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FOR IMMEDIATE RELEASE

 

LOGO

Wipro announces results for the Quarter and Year ended March 31, 2026

Adjusted net income grew 3.7% QoQ in Q4’26 and grew 2.2% YoY for FY’26

FY’26 margin at 17.2%, expands 0.2%, Q4 margin at 17.3%, contracts 0.2% YoY

Operating cash flow at 90.1% of net income for Q4’26 and 112.6% for FY’26

Board approves Buy-Back for the value of 150 billion

EAST BRUNSWICK, N.J. | BANGALORE, India – April 16, 2026: Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading AI-powered technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter and year ended March 31, 2026.

Highlights of the Results

Results for the Quarter ended March 31, 2026:

 

1.

Gross revenue at 242.4 billion ($2,583.0 million1), an increase of 2.9% QoQ and 7.7% YoY.

 

2.

IT services segment revenue was at $2,651.0 million, increase of 0.6% QoQ and 2.1% YoY.

 

3.

Non-GAAP2 constant currency IT Services segment revenue increased 0.2% QoQ and decreased 0.2% YoY.

 

4.

Total bookings3 was at $3,455 million, up by 3.2% QoQ in constant currency2. Large deal bookings4 was at $1,440 million, increase of 65.1% QoQ in constant currency2.

 

5.

IT services operating margin5 for Q4’26 was at 17.3%, decrease of 0.3% QoQ and 0.2% YoY.

 

6.

Net income for the quarter was at 35.0 billion ($373.2 million1), an increase of 12.3% QoQ and decrease of 1.9% YoY.

 

7.

Earnings per share for the quarter at 3.34 ($0.041), an increase of 12.1% QoQ and a decrease of 2.1% YoY.

 

8.

Adjusted for impact of labour code changes6, Net Income for the quarter was 34.9 billion ($371.5 million1), an increase of 3.7% QoQ and EPS for the quarter was 3.33 ($0.041), increase of 3.7 % QoQ.

 

9.

Operating cash flows of 31.7 billion ($338.2 million1), decrease of 15.3% YoY and at 90.1% of Net Income for the quarter.

 

10.

Voluntary attrition was at 13.8% on a trailing 12-month basis.

Results for the Year ended March 31, 2026:

 

1.

Gross revenue reached 926.2 billion ($9.9 billion1), an increase of 4.0% YoY.

 

2.

IT services segment revenue was at $10,478.1 million, a decrease of 0.3% YoY.

 

3.

Non-GAAP2 constant currency IT Services segment revenue decreased 1.6% YoY.

 

4.

Large deal bookings4 was at $7.8 billion, up by 45.4% YoY. Total bookings3 was at $16.4 billion, increase of 14.0% YoY.

 

5.

IT services operating margin5 for the year was at 17.2%, up by 0.2% YoY.

 

6.

Net income for the year was at 132.0 billion ($1,406.5 million1), an increase of 0.5% YoY.

 

1


7.

Earnings per share for the year was at 12.6 ($0.131), an increase of 0.3% YoY.

 

8.

Adjusted for impact of labour code changes6, Net Income for the year was 134.3 billion ($1430.8 million1), an increase of 2.2% YoY and EPS for the year was 12.8 ($0.141), increase of 2.1 % YoY.

 

9.

Operating cash flows of 149.3 billion ($1,591.3 million1), decrease of 11.9% YoY and at 112.6% of Net Income for the year.

Outlook for the Quarter ending June 30, 2026

We expect revenue from our IT Services business segment to be in the range of $2,597 million to $2,651 million*. This translates to sequential guidance of (-)2.0% to 0% in constant currency terms.

 

*

Outlook for the Quarter ending June 30, 2026, is based on the following exchange rates: GBP/USD at 1.34, Euro/USD at 1.17, AUD/USD at 0.70, USD/INR at 92.35 and CAD/USD at 0.73

Performance for the Quarter and Year ended March 31, 2026

Srini Pallia, CEO and Managing Director, said “Advancements in AI are reshaping client priorities and creating new opportunities for us to partner more deeply to deliver value-driven outcomes. To strengthen our position in an AI-first world, we are pivoting to a services-as-a-software model through the AI Native Business & Platforms unit. Our strategic deal with the Olam Group further reflects the decisive investments we are making to capture opportunities at scale.

