L&T Technology Services Ltd logo

L&T Technology Services Ltd

LTTS NSE

Key Fundamentals

SmallcapIT Enabled ServicesInformation Technology
Market Cap
₹37,548 Cr
Volatility
Moderate
P/E Ratio
28.19
EBITDA
₹2,156 Cr
Return on Equity
18.95%
Debt to Equity
0.09
Book Value
₹610.19
EPS
₹123.42
52W High
₹4,726
52W Low
₹3,010

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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57 extracted metrics + investor summaries across FY09–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 44.9%

Growth Rate

Revenue Growth
13.86% ↗
Net Income Growth
3.37% ↘
Cash Flow Change
-1.76% ↘
ROE
-2.87% ↘
ROCE
-5.96% ↘
EBITDA Margin (Avg.)
-5.27% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

L&T Technology Services is a nearly debt-free ER&D services company with FY25 revenue of ₹10,670 crore (up 10.6% YoY) and a market cap of ~₹38,332 crore. The stock trades at a PE of 28.7x with a consistent ROE averaging 22-25% over the past decade, though the stock price has declined 14% over the past year and EBIT margins compressed to 13.2% in Q4FY25 from 15.9% in Q3FY25.

Bull Case 8
  • Almost debt-free balance sheet provides financial flexibility and resilience during downturns, with negligible interest burden on P&L
  • Consistent ROE of 22-25% over 3, 5, and 10-year periods indicates efficient capital allocation and high returns on shareholder equity
  • FY25 revenue grew 10.6% YoY to ₹10,670 crore with constant currency growth of 8.9%, demonstrating sustained demand for ER&D services
  • Record large deal bookings in Q4FY25 including one $80M+ deal, one $50M+ deal, one $30M+ deal, and multiple $10M+ deals, providing revenue visibility
  • Compounded sales CAGR of 14-15% over 5 and 10-year horizons reflects a durable double-digit growth franchise
  • Healthy dividend payout ratio of 44.9% with FY25 proposed dividend of ₹38 per share, yielding 1.62% at current levels
  • Q2FY26 saw near-record TCV of ~$300 million in large deal wins, indicating continued client confidence and deal pipeline strength
  • Patent filings crossed 1,500 mark with 190 patents in AI/GenAI, positioning the company in next-gen engineering services
Bear Case 8
  • Q4FY25 EBIT margin dropped sharply to 13.2% from 15.9% in Q3FY25, a 270bps sequential decline that missed consensus estimates of 14.6%
  • Stock price has declined 14% over the past 1 year and shows negative 6% CAGR over 3 years, indicating sustained underperformance
  • PE of 28.7x is elevated relative to the profit CAGR of only 6% over 3 years, suggesting valuation may be pricing in faster growth than delivered
  • FY25 full-year EBIT margin at 14.9% represents compression from historical levels, with Q4 exit rate of 13.2% raising concerns about structural margin pressure
  • Compounded profit growth of 6% over 3 years significantly lags the 11% sales growth over the same period, indicating deteriorating operating leverage
  • Attrition rate of 14.3% in Q4FY25, while stable, reflects ongoing talent retention challenges typical of the ER&D sector
  • Revenue concentration in discretionary engineering R&D spending makes LTTS vulnerable to client budget cuts during macro slowdowns or tariff uncertainty
  • 5-year stock CAGR of -1% despite 15% compounded sales growth over the same period indicates significant PE de-rating by the market

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 19h ago
Positives 3
  • AgenticIQ AI platform launched Aug 11

    LTTS unveiled AgenticIQ, an end-to-end Agentic AI platform for engineering and manufacturing, aimed at scaling autonomous AI agents from pilots to production.

  • ESG score improves to 75 Aug 11

    NSE Sustainability Ratings revised LTTS's ESG score upward to 75 from 74, reflecting improved environmental, social, and governance performance.

  • 13-15% revenue CAGR target through FY31 Aug 17

    Investor deck ahead of Asia roadshow highlights FY26 revenue of $1,321 million, Q1FY27 annualized run rate of $1.24 billion, and a strategic shift to Engineering Intelligence targeting 13-15% CAGR through FY31.

Neutral 3
  • Asia roadshow investor deck shared Aug 17

    LTTS shared its investor deck ahead of an Asia roadshow, outlining growth drivers in mobility, sustainability, and AI infrastructure sectors.

