LTM
LTM
Information Technology F&OKey Fundamentals
LargecapComputer Software & ConsultingInformation TechnologyTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Company has a good return on equity (ROE) track record: 3 Years ROE 23.1%
- Company has been maintaining a healthy dividend payout of 42.7%
- Company's working capital requirements have reduced from 33.8 days to 26.4 days
Growth Rate
AI Analysis — Bull vs Bear
LTM Ltd (formerly LTIMindtree, renamed in March 2026) has a market cap of about ₹1,19,535 Cr and trades at a P/E of 23 and a P/B of 4.99. Its 10-year sales and profit CAGRs are 22% and 20%. Growth over the last 3 years has slowed to 8% for sales and 7% for profit, and TTM sales are up 14% with profit up 19%. The stock is down 20% over 1 year, 9% annualised over 3 years and 7% annualised over 5 years, while ROE has been 23-27% across different periods.
- ROE has stayed high over the long run: 27% over 10 years, 26% over 5 years and 23% over 3 years. That points to efficient use of capital through several business cycles.
- Growth has picked up again. TTM sales are up 14% and TTM profit is up 19%, both well above the 3-year CAGRs of 8% and 7%.
- Over 10 years, sales grew at a 22% CAGR, profit at 20% and the stock at 20%, which shows a history of compounding.
- The company pays out 42.7% of profit as dividends, and the dividend yield is 1.86%, which is solid for an Indian IT services stock.
- Working capital days fell from 33.8 to 26.4, an improvement of about 22%. That suggests better collections and cash conversion.
- The stock is down 20% over 1 year and now trades at a P/E of 23, below historical levels, while TTM profit growth is 19%. The valuation is more modest than when growth was last this strong.
- Q4 FY26 revenue reached $1.22 billion, up 8.1% year-on-year, which shows ongoing demand in USD terms.
- Shareholder returns have been negative: -20% over 1 year, -9% annualised over 3 years and -7% annualised over 5 years. The long-term 10-year return of 20% has not held up recently.
- Growth over the medium term has slowed sharply. Sales CAGR fell from 28% over 5 years to 8% over 3 years, and profit CAGR fell from 23% to 7%.
- ROE has slipped from 27% over 10 years to 23% over both the last year and 3 years, which suggests returns on capital are gradually weakening.
- A P/B of 4.99 and a P/E of 23 still price in a premium, even though 3-year profit growth is only 7%. If the TTM recovery does not last, the valuation could fall.
- In Q4 FY26, margins fell from the previous quarter despite 8.1% YoY revenue growth, and the stock closed 1.58% lower at ₹4,604.3. Profitability is under pressure.
- At ₹1,19,535 Cr market cap and around $1.22 billion in quarterly revenue, the company depends heavily on global (mainly US and Europe) tech spending, which is cyclical and could slow down.
- A 42.7% payout ratio leaves less profit to reinvest in acquisitions or capability building while the sector is being disrupted by AI.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Goldman stays Neutral, modest growth Sep 7
Goldman Sachs kept its Neutral rating on LTM and expects revenue growth similar to last year, about 2% CQGR for the rest of the year. The near-term story is steady growth and margin recovery rather than a major acceleration.
- AI-driven deflation weighs on demand Sep 7
Management acknowledged pockets of industry demand pressure from AI. Goldman expects AI-led pricing deflation to take a few more quarters to fully play out across Indian IT.
- Strong Q1 FY27 earnings, margin expansion Sep 9
Q1 FY27 consolidated net profit rose 17% YoY to ₹1,468.6 crore and revenue grew 18% YoY to ₹11,608 crore. EBIT margin expanded 120 bps YoY to 15.5%, and order inflows reached $1.68 billion.
- Deal ramp-ups to lift Q3 Sep 7
Goldman expects Q3 to be stronger than Q2. Drivers include a retail/consumer deal won in Q1 that starts scaling in Q3, a key technology account contributing partly in Q2 and more in Q3, and most CBDT engagement revenue landing in Q3.
- IBM, Red Hat Lightwell partnership Sep 9
LTM, an IBM Platinum Partner, is working with IBM and Red Hat on AI-driven open-source vulnerability remediation through the Lightwell platform, which has a catalog of 6,500+ secure dependencies across Java and Python. LTM will provide services covering DevSecOps integration, testing and large-scale deployment.
- BlueVerse SovereignSphere AI models launched Sep 23
LTM launched BlueVerse SovereignSphere Models so enterprises can build proprietary, secure AI capabilities. The suite aims to cut infrastructure costs and reduce dependence on generic models.
- BlueVerse OneToken targets AI spend Sep 24
BlueVerse OneToken is a governance layer that optimizes enterprise AI token spend by routing requests to cost-effective models. It extends LTM's AI platform monetization opportunities.
