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MOFSL said its is modelling in a flat YoY constant currency (CC) revenue growth for FY26, factoring in a soft start, and muted Q2 and Q3 guidance, and a gradual recovery in H2. This brokerage suggested a 'Sell' rating and a target price of Rs 200 on Wipro. Foreign brokerage Nomura retained its 'Buy' and a target of Rs 280 on the stock. "We see limited room for margin expansion from current levels. We keep our FY26/FY27 estimates unchanged. Any further improvement in execution and a stable conversion of deal TCV to revenue will be key to a constructive view. We reiterate our Sell rating on Wipro with a target of Rs 200, implying 16x Jun'27E EPS.," it said. Emkay Global maintained its 'Reduce' on Wipro, reducing its target price to Rs 250 against Rs 280 earlier. Axis Securities maintained 'Hold' with a target price of Rs 270 per share. Jefferies maintained its 'Underperform' and a target price of Rs 220. NBIE said Wipro delivered a good quarter on revenue, margins and deal momentum. IT services revenue stood at $2,604 million, up 0.3 per cent QoQ and down 2.6 per cent YoY in constant currency terms - 0.4 per cent above NBIE's estimate and 2 per cent above consensus. EBIT margin came in at 16.7 per cent, 60 bps below NBIE's estimate but 10 bps higher than consensus. Margins were hit by a one-off provision of US$13.1 million due to a client bankruptcy; excluding this, the adjusted margin was 17.2 per cent. The brokerage noted that margins will likely stay in a narrow 17.2-17.5 per cent band as Wipro continues to invest for growth and ramps up large deals. Large deal TCV surged to $2.85 billion, up 7 per cent QoQ and a massive 91.6 per cent YoY, the highest-ever quarterly large deal TCV for Wipro. Total TCV was $4.69 billion, down 5.7 per cent QoQ but up 31.6 per cent YoY, the second-highest in its history. For Q3FY26, Wipro guided for (0.5 per cent) to 1.5 per cent QoQ growth in CC terms, translating to $2.59-2.64 billion in revenues. The outlook excludes revenue from its planned Harman Digital Transformation Solutions acquisition, expected to close in Q3. Post-acquisition, related investments could trim margins by around 60 bps. NBIE said Wipro's large-deal momentum for the third straight quarter is encouraging, though lower ACVs and longer deal tenures point to some caution ahead. It expects large-deal ramp-ups to cap near-term margin gains, partly offset by operational efficiencies. "Management's guidance remains conservative despite a strong pipeline. We expect near-term margin pressure, but large-deal traction offers medium-term growth visibility," NBIE noted. Nomura said the timely ramp-up of deals and strong pipeline should help Wipro improve its revenue growth rate from 2HFY26F onwards. Wipro management also indicated that client-specific issues affecting growth in EU are largely behind and this geography should return to growth in H2FY26E. "In the near-term, guidance of -0.5 to +1.5 per cent QoQ revenue growth in CC for Q3FY26E is better than our estimate of -1 to +1 per cent. We forecast YoY dollar revenue growth of -0.8 per cent in FY26F and +2.9 per cent in FY27F," Nomura said.