LTIMindtree vs Wipro: Revenue, Profit and Business Model
LTIMindtree reported ~$4.9B of revenue in FY2026 and ~$623.8M of net income. Wipro reported ~$10.7B of revenue in FY2026 and ~$1.5B of net income.
Latest financial snapshot
LTIMindtree
- Latest revenue
- ~$4.9B (FY2026)
- Net income
- ~$623.8M
- Net margin
- 12.7%
- Revenue growth
- +12.8% a year, FY2022–FY2026
Wipro
- Latest revenue
- ~$10.7B (FY2026)
- Net income
- ~$1.5B
- Net margin
- 14.2%
- Revenue growth
- +6.1% a year, FY2016–FY2026
Financial summary
LTIMindtree
LTIMindtree's revenue rose from ~$3.85 billion (₹33,183 crore) in FY23, its first year as a merged company, to ~$4.91 billion (₹42,308 crore) in FY26. Growth slowed to about 7% in FY24 and FY25 as clients cut spending, then picked up to 11.3% in FY26, or 5.3% in constant currency, with dollar revenue reaching $4.76 billion. FY26 net profit rose 16.9% to ~$624 million (₹5,378 crore), and the board recommended a final dividend of ₹53 per share. In Q1 FY27 (April-June 2026) revenue was ~$1.35 billion (₹11,608 crore), up 18% year on year in rupees, with net profit of about $170 million (₹1,468 crore) and an EBIT margin of 15.5%.
Wipro
In FY2026 Wipro reported gross revenue of Rs 926.2 billion and net income of Rs 132.0 billion. IT services revenue was about $10.48 billion, roughly level with the year before, and the IT services operating margin was 17.2%. Fourth-quarter gross revenue was Rs 242.4 billion, up 7.7% year over year, and quarterly net income was Rs 35.0 billion, down 1.9%. With the Q4 results in April 2026, the board approved a Rs 150 billion share buyback. In Q1 FY2027, gross revenue rose 10.6% year over year to Rs 244.8 billion. IT services revenue fell 1.4% sequentially to $2,614.5 million, and net income was Rs 33.6 billion ($354.6 million), up 0.6% year over year.
Revenue and profit by year
LTIMindtree
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$4.9B | ~$623.8M | 12.7% | +11.3% | Source |
| FY2025 | ~$4.4B | ~$533.4M | 12.1% | +7.0% | Source |
| FY2024 | ~$4.1B | ~$531.5M | 12.9% | +7.0% | Source |
| FY2023 | ~$3.8B | ~$511.4M | 13.3% | +27.1% | Source |
| FY2022 | ~$3B | ~$458M | 15.1% | — | Source |
Wipro
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$10.7B | ~$1.5B | 14.2% | +4.0% | Source |
| FY2025 | ~$10.3B | ~$1.5B | 14.7% | -0.7% | Source |
| FY2024 | ~$10.4B | ~$1.3B | 12.3% | -0.8% | Source |
| FY2023 | ~$10.5B | ~$1.3B | 12.5% | +14.4% | Source |
| FY2022 | ~$9.2B | ~$1.4B | 15.4% | +27.7% | Source |
| FY2021 | ~$7.2B | ~$1.3B | 17.4% | +1.5% | Source |
| FY2020 | ~$7.1B | ~$1.1B | 15.9% | +4.2% | Source |
| FY2019 | ~$6.8B | ~$1B | 15.4% | +7.5% | Source |
| FY2018 | ~$6.3B | ~$928.9M | 14.7% | -1.0% | Source |
| FY2017 | ~$6.4B | ~$984.8M | 15.4% | +7.4% | Source |
| FY2016 | ~$5.9B | ~$1B | 17.4% | — | Source |
Where the revenue comes from
LTIMindtree
- Banking, Financial Services & Insurance (BFSI)
Largest vertical
Core banking, payments, insurance and capital markets technology services.
- Technology, Media & Communications
Major vertical
Product engineering and IT services for technology, media and telecom companies.
