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Wipro’s second-quarter FY27 results show a mixed picture: consolidated gross revenue increased 9.1% year on year to ₹24,752.7 crore, while net profit declined 1.4% year on year to ₹3,201 crore. Revenue and profit also fell sequentially, making the quarter stronger on the annual top-line comparison than on the immediate quarter-to-quarter view.
Wipro Q2 FY27 results at a glance
| Measure | Q2 FY27 result | Comparison |
|---|---|---|
| Net profit | ₹3,201 crore | Down 1.4% year on year; down 4.7% sequentially |
| Gross revenue | ₹24,752.7 crore | Up 9.1% year on year; down 1.1% sequentially |
| IT-services revenue | $2,611.5 million | Up 0.3% year on year |
| IT-services revenue, constant currency | Not stated as an absolute amount | Up 0.6% year on year; flat sequentially |
| IT-services operating margin | 16.5% | Up 0.5 percentage points sequentially; down 0.2 points year on year |
| Earnings per share | ₹3.23 | Up 4.2% year on year |
| Total bookings | $2,595 million | Down 22.9% sequentially in constant-currency terms |
| Large-deal bookings | $674 million | Down 58.6% sequentially |
| Operating cash flow | ₹5,300 crore | 165.8% of net profit; up 61.3% sequentially |
| Voluntary attrition | 13.8% | Trailing-12-month basis |
The current figures were reported by The Economic Times on October 15, 2026. Wipro’s official Q2 FY27 filing was not directly retrievable in the material available for this report, so investors should verify the numbers against the company’s investor-relations release when consulting the primary filing.
Why profit fell while revenue rose
The headline contrast comes from comparing two different measures. Gross revenue grew 9.1% year on year, but net profit contracted 1.4% to ₹3,201 crore. On a sequential basis, the contrast is less favorable: revenue declined 1.1% and profit declined 4.7% from the preceding quarter.
The reported numbers do not establish a single cause for the profit decline. They do show that the revenue increase did not translate into year-on-year net-profit growth. IT-services operating margin was 16.5%, 0.2 percentage points below the year-ago level, although it improved 0.5 points sequentially. That margin movement is consistent with some pressure on year-on-year operating profitability, but it does not by itself explain every change below the operating line.
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IT-services performance
Revenue was nearly flat in underlying terms
IT-services revenue reached $2,611.5 million, up 0.3% year on year. Measured in constant currency, the segment grew 0.6% year on year and was flat sequentially. This is a materially slower annual growth rate than the 9.1% increase in consolidated gross revenue, so the two figures should not be treated as interchangeable: one is a consolidated rupee measure and the other is a dollar-denominated services measure.
Margin and EPS moved differently
The IT-services operating margin was 16.5%. The 0.5-point sequential improvement indicates better operating profitability than in Q1 FY27, while the 0.2-point year-on-year decline indicates that margin remained slightly below the comparable quarter. EPS rose 4.2% year on year to ₹3.23 despite the decline in reported net profit. The published figures do not provide enough information to attribute that difference to a specific change in share count or other below-the-line item.
Bookings and cash generation
Bookings slowed sharply from the previous quarter
Total bookings were $2,595 million. In constant-currency terms, that was a 22.9% sequential decline. Large-deal bookings were $674 million, down 58.6% sequentially. These are flow measures for the quarter, not revenue already recognized, so a weak bookings quarter does not mechanically produce an equal-sized revenue decline in the same period. It does, however, make the forward order pipeline an important issue to monitor.
Cash conversion was strong
Operating cash flow was ₹5,300 crore, equal to 165.8% of net profit and up 61.3% sequentially. The cash-flow ratio means Wipro generated more operating cash than its accounting net profit during the quarter; it should not be read as a profit margin or as a recurring annual rate.
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Attrition
Voluntary attrition was 13.8% on a trailing-12-month basis. Because this is a rolling 12-month measure rather than a single-quarter rate, it is best used to track workforce stability over time and not compared directly with a one-quarter hiring or exit percentage.
What Wipro guided for Q3 FY27
Wipro guided Q3 FY27 IT-services revenue to a range of $2,571 million to $2,625 million. The company described that range in constant-currency sequential terms as between -1.5% and 0.5%.
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| Q3 FY27 guidance case | IT-services revenue | Implied sequential constant-currency change |
|---|---|---|
| Lower end | $2,571 million | -1.5% |
| Upper end | $2,625 million | 0.5% |
The range points to a broadly flat near-term outlook, with a modest contraction case and a slight-growth case. That characterization is an interpretation of the published range, not a direct company quotation. The guidance applies to IT-services revenue, not to consolidated gross revenue or net profit.
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- Annual comparison: consolidated revenue expanded strongly, but net profit and IT-services revenue grew more slowly or declined.
- Sequential momentum: both revenue and profit fell, while constant-currency IT-services revenue was flat.
- Profitability: the IT-services margin improved from Q1 but remained below the year-ago level.
- Demand indicators: total and large-deal bookings dropped sharply sequentially and warrant attention alongside the Q3 guidance.
- Cash quality: operating cash flow substantially exceeded reported net profit in the quarter.
- Workforce trend: trailing-12-month voluntary attrition stood at 13.8%.
What to watch next
For the next results cycle, the most informative checks will be whether IT-services revenue moves above the top of the Q3 guidance range, whether constant-currency growth resumes, and whether bookings—particularly large deals—recover from the Q2 decline. Investors should also track whether the 16.5% operating margin holds, improves, or slips again relative to the year-ago quarter, and whether the unusually high operating-cash-flow conversion remains strong.
When comparing Wipro with other Indian IT-services companies, use like-for-like measures: year-on-year versus sequential growth, reported versus constant-currency revenue, operating margin, total versus large-deal bookings, operating-cash-flow conversion, attrition definition, and the next-quarter guidance period. A consolidated rupee revenue figure should not be compared directly with a segment dollar figure without labeling the basis.
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