1. At a Glance
With ₹2.7L Cr market cap and $2.7B in large deal wins this quarter, Wipro is still India’s OG IT samurai. But with growth slower than your internet during a storm, the real question is — is there magic left in the old wand?
2. Introduction with Hook
Picture an aging rockstar from the ’90s, now trying to drop a rap album. That’s Wipro in the era of GenAI and cloud transformation. While its peers are shredding charts with double-digit growth, Wipro’s 3Y sales CAGR is 4%, and PAT growth a sleepy 2%. Yet, it holds tight with a 2.3% dividend yield, rock-solid balance sheet, and the eternal optimism of someone who still thinks wearing Crocs is cool.
3. Business Model (WTF Do They Even Do?)
Wipro is a full-stack global IT services firm offering:
- Application development & maintenance
- Infrastructure & cloud services
- Business Process Services (BPS)
- Consulting & digital transformation
- Cybersecurity, IoT, Data & AI solutions
They serve BFSI, healthcare, consumer, energy, and manufacturing sectors globally. But let’s be honest: the model hasn’t changed much since Narayana Murthy was still coding.
4. Financials Overview
| Metric | FY25 |
|---|---|
| Revenue (TTM) | ₹89,259 Cr |
| Net Profit (TTM) | ₹13,518 Cr |
| EPS | ₹12.86 |
| OPM | 20% |
| ROE | 17% |
| ROCE | 20% |
| Cash from Ops | ₹16,943 Cr |
TL;DR: Profit healthy, margins strong, but topline growth barely keeping up with inflation.
5. Valuation
| Metric | Value |
|---|---|
| CMP | ₹261 |
| P/E | 20.3x |
| Price/Book | 3.29x |
| Dividend Yield | 2.3% |
| Book Value | ₹79.1 |
Fair Value Range (EduModel™): ₹220 – ₹275
Valuation is reasonable compared to TCS/Infosys. But this is not a hyper-growth play. You’re buying a stable annuity stream, not a rocket ship.
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26 Results: ₹3,336 Cr profit (+10.9% YoY), margin 17.3%, interim dividend ₹5
- Large Deals Signed: $2.7B in total contract value — flexing muscles, finally
- AI Buzz: Launch of ‘ai360’ platform (trying to not be the last guy at the party)
- Share Buybacks?: Rumors float every few quarters, keeping traders awake
- Leadership Stability: After years of musical chairs, leadership has finally settled
7. Balance Sheet
| FY | Total Assets | Net Worth | Debt | Reserves |
|---|---|---|---|---|
| FY23 | ₹1.17L Cr | ₹77.6K Cr | ₹17.5K Cr | ₹76.5K Cr |
| FY24 | ₹1.15L Cr | ₹75K Cr | ₹16.5K Cr | ₹73.9K Cr |
| FY25 | ₹1.28L Cr | ₹82.8K Cr | ₹19.2K Cr | ₹80.7K Cr |
Commentary:
- Clean and conservative structure
- Debt well-managed despite rising slightly
- Cash pile large enough to buy a mid-cap
8. Cash Flow – Sab Number Game Hai
| FY | CFO | CFI | CFF | Net CF |
|---|---|---|---|---|
| FY23 | ₹13,060 Cr | -₹8,169 Cr | -₹6,088 Cr | -₹1,197 Cr |
| FY24 | ₹17,622 Cr | ₹1,144 Cr | -₹18,257 Cr | ₹509 Cr |
| FY25 | ₹16,943 Cr | -₹8,044 Cr | -₹6,396 Cr | ₹2,502 Cr |
Key Points:
- Consistent operational cash machine
- Capex/investments fluctuate, but funding mix is mature
- Generous with buybacks/dividends without hurting liquidity
9. Ratios – Sexy or Stressy?
| Ratio | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE | 18% | 17% | 20% |
| ROE | 10.34% | 10.57% | 12.86% |
| OPM | 19% | 19% | 20% |
| Debt/Equity | 0.23x | 0.22x | 0.23x |
Verdict:
Decent numbers for a senior citizen stock. Not too sexy, not too stressy. Just right for retirement portfolios.
10. P&L Breakdown – Show Me the Money
| FY | Revenue | Expenses | PAT | EPS |
|---|---|---|---|---|
| FY22 | ₹79,312 Cr | ₹62,628 Cr | ₹12,243 Cr | ₹11.15 |
| FY23 | ₹90,488 Cr | ₹73,649 Cr | ₹11,366 Cr | ₹10.34 |
| FY24 | ₹89,760 Cr | ₹73,008 Cr | ₹11,112 Cr | ₹10.57 |
| FY25 | ₹89,088 Cr | ₹71,067 Cr | ₹13,218 Cr | ₹12.54 |
Conclusion:
Flat revenue, rising profit — classic cost optimization play.
11. Peer Comparison
| Company | CMP | P/E | ROE | PAT (TTM) | OPM | Dividend Yield |
|---|---|---|---|---|---|---|
| TCS | ₹3,209 | 23.6x | 52.4% | ₹49,273 Cr | 26.4% | 1.87% |
| Infosys | ₹1,583 | 24.8x | 28.8% | ₹26,516 Cr | 24.1% | 2.72% |
| HCL Tech | ₹1,544 | 24.7x | 25.2% | ₹16,976 Cr | 21.6% | 3.50% |
| Wipro | ₹261 | 20.3x | 16.6% | ₹13,518 Cr | 20.0% | 2.30% |
| LTIMindtree | ₹5,194 | 32.6x | 21.5% | ₹4,719 Cr | 16.9% | 1.25% |
Observation:
Wipro is the cheapest large-cap IT stock. But also the slowest-moving. Value? Yes. Momentum? Not really.
12. Miscellaneous – Shareholding, Promoters
- Promoter Holding: 72.67% (unchanged for decades)
- FIIs Holding: 8.16%
- Retail/Public: ~11.28%
- No pledges, no drama.
- Dividend History: Regular and rising, currently ₹5/share interim
This is the HDFC Bank of IT — boring, consistent, no controversy, but not going to party like Angel One.
13. EduInvesting Verdict™
Wipro is the oldest kid on the IT block still trying to prove he can breakdance. While peers flaunt AI-first narratives, Wipro prefers its slow, steady approach. Think of it as a reliable dividend uncle who gifts you ₹5 every few quarters, sips his chai on time, and never crashes the car.
Is it flashy? No.
Is it dead? Also no.
Is it investable? Depends on your patience level and love for stable returns.
Metadata
– Written by EduInvesting Analyst Team | 18 July 2025
– Tags: Wipro Ltd, IT Services, Indian IT, TCS vs Wipro, Large Cap IT, Slow Compounders, Dividend Stocks
