Summary:
Tech Mahindra reported stronger sequential revenue growth in Q2FY27, while Wipro recorded a higher operating margin and larger total deal bookings. Both companies reported quarterly results on October 15, 2026, as investors assessed growth, profitability and future demand.
Tech Mahindra Ltd continued to outpace Wipro Ltd on growth in Q2FY27 with superior sequential revenue growth and profitability. Telecom contracts and higher project execution helped Tech Mahindra, while IT services revenue of Wipro declined marginally. Both stocks rallied on October 16, 2026, with Tech Mahindra gaining around 7% and Wipro rallying over 5% in intraday trading.
Tech Mahindra vs Wipro Q2 Results: Key Financial Highlights
Tech Mahindra posted revenue of $1.69 bn for the September quarter, up 2% QoQ and 6.8% YoY in dollar terms. Sequential revenue grew 2.4% in constant currency.
Wipro’s IT services revenue was $2.61 bn, down 0.1% QoQ but up 0.3% YoY in reported dollar terms. However, consolidated gross revenue grew 9.1% YoY to ₹24,752.7 crore.
| Financial Measures | Tech Mahindra | Wipro |
| IT Services Revenue | $1.69 billion | $2.61 billion |
| Revenue Growth QoQ (USD) | +2.0% | -0.1% |
| Operating Profit Margin | 14.8% | 16.5% |
| Margin Change QoQ | +40 bps | +50 bps |
| Net Profit | ₹1,586 crore | ₹3,201 crore |
| New Deal Bookings | $1.02 bn | $2.60 bn |
Wipro had a better operating margin, but Tech Mahindra had better sequential revenue growth.
Why Tech Mahindra Outperformed in Q2FY27
Tech Mahindra's growth was backed by its communications business, especially project execution for European telecom customers.
A major contract with French telecom company Orange helped revenue growth in the quarter. Telecom customers account for about one-third of Tech Mahindra’s business.
The company’s quarterly EBIT grew 40.5% YoY to ₹2,387 crore, and profit after tax grew 32.7% YoY to ₹1,586 crore.
New deal wins stood at $1.02 bn, up 25.4% YoY. These contracts allow for revenue to be earned over the periods in which they are performed, but the timing of revenue recognition is dependent upon the delivery of the project.
Wipro Q2 Results: Revenue Growth Remains Patchy
Wipro reported net profit of ₹3,201 crore on a consolidated basis, down 1.9% YoY and 4.7% QoQ.
Demand was weaker in its media, technology and healthcare businesses, resulting in a marginal fall in IT services revenue.
The total deal bookings were $2.60 billion, down 22.9% sequentially at constant currency. Large deal bookings were down 58.6% QoQ to $674 million.
However, Wipro’s operating margin improved to 16.5%, up 50 basis points sequentially.
The company guided for IT services revenue of $2.571 bn to $2.625 bn for Q3FY27, implying constant currency growth of -1.5% to +0.5%.
Tech Mahindra & Wipro Share Price Today: October 16
Shares of Indian IT companies rose on Friday as investors examined earnings and business growth trends for the September quarter.
In late-morning trade, Tech Mahindra shares were trading around 6.91% higher at ₹1,764, against the previous close of ₹1,650.
Wipro’s shares also recovered and were trading at around ₹183.23, up 5.27% from the previous close of ₹174.05 on October 15.
The broader Nifty IT index rose about 2.8%, aided by renewed buying in several technology companies.
Perspective of Indian IT Sector
Indian IT companies continue to face cautious discretionary spending, pricing pressure and uncertainty over global demand.
Simultaneously, artificial intelligence, cloud migration, telecom modernisation and enterprise technology upgrades are creating new business opportunities.
Tech Mahindra’s Q2FY27 performance has been better in terms of revenue growth, while Wipro’s higher operating margin shows its relative profitability. Future deal conversions, client spending and margin sustainability will be key to the future performance of both companies in the coming quarters.
