Ladies and gentlemen, good day and welcome to Wipro Limited Q4 FY 2026 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touch-tone phone. Please note that this conference is being recorded, and the duration for today's call will be for 45 minutes. I now hand the conference over to Mr. Abhishek Jain, Vice President, Corporate Treasurer, and Head of Investor Relations. Thank you, and over to you.
Yashasvi , thank you. Warm welcome to our Q4 FY 2026 earnings call. We'll begin the call with the business highlights and overview by Srinivas Pallia, our Chief Executive Officer and Managing Director, followed by updates on financial overview by our CFO, Aparna Iyer. We also have our CHRO, Saurabh Govil, and our Chief Strategist and Technology Officer, Hari Shetty, on this call. Afterwards, the operator will open the bridge for Q&A with our management team. Before Srini starts, let me draw your attention to the fact that during this call, we may make certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectation and are associated with uncertainties and risks, which may cause the actual results to differ materially from those expected. The uncertainty and risk factors are explained in our detailed filings with the SEC.
Wipro does not undertake any obligation to update the forward-looking statements to reflect events and circumstances after the date of filing. The conference call will be archived, and a transcript will be available on our website. With that, I would like to turn over the call to Srini . Srini, over to you.
Thanks, Abhishek. Hello, everyone. Thank you for joining us today. Geopolitical and policy disruptions have become the new normal. Despite these headwinds, IT spending has shown resilience. Cloud, data, and AI continue to attract investment as they provide infrastructure for future growth. Client priorities are shifting, with spending decisions increasingly tied to outcomes. At Wipro, we continue to make decisive investments to navigate the AI-first world. With that context, let me now turn to our performance in quarter four and for the full year FY 2025-2026. All group numbers I share will be in constant currency. Our IT services revenue for quarter four was $2.65 billion, reflecting a sequential growth of 0.2% and degrowth of 0.2% on a year-on-year basis. Our operating margins came in at 17.3%, a contraction of 30 basis points sequentially.
Order booking for quarter four was at $3.5 billion, which is a growth of 3.2% sequentially and a degrowth of 13.9% on a year-on-year basis. We had 14 large deals totaling $1.4 billion this quarter. For the full year, IT services revenue were $10.5 billion, reflecting a year-on-year degrowth of 1.6%. Our operating margin was at 17.2%, an expansion of almost 15 basis points as compared to FY 2025. Now to our strategic market unit performance in quarter four. Americas 1 delivered sequential and year-on-year growth driven by strong performance in consumer, technology, and communications. The healthcare sector was impacted by seasonality and policy changes. Americas 2 declined sequentially and on a year-on-year basis. The BFSI sector was impacted by delayed ramp-ups on some large deals that were closed earlier this year and by certain client-specific issues. Europe grew sequentially and has remained flat on a year-on-year basis.
We see good traction in the U.K., specifically in the BFSI sector. We also see strong deal momentum in Germany. APMEA grew sequentially and on a year-on-year basis. Growth is driven by Southeast Asia. We are seeing traction in the BFSI, technology, and communication sectors. We are encouraged by the momentum we are seeing in the APMEA region, both in performance and bets we continue to make there. A strong example is the strategic deal we announced recently with the Olam Group, expected to exceed $1 billion in contract value with a committed spend of $800 million. This is one of our largest engagements to date in APMEA. In this quarter, we also closed several strategic engagements. Let me highlight two examples with global technology leaders who drive AI at scale and how Wipro is partnering with them.
In my first example, a leading global technology company has engaged Wipro to help run and improve its frontier AI models. Wipro will manage the end-to-end operation of these AI models from training, governance, and evaluation to domain-specific validations. In fact, this engagement will be done through a specialized global delivery platform. We will make these models more accurate, reliable and safe while ensuring they can be deployed and managed at scale. In my second example, we have been selected by a leading global semiconductor company to provide engineering services that accelerate product development and manufacturing across its complex hardware platforms at locations distributed globally. We will support the entire engineering life cycle from product development to performance testing analysis before final shipment is made by our client to their end clients.
