Detailed financial statements for Wipro Limited (WIT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Wipro Limited is a global enterprise that specializes in providing information technology (IT), consulting, and business process services. The company organizes its operations into three distinct divisions: IT Services, IT Products, and India State Run Enterprise Services (ISRE). The IT Services division delivers a comprehensive suite of IT and IT-enabled solutions.
Analysis Summary
Wipro Limited reported revenue of 926.24B INR in the most recent fiscal year, growing at a 5-year CAGR of 8.4%. Net income reached 131.97B INR, with a 4.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 29.0%, operating margin 16.1%, net margin 13.9%. Free cash flow grew at 0.9% CAGR over 5 years.
At the current price of $1.69, WIT trades at a P/E of 12.83 and an ROE of 15.58%. Market capitalisation stands at $16.7B, placing it among large-cap names.
Balance sheet quality for WIT: current ratio of 2.0, net cash position of 340.71B INR. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 133.71B INR represents 101% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 550.40B INR | 544.87B INR | 585.85B INR | 610.23B INR | 619.43B INR | 790.93B INR | 904.88B INR | 897.60B INR | 890.88B INR | 926.24B INR |
| Cost of Revenue | 391.54B INR | 385.57B INR | 413.03B INR | 436.08B INR | 423.20B INR | 555.87B INR | 645.45B INR | 631.50B INR | 617.80B INR | 656.19B INR |
| Gross Profit | 158.86B INR | 159.30B INR | 172.81B INR | 174.15B INR | 196.22B INR | 235.06B INR | 259.43B INR | 266.11B INR | 273.08B INR | 270.05B INR |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 69.78B INR | 75.85B INR | 75.32B INR | 72.73B INR | 75.26B INR | 100.67B INR | 124.18B INR | 130.32B INR | 113.79B INR | 120.19B INR |
| Operating Expenses | 64.98B INR | 75.00B INR | 72.90B INR | 68.42B INR | 73.17B INR | 99.13B INR | 124.30B INR | 132.38B INR | 122.40B INR | 120.19B INR |
| Operating Income | 93.88B INR | 84.29B INR | 99.91B INR | 105.73B INR | 123.05B INR | 135.93B INR | 135.13B INR | 133.73B INR | 150.69B INR | 149.86B INR |
| EBITDA | 133.08B INR | 126.41B INR | 138.19B INR | 148.51B INR | 168.54B INR | 187.51B INR | 187.07B INR | 187.84B INR | 213.78B INR | 215.28B INR |
| Interest Expense | 1.92B INR | 3.45B INR | 5.62B INR | 5.14B INR | 4.30B INR | 5.33B INR | 10.08B INR | 12.55B INR | 9.25B INR | 13.61B INR |
| Pre-tax Income | 110.36B INR | 102.47B INR | 115.42B INR | 122.51B INR | 139.01B INR | 151.28B INR | 147.66B INR | 147.21B INR | 174.96B INR | 173.42B INR |
| Income Tax | 25.21B INR | 22.39B INR | 25.24B INR | 24.80B INR | 30.34B INR | 28.95B INR | 33.99B INR | 36.09B INR | 42.78B INR | 40.77B INR |
| Net Income | 84.89B INR | 80.08B INR | 90.03B INR | 97.22B INR | 107.95B INR | 122.19B INR | 113.50B INR | 110.45B INR | 131.35B INR | 131.97B INR |
