LTM
Large CapLTM Limited
IT
LTM Limited, an Indian IT services company, is pivoting to be a 'Business Creativity Partner' by leveraging 'Domain x Tech Convergence' and its BlueVerse AI ecosystem. The company aims to deliver outcome-based services, moving beyond traditional technology services to drive client value through AI-led solutions and strategic partnerships.
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.
Investable fundamentals, management trust is supportive, timing is unclear, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Technical trend unavailable.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 80/100Rev +16% YoY · PAT +23% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹11,292 Cr | +15.6% | +4.7% |
| EBITDA | ₹1,973 Cr | +23.6% | -1.5% |
| Operating margin | 17.0% | +100 bps | -200 bps |
| PAT | ₹1,387 Cr | +22.9% | +44.5% |
| PAT margin | 12.3% | +73 bps | +338 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
LTM reported a strong FY26 with $6.6 Bn highest-ever order inflow, 6% USD revenue growth, 11.3% USD PAT growth, and 17.7% EPS growth, alongside a 100% YoY increase in large deal wins.
LTM is strategically pivoting towards AI-led, outcome-based services, aiming for significant growth and margin expansion by FY31. The proposed Randstad acquisition and BlueVerse Currency are key enablers, but execution on AI-led transformation and integration will be critical for realizing stated ambitions.
AI-led Transformation
New Addressable Spend for AI-led Reinvention, Business AI Services, AI-Led Digital Engineering, and AI Adoption at Scale.
Domain x Tech Convergence
Key Focus for Capability Build: Domain x Tech Convergence to evolve positioning at the intersection of domain and technology.
Strategic Acquisitions
Proposed Acquisition of Randstad’s Technology and Consulting Services Business in Europe and Australia, adding USD 500M+ in annual revenues.
BlueVerse Currency Model
Introducing BlueVerse Currency for outcome-linked pricing, shared productivity gains, fungibility across portfolio, and faster reinvestment.
Randstad Acquisition
Proposed acquisition of Randstad's Technology and Consulting Services Business in Europe and Australia, adding 800+ security-cleared employees.
AI-Ready Talent Development
Targeting 100% AI Fluency and skill reimagination across the workforce to drive service reimagination.
AI Adoption & Investment
Big Tech AI Capex hit $448B in 2025, nearly triple 2022 levels, with enterprises seeking value from AI investments.
Sovereign Cloud & Capability
Sovereign Cloud Investments are gaining prominence, emphasizing global footprint with local talent and sovereign capability.
Industry Consolidation
Industry consolidation reflects the need for scale, specialization, and AI-led delivery models.
BFSI AI Investment
JPMorgan expands AI investment as tech spending nears $20B; Bank of America allocates 30% of its $13.5B tech budget for new initiatives & AI.
Geopolitical Volatility
Geopolitical volatility is reshaping investment decisions globally.
Tariff and Trade Restrictions
Tariff and trade restrictions are reconfiguring global supply chains.
Immigration Policy Changes
Immigration policy changes are impacting workforce mobility.
Core Services Market Disruption
The core services market is getting disrupted by AI-led compression, necessitating a shift in offerings.
Execution of AI Strategy
Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially.
Integration of Acquisitions
The Randstad acquisition involves 'one-off costs' and requires successful integration to realize synergies and margin expansion from year 2.
Talent Transformation
Skill reimagination to drive service reimagination is a significant undertaking to achieve 100% AI fluency across the workforce.
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.
The document explicitly states FY26 performance metrics like 'USD Revenue Growth', 'USD PAT Growth', 'EPS Growth', and 'Large Deals Won' with 'YoY' comparisons, indicating an annual performance review.
Order Inflow
$6.6 Bn Highest-Ever Order Inflow
USD Revenue Growth
6% USD Revenue Growth
USD PAT Growth
11.3% USD PAT Growth* (Excl. labor code impact)
EPS Growth
17.7% EPS Growth* (Excl. labor code impact)
Lakshya 2031 Ambition
Targeting ~2X revenue and ~200 bps EBIT increase by FY31, powered by the Outcreate Strategy and New Horizons program.
Strategic Partnership with Randstad
Expects no material margin impact in FY27, with revenue growth, synergies, and New Horizons program supporting margin improvement from year 2 onward.
Focus on Outcome-Linked Pricing
BlueVerse Currency will decouple outcomes from efforts, enabling outcome-linked pricing and shared productivity gains.
AI-First HR
Committed to building AI-Powered HR to increase efficiency, transform employee experience, and achieve 100% AI Fluency.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | FY26: 6% USD Revenue Growth | Progress towards ~2X revenue by FY31, indicating successful execution of AI-led growth and acquisitions. |
| EBIT Margin | FY26: 90 bps EBIT improvement | Progress towards ~200 bps EBIT increase by FY31, driven by productivity enhancements and cost curve bending. |
| Large Deal Wins | FY26: 10 Large Deals Won; 100% ↑ YoY | Continued momentum in large deal wins, especially AI-led and outcome-based contracts, reflecting market acceptance of new offerings. |
| AI Fluency/Talent Readiness | FY26: 92% AI Literacy | Achievement of 100% AI Fluency and successful skill reimagination across the workforce, critical for delivering AI-led services. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
Trend score is pending. The candlestick chart remains available for manual review.
Technical chart
LTMdaily · 6M-10.4%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 44.
- SMA20 falling (~8.9% over last month) — short-term momentum negative.
- RSI(14) at 44 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy 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 34.2%.
- Balance sheet contributes 13/15 to the score.
Main drags
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Growth is weaker at 14/25; 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
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 98th percentile within IT. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 68.5%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · IT: 98th pctile, median 68 · Large: 95th pctile, median 74
181 documents indexed, 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 68.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.7%.
- ▸12 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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 21.80
- P/B
- 4.91
- EV/EBITDA
- 13.98
- Market Cap
- 118009.00Cr
Profitability
- ROE
- 23.10%
- ROCE
- 29.60%
- ROA
- 13.41%
- Dividend Y
- 1.89%
Growth (CAGR)
- Revenue 5Y
- 28.00%
- EPS 5Y
- 23.00%
- Revenue 3Y
- 8.00%
- EPS 3Y
- 7.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 27.37×
- Altman Z
- 8.34
- Book Value
- 810.00
Cash Flow
- FCF Yield
- 2.71%
- FCF Positive Y
- 12/5
- OCF
- 4799.00 Cr
- EPS TTM
- 169.25
Shareholding
- Promoter Hold
- 68.52%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.