Aparna Iyer, Chief Financial Officer, said “We have continued to invest in our clients, capabilities and people and maintained our margins in narrow band. Our cash conversion continues to remain strong with operating cash flows at 112.6% of net income for FY’26. During the year we have returned substantial portion of our cash generated to shareholders in the form of dividend. Additionally, in our recently concluded board meeting, the Board of Directors announced buyback of 15,000 Cr at a price of 250, subject to shareholder approval.”

Capital Allocation:

The Board of Directors approved the buyback proposal, subject to the approval of shareholders through postal ballot, for purchase by the Company of up to 60,00,00,000 equity shares of 2 each (being 5.7% of total paid-up equity share capital) from the shareholders of the Company on a proportionate basis by way of a tender offer at a price of 250 ($2.661) per equity share for an aggregate amount not exceeding 150 billion ($1.6 billion1) , in accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 and the Companies Act, 2013 and rules made thereunder.

The interim dividend of 11 declared in FY’26 by the Board at its meetings held on July 17th, 2025 and January 16th, 2026, shall be considered as final dividend for the financial year 2025-26.

 

1.

For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = 93.83, as published by the Federal Reserve Board of Governors on March 31, 2026. However, the realized exchange rate in our IT Services business segment for the quarter ended March 31, 2026, was US$1= 90.60

2.

Constant currency for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period.

3.

Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 2.

 

2


4.

Large deal bookings consist of deals greater than or equal to $30 million in total contract value.

5.

IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials.

6.

Adjusted for impact of past service cost on gratuity and remeasurement of leave encashment due to implementation of new labour code amounting to (-)272 Mn for the three months ended 31st March, 2026 and 2,756Mn for the year ended 31st March, 2026, is included in the table title “Reconciliation for Adjusted Net Income and Adjusted EPS” on page 13.

Highlights of Strategic Deal Wins

In the fourth quarter, Wipro continued to win large and strategic deals across industries. Key highlights include:

 

1.

A leading US-based health insurance provider has extended its contract with Wipro to support large-scale IT modernization. To help the client address rising medical costs, and provide improved member experience, Wipro will leverage its consulting-led approach and domain expertise to streamline the client’s vendor ecosystem and identify targeted AI- enabled levers across IT operations, contact centers, and core healthcare platforms. Wipro will deploy its Wipro IntelligenceTM platforms like WEGA to enable automation and intelligent execution across IT services and WINGS to drive predictive insights and performance intelligence. The engagement is expected to deliver significant productivity gains, sustained cost optimization, and improved delivery quality and scalability.

 

2.

A global technology leader has renewed its relationship with Wipro to transform the IT infrastructure and Digital Workplace Services for one of its acquired companies. Through a long-term managed services engagement, Wipro will transfer responsibilities from several suppliers to a unified delivery model and integrate the client’s IT infrastructure. The engagement will leverage intelligent automation and AI-enabled capabilities to boost engineer productivity and simplify support request management. This transformation will enable the client to adopt a cost-effective integrated operating model, greatly improving employee experience and service reliability.

 

3.

A leading global medtech company has selected Wipro to transform its Post Market Surveillance (PMS) process into a more efficient and intelligent operation. Since this is highly regulated market, Wipro will initially stabilize the client’s PMS and quality landscape and then, through a consulting-led and AI-powered engagement, transform the ecosystem into a more efficient and scalable process. By deploying an AI-enabled solution to streamline the intake and prioritization of health authority reporting, the engagement will deliver sustained cost efficiencies, strengthen compliance and business continuity for the client, while scaling a foundation for modernized post-approval operations.

 

4.

