Following TCS and Tech Mahindra reported muted but steady growth this quarter, and HCLTech showed strong confidence in AI, Wipro’s results come at a time when the Indian IT industry is clearly split between AI optimism and market caution.
The firm reported a subdued 1.15% year-on-year (YoY) rise in consolidated net profit to ₹3,246 crore and a mere 1.8% YoY growth in revenue from operations to ₹22,697 crore. But the company is going all in on intelligence, with bookings surpassing $9.5 billion for the first half of 2026.
The company booked large deals worth $2.9 billion, marking a 90.5% YoY jump, while total deal bookings reached $4.7 billion.
However, the highlight was Wipro Intelligence. “I am excited to bring Wipro Intelligence to our clients, helping them scale confidently and shape the future in an AI-first world,” Srini Pallia, CEO and managing director of Wipro, said, adding that the company is leading in AI.
What’s Behind Wipro Intelligence?
Wipro has unveiled a new unified suite of AI-powered platforms and solutions, called Wipro Intelligence, which Pallia said is putting the company’s AI ambitions at the centre of its growth strategy. He said the platform will “enable its clients to scale with confidence and lead in an AI-first world”, strengthening Wipro’s consulting-led approach while driving measurable outcomes.
The platform brings together advanced capabilities across delivery and industry solutions. On the delivery side, Wipro Intelligence is going to accelerate work from software development, cloud and infrastructure to business processes. On the industry side, Wipro has reimagined core processes and built more than 200 AI agents spanning multiple sectors.
Pallia said that clients are no longer interested in just proofs of concept—they want AI implemented end-to-end across business processes and workflows.
This shift is opening new opportunities for Wipro to adopt a truly consulting-led approach, providing AI and data advisory, and guiding organisations through the change management AI requires, similar to the Accenture model.
On the other hand, however, Accenture CEO Julie Sweet, in the company’s latest earnings report, said returns from AI investments have been largely “underwhelming”. Despite this, the company’s AI deal bookings doubled to $5.9 billion in the quarter.
Now that Indian IT firms are finally going big on AI, Accenture’s early warning might be something to look out for.
Nothing New?
Wipro cited three flagship solutions as examples of tangible impact: Auto Cortex for automotive, AI for BFSI and AI for healthcare. Pallia said each has already “made a tangible difference” for clients, earning strong recommendations from industry analysts.
The CEO said this momentum gives Wipro “real confidence for the future”, even as the company tempered near-term guidance. For Q3, Wipro expects sequential IT services revenue growth of between minus 0.5% and plus 1.5% in constant currency.
While Wipro Intelligence signals a clear shift in the company’s strategy, moving from AI experimentation to operational deployment at scale, there is no concrete definition of what Wipro Intelligence is and how different it is from Infosys Topaz, TCS WisdomNext or HCLTech’s AI Foundry.
Speaking of which, HCLTech has reported $100 million in AI revenue from its operations, about 3% of total revenue. TCS has announced plans for a $6 billion AI data centre in the next five years, while Tech Mahindra plans to build a one trillion parameter sovereign LLM with IndiaAI Mission.
Notably, Wipro already built 200 AI agents in the last quarter. Ahead of Q1 FY26 results at Wipro’s 79th Annual General Meeting, chairman Rishad Premji had already underscored the company’s commitment to agentic and generative AI, describing the technologies as central to Wipro’s future. He had stressed that the company has built 200 AI agents for clients with cloud partners.
Wipro Intelligence seems to be a consolidation of that.
Despite this, the quarter is in sharp contrast to Wipro’s Q1 FY26 performance, where, despite large deal wins, the company reported a drop in sequential profit and revenue. Wipro’s net income in Q1 rose 10.9% YoY to ₹3,336.5 crore, but fell 6.7% QoQ. Revenue declined 2.3% YoY and 1.6% QoQ in constant currency.
What About Others?
TCS with AI confidence posted revenue of ₹63,437 crore in Q2 FY26, up just 1.3% YoY and down 3.1% in constant currency, reflecting continued softness in discretionary tech spending. However, net income rose 6% YoY to ₹12,760 crore, supported by stable margins and controlled hiring.
HCLTech, on the other hand, managed to post an 11% YoY revenue growth to ₹31,942 crore, though profits remained flat at ₹4,236 crore. CEO C Vijayakumar called it a “standout quarter on every front” with a significant focus on AI. The company said demand for AI-powered solutions is accelerating, backed by strong deal momentum of $2.6 billion in bookings.
Tech Mahindra posted a net profit of ₹1,194 crore in the September quarter, up 5% sequentially from ₹1,140.6 crore in Q1 FY26, but a drop of 4.4% YoY. The company’s revenue from operations came in at ₹13,995 crore, a 4.8% rise from ₹13,351 crore in the previous quarter and a 6.2% increase from ₹13,313 crore a year ago.
Across the board, Indian IT firms continue to present AI as the central narrative, but actual financial impact remains modest so far. Only HCLTech has called out AI revenue, similar to their biggest rivals from the West, like Accenture, which has stated that AI revenue has been underwhelming so far.
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