Wipro’s $5 billion deal rush: CEO Srinivas Pallia’s AI play begins to pay off

Completing a full fiscal year under new CEO Srinivas Pallia, who took over in April of last year, Bengaluru-headquartered Wipro Ltd reported revenue of $2.5 billion in the first quarter of FY26—a decrease of 0.3% quarter-on-quarter and 1.5% year-on-year. While this marks the third straight quarter of revenue decline, the company has been able to improve its profitability. The Q1 FY26 operating margin, at 17.3%, is an improvement of 80 basis points year-on-year.

The silver lining for the company came in its deal bookings. Large deal bookings—defined as deals worth $30 million and above—stood at $2.7 billion for the quarter, marking a 131% year-on-year increase. The overall deal book for the quarter stood at $5 billion. Total bookings include the value of all orders booked during the period, including new orders, renewals, and expansions of existing contracts.

At the earnings conference, Srinivas Pallia, CEO and Managing Director, said that of the 16 large deals booked in the quarter, 2 were mega deals. He added that the pipeline was largely driven by vendor consolidation, where the company is continuing to build strong momentum. “Our clients are prioritising initiatives with immediate impact, focusing on cost optimisation and vendor consolidation, while at the same time accelerating their AI, data, and modernisation programmes,” Pallia said.

“We saw a clear trend of many AI projects moving to scale and production. So we quickly aligned with these priorities, deepened our partnerships, and of course, secured key deals,” he added.

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