| EPS | $6.56 | $6.32 | $7.50 | $8.34 | $9.56 | $11.18 | $10.36 | $10.45 | $12.56 | $12.60 |
| EPS (Diluted) | $6.54 | $6.31 | $7.48 | $8.31 | $9.54 | $11.15 | $10.34 | $10.41 | $12.52 | $12.56 |
| Shares Outstanding (Diluted) | 12.99B INR | 12.69B INR | 12.04B INR | 11.70B INR | 11.32B INR | 10.96B INR | 10.98B INR | 10.61B INR | 10.49B INR | 10.50B INR |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 226.97B INR | 235.56B INR | 242.36B INR | 246.24B INR |
| Gross Profit | 67.14B INR | 68.36B INR | 70.45B INR | 70.30B INR |
| Operating Income | 37.27B INR | 34.95B INR | 41.81B INR | 38.52B INR |
| EBITDA | 51.68B INR | 51.25B INR | 57.12B INR | 46.61B INR |
| Net Income | 32.46B INR | 31.19B INR | 35.02B INR | 33.72B INR |
| EPS | $3.11 | $2.98 | $3.34 | $3.22 |
| EPS (Diluted) | $3.10 | $2.97 | $3.33 | $3.22 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 52.71B INR | 44.92B INR | 158.53B INR | 144.50B INR | 169.79B INR | 103.84B INR | 91.88B INR | 96.95B INR | 121.97B INR | 105.56B INR |
| Short-term Investments | 292.03B INR | 249.09B INR | 220.72B INR | 190.69B INR | 176.33B INR | 247.44B INR | 309.99B INR | 313.06B INR | 410.40B INR | 438.07B INR |
| Receivables | 153.95B INR | 153.88B INR | 156.40B INR | 164.25B INR | 137.93B INR | 215.07B INR | 230.48B INR | 213.12B INR | 218.36B INR | 253.69B INR |
| Inventory | 3.92B INR | 3.37B INR | 3.95B INR | 1.86B INR | 1.06B INR | 1.33B INR | 1.19B INR | 907.0M INR | 694.0M INR | 517.0M INR |
| Total Current Assets | 538.90B INR | 506.16B INR | 571.91B INR | 519.85B INR | 525.33B INR | 620.75B INR | 661.10B INR | 650.66B INR | 777.77B INR | 826.35B INR |
| Property, Plant & Equipment | 69.79B INR | 64.44B INR | 70.60B INR | 97.87B INR | 101.61B INR | 109.77B INR | 107.36B INR | 99.56B INR | 106.28B INR | 110.07B INR |
| Goodwill | 125.80B INR | 117.58B INR | 116.98B INR | 131.01B INR | 139.13B INR | 246.99B INR | 307.97B INR | 316.00B INR | 325.01B INR | 387.40B INR |
| Intangible Assets | 26.44B INR | 26.91B INR | 20.09B INR | 20.90B INR | 13.09B INR | 43.55B INR | 43.05B INR | 32.75B INR | 27.45B INR | 29.18B INR |
| Total Assets | 793.52B INR | 760.64B INR | 833.17B INR | 817.06B INR | 833.58B INR | 1.08T INR | 1.18T INR | 1.15T INR | 1.29T INR | 1.42T INR |
| Accounts Payable | 23.45B INR | 24.41B INR | 28.53B INR | 27.05B INR | 23.23B INR | 28.68B INR | 21.73B INR | 23.27B INR | 21.98B INR | 22.26B INR |
| Short-term Debt | 122.80B INR | 92.99B INR | 71.10B INR | 73.20B INR | 75.87B INR | 95.23B INR | 88.82B INR | 79.17B INR | 97.86B INR | 165.91B INR |
| Total Current Liabilities | 229.54B INR | 213.51B INR | 214.35B INR | 216.39B INR | 230.04B INR | 308.33B INR | 267.75B INR | 252.46B INR | 286.25B INR | 403.23B INR |
| Long-term Debt | 19.61B INR | 45.27B INR | 28.37B INR | 4.84B INR | 7.46B INR | 56.46B INR | 61.27B INR | 62.30B INR | 63.95B INR | 1.96B INR |
