This report does not constitute a rating action. Overview Key strengths Key risks Healthy deal wins, strategic investments, and a large recurring revenue base provide good earnings visibility. Smaller scale and lower profit margins than peers at a higher rating level. Cost advantage in offshore resources and global service delivery support healthy margins. Limited visibility of revenue growth amid macroeconomic headwinds and reduced IT spending. Strong operating cash flow with low capital spending provides sufficient headroom for discretionary spending. Our outlook for the global IT service industry remains weak for 2026. This is on the back of weak macroeconomic conditions and ongoing geopolitical uncertainties. Companies are also cutting budgets due to inflation pressures. We expect Wipro Ltd.'s revenue to increase
