WIT Stock: EPS Rose. Did the Business? — Wipro Q2 FY2027

Wipro Limited (WIT) Q2 FY2027 — WIT closed at $1.87 on October 15, approximately 3.9% above the preceding stored daily close. Exact release clock and session are unconfirmed; this is not causal attribution.

Wipro converted profit into cash, but weaker bookings and a lower share count complicate the earnings-per-share improvement. We separate cash generation, capital returns and demand, then test three valuation routes.

THE CALL: HOLD (3/5, MODERATE) — base-case value ~$1.85 vs ~$1.87 today.

KEY METRICS:

- Revenue ₹247.5B; IT Services $2,611.5M, flat sequential constant currency

- Basic EPS ₹3.23, +4.2% YoY; total profit ₹32.0B, −1.9%

- Weighted basic shares −5.5% YoY after June buyback

- Operating cash flow ₹53.0B, 165.8% of total net income

- Total bookings $2,595M; large bookings $674M

- IT Services margin 16.5%; next-quarter CC outlook −1.5% to +0.5%

- HOLD; $1.85 base fair value versus $1.87 reference close

What to watch: Require sustained positive constant-currency growth, bookings above quarterly services revenue and margin at least 17%; alternatively a price near $1.48 with the thesis intact offers a 20% cushion to our $1.85 base.