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Overview

Detailed Summary

L&T Technology Services (LTTS) is a global pure‑play Engineering R&D and technology services provider offering design, development, testing and sustenance across product and process lifecycles, serving Mobility, Sustainability and Tech segments with over 23,800 employees and a network of global design centers, sales offices and innovation labs.
FY26 continuing operations delivered revenue of ₹109,959 million (14% growth YoY reported) and USD revenue of $1,233 million (8.3% growth), with EBIT margin at 14.5% for the year and Q4 EBIT margin expanding to 15.2%, reflecting portfolio realignment and higher‑quality revenue mix.
LTTS recorded exceptional large‑deal momentum with FY26 TCV of ~$855 million and six consecutive quarters of ~USD 200 million average TCV wins, including multi‑year strategic programs such as a 500‑engineer Digital Expertise Centre, underpinning near‑term revenue visibility and scale opportunities.
The company has consciously divested the Smart World & Communications (SWC) business to refocus on Engineering Intelligence (EI) and core AI‑led digital engineering, expecting margin and DSO benefits from the portfolio pruning and signalling a sharper, higher‑value strategic posture.
LTTS pursues tech differentiation via a 1,706‑patent portfolio (673 filed by LTTS; 1,033 co‑authored), strategic partnerships with MIT and NVIDIA, and a five‑year Lakshya 31 plan targeting 13–15% CAGR and 16–17% EBIT margins, anchored on six large technology bets including SDV, AI infra and MedTech.

Sector: IT - Services
Industry: IT Enabled Services
Market Cap: 36,713 Cr
Volatility: Low Risk
P/E Ratio: 28.7
Industry P/E: 30.7
PEG Ratio: 1.7
P/B Ratio: 5.7
52W High: 4,746.95
52W Low: 3,046.85

Sales CAGR

1Y: 14.04%
3Y: 5.19%
5Y: 13.15%
10Y: 12.81%

Profit CAGR

1Y: 1.39%
3Y: 0.05%
5Y: 11.41%
10Y: 11.07%

ROE

TTM: 19.76%
3Y: 21.46%
5Y: 22.66%
10Y: 23.75%

ROCE

TTM: 24.25%
3Y: 26.63%
5Y: 28.42%
10Y: 29.90%

Technicals

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Peers

Information Technology Information Technology IT - Services IT Enabled Services

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
LTTS		3456.00	36,713 Cr	28.70	5.67	1.67	19.76	24.25	12.21
TATATECH		768.90	31,221 Cr	57.12	9.67	1.52	15.63	17.57	6.10
IKS		1643.00	28,192 Cr	39.07	10.07	0.00	25.77	27.45	16.91
NETWEB		4882.25	27,800 Cr	135.08	38.43	0.06	28.46	28.75	9.13
AFFLE		1476.05	20,782 Cr	45.69	5.69	0.00	12.45	15.31	10.29
SAGILITY		39.94	18,697 Cr	20.22	1.94	0.38	9.57	12.39	7.34
BBOX		1016.40	18,054 Cr	83.00	14.03	0.10	21.34	17.76	5.07
Median: 7 Co.	—	1476.05	27,800 Cr	45.69	9.67	0.10	19.76	17.76	9.13

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	2,422	2,538	2,462	2,573	2,653	2,982	2,866	2,980	2,924	2,858
Expenses	1,934	2,035	2,006	2,107	2,158	2,507	2,404	2,489	2,410	2,337
Operating Profit	488	503	456	466	495	476	462	491	514	521
OPM %	20.14	19.81	18.53	18.11	18.65	15.94	16.13	16.47	17.57	18.24
Other Income	62	56	62	65	34	49	68	66	-2.10	18
Interest	13	13	13	12	16	16	17	16	15	17
Depreciation	72	75	73	78	73	82	81	93	87	87
Profit Before Tax	466	471	433	441	440	427	433	448	410	436
Tax %	27.65	27.52	27.46	27.40	27.37	27.40	26.91	26.52	26.09	26.64
Net Profit	337	341	314	320	320	310	316	329	303	320
EPS in Rs	31.64	32.09	29.52	30.07	30.36	29.29	29.76	30.97	28.52	31.30

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	3,747	5,078	5,619	5,450	6,570	8,816	9,647	10,670	10,996	11,074
Expenses	3,172	4,164	4,509	4,442	5,155	7,055	7,728	8,778	9,061	9,176
Operating Profit	576	915	1,111	1,007	1,415	1,761	1,919	1,893	1,935	1,899
OPM %	15.36	18.01	19.76	18.49	21.54	19.98	19.89	17.74	17.60	17.14
Other Income	193	223	209	154	152	203	207	210	149	216
Interest	2.40	1.90	37	46	44	44	51	57	64	60
Depreciation	89	104	183	218	214	234	272	305	345	314
Profit Before Tax	678	1,031	1,100	897	1,309	1,686	1,804	1,741	1,675	1,741
Tax %	25.26	25.50	25.25	25.72	26.63	27.85	27.58	27.41	26.55	27.27
Net Profit	507	768	822	667	961	1,216	1,306	1,264	1,230	1,266
EPS in Rs	46.36	70.91	76.23	62.19	89.98	112.42	122.70	119.25	120.55	120.55
Dividend Payout %	33.21	28.80	27.03	34.98	38.58	39.31	40.65	46.05	48.12	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	20	21	21	21	21	21	21	21	21	21
Reserves	1,465	1,916	2,458	2,748	3,452	4,141	4,414	5,306	6,059	6,452
Borrowings	102	70	70	30	481	477	454	659	578	579
Other Liabilities	645	698	815	1,504	1,119	1,451	3,309	2,503	2,986	3,438
Total Liabilities	2,233	2,705	3,364	4,303	5,073	6,091	8,198	8,489	9,644	10,489
Fixed Assets	614	709	780	1,174	1,282	1,283	1,303	1,613	2,245	2,250
CWIP	2.30	0.10	0.00	8.70	12	9.90	6.50	13	28	12
Investments	195	221	575	642	1,515	1,478	2,284	1,493	1,310	1,897
Other Assets	1,422	1,775	2,009	2,479	2,264	3,321	4,604	5,370	6,061	6,330
Total Assets	2,233	2,705	3,364	4,303	5,073	6,091	8,198	8,489	9,644	10,489

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	388	409	806	638	1,333	1,006	1,313	1,493	1,481	1,455
Cash from Investing Activity	-178	-196	-509	-222	-1,005	-448	-578	-233	-509	-443
Cash from Financing Activity	-222	-132	-245	-406	-363	-498	-445	-658	-718	-800
Net Cash Flow	-12	81	52	9.90	-36	60	290	602	253	213

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	73.80%	73.77%	73.75%	73.74%	73.69%	73.69%	73.66%	73.66%	73.59%	73.58%	73.58%	73.57%
FIIs	5.31%	5.90%	5.63%	5.51%	4.46%	4.35%	4.19%	5.18%	4.84%	4.67%	4.23%	3.86%
DIIs	10.61%	11.01%	11.57%	12.33%	13.31%	13.96%	14.30%	13.68%	13.88%	14.13%	14.57%	14.64%
Public	10.28%	9.32%	9.05%	8.41%	8.54%	8.01%	7.86%	7.48%	7.69%	7.61%	7.62%	7.93%
Total Shareholders	2,84,646	2,66,571	2,57,396	2,43,374	2,54,732	2,36,000	2,31,067	2,19,573	2,23,318	2,21,811	2,31,406	2,44,820

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

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