Revenue growth has recovered to 7.7% in 2026Q4, yet operating margins remain constrained at 17.3% due to persistent SG&A expenses and the inherent limitations of an offshore-heavy delivery model.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 |
|---|
| Sales/Revenue | 926.24B | 890.88B | 897.6B | 904.88B | 790.93B | 619.43B | 610.23B | 585.85B | 544.87B | 550.4B | 512.44B | 469.55B | 434.27B | 374.26B | 318.75B | 271.44B | 271.96B | 256.89B | 197.43B | 149.78B | 106.3B | 81.35B | 58.56B | 42.84B | 33.44B | 30.53B | 23B |
| Revenue Growth % | 3.97% | -0.75% | -0.8% | 14.41% | 27.69% | 1.51% | 4.16% | 7.52% | -1% | 7.41% | 9.14% | 8.12% | 16.04% | 17.41% | 17.43% | -0.19% | 5.86% | 30.12% | 31.81% | 40.91% | 30.66% | 38.92% | 36.68% | 28.13% | 9.51% | 32.75% | - |
| Cost of Goods Sold | 656.19B | 617.8B | 631.5B | 645.45B | 555.87B | 423.2B | 436.08B | 413.03B | 385.57B | 391.54B | 356.72B | 321.28B | 295.49B | 260.67B | 225.79B | 186.61B | 186.3B | 180.22B | 139.24B | 102.43B | 71.77B | 53.84B | 39.08B | 27.16B | 20.64B | 18.85B | 14.85B |
| COGS % of Revenue | 70.84% | 69.35% | 70.35% | 71.33% | 70.28% | 68.32% | 71.46% | 70.5% | 70.76% | 71.14% | 69.61% | 68.42% | 68.04% | 69.65% | 70.84% | 68.75% | 68.5% | 70.15% | 70.53% | 68.39% | 67.52% | 66.18% | 66.74% | 63.39% | 61.72% | 61.73% | 64.56% |
| Gross Profit | 270.05B | 273.08B | 266.11B | 259.43B | 235.06B | 196.22B | 174.15B | 172.81B | 159.3B | 158.86B | 155.72B | 148.26B | 138.78B | 113.59B | 92.95B | 84.82B | 85.66B | 76.68B | 58.19B | 47.35B | 34.52B | 27.51B | 19.48B | 15.69B | 12.8B | 11.68B | 8.15B |
| Gross Margin % | 29.16% | 30.65% | 29.65% | 28.67% | 29.72% | 31.68% | 28.54% | 29.5% | 29.24% | 28.86% | 30.39% | 31.58% | 31.96% | 30.35% | 29.16% | 31.25% | 31.5% | 29.85% | 29.48% | 31.61% | 32.48% | 33.82% | 33.26% | 36.61% | 38.28% | 38.27% | 35.44% |
| Gross Profit Growth % | -1.11% | 2.62% | 2.57% | 10.37% | 19.79% | 12.68% | 0.77% | 8.48% | 0.28% | 2.02% | 5.03% | 6.83% | 22.18% | 22.2% | 9.58% | -0.97% | 11.71% | 31.76% | 22.9% | 37.16% | 25.48% | 41.26% | 24.15% | 22.58% | 9.54% | 43.33% | - |
| Operating Expenses | 120.19B | 122.4B | 132.38B | 124.3B | 99.13B | 73.17B | 68.42B | 72.9B | 75B | 64.98B | 58.86B | 52.84B | 49.43B | 43.62B | 33.04B | 30.38B | 33.81B | 33.38B | 24.48B | 17.41B | 12.51B | 9.65B | 8.55B | 6.21B | 4.37B | 4.16B | 4.66B |
| OpEx % of Revenue | 12.98% | 13.74% | 14.75% | 13.74% | 12.53% | 11.81% | 11.21% | 12.44% | 13.77% | 11.81% | 11.49% | 11.25% | 11.38% | 11.65% | 10.37% | 11.19% | 12.43% | 12.99% | 12.4% | 11.62% | 11.77% | 11.86% | 14.6% | 14.49% | 13.06% | 13.62% | 20.25% |
