Wipro Limited

WIT

TechnologyInformation Technology ServicesNYSE

$1.98

Market Cap: $20.74B

Wipro Limited (WIT) Valuation Summary

Updated May 9, 2026 07:42

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$1.51 – $4.06	$2.18	+10.1%
Growth Exit 10Y	$1.65 – $4.17	$2.32	+17.2%
EBITDA Exit 5Y	$1.24 – $2.86	$1.98	+0.2%
EBITDA Exit 10Y	$1.45 – $3.11	$2.16	+9.0%
▸ Trading Multiples
P/E	$1.85 – $3.34	$2.33	+17.8%
EV/EBITDA	$1.77 – $2.44	$1.90	-4.3%
EV/Revenue	$1.17 – $3.15	$1.65	-16.8%
▸ PEG
PEG Fair Value	$1.71 – $1.71	$1.71	-13.5%
▸ Earnings Power Value
Earnings Power Value	$1.23 – $1.78	$1.46	-26.5%
▸ Dividend Discount
Dividend Discount	$2.50 – $5.16	$3.56	+79.8%

Valuation History

DCF Analysis

Fair Value

$2.18

Market Price

$1.98

Upside / Downside

+10.1%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Wipro Limited's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 4.6% to 3.3% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 91, DPO 14, DIO 1). At a 8.8% WACC with mid-year discounting, the terminal value (74% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $2.18 per share, suggesting WIT is fairly valued by 10.1% at the current price of $1.98.

FCFF Present Value Calculation

WACC

8.81%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2027	2028	2029	2030	2031	Terminal
Profit Before Tax	1,811	1,889	1,963	2,035	2,102	2,155
(−) Net Interest	154	161	167	173	179	184
(+) D&A	185	179	187	207	219	224
EBITDA	2,150	2,228	2,318	2,416	2,500	2,563

(−) Tax	415	433	450	466	482	494
(−) CapEx	211	220	229	237	245	251
(−) ΔWC	71	117	113	108	102	105
Free Cash Flow (FCFF)	1,453	1,458	1,526	1,604	1,671	1,713

Terminal Value						27,140
WACC / Discount Rate	8.8%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	1,393	1,284	1,235	1,194	1,143	17,793

Enterprise Value	24,041
Projection Period	6,249	26.0%
Terminal Value	17,793	74.0%

(−) Current Net Debt	1,145

Equity Value	22,896
(/) Outstanding Shares	10,503

Fair Price	$2.18

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.8%	$3	$3	$3	$4	$4
7.8%	$2	$2	$3	$3	$3
8.8%	$2	$2	$2	$2	$2
9.8%	$2	$2	$2	$2	$2
10.8%	$2	$2	$2	$2	$2

Current price: $1.98. Green = undervalued, Red = overvalued.

Fair Value

$2.32

Market Price

$1.98

Upside / Downside

+17.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Wipro Limited's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 4.7% to 3.2% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 91, DPO 14, DIO 1). At a 8.8% WACC with mid-year discounting, the terminal value (56% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $2.32 per share, suggesting WIT is undervalued by 17.2% at the current price of $1.98.

FCFF Present Value Calculation

WACC

8.81%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	Terminal
Profit Before Tax	1,814	1,897	1,980	2,063	2,147	2,230	2,312	2,394	2,474	2,552	2,616
(−) Net Interest	155	162	169	176	183	190	197	204	211	218	223
(+) D&A	185	179	187	208	220	231	240	250	260	269	276
EBITDA	2,153	2,237	2,336	2,447	2,550	2,651	2,750	2,848	2,944	3,039	3,115

(−) Tax	416	435	454	473	492	511	530	549	567	585	600
(−) CapEx	211	221	231	240	250	260	269	279	288	297	305
(−) ΔWC	75	125	126	126	126	126	125	123	121	119	122
Free Cash Flow (FCFF)	1,451	1,456	1,525	1,607	1,681	1,754	1,825	1,897	1,968	2,038	2,089

Terminal Value											33,094
WACC / Discount Rate	8.8%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	1,391	1,282	1,235	1,196	1,150	1,102	1,054	1,007	960	914	14,223

Enterprise Value	25,514
Projection Period	11,291	44.3%
Terminal Value	14,223	55.7%

(−) Current Net Debt	1,145

Equity Value	24,369
(/) Outstanding Shares	10,503

Fair Price	$2.32

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.8%	$3	$3	$3	$4	$4
7.8%	$2	$3	$3	$3	$3
8.8%	$2	$2	$2	$2	$3
9.8%	$2	$2	$2	$2	$2
10.8%	$2	$2	$2	$2	$2

Current price: $1.98. Green = undervalued, Red = overvalued.

