# Wipro (WIT.US)

Canonical: https://gigainvestors.com/s/WIT

Analysis as of: 2026-10-16T07:33:06.988Z. Financial observations: FY2000–FY2027.

Listing currency: USD. Reporting currency: INR.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $1.87 per share; close as of 2026-10-15.

Estimated value: low $2.50 per share, central $3.16 per share, high $3.64 per share. Buy at or below the central value $3.16 per share. Valuation as of 2026-10-16T07:33:06.988Z; scenarios are not confidence intervals.

Expected annual return: 15.9% at the stated quote. About 15.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.15×

- FY2019: 0.17×

- FY2020: 0.17×

- FY2021: 0.20×

- FY2022: 0.17×

- FY2023: 0.15×

- FY2024: 0.15×

- FY2025: 0.17×

- FY2026: 0.16×

- LTM to Jun 2026: 0.16×

### moat: pass

- ROIC, median of available years: 50.1%

- ROIC, second-lowest year: 42.3%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 29.4%

- Recent gross margin (lower of latest and 3-year median): 29.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.1%

- ROIC including acquisitions, ten-year median: 26.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 31.4%

- FY2019: 45.6%

- FY2020: 44.7%

- FY2021: 55.8%

- FY2022: 46.6%

- FY2023: 42.3%

- FY2024: 53.5%

- FY2025: 69.9%

- FY2026: 72.9%

- LTM to Jun 2026: 61.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.14×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 704B

- Net income, five-year total: INR 620B

- Return on incremental invested capital: 1355.1%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.6 pp

- Working capital / revenue, final three-year average: 23.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2023: 1.16×

- FY2024: 1.21×

- FY2025: 1.11×

- FY2026: 1.10×

- LTM to Jun 2026: 1.11×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 37.7% vs 69.9%

- Per-share earnings: 6.54 to 12.52 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: -1.5%

- Market cap gain: INR -4.20T

- Cumulative retained earnings: INR 244B

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: -1.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 8.5%

- Per-share value change: INR 5.99

- Per-share value, starting three-year median: INR 6.54

- Per-share value, ending three-year median: INR 12.52

- Buybacks concentrated in cheaper years (correlation): 0.90

- Average buyback yield: 3.6%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: INR 258B

- Cumulative net income, 10 years: INR 1.07T

- ROIC, first three-year median: 37.7%

- ROIC, last three-year median: 69.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 6.54

- FY2018: INR 6.31

- FY2019: INR 7.47

- FY2020: INR 8.31

- FY2021: INR 9.53

- FY2022: INR 11.14

- FY2023: INR 10.34

- FY2024: INR 10.41

- FY2025: INR 12.52

- FY2026: INR 12.60

### accounting: pass

- Sloan accruals: -1.2%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.13×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.47×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.0%

- FY2018: -0.5%

- FY2019: -3.2%

- FY2020: -0.4%

- FY2021: -4.8%

- FY2022: 1.1%

- FY2023: -1.5%

- FY2024: -5.7%

- FY2025: -3.0%

- FY2026: -1.2%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 62% since Dec 2021 · "India's Wipro slips as weak forecast deepens growth concerns" (sg.finance.yahoo.com, Apr 2026) · sales +2.7%

Story as of 2026-10-16T09:59:51.922Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.6% a year for ten years

- 2025-04-17: Wipro shares drop after weak first quarter forecast flags growth worries ([finance.yahoo.com](https://finance.yahoo.com/news/wipro-shares-drop-weak-first-041848376.html))

- 2025-07-16: India IT demand outlook remains uncertain amid US tariff risks, says Wipro chair ([finance.yahoo.com](https://finance.yahoo.com/news/india-demand-outlook-remains-uncertain-071725510.html))

- 2026-01-19: India's Wipro slumps on tepid revenue outlook, lacklustre deal wins ([sg.finance.yahoo.com](https://sg.finance.yahoo.com/news/indias-wipro-slumps-tepid-revenue-042844902.html))

- 2026-04-17: India's Wipro slips as weak forecast deepens growth concerns ([sg.finance.yahoo.com](https://sg.finance.yahoo.com/news/indias-wipro-slips-weak-forecast-043831637.html))

- 2026-05-29: Wipro Ltd. (WIT) Soars 18% on Billion-Dollar Buyback ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/wipro-ltd-wit-soars-18-033125519.html))

- 2026-07-16: India's Wipro lags peers after earnings miss, weak forecast ([finance.yahoo.com](https://finance.yahoo.com/technology/articles/indias-wipro-misses-first-quarter-102301190.html))

### Sales · FY2026–2027

sales +2.7%; source https://www.sec.gov/Archives/edgar/data/1123799/000119312526253514/wit-20260331.htm; observed 2026-06-02.

