$WIT · WIPRO LTD

Wipro reported Q2 FY27 results with gross revenue of ₹247.5B ($2,583M), up 9.1% YoY. IT Services segment revenue was $2,611.5M, flat sequentially in constant currency and up 0.6% YoY. IT Services operating margin expanded 50bps QoQ to 16.5%. Net income declined 1.9% YoY to ₹32.0B ($333.9M). Total bookings dropped 22.9% QoQ to $2,595M, with large deal bookings plunging 58.6% QoQ to $674M. Q3 FY27 IT Services revenue guidance is $2,571M–$2,625M, implying -1.5% to +0.5% sequential constant-currency growth.

Markets closed — no regular-session reaction yet; extended-hours move not captured here. The 58.6% QoQ large-deal bookings drop is a significant negative signal that may pressure the stock when trading resumes, partially offset by margin expansion and strong cash flow.

The 58.6% QoQ large-deal bookings collapse is a demand-side red flag that overshadows margin improvement and raises questions about Wipro's competitive win rate in the $30M+ deal segment.

Wipro's flat constant-currency IT Services growth contrasts with peers showing stronger momentum. The sharp bookings decline raises questions about competitive positioning in large deals against Tier-1 Indian IT rivals.

Large deal bookings collapsed 58.6% QoQ to $674M, signaling potential revenue growth headwinds. Q3 guidance midpoint implies flat sequential IT Services revenue, and voluntary attrition at 13.8% remains elevated.