LTTS
Large CapL&T Technology Services Limited
IT
L&T Technology Services (LTTS) is a global leader in engineering and technology services, a listed 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 companies across various industries.
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 argues for patience, 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 31 Mar 2026
Average · 45/100Rev +8% YoY · PAT +7% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,858 Cr | +8.3% | +2.5% |
| EBITDA | ₹521 Cr | +20.3% | +4.6% |
| Operating margin | 18.0% | +200 bps | +0 bps |
| PAT | ₹333 Cr | +7.4% | +9.9% |
| PAT margin | 11.7% | -10 bps | +78 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
LTTS reported Q4 FY26 revenue from continuing operations at $305.9M (up 0.3% YoY, down 1.7% QoQ) and ₹28,579M (up 8.3% YoY, 2.5% QoQ). FY26 continuing operations revenue was $1,233M (up 8.3%). EBIT margin improved to 15.2% in Q4 FY26, driven by strategic exits from low-margin businesses.
Management's strategic recalibration to exit low-margin businesses has improved Q4 EBIT margins to 15.2%. The company continues to win large deals, with FY26 total large deals up 40% YoY. The Lakshya 31-Plan targets 13-15% CAGR and 16-17% EBIT margins over 5 years, indicating a clear growth path.
Revenue Share by Segment (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Mobility & Sustainability Segments
Majority of Q4 large deal wins came from Mobility and Sustainability, laying a pathway for robust growth in these segments.
Engineering Intelligence (EI)
Company is doubling down across technology, industrial and manufacturing, consolidating its positioning as a global Engineering Intelligence partner.
Large Deal Momentum
LTTS continued with its large deal momentum in Q4, delivering an average TCV of ~$200 million for the sixth consecutive quarter.
Strategic Portfolio Recalibration
Recalibrated portfolio to focus on profitable growth business, driven by forward-looking technologies, improving EBIT margins.
Total Headcount
Total Headcount stood at 23,830 as of March 31, 2026.
Technology Shifts & Consumption Patterns
Management recalibrated portfolio to focus on profitable growth business, driven by forward-looking technologies, consumption patterns, and business landscape.
Engineering Intelligence (EI) Focus
Performance is driven by a sharper, more focused organization, anchored in Engineering Intelligence (EI), where engineering converges with AI and digital technologies.
Strategic Partnerships & Innovation
Strengthened partnership with MIT Media Labs to explore and incubate forward-looking technologies such as Multimodal AI and Personal Robotics.
Near-term Caution
Management states, 'We remain cautiously optimistic in the near term.'
Portfolio Recalibration Impact on Quarterly Revenue
The quarterly revenue reflects the conscious exit from low-margin and non-strategic businesses, leading to a QoQ USD revenue decline.
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.
YoY comparison is crucial for assessing annual growth and the impact of strategic shifts over a longer period. QoQ comparison is important for tracking sequential momentum, especially after portfolio recalibration and large deal execution.
Revenue (Continuing Operations)
Q4 FY26: $305.9 million (up 0.3% YoY and down 1.7% QoQ); ₹28,579 million (up 8.3% YoY and 2.5% QoQ). FY26: $1,233 million (up 8.3% YoY); ₹1,09,959 million (up 14.0% YoY).
EBIT Margin (Continuing Operations)
Q4 FY26: 15.2%. FY26: 14.5%.
Net Income Margin (Continuing Operations)
Q4 FY26: 12.1%. FY26: 11.7%.
Large Deal TCV
Average TCV of ~$200 million for the sixth consecutive quarter in Q4 FY26. FY26 recorded total large deals at $855 million, up 40% over the previous year.
Lakshya 31-Plan CAGR Target
Under the 5-year Lakshya 31-Plan, LTTS aspires to deliver 13-15% CAGR over the next 5 years.
Lakshya 31-Plan EBIT Margin Target
Under the Lakshya 31-Plan, LTTS aspires to deliver EBIT margins in the range of 16-17%.
Strategic Focus Areas
The Lakshya 31-Plan will align decisions around a 5-vector Growth framework and sharpen focus on Six Large Technology Bets, including EI.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth (Continuing Operations) | Q4 FY26: 0.3% YoY (USD), -1.7% QoQ (USD). FY26: 8.3% YoY (USD). | Acceleration towards the 13-15% CAGR target over the next 5 years. |
| EBIT Margin | Q4 FY26: 15.2%. FY26: 14.5%. | Sustained expansion towards the 16-17% target range. |
| Large Deal Momentum | Average TCV of ~$200M for six consecutive quarters. | Continued strong deal wins and their conversion into revenue growth. |
| Voluntary Attrition (LTM) | 14.7% as of Q4 FY26. | Stability or decline in attrition, indicating effective talent management. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
44NeutralSMA20 -11.2% / mo
Technical chart
LTTSweekly · 5Y-33.0%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 47.
- SMA20 falling (~12.6% over last month) — short-term momentum negative.
- RSI(14) at 47 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 28% off 52W high · 14% 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.
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
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.0%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 21.3%.
Main drags
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
- Quality is weaker at 10/20; 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.
Healthy Trust: Claim history is still being built. It ranks around the 96th percentile of the scored universe and 94th percentile within IT. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 73.6%. Key concern: ROCE trend is -2.6%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 94th pctile, median 68 · Large: 87th pctile, median 74
126 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy 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 73.6%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3%.
- ▸11 years of positive FCF.
Trust risks
- ▸ROCE trend is -2.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 24.80
- P/B
- 5.18
- EV/EBITDA
- 16.00
- Market Cap
- 33573.00Cr
Profitability
- ROE
- 21.50%
- ROCE
- 26.70%
- ROA
- 12.21%
- Dividend Y
- 1.83%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 8.00%
- EPS 3Y
- 4.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 27.97×
- Altman Z
- 7.71
- Book Value
- 611.00
Cash Flow
- FCF Yield
- 3.01%
- FCF Positive Y
- 11/5
- OCF
- 1455.00 Cr
- EPS TTM
- 120.68
Shareholding
- Promoter Hold
- 73.57%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
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.