- FY2018: INR 545B 

- FY2019: INR 586B 

- FY2020: INR 610B 

- FY2021: INR 619B 

- FY2022: INR 791B 

- FY2023: INR 905B 

- FY2024: INR 898B 

- FY2025: INR 891B 

- FY2026: INR 926B 

- FY2027: INR 951B 

### Gross margin · FY2027

gross margin 29%; source https://www.sec.gov/Archives/edgar/data/1123799/000119312526253514/wit-20260331.htm; observed 2026-06-02.

- FY2018: 29.2% 

- FY2019: 29.5% 

- FY2020: 28.5% 

- FY2021: 31.7% 

- FY2022: 29.7% 

- FY2023: 28.7% 

- FY2024: 29.6% 

- FY2025: 30.7% 

- FY2026: 29.2% 

- FY2027: 29.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in information technology services; annual sales are INR 926.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1123799/000119312526253514/wit-20260331.htm (filed 2026-06-02); FY2026: revenue 926240000000; grossProfit 270048000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WIT.US: Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers AI-powered IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises. It serves customers in various industry sectors, such as communications, media and information services, software and gaming, new age technology, consumer goods, healthcare, medical devices and life sciences, and technology products and services, as well as banking and financial services, energy, manufacturing and resources, capital markets and insurance, and hi-tech. The IT Products segment provides a range of third-party IT products, including enterprise platforms, networking solutions, software and data storage products, contact center infrastructure, enterprise security, IT optimization technologies, video solutions, and end-user computing solutions. It serves enterprises in various industries primarily in the Indian market, such as government, defense, IT and IT-enabled services, telecommunications, manufacturing, utilities, education, and financial services sectors. The company has a strategic alliance with the Indian Institute of Science and the Foundation for Science Innovation and Development to collaborate on research and innovation across frontier technologies. The company was incorporated in 1945 and is based in Bengaluru, India.

### Why customers stay

Margins ranged from 29.2% to 30.7% during 2024–26; it earns 50.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2024: grossProfit / revenue = 29.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2025: grossProfit / revenue = 30.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1123799/000119312526253514/wit-20260331.htm (filed 2026-06-02); FY2026: grossProfit / revenue = 29.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); 10-year return on capital observations [[2018,0.31430698239066024],[2019,0.4555319439149853],[2020,0.4473588026090077],[2021,0.558070653334472],[2022,0.4661285089733221],[2023,0.4228758011365995],[2024,0.5354696363237584],[2025,0.6986092120792262],[2026,0.7289401442593063],[2027,0.6168303335411063]]; median 0.5007990726485403. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 18.1% of cash earnings; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2017: growth capex 946374000; upkeep 19906626000; owner earnings 84895000000. Growth capex / owner earnings = 0.011147582307556393.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2018: growth capex 0; upkeep 21870000000; owner earnings 79335000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2019: growth capex 4926646000; upkeep 17854354000; owner earnings 90031000000. Growth capex / owner earnings = 0.054721662538458976.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2020: growth capex 2635000000; upkeep 20862000000; owner earnings 97218000000. Growth capex / owner earnings = 0.027104034232343803.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2021: growth capex 0; upkeep 19577000000; owner earnings 116025000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2022: growth capex 0; upkeep 20153000000; owner earnings 132949000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2023: growth capex 0; upkeep 14834000000; cash acquisitions 45555000000; owner earnings 132068000000. Growth capex plus acquisitions / owner earnings = 0.34493594209043826.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2024: growth capex 0; upkeep 10510000000; cash acquisitions 5775000000; owner earnings 134013000000. Growth capex plus acquisitions / owner earnings = 0.043092834277271605.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); FY2025: growth capex 0; upkeep 15037000000; cash acquisitions 964000000; owner earnings 145896000000. Growth capex plus acquisitions / owner earnings = 0.006607446400175468.

- Source: https://www.sec.gov/Archives/edgar/data/1123799/000119312526253514/wit-20260331.htm (filed 2026-06-02); FY2026: growth capex 0; upkeep 15603000000; cash acquisitions 26385000000; owner earnings 145478000000. Growth capex plus acquisitions / owner earnings = 0.181367629469748.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); Incremental return on capital 13.551217979859166, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); Dividend observations: [[2017,8734000000],[2018,5420000000],[2019,4504000000],[2020,6863000000],[2021,5459000000],[2022,5467000000],[2023,32814000000],[2024,5218000000],[2025,62750000000],[2026,115775000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WIT.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.6% yearly over ten years; actual growth was 4.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-02); Ten-year compound average after fade. Initial solved rate -0.08158483980527736. Price 1.87; FX 0.01054; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 9.149101162907314 → FY2026 13.88611684271242. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $4.84 per share

