WIT · Wipro

The thesis

Wipro'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.

The ADR closed at $2.13 on 12 November 2026, up 9.8% over three months and 31.1% below its 52-week high of $3.09 set on 19 December 2026 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 15 October 2026, and the next are due after the guide period ends. India-listed shares closed at ₹198.00 on 6 November 2026, according to INDmoney, above the post-results targets of Jefferies and Citi.

Bullish and bearish views on Wipro Limited

The bull case on Wipro Limited (WIT), in brief: operating margin is rising again. The bear case: revenue has stopped growing.

Bull case

• 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 15 October 2026 results release on Form 6-K.
• Two awarded deals await signatures. Management said on the 15 October 2026 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.
• 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 15 October 2026.
• Agentic AI partnerships are widening. Labelbox announced a partnership with Wipro on 10 November 2026 to deploy enterprise AI agents, combining Labelbox's reinforcement-learning tools with Wipro's implementation teams, according to company news dated 11 November 2026. No revenue figure accompanied the announcement.
• Domestic funds are buying. SBI Contra Fund raised its Wipro holding by ₹148.53 crore to ₹297 crore, according to mutual fund disclosures dated 15 October 2026 and reported by INDmoney.

Bear case

• 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.
• 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.
• 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 15 October 2026 release.
• 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 15 October 2026.
• Brokers stayed negative after the report. On 16 October 2026, 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 6 November 2026.
• 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 7 October 2026, according to Staffing Industry Analysts. Wipro said it expects no material business impact.

Price setup

The ADR closed at $2.13 on 12 November 2026. Daily closes across the six sessions from 5 November to 12 November 2026 stayed between $2.13 and $2.17, per quoted closes. The 52-week closing low is $1.61, set on 29 September 2026, and the 3-month reference close of 14 August 2026 was $1.94.

The 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 12 November 2026. A close back under the 200-day average would return the ADR to the lower half of its three-month range.

The price already reflects a recovery in bookings that Wipro has not yet reported: the ADR is 9.8% above its 14 August 2026 close while the latest guide implies flat revenue and Jefferies and Citi targets for the India shares sit below the ₹198.00 close of 6 November 2026.

Catalysts ahead

• 17 November 2026: 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.
• 19 November 2026: 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.
• 8 December 2026: 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.
• ~31 December 2026 (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.
• ~15 January 2027 (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.

What would change the view

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.

What it trades with

The ADR trades with the Nifty IT index and with its Indian peers Infosys and TCS. All three rose at the open on 6 November 2026, 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 7 October 2026 PERM ban, moves Wipro, Infosys and Cognizant together.