A global manufacturer has signed a multi-year extension and expansion of its strategic engagement with Wipro. This renewed contract across the CIO organization will leverage Wipro Intelligence to embed AI-led automation and advanced capabilities that enhance end-to-end visibility, resilience, and operational efficiency in a transformed delivery model. The deal also includes a new strategic advisory service and a shared-benefits model. This extension reflects the strength of the partnership and the collaborative working model built over the engagement.

 

5.

TruStage, a leading North American financial services provider has engaged Wipro for a multi-year transformation of its retirement services business, bringing together operations and technology into a single, outcome-driven model. Through a consulting-led, domain-centric approach, Wipro is modernizing and re-engineering business operations & underlying technology to improve speed, quality, and scalability. Powered by Wipro Intelligence, the program embeds AI across workflows to drive straight-through

 

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processing, real-time insights, and proactive decision-making significantly lowering cost-to-serve. The integrated cloud-native ops-and-IT model is designed to enhance customer and sponsor experiences, improve transparency, and enable a more agile, digitally enabled retirement services ecosystem.

 

6.

ABB Group, a global leader in electrification and automation has signed a multi-year renewal to modernize its digital workplace and accelerate its shift to an AI-led service model. Wipro will deliver agentic AI-powered workplace services across service desk, employee services, and supply chain operations. The program will introduce an AI-first, self-resolving service desk featuring smart causal analysis, multilingual voice and chat translation, and forecasting for proactive device management. These capabilities will streamline and elevate user experience. They will also drive measurable productivity improvements and support the client’s sustainability goals through efficient and responsible device management.

 

7.

A major European health technology organization has renewed its engagement with Wipro to provide managed services, modernize its operating model as well as strengthen regulatory oversight and governance. Wipro will redesign core processes and align workflows across business units to improve efficiency, compliance, and consistency. AI-enabled process optimization will be embedded to streamline operations while maintaining service quality. The engagement will help the client reduce costs, consolidate complaint handling, and deliver more predictable, high-performing outcomes, reinforcing Wipro’s position as a trusted long-term partner.

 

8.

A major US retailer has chosen Wipro to modernize its store associate experience and execution model across a large, distributed store network, with the goal of improving productivity, consistency, and speed of operations. Through a consulting-led

transformation program, Wipro is defining a clear operating model for store teams and enhancing day-to-day execution by providing associates with real time access to operational data through a mobile app, while establishing a scalable framework for data driven and AI-enabled store intelligence. This engagement will improve execution quality and compliance, enhance associate effectiveness on the floor, and create a strong foundation for AI-led capabilities that drive incremental sales uplift and improved customer experience.

 

9.

A US-based health insurer has selected Wipro to modernize its member enrollment, billing, and claims operations by adopting a next-generation business process platform. Wipro will deploy its PayerAI solution, part of Wipro Intelligence, to support end-to-end enrollment, billing, and claims operations across its Medicare Advantage line of business. The solution combines Payer in a Box for enrollment and billing with Cognitive Claims for intelligent claims processing, enabling AI-driven automation, improved accuracy, higher system uptime, and superior processing quality. This transformation will enhance operational efficiency and scalability, reduce complexity, strengthen compliance, and significantly improve the member experience.

 

10.

A leading energy trading company in the UK has selected Capco, a Wipro company, to establish a Capability as a Service (CaaS) model within its Energy Trading business. Drawing on its proven CaaS track record and deep transformation expertise, Capco will provide a flexible, high quality delivery capability with rapid access to specialist skills. The engagement includes transitioning critical delivery resources to Capco to ensure delivery continuity while supporting the client’s cost reduction objectives.

 

11.

A leading global financial services organization has engaged Capco, a Wipro company, to support the rollout of a coordinated, enterprise-wide AI strategy. Capco will provide strategic advisory and establish AI commercialization capabilities, embed Responsible AI practices, and drive adoption of internal AI tooling to help move the organization from isolated initiatives to scaled, practical use of AI. This will help the client accelerate AI adoption, improve returns on AI investments, and boost overall workforce productivity.

