Wipro shares climbed almost 5% in morning trade on the BSE on Friday, 16 October, a day after the company reported its September quarter (Q2FY26) results. Wipro share price opened at ₹170.35 against its previous close of ₹173.70 and jumped 4.72% to hit an intraday high of ₹181.90. At this price, the stock has gained 15%.Wipro Q2 resultsWipro's Q2FY27 net profit declined 1.9% year-on-year (YoY) to ₹3,200 crore, while revenue from operations was ₹24,752.7 crore, up 9% from ₹22,697.3 crore in the year-ago quarter.Revenue from the IT services segment was ₹24,667 crore, up 1% YoY.Wipro said it expects revenue from the IT services business segment to be in the range of USD 2,571 million to USD 2,625 million in Q3 FY27, translating to a sequential guidance of (-)1.5 per cent to (+)0.5 per cent in constant currency terms.Should you buy the stock?Brokerage firm Choice Equity Broking has a "reduce" view on the stock with a target price of ₹160, citing Wipro’s Q2FY27 performance remained subdued, with management guiding for Q3FY27 growth of -1.5% to +0.5% QoQ in CC, reflecting seasonal furloughs and fewer working days.According to Choice Broking, delayed deal signing is expected to provide a revenue tailwind into Q3 and Q4, while the demand environment remains largely unchanged."Clients are increasingly prioritising AI-led productivity and efficiency, creating opportunities for higher-value transformation.