Projected Income Statement: Wipro Limited

Forecast Balance Sheet: Wipro Limited

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Net Debt 1 -193,795 -251,019 -266,658 -371,631 -375,361 -341,306 -379,514 -435,500
Change - -29.53% -6.23% -39.37% -1% 9.07% -11.19% -14.75%
Announcement Date 4/29/22 4/27/23 4/19/24 4/16/25 4/16/26 - - -
1INR in Million
Estimates

Cash Flow Forecast: Wipro Limited

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
CAPEX 1 20,153 14,834 10,510 14,737 15,603 29,128 26,876 24,668
Change - -26.39% -29.15% 40.22% 5.88% 86.68% -7.73% -8.22%
Free Cash Flow (FCF) 1 90,644 115,767 165,706 154,689 133,713 134,622 148,765 150,816
Change - 27.72% 43.14% -6.65% -13.56% 0.68% 10.51% 1.38%
Announcement Date 4/29/22 4/27/23 4/19/24 4/16/25 4/16/26 - - -
1INR in Million
Estimates

Forecast Financial Ratios: Wipro Limited

Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029

Profitability

        
EBITDA Margin (%) 20.8% 18.62% 18.92% 20.3% 19.29% 20.06% 20.1% 20.13%
EBIT Margin (%) 17.19% 14.93% 15.12% 16.98% 16.43% 16.77% 16.84% 16.89%
EBT Margin (%) 19.13% 16.32% 16.4% 19.64% 18.72% 18.7% 18.78% 19.19%
Net margin (%) 15.45% 12.54% 12.31% 14.74% 14.25% 14.05% 14.11% 14.49%
FCF margin (%) 11.46% 12.79% 18.46% 17.36% 14.44% 13.53% 14.47% 14.31%
FCF / Net Income (%) 74.18% 102% 150.03% 117.76% 101.32% 96.32% 102.55% 98.76%

Profitability

        
ROA 12.79% 10.07% 9.49% 10.81% 9.79% 9.61% 9.96% 10.14%
ROE 20.18% 15.77% 14.43% 16.74% 15.49% 16.13% 16.87% 17.41%

Financial Health

        
Leverage (Debt/EBITDA) - - - - - - - -
Debt / Free cash flow - - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) 2.55% 1.64% 1.17% 1.65% 1.68% 2.93% 2.61% 2.34%
CAPEX / EBITDA (%) 12.25% 8.8% 6.19% 8.15% 8.74% 14.6% 13.01% 11.63%
CAPEX / FCF (%) 22.23% 12.81% 6.34% 9.53% 11.67% 21.64% 18.07% 16.36%

Items per share

        
Cash flow per share 1 10.1 11.9 16.61 16.15 14.21 16.52 17.25 18.34
Change - 17.73% 39.59% -2.75% -12% 16.25% 4.4% 6.37%
Dividend per Share 1 3 0.5 0.5 6 11 9.986 11.34 11.11
Change - -83.33% 0% 1,100% 83.33% -9.22% 13.61% -2.04%
Book Value Per Share 1 60.03 71.3 71 78.65 83.92 84.11 87.04 86.26
Change - 18.78% -0.42% 10.78% 6.7% 0.23% 3.49% -0.9%
EPS 1 11.14 10.34 10.41 12.52 12.56 13.78 14.38 15.12
Change - -7.22% 0.68% 20.27% 0.32% 9.71% 4.37% 5.11%
Nbr of stocks (in thousands) 10,932,636 10,954,798 10,436,972 10,460,231 10,476,409 10,480,814 10,480,814 10,480,814
Announcement Date 4/29/22 4/27/23 4/19/24 4/16/25 4/16/26 - - -
1INR
Estimates
2027 *2028 *
P/E 12.5x 12x
PBR 2.05x 1.98x
EV / Sales 1.48x 1.39x
Yield 5.78% 6.57%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
39
Last Close Price
172.65INR
Average target price
192.15INR
Spread / Average Target
+11.30%

Quarterly revenue - Rate of surprise