Business · Companies · 42 mins ago
Tech Mahindra outpaces Wipro as both report September-quarter results
Tech Mahindra grew faster than Wipro in the September quarter, as the two Indian IT companies reported contrasting results.
Tech Mahindra said revenue rose, helped by telecom business and a large deal with French company Orange, while Wipro’s revenue slipped for a second quarter in a row.
The reports give different year-on-year growth figures for Tech Mahindra: one says 6.7% in US dollars, while the other says 15.6% in rupees.
Tech Mahindra also reported new deal wins of $1.02 billion, up 25.4% from a year earlier, and kept its 15% operating-margin target for fiscal 2027.
Wipro said weaker business from media, technology and healthcare clients weighed on its results, and it kept its existing growth outlook.
The results come as clients remain cautious about technology spending, while demand for AI and modernization work could create new business; Tech Mahindra plans to start reporting AI-related revenue in the second half of the fiscal year.
Tech Mahindra reported faster year-on-year revenue growth than Wipro in the September quarter.
Tech Mahindra’s revenue was $1.69 billion, up 6.7% year-on-year, while Wipro’s was $2.61 billion, up 0.28%.
Tech Mahindra said telecom deals, including a large deal with Orange, drove nearly all its incremental growth.
Wipro’s revenue declined for a second consecutive quarter, with weaker media, technology and healthcare businesses weighing on results.
Tech Mahindra retained its 15% operating margin target for fiscal year 2027 and said it was shifting its focus towards faster growth.
- Who
- Tech Mahindra and Wipro, two Indian IT services companies.
- What
- Both reported September-quarter results; Tech Mahindra’s revenue growth was faster, while Wipro’s revenue declined sequentially for a second quarter.
- When
- Thursday, October 15, 2026.
- Where
- India; Wipro gave its press conference from Bengaluru, while Tech Mahindra reported at New Delhi’s ITC Maurya.
- Why
- Tech Mahindra’s growth was driven largely by telecom clients and a large Orange deal. Wipro was hurt by weaker media, technology and healthcare businesses.
This story does not have two clearly opposing sides.
Wipro reported revenue of $2.61 billion, while Tech Mahindra reported revenue of $1.69 billion.
Both companies reported their September-quarter results.
Tech Mahindra retained its 15% operating margin target for fiscal year 2027.
- Tech Mahindra revenue
- $1.69 billion, up 6.7% year-on-year
- Wipro revenue
- $2.61 billion, up 0.28% year-on-year
- Tech Mahindra new deal wins
- $1.02 billion, up 25.4% year-on-year
- Tech Mahindra operating margin target
- 15% for fiscal year 2027
- Tech Mahindra’s large telecom deal
- French telecom company Orange
3 sources
What people are saying
Clients have always been expecting productivity. Maybe the expectations are slightly higher now. But what is also happening is, and we give a couple of examples, where there is a strong modernization imperative. There is a strong imperative to build sort of new and rationalized data estates, new applications are being created
In this quarter, the demand environment has remained largely unchanged. Our clients remain focused on efficiency and productivity, while increasingly looking to accelerate AI adoption and drive long-term value