This will help our client achieve faster resolution management, higher yield, and improved governance with AI-driven analytics and automation. As intelligence becomes industrialized and widely accessible, we are making a deliberate strategic pivot to stay ahead. As you might be aware, we have launched a dedicated AI-native business and platforms unit to expand beyond a services-only model to a services-as-a-software approach. This unit will operate with dedicated leadership, focused investments, and a distinct operating model to accelerate enterprise-grade agentic AI solutions. This unit will also incubate new AI-led businesses through an invest -build partner approach in addition to collaborating with Wipro Ventures and our partner ecosystems. Together with core services, this creates a dual-engine model driving transformation at scale while building AI-native platforms that differentiate services, enable repeatable deployments, and unlock nonlinear growth. With that, let me move on to our guidance for the next quarter.
In Q1, we are guiding for a sequential growth of -2% to 0% in constant currency terms. Thank you. I'll now hand it over to Aparna, our CFO.
Good evening, everyone. Let me share a quick update and then we can open it up for Q&A. Our IT services revenue for Q4 grew 0.2% sequentially in constant currency terms and 0.6% in reported currency. Our revenues declined 0.2% on a year-on-year basis in constant currency terms. For the full year FY 2026, IT services revenues declined by 1.6% in constant currency. Our operating margin for the quarter was at 17.3%, a contraction of 0.3% over Q3 2026 and a 0.2% contraction on a year-on-year basis. With this, our full-year operating margin stands at 17.2%, an expansion of 15 basis points year-on-year. We maintain the margins within a narrow band even after absorbing two incremental months of DTS HARMAN, and we also rolled out salary increases effective March 1.
As we move into Q1, we will have the headwinds of two months of salary increase and a few large deals if we win, and the volatility could be there in our quarterly performance. However, having said that, our endeavor would be to maintain these margins in a narrow band in the medium term. Net income for the quarter was at INR 35 billion. Adjusted for the impact of labor code changes, our net income increased 3.7% sequentially. For the full year, our net income increased 2.2% year-on-year. This was after absorbing the impact of restructuring charges in both Q1 and Q3 of last year. EPS for the quarter was at INR 3.3 and INR 12.6 for the full year. Moving on to our strategic market unit and sector performance. All the growth numbers that I will be sharing will be in constant currency.
Americas 1 grew 0.3% sequentially and grew 2.9% on a year-on-year basis. Americas 2 declined 2.6% sequentially and 6.7% on a year-on-year basis. Europe grew 2% sequentially and was flat on a year-on-year basis. APMEA grew 3.1% sequentially and 8.8% on a year-on-year basis. Moving on to sector performance. BFSI declined 1.3% sequentially and 0.5% year-on-year. Healthcare declined 4.4% sequentially and was flat year-on-year. Consumer grew 1.7% sequentially and declined 2.9% year-on-year. Technology and communication grew 5.3% sequentially and 10.4% year-on-year. EMR grew 1.1% sequentially and declined 5.9% year-on-year. Let me share some other key financial metrics. Our operating cash flow continues to be higher than the net income and stood at 112.6% of net income for FY 2026. Our gross cash, including investments, was at $5.9 billion. Accounting yield on average investments held in India was at 7.3%. Our ETR was at 23.5%.
In terms of guidance, to reiterate what Srini said, we expect our revenue from IT services business segment to be in the range of $2.597 billion-$2.651 billion. This translates to a sequential guidance of -2% to 0%, in constant currency terms. Lastly, I'd like to share that in our recently concluded board meeting, the board of directors have announced and approved a buyback of INR 15,000 crores at a price of INR 250 per share. This is the largest buyback that Wipro has announced, and we expect to buy back 5.7% of the paid-up capital. The buyback is expected to complete in Q1 FY 2027, subject to shareholder approval. Our endeavor has always been to return substantial portion of the cash generated through our operations back to our shareholders.
In FY 2026 alone, we distributed dividends of $1.3 billion, taking our total payout ratio for three-year block ending FY 2026 to about 88%, which is significantly higher than the minimum threshold of 70% that we have as per our capital allocation policy. With that, I will hand it over for Q&A.
Thank you very much. We will now begin the question -and -answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take our first question from the line of Prateek Maheshwari from HSBC Securities. Please go ahead. I'm sorry. His line is disconnected. We'll move on to the next question from the line of Sandeep Shah from Equirus Securities. Please go ahead.
Yeah. Hi. Thanks for the opportunity. Sir, the first question is, there has been a good large deal wins which has happened early in the year as well as fourth quarter of last year. We kept on telling about delay in these large deals, which was expected to come in Q3, then we said Q4, then we said it will come in Q1, but the guidance does not show that. Despite the nature of the deal being cost takeout vendor consolidation, why this delay is happening?