| Total Liabilities | 270.82B INR | 275.29B INR | 262.42B INR | 257.73B INR | 276.96B INR | 420.51B INR | 394.07B INR | 401.24B INR | 456.07B INR | 531.38B INR |
| Retained Earnings | 490.93B INR | 453.26B INR | 534.70B INR | 519.91B INR | 508.97B INR | 551.25B INR | 660.96B INR | 630.94B INR | 716.48B INR | 735.06B INR |
| Total Equity | 520.30B INR | 482.94B INR | 568.12B INR | 557.46B INR | 553.10B INR | 658.16B INR | 781.16B INR | 749.88B INR | 828.31B INR | 885.37B INR |
| Total Debt | 142.41B INR | 138.26B INR | 99.47B INR | 97.24B INR | 104.51B INR | 175.93B INR | 174.67B INR | 164.65B INR | 192.03B INR | 202.91B INR |
| Net Debt | -202.33B INR | -155.76B INR | -279.78B INR | -237.94B INR | -241.60B INR | -175.35B INR | -227.20B INR | -245.36B INR | -340.34B INR | -340.71B INR |
| Working Capital | 309.36B INR | 292.65B INR | 357.56B INR | 303.46B INR | 295.29B INR | 312.42B INR | 393.34B INR | 398.20B INR | 491.52B INR | 423.12B INR |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 130.84B INR | 118.91B INR | 105.56B INR | 89.00B INR |
| Total Assets | 1.31T INR | 1.41T INR | 1.42T INR | 1.33T INR |
| Total Liabilities | 448.06B INR | 512.90B INR | 531.38B INR | 543.71B INR |
| Total Equity | 860.71B INR | 896.78B INR | 885.37B INR | 779.57B INR |
| Total Debt | 161.64B INR | 198.05B INR | 202.91B INR | 214.16B INR |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 85.14B INR | 80.08B INR | 90.17B INR | 97.71B INR | 108.66B INR | 122.33B INR | 113.67B INR | 110.45B INR | 132.18B INR | 132.66B INR |
| Depreciation & Amortization | 23.11B INR | 21.12B INR | 19.47B INR | 20.86B INR | 27.66B INR | 30.91B INR | 33.40B INR | 34.07B INR | 29.58B INR | 29.11B INR |
| Stock-based Compensation | 1.74B INR | 1.35B INR | 1.94B INR | 1.26B INR | 2.31B INR | 4.11B INR | 3.97B INR | 5.59B INR | 5.55B INR | 4.46B INR |
| Change in Working Capital | 4.54B INR | -936.0M INR | 27.16B INR | -23.86B INR | 22.92B INR | -36.49B INR | -14.56B INR | 18.05B INR | 10.27B INR | -14.50B INR |
| Operating Cash Flow | 92.77B INR | 84.23B INR | 116.32B INR | 100.64B INR | 147.55B INR | 110.80B INR | 130.60B INR | 176.22B INR | 169.43B INR | 149.32B INR |
| Capital Expenditure | -20.85B INR | -21.87B INR | -22.78B INR | -23.50B INR | -19.58B INR | -20.15B INR | -14.83B INR | -10.51B INR | -15.04B INR | -15.60B INR |
| Acquisitions | -29.24B INR | -6.65B INR | 26.10B INR | -2.54B INR | -9.87B INR | -128.19B INR | -45.57B INR | -5.78B INR | -964.0M INR | -26.03B INR |
| Stock Repurchased | -25.00B INR | -110.31B INR | 0 | -105.31B INR | -95.20B INR | 0 | 0 | -145.17B INR | 0 | 0 |
| Dividends Paid | -8.73B INR | -5.42B INR | -4.50B INR | -6.86B INR | -5.46B INR | -5.47B INR | -32.81B INR | -5.22B INR | -62.75B INR | -115.78B INR |
| Free Cash Flow | 71.92B INR | 62.36B INR | 93.53B INR | 77.15B INR | 127.97B INR | 90.64B INR | 115.77B INR | 165.71B INR | 154.39B INR | 133.71B INR |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 33.87B INR | 42.59B INR | 31.73B INR | 40.65B INR |
