“Bearish on Wipro, expecting organic revenue decline in FY27 and continued underperformance against peers in FY28. The brokerage anticipates margin challenges, as traditional levers are exhausted and new business comes at lower margins due to macro and technology-led issues, potentially leading to a steep valuation discount relative to larger peers. Near-term margins are also expected to remain below the 17-17.5% band due to incremental investments.”