• Wipro posts $2.5B revenue in Q1 FY26, marking third straight quarterly decline.
• CEO Srinivas Pallia highlights $5B total bookings, with 131% YoY surge in large deals.
• Company eyes vendor consolidation & AI-led growth amid margin uptick to 17.3%.

Completing a complete fiscal year in the tenure of new CEO Srinivas Pallia, who joined in April last year, Bengaluru-based Wipro Ltd posted revenue of $2.5 billion during Q1 FY26 a 0.3% quarter-on-quarter and 1.5% year-on-year decline. Although this is the third consecutive quarter of revenue fall, the company has managed to lift its profitability. The operating margin of Q1 FY26 at 17.3% is a gain of 80 basis points year-on-year.

The company's silver lining was in its bookings of deals. Big deal bookings, or bookings worth $30 million and more, were $2.7 billion for the quarter, a 131% year-over-year boost. The quarter's total deal book was $5 billion. Total bookings are the value of all orders booked by the company in the period, including renewals, new orders, and expansions of current contracts.

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During the earnings conference, CEO and Managing Director Srinivas Pallia stated that out of 16 large deals booked during the quarter, 2 were mega deals. He further stated that the pipeline was primarily vendor consolidation-led, where the company is consistently gaining strong momentum. "Our clients are hedging bets on initiatives with near-term impact, prioritising cost optimisation and vendor consolidation, while simultaneously accelerating their AI, data, and modernisation programmes", Pallia mentioned.

We observed a definite trend of most AI projects shifting to scale and production. So we caught up with these priorities at the earliest, strengthened our alliances, and obviously landed key deals", he said.

For the second quarter of the fiscal year, Wipro has guided revenue to be between $2.5 billion and $2.6 billion, representing a negative to flat growth of (-)1.0% to 1.0% in constant currency terms.