Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 24 Sep - LTTS partners with Cognite on Industrial AI; 50+ engineers certified and first project underway.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals14 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result19 Oct, 04:03 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
69BullishSMA20 -2.6% / mo · RSI overbought · MACD + · sector +19.3pp vs Nifty 500 (3M)
Stock trend: 49
Sector RS: 100
Sector 3M: +13.7% vs Nifty 500 -5.6%
IT FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
LTTSD candles · FIT view+11.3%Latest close ₹3996.30 on 2026-10-21
Bar
+4.3%
RSI
75
MACD hist
78.49
52W pos
57%
2026-10-21O ₹3830.70H ₹4143.00L ₹3787.50C ₹3996.30Vol 82.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
LTTSNifty ITNifty 500
- LTTS
- +20.9%
- Nifty 500
- -6.5%
- Nifty IT
- +12.0%
- Vs Nifty 500
- +27.4 pp
Chart stats
21 Oct 2026- From 52W high
- -15.4%
- 52W range position
- 57%
- ATR (14)
- 3.8%
- Volume vs 20D
- 108.46x
- Avg traded value
- ₹189 Cr
- 20D price channel
- ₹3,051.8 - ₹4,143
₹4,726
₹3,010 - ₹4,726
₹150.9
Latest completed session
20-session average
51.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · FAIR VALUE52
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +2.0% · PAT +66.8% YoY
Technical
Bullish69
Price trend and sector-relative-strength timing.
Valuation
Legacy model+14.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence86
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Good · 70/100Rev +2% YoY · PAT +67% YoY · margin expansion · operating leverage
Filed 19 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,040.4 Cr | +2.0% | +3.4% |
| EBITDA | ₹585.8 Cr | +19.3% | +6.8% |
| Operating margin | 19.3% | +327 bps | +62 bps |
| PAT | ₹548.7 Cr | +66.8% | +53.6% |
| PAT margin | 18.1% | +701 bps | +590 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 24.87
- P/B
- 5.90
- EV/EBITDA
- 18.12
- Market Cap
- 38279.78Cr
Profitability
- ROE
- 21.50%
- ROCE
- 26.70%
- ROA
- 12.60%
- Dividend Y
- 1.61%
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
- 8.46
- Book Value
- 611.00
Cash Flow
- FCF Yield
- 2.65%
- FCF Positive Y
- 11/5
- OCF
- 1455.00 Cr
- EPS TTM
- 145.24
Shareholding
- Promoter Hold
- 73.52%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 34%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 3,040+3.4% vs prev
Net Profit
₹ CrLatest: 549+53.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 75. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.6% over last month) — short-term momentum negative.
- RSI(14) at 75 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 15% off 52W high · 33% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
79
RS percentile
Stage 3 Topping
1M return
+20.8%
3M return
+20.9%
6M return
+15.8%
1Y return
-2.7%
RS 1D
+23
RS 20D
+53
Sector rank
#1
Industry rank
-
Stage evidence
- 14.9% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+0.3% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price above
200-DMA
price above
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 104.37+11.70%
RS vs Nifty 500104
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation4/30
Growth11/25
Quality13/20
Balance Sheet12/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
52
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
52/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 14.3%.
- 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.
Sector valuation model
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.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
24.9
PB
5.9
EV/EBITDA
18.1
ROE
21.5%
ROCE
26.7%
FCF Yield
2.6%
Debt/Equity
0.1
MoS
+14.3%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
52
Previous: 52
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+14.3%
Previous: +22.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
53
53
53
50
50
50
50
50
50
52
52
52
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,413.04
-182.8% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹4,662.2
+14.3% MoS
PEG
2.07
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TATATECH
Small
Tata Technologies Limited
Engineering R&D Services
match 155
44
44.8
16.3%
-59%
WATCHLIST
CYIENT
Large
Cyient Limited
IT Services / Digital
match 114
33
32.7
8.6%
-180%
WATCHLIST
HEXT
Large
Hexaware Technologies Limited
IT Services / Digital
match 93
60
25.1
24.9%
+19%
UNDERVALUED
NEWGEN
Large
Newgen Software Technologies Limited
IT Services / Digital
match 85
63
19.8
19.6%
+32%
UNDERVALUED
LATENTVIEW
Large
Latent View Analytics Limited
Media & Entertainment
match 85
45
25.8
11.9%
+21%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-15T07:13:28.504Z
Management commentary snapshot
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.
Current business mix
Revenue by Segment (Q1FY27)
Latest issuer-disclosed distribution across 3 reported categories.
Sustainability37.1%
Mobility32.3%
Tech30.6%
Growth engines
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.
Capacity and execution
Engineering Intelligence Center of Excellence
Inaugurated the first Engineering Intelligence Center of Excellence (EI CoE) in Munich.
Tailwinds
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.
Headwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
86Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 97th percentile within IT. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
126 docs text-extracted · 59 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
99th percentile
overall median 67 · IT: 97th pctile, median 69 · Large: 96th pctile, median 73
Evidence depth
Financial-only
126 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
95
strong · quarterly consistency
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.
Continue researching L&T Technology Services Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep - L&T Technology Services Limited has informed about schedule of meet.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 10 Sep - Intimation attached for allotment of 8,725 shares.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Sep - L&T Technology Services Limited has informed about Schedule of Analysts or Institutional Investors Meet.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Aug - Copy of Newspaper clippings related to transfer of Equity Shares to the Investor Education and Protection Fund (IEPF) Authority is attached.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 19 Aug - LTTS won a five-year international engagement worth over $75 million from a global technology enterprise.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug - L&T Technology Services Limited has informed about Schedule of meet.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug - LTTS will participate in analyst meets on August 12-13, 2026 in Mumbai.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.