| Capital Expenditure | -3.37B INR | -4.67B INR | -4.82B INR | -3.40B INR |
| Free Cash Flow | 30.50B INR | 37.93B INR | 26.91B INR | 37.25B INR |
| Dividends Paid | -52.35B INR | 0 | -63.42B INR | 0 |
| Stock-based Compensation | 1.26B INR | 1.36B INR | 1.40B INR | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -1.0% | +7.5% | +4.2% | +1.5% | +27.7% | +14.4% | -0.8% | -0.7% | +4.0% | |
| Net Income Growth (YoY) | -5.7% | +12.4% | +8.0% | +11.0% | +13.2% | -7.1% | -2.7% | +18.9% | +0.5% | |
| EPS Growth (YoY) | -3.7% | +18.7% | +11.2% | +14.6% | +16.9% | -7.3% | +0.9% | +20.2% | +0.3% | |
| Shares Change (YoY) | -2.3% | -5.1% | -2.9% | -3.2% | -3.2% | +0.1% | -3.3% | -1.1% | +0.1% | |
| FCF Growth (YoY) | -13.3% | +50.0% | -17.5% | +65.9% | -29.2% | +27.7% | +43.1% | -6.8% | -13.4% | |
| Gross Margin | 28.9% | 29.2% | 29.5% | 28.5% | 31.7% | 29.7% | 28.7% | 29.6% | 30.7% | 29.2% |
| Operating Margin | 17.1% | 15.5% | 17.1% | 17.3% | 19.9% | 17.2% | 14.9% | 14.9% | 16.9% | 16.2% |
| EBITDA Margin | 24.2% | 23.2% | 23.6% | 24.3% | 27.2% | 23.7% | 20.7% | 20.9% | 24.0% | 23.2% |
| Net Margin | 15.4% | 14.7% | 15.4% | 15.9% | 17.4% | 15.4% | 12.5% | 12.3% | 14.7% | 14.2% |
| FCF Margin | 13.1% | 11.4% | 16.0% | 12.6% | 20.7% | 11.5% | 12.8% | 18.5% | 17.3% | 14.4% |
| Effective Tax Rate | 22.8% | 21.8% | 21.9% | 20.2% | 21.8% | 19.1% | 23.0% | 24.5% | 24.5% | 23.5% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $5.54 | $4.91 | $7.77 | $6.60 | $11.30 | $8.27 | $10.55 | $15.62 | $14.72 | $12.73 |
| Dividends Per Share | $0.67 | $0.43 | $0.37 | $0.59 | $0.48 | $0.50 | $2.99 | $0.49 | $5.98 | $11.02 |
| Shares Outstanding (Basic) | 12.95B INR | 12.67B INR | 12.01B INR | 11.67B INR | 11.30B INR | 10.93B INR | 10.95B INR | 10.58B INR | 10.46B INR | 10.48B INR |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 15.58% |
| Return on Invested Capital | 10.67% |
| Return on Assets | 10.04% |
| Gross Margin | 29.05% |
| Operating Margin | 16.13% |
| Net Margin | 13.92% |
Financial Health
| Debt / Equity | 0.28 |
| Current Ratio | 1.67 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 4.43 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 18.98 | 20.09 | 18.80 | 14.13 | 24.35 | 26.26 | 17.84 | 22.57 | 20.84 | 15.72 |
| P/B | 3.10 | 3.33 | 2.98 | 2.47 | 4.76 | 4.88 | 2.59 | 3.33 | 3.30 | 2.34 |
| P/S | 2.93 | 2.95 | 2.89 | 2.25 | 4.25 | 4.06 | 2.24 | 2.78 | 3.07 | 2.24 |
| Gross Margin | 28.9% | 29.2% | 29.5% | 28.5% | 31.7% | 29.7% | 28.7% | 29.6% | 30.7% | 29.2% |
| Operating Margin | 17.1% | 15.5% | 17.1% | 17.3% | 19.9% | 17.2% | 14.9% | 14.9% | 16.9% | 16.2% |
| Net Margin | 15.4% | 14.7% | 15.4% | 15.9% | 17.4% | 15.4% | 12.5% | 12.3% | 14.7% | 14.2% |
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