Fair Value

$1.98

Market Price

$1.98

Upside / Downside

+0.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Wipro Limited's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 4.6% to 3.3% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 91, DPO 14, DIO 1). At a 8.8% WACC with mid-year discounting, the terminal value (72% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 9.4x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $1.98 per share, suggesting WIT is fairly valued by 0.2% at the current price of $1.98.

FCFF Present Value Calculation

WACC

8.81%

3% – 20%

EV/EBITDA Exit Multiple

9.36x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2027	2028	2029	2030	2031	Terminal
Profit Before Tax	1,811	1,889	1,963	2,035	2,102	2,155
(−) Net Interest	154	161	167	173	179	184
(+) D&A	185	179	187	207	219	224
EBITDA	2,150	2,228	2,318	2,416	2,500	2,563

(−) Tax	415	433	450	466	482	—
(−) CapEx	211	220	229	237	245	—
(−) ΔWC	71	117	113	108	102	—
Free Cash Flow (FCF)	1,453	1,458	1,526	1,604	1,671	—

Peers' EBITDA Multiple						9.4x
Terminal Value						23,988
WACC / Discount Rate	8.81%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	1,393	1,284	1,235	1,194	1,143	15,726

Enterprise Value	21,975
Projection Period	6,249	28.4%
Terminal Value	15,726	71.6%

(−) Current Net Debt	1,145
Equity Value	20,830
(÷) Outstanding Shares	10503M
Fair Price	$2	+0.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	5.4x	7.4x	9.4x	11.4x	13.4x
6.8%	$1	$2	$2	$3	$3
7.8%	$1	$2	$2	$2	$3
8.8%	$1	$2	$2	$2	$3
9.8%	$1	$2	$2	$2	$3
10.8%	$1	$2	$2	$2	$2

Current price: $1.98. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$2.16

Market Price

$1.98

Upside / Downside

+9.0%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Wipro Limited's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 4.7% to 3.2% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 91, DPO 14, DIO 1). At a 8.8% WACC with mid-year discounting, the terminal value (53% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 9.4x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $2.16 per share, suggesting WIT is fairly valued by 9.0% at the current price of $1.98.

FCFF Present Value Calculation

WACC

8.81%

3% – 20%

EV/EBITDA Exit Multiple

9.36x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	Terminal
Profit Before Tax	1,814	1,897	1,980	2,063	2,147	2,230	2,312	2,394	2,474	2,552	2,616
(−) Net Interest	155	162	169	176	183	190	197	204	211	218	223
(+) D&A	185	179	187	208	220	231	240	250	260	269	276
EBITDA	2,153	2,237	2,336	2,447	2,550	2,651	2,750	2,848	2,944	3,039	3,115

(−) Tax	416	435	454	473	492	511	530	549	567	585	—
(−) CapEx	211	221	231	240	250	260	269	279	288	297	—
(−) ΔWC	75	125	126	126	126	126	125	123	121	119	—
Free Cash Flow (FCF)	1,451	1,456	1,525	1,607	1,681	1,754	1,825	1,897	1,968	2,038	—

Peers' EBITDA Multiple											9.4x
Terminal Value											29,158
WACC / Discount Rate	8.81%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	1,391	1,282	1,235	1,196	1,150	1,102	1,054	1,007	960	914	12,532

Enterprise Value	23,822
Projection Period	11,291	47.4%
Terminal Value	12,532	52.6%

(−) Current Net Debt	1,145
Equity Value	22,677
(÷) Outstanding Shares	10503M
Fair Price	$2	+9.0%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	5.4x	7.4x	9.4x	11.4x	13.4x
6.8%	$2	$2	$3	$3	$3
7.8%	$2	$2	$2	$3	$3
8.8%	$2	$2	$2	$2	$3
9.8%	$2	$2	$2	$2	$2
10.8%	$1	$2	$2	$2	$2

Current price: $1.98. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$2.33

Market Price

$1.98

Upside / Downside

+17.8%

Verdict

Undervalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Wipro Limited (WIT) has a fair value of $2.33 based on 8 comparable companies in the Information Technology Services industry.

