WITWipro Limited
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (1.3×).
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.
A balanced mix of margins, efficiency, and leverage. ROE 15% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is WIT?
Wipro Limited earns 12% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 2.9 points above what the capital costs: growth creates value
- Operating margin
- 16%
Operating margin · Information Technology Services median 9.5% · fiscal year to FY2026
- Cash conversion
- 1.29×
Cash conversion · 1.48× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.14%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2021 | 20% |
| FY2022 | 18% |
| FY2023 | 15% |
| FY2024 | 15% |
| FY2025 | 17% |
| FY2026 | 16% |
Details›
- Gross marginfiscal year to FY2026
- 29%
- Operating marginfiscal year to FY2026
- 16%
- Net marginfiscal year to FY2026
- 14%
- Free cash flow margin
- 14%
- Revenue, trailing twelve months
- $926.2B
- Free cash flow, trailing twelve months
- $133.7B
- Net income, trailing twelve months
- $132.0B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 12%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from WIT and who it buys from, as the companies report it.
- Ten largest clients24%
Combined share of revenue · FY2026 20-F
- Five largest clients14%
Combined share of revenue · FY2026 20-F
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; WIT’s own figures are from its FY2026 20-F. Smaller customers and suppliers go unreported.
Information Technology Services
Ranks #7 of 30 by RyuScore