LTM Ltd
LTM Ltd
Information Technology F&OKey Fundamentals
LargecapComputer Software & ConsultingInformation TechnologyInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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60 extracted metrics + investor summaries across FY15–FY27.
Tapetide Score
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Technical Indicators
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
LTIMindtree (LTM) is a mid-large-cap IT services company with a market cap of ~₹1.41 lakh crore, trading at a P/E of 27.2x. The company delivered FY25 revenue of $4.5 billion (7% YoY growth in INR terms) with EBIT margins of 14.5%, while maintaining a 3-year ROE of 23% and a dividend payout of 42.7%.
- Consistent ROE track record of 23% over 3 years and 26% over 5 years, indicating strong capital efficiency
- FY26 order inflow of $6.6 billion, up 10.3% YoY, with six consecutive quarters above $1.5 billion providing revenue visibility
- Healthy dividend payout ratio of 42.7% with a current dividend yield of 1.57%, attractive for an IT stock
- FY26 EBIT margin recovered to 15.4%, expanding 90 bps YoY from the FY25 trough of 14.5%
- Working capital days improved from 33.8 to 26.4 days, reflecting better cash conversion efficiency
- TTM sales growth of 14% and profit growth of 19% show acceleration from the 3-year CAGR of 8% and 7% respectively
- Record deal win of $1.68 billion in Q3FY25 with book-to-bill ratio of ~1.5x, supported by large deals and AI-leveraged engagements
- Parent Larsen & Toubro holds 68.73% stake, providing strong promoter backing and cross-selling opportunities across L&T's industrial client base
- EBIT margin declined 120 bps from 15.7% in FY24 to 14.5% in FY25, indicating margin pressure from investments and wage inflation
- Stock price CAGR negative at -8% over 1 year and -3% over 3 years, significantly underperforming the 10-year CAGR of 21%
- P/E of 27.2x and P/B of 5.89x imply rich valuations relative to the recent single-digit profit growth of 7% CAGR over 3 years
- FY25 USD revenue growth of only 4.8% YoY lags larger peers, reflecting slower organic momentum in a tough macro environment
- 5-year stock CAGR of -1% indicates the market has not rewarded the LTI-Mindtree merger with sustained re-rating
- Compounded sales growth decelerated from 28% (5-year) to 8% (3-year), showing a clear slowdown in the growth trajectory post-merger
- 52-week high and low data unavailable, but the negative recent stock returns suggest the stock has faced sustained selling pressure
- IT sector faces structural headwinds from GenAI-driven productivity gains that could reduce outsourcing demand over the medium term
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- 70% Scope 1 emissions drop Aug 14
FY26 Sustainability Report shows 70% reduction in Scope 1 emissions intensity and 72% renewable energy usage. Company commits to Science Based Targets initiative (SBTi).
- Strong ESG score of 76 Aug 11
NSE Sustainability Ratings & Analytics assigned LTM an ESG rating score of 76, disclosed under SEBI LODR Regulation 30 on August 11, 2026.
- Chainguard partnership for supply chain security Aug 6
LTM partnered with Chainguard to secure open-source software supply chains via its BlueVerse RightLogic platform, targeting AI-enabled development risks.
- Glean partnership for enterprise AI Jul 20
LTM partnered with Glean to accelerate enterprise AI adoption by unifying fragmented knowledge across applications, focusing on regulated industries.
- Investor meetings in Singapore and Mumbai Aug 12
LTM scheduled institutional investor meetings in Singapore (Aug 19-21) and Mumbai (Aug 12, 13, 18), including Axis Capital's India Corporate Day and major conferences.
TL;DR: LTM is demonstrating strong ESG credentials with a 76 NSE sustainability score and significant emissions reduction, which strengthens its positioning for ESG-conscious institutional investors. On the growth front, strategic partnerships with Chainguard and Glean signal continued investment in AI and cybersecurity capabilities. No material headwinds emerged in the recent news cycle. The trend is stable with a positive tilt toward sustainability differentiation and AI-driven service expansion.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
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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]