- Manufacturing & Resources
Major vertical
ERP, industrial IoT and supply chain work for manufacturers, energy and utilities.
- Consumer Business
Smaller vertical
Retail, CPG and travel technology services.
- Healthcare, Life Sciences & Public Services
Smaller vertical
Healthcare payer and provider, life sciences and public sector programs.
Wipro
- IT Services~99%
Consulting, application, cloud, infrastructure, engineering, and business process services. This segment accounts for nearly all of Wipro's revenue.
- IT Products~1%
Resale of third-party hardware and software, mainly in India. The segment is small and has been shrinking.
Business model and strategy
LTIMindtree
How it makes money
LTM earns money by selling IT services to large enterprises, mostly in North America and Europe. Contracts are billed either as time-and-materials work or as fixed-price and managed-services deals that run for several years.
Growth strategy
Under CEO Venu Lambu, LTM's strategy is built around AI-led services, a new brand, and more geographic diversification. The 2026 rebrand positions the company as a 'business creativity partner' and groups its AI offerings into creative, business and industrial categories.
Competitive advantage
LTM's advantages come from L&T ownership, which gives it financial credibility and access to engineering and manufacturing domain knowledge, and from the mix of LTI's enterprise systems and ERP work with Mindtree's digital engineering and customer-experience skills.
Wipro
How it makes money
Wipro earns most of its revenue from its IT services segment: multi-year contracts to build, run, and modernize enterprise software and infrastructure, plus consulting, cloud migration, cybersecurity, engineering services, and business process work. Contracts are priced as time-and-materials, fixed-price, or managed-service deals.
Growth strategy
Under Srini Pallia, Wipro is focusing on large deals, consulting-led selling, AI-enabled delivery through its ai360 program, and growth in its biggest client accounts. In 2025 it agreed to acquire Harman's Digital Transformation Solutions unit to add engineering services capacity.
Competitive advantage
Wipro's strengths are long-standing client relationships, a large India delivery base, engineering services depth, Capco's position in financial services consulting, a net cash balance sheet, and stable Premji family control.
Questions about LTIMindtree vs Wipro
Which company has higher revenue — LTM (formerly LTIMindtree) or Wipro Limited?
LTM (formerly LTIMindtree) reported ~$4.9B (FY2026), while Wipro Limited reported ~$10.7B (FY2026). By last reported revenue, Wipro Limited is the larger business, with LTM (formerly LTIMindtree) reporting a smaller revenue base.
What is the market cap of LTM (formerly LTIMindtree) vs Wipro Limited?
LTM (formerly LTIMindtree)'s market capitalisation stands at $14.3B, while Wipro Limited's is $28.0B. Wipro Limited carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to LTM (formerly LTIMindtree).
Which is more financially efficient — LTM (formerly LTIMindtree) or Wipro Limited?
LTM (formerly LTIMindtree) generates $56k / employee in revenue per employee, while Wipro Limited generates $47k / employee. LTM (formerly LTIMindtree) shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do LTM (formerly LTIMindtree) and Wipro Limited make money?
LTM (formerly LTIMindtree) and Wipro Limited generate revenue in fundamentally different ways. LTM (formerly LTIMindtree): LTM earns money by selling IT services to large enterprises, mostly in North America and Europe. Wipro Limited: Wipro earns most of its revenue from its IT services segment: multi-year contracts to build, run, and modernize enterprise software and infrastructure, plus consulting, cloud migration, cybersecurity, engineering services, and business process work.
Which company is valued higher relative to revenue — LTM (formerly LTIMindtree) or Wipro Limited?
On a price-to-sales (P/S) basis, LTM (formerly LTIMindtree) trades at 2.9x P/S and Wipro Limited at 2.6x P/S. LTM (formerly LTIMindtree) commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Wipro Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is LTM (formerly LTIMindtree) bigger than Wipro Limited?
By last reported revenue, Wipro Limited (~$10.7B (FY2026)) is the larger company compared to LTM (formerly LTIMindtree) (~$4.9B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the LTIMindtree vs Wipro overview