Wipro shares slide 10% as brokerages split after Q3 results; BUY, SELL or HOLD?

Wipro share price: Shares of Wipro Ltd fell sharply in early trade on Monday after brokerages delivered mixed views on the company’s Q3FY26 performance, despite a margin beat.

Wipro share price

At 11.16 am, Wipro shares were trading at Rs 248.40 on the NSE, down Rs 19.05, or 7.12 per cent. The stock had hit an intraday low of Rs 241.55 earlier in the session.

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The decline came after the IT major reported its December quarter results post market hours on Friday. While sequential revenue growth came in at the upper end of management guidance, analysts flagged weak organic momentum and limited near-term visibility. Many said the outlook now hinges on execution of the recently announced Harman acquisition.

Q3 performance

Wipro reported a consolidated net profit of Rs 3,145 crore in Q3FY26, down 3.5 per cent quarter-on-quarter from Rs 3,262.4 crore. On a year-on-year basis, profit declined 6.5 per cent from Rs 3,366.7 crore. The company said the fall in profit was largely due to the implementation of new labour codes.

Revenue from operations rose 3.7 per cent sequentially to Rs 23,555.8 crore, compared with Rs 22,697.3 crore in Q2FY26. On a year-on-year basis, revenue increased 5.5 per cent from Rs 22,318.8 crore.

Separately, the company reported a net profit of Rs 3,119 crore for the quarter, down 7 per cent year-on-year, while gross revenue increased marginally by 0.2 per cent to Rs 23,560 crore.

IT services operating margin stood at 17.6 per cent, up 0.9 per cent quarter-on-quarter and 0.1 per cent year-on-year, beating street expectations.

Hiring outlook cut

Wipro also revised its fresher hiring guidance for FY26. The company now expects to onboard 7,500 to 8,000 graduates, lower than its earlier target of 10,000 to 12,000.

What brokerages say

Brokerages remained divided on the stock, citing margin resilience but muted growth outlook.

CLSA maintained a Hold rating and cut its target price to Rs 231 from Rs 237.

Morgan Stanley downgraded the stock to Underweight from Equalweight and reduced its target to Rs 242 from Rs 270.

Goldman Sachs maintained a Sell rating and trimmed its target to Rs 249 from Rs 255.

UBS maintained a Neutral rating and raised its target price to Rs 290 from Rs 285. The brokerage said Q3 performance was marginally ahead of expectations. Management highlighted that growth remains the top priority, with strong traction in the BFSI vertical and improving momentum in manufacturing in Europe. UBS also noted healthy momentum at Capco in the energy consulting space.

Wipro shares have come under pressure as investors weigh margin strength against weak organic growth and a cautious demand environment.