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
anthropic claude-opus-4.6 2d agoLTM Ltd is a mid-to-large cap IT company with a market cap of ₹1,27,248 Cr, trading at a PE of 24.8x with a consistent ROE track record of 23-27% over the past decade. Revenue has grown at a 22% CAGR over 10 years, though the stock price has declined 17% over the past year, diverging from its operational performance.
- Strong long-term ROE consistency — 23% over 3 years, 26% over 5 years, and 27% over 10 years, indicating sustained capital efficiency
- Compounded sales growth of 22% over 10 years and 28% over 5 years demonstrates a strong revenue scaling track record
- Compounded profit growth of 20% over 10 years and 23% over 5 years shows the company has been able to convert revenue growth into bottom-line expansion
- Healthy dividend payout ratio of 42.7% alongside a dividend yield of 1.71%, providing meaningful shareholder returns for an IT company
- Working capital days have improved from 33.8 days to 26.4 days, reflecting better operational efficiency and cash conversion
- TTM profit growth of 19% outpaces TTM sales growth of 14%, suggesting margin expansion in the most recent period
- Price-to-book ratio of 5.37x is supported by a consistently high ROE of 23%+, indicating the premium is backed by genuine value creation
- Stock price has declined 17% over the past 1 year and delivered a negative 7% CAGR over 3 years, signaling sustained market scepticism
- 3-year compounded sales growth has decelerated to 8% from the 5-year CAGR of 28%, pointing to a significant slowdown in revenue momentum
- 3-year compounded profit growth of just 7% is a sharp drop from the 5-year CAGR of 23%, raising concerns about earnings trajectory
- PE of 24.8x combined with single-digit recent growth (8% sales, 7% profit over 3 years) suggests the valuation may not be adequately supported by near-term fundamentals
- 5-year stock CAGR of -4% indicates the market has not rewarded shareholders over a meaningful medium-term horizon despite underlying profit growth
- Last year ROE of 23% is flat versus the 3-year average of 23% and below the 10-year average of 27%, suggesting return on equity may have plateaued or declined from peak levels
- Debt-to-equity and EPS data are unavailable, limiting visibility into leverage and per-share earnings trends
- 52-week high and low data are reported as 0, preventing assessment of current price positioning within its trading range
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Goldman Sachs rates Neutral Sep 07
Goldman Sachs maintains Neutral on LTM, expecting only ~2% CQGR for the remainder of the year. Notes AI-driven deflation pressure and pockets of industry demand weakness, with near-term outlook focused on steady growth rather than acceleration.
- IBM Red Hat AI security partnership Sep 09
LTM announced strategic collaboration with IBM and Red Hat on Sep 9 to enhance its Lightwell AI platform for open-source vulnerability remediation, leveraging a catalog of 6,500+ secure dependencies across Java and Python environments.
- Strong Q1 FY27 financials Sep 09
LTM reported Q1 FY27 consolidated net profit of ₹1,468.6 crore (17% YoY growth), operational revenue of ₹11,608 crore (18% YoY), EBIT margin of 15.5% (120 bps expansion), and order inflows of $1.68 billion.
- New AI center in Kolkata Aug 27
LTM inaugurated a Global Delivery & AI Competency Center in Kolkata on Aug 27, reinforcing the L&T Group's commitment to West Bengal as a technology hub.
- Randstad digital-services acquisition Aug 22
LTM UK & Ireland signed a sale and purchase agreement on Aug 22 to acquire three Randstad digital-services entities in the Netherlands, France, and Australia, subject to regulatory approvals.
- Investor meetings scheduled September Sep 04
LTM scheduled analyst and investor meetings including a J.P. Morgan virtual session (Sep 9, 11), UBS India Summit in Mumbai, and Goldman Sachs Asia Leaders Conference in Hong Kong (Sep 2-3).
- Nabha Power reclassified to public Sep 04
LTM received NSE and BSE no-objection letters on Sep 4 for reclassifying Nabha Power Limited from promoter group to public category under SEBI Listing Regulations.
TL;DR: LTM is executing well operationally with strong Q1 FY27 numbers (17% profit growth, 18% revenue growth) and expanding its AI and cybersecurity capabilities through the IBM-Red Hat partnership and new Kolkata AI center. The Randstad acquisition adds digital-services scale across Europe and Australia. However, Goldman Sachs sees only modest near-term growth (~2% CQGR) with AI-driven deflation posing a medium-term headwind. The trend is stable-to-positive, with Q3 deal ramp-ups and the CBDT engagement providing potential catalysts.
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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66 extracted metrics + investor summaries across FY15–FY27.
Documents
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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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