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L&T Technology Services Ltd.

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ltts.comBSE: 540115NSE: LTTS
Market Cap₹ 35,379 Cr.
Current Price
High / Low₹ 4,726 / 3,010
Stock P/E29.1
Book Value₹ 584
Price to Book5.64
Dividend Yield1.74 %
ROCE28.0 %
ROE20.0 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Sustainability: 41.5% • Transportation: 33.8% • Tech: 24.7%

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 32.3%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 23.1%
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.13x)
  • Company has been maintaining a healthy dividend payout of 53.2%

CONS

  • Operating margins have contracted to 18.7% from 23.3%
  • Stock is trading at 5.6x its book value
  • Growth is decelerating - 3Y profit CAGR (0.1%) trails the 5Y trend (11.4%)

* 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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
2,0442,1362,1482,3512,2462,3252,4122,2062,1962,5362,4692,4092,469
1,6151,6801,6931,8611,8011,9021,9391,7971,7872,0951,9941,9452,052
Operating Profit428456455490446422473409408441475464417
OPM %20.97%21.34%21.18%20.85%19.83%18.17%19.61%18.54%18.61%17.39%19.24%19.26%16.88%
48426450646830496864-11227
Interest11111313131215151614141613
Depreciation51626568667269586172686767
Profit before Tax414425441459430407419384400418393394444
Tax %27.67%27.38%27.19%28.26%27.35%28.05%28.18%26.16%26.98%26.59%26.47%26.38%26.05%
Net Profit300308321329313293301284292307289290333
28.3729.1830.3631.1529.5527.6928.4326.7927.5428.9827.2627.3331.39

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
3,1123,5074,7125,1814,9645,8747,9108,6798,5059,2079,883
2,5302,9683,8484,1524,0674,5886,2786,8606,8237,4888,086
Operating Profit5825388641,0298971,2861,6321,8191,6821,7191,797
OPM %18.70%15.35%18.34%19.86%18.07%21.90%20.63%20.96%19.78%18.67%18.18%
76201151214215187213214218181102
Interest1013544394048546057
Depreciation585873153174183205246264266273
Profit before Tax6006819411,0558951,2511,6001,7391,5821,5741,649
Tax %25.12%28.15%25.63%25.12%24.80%26.57%27.94%27.63%27.46%26.61%26.37%
Net Profit4494897007906739181,1531,2581,1471,1551,214
EPS41.9446.5966.6774.9963.8387.08108.91118.73108.24108.97—
Dividend Payout %15.82%33.51%31.20%27.78%34.32%40.20%41.17%42.11%50.81%53.22%—

COMPOUNDED SALES GROWTH

10 Years:
12%
5 Years:
13%
3 Years:
5%

COMPOUNDED PROFIT GROWTH

10 Years:
11%
5 Years:
12%
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:
25%
3 Years:
23%
Last Year:
20%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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
1,4801,8912,3812,5643,2903,9424,0904,9345,6365,845
0249505416417361497428718
Trade Payables1331551701872203471,2021,3361,510874
4844995957688739812,0981,2171,2672,173
Total Liabilities2,1182,5673,2164,0454,8205,7087,7728,0058,8629,630
5595535659601,0201,0141,0671,3901,2741,258
Capital Work in Progress200912106132812
1993227527651,7011,6472,4391,6462,2192,846
0000002346
00000002,0542,2501,711
Cash & Bank621441922272006176161,1781,2671,321
1,2961,5481,7062,0851,8882,4203,6421,7211,8192,477
Total Assets2,1182,5673,2164,0454,8205,7087,7728,0058,8629,630

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
5605139998581,5051,2281,7041,3411,4281,272
Cash from Investing-177-166-489-280-965-389-560-231-554-309
Cash from Financing-240-98-202-377-354-476-434-647-705-782
-1576487-5135272463169180

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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