Wipro Q2 profit down 1.4% to Rs 3,201 crore

Wipro Limited (WIPRO) reported Q2 FY27 consolidated net profit of ₹3,200.6 crore, down 1.4% from ₹3,246.2 crore a year ago. Revenue rose 9.1% to ₹24,752.7 crore, but IT services revenue grew only 0.6% year on year in constant currency. Results came on October 15, 2026. Profit fell 4.5% from ₹3,352 crore in Q1. Revenue rose 1.1% on Q1. IT services revenue was $2,611.5 million, flat on Q1 in constant currency and up 0.3% in dollars from a year ago. IT services operating margin was 16.5%. Voluntary attrition was 13.8%. For Q3, Wipro guided IT services revenue of $2,571 million to $2,625 million, or minus 1.5% to plus 0.5% in constant currency. It cited seasonal furloughs. About 8.5 points of the 9.1% revenue growth came from currency. Underneath, IT services grew 0.6% in constant currency. Profit fell even with that tailwind to reported revenue. Margin improved to 16.5%, yet profit fell 4.5% from Q1. A higher margin and lower profit do not fit unless something below the operating line moved, such as other income or tax. I could not find which one. The Q3 guide is the sharper signal. The midpoint of $2,598 million is about 0.5% below Q2’s $2,611.5 million. The top of the range is only 0.5% above. Wipro is guiding for a flat to shrinking quarter. If the deal pipeline shows up as constant-currency growth above 0.5% in Q3, the guide was cautious. If not, revenue has stalled. My stance: cautious. Constant-currency growth is near zero, profit fell, and the Q3 guide midpoint is a decline. Margin is the one clear positive. I turn neutral if Q3 comes in above the top of the range and profit stops falling. I am watching Q3 FY27 results, likely mid-January 2027. I do not hold Wipro Limited at the time of writing.