P/E Valuation — Information Technology Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Wipro LimitedWIT	20,797	12.7x	—
Zoom Communications, Inc.ZM	31,938	17.5x	18.4x
Cognizant Technology Solutions CorporationCTSH	24,490	11.4x	10.0x
Fidelity National Information Services, Inc.FIS	22,484	58.0x	7.5x
HP Inc.HPQ	20,820	8.6x	7.3x
Broadridge Financial Solutions, Inc.BR	17,291	21.1x	15.7x
Leidos Holdings, Inc.LDOS	16,366	11.7x	12.9x
CDW CorporationCDW	13,387	13.0x	10.6x
Gartner, Inc.IT	10,622	16.4x	13.3x
Industry Median		14.7x	11.7x
(*) Profit after tax		1,666
Equity Value		24,504
(/) Outstanding shares		10,503
Fair Price		$2

Fair Value

$1.90

Market Price

$1.98

Upside / Downside

-4.3%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Wipro Limited (WIT) has a fair value of $1.90 based on 8 comparable companies in the Information Technology Services industry.

EV/EBITDA Valuation — Information Technology Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Wipro LimitedWIT	20,797	9.8x	—
Zoom Communications, Inc.ZM	31,938	12.0x	11.5x
Cognizant Technology Solutions CorporationCTSH	24,490	5.8x	5.8x
Fidelity National Information Services, Inc.FIS	22,484	8.9x	9.0x
HP Inc.HPQ	20,820	6.8x	6.9x
Broadridge Financial Solutions, Inc.BR	17,291	11.9x	11.1x
Leidos Holdings, Inc.LDOS	16,366	8.8x	9.2x
CDW CorporationCDW	13,387	9.8x	9.9x
Gartner, Inc.IT	10,622	10.2x	10.6x
Industry Median		9.4x	9.5x
(*) EBITDA		2,249
= Enterprise Value		21,051
(-) Net Debt		1,145
Equity Value		19,906
(/) Outstanding shares		10,503
Fair Price		$2

Fair Value

$1.65

Market Price

$1.98

Upside / Downside

-16.8%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Wipro Limited (WIT) has a fair value of $1.65 based on 8 comparable companies in the Information Technology Services industry.

EV/Revenue Valuation — Information Technology Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Wipro LimitedWIT	20,797	1.9x	—
Zoom Communications, Inc.ZM	31,938	6.3x	6.1x
Cognizant Technology Solutions CorporationCTSH	24,490	1.1x	1.1x
Fidelity National Information Services, Inc.FIS	22,484	2.4x	2.4x
HP Inc.HPQ	20,820	0.5x	0.5x
Broadridge Financial Solutions, Inc.BR	17,291	2.9x	2.7x
Leidos Holdings, Inc.LDOS	16,366	1.2x	1.3x
CDW CorporationCDW	13,387	0.9x	0.9x
Gartner, Inc.IT	10,622	1.9x	2.0x
Industry Median		1.6x	1.6x
(*) Revenue		11,695
= Enterprise Value		18,447
(-) Net Debt		1,145
Equity Value		17,302
(/) Outstanding shares		10,503
Fair Price		$2

PEG Fair Value

Fair Value

$1.71

Market Price

$1.98

Upside / Downside

-13.5%

Verdict

Overvalued

Using the PEG framework with historical EPS growth of 11.0% plus 7.0% dividend yield, the company has a fair value of $1.71 based on TTM EPS (FY2026) of $0.16. The current PEG ratio is 1.16.

PEG Ratio

1.16Fair Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 12.7 ÷ (4.0% + 7.0%) = 1.16

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Slow GrowerPEG less reliable

PEG tends to undervalue slow growers — consider dividend yield and asset value instead.

Fair Value Calculation

EPS Growth RateHistorical	4.0%
Dividend Yield	+7.0%
Adjusted Growth (clamped 8–25%)	11.0%
Fair P/E	11.0x
TTM EPS (FY2026)	$0.16
Fair Value	$1.71

Growth Analysis

Forward Growth

No analyst estimates available.