 

4


12.

A prominent Southeast Asian manufacturer has selected Wipro to establish a Global Capability Center (GCC) focused on asset operations, enabling remote maintenance, monitoring, and technical support across its plants. Leveraging its deep expertise in energy value chain, Wipro will work with the client to define the GCC operating model, assess process readiness, and shape an enterprise AI roadmap aligned to asset intensive operations. Wipro will also identify AI interventions to demonstrate measurable business value across use cases such as predictive monitoring, maintenance planning, and proactive technical alerting. Wipro will help the client accelerate GCC maturity while embedding AI-enabled capabilities that enhance asset reliability, optimize turnaround cycles, reduce costs, and streamline plant-level and enterprise-wide operations at scale.

Analyst Recognition

 

  1.

Wipro was recognized as a Leader in ISG Provider Lens - Advanced Analytics and AI Services 2025 - US & Europe (all quadrants)

 

  2.

Wipro was positioned as a Leader in Everest Group’s Software Product Engineering Services PEAK Matrix® Assessment 2026 – Global

 

  3.

Wipro was positioned as a Horizon 3 – Market Leader in the HFS Horizons: Agentic Services, 2026 report 4. Wipro was recognized as a Leader in Avasant’s Life Sciences Digital Services 2026 RadarView 5. Wipro was ranked as a Leader in Avasant’s Hybrid Enterprise Cloud Services 2026 RadarView

 

  6.

Wipro was recognized as a Leader in Everest Group’s Healthcare Payer Intelligent Operations PEAK Matrix® Assessment 2026

 

  7.

Wipro was rated as a Leader in ISG Provider Lens® - Oil & Gas Industry - Services and Solutions 2025 - North America (all quadrants)

 

  8.

Wipro was positioned as a Leader in ISG Provider Lens® - Power & Utilities Industry - Services and Solutions 2025 - US & Europe (all quadrants)

 

  9.

Wipro was rated as a Leader in ISG Provider Lens® - Digital Sustainability 2025 - Global (all quadrants)

 

  10.

Wipro was rated as a Leader in ISG Provider Lens® - Telecom Media and Entertainment - Industry Services and Solutions 2025 - North America & EMEA (multiple quadrants)

 

  11.

Wipro was positioned as a Leader in ISG Provider Lens® - Enterprise Managed Network Services 2025 - US & Europe (multiple quadrants)

 

  12.

Wipro was featured as a Horizon 3 – Market Leader in the HFS Horizons: Next-gen IT Infrastructure Services, 2026 report

IT Products

 

  1.

IT Products segment revenue for the quarter was 2.5 billion ($26.9 million1)

 

  2.

IT Products segment results for the quarter were 0.2 billion ($2.2million1)

 

  3.

IT Products segment revenue for the year was 6.9 billion ($74.0 million1)

 

  4.

IT Products segment results for the year were 0.6 billion ($5.9 million1)

Please refer to the table on page 12 for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

 

5


About Key Metrics and Non-GAAP Financial Measures

This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.

The table on page 12 provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.

Our key metrics and non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.

Results for the Quarter and Year ended March 31, 2026, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/

Quarterly Conference Call

We will hold an earnings conference call today at 07:45 p.m. Indian Standard Time (10:15 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a webcast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP160426

An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com

 

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About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading AI-powered technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our consulting-led approach and the Wipro Intelligence unified suite of AI-powered platforms, solutions and transformative offerings, we help clients realize their boldest ambitions to build intelligent and sustainable businesses. The Wipro Innovation Network – part of the Wipro Intelligence suite – underpins our commitment to client-centric co-innovation and co-creation by bringing together capabilities from the innovation labs and partner labs, academia, and global tech communities. With over 230,000 employees and business partners across 65 countries, we deliver on the promise of helping our customers, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com.

 

Contact for Investor Relations    Contact for Media & Press
Abhishek Jain    Dinesh Joshi
Phone: +91-80-6142 6143    Phone: +91 92052-64001
abhishek.jain2@wipro.com    media-relations@wipro.com

Forward-Looking Statements

The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, the benefits its customers experience and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.

Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

# # #

(Tables to follow)

 

7


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

( in millions, except share and per share data, unless otherwise stated)

 

     As at March 31, 2025      As at March 31, 2026  
                   Convenience translation into
U.S. Dollar in millions
(unaudited) at the rate of
93.83
 

ASSETS

        

Goodwill

     325,014        387,399        4,129  

Intangible assets

     27,450        29,176        311  

Property, plant and equipment

     80,684        81,787        872  

Right-of-Use assets

     25,598        28,287        301  

Financial assets

        

Derivative assets

     ^        —         —   

Investments

     26,458        28,053        299  

Trade receivables

     299        349        4  

Unbilled receivables

     —         7,433        79  

Other financial assets

     4,664        6,259        67  

Investments accounted for using the equity method

     1,327        2,126        23  

Deferred tax assets

     2,561        5,242        56  

Non-current tax assets

     7,230        7,787        83  

Other non-current assets

     7,460        9,010        96  
  

 

 

    

 

 

    

 

 

 

Total non-current assets

     508,745        592,908        6,320  
  

 

 

    

 

 

    

 

 

 

Inventories

     694        517        6  

Financial assets

        

Derivative assets

     1,820        888        9  

Investments

     411,474        437,680        4,665  

Cash and cash equivalents

     121,974        105,555        1,125  

Trade receivables

     117,745        135,901        1,448  

Unbilled receivables

     64,280        76,823        819  

Other financial assets

     8,448        10,245        109  

Contract assets

     15,795        14,819        158  

Current tax assets

     6,417        10,762        115  

Other current assets

     29,128        33,164        353  
  

 

 

    

 

 

    

 

 

 

Total current assets

     777,775        826,354        8,807  
  

 

 

    

 

 

    

 

 

 

TOTAL ASSETS

     1,286,520        1,419,262        15,127  
  

 

 

    

 

 

    

 

 

 

EQUITY

        

Share capital

     20,944        20,977        224  

Share premium

     2,628        6,158        66  

Retained earnings

     716,477        735,057        7,834  

Share-based payment reserve

     6,985        7,920        84  

Special Economic Zone Re-investment reserve

     27,778        25,966        277  

Other components of equity

     53,497        89,290        952  
  

 

 

    

 

 

    

 

 

 

Equity attributable to the equity holders of the Company

     828,309        885,368        9,437  

Non-controlling interests

     2,138        2,509        27  
  

 

 

    

 

 

    

 

 

 

TOTAL EQUITY

     830,447        887,877        9,464  
  

 

 

    

 

 

    

 

 

 

LIABILITIES

        

Financial liabilities

        

Loans and borrowings

     63,954        1,962        21  

Lease liabilities

     22,193        26,327        281  

Accrued expenses

     —         4,394        47  

Other financial liabilities

     7,793        6,743        72  

Deferred tax liabilities

     16,443        17,266        184  

Non-current tax liabilities

     42,024        48,195        514  

Other non-current liabilities

     17,119        23,042        246  

Provisions

     294        224        2  
  

 

 

    

 

 

    

 

 

 

Total non-current liabilities

     169,820        128,153        1,367  
  

 

 

    

 

 

    

 

 

 

Financial liabilities

        

Loans, borrowings and bank overdrafts

     97,863        165,912        1,768  

Lease liabilities

     8,025        8,709        92  

Derivative liabilities

     968        10,978        117  

Trade payables and accrued expenses

     88,252        94,924        1,012  

Other financial liabilities

     3,878        11,357        120  

Contract liabilities

     20,063        25,434        271  

Current tax liabilities

     34,481        49,621        529  

Other current liabilities

     31,086        34,801        371  

Provisions

     1,637        1,496        16  
  

 

 

    

 

 

    

 

 

 

Total current liabilities

     286,253        403,232        4,296  
  

 

 

    

 

 

    