- Avasant Digital Masters Award 2026 Sep 17
Avasant recognized LTM in the Innovator category of its Digital Masters Awards 2026. LTM was shortlisted among 18 providers from a pool of 76+ global technology service companies.
- Clients win ISG Paragon Awards Sep 30
LTM clients PHINIA and Carrier received ISG Paragon Awards North America 2026 for transformation initiatives. The awards reinforce LTM's execution credentials with large clients.
- Shekhar Kapur joins BlueVerse Craft Sep 21
Filmmaker Shekhar Kapur (BAFTA winner, Academy Award nominee, Padma Bhushan recipient) was appointed Strategic Advisor to LTM's BlueVerse Craft unit. He will help shape its AI-enabled enterprise content and media strategy.
- September investor meetings scheduled Sep 4
LTM scheduled analyst and institutional investor meetings for September 9 and 11, 2026. These include a virtual J.P. Morgan session and the in-person UBS India Summit in Mumbai.
- Nabha Power reclassified as public Sep 4
On September 4, 2026, LTM received no-objection letters from NSE and BSE to reclassify Nabha Power Limited from the promoter group to the public category under SEBI Listing Regulations.
TL;DR: LTM's fundamentals are solid: Q1 FY27 revenue grew 18% YoY and profit 17% YoY, EBIT margin expanded 120 bps to 15.5%, and order inflows were $1.68 billion. It is also steadily building out its BlueVerse AI portfolio and partnerships such as IBM/Red Hat Lightwell. The main risks are a modest growth outlook of about 2% CQGR under Goldman's Neutral rating and AI-driven pricing deflation, which could take several more quarters to play out. The trend looks stable to slightly improving, and Q3 deal ramp-ups are the next test of whether growth can pick up.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 8,702 | 8,905 | 9,017 | 8,893 | 9,143 | 9,433 | 9,661 | 9,772 | 9,841 | 10,394 | 10,781 | 11,292 | 11,608 |
| Expenses | 7,067 | 7,274 | 7,432 | 7,357 | 7,536 | 7,734 | 8,068 | 8,176 | 8,191 | 8,464 | 8,778 | 9,319 | 9,547 |
| Operating Profit | 1,636 | 1,631 | 1,585 | 1,536 | 1,606 | 1,699 | 1,593 | 1,596 | 1,649 | 1,930 | 2,003 | 1,973 | 2,061 |
| OPM % | 19% | 18% | 18% | 17% | 18% | 18% | 16% | 16% | 17% | 19% | 19% | 17% | 18% |
| Other Income | 132 | 143 | 220 | 208 | 227 | 299 | 212 | 251 | 392 | 300 | -363 | 237 | 255 |
| Interest | 46 | 47 | 61 | 68 | 72 | 70 | 69 | 67 | 72 | 69 | 69 | 65 | 76 |
| Depreciation | 185 | 208 | 199 | 227 | 235 | 241 | 264 | 251 | 243 | 282 | 266 | 264 | 261 |
| PBT | 1,536 | 1,519 | 1,545 | 1,448 | 1,526 | 1,687 | 1,472 | 1,529 | 1,726 | 1,879 | 1,305 | 1,881 | 1,978 |
| Tax % | 25% | 24% | 24% | 24% | 26% | 26% | 26% | 26% | 27% | 26% | 26% | 26% | 26% |
| Net Profit | 1,152 | 1,162 | 1,169 | 1,101 | 1,135 | 1,252 | 1,087 | 1,129 | 1,255 | 1,381 | 960 | 1,387 | 1,469 |
| EPS in Rs | 38.92 | 39.26 | 39.49 | 37.14 | 38.28 | 42.24 | 36.63 | 38.09 | 42.32 | 47.27 | 32.74 | 46.96 | 49.43 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,978 | 5,846 | 6,501 | 7,306 | 9,446 | 10,879 | 12,370 | 26,109 | 33,183 | 35,517 | 38,008 | 42,308 | 44,075 |
| Expenses | 3,973 | 4,819 | 5,271 | 6,119 | 7,562 | 8,849 | 9,645 | 20,860 | 27,075 | 29,130 | 31,513 | 34,752 | 36,109 |
| Operating Profit | 1,005 | 1,028 | 1,230 | 1,187 | 1,883 | 2,029 | 2,725 | 5,249 | 6,108 | 6,387 | 6,495 | 7,555 | 7,966 |
| OPM % | 20% | 18% | 19% | 16% | 20% | 19% | 22% | 20% | 18% | 18% | 17% | 18% | 18% |