Thanks, Sandeep.
Thanks, Sandeep. This is Srini here. Thanks for your question. Let me just talk about the quarter four performance in the context of the four SMUs we had. Three out of the four SMUs, Americas 1, Europe , and APMEA, have grown sequentially. Having said that, specifically Americas 2, we saw significant softness. This is specific to the BFSI sector there. This has been a combination of both client-specific issue and delay in ramp-ups that you're talking about. The reason for the delay is very client -specific, but we see that opportunity coming up sooner than later, and that will give us growth in that particular account and that particular sector.
Okay. Do you believe second quarter onwards, there could be a delayed ramp-up can actually pull up the growth, or do you believe client-specific issue because of the geopolitical issue and macro may continue?
As far as this particular client is concerned, it will end in quarter one, Sandeep, and there is no further impact for us materially. That's number one. Number two, as far as geopolitics is concerned, we have not seen any clients at this point in time demonstrating any specific behavior. Also, if you reflect on the pipeline that we have across the markets, including countries and across the sectors, a very strong pipeline. Of course, it's a very competitive landscape and the competition is very intense. The way we have gone ahead with the Olam deal, which is a very transformational deal, long-term deal, also taking their entire IT into Wipro, welcoming them into Wipro family.
The second one that we announced yesterday, which was part of the vendor consolidation. The kind of deals that are coming off are very different, but very strategic, and we are staying focused on execution for us, which will help us in the quarters ahead.
Okay. Just last two, there has been a notable decline in our top client. What is the reason for the same? Second, can you give us the inorganic growth contribution you have factored in the first quarter growth guidance?
These two deals that we've announced in this month, Sandeep, are a part of our guidance. At the midpoint, we've assumed both these deals to start yielding revenues for one and a half months, halfway through the quarter. To your point on the top account growth, it's a sequential decline, but from a year-on-year standpoint, it continues to have grown, and we are very confident that it will continue to come back as we go through the quarters.
Okay. Is it possible to quantify inorganic growth in the guidance?
No, they're not inorganic. They are actually strategic deal wins. If you look at it, Olam is a strategic deal win. It's a relationship that has committed revenue. Even the other one that we announced was a part of the vendor consolidation strategy for one of our top clients, and we continue to participate in these kind of deals. Both will be a part of our numbers and our guided range.
Okay. It will come in the follow-up. Thanks. All the best.
Thank you.
Thank you, Sandeep.
Next question is from the line of Ravi Menon from Axis Capital. Please go ahead.
Hi, thanks for the opportunity. Actually, beyond the top customer, where we've seen a sharp decline, we've also seen top two to five customers also decline slightly. The top customer decline, although you said it seems temporary, it's a very sharp decline. Could you talk a bit about what led to this, and what gives you confidence that this will be temporary?
Ravi, if you look at it, our top client has been producing a healthy growth for us fairly long time. This kind of one-off quarter volatility is not something that we are unduly concerned about. The relationship remains very strong, and you should continue to see it bounce back.
Great, thank you. The unbilled revenue has grown this quarter, about $780 million, and then we also see some long-term unbilled revenue. Could you talk a bit about what led to this, and how should we see that trend?
No. See, the unbilled revenues that has gone up is more a quarterly aberration. It should correct itself. From a year-on-year standpoint, actually, our DSO has remained flattish. Like I said, our operating cash flows has remained 112% of net income. We are not seeing any large exposures or pile up of our unbilled in our balance sheet. From a long-term unbilled standpoint as well, I think it's fairly contained, and we've shown consistent improvement. Yes, some of the larger deals as they pick up, they will come with some amount of balance sheet leverage, but nothing that's unduly different than what we do as business as usual, Ravi.
All right. Thanks a lot. Best luck.
Yeah.
Thank you. Next question is from the line of Dipesh Mehta from Emkay Global. Please go ahead.
Yeah, thanks for the opportunity. A couple of questions. First, on the clarification part, you said BFSI weakness was because of two factors. One is client specific and second is delay in ramp up. In one of the question answer you indicated about some of the issues likely to be ending by quarter one. Which part you are indicating by Q1 it should end?
We have said that the client specific issue that we have seen in one of our clients in Americas 2, has had an impact in both Q4 and Q1, and there won't be a continuing impact of that going forward.
What about the delay in ramp up part?