 

 

 

TOTAL LIABILITIES

     456,073        531,385        5,663  
  

 

 

    

 

 

    

 

 

 

TOTAL EQUITY AND LIABILITIES

     1,286,520        1,419,262        15,127  
  

 

 

    

 

 

    

 

 

 

 

^

Value is less than 0.5

 

8


WIPRO LIMITED AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME

( in millions, except share and per share data, unless otherwise stated)

 

 
    Three months ended March 31,     Year ended March 31,  
    2025     2026     2026     2025     2026     2026  
                Convenience
translation into
US dollar in
millions
(unaudited) at the
rate of 93.83
                Convenience
translation into
U.S. Dollar in
millions
(unaudited) at the
rate of 93.83
 

Revenues

    225,042       242,363       2,583       890,884       926,240       9,871  

Cost of revenues

    (155,525     (171,914     (1,832     (617,802     (656,192     (6,993
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    69,517       70,449       751       273,082       270,048       2,878  

Selling and marketing expenses

    (15,065     (14,003     (149     (64,378     (59,216     (631

General and administrative expenses

    (15,589     (14,808     (158     (57,465     (61,434     (655

Foreign exchange gains/(losses), net

    224       325       3       32       1,853       20  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Results from operating activities

    39,087       41,963       447       151,271       151,251       1,612  

Finance expenses

    (3,767     (3,701     (39     (14,770     (14,577     (156

Finance and other income

    11,819       8,387       89       38,202       36,491       389  

Share of net profit/ (loss) of associate and joint venture accounted for using the equity method

    291       27       ^       254       257       3  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit before tax

    47,430       46,676       497       174,957       173,422       1,848  

Income tax expense

    (11,549     (11,460     (122     (42,777     (40,767     (434
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit for the period

    35,881       35,216       375       132,180       132,655       1,414  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit attributable to:

           

Equity holders of the Company

    35,696       35,018       373       131,354       131,974       1,407  

Non-controlling interests

    185       198       2       826       681       7  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit for the period

    35,881       35,216       375       132,180       132,655       1,414  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per equity share:

           

Attributable to equity holders of the Company

           

Basic

    3.41       3.34       0.04       12.56       12.60       0.13  

Diluted

    3.39       3.33       0.04       12.52       12.56       0.13  

Weighted average number of equity shares used in computing earnings per equity share

           

Basic

    10,462,328,534       10,479,105,556       10,479,105,556       10,456,741,552       10,476,247,846       10,476,247,846  

Diluted

    10,490,716,219       10,504,875,601       10,504,875,601       10,488,939,392       10,503,422,936       10,503,422,936  

^ Value is less than 0.5

 

9


Information on reportable segments for the three months ended March 31, 2026, December 31, 2025, March 31, 2025, year ended March 31, 2026, and March 31, 2025 are as follows:

 

Particulars

   Three months ended     Year ended  
   March 31,
2026
    December 31,
2025
    March 31,
2025
    March 31,
2026
    March 31,
2025
 
   Audited     Audited     Audited     Audited     Audited  

Segment revenue

          

IT Services

          

Americas 1

     79,844       77,809       73,721       305,571       281,824  

Americas 2

     67,288       67,708       68,582       269,077       271,972  

Europe

     65,412       62,405       58,552       244,165       240,077  

APMEA

     27,623       25,859       23,598       102,340       94,351  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total of IT Services

     240,167       233,781       224,453       921,153       888,224  

IT Products

     2,521       2,565       813       6,940       2,692  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total segment revenue

     242,688       236,346       225,266       928,093       890,916  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment result

          

IT Services

          

Americas 1

     16,058       16,409       16,195       62,896       58,186  

Americas 2

     12,181       14,450       15,513       53,138       61,326  

Europe

     10,092       8,003       8,140       31,083       29,434  

APMEA

     5,085       3,583       3,672       14,955       12,850  

Unallocated

     (1,899     (1,259     (4,250     (3,426     (10,157
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total of IT Services

