Infosys vs Wipro: Which IT stock to buy ahead of Q2 results 2025?

Q2 results 2025: The earnings season has officially started as companies are gearing up to post their September quarter results amid festivities. Among IT companies, Tata Consultancy Services kick-started the season by reporting its second-quarter results on October 9.

IT giants Infosys and Wipro are all set to announce their September quarterly results today, October 16.

Ahead of the result announcement, both IT stocks fell less than a per cent. Infosys' share price was down 0.29 per cent to ₹1,470.10 apiece; meanwhile, Wipro shares were trading flat at ₹250.20 on NSE.

Infosys vs Wipro: Q2 preview

The IT sector remains under pressure from global macro headwinds, trade-related uncertainty, and muted discretionary tech spending, said Sugandha Sachdeva, Founder-SS WealthStreet. However, the weaker rupee, improving deal momentum, and expectations of further rate cuts by the U.S. Fed later this year are providing some near-term support to the outlook, she added.

Infosys

Brokerages anticipate Infosys’ revenue to stay stable, supported by a modest increase in large deal wins and additional contributions from recent acquisitions.

Kotak Equities projects a 1.8% quarter-on-quarter revenue growth, driven by higher billing days and steady performance in the financial services segment, despite continued softness in discretionary technology spending.

“We expect Infosys to raise its FY2026 revenue growth guidance to 2-3% from 1- 3% earlier—our estimates do not include the recently acquired Versent Group. The guidance implies a revenue decline of (-)1.1% to +0.2% in the next two quarters,” the brokerage firm said.

Wipro

Analysts anticipate Wipro’s Q2 results to remain within its guidance of -1% to +1% constant currency (CC) growth. Kotak Institutional Equities sees growth around the midpoint at 0.2% quarter-on-quarter, supported by the initial ramp-up of the Phoenix deal and other major contracts secured earlier this year.

“We expect growth near the midpoint of guidance at 0.2% c/c qoq. The performance is an improvement from the underwhelming growth in the earlier quarter. We forecast an EBIT margin decline of 40 bps qoq despite rupee depreciation. The decline is largely due to upfront costs associated with large deals. We expect large-deal TCV to be in the US$1.5 bn range, a strong outcome, noting the recent aggression in large-deal pursuits. We expect a revenue growth guidance of (-)0.5% to +1.5%. The positives of the quarter are the ramp-up of Phoenix and other mega-deals. The negatives are furloughs and a weak demand environment,” the brokerage firm said.

Infosys vs Wipro: Which IT stock to buy ahead of Q2 results?

Sachdeva of SS WealthStreet said that Infosys, which has been an underperformer for the year to date, slipped from highs of around ₹1,955 to lows near ₹1,288 before finding support and stabilising.

“Technical structure suggests that Infosys has formed a base near ₹1,300, and prices are now holding above key moving averages, indicating potential for recovery. The stock has an immediate resistance around ₹1,650, and a sustained breakout above this level could open the path toward ₹1,820 over the medium term. Value buying interest is visible, though confirmation of strength will depend on earnings and management guidance,” she said.

Meanwhile, Wipro has also been a laggard in 2025, mirroring the broader weakness in the IT index. She further explained that after touching a high of ₹317.35 in early February, the stock corrected and formed a strong base between ₹232– ₹220 by April. Since then, Wipro has been moving sideways, suggesting a period of consolidation before a potential breakout.

“On the technical charts, the ₹265– ₹266 zone is emerging as a critical resistance level. A decisive move above this range could trigger a meaningful rally, with upside targets placed around ₹310– ₹315, where the stock may face its next supply zone. The setup suggests that Wipro is approaching a potential turning point, though confirmation of strength will depend on both its earnings performance and sector-wide cues,” Sachdeva added.

However, when comparing, Infosys appears better placed ahead of results, given stronger deal wins, better operational visibility, and a more favourable chart structure, she said.

“Macro developments could also play a supportive role. India and the U.S. are reportedly in talks to finalise the first phase of a bilateral trade deal, which could serve as a key tailwind for Indian IT companies. In addition, growing expectations of further rate cuts by the U.S. Federal Reserve could provide a sentiment boost to export-oriented tech stocks, including Infosys,” Sachdeva said.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.