Wipro Ltd Q2FY26 – When the Fourth Player in Indian IT Decides to Act Like It’s the Underdog, But With a Dividend

1.At a Glance

Imagine being the fourth biggest kid in class, still trying to prove you’re not just passing exams but doing itcreatively. That’s Wipro right now — a ₹2.53 lakh crore heavyweight who spent FY25 juggling AI press releases, deal wins, and that eternal IT-sector migraine: “macro headwinds.” At ₹241 per share, it’s basically that quiet cousin at a family function — looks well-behaved, but occasionally drops a ₹500 crore news bomb.

Let’s get the spicy facts straight: Market cap? ₹2,53,028 crore. Dividend yield? A desi 2.49%. PAT for the latest quarter? ₹3,246 crore — up just 1.17% QoQ. Operating profit margins? 19.8%, meaning Wipro still makes money faster than a government department loses files. ROE at 16.6%, debt-to-equity a respectable 0.19, and EPS of ₹12.9.So yes, the company’s not exactlydrowning in cash, but it sure knows how to float stylishly — like a well-paid coder at a beach resort in Goa.

2.Introduction – The IT Grandmaster with a Midlife Crisis

Wipro is that friend who topped the class in 2005, bought a sedan before you did, and now attends yoga retreats while figuring out “what’s next.”

Once the face of Indian IT revolution, the company now battles the big three — TCS, Infosys, HCL — in a market that’s as saturated as Mumbai’s Andheri at 6 PM. Every quarter, Wipro’s results look like a balanced diet: a bit of growth, a dash of stability, and a spoonful of corporate jargon like “digital transformation” and “AI-driven synergies.”

Yet, FY25 wasn’t exactly a fireworks show. Revenue growth slowed to 1%, profits grew 15% (thank you, cost-cutting and lower subcontracting expenses), and the share price rewarded patience with a -12% one-year return. But hey, in a world where IT companies are busy renaming themselves “AI innovators,” at least Wipro still makes real profits.

The company has spent the last two years reinventing itself — buying niche firms, reducing dependency on low-margin projects, and trying to act “GenAI cool.” It even launched200 AI agents with Google Cloud(yes, because apparently one AI isn’t enough). Somewhere between restructuring teams, signing billion-dollar deals, and realigning business lines, Wipro is quietly trying to say: “I’m still relevant, bro.”

3.Business Model – WTF Do They Even Do?

Wipro basically sells digital wizardry — the kind that makes enterprises run smoother, look smarter, and fire fewer humans (thanks, automation).

Their main gig — IT Services — is 99.7% of revenue. Everything from cloud migration and app development to cybersecurity and AI transformation. The remaining 0.3%? IT Products, mostly servers and networking stuff that they now sell like freebies with the main dish.

Their vertical mix reads like a LinkedIn profile of India’s GDP:

• BFSI (34%): Because banks love paying crores for dashboards that say “Transaction Successful.”
• Consumer (19%): Helping FMCG companies pretend they’re tech-first.
• Healthcare (14%): Digital hospitals, because even doctors need dashboards.
• Technology (11%): Helping other tech firms do tech — the recursion is real.
• Energy & Utilities (11%): Powering power.
• Manufacturing (6%)andCommunications (5%): The remaining masala in the IT curry.

Geographically,62%of its revenue comes from the Americas,27%from Europe, and11%from the rest of the world. In short — mostly U.S. clients, a few Brits, and an occasional Dubai sheikh with a Smart City project.

4.Financials Overview