The Wipro share price climbed as much as 2.3 per cent to Rs 178 on the BSE on October 16, a day after the IT major reported September-quarter results with revenue up 9.1 per cent year on year but net profit down 1.9 per cent. The market reaction rewarded the revenue beat: consolidated revenue from operations rose to Rs 24,752.7 crore, while net profit slipped to Rs 3,200.6 crore.
Sequentially, profit fell 4.5 per cent from Rs 3,352 crore in the June quarter as other income declined after the June share buyback. IT services revenue stood at $2,611.5 million — flat in constant currency — landing in the upper half of the company’s guided $2,574-2,627 million range. The results were announced on October 15, with the stock settling 1.8 per cent higher at Rs 174.05 in the previous session before Friday’s follow-through. The IT services operating margin expanded 50 basis points to 16.5 per cent, though the debate around the Wipro share price now centres on the December-quarter outlook.
Wipro share price: brokerages divided
Brokerages split sharply after the results. Nomura retained a Buy rating with a Rs 200 target — about 15 per cent upside — saying revenue slightly exceeded estimates and delayed deals should close in the December quarter. Goldman Sachs stayed bearish with a Sell call, citing weak deal wins and limited revenue visibility. Emkay kept a Reduce rating with a Rs 170 target on soft order intake, while DAM Capital stayed Neutral at Rs 180 for now.
The divide reflects two readings of the same quarter: optimists see margins heading back to the 17-17.5 per cent target band and a strong deal pipeline, while sceptics point to bookings near a four-year low. The Wipro share price, trading at about 12 times estimated FY28 earnings, is the cheapest among large-cap IT stocks — and also carries the most sell ratings in the sector, according to CNBC TV18. That valuation gap is precisely why the post-results session matters: cheap stocks with improving margins can re-rate fast if deal wins return.
Wipro share price and the deal-win slowdown
The quarter’s weak spot was deal signings. Total contract bookings fell 22.9 per cent quarter on quarter in constant currency to $2.595 billion, and large-deal bookings plunged 58.6 per cent to $674 million from $1.626 billion in June. Management attributed the drop to paperwork delays pushing expected signings into the December quarter and pointed to a strong pipeline — but the stock will need those deals to actually close before investors fully buy the recovery story.
For the October-December quarter, Wipro guided IT services revenue of $2,571-2,625 million, or -1.5 per cent to +0.5 per cent sequential growth in constant currency, factoring in seasonal furloughs and fewer working days. Nine large deals were signed during the September quarter, and management expects the delayed signings to close in the December quarter, pointing to a strong pipeline for the second half. Voluntary attrition eased slightly to 13.8 per cent, and operating cash flow jumped to about Rs 5,300 crore — 165.8 per cent of net income — underscoring the quality of the reported earnings.
What next for the Wipro share price
Near term, the Wipro share price hinges on December-quarter deal conversion. If delayed large deals close as management expects, revenue momentum could finally return; another soft bookings quarter would fully validate the bears. The stock is headed for its best week in six years, suggesting momentum traders are already betting on the turnaround well ahead of the Infosys print.
Longer term, Wipro’s efficiency-and-AI pitch — demand focused on productivity and AI adoption, in the company’s words — must translate into growth that outpaces the sector. With Infosys due to report on October 23, investors watching the IT pack will soon have a full peer comparison to judge whether the margin recovery and pipeline talk justify a re-rating of the Wipro share price.