Wipro vs Infosys: Which IT Services Company Delivered Highest Earnings in Q2FY26

India's IT majors, Wipro and Infosys, have both released their financial results for the quarter ended September 30, 2025 (Q2 FY26). While both companies operate in the global IT services and consulting space, their performance this quarter shows varied strengths and challenges. Let’s delve into the key highlights, compare numbers, and understand how each firm has fared in Q2FY26.

Quick Comparison: Wipro vs Infosys

Wipro Q2 FY26 Highlights: A Mixed Bag

• Revenue Growth: Wipro reported gross revenue of ₹22,700 crore ($2.56 billion), marking a 2.5% increase quarter-over-quarter (QoQ) and a 1.8% rise year-over-year (YoY). However, revenue in constant currency grew only marginally at 0.3% QoQ.
• Profitability Hit: Operating margin dropped to 16.7%, impacted by a one-time provision of ₹116.5 crore due to a client bankruptcy. Adjusted for this, margins stood at 17.2%. Net income came in at ₹3,250 crore, down 2.5% QoQ but up 1.2% YoY.
• Bookings Surge: Total bookings reached $4.69 billion, a 30.9% YoY increase, with large deals growing a striking 90.5% YoY to $2.85 billion.
• Cash Flow Concerns: Operating cash flows fell both sequentially (17.6%) and annually (20.7%).
• Guidance: Wipro guided Q3 IT services revenue between $2.59 billion and $2.64 billion, implying flat to modest growth (-0.5% to +1.5%) in constant currency. Revenue from its Harman Digital acquisition isn’t included in this guidance.

Also Read: Infosys Q2FY26 Earnings Results Out: Company Declares ₹23 Interim Dividend

Infosys Q2 FY26 Highlights: Stable with Strong Cash Flow

• Revenue Growth: Infosys reported ₹44,490 crore in revenue ($5.08 billion), with 2.9% YoY and 2.2% QoQ growth in constant currency terms. Growth in INR terms stood at a healthy 8.6% YoY.
• Margins Hold Strong: Operating margin stood at 21.0%, showing resilience despite a slight YoY dip.
• Earnings & Cash Flow Strength: Infosys reported basic EPS of ₹17.76, reflecting 13.1% YoY growth. Free cash flow stood out at ₹9,677 crore, growing 38% YoY and representing over 131% of net profit.
• Large Deal Momentum: The company secured $3.1 billion in large deals, with a significant 67% being net new business, a positive sign for long-term revenue growth.
• Guidance: Infosys retained its FY26 revenue growth guidance of 2%-3% in constant currency and an operating margin band of 20%-22%.

Conclusion

The Q2 FY26 earnings season underscores the contrasting positions of Wipro and Infosys within the IT services landscape. Infosys delivered a solid, balanced quarter with strong revenue growth, resilient margins, and impressive free cash flow.

In contrast, Wipro showed signs of recovery with notable large deal wins and stable revenue but continued to face pressure on margins and cash flows due to one-off provisions and weaker YoY growth.

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