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L&T Technology Services Ltd.

•
ltts.comBSE: 540115NSE: LTTS
Market Cap₹ 35,379 Cr.
Current Price
High / Low₹ 4,726 / 3,010
Stock P/E26.8
Book Value₹ 638
Price to Book5.16
Dividend Yield1.74 %
ROCE27.7 %
ROE19.8 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Sustainability: 34.8% • Tech: 33.3% • Transportation: 31.9%

AI Sector View

AI GENERATED

Information Technology

Buy

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.

Confidence
68%
View full sector analysis →

PROS

  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 31.8%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 22.8%
  • Company has consistently been profitable over the last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.19x)
  • Company has delivered good sales growth of 15.1% CAGR over last 5 years

CONS

  • Operating margins have contracted to 17.4% from 22.3%
  • Stock is trading at 5.2x its book value
  • Growth is decelerating - 3Y profit CAGR (0.4%) trails the 5Y trend (13.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Information TechnologyITIT - Software
Part ofNIFTYLARGEMIDCAP250NIFTYMIDCAP150NIFTY MIDCAP 150NIFTY TOTAL MKTNIFTY 500
S.No.Name
1.TCS2202.0016.00796702.875.0013420.004.6972275.0013.9366.2525.67
2.INFY1038.2013.91421325.694.627775.0012.2948211.0014.0342.8423.66
3.HCLTECH1207.0018.80327539.384.474626.0020.3434579.0013.9431.2019.87
4.WIPRO167.5012.55165902.386.573356.300.5924478.6010.5918.4918.93
5.TECHM1539.5029.38150891.593.311486.3031.6715711.9017.6823.0417.43
6.LTM4301.1524.39127581.281.741468.6017.0611608.0017.9630.2517.75
7.OFSS11760.0030.01102409.763.401415.50120.523125.2068.7345.5060.04
8.PERSISTENT5537.4545.4287353.270.72483.0413.674303.2329.0935.0916.19
9.COFORGE1847.4046.5881835.770.86531.7049.195527.7049.8624.7019.14
10.MPHASIS2294.1022.9243790.982.70489.5110.824384.0517.4623.3118.15
11.LTTS3334.9526.8035379.241.74357.1012.972940.1011.4727.7018.65
12.TATATECH761.7555.5330931.001.54180.756.151664.6333.7819.5616.64
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
2,3012,3862,4222,5382,4622,5732,6532,6382,6382,9802,9242,8582,940
1,8491,9111,9342,0352,0062,1072,1582,2052,1972,4892,4102,3362,493
Operating Profit453476488503456466495433441491514521447
OPM %19.67%19.93%20.14%19.81%18.53%18.11%18.65%16.40%16.71%16.47%17.57%18.24%15.20%
48416256626534496766-21829
Interest12131313131216161616151714
Depreciation57687275737873818193878687
Profit before Tax431436466471433441440385411448410436476
Tax %27.60%27.56%27.65%27.52%27.46%27.40%27.37%27.40%26.93%26.52%26.09%26.64%25.99%
Net Profit0000314320320310316329303333357
29.4529.8431.8032.2529.6530.2030.4726.4828.2931.0228.5630.1433.62

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
3,2483,7475,0785,6195,4506,5708,8169,6479,64210,99611,701
2,6843,1844,1644,5114,4835,1887,0697,7407,8569,0869,728
Operating Profit5645639151,1089671,3821,7461,9081,7861,9101,973
OPM %17.38%15.02%18.01%19.73%17.74%21.04%19.81%19.77%18.53%17.37%16.86%
79206223211194185218219212174111
Interest2223646444451566462
Depreciation6289104183218214234272303345353
Profit before Tax5796781,0311,1008971,3091,6861,8041,6391,6741,770
Tax %26.62%25.26%25.50%25.25%25.72%26.63%27.85%27.58%27.42%26.55%26.31%
Net Profit4255077688226669611,2161,3061,1901,2301,305
EPS39.6448.1872.9177.7062.9090.74114.48122.99119.50120.68—
Dividend Payout %16.72%32.41%28.53%26.81%34.83%38.58%39.17%40.65%46.03%48.06%—

