shares emerged as the major laggard of the Nifty 50 index on Monday, settling with an 8 per cent loss, as brokerages were split on the stock based on the Q3FY26 performance, although margins beat expectations.
While sequential revenue growth came in at the upper end of guidance, analysts say organic momentum is still weak and the near-term outlook hinges heavily on the recently announced Harman acquisition.
The stock ended 8.04 per cent lower at 245.95 on the , hitting an intraday low of 241.55 (close to its lower band of 240.75.
The company, post market hours on Friday, a 7 per cent y-o-y decline. The gross revenue rose to ₹23,560 crore during the said quarter, 0.2 per cent up y-o-y.
The IT major has revised its fresher hiring guidance for FY26, stating it now expects to onboard 7,500-8,000 graduates, down from its original target of 10,000-12,000.
HDFC Securities struck a relatively optimistic tone, noting that Wipro has “returned to a growth trajectory” with sequential constant-currency revenue growth of 1.4 per cent, although organic growth was only 0.6%.
The brokerage highlighted that consolidated margins contracted to 14.8 per cent due to a one-off hit from the new labour code and restructuring, but IT services margins improved to 17.6 per cent despite seasonal weakness and ramp-up costs for a large Phoenix deal.
For the upcoming quarter, HDFC expects modest growth of 0–2 per cent in constant currency, aided by two additional months of revenue from the Harman acquisition.
However, it pointed out that organic guidance remains soft due to fewer working days and delayed deal ramp-ups. HDFC Securities maintained its “add” rating with a target price of ₹290.
JM Financial, on the other hand, described the quarter as “lacklustre,” stating that Wipro missed its revenue expectations. The brokerage said growth was impacted by slower ramp-up of large deals and weakness in the EMR vertical, while Capco remained flat year-on-year.
The brokerage cut its EPS estimates by 3–4.5 per cent but retained a constructive stance, citing undemanding valuations and the potential for a large capital return such as a buyback. It reiterated its “buy” rating.
Motilal Oswal adopted a more cautious view, modelling only 0.5 per cebt year-on-year constant-currency revenue growth for FY26.
It expects a soft start to the year, with IT services revenue projected to decline 2 per cent sequentially in the first quarter.
The brokerage sees limited room for further margin expansion and kept its estimates unchanged. It reiterated a “neutral” rating on the stock with a target price of ₹275 and emphasised that better execution and stable conversion of deal TCV into revenue will be critical for a more positive outlook.
Elara Capital remained firmly bearish on Wipro, reiterating its “sell” rating while raising its target price to ₹220.
The brokerage said that while the Q4 guidance of 0–2 per cent appears positive on the surface, it is largely driven by Harman’s contribution and that organic growth is likely to stay weak.
Elara noted that although Wipro is seeing some recovery in the BFSI vertical, other segments continue to struggle.
It cited tariff-related challenges in the energy vertical and a pause in a large deal within the consumer vertical that has yet to restart. Elara revised its revenue estimates for FY27–28 to factor in Harman’s digital transformation services and continues to value the stock at 17x FY27E P/E.
Nuvama Institutional Equities also expressed caution, stating that Wipro’s results were broadly in line but deal wins were weak and the Q4 guidance was disappointing.
It estimated that organic growth for the next quarter could range from -1.5 per cent to +0.5 per cent, dampening expectations of a near-term recovery. It retained its “hold” rating with a revised target price of ₹255.
Overall, while Wipro’s reported numbers show some improvement, brokerages remain split on whether the company can translate its strong deal bookings into meaningful revenue growth. The Harman acquisition is expected to provide a short-term boost.