  • Mumbai investor conference participation Aug 7

    LTTS will present at Emkay Confluence 2026 and Equirus Annual India Conference on August 12-13, 2026, in Mumbai.

  • Shareholder vote on director re-appointment Aug 4

    Shareholders to vote via postal ballot on Luis Miranda's re-appointment as Independent Director for a five-year term starting October 2026.

TL;DR: LTTS is positioning itself as an AI-first engineering services company with the AgenticIQ platform launch and a clear growth roadmap targeting 13-15% revenue CAGR through FY31. ESG credentials are incrementally improving. No material headwinds emerged in the recent news cycle. The outlook is constructive, with active investor engagement and new product launches signaling confidence in sustained mid-teens growth.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,301
2,386
2,422
2,538
2,462
2,573
2,653
2,638
2,638
2,980
2,787
2,858
2,940
Expenses
1,849
1,911
1,934
2,035
2,006
2,107
2,158
2,205
2,197
2,489
2,289
2,336
2,392
Operating Profit
453
476
488
503
456
466
495
433
441
491
498
521
548
OPM %
20%
20%
20%
20%
19%
18%
19%
16%
17%
16%
18%
18%
19%
Other Income
48
41
62
56
62
65
34
80
83
66
9
31
34
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
86
86
87
PBT
431
436
466
471
433
441
440
416
427
448
406
449
481
Tax %
28%
28%
28%
28%
27%
27%
27%
25%
26%
27%
25%
26%
26%
Net Profit
312
316
337
341
314
320
320
310
316
329
303
333
357
EPS in Rs
29.44
29.84
31.79
32.24
29.63
30.2
30.45
29.38
29.79
31.01
28.55
31.33
33.62
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,619
3,066
3,248
3,747
5,078
5,619
5,450
6,570
8,014
9,647
9,642
10,996
11,565
Expenses
2,220
2,547
2,663
3,172
4,164
4,509
4,442
5,155
6,303
7,728
7,852
9,061
9,506
Operating Profit
399
519
586
576
915
1,110
1,007
1,415
1,711
1,919
1,790
1,935
2,059
OPM %
15%
17%
18%
15%
18%
20%
18%
22%
21%
20%
19%
18%
18%
Other Income
25
84
58
193
223
209
154
152
208
207
283
200
139
Interest
3
2
2
2
2
36
46
44
44
51
56
64
62
Depreciation
48
59
62
89
104
183
218
214
232
272
303
345
352
PBT
372
542
579
678
1,031
1,100
897
1,309
1,644
1,804
1,713
1,726
1,784
Tax %
16%
23%
27%
25%
26%
25%
26%
27%
29%
28%
26%
26%
—
Net Profit
311
419
425
507
768
822
666
961
1,174
1,306
1,264
1,281
1,322
EPS in Rs
10.36
55.88
41.78
49.39
73.61
78.33
63.14
90.68
111
123
120
121
125
Div. Payout %
50%
26%
29%
32%
29%
27%
35%
39%
41%
41%
46%
48%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
300
300
20
20
21
21
21
21
21
21
21
21
Reserves
2
766
1,465
1,916
2,458
2,748
3,452
4,141
4,930
5,306
6,059
6,452
Borrowings
969
196
102
70
70
30
480
477
454
659
578
578
Other Liabilities
507
681
644
696
802
1,504
1,113
1,438
1,498
2,497
2,970
3,438
Total Liabilities
1,778
1,942
2,232
2,702
3,352
4,303
5,066
6,077
6,904
8,483
9,627
10,489
Fixed Assets
569
621
614
709
780
1,174
1,282
1,283
1,294
1,613
2,245
2,250
CWIP
0
14
2
0
0
9
12
10
6
13
28
12
Investments
0
56
195
221
575
642
1,515
1,478
2,284
1,493
1,310
1,896
Other Assets
1,208
1,252
1,421
1,772
1,997
2,479
2,257
3,307
3,319
5,365
6,045
6,330
Total Assets
1,778
1,942
2,232
2,702
3,352
4,303
5,066
6,077
6,904
8,483
9,627
10,489
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
289
544
388
409
806
638
1,332
1,006
1,305
1,493
1,481
1,455
Investing
-667
-176
-178
-196
-509
-222
-1,005
-448
-572
-233
-509
-443
Financing
464
-383
-222
-132
-245
-406
-363
-498
-444
-658
-718
-800
Net Cash Flow
86
-15
-12
81
52
10
-36
60
290
602
254
213
Free Cash Flow
236
418
343
324
718
487
1,257
851
1,132
1,251
1,379
1,280
CFO/OP
89
137
93
101
119
77
157
96
104
105
110
96
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
96
86
80
94
76
90
83
94
79
82
95
67
Cash Conversion Cycle
96
86
80
94
76
90
83
94
79
82
95
67
Working Capital Days
67
18
48
70
52
66
44
49
38
38
36
35
ROCE %
—
43%
41%
38%
45%
43%
27%
31%
33%
32%
27%
27%

