LTM Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2019 • Financial services: 45.0% • Manufacturing: 16.4% • CPG, Retail, Pharma & Others: 15.3%
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company has delivered good profit growth of 22.5% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 31.9%
- Company has a good return on equity (ROE) track record: 3 Years ROE 23.4%
- Company has delivered good sales growth of 28.5% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.02x)
CONS
- Receivables are growing faster than sales - a possible quality concern
- Stock is trading at 5.2x its book value
- Growth is decelerating - 3Y profit CAGR (5.1%) trails the 5Y trend (22.5%)
- Expensive relative to growth - PEG of 5.1
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2202.00 | 16.00 | 796702.87 | 5.00 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1038.20 | 13.91 | 421325.69 | 4.62 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1207.00 | 18.80 | 327539.38 | 4.47 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 167.50 | 12.55 | 165902.38 | 6.57 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1539.50 | 29.38 | 150891.59 | 3.31 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4301.15 | 24.39 | 127581.28 | 1.74 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 11760.00 | 30.01 | 102409.76 | 3.40 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5537.45 | 45.42 | 87353.27 | 0.72 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1847.40 | 46.58 | 81835.77 | 0.86 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2294.10 | 22.92 | 43790.98 | 2.70 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3334.95 | 26.80 | 35379.24 | 1.74 | 357.10 | 12.97 | 2940.10 | 11.47 | 27.70 | 18.65 |
| TATATECH | 761.75 | 55.53 | 30931.00 | 1.54 | 180.75 | 6.15 | 1664.63 | 33.78 | 19.56 | 16.64 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,379 | 8,570 | 8,701 | 8,604 | 8,868 | 9,105 | 9,286 | 9,423 | 9,421 | 9,967 | 10,313 | 10,782 | 10,988 | |
| 6,808 | 7,000 | 7,190 | 7,118 | 7,330 | 7,484 | 7,795 | 7,904 | 7,851 | 8,086 | 8,392 | 8,926 | 9,358 | |
| Operating Profit | 1,571 | 1,569 | 1,511 | 1,486 | 1,539 | 1,620 | 1,492 | 1,519 | 1,570 | 1,881 | 1,920 | 1,856 | 1,630 |
| OPM % | 18.75% | 18.31% | 17.37% | 17.27% | 17.35% | 17.80% | 16.06% | 16.12% | 16.67% | 18.87% | 18.62% | 17.21% | 14.83% |
| 135 | 146 | 218 | 210 | 227 | 303 | 217 | 227 | 479 | 288 | -356 | 240 | 51 | |
| Interest | 43 | 44 | 56 | 63 | 70 | 68 | 67 | 66 | 71 | 65 | 66 | 63 | 73 |
| Depreciation | 171 | 194 | 184 | 212 | 214 | 219 | 242 | 229 | 226 | 249 | 249 | 249 | 240 |
| Profit before Tax | 1,492 | 1,478 | 1,489 | 1,421 | 1,482 | 1,636 | 1,399 | 1,452 | 1,752 | 1,854 | 1,249 | 1,784 | 1,681 |
| Tax % | 24.71% | 23.29% | 23.74% | 23.03% | 25.36% | 25.42% | 25.55% | 25.70% | 25.96% | 25.26% | 25.65% | 25.90% | 26.16% |
| Net Profit | 1,123 | 1,134 | 1,135 | 1,094 | 1,106 | 1,220 | 1,042 | 1,079 | 1,297 | 1,386 | 929 | 1,322 | 1,241 |
| 37.97 | 38.32 | 38.36 | 36.95 | 37.37 | 41.21 | 35.17 | 36.41 | 43.79 | 46.77 | 31.33 | 44.59 | 41.86 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6,183 | 6,906 | 8,907 | 10,184 | 11,566 | 24,845 | 31,976 | 34,253 | 36,682 | 40,482 | 42,049 | |
| 5,085 | 5,860 | 7,186 | 8,327 | 9,073 | 19,898 | 26,118 | 28,130 | 30,537 | 33,297 | 34,762 | |
| Operating Profit | 1,098 | 1,046 | 1,721 | 1,857 | 2,494 | 4,948 | 5,857 | 6,123 | 6,146 | 7,185 | 7,288 |
| OPM % | 17.76% | 15.15% | 19.32% | 18.23% | 21.56% | 19.91% | 18.32% | 17.88% | 16.75% | 17.75% | 17.33% |
| 198 | 527 | 331 | 431 | 238 | 908 | 514 | 724 | 998 | 693 | 223 | |
| Interest | 3 | 14 | 4 | 72 | 72 | 119 | 144 | 207 | 271 | 266 | 268 |
| Depreciation | 109 | 91 | 88 | 208 | 268 | 530 | 649 | 760 | 904 | 973 | 988 |
