Wipro and Tech Mahindra post Q3 results with AI-fueled deal momentum

Wipro Limited, a global provider of technology services, released its financial results for the quarter ended December 31, 2025. IT services revenue reached $2,635 million, up 1.4% quarter-on-quarter in constant currency terms and 1.2% in reported terms. Overall gross revenue stood at $2,622 million, a 3.8% increase from the prior quarter. Total deal bookings came in at $3.3 billion, with large deals at $871 million. Net income was $347 million, while operating cash flows equaled 135% of net income.

Tech Mahindra followed with its results on the same day. Revenue hit $1,610 million, up 1.7% quarter-on-quarter and 1.3% year-on-year in constant currency. EBIT reached $211 million, a 32.8% year-on-year rise, with margins at 13.1%. In rupees, revenue was ₹14,393 crores, up 8.3% year-on-year, and EBIT was ₹1,892 crores, up 40.1%. Profit after tax stood at $125 million, with new deal wins at $1,096 million total contract value, a 47% year-on-year jump.

Both firms traced growth to AI integration in enterprise deals. Wipro secured contracts for AI-led modernization in health insurance, manufacturing, and telecom, using platforms like Wipro Intelligence and WEGA for automation and agentic AI in finance and software development. Tech Mahindra won deals in telecom app modernization, HCM SaaS support, aerospace engineering, and healthcare transformation, emphasizing AI for operational efficiency and cloud migration.

Executives at both companies pointed to scaled AI execution—from pilots to multi-year programs—as a key driver, alongside partnerships like Tech Mahindra's with Google on Gemini models and Wipro's AI accelerators.

Similarities emerged in deal focus as well, telecom and healthcare transformations, legacy system upgrades, and AI for cost optimization. Tech Mahindra's LTM deal wins marked a five-year high, while Wipro's bookings held steady despite a year-on-year dip. Attrition stayed low at 14.2% for Wipro and 12.3% LTM for Tech Mahindra. Both anticipate flat to modest IT services growth next quarter, signaling steady enterprise tech demand amid AI adoption.