Historical GrowthActive

Year	Net Income	EPS	YoY
FY2022	$1.5B	$0.13	—
FY2023	$1.4B	$0.12	-7.3%
FY2024	$1.3B	$0.12	+0.7%
FY2025	$1.6B	$0.15	+20.4%
FY2026	$1.7B	$0.16	+3.9%

4Y Historical EPS CAGR: 4.0%

Earnings Power Value

Fair Value

$1.46

Market Price

$1.98

Upside / Downside

-26.5%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 8.8% and normalized earnings of $1.4B, the company has a fair value of $1.46 per share. The EPV range is $1.23 – $1.78 based on WACC sensitivity (7.3% – 10.3%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	1,448	1,448	1,448
(/) WACC	10.3%	8.8%	7.3%
Enterprise Value	14,047	16,438	19,811
(-) Net debt	1,145	1,145	1,145
Equity Value	12,902	15,293	18,665
(/) Outstanding shares	10,503	10,503	10,503
Fair Price	$1.23	$1.46	$1.78

Dividend Discount Model

Fair Value

$3.56

Market Price

$1.98

Upside / Downside

+79.8%

Verdict

Undervalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 9.2% and projected dividend growth of 15.0%, the fair value is $3.56 per share. The DDM range is $2.50 – $5.16 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$0.14

Dividend Yield

7.01%

Payout Ratio

87.3%

Dividend Coverage

1.15x

FCF Payout Ratio73.7%

DPS CAGR (4Y)119.3%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2026	$0.14	87.3%	+92.8%
2025	$0.07	47.2%	+1117.3%
2024	$0.01	4.7%	-83.5%
2023	$0.04	28.3%	+499.5%
2022	$0.01	4.4%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2027	$0.16	15.0%	0.9158	$0.15
2028	$0.18	15.0%	0.8387	$0.15
2029	$0.21	15.0%	0.7681	$0.16
2030	$0.24	15.0%	0.7035	$0.17
2031	$0.28	15.0%	0.6442	$0.18
Terminal Value	$0.29 DPS	2.5%		$2.75

PV of Projected Dividends$0.81

PV of Terminal Value$2.75

Fair Value per Share$3.56

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	13.0%	14.0%	15.0%	15.0%	15.0%
7.2%	$5	$5	$5	$5	$5
8.2%	$4	$4	$4	$4	$4
9.2%	$3	$3	$4	$4	$4
10.2%	$3	$3	$3	$3	$3
11.2%	$3	$3	$3	$3	$3

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Wipro Limited (WIT) Valuation Summary

Updated May 9, 2026 07:42

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$1.51 – $4.06	$2.18	+10.1%
Growth Exit 10Y	$1.65 – $4.17	$2.32	+17.2%
EBITDA Exit 5Y	$1.24 – $2.86	$1.98	+0.2%
EBITDA Exit 10Y	$1.45 – $3.11	$2.16	+9.0%
▸ Trading Multiples
P/E	$1.85 – $3.34	$2.33	+17.8%
EV/EBITDA	$1.77 – $2.44	$1.90	-4.3%
EV/Revenue	$1.17 – $3.15	$1.65	-16.8%
▸ PEG
PEG Fair Value	$1.71 – $1.71	$1.71	-13.5%
▸ Earnings Power Value
Earnings Power Value	$1.23 – $1.78	$1.46	-26.5%
▸ Dividend Discount
Dividend Discount	$2.50 – $5.16	$3.56	+79.8%

Valuation History

DCF Analysis

Fair Value

$2.18

Market Price

$1.98

Upside / Downside

+10.1%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

8.81%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2027	2028	2029	2030	2031	Terminal
Profit Before Tax	1,811	1,889	1,963	2,035	2,102	2,155
(−) Net Interest	154	161	167	173	179	184
(+) D&A	185	179	187	207	219	224
EBITDA	2,150	2,228	2,318	2,416	2,500	2,563

(−) Tax	415	433	450	466	482	494
(−) CapEx	211	220	229	237	245	251
(−) ΔWC	71	117	113	108	102	105
Free Cash Flow (FCFF)	1,453	1,458	1,526	1,604	1,671	1,713