| Profit before Tax | 1,184 | 1,468 | 1,960 | 2,007 | 2,392 | 5,207 | 5,579 | 5,879 | 5,969 | 6,639 | 6,568 |
| Tax % | 20.82% | 21.00% | 24.73% | 22.65% | 25.25% | 24.86% | 23.85% | 23.70% | 25.50% | 25.69% | 25.74% |
| Net Profit | 938 | 1,160 | 1,475 | 1,552 | 1,788 | 3,912 | 4,248 | 4,486 | 4,446 | 4,934 | 4,877 |
| EPS | 53.89 | 66.23 | 84.11 | 88.45 | 101.85 | 132.14 | 143.43 | 151.55 | 150.22 | 166.68 | — |
| Dividend Payout % | 30.18% | 31.88% | 33.03% | 31.38% | 39.14% | 24.74% | 41.81% | 42.89% | 43.27% | 45.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 22%
- 5 Years:
- 28%
- 3 Years:
- 8%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 19%
- 5 Years:
- 23%
- 3 Years:
- 5%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 31%
- 5 Years:
- 27%
- 3 Years:
- 23%
- Last Year:
- 22%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 17 | 17 | 17 | 17 | 18 | 18 | 30 | 30 | 30 | 30 |
| 2,809 | 3,580 | 4,563 | 5,105 | 6,845 | 13,669 | 15,464 | 18,926 | 21,571 | 22,682 | |
| 0 | 20 | 3 | 971 | 690 | 1,121 | 1,319 | 1,674 | 1,825 | 3,043 | |
| Trade Payables | 335 | 361 | 446 | 684 | 800 | 1,319 | 1,282 | 1,504 | 1,515 | 2,053 |
| 908 | 849 | 1,040 | 1,326 | 1,588 | 3,658 | 3,982 | 4,122 | 4,074 | 6,447 | |
| Total Liabilities | 4,069 | 4,827 | 6,070 | 8,103 | 9,941 | 19,785 | 22,076 | 26,256 | 29,015 | 34,255 |
| 286 | 273 | 315 | 1,152 | 1,033 | 2,550 | 2,931 | 4,220 | 4,561 | 4,522 | |
| Capital Work in Progress | 1 | 1 | 3 | 38 | 40 | 459 | 813 | 464 | 563 | 894 |
| 1,231 | 1,560 | 2,260 | 2,874 | 4,382 | 6,711 | 5,919 | 9,203 | 10,357 | 13,180 | |
| 0 | 0 | 0 | 0 | 0 | 4 | 3 | 3 | 3 | 3 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,372 | 5,672 | 7,122 | |
| Cash & Bank | 191 | 250 | 215 | 371 | 402 | 1,718 | 2,656 | 2,591 | 2,965 | 2,071 |
| 2,360 | 2,743 | 3,277 | 3,669 | 4,082 | 8,343 | 9,753 | 4,403 | 4,895 | 6,463 | |
| Total Assets | 4,069 | 4,827 | 6,070 | 8,103 | 9,941 | 19,785 | 22,076 | 26,256 | 29,015 | 34,255 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,288 | 1,040 | 1,674 | 2,009 | 2,768 | 4,493 | 4,356 | 5,530 | 4,040 | 4,633 | |
| Cash from Investing | -928 | -250 | -683 | -578 | -1,637 | -1,355 | -249 | -3,832 | -1,688 | -1,695 |
| Cash from Financing | -44 | -408 | -595 | -918 | -513 | -1,682 | -1,980 | -2,163 | -2,515 | -2,952 |
| 76 | 54 | -30 | 147 | 29 | 170 | 658 | -466 | -163 | -14 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - LTM Limited has informed the Exchange regarding a press release dated September 09, 2026, titled "LTM Collaborates with IBM and Red Hat on Lightwell to Advance AI-Driven Open-Source Software Remediation".
2026-09-04 - LTM Limited has informed the Exchange about Schedule of meet
2026-09-04 - LTM Limited has informed the Exchange about Receipt of No-objection letters from the Stock Exchanges for Reclassification of Nabha Power Limited from the Promoter Group to Public Category
2026-08-27 - LTM Limited has informed the Exchange regarding a press release dated August 27, 2026, titled "LTM Inaugurates its New Global Delivery & AI Competency Center in Kolkata Reinforces L&T Group s Long-Term Commitment to West Bengal".
2026-08-24 - LTM Limited has informed the Exchange about Schedule of meet
2026-08-22 - LTM Limited has informed the Exchange about update on acquisition informed earlier vide letter dated May 22, 2026
2026-08-20 - LTM Limited has informed the Exchange about notice published in Newspaper for attention of equity shareholders of the company in respect of transfer of equity shares to IEPF Authority.
2026-08-14 - LTM Limited has informed the Exchange regarding 'Submission of Sustainability report for FY 2025-26'.
2026-08-12 - LTM Limited has informed the Exchange about Schedule of Analyst/Institutional Investor Meeting
News
Recent coverage and analyst commentary for LTM
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