L&T Technology Services logo

L&T Technology Services

LTTS NSE

Key Fundamentals

SmallcapIT Enabled ServicesInformation Technology
Market Cap
₹35,374 Cr
Volatility
Moderate
P/E Ratio
26.8
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

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

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

L&T Technology Services trades at a market cap of ₹35,374 Cr with a PE of 27.1x and a dividend yield of 1.72%. The company has delivered a 10-year sales CAGR of 14% and maintains a consistent ROE of 22-25%, but the stock has declined 20% over the past year and profit growth has lagged revenue growth over a 3-year horizon.

Bull Case 7
  • Almost debt-free balance sheet provides financial flexibility and resilience during downturns, with a negligible debt-to-equity ratio
  • Consistent ROE of 22-25% over the past decade (last year 22%, 5-year average 23%, 10-year average 25%) indicates strong capital efficiency
  • Healthy 10-year compounded sales CAGR of 14% demonstrates sustained top-line growth across multiple business cycles
  • 5-year compounded profit CAGR of 16% outpacing the 5-year sales CAGR of 15%, indicating margin expansion over that period
  • Dividend payout ratio of 44.9% with a current yield of 1.72% reflects shareholder-friendly capital allocation relative to IT services peers
  • TTM revenue growth of 10% shows continued business momentum despite a challenging macro environment for technology spending
  • Price-to-book ratio of 5.53x is supported by the consistently high ROE of 22%+, suggesting the premium is backed by earnings power
Bear Case 7
  • Stock has declined 20% over the past 1 year and shows a negative 3-year CAGR of -10%, signaling sustained market de-rating
  • 3-year compounded profit CAGR of only 6% significantly trails the 3-year sales CAGR of 11%, pointing to margin compression in recent years
  • PE of 27.1x remains elevated for a company delivering only 10% TTM profit growth, implying limited margin of safety if growth slows further
  • 5-year stock CAGR of -5% indicates the market has not rewarded shareholders despite double-digit revenue and profit growth over the same period
  • ROE has trended down from a 10-year average of 25% to 22% last year, suggesting incremental returns on capital are declining
  • As a mid-cap IT services firm at ₹35,374 Cr market cap, LTTS faces concentration risk in engineering R&D services compared to diversified large-cap IT peers
  • TTM profit growth of 10% shows no acceleration versus the 3-year CAGR of 6%, but has not yet recovered to the 5-year CAGR of 16%, leaving the growth trajectory uncertain

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 2
  • New AI Center in Kolkata Aug 27

    LTTS opened a Global Delivery and AI Center in Kolkata to enhance global delivery capabilities and advance AI objectives, reinforcing L&T Group's long-term commitment to West Bengal.

  • SWC unit transfer completed Sep 1

    LTTS completed the transfer of its Smart World and Communication Business Unit to AMI Paradigm Solutions effective September 1, 2026, fulfilling the Business Transfer Agreement signed earlier this year.

Neutral 2
  • Miranda re-appointment approved Sep 4

    Shareholders approved the re-appointment of independent director Luis Miranda via postal ballot with 98.3% support from voting members.

  • Active investor conference participation Sep 4

    LTTS scheduled participation in UBS India Summit 2026 on September 10 in Mumbai and Elara India Dialogue 2026 on September 1 in Mumbai, indicating sustained investor engagement.

TL;DR: LTTS had a quiet but constructive week with no negative developments. The company is investing in AI and delivery scale via its new Kolkata center while streamlining its portfolio through the completed SWC unit divestiture. Strong shareholder support for board continuity and active investor engagement signal stable governance. The near-term outlook is steady, with the AI center and portfolio realignment positioning the company for focused growth in core engineering and technology services.

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 ₹35,374 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 26.80, on earnings per share of ₹123.42, against a book value of ₹610.19 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 1.72%.
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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