COMPOUNDED SALES GROWTH

10 Years:
14%
5 Years:
15%
3 Years:
8%

COMPOUNDED PROFIT GROWTH

10 Years:
12%
5 Years:
14%
3 Years:
2%

STOCK PRICE CAGR

10 Years:
—
5 Years:
-5%
3 Years:
-10%
1 Year:
-21%

RETURN ON EQUITY

10 Years:
29%
5 Years:
24%
3 Years:
23%
Last Year:
20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

May 22

₹ 20

Rs.40.0000 per share(2000%)Final Dividend

2025

Oct 27

₹ 9

Rs.18.0000 per share(900%)Interim Dividend

2025

Jun 6

₹ 19

Rs.38.0000 per share(1900%)Final Dividend

2024

Oct 25

₹ 8.50

Interim Dividend

2024

Jun 14

₹ 16.50

Rs.33.0000 per share(1650%)Final Dividend

2023

Oct 27

₹ 8.50

Interim Dividend

2023

Jul 7

₹ 15

Rs.30.0000 per share(1500%)Final Dividend

2022

Oct 27

₹ 7.50

Interim Dividend

2022

Jul 7

₹ 7.50

Rs.15.0000 per share(750%)Final Dividend

2022

Jan 25

₹ 5

Interim Dividend

2021

Oct 26

₹ 5

Interim Dividend

2021

Jul 8

₹ 7.25

Rs.14.5000 per share(725%)Final Dividend

2020

Oct 26

₹ 3.75

Interim Dividend

2018

Aug 13

₹ 6

Rs.12.0000 per share(600%)Final Dividend

2017

Nov 14

₹ 2

Interim Dividend

2017

Aug 14

₹ 2

Rs.4.0000 per share(200%)Dividend

2016

Nov 21

₹ 1.50

Interim Dividend

2020

Jun 19

₹ 6.75

Rs.13.5000 per share(675%)Final Dividend & A.G.M.

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital20202121212121212121
Minority Interest-0037101418211820
1,4341,8622,4242,7123,4224,1234,3205,2105,9676,390
1027276519434455390521458739
Trade Payables1491811881982353931,2371,4121,622937
4945426408159441,0712,1981,2991,5412,291
Total Liabilities2,1992,6783,3524,2725,0666,0778,1848,4839,62710,398
6147097801,1741,2821,2831,3031,6132,2452,250
Capital Work in Progress200912106132812
1952215756421,5151,4782,2841,4931,3101,897
0000002346
00000002,1802,5132,015
Cash & Bank671542052442336746901,3901,5661,650
1,3221,5941,7922,2042,0242,6323,8991,7911,9622,569
Total Assets2,1992,6783,3524,2725,0666,0778,1848,4839,62710,398

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
5465811,0878501,5851,3621,7801,4931,4811,455
Cash from Investing-178-196-509-222-1,005-448-578-233-509-443
Cash from Financing-222-132-245-406-363-498-445-658-718-800
-12815210-3660290602254213

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
73.6973.6973.6673.6673.5973.5873.5873.5773.52
4.464.354.195.194.844.674.223.864.12
13.0713.7214.0713.6713.8614.1314.5714.6414.05
Government0.000.000.000.000.000.000.000.000.00
Public8.778.238.097.487.707.617.627.938.30

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10
ESOP/ESOS/ESPS

2026-09-10 - L&T Technology Services Limited has informed the Exchange regarding Allotment of 8,725 Shares.

2026-09-04
General Updates

2026-09-04 - LTTS: L&T Technology Services 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

2026-09-04
Shareholders meeting

2026-09-04 - L&T Technology Services Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results for Postal Ballot notice dated August 3, 2026.

2026-09-04
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-04 - L&T Technology Services Limited has informed the Exchange about Schedule of meet

2026-09-01
General Updates

2026-09-01 - LTTS: L&T Technology Services Limited has informed the Exchange regarding completion of sale of the Smart World and Communication Business Unit of the Company to AMI Paradigm Solutions Private Limited, pursuant to the Business Transfer Agreement.

2026-08-26
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-26 - L&T Technology Services Limited has informed the Exchange about Schedule of Analyst/Institutional Investor Meeting.

2026-08-21
Copy of Newspaper Publication

2026-08-21 - L&T Technology Services Limited has informed the Exchange about Copy of Newspaper Publication regarding transfer of Equity Shares to the Investor Education and Protection Fund (IEPF) Authority.

2026-08-19
Bagging/Receiving of orders/contracts

2026-08-19 - L&T Technology Services has secured a landmark engagement valued at over $75 Million from a leading global technology enterprise.

2026-08-17
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - L&T Technology Services Limited has informed the Exchange about Presentation

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