| Selling, General & Admin | 120.19B | 113.79B | 130.32B | 124.18B | 100.67B | 75.26B | 72.73B | 75.32B | 75.85B | 69.78B | 62.72B | 56.34B | 52.79B | 46.24B | 48.06B | 40.51B | 31.82B | 32.46B | 24.6B | 16.85B | 12.02B | 9.21B | 8.47B | 6.19B | 4.86B | 5.43B | 3.82B |
| SG&A % of Revenue | 12.98% | 12.77% | 14.52% | 13.72% | 12.73% | 12.15% | 11.92% | 12.86% | 13.92% | 12.68% | 12.24% | 12% | 12.16% | 12.36% | 15.08% | 14.92% | 11.7% | 12.63% | 12.46% | 11.25% | 11.31% | 11.33% | 14.46% | 14.45% | 14.54% | 17.8% | 16.62% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 400M | 259.21M | 202.75M | 262.01M | 232.54M | 236.97M | 213.23M | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.2% | 0.17% | 0.19% | 0.32% | 0.4% | 0.55% | 0.64% | - | - |
| Other Operating Expenses | 0 | 8.61B | 2.06B | 118M | -1.54B | -2.09B | -4.31B | -2.42B | -845M | -4.8B | -3.87B | -3.5B | -3.36B | -2.63B | -15.02B | -10.13B | 1.99B | 918M | -522M | 299.39M | 282.95M | 174.67M | -150.32M | -221.09M | -710.59M | -1.28B | 835.98M |
| Operating Income | 149.86B | 150.69B | 133.73B | 135.13B | 135.93B | 123.05B | 105.73B | 99.91B | 84.29B | 93.88B | 96.86B | 95.42B | 89.35B | 69.97B | 59.91B | 54.44B | 51.84B | 43.3B | 33.71B | 29.94B | 22.01B | 17.86B | 10.92B | 9.48B | 8.43B | 7.53B | 3.49B |
| Operating Margin % | 16.18% | 16.91% | 14.9% | 14.93% | 17.19% | 19.87% | 17.33% | 17.05% | 15.47% | 17.06% | 18.9% | 20.32% | 20.58% | 18.7% | 18.8% | 20.06% | 19.06% | 16.86% | 17.08% | 19.99% | 20.71% | 21.95% | 18.66% | 22.12% | 25.22% | 24.65% | 15.19% |
| Operating Income Growth % | -0.55% | 12.68% | -1.04% | -0.59% | 10.47% | 16.38% | 5.83% | 18.53% | -10.21% | -3.08% | 1.51% | 6.79% | 27.7% | 16.79% | 10.05% | 5.01% | 19.73% | 28.43% | 12.61% | 36.02% | 23.24% | 63.48% | 15.26% | 12.41% | 12.04% | 115.42% | - |
| EBITDA | 178.11B | 180.26B | 166.1B | 166.72B | 166.84B | 148.29B | 126.59B | 117.07B | 104.78B | 113.93B | 111.83B | 108.25B | 100.46B | 80.81B | 70.04B | 62.65B | 59.39B | 50.16B | 39.07B | 33.92B | 25.11B | 20.32B | 13.25B | 11.23B | 10.1B | 8.64B | 4.33B |
| EBITDA Margin % | 19.23% | 20.23% | 18.5% | 18.42% | 21.09% | 23.94% | 20.74% | 19.98% | 19.23% | 20.7% | 21.82% | 23.05% | 23.13% | 21.59% | 21.97% | 23.08% | 21.84% | 19.53% | 19.79% | 22.64% | 23.62% | 24.97% | 22.63% | 26.21% | 30.19% | 28.31% | 18.82% |
| EBITDA Growth % | -1.19% | 8.53% | -0.37% | -0.07% | 12.51% | 17.14% | 8.14% | 11.73% | -8.04% | 1.88% | 3.31% | 7.75% | 24.32% | 15.37% | 11.79% | 5.5% | 18.39% | 28.39% | 15.2% | 35.09% | 23.59% | 53.28% | 18.04% | 11.22% | 16.8% | 99.63% | - |
| D&A (Non-Cash Add-back) | 28.26B | 29.58B | 32.37B | 31.59B | 30.91B | 25.24B | 20.86B | 17.16B | 20.48B | 20.05B | 14.96B | 12.82B | 11.11B | 10.84B | 10.13B | 8.21B | 7.54B | 6.86B | 5.36B | 3.98B | 3.1B | 2.46B | 2.33B | 1.75B | 1.66B | 1.12B | 835.98M |