| Other Income | 99 | 187 | 187 | 426 | 302 | 329 | 274 | 766 | 557 | 702 | 990 | 566 | 430 |
| Interest | 10 | 6 | 3 | 16 | 11 | 83 | 79 | 123 | 150 | 222 | 279 | 276 | 280 |
| Depreciation | 158 | 174 | 178 | 156 | 147 | 273 | 332 | 597 | 723 | 819 | 992 | 1,054 | 1,072 |
| PBT | 936 | 1,035 | 1,236 | 1,442 | 2,028 | 2,003 | 2,588 | 5,294 | 5,792 | 6,049 | 6,214 | 6,791 | 7,043 |
| Tax % | 18% | 19% | 21% | 23% | 25% | 24% | 25% | 25% | 24% | 24% | 26% | 27% | — |
| Net Profit | 769 | 836 | 971 | 1,112 | 1,516 | 1,520 | 1,938 | 3,950 | 4,410 | 4,585 | 4,602 | 4,983 | 5,197 |
| EPS in Rs | 238 | 49.25 | 56.91 | 64.65 | 87.37 | 87.3 | 111 | 225 | 149 | 155 | 155 | 169 | 176 |
| Div. Payout % | 63% | 72% | 29% | 33% | 32% | 32% | 36% | 41% | 40% | 42% | 42% | 44% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 17 | 17 | 17 | 17 | 17 | 18 | 30 | 30 | 30 | 30 | 30 |
| Reserves | 2,010 | 2,108 | 3,127 | 3,843 | 4,876 | 5,387 | 7,286 | 14,258 | 16,562 | 19,988 | 22,669 | 23,995 |
| Borrowings | 218 | 55 | 0 | 0 | 0 | 912 | 798 | 258 | 354 | 2,071 | 2,187 | 2,310 |
| Other Liabilities | 734 | 958 | 1,273 | 1,477 | 1,770 | 2,499 | 2,604 | 6,027 | 6,535 | 5,456 | 5,712 | 10,814 |
| Total Liabilities | 2,978 | 3,137 | 4,417 | 5,337 | 6,664 | 8,815 | 10,706 | 20,572 | 23,481 | 27,544 | 30,598 | 37,148 |
| Fixed Assets | 683 | 638 | 542 | 681 | 930 | 1,920 | 1,906 | 3,473 | 3,679 | 4,981 | 5,285 | 5,626 |
| CWIP | 25 | 20 | 1 | 7 | 12 | 59 | 66 | 503 | 902 | 551 | 681 | 922 |
| Investments | 104 | 43 | 941 | 1,264 | 1,740 | 2,219 | 3,730 | 6,048 | 5,458 | 8,744 | 9,845 | 12,568 |
| Other Assets | 2,166 | 2,437 | 2,934 | 3,385 | 3,982 | 4,617 | 5,004 | 10,548 | 13,442 | 13,269 | 14,787 | 18,033 |
| Total Assets | 2,978 | 3,137 | 4,417 | 5,337 | 6,664 | 8,815 | 10,706 | 20,572 | 23,481 | 27,544 | 30,598 | 37,148 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 642 | 858 | 1,170 | 844 | 1,395 | 1,644 | 2,400 | 3,251 | 3,095 | 5,670 | 4,546 | 4,799 |
| Investing | -103 | -40 | -961 | -452 | -749 | -643 | -1,657 | -1,643 | -271 | -3,918 | -1,729 | -1,604 |
| Financing | -497 | -817 | -33 | -408 | -594 | -890 | -509 | -1,680 | -1,932 | -2,269 | -2,574 | -2,926 |
| Net Cash Flow | 42 | 2 | 176 | -16 | 52 | 110 | 234 | -73 | 892 | -518 | 242 | 269 |
| Free Cash Flow | 448 | 744 | 1,101 | 746 | 1,242 | 1,401 | 2,133 | 2,198 | 2,160 | 4,836 | 3,612 | 3,890 |
| CFO/OP | 91 | 109 | 115 | 101 | 99 | 101 | 112 | 88 | 76 | 113 | 95 | 88 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 80 | 73 | 66 | 70 | 71 | 78 | 61 | 64 | 62 | 59 | 56 | 64 |
| Cash Conversion Cycle | 80 | 73 | 66 | 70 | 71 | 78 | 61 | 64 | 62 | 59 | 56 | 64 |
| Working Capital Days | 58 | 49 | 43 | 60 | 53 | 42 | 33 | 37 | 44 | 36 | 39 | 26 |
| ROCE % | 48% | 47% | 46% | 42% | 47% | 37% | 37% | 48% | 38% | 32% | 28% | 30% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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69 extracted metrics + investor summaries across FY02–FY27.
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Company Information
Larsen & Toubro Infotech Ltd offers extensive range of IT services like application development, maintenance and outsourcing, enterprise solutions, infrastructure management services, testing, digital solutions, and platform-based solutions to the clients in diverse industries.[1]
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