A Quarter Marked by Transformation
Wipro has kicked off FY26 with a quarter that’s as much about transformation as it is about numbers. While revenues dipped slightly—down 2% quarter-on-quarter and 2.3% year-on-year in constant currency terms—the company managed to keep operating margins healthy at 17.3%, even expanding them by 80 basis points compared to last year. What really made headlines is Wipro’s successful booking of $5 billion in deals, including two mega deals, a clear nod to its evolving strength in large enterprise contracts.
AI Takes Center Stage
Led by CEO Srini Pallia, Wipro management made it clear this quarter: clients now view AI as central to their strategies, and Wipro is eager to lead this shift from experimental to full-scale AI rollouts. Over 200 AI-enabled agents have already been deployed across client operations, streamlining everything from insurance claim processing to boosting telecom network performance. This consulting-led, AI-centric approach was instrumental in securing 16 large deal wins this quarter.
Sector Strengths and Regional Performance
The BFSI sector remained a robust area, especially in North America, providing stability amid otherwise challenging conditions. In contrast, Europe showed weakness and some consumer-focused sectors faced headwinds, underscoring the varied pace of recovery across regions.
Financial Health and What Lies Ahead
Wipro maintained strong cash flow, kept attrition manageable at 15.1%, and persisted with pricing discipline. However, the real test for Wipro will be converting this impressive pipeline of mega deals and AI products into sustainable, top-line growth in coming quarters. The company’s next act will be about turning current momentum into real, visible results.
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