| EBIT | 187.03B | 184.2B | 155.47B | 155.48B | 156.6B | 143.31B | 127.65B | 121.03B | 105.92B | 113.03B | 116.14B | 112.45B | 101.87B | 79.46B | 66.46B | 59.91B | 56.73B | 46.13B | 37.2B | 29.94B | 22.01B | 17.86B | 10.92B | 9.48B | 8.43B | 7.53B | 3.49B |
| Net Interest Income | 14.76B | 17.96B | 6.93B | 6.81B | 7.79B | 14.14B | 16.63B | 14.64B | 14.36B | 15.39B | 19.16B | 14.92B | 11.62B | 7.56B | 3.01B | 2.12B | 1.38B | -436M | 441M | 0 | 0 | -20.33M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 28.37B | 27.21B | 19.48B | 16.89B | 13.11B | 18.44B | 21.76B | 20.26B | 17.81B | 17.31B | 20.57B | 15.69B | 14.54B | 8.43B | 6.5B | 4.06B | 2.61B | 1.96B | 1.5B | 0 | 0 | 35.79M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 13.61B | 9.25B | 12.55B | 10.08B | 5.33B | 4.3B | 5.14B | 5.62B | 3.45B | 1.92B | 1.41B | 768M | 2.89B | 863M | 3.49B | 1.93B | 1.23B | 2.4B | 1.06B | 0 | 0 | 56.12M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 23.57B | 24.27B | 13.48B | 12.52B | 15.34B | 15.95B | 16.78B | 15.51B | 18.18B | 16.48B | 18.07B | 16.26B | 11.65B | 8.62B | 5.61B | 4.71B | 3.57B | 1.59B | 2.42B | 2.98B | 1.57B | 742.36M | 759.83M | 331.75M | 984.87M | 33.57M | 366.07M |
| Pretax Income | 173.42B | 174.96B | 147.21B | 147.66B | 151.28B | 139.01B | 122.51B | 115.42B | 102.47B | 110.36B | 114.93B | 111.68B | 101B | 78.6B | 65.52B | 59.15B | 55.41B | 44.9B | 36.14B | 32.92B | 23.58B | 18.6B | 11.68B | 9.81B | 9.42B | 7.56B | 3.86B |
| Pretax Margin % | 18.72% | 19.64% | 16.4% | 16.32% | 19.13% | 22.44% | 20.08% | 19.7% | 18.81% | 20.05% | 22.43% | 23.79% | 23.26% | 21% | 20.56% | 21.79% | 20.37% | 17.48% | 18.3% | 21.98% | 22.18% | 22.87% | 19.95% | 22.9% | 28.16% | 24.76% | 16.78% |
| Income Tax | 40.77B | 42.78B | 36.09B | 33.99B | 28.95B | 30.34B | 24.8B | 25.24B | 22.39B | 25.21B | 25.37B | 24.62B | 22.6B | 16.91B | 12.96B | 8.88B | 9.29B | 6.04B | 3.87B | 3.72B | 3.27B | 2.71B | 1.61B | 1.33B | 1.01B | 1.15B | 525.5M |
| Effective Tax Rate % | 23.51% | 24.45% | 24.52% | 23.02% | 19.13% | 21.83% | 20.24% | 21.87% | 21.85% | 22.85% | 22.07% | 22.05% | 22.38% | 21.52% | 19.77% | 15.01% | 16.77% | 13.44% | 10.72% | 11.29% | 13.87% | 14.55% | 13.82% | 13.53% | 10.78% | 15.16% | 13.61% |
| Net Income | 131.97B | 131.35B | 110.45B | 113.5B | 122.19B | 107.95B | 97.22B | 90.03B | 80.08B | 84.89B | 89.08B | 86.53B | 77.97B | 66.36B | 55.73B | 52.98B | 45.93B | 38.86B | 32.24B | 29.25B | 20.31B | 15.85B | 10.01B | 8.1B | 8.32B | 6.43B | 3.55B |
| Net Margin % | 14.25% | 14.74% | 12.31% | 12.54% | 15.45% | 17.43% | 15.93% | 15.37% | 14.7% | 15.42% | 17.38% | 18.43% | 17.95% | 17.73% | 17.48% | 19.52% | 16.89% | 15.13% | 16.33% | 19.53% | 19.1% | 19.48% | 17.1% | 18.92% | 24.89% | 21.07% | 15.45% |
