New Delhi, April 17 -- Wipro Ltd. has announced its biggest-ever buyback, at 19% premium no less, after reporting three straight years of revenue declines. What gives?

It's simple. There's excess cash on the balance sheet, so much that the IT firm can finance its M&A ambitions even after repurchasing 600 million shares for Rs.15,000 crore.

Still, the contraction clouds sentiment. Wipro's revenue fell 0.32% year-on-year to $10.48 billion in FY26. Net profit fell even more-8.6% to $1.4 billion. Analysts are already flagging a slowdown in client additions delays in deal ramp-ups.

While operational profitability improves and deal pipelines remain strong, macroeconomic uncertainty, rising automation, and cautious client spending continue to...