Terminal Value						27,140
WACC / Discount Rate	8.8%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	1,393	1,284	1,235	1,194	1,143	17,793

Enterprise Value	24,041
Projection Period	6,249	26.0%
Terminal Value	17,793	74.0%

(−) Current Net Debt	1,145

Equity Value	22,896
(/) Outstanding Shares	10,503

Fair Price	$2.18

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.8%	$3	$3	$3	$4	$4
7.8%	$2	$2	$3	$3	$3
8.8%	$2	$2	$2	$2	$2
9.8%	$2	$2	$2	$2	$2
10.8%	$2	$2	$2	$2	$2

Current price: $1.98. Green = undervalued, Red = overvalued.

Fair Value

$2.32

Market Price

$1.98

Upside / Downside

+17.2%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

8.81%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	Terminal
Profit Before Tax	1,814	1,897	1,980	2,063	2,147	2,230	2,312	2,394	2,474	2,552	2,616
(−) Net Interest	155	162	169	176	183	190	197	204	211	218	223
(+) D&A	185	179	187	208	220	231	240	250	260	269	276
EBITDA	2,153	2,237	2,336	2,447	2,550	2,651	2,750	2,848	2,944	3,039	3,115

(−) Tax	416	435	454	473	492	511	530	549	567	585	600
(−) CapEx	211	221	231	240	250	260	269	279	288	297	305
(−) ΔWC	75	125	126	126	126	126	125	123	121	119	122
Free Cash Flow (FCFF)	1,451	1,456	1,525	1,607	1,681	1,754	1,825	1,897	1,968	2,038	2,089

Terminal Value											33,094
WACC / Discount Rate	8.8%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	1,391	1,282	1,235	1,196	1,150	1,102	1,054	1,007	960	914	14,223

Enterprise Value	25,514
Projection Period	11,291	44.3%
Terminal Value	14,223	55.7%

(−) Current Net Debt	1,145

Equity Value	24,369
(/) Outstanding Shares	10,503

Fair Price	$2.32

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.8%	$3	$3	$3	$4	$4
7.8%	$2	$3	$3	$3	$3
8.8%	$2	$2	$2	$2	$3
9.8%	$2	$2	$2	$2	$2
10.8%	$2	$2	$2	$2	$2

Current price: $1.98. Green = undervalued, Red = overvalued.

Fair Value

$1.98

Market Price

$1.98

Upside / Downside

+0.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Wipro Limited's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 4.6% to 3.3% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 91, DPO 14, DIO 1). At a 8.8% WACC with mid-year discounting, the terminal value (72% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 9.4x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $1.98 per share, suggesting WIT is fairly valued by 0.2% at the current price of $1.98.

FCFF Present Value Calculation

WACC

8.81%

3% – 20%

EV/EBITDA Exit Multiple

9.36x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2027	2028	2029	2030	2031	Terminal
Profit Before Tax	1,811	1,889	1,963	2,035	2,102	2,155
(−) Net Interest	154	161	167	173	179	184
(+) D&A	185	179	187	207	219	224
EBITDA	2,150	2,228	2,318	2,416	2,500	2,563

(−) Tax	415	433	450	466	482	—
(−) CapEx	211	220	229	237	245	—
(−) ΔWC	71	117	113	108	102	—
Free Cash Flow (FCF)	1,453	1,458	1,526	1,604	1,671	—

Peers' EBITDA Multiple						9.4x
Terminal Value						23,988
WACC / Discount Rate	8.81%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	1,393	1,284	1,235	1,194	1,143	15,726

Enterprise Value	21,975
Projection Period	6,249	28.4%
Terminal Value	15,726	71.6%

(−) Current Net Debt	1,145
Equity Value	20,830
(÷) Outstanding Shares	10503M
Fair Price	$2	+0.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	5.4x	7.4x	9.4x	11.4x	13.4x
6.8%	$1	$2	$2	$3	$3
7.8%	$1	$2	$2	$2	$3
8.8%	$1	$2	$2	$2	$3
9.8%	$1	$2	$2	$2	$3
10.8%	$1	$2	$2	$2	$2

Current price: $1.98. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$2.16

Market Price

$1.98

Upside / Downside

+9.0%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Wipro Limited's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 4.7% to 3.2% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 91, DPO 14, DIO 1). At a 8.8% WACC with mid-year discounting, the terminal value (53% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 9.4x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $2.16 per share, suggesting WIT is fairly valued by 9.0% at the current price of $1.98.

