L&T Technology Services Limited (LTTS)
Large CapIT stocks · Large cap · NSE
L&T Technology Services (LTTS) is a global leader in Engineering Intelligence Solutions & ER&D Consulting Services, a subsidiary of Larsen & Toubro. It offers design, development, testing, and sustenance services across products and processes, serving 69 Fortune 500 companies and 57 top ER&D firms. Headquartered in India, with 23,845 employees globally.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 55/100Rev +11% YoY · PAT +13% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,940 Cr | +11.4% | +2.9% |
| EBITDA | ₹548 Cr | +24.3% | +5.2% |
| Operating margin | 19.0% | +200 bps | +100 bps |
| PAT | ₹357 Cr | +13.0% | +7.2% |
| PAT margin | 12.1% | +16 bps | +49 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
LTTS reported Q1FY27 revenue of INR 2,940 crore, up 11.5% YoY, and net profit of INR 352 crore, up 17.4% YoY. USD revenue grew 1.9% YoY in CC terms. EBIT margin improved 200 bps YoY to 15.7%, driven by strategic actions and large deal momentum.
LTTS delivered healthy Q1FY27 results with strong YoY growth in revenue and net profit, alongside significant EBIT margin expansion. The company's strategic 'Lakshya 31' agenda and focus on Engineering Intelligence, particularly AI, appear to be driving tangible business outcomes and large deal wins, supporting the long-term growth thesis.
Revenue by Segment (Q1FY27)
Latest issuer-disclosed distribution across 3 reported categories.
Lakshya 31 Agenda
Strategic actions under Lakshya 31 are translating into healthy quarterly growth and sustained margin improvement.
Sustainability Segment
The Sustainability segment continues to maintain double-digit annual growth.
Mobility Segment Recovery
The Mobility segment returned to growth during the quarter despite a dynamic market environment.
Engineering Intelligence & AI
Engineering Intelligence solutions are driving larger deal opportunities and deeper client engagements by embedding AI.
Engineering Intelligence Center of Excellence
Inaugurated the first Engineering Intelligence Center of Excellence (EI CoE) in Munich.
Strategic Initiatives
Strategic actions under the Lakshya 31 agenda are beginning to translate into tangible business outcomes.
Diversified Portfolio Resilience
The diversified portfolio continues to demonstrate resilience, with key segments showing growth.
AI-Powered Solutions
Engineering Intelligence solutions are driving larger deal opportunities and deeper client engagements by embedding AI.
Strategic Partnerships
Partnered with Anthropic to leverage Claude and LTTS’ AI-powered Engineering Intelligence for products, services and industrial solutions.
Dynamic Market Environment
The Mobility segment returned to growth during the quarter despite a dynamic market environment.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are relevant. YoY highlights overall growth and margin improvement from strategic initiatives, while QoQ shows sequential momentum in revenue and continued margin expansion, crucial for IT services.
Revenue (INR)
INR 29,401 million, up 11.5% YoY and 2.9% QoQ.
USD Revenue (Constant Currency)
$310 million, up 1.9% YoY and 1.5% QoQ in CC terms.
EBIT Margin
15.7%, improved 200 bps YoY and 50 bps QoQ.
Net Income (INR)
INR 3,518 million, up 17.4% YoY and 1.5% QoQ.
Lakshya 31 Plan Progress
The strategic actions undertaken as part of our Lakshya 31 agenda are beginning to translate into tangible business outcomes.
Five-Year Revenue Growth Aspiration
Aspiration of achieving 13-15% CAGR over the next five years.
Five-Year EBIT Margin Aspiration
Aspiration of maintaining EBIT margins of 16-17% over the next five years.
Confidence in Execution
Remain confident in our ability to deliver sustainable, profitable growth, reflecting strength of strategy and confidence in execution.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| USD Revenue (CC) Growth | 1.9% YoY, 1.5% QoQ | Sustained sequential and annual growth, indicating continued demand for ER&D services. |
| EBIT Margin | 15.7% | Progress towards the 16-17% target, indicating effective cost management and value realization from strategic initiatives. |
| Large Deal Momentum | One USD 30+ Mn, one USD 20+ Mn, four USD 10+ Mn wins | Continued closure of multi-million dollar deals, signaling strong client demand and competitive positioning. |
| AI Patent Filings | 244 AI patents | Growth in AI patent portfolio, reflecting innovation and differentiation in Engineering Intelligence solutions. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
51NeutralSMA20 +2.6% / mo · MACD −
Technical chart
LTTSdaily · 1Y · AUTO+5.9%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 46.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~2.5% over last month) — short-term momentum positive.
- RSI(14) at 46 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 26% off 52W high · 16% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- 25.6% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (-1.4% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
Valuation & score drivers
U-Score 52 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 52 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 17.1%.
- Balance sheet contributes 12/15 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Growth is weaker at 11/25; verify the latest quarterly trend.
- Quality is weaker at 13/20; verify the latest quarterly trend.
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 97th percentile within IT. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 73.5%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · IT: 97th pctile, median 69 · Large: 94th pctile, median 73
122 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 73.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.7%.
- ▸11 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 27.60
- P/B
- 5.72
- EV/EBITDA
- 17.57
- Market Cap
- 37056.00Cr
Profitability
- ROE
- 21.50%
- ROCE
- 26.70%
- ROA
- 12.60%
- Dividend Y
- 1.66%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 6.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 28.87×
- Altman Z
- 8.29
- Book Value
- 611.00
Cash Flow
- FCF Yield
- 2.73%
- FCF Positive Y
- 11/5
- OCF
- 1455.00 Cr
- EPS TTM
- 124.51
Shareholding
- Promoter Hold
- 73.52%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 28%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in IT, ranked by similarity
Peers
Business-comparable names in IT, ranked by similarity
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.