Yes. If I have to characterize, see, we've had several large deal bookings. Now, the one that we announced on Phoenix, it is fully ramped up to plan. There is no delay in that. If you look at the other three mega deals that we spoke of, one of them is on plan, and we are continuing to ramp up. We are seeing challenge in one of those large deals that we spoke about, where we are seeing a delayed ramp up. Which is in particular impacting the growth rate of that particular sector in that particular market unit. Outside of that, BFSI growth rates are pretty good in Europe and APMEA. As that client comes back and we start to ramp up, you will see those growth rates improving. That is our job.
Understood.
I hope that-
Can you give some sense about, let's say, what factor is leading to delay in ramp -up? So if you can provide some details around it qualitatively, what is leading to some of those delay? Second question which I have is, if I look, let's say, the couple of transactions which we close or in the process of closing, we included in the guidance. If, let's say, any delay in some of those closures, do you see risk to that guidance kind of thing?
We guide in a range. Like I said, we guide in a range, and there is a midpoint, and we have some cushion both on the downside and on the upside. For now, we are comfortable within that guidance range. On the first point, Srini will give.
Yeah. Dipesh, Srini here. On the first point, this is a very client-specific issue where they have changed a little bit of the strategy around some of the things as part of the business, because of which they have delayed it. Having said that, we have the clear visibility going forward. It's about the matter of timing, when and how much, and that should help us going forward, Dipesh.
Understood. Last question from my side. Just want to get some sense about how Capco is playing out. Thank you.
Yeah, go ahead.
Dipesh, as you know, Capco is our tip of the spear for the consulting piece on the paper side. They are definitely doing well. If you look at sequentially, Capco is performing very well. Also, on the year-on-year, both have been very positive. In fact, Capco had one of the highest revenues in the last several quarters. Capco is making a big difference in terms of the whole AI advisory and consulting, and the way they are being proactively shaping the client's thought process in terms of the whole geopolitics and in terms of the trade and the tariff, and their technology transition has been really good.
Thank you.
Thank you. Next question is from the line of Vibhor Singhal from Nuvama Equities. Please go ahead.
Yeah, hi. Thanks for taking my questions. Congrats, Srini and Aparna, for the buyback announcement finally. I know the market participants had been waiting for this one for quite a while. Two questions from my end. One is actually on the-
Vibhor, I'm sorry, you're sounding muffled. Vibhor?
I'm so sorry. Just give me a second. It shouldn't sound Aparna.
Are you on your handset mode? Can you use your handset mode?
Switch to the handset now?
Yes, it is clear now. Please go ahead.
Yeah. Okay. Sorry for that. Yeah. Couple of questions from my side. Srini, on the energy and utility verticals. This has been a vertical in which we've been very strong for quite a while. Just wanted to pick as to what are the conversations that you're having with the clients at this point of time because of the Gulf War that is going around. Will the crude prices and the volatility in it impact our business in this vertical, either positive or negative? Any conversation that already started on that regard, or is it too early to call out any impact of that on the segment?
Vibhor, from our perspective, if you look at quarter four, we have seen sequential growth and both manufacturing, particularly auto and industrial, has seen an impact otherwise on the region for tariffs. Now, coming specifically in the context of geopolitics, Vibhor, I think some of the clients are waiting and watching. Having said that, they've not dramatically changed their strategy. For example, what they're trying to do, especially in the manufacturing sector, if you will, they're looking at how do you secure the supply chains, make it more visible and more dynamic going forward. That's some of the opportunities that we are looking at in the context of AI that can actually help. That's the trend that we are seeing.
Auto industry, obviously, they're also looking at how the markets are going, and it varies from country to country in terms of how the business is going. The third is in terms of overall manufacturing; we have not seen any clear change. They have been constantly under pressure because of tariff-led disruptions that they're going through. They're also looking at what kind of consumer demand they can have. They are keeping a close watch on the input costs, because that will also impact their final product cost. They are trying to sharpen their budgeting, I would say, tightening at this point in time.
Got it. My second question, Srini, was basically on, again, sorry to harp on the Q1 guidance once again. As Aparna mentioned, we are taking around 1.5 months of contribution from the new deals. That would approximately come to around 0.7%-0.8% of revenue. Then another 0.7%-0.8% from the one month incremental of HARMAN integration. That leaves almost
I'm sorry, Vibhor, you're sounding muffled again. Can you repeat the last part?
Pardon me. Around one and a half months.
Okay, now it's fine. Please go ahead.
