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WIT reaches its October 16 earnings release with short sellers at their most aggressive in months, yet the options market has just shifted away from the defensive posture that defined the run-up.
The short interest story has intensified since the October 12 preview. Shares short have climbed 50% over the past month to roughly 103 million shares, a build that has continued even as availability recovered from its September 3 low of 7.6%. Availability has eased further to 33%, and cost to borrow has jumped 36% over the past week to 4.17%, its highest point in the recent window. That combination of rising short interest and rising borrow cost points to fresh demand for short exposure, not a mechanical squeeze unwind. The ORTEX short score has crept to 68.4, its highest reading in at least two weeks, and has moved in only one direction since early October.
Options, by contrast, have turned sharply less defensive overnight. The put/call ratio dropped to 1.23 on October 15, more than two standard deviations below its 20-day average of 1.49. That is the most call-heavy reading in the recent period, a meaningful pivot from the structurally elevated PCR that persisted through most of September and October. The price action supports the shift: WIT is up 12% over the past week and 4% on the day before the print, closing at $1.87. Buyers have stepped in even as shorts have added.
The analyst picture is one-sided but substantially stale. The consensus remains a sell, and the most recent relevant action came from JP Morgan in June 2026, when the firm cut its target to $1.70 while maintaining an Underweight rating. That target has already been exceeded by the recent rally. Older targets from Goldman Sachs ($4.70), Wedbush ($6.00) and Bernstein ($3.90) are more than two years old and reflect a different price level entirely. The factor scores add some nuance: forward EPS estimates for the next twelve months are running well above the year-ago level (ranked 75th percentile), and the EV/EBIT factor scores in the 92nd percentile, suggesting the stock looks cheap on that measure relative to the broader universe. EPS momentum over the shorter horizon is weak, ranking in the bottom quarter.
The ownership structure is dominated by founder-linked entities. Zash Traders, Prazim Traders and Hasham Traders together hold close to 60% of shares, all of which trimmed positions in the June reporting period. Azim Premji Trust and Azim Premji personally account for a further 11%. That concentration means most of the stock's free float is held by a relatively small group of institutional and retail investors, and the 50% short interest build over the past month has occurred against that constrained supply backdrop.
Today's print lands into a market where short sellers have pressed harder than at any point in recent months, the stock has rallied sharply into the release, and options traders have abruptly reduced their downside hedges. The report is less about whether Wipro can grow and more about whether any recovery in revenue or margins is enough to disturb a short thesis that has only grown more crowded as the price has risen.
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