L&T Technology Services logo

L&T Technology Services

LTTS NSE

Key Fundamentals

SmallcapIT Enabled ServicesInformation Technology
Market Cap
₹34,001 Cr
Volatility
Moderate
P/E Ratio
26.25
EBITDA
₹2,156 Cr
Return on Equity
18.95%
Debt to Equity
0.09
Book Value
₹610.14
EPS
₹123.42
52W High
₹4,726
52W Low
₹3,010

Tapetide Score

Data-driven rating, 0–100. How it works →

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% higher than 3Y
Net Income Growth
3.37% lower than 3Y
Cash Flow Change
-1.76% higher than 3Y
ROE
-2.87% lower than 3Y
ROCE
-5.96% higher than 3Y
EBITDA Margin (Avg.)
-5.27% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

L&T Technology Services has a market capitalisation of about ₹33,721 crore and trades at a P/E of 25.7x and a P/B of 5.26x. It is almost debt free, has kept return on equity at 22-25% over the past decade and pays out 44.9% of profits as dividends. Against that, profit has grown only 6% a year over the last 3 years and sales growth has slowed from a 15% 5-year CAGR to 10% TTM. The stock has fallen 21% over the past year and has a negative CAGR over both 3 years (-12%) and 5 years (-8%).

Bull Case 7
  • Return on equity has stayed high for a long time: 25% over 10 years, 23% over 5 years, 23% over 3 years and 22% last year. This points to lasting capital efficiency and pricing power in engineering R&D services.
  • The company is almost debt free. Its balance sheet carries little financial risk and leaves room to fund acquisitions, capex or higher shareholder payouts without borrowing.
  • Dividend payout is steady at 44.9% of profits, giving a dividend yield of 1.81%. That is a meaningful cash return while the business keeps enough profit to reinvest.
  • Long-term growth has been compounding: sales grew at a 14% CAGR and profit at a 12% CAGR over 10 years, and the stock returned a 14% CAGR over the same period.
  • TTM profit growth of 10% is well above the 3-year profit CAGR of 6%, and TTM profit growth now matches TTM sales growth (10%). This may signal that margins are no longer shrinking.
  • The P/E has come down to 25.7x after the stock's 21% fall over one year and its -8% 5-year CAGR, while profit grew at a 16% CAGR over 5 years. Earnings have outpaced the share price, so the valuation multiple has compressed.
  • Sales growth is still double-digit: 11% over 3 years and 10% TTM. The revenue base keeps expanding despite a tougher demand environment for discretionary tech spending.
Bear Case 7
  • Profit growth has lagged sales growth over 3 years (6% CAGR vs 11% CAGR). This implies margins have narrowed as costs rose faster than revenue.
  • Sales growth is slowing: from a 15% CAGR over 5 years to 11% over 3 years and 10% TTM. This raises questions about demand momentum in the core engineering R&D segments.
  • Shareholder returns have been weak. The stock is down 21% over one year and has negative CAGRs of -12% over 3 years and -8% over 5 years, leaving medium-term holders below where they started despite profit growth.
  • A P/E of 25.7x is about 4.3 times the 3-year profit CAGR of 6%. That is a high price-to-growth ratio if profit growth does not speed up.
  • A P/B of 5.26x is a steep premium to book value. It relies on the company keeping ROE above 20%, and any further erosion could push the multiple lower.
  • ROE has drifted down from 25% (10-year average) to 22% last year. Capital efficiency is gradually declining even though it remains healthy.
  • At a P/E of 25.7x, the earnings yield is about 3.9%, and the 1.81% dividend yield is modest. Near-term returns depend mostly on earnings growth and on the valuation multiple holding up.

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

AI News Digest

1d ago
Positives 1
  • Cognite industrial AI partnership Sep 24

    LTTS signed a strategic partnership with Cognite to build Industrial AI into its engineering solutions for asset-intensive sectors. This adds to its AI-led service offerings, though no deal value was disclosed.

Neutral 3
  • Q2 results on October 19 Sep 24

    The board meets on October 19 to review Q2 financial results. The company has not disclosed any figures or performance metrics ahead of the meeting.

  • Active investor conference schedule Sep 15

    LTTS presented at the UBS India Summit 2026 on September 10 in Mumbai and scheduled meetings at the Anand Rathi and J.P. Morgan conferences in Mumbai on September 21-22, 2026. All were disclosed under Regulation 30 of SEBI LODR, 2015.

  • Luis Miranda re-appointment approved Sep 4

    Through a postal ballot, shareholders re-appointed Luis Miranda as an independent director with 98.3% of votes in favour. This points to steady governance and strong shareholder support.

TL;DR: Recent LTTS news is mostly routine corporate updates. The Cognite Industrial AI partnership is the only clearly positive item, and it strengthens LTTS's position in AI-led engineering services. None of the articles mention specific headwinds, but they also contain no financial data, so the business trend can't be judged from this news alone. The Q2 results on October 19 will be the next key trigger for growth, margins, and deal momentum.

Quarterly Results

Particulars 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

Particulars 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

Particulars 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

Particulars 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

Particulars 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%

Insights

Beta

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

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Shareholding Pattern

Others1.72%Promot.73.53%FIIs4.12%Public6.58%DIIs14.05%As ofJun 2026

Documents

1
Concall - Apr 2026 Apr 2026
2
Concall - Apr 2026 Apr 2026
3
Concall - Apr 2026 Apr 2026
4
Concall - Apr 2026 Apr 2026
5
Concall - Jan 2026 Jan 2026

Frequently Asked Questions about L&T Technology Services

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 trades as LTTS on the NSE and under code 540115 on the BSE.
Which sector does L&T Technology Services Ltd belong to?
L&T Technology Services Ltd is classified under the Information Technology sector, in the IT Enabled Services industry.
What is the market capitalisation of L&T Technology Services Ltd?
L&T Technology Services Ltd has a market capitalisation of ₹34,001 Cr, which places it in the Large Cap band.
What is the PE ratio of L&T Technology Services Ltd?
L&T Technology Services Ltd trades at a PE ratio of 26.25, on earnings per share of ₹123.42, against a book value of ₹610.14 per share.
What is the 52-week high and low of L&T Technology Services Ltd?
Over the last 52 weeks L&T Technology Services Ltd has traded between ₹3,010 and ₹4,726.
Does L&T Technology Services Ltd pay dividends?
L&T Technology Services Ltd has a dividend yield of 1.80%.
What is the Return on Equity (ROE) of L&T Technology Services Ltd?
L&T Technology Services Ltd reported a return on equity of 18.95%. Its debt-to-equity ratio is 0.09.

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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