| Net Income Growth % | 0.47% | 18.92% | -2.69% | -7.11% | 13.2% | 11.04% | 7.98% | 12.42% | -5.67% | -4.69% | 2.94% | 10.98% | 17.49% | 19.07% | 5.2% | 15.34% | 18.2% | 20.53% | 10.23% | 44.03% | 28.1% | 58.3% | 23.56% | -2.6% | 29.37% | 81.02% | - |
| Net Income (Continuing) | 132.66B | 132.18B | 111.12B | 113.67B | 122.33B | 108.66B | 97.71B | 90.17B | 80.08B | 85.14B | 89.57B | 87.06B | 78.41B | 61.68B | 52.57B | 50.27B | 46.12B | 38.86B | 32.24B | 29.2B | 20.31B | 15.85B | 10.01B | 8.48B | 8.4B | 6.41B | 3.33B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.01B | 3.42B | 3.05B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -379.15M | -81.37M | 76.64M | 0 |
| Minority Interest | 2.51B | 2.14B | 1.34B | 589M | 515M | 1.5B | 1.88B | 2.64B | 2.41B | 2.39B | 2.22B | 1.65B | 1.39B | 1.17B | 849M | 691M | 237M | 235M | 120M | 0 | 0 | 524.02M | 408.81M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 12.56 | 12.52 | 10.41 | 10.34 | 11.15 | 9.54 | 8.31 | 7.48 | 6.31 | 6.54 | 6.78 | 6.59 | 5.94 | 5.06 | 8.51 | 8.10 | 5.95 | 5.96 | 4.99 | 2.26 | 1.60 | 2.54 | 1.58 | 0.69 | 0.68 | 0.52 | 0.29 |
| EPS Growth % | 0.32% | 20.27% | 0.68% | -7.26% | 16.88% | 14.8% | 11.1% | 18.54% | -3.52% | -3.54% | 2.88% | 10.94% | 17.39% | -40.54% | 5.06% | 36.13% | -0.17% | 19.44% | 120.8% | 41.25% | -37.01% | 60.76% | 128.99% | 1.47% | 30.77% | 79.31% | - |
| EPS (Basic) | 12.60 | 12.56 | 10.45 | 10.36 | 11.18 | 9.56 | 8.34 | 7.50 | 6.32 | 6.56 | 6.79 | 6.61 | 5.96 | 5.07 | 8.54 | 8.15 | 5.98 | 6.00 | 5.00 | 2.29 | 1.62 | 2.56 | 1.58 | 0.69 | 0.68 | 0.53 | 0.30 |
| Diluted Shares Outstanding | 10.5B | 10.49B | 10.61B | 10.98B | 10.96B | 11.32B | 11.7B | 12.04B | 12.69B | 12.99B | 13.13B | 13.13B | 13.13B | 13.12B | 13.1B | 13.07B | 13.03B | 13B | 12.93B | 12.84B | 12.65B | 12.44B | 12.35B | 11.83B | 12.22B | 12.34B | 12.19B |
| Basic Shares Outstanding | 10.48B | 10.46B | 10.58B | 10.95B | 10.93B | 11.3B | 11.67B | 12.01B | 12.67B | 12.95B | 13.1B | 13.09B | 13.09B | 13.08B | 13.06B | 12.99B | 12.95B | 12.93B | 12.89B | 12.68B | 12.5B | 12.37B | 12.34B | 11.81B | 12.2B | 12.23B | 12.15B |
| Dividend Payout Ratio | 87.29% | 47.77% | 4.72% | 28.91% | 4.47% | 5.06% | 7.06% | 5% | 6.77% | 10.29% | 39.85% | 34.08% | 29.85% | 25.74% | 30.92% | 29.42% | 14.85% | 17.57% | 16.73% | 30.34% | 19.69% | 47.79% | 2.63% | 2.92% | 1.54% | 1.16% | 2.13% |
Margin compression from wage inflation
According to the latest quarterly data, Wipro's revenue growth has transitioned from a contraction of 4.4% in 2024Q3 to a positive 7.7% in 2026Q4, suggesting that the company is successfully navigating the recent period of discretionary spending volatility within its core IT services segment.
