Wipro Q1 FY27: Flat Profit, 15-Quarter Low Margin, Q2

Wipro Limited reported Q1 FY27 results for the quarter ended 30 June 2026 on 16 July 2026. Q1 FY27 numbers (consolidated): Revenue: Rs 24,478.6 crore, up 10.6% YoY on the rupee and two months of Mindsprint IT services revenue $2.61 billion: up 0.9% YoY, down 1.2% QoQ in constant currency IT services margin 16.0%, down 130 bps QoQ, a 15-quarter low Net profit: Rs 3,352 crore, up 0.6% YoY, down 4.7% QoQ; interim dividend Rs 2 Bookings $3.37 billion, down about 32% YoY; large deals $1.63 billion Q2 guidance: minus 1.5 to plus 0.5% QoQ in constant currency, midpoint a decline, even with a full quarter of Mindsprint. Brokerages cut FY27 to FY29 forecasts after it. Since then Wipro expanded its Google Cloud partnership and renewed an ABB contract. Wipro [][***** shares closed at Rs 175.04 per the linked page (NSE Rs 177.09) on 2 September 2026, down 2.5 percent on the day and 30 percent in a year, 4 percent above the 52-week low of Rs 169. P/E near 14; yield near 4.6 percent on Rs 8 of trailing dividends. My view: the cheapest of the three large caps, and it should be. TCS and Infosys are de-rating on slow growth; Wipro is guiding to organic decline with a 15-quarter low margin and bookings down a third; 14x prices those facts. The stock has the yield and a hyperscaler story not yet in the P&L. Income holders can hold; fresh money waits for the October print to show organic growth ex Mindsprint. Of the three, own Infosys. Levels: Rs 175 to 177 is the line; a close below Rs 169 opens new lows; Rs 185 to 190, where August bounces failed, is the band to reclaim. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.