- 2016-11: $4.80 per share

- 2016-12: $4.84 per share

- 2017-01: $4.62 per share

- 2017-02: $4.89 per share

- 2017-03: $5.12 per share

- 2017-04: $4.93 per share

- 2017-05: $5.39 per share

- 2017-06: $2.60 per share

- 2017-07: $3.08 per share

- 2017-08: $2.97 per share

- 2017-09: $2.84 per share

- 2017-10: $2.68 per share

- 2017-11: $2.70 per share

- 2017-12: $2.74 per share

- 2018-01: $2.75 per share

- 2018-02: $2.76 per share

- 2018-03: $2.58 per share

- 2018-04: $2.39 per share

- 2018-05: $2.30 per share

- 2018-06: $2.40 per share

- 2018-07: $2.53 per share

- 2018-08: $2.58 per share

- 2018-09: $2.61 per share

- 2018-10: $2.59 per share

- 2018-11: $2.61 per share

- 2018-12: $2.57 per share

- 2019-01: $2.85 per share

- 2019-02: $2.80 per share

- 2019-03: $1.99 per share

- 2019-04: $2.29 per share

- 2019-05: $2.21 per share

- 2019-06: $2.17 per share

- 2019-07: $2.05 per share

- 2019-08: $1.91 per share

- 2019-09: $1.83 per share

- 2019-10: $1.99 per share

- 2019-11: $1.82 per share

- 2019-12: $1.88 per share

- 2020-01: $1.82 per share

- 2020-02: $1.73 per share

- 2020-03: $1.55 per share

- 2020-04: $1.65 per share

- 2020-05: $1.66 per share

- 2020-06: $1.66 per share

- 2020-07: $2.16 per share

- 2020-08: $2.15 per share

- 2020-09: $2.35 per share

- 2020-10: $2.42 per share

- 2020-11: $2.58 per share

- 2020-12: $2.83 per share

- 2021-01: $3.08 per share

- 2021-02: $3.07 per share

- 2021-03: $3.17 per share

- 2021-04: $3.58 per share

- 2021-05: $3.97 per share

- 2021-06: $3.91 per share

- 2021-07: $4.17 per share

- 2021-08: $4.67 per share

- 2021-09: $4.42 per share

- 2021-10: $4.48 per share

- 2021-11: $4.27 per share

- 2021-12: $4.88 per share

- 2022-01: $3.85 per share

- 2022-02: $3.65 per share

- 2022-03: $3.86 per share

- 2022-04: $3.22 per share

- 2022-05: $2.99 per share

- 2022-06: $2.66 per share

- 2022-07: $2.65 per share

- 2022-08: $2.51 per share

- 2022-09: $2.36 per share

- 2022-10: $2.35 per share

- 2022-11: $2.56 per share

- 2022-12: $2.33 per share

- 2023-01: $2.45 per share

- 2023-02: $2.34 per share

- 2023-03: $2.25 per share

- 2023-04: $2.35 per share

- 2023-05: $2.44 per share

- 2023-06: $2.36 per share

- 2023-07: $2.45 per share

- 2023-08: $2.45 per share

- 2023-09: $2.42 per share

- 2023-10: $2.28 per share

- 2023-11: $2.43 per share

- 2023-12: $2.79 per share

- 2024-01: $2.83 per share

- 2024-02: $3.10 per share

- 2024-03: $2.88 per share

- 2024-04: $2.70 per share

- 2024-05: $2.58 per share

- 2024-06: $3.05 per share

- 2024-07: $3.08 per share

- 2024-08: $3.22 per share

- 2024-09: $3.24 per share

- 2024-10: $3.24 per share

- 2024-11: $3.50 per share

- 2024-12: $3.54 per share

- 2025-01: $3.67 per share

- 2025-02: $3.27 per share

- 2025-03: $3.06 per share

- 2025-04: $2.86 per share

- 2025-05: $2.88 per share

- 2025-06: $3.02 per share

- 2025-07: $2.72 per share

- 2025-08: $2.76 per share

- 2025-09: $2.63 per share

- 2025-10: $2.63 per share

- 2025-11: $2.72 per share

- 2025-12: $2.84 per share

- 2026-01: $2.52 per share

- 2026-02: $2.22 per share

- 2026-03: $2.12 per share

- 2026-04: $2.04 per share

- 2026-05: $2.36 per share

- 2026-06: $2.25 per share

- 2026-07: $1.98 per share

- 2026-08: $1.85 per share

- 2026-09: $1.65 per share

- 2026-10: $1.70 per share

## Annual estimated value (USD per share)

- FY2017: low $1.42 per share, central $1.95 per share, high $2.25 per share

- FY2018: low $1.38 per share, central $1.89 per share, high $2.18 per share

- FY2019: low $1.45 per share, central $1.95 per share, high $2.23 per share

- FY2020: low $1.50 per share, central $2.03 per share, high $2.33 per share

- FY2021: low $1.60 per share, central $2.19 per share, high $2.52 per share

- FY2022: low $2.08 per share, central $2.89 per share, high $3.34 per share

- FY2023: low $2.34 per share, central $3.18 per share, high $3.67 per share

- FY2024: low $2.35 per share, central $3.11 per share, high $3.58 per share

- FY2025: low $2.55 per share, central $3.34 per share, high $3.83 per share

- FY2026: low $2.45 per share, central $3.07 per share, high $3.50 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:38:53.008Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1123799/000119312526253514/wit-20260331.htm); period 2026-03-31, filed 2026-06-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.