The shift toward positive growth appears to be driven by a stabilization in deal pipelines, though the durability of this trend remains subject to global macro conditions. Investors should monitor whether this acceleration reflects genuine organic demand or merely the lapping of easier prior-year comparisons.
As reported in financial statements, Wipro's gross margin has fluctuated within a narrow band, peaking at 31.0% in 2025Q3 before settling at 29.1% in 2026Q4, which highlights the inherent difficulty in expanding profitability within a human-capital-intensive delivery model that relies heavily on offshore labor.
The inability to consistently breach the 30% gross margin threshold suggests that competitive pricing pressures and the rising cost of specialized talent continue to act as structural headwinds. This margin profile appears to lag behind peers, implying that Wipro may lack the pricing power required to fully offset wage inflation.
Based on reported figures, operating income scaled to $41.8B in 2026Q4, yet the operating margin of 17.3% indicates that SG&A expenses continue to consume a significant portion of gross profit, preventing the company from achieving meaningful operating leverage despite the recent uptick in top-line revenue.
The volatility in SG&A spending suggests that management is struggling to balance necessary investments in growth with the need for operational efficiency. Investors should investigate whether the recent fluctuations in operating margins are a result of strategic acquisition integration costs or underlying inefficiencies in the delivery organization.
Analysis of the income statement reveals that stock-based compensation remains a consistent expense, reaching $1.4B in 2026Q4, which warrants careful scrutiny as it represents a recurring non-cash charge that dilutes the quality of reported net income and complicates the assessment of true operational profitability.
While the company maintains a strong net income profile, the persistent reliance on equity-based incentives suggests that management is utilizing these tools to retain talent in a competitive market. This practice may mask the true cost of human capital and should be adjusted for when evaluating the company's core cash-generating capacity.
Data from recent quarters suggests that the acquisition of Capco has yet to yield the anticipated cross-sell synergies, as evidenced by the persistent margin volatility and the ongoing struggle to maintain consistent profitability in a high-interest-rate environment that discourages discretionary digital transformation spending.
Short-sellers may focus on the potential for further margin compression if the consulting unit continues to underperform relative to the premium paid for its acquisition. The lack of clear operational inflection following these strategic investments suggests that the company's pivot toward high-end consulting may be more vulnerable than the market currently assumes.
Quick answers to the most common questions about buying WIT stock.
For fiscal year 2026, Wipro Limited (WIT) reported total revenue of $926.24B. This represents a 3927.1% increase compared to $23.00B in 2000.
Wipro Limited (WIT) is profitable, generating $131.97B in net income for the fiscal year ending 2026 with a net profit margin of 14.2%.
Wipro Limited (WIT) reported an operating income of $149.86B, resulting in an operating profit margin of 16.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Wipro Limited (WIT) generated $270.05B in gross profit for the year, representing a gross profit margin of 29.2%. This demonstrates the company's core pricing power and production efficiency.