The dominant story heading into WIT's July 13 Q1 FY2027 earnings is not the analyst consensus or even the stock's 15% one-month slide — it is the dramatic unwind of one of the most extreme borrow squeezes seen in the lending market this year.
Through most of June, availability in the WIT lending pool was effectively zero. From June 8 through June 19, availability barely registered above 0.1%, meaning virtually every share available to borrow had already been lent out. Cost to borrow peaked near 349% annually on June 24. That has since reversed sharply. Availability has climbed back to 23%, and borrow costs have fallen to roughly 49% — still expensive, but less than one-seventh of the June peak. Short interest itself has dropped about 23% over the past month to around 68.7 million shares, with most of the decline coming after that late-June extreme. The ORTEX short score, while still elevated at 70.5, has been drifting lower for the past two weeks — a tentative signal that the most aggressive phase of short positioning has passed.
Options tell a contrasting story of persistent caution. The put/call ratio runs at 2.40, just below its 20-day average of 2.68 — meaning defensive positioning remains structurally elevated even as it moderates slightly. For context, the ratio has traded between 0.01 and 6.30 over the past year, so even at current levels, puts heavily outnumber calls. That is broadly consistent with the stock's recent price action: down 15% over the past month to $1.85, with only a faint 1% bounce on the day before the preview. The prior two earnings prints reinforced the bearish pattern — WIT fell roughly 3.5% on the day and 10.6% over the following five sessions after the April 2026 report.
The analyst picture is unambiguously negative, with one recent notable move. JP Morgan cut its price target to $1.70 from $2.20 on June 24, maintaining an Underweight rating — placing the Street's most current published target fractionally below where the stock is already trading. The broader consensus remains a sell. A July 2026 analyst note flagged that Q1 FY2027 revenue guidance disappointed, with client spending caution and slow deal closures offsetting any margin progress. One counterweight worth noting: the 12-month forward EPS year-on-year growth factor ranks in the 94th percentile, and the EPS surprise rank is at the 68th percentile — suggesting that while near-term revenue visibility is weak, the earnings-per-share trajectory has been better than the top-line story implies. Promoter-linked entities reduced holdings by a combined ~352 million shares in the most recent reporting period, a flow worth monitoring as a signal on insider confidence.
The July 13 print will test whether Wipro can deliver revenue guidance that breaks the pattern of consecutive post-earnings selloffs — and whether the easing borrow squeeze reflects genuine short covering or simply a temporary pause before positioning re-tightens around the result.
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