Earnings Outlook
Wipro Q4 consol PAT seen up on steady demand in BFSI ops
This story was originally published at 21:04 IST on 13 April 2026
Register to read our real-time news.Informist, Monday, Apr. 13, 2026
By Arya S. Biju
MUMBAI – Steady demand from the banking, financial services, and insurance vertical, sharp depreciation of the rupee against the dollar, and the absence of one-off costs related to new labour code provisions may help Wipro Ltd. report net profit growth for the March quarter, the first in 2025-26 (Apr-Mar). Similarly, the company's top line for the quarter is expected to grow at its fastest pace in over three years, thanks to the two-month revenue contribution from its recent acquisition of the digital transformation solutions business unit of HARMAN International. However, analysts are divided on how the company will fare in terms of margin for the quarter.
The information technology major's consolidated net profit for the March quarter is expected to rise around 3% sequentially to INR 35.11 billion, according to the average of the estimates from 18 brokerages. This follows a 2.5-6.7% sequential decline in its bottom line in the previous three quarters. However, on a year-on-year basis, the company's bottom line is expected to decline nearly 2%, the second straight quarter of a fall after rising for six consecutive quarters.
Wipro is expected to report an over 4% sequential rise and an around 9% on-year rise in its consolidated revenue for the quarter at INR 245.26 billion, according to the average of 18 estimates. This will mark the highest sequential rise in net sales reported by the company in 14 quarters and the highest on-year rise in 12 quarters.
The highest estimate of INR 37.92 billion for the company's bottom line for the quarter is from JM Financial Institutional Securities Pvt. Ltd. while the lowest estimate of INR 32.39 billion is from Nuvama Wealth Management Ltd. ICICI Securities has the highest estimate for the company's top line at INR 248.34 billion, while Centrum Broking Ltd. has the lowest estimate of INR 241.77 billion.
In constant currency terms, the revenue of India's fourth-largest IT company by market capitalisation is expected to grow 0.5-1.7%, according to estimates from 10 brokerages. For the March quarter, Wipro had guided for 0-2% growth in revenue in constant currency terms from its IT services business.
Analysts were divided on their expectations on what the company will guide for in terms of revenue growth in constant currency terms for the June quarter. While some expect the company to guide for 0-2% growth in revenue for the quarter, others expect it to guide for a dip in revenue at the lower end of its guidance. "We expect Wipro to guide for (-)2 to 0% revenue growth for June 2026 quarter indicating share losses, delayed ramp-up of large deals and pricing pressure," Kotak Securities said in a report.
Analysts also differed on how the company would fare in terms of its earnings before interest and tax margin for the quarter, with most expecting the margin to contract sequentially, while Centrum Broking, Emkay Global and IDBI Capital expect the margin to improve. The impact of wage hikes undertaken during the quarter, and higher depreciation and amortisation charges due to the full-quarter consolidation of the low-margin digital transformation solutions business of HARMAN are expected to hit the company's EBIT margin for the quarter, according to analysts. Meanwhile, benefits from depreciation of the rupee against the dollar, and absence of one-offs like restructuring costs and labour code provisions are seen limiting the contraction in margin. During the December quarter, the company had reported labour code implementation cost of INR 3.03 billion as part of its employee benefit expenses.
ICICI Securities expects the company's total contract value to be around $3.5 billion and its large deal contract value to be $1 billion for the March quarter. Similarly, Nirmal Bang Equities Pvt. Ltd., expects the company to report a total contract value of $3 billion–$3.5 billion for the quarter. The estimates were largely in line with the $3.34 billion of total contract value reported by the company in the December quarter.
Wipro will announce its March quarter earnings on Thursday. Market participants will watch out for the management's commentary on US-based clients' technology budgets for 2026 and any impact on discretionary spending towards technology, amid the increased macro and geopolitical uncertainties. Comments on the likely impact of artificial intelligence-led disruption on revenue growth and measures taken to negate this will also be closely watched by the Street, analysts said.
Updates on demand trends across verticals, deal wins, and the deal pipeline will also be watched out for. Further, updates on the company's recently announced buyback of equity shares and its outlook on the West Asia business amid the ongoing conflict in the region will also be monitored.
On Monday, shares of Wipro ended at INR 202.97 on the National Stock Exchange, down around 1% from Friday. The stock has fallen over 17% since the company announced its December quarter earnings on Jan. 16. The stock is down over 45% from its all-time high of INR 369.93, hit on Oct. 14, 2021.
Of the 14 research reports on the company available with Informist, seven have a 'hold' or equivalent recommendation on the stock with an average target price of INR 270, which is 33% higher than the stock's closing price Monday. Of the remaining seven, four have a 'buy' or equivalent call on the stock and three have a 'sell' or equivalent call.
Following are the March quarter earnings estimates for Wipro from 18 brokerage firms in descending order of the estimate of net profit in INR billion:
| Brokerage | Net sales | Net profit | EBITDA | Revenue (bln $) | ?IT margin |
| JM Financial Institutional Securities Pvt. Ltd. | 244.66 | 37.92 | 51.62 | -- | -- |
| Nirmal Bang Equities Pvt. Ltd. | 245.86 | 37.51 | -- | -- | 17.0 |
| Prabhudas Lilladher Pvt. Ltd. | 246.00 | 36.80 | -- | 2.67 | 17.3 |
| Kotak Securities Ltd. | 247.41 | 36.67 | -- | -- | 17.2 |
| Equirus Securities Pvt. Ltd. | 243.93 | 36.66 | 48.86 | 2.66 | 17.3 |
| YES Securities (India) Ltd. | 246.75 | 36.00 | 48.43 | -- | -- |
| Anand Rathi Share and Stock Brokers Ltd. | 245.54 | 35.80 | 50.90 | 2.66 | 17.1 |
| Emkay Global Financial Services Ltd. | 247.05 | 35.49 | 49.41 | 2.67 | |
| Centrum Broking Ltd. | 241.77 | 35.47 | -- | -- | 16.7 |
| HDFC Securities Ltd. | 244.71 | 35.28 | -- | 2.66 | 17.5 |
| Dolat Capital Market Pvt. Ltd. | 248.33 | 34.88 | -- | 2.68 | |
| Indsec Securities and Finance Ltd. | 242.00 | 34.70 | -- | 2.61 | 16.6 |
| IDBI Capital Market Services Ltd. | 242.49 | 34.43 | -- | 2.65 | 16.5 |
| Elara Securities (India) Pvt. Ltd. | 242.98 | 33.45 | -- | 2.66 | -- |
| Motilal Oswal Financial Services Ltd. | 246.35 | 33.31 | 47.64 | -- | -- |
| ICICI Securities Ltd. | 248.34 | 32.64 | -- | 2.69 | 15.7 |
| Nomura Equity Research | 246.57 | 32.62 | -- | 2.67 | 16.0 |
| Nuvama Wealth Management Ltd. | 243.97 | 32.39 | -- | 2.66 | 16.2 |
| Average | 245.26 | 35.11 | 49.48 | 2.66 | -- |
End
US$1 = INR 93.3750
Edited by Avishek Dutta
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