{
  "@context": "https://frontierpicks.com/schemas/dossier.v1.json",
  "ticker": "WIT",
  "name": "Wipro Limited",
  "url": "https://frontierpicks.com/dossiers/WIT/",
  "json_url": "https://frontierpicks.com/dossiers/WIT.json",
  "status": "DORMANT",
  "current_conviction": "LOW",
  "archetype": {
    "code": "a4",
    "n": 4
  },
  "current_thesis": "Wipro's ADR is more likely to lag the S&P 500 over three months: revenue is flat, December-quarter guidance spans –1.5% to +0.5%, and large-deal bookings fell 58.6%. The mid-January 2027 report shows whether two delayed large deals revive bookings.",
  "invalidation_trigger": "A daily close above $2.46, which would put the ADR well above its recent range and show the shares leading the S&P 500. December-quarter IT services revenue above the $2,625 million top of the guide would also show the shares leading.",
  "catalyst_date": "2026-11-17",
  "portfolio": null,
  "pick": null,
  "themes": [
    "ai-enterprise-software"
  ],
  "tags": [],
  "sources": [],
  "caveats": [],
  "source_links": [
    {
      "title": "Wipro Q2FY27 Results: Revenue Rises 9.1%, Profit Falls 1.9% As Large Deal Bookings Decline Sharply",
      "url": "https://www.kotakneo.com/news/stocks/wipro-share-price-in-focus-as-company-announces-q2-fy27-results/",
      "date": null
    },
    {
      "title": "Wipro",
      "url": "https://www.wipro.com/content/dam/nexus/en/investor/quarterly-results/2026-2027/q2fy27/q2fy27-earnings-transcript.pdf",
      "date": null
    },
    {
      "title": "Wipro stock: Jefferies raises target from INR 150 to INR 155",
      "url": "https://www.ad-hoc-news.de/boerse/news/corporate-news/wipro-stock-jefferies-raises-target-from-inr-150-to-inr-155/70394568",
      "date": null
    },
    {
      "title": "Wipro Ltd Share Price Today",
      "url": "https://www.indmoney.com/stocks/wipro-ltd-share-price",
      "date": null
    },
    {
      "title": "Indian IT stocks shrug off Wall Street rout; NIFTY IT rises 2%, Infosys and TCS in the green",
      "url": "https://upstox.com/news/market-news/stocks/indian-it-stocks-shrug-off-wall-street-rout-nifty-it-rises-2-infosys-and-tcs-in-the-green/article-203104/",
      "date": null
    },
    {
      "title": "Wipro",
      "url": "https://www.wipro.com/investors/events/non-deal-road-show-november-19-2026/",
      "date": null
    },
    {
      "title": "Wipro appoints Angan Guha as President and Chief Executive Officer for Americas 2 Strategic Market Unit",
      "url": "https://www.wipro.com/newsroom/press-releases/2026/wipro-appoints-angan-guha-as-president-and-chief-executive-officer-for-americas-2-strategic-market-unit/",
      "date": null
    }
  ],
  "evidence": [
    {
      "claim": "IT services revenue was $2,611.5 million in the September 2026 quarter, flat from the previous quarter and up 0.6% from a year earlier in constant currency.",
      "source": "Wipro Form 6-K, September 2026 quarter results release",
      "as_of": "2026-10-15"
    },
    {
      "claim": "December-quarter IT services revenue is guided to $2,571 million to $2,625 million, a range of –1.5% to +0.5% from the previous quarter in constant currency.",
      "source": "Wipro Form 6-K, September 2026 quarter results release",
      "as_of": "2026-10-15"
    },
    {
      "claim": "Total bookings were $2,595 million, down 22.9% from the previous quarter in constant currency; large-deal bookings were $674 million, down 58.6%.",
      "source": "Wipro Form 6-K, September 2026 quarter results release",
      "as_of": "2026-10-15"
    },
    {
      "claim": "IT services operating margin was 16.5%, up 0.5 percentage points from the previous quarter and down 0.2 points from a year earlier.",
      "source": "Wipro Form 6-K, September 2026 quarter results release",
      "as_of": "2026-10-15"
    },
    {
      "claim": "Quarterly earnings were $0.03 per ADR against a $0.04 estimate; sales of $2.583 billion beat a $2.570 billion estimate.",
      "source": "Benzinga",
      "as_of": "2026-10-15"
    },
    {