Shareholding Pattern

As of Jun 2026
Promoters 73.53%
DIIs 14.05%
Public 6.58%
FIIs 4.12%
Others 1.72%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
74.24%
74.23%
74.15%
73.93%
73.90%
73.88%
73.87%
73.85%
73.85%
73.80%
73.77%
73.75%
73.74%
73.69%
73.69%
73.66%
73.66%
73.59%
73.58%
73.58%
73.57%
73.53%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
5.51%
4.46%
4.35%
4.19%
5.18%
4.84%
4.67%
4.23%
3.86%
4.12%
DIIs
5.92%
6.20%
5.72%
4.97%
4.69%
3.52%
7.35%
7.92%
8.64%
10.61%
10.41%
11.10%
12.33%
13.31%
13.96%
14.30%
13.68%
13.88%
14.13%
14.57%
14.64%
14.05%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
5.96%
6.04%
6.05%
6.44%
7.34%
8.72%
9.73%
8.84%
8.54%
8.20%
7.46%
7.12%
6.66%
6.74%
6.26%
6.27%
5.90%
6.12%
6.05%
6.05%
6.30%
6.58%
Others
13.88%
13.53%
14.08%
14.65%
14.07%
13.88%
9.05%
9.38%
8.98%
7.39%
8.35%
8.03%
1.76%
1.80%
1.74%
1.59%
1.58%
1.58%
1.57%
1.57%
1.63%
1.72%
No. of Shareholders
1,14,727
1,25,920
1,46,893
1,77,839
2,22,196
2,76,779
3,05,881
2,88,961
2,97,569
2,84,646
2,66,571
2,57,396
2,43,374
2,54,732
2,36,000
2,31,067
2,19,573
2,23,318
2,21,811
2,31,406
2,44,820
2,47,423

Documents

Frequently Asked Questions about L&T Technology Services Ltd

What does L&T Technology Services Ltd do?
Incorporated in 2012, L&T Technology Services is an engineering and technology services company, a subsidiary of Larsen & Toubro, providing design, development, testing, and maintenance services across products and processes. [1]
Where is L&T Technology Services Ltd (LTTS) listed?
L&T Technology Services Ltd is listed on the Indian stock exchanges. It is listed on NSE: LTTS and BSE: 540115. You can view its live share price, financials, and ratios on Tapetide.
Which sector does L&T Technology Services Ltd belong to?
L&T Technology Services Ltd operates in the Information Technology sector within the IT Enabled Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of L&T Technology Services Ltd?
L&T Technology Services Ltd has a market capitalisation of approximately ₹37548.28 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of L&T Technology Services Ltd?
The Price-to-Earnings (PE) ratio of L&T Technology Services Ltd is 28.19. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of L&T Technology Services Ltd?
Over the past 52 weeks, L&T Technology Services Ltd has traded between a low of ₹3,010 and a high of ₹4,726. This range helps investors understand the stock's price volatility and recent trading levels.
Does L&T Technology Services Ltd pay dividends?
Yes, L&T Technology Services Ltd has a dividend yield of 1.64%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of L&T Technology Services Ltd?
L&T Technology Services Ltd has a Return on Equity (ROE) of 18.95%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research L&T Technology Services Ltd on Tapetide?
On Tapetide, you can view L&T Technology Services Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 2012, L&T Technology Services is an engineering and technology services company, a subsidiary of Larsen & Toubro, providing design, development, testing, and maintenance services across products and processes. [1]

Website lnttechservices.com
CEO Mr. Amit Pal Singh Chadha
Employees 21,028
Listed 2016-09-23
Face Value ₹ 2
Issued Size 10,59,89,318

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