Yes. I'm so sorry for the poor connectivity. Yeah. As Aparna said, I think the two deals will contribute to 1.5 months of revenue. That's around 0.7%-0.8% of revenue. HARMAN acquisition one incremental month in Q1 again, that's another maybe 0.7%-0.8%. Around 1.5% growth is coming from these three factors. These aside, I think the remaining business seems to be quite a sharp decline in Q1. You mentioned one of the client -specific issues which you will continue to face in Q1, but are there any other significant client ramp -downs or any other delays that we are seeing because of which this Q1 organic growth, or if I can call the growth beyond these three, seems to be so weak?
HARMAN's DTS is fully in our Q4 numbers.
Aparna in Q4, that was only two months. This will add another month in Q1.
Q4 was all three months.
Oh, all three months. Okay.
Yeah. That is the only inorganic piece. Our growth for Q1 is, yes, there are these two deals that we've spoken about, which will be there.
Mm-hmm.
It'll add to our revenues in Q1. We've assumed that they will start yielding revenues mid-quarter.
Mid-quarter. Got it.
Yeah.
Yeah, sure.
If you look at it as organic growth. These are strategic deals we've taken. Yes.
Very much. Point taken. Just my last question, Aparna, on the margins. I think very strong performance on the margins in this quarter, despite wage hike and HARMAN integration as well. Do we believe these margins are sustainable in the coming quarters as well, given that we'll have couple of these deals, cost takeout deals also that we will be factoring in? Do you believe we will be able to maintain the margins at around the current levels as we have always maintained, as we have always stated that this is our target range?
Yeah. There are three areas where we are going to be investing in. We've already rolled out the wage hikes effective 1st March. We will have two months incremental impact which will have to be absorbed, right, in Q1. Two, we are winning some of these large deals and they are won in a competitive environment. They will come with their share of lower margins, especially as we start these deals, right? Second, there is certainly around capabilities, we've acquired the DTS, HARMAN, the connected services division, which is also putting pressure on margins. As I look ahead, we will continue to actually accelerate investments, especially around Wipro Intelligence, the platform unit that we've announced. It will need a lot of investment that we will work through and share with you transparently as we go through the process.
As we form our strategy around it, that will also be an area of focus for investment. Given all this, we will have to drive operational improvements. That is a continuous process, as you know. Like I said, maybe we see some quarter-on-quarter volatility, but our endeavor is going to be that in medium term, we continue to drive that productivity and cost takeout and deliver on the promise of actually AI helping us to deliver our price programs better. We continue to optimize all other overheads. As we do that, hopefully we are able to keep our margins on a medium term in narrow band.
Got it. Great. Thank you so much for taking my questions, and wish you all the best.
Thank you. We'll take our next question from the line of Prateek Maheshwari from HSBC Securities. Please go ahead.
Hello. Thank you for the opportunity. I've got a couple of questions. I'm sorry for harping again on Americas 2. Just wanted to understand, I understand that there's a client-specific issue that you guys have faced in the fourth quarter and will face in the first quarter as well. However, if I look at Americas 2, over a one-year period or a three-year period, it seems that there's been multiple client-specific issues that have happened. Just wanted to understand your thoughts on this, if it is a mere coincidence or what are your thoughts basically on this? Just second question from our side is around the AI partnerships. We are seeing your larger peers have announced their partnerships with probably foundation models like Anthropic, Mistral AI, and OpenAI. But we haven't heard a lot from you guys.
Just wanted to understand how you guys are planning around this and if you guys are planning for GTM around these models as well. Thank you.
Thanks, Prateek. You're right. AI is a central strategy for Wipro. Two quarters back, we had launched Wipro Intelligence, which is a combination of industry and cross-industry and functional platforms and solutions. This quarter, rather last quarter, we announced the formation of AI-Native Business & Platforms Unit. The reason why we are doing it is in the last two quarters , based on our experience both in terms of industry platforms and the delivery platforms, which is WINGS for run and operate and WEGA for our SDLC lifecycle which is more on the change and transform side. We have seen a very good traction. The clients feel very comfortable with the way we have put the guardrails, making sure-
We align the technology to what they are actually using, making sure it is secure, reliable, and responsible as well. Also, in terms of the productivity benefits that we can offer to them, both on the existing engagement and also the new engagements we plan to do. We will continue to invest in this. I think Aparna called out as well that Wipro Intelligence and the new AI-Native Business & Platforms Unit is going to pivot us into a services as a software industry. While we continue to deliver the services to our clients, this should help us to actually create a software as a service through our platform model. We already saw some success with our platforms, be it in healthcare, be it in banking, insurance, telecom.
