The most precise guidance anyone gives us.

We lock a binary: Wipro's reported IT services revenue for Q2 FY2027 is US$2.50bn or higher. Confidence 93% — the highest in this tranche.

Guidance is US$2.574bn to US$2.627bn. Our threshold sits US$74m, about 2.9%, below the floor of that range — the tightest buffer anywhere in this tranche, and the reason is the shape of the guidance itself.

At P-319 one tranche ago this series locked HCLTech against full-year revenue growth of 1-4% in constant currency. That is an annual guide, expressed as a percentage range, covering twelve months of unknown.

Wipro publishes something structurally different: a single quarter ahead, in absolute US dollars, to the nearest million. US$2.574bn to US$2.627bn. The range is 2.1% wide from end to end, and it covers thirteen weeks rather than fifty-two.

That difference is worth more to a forecaster than any amount of analysis. A one-quarter-ahead absolute-dollar guide is issued by a company that already knows most of the revenue in question — IT services revenue in any given quarter is dominated by existing contracts already running, not by deals still to be signed. The uncertainty a forecaster is exposed to is correspondingly small.

So the buffer is 2.9% rather than the 8-12% typical elsewhere in this series, and the confidence is 0.93 rather than 0.90. Sizing the buffer to what actually moves the line means recognising when almost nothing does.

Wipro reports IT services revenue as a segment, and also reports consolidated group revenue including other businesses, in Indian rupees as well as US dollars. The guidance of US$2.574-2.627bn is an IT SERVICES figure in US DOLLARS, so the lock must be scored on that basis and nothing else.

The criterion below therefore rules out group revenue, rupee-denominated figures, and any constant-currency restatement. It is the same discipline that put P-319 on a constant-currency basis and P-311 on sterling: name the currency, name the segment, name the period, before the number is known.

On the substance, the guide already embeds the softness. The midpoint implies roughly flat sequential revenue, and the low end implies a 1.5% constant-currency decline — Wipro is guiding to a quarter that may shrink. Q1 IT services revenue already fell 1.2% sequentially in constant currency, and operating margin fell 1.2 percentage points year-on-year to 16% on salary increases and AI investment. Management explicitly cites macro uncertainty and geopolitical instability.

What supports the floor is that US$2.50bn sits below even the bottom of a range the company built with all of that already in view, plus US$3.4bn of order bookings and large-deal bookings up 13%. The residual 7% is a client insolvency or an abrupt large-account ramp-down inside a single quarter — the only things that move an IT services book that fast.