WIPRO LTD
WITdata completeness 88%8 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
WIPRO LTD earns about 21% on invested capital, far above its ~9% cost of capital, but has diluted owners by 91% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $1.46 and $7.16 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $8.47B1 | $10.4B2 | $11B3 | $10.8B4 | $10.4B5 |
| Net income | $1.48B6 | $1.61B7 | $1.38B8 | $1.33B9 | $1.54B10 |
| Operating cash flow | $2.02B11 | $1.46B12 | $1.59B13 | $2.11B14 | $1.98B15 |
| Capital expenditure | $268M16 | $266M17 | $180M18 | $126M19 | $173M20 |
| Free cash flow (derived) | $1.75B11 | $1.19B12 | $1.41B13 | $1.99B14 | $1.81B15 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $2.32B21 | $1.37B22 | $1.12B23 | $1.16B24 | $1.43B25 |
| Diluted shares | 5.48B | 5.48B | 5.49B | 5.23B | 10.47B |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $9.26 of net worth that earned you $1.47 and generated $1.73 of cash last year.
It earned about 21% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 91% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $1.46 and $7.16 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth14.9%
- fcfBase$1.81B
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth14.9%
- fcfBase$1.81B
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$1.48B
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $2.61 |
| Base | 14.9% | $4.75 |
| Bull | 19.9% | $5.74 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 14.9%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
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- 20-F · period ending 2025-03-31 · accession 0000950170-25-076303 (CashAndCashEquivalents)