     41,517       41,186       39,270       158,646       151,639  

IT Products

     211       227       28       559       (173

Reconciling Items

     235       (5,678     (211     (7,954     (195
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total segment result

     41,963       35,735       39,087       151,251       151,271  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Finance expenses

     (3,701     (3,656     (3,767     (14,577     (14,770

Finance and other income

     8,387       9,232       11,819       36,491       38,202  

Share of net profit/ (loss) of associate and joint venture accounted for using the equity method

     27       28       291       257       254  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit before tax

     46,676       41,339       47,430       173,422       174,957  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

10


Additional Information:

The Company is organized into the following operating segments: IT Services and IT Products.

IT Services: The IT Services segment primarily consists of IT services offerings to customers organized by four Strategic Market Units (“SMUs”) - Americas 1, Americas 2, Europe and Asia Pacific Middle East and Africa (“APMEA”). Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes the entire business of Latin America (“LATAM”) and the following industry sectors in the United States of America: Communications, media and information services, Software and gaming, New age technology, Consumer goods, medical devices and life sciences, Healthcare, and Technology products and services.

Americas 2 includes the entire business in Canada and the following industry sectors in the United States of America: Banking and financial services, Energy, Manufacturing and resources, Capital markets and insurance, and Hi-tech.

Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Northern Europe and Southern Europe.

APMEA consists of Australia and New Zealand, India, Middle East, South-East Asia, Japan and Africa.

Revenue from each customer is attributed to the respective SMUs based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.

IT Products: The Company is a value-added reseller of security, packaged and SaaS software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to these items is reported as revenue from the sale of IT Products.

 

11


Reconciliation of selected GAAP measures to Non-GAAP measures

 

1.

Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn)

 

Three Months ended March 31, 2026  

IT Services Revenue as per IFRS

   $ 2,651.0  

Effect of Foreign currency exchange movement

   ($ 9.6
  

 

 

 

Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates

   $  2,641.4  

 

Three Months ended March 31, 2026  

IT Services Revenue as per IFRS

   $ 2,651.0  

Effect of Foreign currency exchange movement

   ($ 58.8
  

 

 

 

Non-GAAP Constant Currency IT Services Revenue based on exchange rates of comparable period in previous year

   $  2,592.2  

 

Year ended March 31, 2026  

IT Services Revenue as per IFRS

   $ 10,478.1  

Effect of Foreign currency exchange movement

   ($ 132.9
  

 

 

 

Non-GAAP Constant Currency IT Services Revenue based on previous year exchange rates

   $ 10,345.2  

 

2.

Reconciliation of Free Cash Flow for three months and twelve months ended March 31, 2026

 

     Amount in INR Mn  
     Three months ended
March 31, 2026
    Twelve months
ended March 31,
2026
 

Net Income for the period [A]

     35,216       132,655  

Computation of Free Cash Flow

    

Net cash generated from operating activities [B]

     31,731       149,316  

Add/ (deduct) cash inflow/ (outflow)on:

    

Purchase of property, plant and equipment

     (4,821     (15,603

Proceeds from sale of property, plant and equipment

     1       758  

Free Cash Flow [C]

     26,911       134,471  

Operating Cash Flow as percentage of Net Income [B/A]

     90.1     112.6

Free Cash Flow as percentage of Net Income [C/A]

     76.4     101.4

 

12


3.

Reconciliation for Adjusted Net Income and Adjusted EPS

 

     Amounts in INR Mn  

Particulars

   Three months
ended
March 31, 2026
     Twelve months
ended
March 31, 2026
 

Net Income [A]

     35,018        131,974  

Add: Impact of gratuity expenses and remeasurement of leave encashment due to implementation of new labour code [B]

     (272      2,756  

Less[C]: Tax on [B]

     115        (475

Adjusted Net Income [D]: [A+B+C]

     34,861        134,255  
  

 

 

    

 

 

 

Adjusted EPS Basic ()

     3.3        12.8  
  

 

 

    

 

 

 

 

 

 

13