      "claim": "Jefferies raised its target to ₹155 from ₹150 and kept Underperform; Citi raised its target to ₹145 from ₹140 and kept Sell.",
      "source": "ad-hoc-news",
      "as_of": "2026-10-16"
    },
    {
      "claim": "India-listed Wipro shares closed at ₹198.00; the 52-week range is ₹156.79 to ₹273.10.",
      "source": "INDmoney Wipro share price page",
      "as_of": "2026-11-06"
    },
    {
      "claim": "Wipro appointed Angan Guha as president and chief executive officer of its Americas 2 strategic market unit, effective 2026-12-08, reporting to CEO Srini Pallia.",
      "source": "Wipro press release",
      "as_of": "2026-11-12"
    }
  ],
  "view_changes": [],
  "frame": null,
  "filed_numbers": {
    "as_of": "2026-11-13",
    "sector": "Technology",
    "financials": {
      "status": "not available",
      "reason": "no quarterly report in US GAAP with the SEC (a foreign filer reports on Form 20-F or 40-F)",
      "close_date": "2026-11-13",
      "latest_quarter": null,
      "figures": {}
    },
    "short_interest": {
      "status": "ok",
      "settlement": "2026-10-15",
      "published": "2026-10-26",
      "short_pct_of_outstanding": null,
      "days_to_cover": 8.5,
      "change_pct": -11.9
    },
    "insiders": {
      "status": "ok",
      "as_of": "2026-11-15",
      "windows": [
        {
          "days": 90,
          "status": "ok",
          "from": "2026-08-18",
          "bought_usd": 0,
          "sold_usd": 0,
          "bought_unpriced": 0,
          "sold_unpriced": 0
        },
        {
          "days": 365,
          "status": "ok",
          "from": "2025-11-16",
          "bought_usd": 0,
          "sold_usd": 890495.86,
          "bought_unpriced": 0,
          "sold_unpriced": 1
        }
      ]
    }
  },
  "body_markdown": "## Current Thesis\n\nWipro's American depositary receipt (ADR) is more likely to lag the S&P 500 over the next three months. Revenue is flat, December-quarter guidance runs from a 1.5% decline to 0.5% growth in constant currency, and large-deal bookings fell 58.6% in the September quarter. The December-quarter report, expected around mid-January 2027, settles whether two delayed large contracts revive bookings.\n\nThe ADR closed at $2.13 on 2026-11-12, up 9.8% over three months and 31.1% below its 52-week high of $3.09 set on 2026-12-19 of last year. The rally since the September low has come without a Wipro-specific improvement in revenue or bookings: the last results were on 2026-10-15, and the next are due after the guide period ends. India-listed shares closed at ₹198.00 on 2026-11-06, according to INDmoney, above the post-results targets of Jefferies and Citi.\n\n## Bull Case\n\n- **Operating margin is rising again.** IT services operating margin was 16.5% in the September 2026 quarter, up 0.5 percentage points from the June quarter, according to the company's 2026-10-15 results release on Form 6-K.\n- **Two awarded deals await signatures.** Management said on the 2026-10-15 earnings call that two large contracts already awarded by clients missed the September quarter-end because of paperwork. It expects both to be signed in the December quarter.\n- **Deal flow continued despite lower bookings.** Management said on the same call that Wipro signed nine large deals in the September quarter. Revenue of $2.583 billion beat the $2.570 billion analyst estimate, according to Benzinga on 2026-10-15.\n- **Agentic AI partnerships are widening.** Labelbox announced a partnership with Wipro on 2026-11-10 to deploy enterprise AI agents, combining Labelbox's reinforcement-learning tools with Wipro's implementation teams, according to company news dated 2026-11-11. No revenue figure accompanied the announcement.\n- **Domestic funds are buying.** SBI Contra Fund raised its Wipro holding by ₹148.53 crore to ₹297 crore, according to mutual fund disclosures dated 2026-10-15 and reported by INDmoney.\n\n## Bear Case\n\n- **Revenue has stopped growing.** IT services revenue was $2,611.5 million in the September 2026 quarter, flat from the June quarter and up 0.6% from a year earlier in constant currency, according to the 6-K.