FCFF Present Value Calculation

WACC

8.81%

3% – 20%

EV/EBITDA Exit Multiple

9.36x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	Terminal
Profit Before Tax	1,814	1,897	1,980	2,063	2,147	2,230	2,312	2,394	2,474	2,552	2,616
(−) Net Interest	155	162	169	176	183	190	197	204	211	218	223
(+) D&A	185	179	187	208	220	231	240	250	260	269	276
EBITDA	2,153	2,237	2,336	2,447	2,550	2,651	2,750	2,848	2,944	3,039	3,115

(−) Tax	416	435	454	473	492	511	530	549	567	585	—
(−) CapEx	211	221	231	240	250	260	269	279	288	297	—
(−) ΔWC	75	125	126	126	126	126	125	123	121	119	—
Free Cash Flow (FCF)	1,451	1,456	1,525	1,607	1,681	1,754	1,825	1,897	1,968	2,038	—

Peers' EBITDA Multiple											9.4x
Terminal Value											29,158
WACC / Discount Rate	8.81%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	1,391	1,282	1,235	1,196	1,150	1,102	1,054	1,007	960	914	12,532

Enterprise Value	23,822
Projection Period	11,291	47.4%
Terminal Value	12,532	52.6%

(−) Current Net Debt	1,145
Equity Value	22,677
(÷) Outstanding Shares	10503M
Fair Price	$2	+9.0%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	5.4x	7.4x	9.4x	11.4x	13.4x
6.8%	$2	$2	$3	$3	$3
7.8%	$2	$2	$2	$3	$3
8.8%	$2	$2	$2	$2	$3
9.8%	$2	$2	$2	$2	$2
10.8%	$1	$2	$2	$2	$2

Current price: $1.98. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$2.33

Market Price

$1.98

Upside / Downside

+17.8%

Verdict

Undervalued

P/E Valuation — Information Technology Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Wipro LimitedWIT	20,797	12.7x	—
Zoom Communications, Inc.ZM	31,938	17.5x	18.4x
Cognizant Technology Solutions CorporationCTSH	24,490	11.4x	10.0x
Fidelity National Information Services, Inc.FIS	22,484	58.0x	7.5x
HP Inc.HPQ	20,820	8.6x	7.3x
Broadridge Financial Solutions, Inc.BR	17,291	21.1x	15.7x
Leidos Holdings, Inc.LDOS	16,366	11.7x	12.9x
CDW CorporationCDW	13,387	13.0x	10.6x
Gartner, Inc.IT	10,622	16.4x	13.3x
Industry Median		14.7x	11.7x
(*) Profit after tax		1,666
Equity Value		24,504
(/) Outstanding shares		10,503
Fair Price		$2

Fair Value

$1.90

Market Price

$1.98

Upside / Downside

-4.3%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Wipro Limited (WIT) has a fair value of $1.90 based on 8 comparable companies in the Information Technology Services industry.

EV/EBITDA Valuation — Information Technology Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Wipro LimitedWIT	20,797	9.8x	—
Zoom Communications, Inc.ZM	31,938	12.0x	11.5x
Cognizant Technology Solutions CorporationCTSH	24,490	5.8x	5.8x
Fidelity National Information Services, Inc.FIS	22,484	8.9x	9.0x
HP Inc.HPQ	20,820	6.8x	6.9x
Broadridge Financial Solutions, Inc.BR	17,291	11.9x	11.1x
Leidos Holdings, Inc.LDOS	16,366	8.8x	9.2x
CDW CorporationCDW	13,387	9.8x	9.9x
Gartner, Inc.IT	10,622	10.2x	10.6x
Industry Median		9.4x	9.5x
(*) EBITDA		2,249
= Enterprise Value		21,051
(-) Net Debt		1,145
Equity Value		19,906
(/) Outstanding shares		10,503
Fair Price		$2

Fair Value

$1.65

Market Price

$1.98

Upside / Downside

-16.8%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Wipro Limited (WIT) has a fair value of $1.65 based on 8 comparable companies in the Information Technology Services industry.

