Wipro is expected to report largely flat profit performance in the December quarter, with modest revenue growth and continued pressure on margins. The subdued outlook reflects ongoing challenges from furloughs, deal ramp-up costs, and integration expenses from recent acquisitions weighing on near-term profitability.

Analyst Expectations Overview

According to an average estimate of six brokerages, Wipro's performance is expected to show minimal growth across key metrics:

The modest growth projections reflect a still cautious client spending environment impacting the IT services sector.

Revenue and Margin Projections

Brokerages broadly expect Wipro's IT services revenue to grow between 0.50% and 1.20% quarter-on-quarter in constant currency terms, with part of the growth coming from inorganic contributions. The integration of the Harman acquisition is expected to provide a one-month revenue boost during the quarter, though it is also likely to dilute margins in the near term.

Brokerage-wise Estimates

Impact of Acquisitions and Large Deals

The contribution from acquisitions remains a key theme this quarter. Integration-related costs are expected to keep margins under pressure despite revenue contributions. Kotak Equities expects organic revenue growth of around 0.90% quarter-on-quarter in constant currency, supported by the ramp-up of the Phoenix mega deal and one-month consolidation of the DTS acquisition.

While reported EBIT margins are expected to remain flat sequentially, margins could decline by about 50 basis points on an adjusted basis due to dilution from acquisitions. Notably, Wipro did not implement wage hikes during the quarter, which helped contain some cost pressures.

Guidance and Market Outlook

Guidance for the coming quarter will be a key focus area for investors. Analyst expectations for Q4 guidance vary:

Conservative Estimates:

• Centrum Broking and Nomura: 0% to 2% revenue growth in constant currency terms

Optimistic Projections:

• Nuvama and Kotak Equities: 1.50% to 3.50% quarter-on-quarter growth, including meaningful inorganic contribution

Kotak Equities expects investor focus on the pace at which large deals' total contract value translates into actual revenue, especially given expectations of healthy large deal wins of around USD 2 billion during the quarter. Excess cash distribution, including the possibility of a buyback, could also be in focus given Wipro's capital return track record.

Key Areas to Monitor

Analysts expect management commentary to be crucial, particularly around:

• Demand conditions in key verticals such as retail, energy and manufacturing
• Pricing pressure in large deals
• Outlook for discretionary spending
• Updates on the consulting business, especially in the BFSI vertical
• Client-specific issues and large deal pipeline developments

The quarter's results will provide insights into how effectively Wipro is managing the integration challenges while navigating a cautious client spending environment.

Wipro Limited has granted 24,390 ADS Restricted Stock Units to an identified employee of its subsidiary company under the Employee Stock Options, Performance Stock Unit and Restricted Stock Unit Scheme 2024. The IT services major announced this development through a formal communication to stock exchanges on January 13, 2026.

Grant Details and Structure

The restricted stock units grant represents part of Wipro's employee compensation and retention strategy through its comprehensive stock-based incentive program. The grant details are structured as follows:

Vesting and Exercise Framework

The granted restricted stock units will vest according to a specific schedule that has been approved by the Nomination and Remuneration Committee of the Board. The vesting mechanism ensures alignment between employee retention and company performance objectives. Once vested, the units can be exercised over the exercise period as determined and approved by the Committee.

Regulatory Compliance

Wipro has fulfilled its disclosure obligations by informing both major Indian stock exchanges about this grant. The company communicated the details to BSE Limited, where it trades under the symbol 507685, and to the National Stock Exchange of India Limited, where it is listed as WIPRO. The formal notification was signed by M Sanaulla Khan, Company Secretary, ensuring proper corporate governance compliance.

Employee Incentive Strategy

This grant forms part of Wipro's broader employee stock ownership program designed to attract, retain, and motivate key talent across its global operations. The 2024 scheme encompasses multiple forms of equity-based compensation including employee stock options, performance stock units, and restricted stock units, providing flexibility in structuring employee incentives based on role requirements and performance metrics.