We want to see that because the clients are actually feeling very comfortable with the fact that the whole platform is AI native, which is AI powered, and it's able to well integrate into their domains with the kind of agent and agentic operations we're trying to bring in. That investment will continue, Prateek.
Thanks, Srini. Sir, first question, if you could share also on Americas too. The question was that there's been multiple client-specific issues over the years. Just want to understand what your thoughts are on that.
Yeah. I think this quarter, rather the last quarter, it was something that we called out as well very specifically for the two reasons like you mentioned in your question itself. That one is the specific client ramp-up that has not happened. Aparna talked in detail about that. But we feel, and I also answered that question, we feel fairly confident that client come back because there was some directional change and they wanted to pause before they had the clarity around that. The second one was something that the account-specific issue that happened, which impacted for us in quarter one and in addition to quarter four. Having said that, if you look at our top accounts, we continue to stay focused on our top accounts with a very clear account management strategy.
In fact, many of our clients are asking us to come back and help them in terms of AI advisory and consulting in terms of how to navigate in this AI world. What's important for our accounts team is to be very proactive and leverage Wipro Intelligence and platforms and solutions and kind of help the client through this disruption process.
Srini, if you could allow me to squeeze one more question. I just wanted to ask, you said that you have a positive view on BFSI in APMEA and also in Europe. Just wanted to ask, outside of the client-specific issue that you may face in first quarter, do you have a positive view on the U.S. BFSI as well?
I think the best way for me to reflect, Prateek, in your question is the kind of pipeline that we have. I talk about having a very secular pipeline across industries and across markets. Your question specifically to BFSI, if I were to look at Americas and Europe and APMEA, and also the Capco, the question that came up. We continue to see very good traction. We continue to see very good pipeline. Some of this, the kind of work that Capco does is very consulting-led and advisory-led. We also want to see how those implementations for the clients can happen. For me, clearly from a BFSI perspective, very clearly the client wants to invest in AI around data platforms, and agentic workflows, and security. While they continue to optimize, but the spend in this specific area around AI data and cloud continues.
Thank you, Srini.
Thank you. We'll take our next question from the line of Abhishek Shindadkar from InCred Research . Please go ahead.
Hi. Thanks for the opportunity. Yeah, can you hear me?
Yes.
Yeah. Hi. Thanks for the opportunity. The first question is regarding the contribution for HARMAN. When we gave the guidance last time, in the third quarter, the 0.8% was the contribution, and incrementally two months was assumed when we gave the fourth quarter guidance. Can you just quantify what would have been the contribution for this quarter? Or if you can just quantify the organic growth for us? That's the first question, and I'll just ask the second one later.
Your question is around how much did the HARMAN acquisition contribute in Q4? Is that your question?
Yes.
We'd actually made a stock exchange filing around the revenues of the organization. You can assume the quarterly run rate around that much.
Understood. That's helpful. The second thing is on the top client, and maybe it has been asked, but not just the top, but if I look at the top five. And if I look at the client metric and the attrition across some of the larger accounts, do you foresee this kind of stopping or halting in the next quarter? Or we may continue to see some challenges in the larger accounts even in the next quarter? Thank you for taking my question.
I think our overall growth rates also tend to reflect in our top client metric growth rates as well. Right? That said, if you had to look at the year-on-year performance of our top client, it's been largely flattish year-on-year constant currency. Top five actually has grown on a year-on-year constant currency by 0.2%, and top 10 has grown a positive 1.5% on year-on-year constant currency. Therefore, are we unduly worried about the top relationships that we have? No, we're not worried about it. That said, our constant endeavor is to continue to win with our largest clients in the market, and some of the wins that we have announced even this month are towards that. You will continue to see us growing and expanding this because this is the way in which our growth will come from. It's our number one strategic priority.
We will work with large clients, and that is the endeavor.
Thank you. Super helpful. Thank you for taking my question.
Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference back to Mr. Abhishek Jain for closing comments. Over to you, sir.
Thank you all for joining the call. In case we could not take any questions due to time constraints, please feel free to reach out to Investor Relations. Have a nice day. Thank you.
Thank you. On behalf of Wipro Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.