Wipro Q3 preview: Revenue may rise 3% QoQ on Phoenix ramp-up, Harman deal

Wipro Q3 results preview: Analysts and investors will keep an eye on management's guidance on the outlook of European business, the Phoenix deal ramp-up, Harman acquisitions, and new deal wins

Wipro Q3 results preview: Information technology (IT) major Wipro Ltd. is set to report its December quarter earnings on Friday, January 16, 2026. Brokerages tracked by Business Standard estimate Wipro to report a net profit on average at ₹3,371 crore as compared to ₹3,354 crore year-on-year (Y-o-Y), up 0.5 per cent. On a quarter-on-quarter (Q-o-Q) basis, the profit is anticipated to grow 3 per cent from ₹3,262 crore in Q2FY26.

 

The company's revenue for the December quarter is expected to rise 5  per cent in Q3FY26, on average, to ₹23,436.5 crore as compared to ₹22,319 crore a year ago. Sequentially, the revenue is poised to climb 3 per cent from ₹22,697 crore in Q2FY26.

 

Analysts and investors will keep an eye on management's guidance on the outlook of European business, the Phoenix deal ramp-up, Harman acquisitions, and new deal wins.  ALSO READ | Q3 Result Today: Infosys, HDFC AMC, ICICI Prudential AMC among 25 firms

How will Wipro fare in Q3FY26? Brokerages decode:

Nomura: Analysts expect revenues to grow by 0.5 per cent Q-o-Q in constant currency (CC), as compared to its guided band of 0.5 per cent to 1.5 per cent for Q3.  The company is likely to guide for 0 to 2 per cent 

revenue growth in Q4FY26 (in CC).

 

The brokerage expects Earnings before interest and tax (Ebit) margins to remain muted Q-o-Q to 16.7 per cent from 16.2 per cent in Q2, due to ramp-up in cost of recently won large deals with upfront cost savings given to customers largely offset by currency gains. 

 

Kotak Institutional Equities: The brokerage expects organic revenue growth above the mid-point of guidance at 0.9 per cent CC Q-o-Q, primarily aided by the ramp-up of the Phoenix deal; DTS acquisition consolidated for one month during the quarter. 

 

Revenue growth guidance of 1.5 to 3.5 per cent (2 per cent inorganic contribution) is anticipated. Residual ramp-up of the Phoenix mega deal and recent deal wins would aid growth. The brokerage anticipates organic revenue growth guidance of 0.5 to 1.5 per cent with a focus on the buyback announcement.   ALSO READ | Infosys Q3 preview: Revenue may rise 2% QoQ; Project Maximus to aid margins 

Motilal Oswal Financial Services: Analysts expect the IT services company to likely report 1.5 per cent CC growth, driven by a one-month inorganic contribution from the Harman acquisition. Margins are likely to stay flat at 16.4 per cent, due to headwinds from the Phoenix deal ramp-up and partial dilution due to the Harman acquisition. Several large deals are likely to close in H1  and will ramp up from Q3FY26.

 

On a consolidated level, Earnings before interest, tax, depreciation and amortisation (Ebitda) is pegged at ₹4,700 crore, as compared to ₹4,600 crore Y-o-Y. 

 

Axis Direct: The brokerage expects 2 per cent Q-o-Q growth in revenue to ₹23,151 crore, because of stability in the European business and partial contribution from the Harman acquisition. Ebit margin is likely to improve by 28 bps Q-o-Q to 16.5 per cent from 16.2 per cent in Q2, due to cost control measures and acquisition integration.

 

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