabilities
Loans, borrowings and bank overdrafts
97,863
161,201
1,794
Lease liabilities
8,025
8,551
95
Derivative liabilities
968
4,725
53
Trade payables and accrued expenses
88,252
98,942
1,100
Other financial liabilities
3,878
5,684
63
Contract liabilities
20,063
25,912
289
Current tax liabilities
34,481
45,925
511
Other current liabilities
31,086
34,394
383
Provisions
1,637
1,875
21
Total current liabilities
286,253
387,209
4,309
TOTAL LIABILITIES
456,073
512,905
5,709
TOTAL EQUITY AND LIABILITIES
1,286,520
1,411,859
15,715
^ Value is less than 0.5
WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Rs in millions, except share and per share data, unless otherwise stated)
Three months ended December 31,
Nine months ended December 31,
2024
2025
2025
2024
2025
2025
Convenience translation into U.S. Dollar in millions (unaudited) at the rate of Rs 89.84
Convenience translation into U.S. Dollar in millions (unaudited) at the rate of Rs 89.84
Revenues
223,188
235,558
2,622
665,842
683,877
7,612
Cost of revenues
(153,922
)
(167,199
)
(1,861
)
(462,277
)
(484,278
)
(5,390
)
Gross profit
69,266
68,359
761
203,565
199,599
2,222
Selling and marketing expenses
(16,081
)
(15,008
)
(167
)
(49,313
)
(45,213
)
(503
)
General and administrative expenses
(14,629
)
(18,404
)
(205
)
(41,876
)
(46,626
)
(519
)
Foreign exchange gains/(losses), net
410
788
9
(192
)
1,528
17
Results from operating activities
38,966
35,735
398
112,184
109,288
1,217
Finance expenses
(4,146
)
(3,656
)
(41
)
(11,003
)
(10,876
)
(121
)
Finance and other income
9,708
9,232
103
26,383
28,104
313
Share of net profit/ (loss) of associate
and joint venture accounted for using the equity method
5
28
-
(37
)
230
2
Profit before tax
44,533
41,339
460
127,527
126,746
1,411
Income tax expense
(10,866
)
(9,889
)
(110
)
(31,228
)
(29,307
)
(326
)
Profit for the period
33,667
31,450
350
96,299
97,439
1,085
Profit attributable to:
Equity holders of the Company
33,538
31,190
347
95,658
96,956
1,080
Non-controlling interests
129
260
3
641
483
5
Profit for the period
33,667
31,450
350
96,299
97,439
1,085
Earnings per equity share:
Attributable to equity holders of the Company
Basic
3.21
2.98
0.03
9.15
9.26
0.10
Diluted
3.20
2.97
0.03
9.13
9.23
0.10
Weighted average number of equity shares used in computing earnings per equity share
Basic
10,457,414,881
10,477,008,222
10,477,008,222
10,454,728,795
10,475,167,174
10,475,167,174
Diluted
10,482,964,010
10,498,247,011
10,498,247,011
10,481,436,710
10,499,925,047
10,499,925,047
Information on reportable segments for the three months ended December 31, 2025, September 30, 2025, December 31, 2024, nine months ended December 31, 2025, December 31, 2024, and year ended March 31, 2025 are as follows:
Particulars
Three months ended
Nine months ended
Year
ended
December
31, 2025
September
30, 2025
December
31, 2024
December
31, 2025
December
31, 2024
March
31, 2025
Audited
Audited
Audited
Audited
Audited
Audited
Segment revenue
IT Services
Americas 1
77,809
74,821
72,010
225,727
208,103
281,824
Americas 2
67,708
67,011
68,120
201,789
203,390
271,972
Europe
62,405
59,531
59,282
178,753
181,525
240,077
APMEA
25,859
25,042
23,439
74,717
70,753
94,351
Total of IT Services
233,781
226,405
222,851
680,986
663,771
888,224
IT Products
2,565
1,126
747
4,419
1,879
2,692
Total segment revenue
236,346
227,531
223,598
685,405
665,650
890,916
Segment result
IT Services
Americas 1
16,409
15,435
14,966
46,838
41,991
58,186
Americas 2
14,450
13,122
15,275
40,957
45,813
61,326
Europe
8,003
6,962
7,600
20,991
21,294
29,434
APMEA
3,583
3,308
3,667
9,870
9,178
12,850
Unallocated
(1,259
)
(1,018
)
(2,518
)
(1,527
)
(5,907
)
(10,157
)
Total of IT Services
41,186
37,809
38,990
117,129
112,369
151,639
IT Products
227
101
29
348
(201
)
(173
)
Reconciling Items
(5,678
)
(81
)
(53
)
(8,189
)
16
(195
)
Total segment result
35,735
37,829
38,966
109,288
112,184
151,271
Finance expenses
(3,656
)
(3,612
)
(4,146
)
(10,876
)
(11,003
)
(14,770
)
Finance and other income
9,232
8,455
9,708
28,104
26,383
38,202
Share of net profit/ (loss) of associate and joint venture accounted for using the equity method
28
152
5
230
(37
)
254
Profit before tax
41,339
42,824
44,533
126,746
127,527
174,957
Additional Information:
The Company is organized into the following operating segments: IT Services and IT Products.
IT Services: The IT Services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa (“APMEA”). Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.
Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: Communications, media and information services, Software and gaming, New age technology, Consumer goods, medical devices and life sciences, Healthcare, and Technology products and services. Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: Banking and financial services, Energy, Manufacturing and resources, Capital markets and insurance, and Hi-tech.
Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Western Europe.
APMEA consists of Australia and New Zealand, India, Middle East, South-East Asia, Japan and Africa.
Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.
IT Products: The Company is a value-added reseller of security, packaged and SaaS software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to these items is reported as revenue from the sale of IT Products.
Reconciliation of selected GAAP measures to Non-GAAP measures
1. Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn)
Three Months ended December 31, 2025
IT Services Revenue as per IFRS
$2,635.4
Effect of Foreign currency exchange movement
$6.4
Non-GAAP Constant Currency IT Services Revenue
based on previous quarter exchange rates
$2,641.8
Three Months ended December 31, 2025
IT Services Revenue as per IFRS
$2,635.4
Effect of Foreign currency exchange movement
($39.1)
Non-GAAP Constant Currency IT Services Revenue
based on exchange rates of comparable period in previous year
$2,596.3
2. Reconciliation of Free Cash Flow for three months and nine months ended December 31, 2025
Amounts In INR Mn
Three months ended
Dec 31, 2025
Nine months ended
Dec 31, 2025
Profit for the period [A]
31,450
97,439
Computation of Free Cash Flow
Net cash generated from operating activities [B]
42,594
117,585
Add/ (deduct) cash inflow/ (outflow)on:
Purchase of property, plant and equipment
(4,668)
(10,782)
Proceeds from sale of property, plant and equipment
79
757
Free Cash Flow [C]
38,005
107,560
Operating Cash Flow as percentage of Net Income [B/A]
135.4%
120.7%
Free Cash Flow as percentage of Net Income [C/A]
120.8%
110.4%
3. Reconciliation for Adjusted Net Income and Adjusted EPS
Amounts in INR Mn
Particulars
Three months ended Dec
31, 2025
Nine months ended Dec
31, 2025
Net Income [A]
31,190
96,956
Add: Impact on gratuity expenses due to implementation of new labour code [B]
3,028
3,028
Less[C]: Tax on [B]
(590)
(590)
Adjusted Net Income [D]: [A+B+C]
33,628
99,394
Adjusted EPS Basic (Rs)
3.21
9.49