Wipro Limited (WIT): A Debt-Free IT Stock Focused on AI Growth and Shareholder Returns

Wipro Limited (NYSE: WIT ) is one of the best debt-free IT stocks to buy now . On May 22, Wipro Limited (NYSE:WIT) shareholders approved a buyback of up to 600 million fully paid-up equity shares of ₹2 each, representing 5.72% of the company’s share capital.

The buyback is to be executed at ₹250 per share to a maximum of ₹150 billion (₹15,000 crore). The buyback program comes on the heels of CEO Srini Pallia reiterating that advancements in AI are creating new opportunities, allowing the company to partner more deeply and deliver value-driven outcomes.  Consequently, the company’s cash conversion remains strong with operating cash flows at 112.6% of net income for FY 26.

Revenue in the quarter ended March 31 was up 7.7%  year over year to ₹242.4 billion ($2,583.0 million). IT services revenue increased 2.1% to $2,651.0 million. Net income increased 12.3% quarter over quarter to $373.2 million, while earnings per share came in at $0.04.

Wipro Limited (NYSE:WIT) is a leading global technology services, consulting, and business process outsourcing (BPO) company. It helps enterprises worldwide transform digitally by modernizing IT operations, adopting artificial intelligence (AI), and streamlining supply chains.

While we acknowledge the potential of WIT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock .

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