L&T Technology Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Sustainability: 34.8% • Tech: 33.3% • Transportation: 31.9%
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 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
| 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
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,301 | 2,386 | 2,422 | 2,538 | 2,462 | 2,573 | 2,653 | 2,638 | 2,638 | 2,980 | 2,924 | 2,858 | 2,940 | |
| 1,849 | 1,911 | 1,934 | 2,035 | 2,006 | 2,107 | 2,158 | 2,205 | 2,197 | 2,489 | 2,410 | 2,336 | 2,493 | |
| Operating Profit | 453 | 476 | 488 | 503 | 456 | 466 | 495 | 433 | 441 | 491 | 514 | 521 | 447 |
| 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% |
| 48 | 41 | 62 | 56 | 62 | 65 | 34 | 49 | 67 | 66 | -2 | 18 | 29 | |
| Interest | 12 | 13 | 13 | 13 | 13 | 12 | 16 | 16 | 16 | 16 | 15 | 17 | 14 |
| Depreciation | 57 | 68 | 72 | 75 | 73 | 78 | 73 | 81 | 81 | 93 | 87 | 86 | 87 |
| Profit before Tax | 431 | 436 | 466 | 471 | 433 | 441 | 440 | 385 | 411 | 448 | 410 | 436 | 476 |
| 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 Profit | 0 | 0 | 0 | 0 | 314 | 320 | 320 | 310 | 316 | 329 | 303 | 333 | 357 |
| 29.45 | 29.84 | 31.80 | 32.25 | 29.65 | 30.20 | 30.47 | 26.48 | 28.29 | 31.02 | 28.56 | 30.14 | 33.62 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,248 | 3,747 | 5,078 | 5,619 | 5,450 | 6,570 | 8,816 | 9,647 | 9,642 | 10,996 | 11,701 | |
| 2,684 | 3,184 | 4,164 | 4,511 | 4,483 | 5,188 | 7,069 | 7,740 | 7,856 | 9,086 | 9,728 | |
| Operating Profit | 564 | 563 | 915 | 1,108 | 967 | 1,382 | 1,746 | 1,908 | 1,786 | 1,910 | 1,973 |
| OPM % | 17.38% | 15.02% | 18.01% | 19.73% | 17.74% | 21.04% | 19.81% | 19.77% | 18.53% | 17.37% | 16.86% |
| 79 | 206 | 223 | 211 | 194 | 185 | 218 | 219 | 212 | 174 | 111 | |
| Interest | 2 | 2 | 2 | 36 | 46 | 44 | 44 | 51 | 56 | 64 | 62 |
| Depreciation | 62 | 89 | 104 | 183 | 218 | 214 | 234 | 272 | 303 | 345 | 353 |
| Profit before Tax | 579 | 678 | 1,031 | 1,100 | 897 | 1,309 | 1,686 | 1,804 | 1,639 | 1,674 | 1,770 |
| Tax % | 26.62% | 25.26% | 25.50% | 25.25% | 25.72% | 26.63% | 27.85% | 27.58% | 27.42% | 26.55% | 26.31% |
| Net Profit | 425 | 507 | 768 | 822 | 666 | 961 | 1,216 | 1,306 | 1,190 | 1,230 | 1,305 |
| EPS | 39.64 | 48.18 | 72.91 | 77.70 | 62.90 | 90.74 | 114.48 | 122.99 | 119.50 | 120.68 | — |
| 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
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 20 | 20 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 |
| Minority Interest | -0 | 0 | 3 | 7 | 10 | 14 | 18 | 21 | 18 | 20 |
| 1,434 | 1,862 | 2,424 | 2,712 | 3,422 | 4,123 | 4,320 | 5,210 | 5,967 | 6,390 | |
| 102 | 72 | 76 | 519 | 434 | 455 | 390 | 521 | 458 | 739 | |
| Trade Payables | 149 | 181 | 188 | 198 | 235 | 393 | 1,237 | 1,412 | 1,622 | 937 |
| 494 | 542 | 640 | 815 | 944 | 1,071 | 2,198 | 1,299 | 1,541 | 2,291 | |
| Total Liabilities | 2,199 | 2,678 | 3,352 | 4,272 | 5,066 | 6,077 | 8,184 | 8,483 | 9,627 | 10,398 |
| 614 | 709 | 780 | 1,174 | 1,282 | 1,283 | 1,303 | 1,613 | 2,245 | 2,250 | |
| Capital Work in Progress | 2 | 0 | 0 | 9 | 12 | 10 | 6 | 13 | 28 | 12 |
| 195 | 221 | 575 | 642 | 1,515 | 1,478 | 2,284 | 1,493 | 1,310 | 1,897 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 2 | 3 | 4 | 6 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,180 | 2,513 | 2,015 | |
| Cash & Bank | 67 | 154 | 205 | 244 | 233 | 674 | 690 | 1,390 | 1,566 | 1,650 |
| 1,322 | 1,594 | 1,792 | 2,204 | 2,024 | 2,632 | 3,899 | 1,791 | 1,962 | 2,569 | |
| Total Assets | 2,199 | 2,678 | 3,352 | 4,272 | 5,066 | 6,077 | 8,184 | 8,483 | 9,627 | 10,398 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 546 | 581 | 1,087 | 850 | 1,585 | 1,362 | 1,780 | 1,493 | 1,481 | 1,455 | |
| 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 |
| -12 | 81 | 52 | 10 | -36 | 60 | 290 | 602 | 254 | 213 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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
2026-09-10 - L&T Technology Services Limited has informed the Exchange regarding Allotment of 8,725 Shares.
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 - 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 - L&T Technology Services Limited has informed the Exchange about Schedule of meet
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 - L&T Technology Services Limited has informed the Exchange about Schedule of Analyst/Institutional Investor Meeting.
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 - L&T Technology Services has secured a landmark engagement valued at over $75 Million from a leading global technology enterprise.
2026-08-17 - L&T Technology Services Limited has informed the Exchange about Presentation
News
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