\n- **Guidance points flat to lower.** December-quarter IT services revenue is guided to $2,571 million to $2,625 million. Management cited fewer working days and client holiday furloughs as part of the reason.\n- **Bookings fell sharply.** Total bookings were $2,595 million in the September quarter, down 22.9% from the June quarter in constant currency. Large-deal bookings were $674 million, down 58.6%, per the 2026-10-15 release.\n- **Earnings per share missed.** Wipro reported September-quarter earnings of $0.03 per ADR against an analyst estimate of $0.04, according to Benzinga on 2026-10-15.\n- **Brokers stayed negative after the report.** On 2026-10-16, Jefferies raised its target to ₹155 from ₹150 and kept an Underperform rating. Citi raised its target to ₹145 from ₹140 and kept a Sell, according to ad-hoc-news. Both targets sit well below the ₹198.00 close of 2026-11-06.\n- **US labor policy is turning against the sector.** The US Labor Department barred Wipro, TCS, Infosys, Cognizant and others from the PERM green-card program on 2026-10-07, according to Staffing Industry Analysts. Wipro said it expects no material business impact.\n\n## Setup & Price Structure\n\nThe ADR closed at $2.13 on 2026-11-12. Daily closes across the six sessions from 2026-11-05 to 2026-11-12 stayed between $2.13 and $2.17, per quoted closes. The 52-week closing low is $1.61, set on 2026-09-29, and the 3-month reference close of 2026-08-14 was $1.94.\n\nThe shares sit above both averages in adjusted daily closes: the 50-day average is $1.87 and the 200-day average is $2.03 as of 2026-11-12. A close back under the 200-day average would return the ADR to the lower half of its three-month range.\n\nThe price already reflects a recovery in bookings that Wipro has not yet reported: the ADR is 9.8% above its 2026-08-14 close while the latest guide implies flat revenue and Jefferies and Citi targets for the India shares sit below the ₹198.00 close of 2026-11-06.\n\n## Catalyst Calendar\n\n- **2026-11-17:** Wipro group meeting with investors at the JM Financial conference in Mumbai. Management commentary on deal signings and December-quarter demand could shift expectations before the January report.\n- **2026-11-19:** Wipro non-deal investor roadshow session. A second investor session on the company's event calendar; any update on the two delayed large contracts would bear on bookings.\n- **2026-12-08:** Angan Guha takes up the role of president and chief executive officer, Americas 2 strategic market unit. The Americas business is where weak US client demand would show first in revenue.\n- **~2026-12-31 (est.):** Signing of two awarded large contracts delayed from the September quarter. Management expects both to be signed in the December quarter; signing would partly reverse the 58.6% drop in large-deal bookings.\n- **~2027-01-15 (est.):** December-quarter (fiscal third quarter of 2027) results. Shows whether revenue lands inside the $2,571 million to $2,625 million guide and whether bookings recover.\n\n## What Would Change Our Mind\n\nA daily close above $2.46, which would put the ADR well above its recent range and show the shares leading the S&P 500. December-quarter IT services revenue above the $2,625 million top of the guide would also show the shares leading.\n\n## Correlation Notes\n\nThe ADR trades with the Nifty IT index and with its Indian peers Infosys and TCS. All three rose at the open on 2026-11-06, with the Nifty IT index up as much as 2.37% to 33,616.20 despite a Wall Street technology sell-off the night before, per Upstox. The ADR also moves with the rupee-to-dollar exchange rate, so a weaker rupee can pull the ADR lower even when the India-listed shares hold. Sector-wide US policy news, such as the 2026-10-07 PERM ban, moves Wipro, Infosys and Cognizant together.",
  "first_seen": "2026-11-10",
  "last_analyzed": "2026-11-13T00:41:48+00:00",
  "last_synthesized": "2026-11-13",
  "date_modified": "2026-11-13",
  "license": "Content © FrontierPicks. Cite the canonical URL."
}