Wipro Ltd.Muted Growth Amid AI Pivot & Record Buyback

Wipro reported Q4 FY26 IT services revenue of $2.65 billion, growing marginally by 0.2% quarter-on-quarter in constant currency, while full-year revenue declined 1.6% year-on-year to $10.5 billion.

Operating margin contracted 30 basis points sequentially to 17.3% in Q4, though full-year margin expanded 15 basis points to 17.2%. The company announced its largest-ever buyback of ₹15,000 crore at ₹250 per share, representing 5.7% of paid-up capital, alongside FY26 dividend distribution of $1.3 billion that brought the three-year payout ratio to 88%. Management guided for Q1 FY27 revenue growth of minus 2% to 0% sequentially, reflecting ongoing pressure in Americas 2 which declined 6.7% year-on-year due to client-specific issues and delayed deal ramp-ups.

Order booking stood at $3.5 billion with 14 large deals totaling $1.4 billion TCV. Wipro launched a dedicated AI-native business unit to pivot from services-only to a services-as-a-software model, emphasizing its Wipro Intelligence platform. APMEA emerged as the strongest performer with 3.1% sequential growth, bolstered by the $1 billion Olam Group strategic win.