EV/Revenue Valuation — Information Technology Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Wipro LimitedWIT	20,797	1.9x	—
Zoom Communications, Inc.ZM	31,938	6.3x	6.1x
Cognizant Technology Solutions CorporationCTSH	24,490	1.1x	1.1x
Fidelity National Information Services, Inc.FIS	22,484	2.4x	2.4x
HP Inc.HPQ	20,820	0.5x	0.5x
Broadridge Financial Solutions, Inc.BR	17,291	2.9x	2.7x
Leidos Holdings, Inc.LDOS	16,366	1.2x	1.3x
CDW CorporationCDW	13,387	0.9x	0.9x
Gartner, Inc.IT	10,622	1.9x	2.0x
Industry Median		1.6x	1.6x
(*) Revenue		11,695
= Enterprise Value		18,447
(-) Net Debt		1,145
Equity Value		17,302
(/) Outstanding shares		10,503
Fair Price		$2

PEG Fair Value

Fair Value

$1.71

Market Price

$1.98

Upside / Downside

-13.5%

Verdict

Overvalued

Using the PEG framework with historical EPS growth of 11.0% plus 7.0% dividend yield, the company has a fair value of $1.71 based on TTM EPS (FY2026) of $0.16. The current PEG ratio is 1.16.

PEG Ratio

1.16Fair Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 12.7 ÷ (4.0% + 7.0%) = 1.16

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Slow GrowerPEG less reliable

PEG tends to undervalue slow growers — consider dividend yield and asset value instead.

Fair Value Calculation

EPS Growth RateHistorical	4.0%
Dividend Yield	+7.0%
Adjusted Growth (clamped 8–25%)	11.0%
Fair P/E	11.0x
TTM EPS (FY2026)	$0.16
Fair Value	$1.71

Growth Analysis

Forward Growth

No analyst estimates available.

Historical GrowthActive

Year	Net Income	EPS	YoY
FY2022	$1.5B	$0.13	—
FY2023	$1.4B	$0.12	-7.3%
FY2024	$1.3B	$0.12	+0.7%
FY2025	$1.6B	$0.15	+20.4%
FY2026	$1.7B	$0.16	+3.9%

4Y Historical EPS CAGR: 4.0%

Earnings Power Value

Fair Value

$1.46

Market Price

$1.98

Upside / Downside

-26.5%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	1,448	1,448	1,448
(/) WACC	10.3%	8.8%	7.3%
Enterprise Value	14,047	16,438	19,811
(-) Net debt	1,145	1,145	1,145
Equity Value	12,902	15,293	18,665
(/) Outstanding shares	10,503	10,503	10,503
Fair Price	$1.23	$1.46	$1.78

Dividend Discount Model

Fair Value

$3.56

Market Price

$1.98

Upside / Downside

+79.8%

Verdict

Undervalued

Dividend Profile

Current DPS

$0.14

Dividend Yield

7.01%

Payout Ratio

87.3%

Dividend Coverage

1.15x

FCF Payout Ratio73.7%

DPS CAGR (4Y)119.3%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2026	$0.14	87.3%	+92.8%
2025	$0.07	47.2%	+1117.3%
2024	$0.01	4.7%	-83.5%
2023	$0.04	28.3%	+499.5%
2022	$0.01	4.4%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2027	$0.16	15.0%	0.9158	$0.15
2028	$0.18	15.0%	0.8387	$0.15
2029	$0.21	15.0%	0.7681	$0.16
2030	$0.24	15.0%	0.7035	$0.17
2031	$0.28	15.0%	0.6442	$0.18
Terminal Value	$0.29 DPS	2.5%		$2.75

PV of Projected Dividends$0.81

PV of Terminal Value$2.75

Fair Value per Share$3.56

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	13.0%	14.0%	15.0%	15.0%	15.0%
7.2%	$5	$5	$5	$5	$5
8.2%	$4	$4	$4	$4	$4
9.2%	$3	$3	$4	$4	$4
10.2%	$3	$3	$3	$3	$3
11.2%	$3	$3	$3	$3	$3