Skip to content
L&T Technology Services logo

L&T Technology Services

LTTS NSE
₹4,133.50 No trade today
P/E
33.20
View as Markdown
MCP
Close 4 Nov 2026 ₹4,133.50 +32.90 +0.80% 1Y
Start ₹4,100.60

Key Fundamentals

MidcapIT - ServicesInformation Technology

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
26.70%
Debt to Equity
0.09
EPS (TTM)
₹124.51
Book Value
₹667.42
Market Cap
—
P/E (TTM)
33.20
P/B
6.19
ROE
21.50%
Dividend Yield
0.47%
EBITDA
₹2,156 Cr
52W High
₹4,726.00
52W Low
₹3,010.00
Volume
0

Peer Comparison

Information Technology › IT Enabled Services

L&T Technology Services peer comparison
L&T Technology Services (this company)
₹4,133.5033.20₹45,364 Cr6.190.47%21.50%26.70%₹11,565 Cr₹1,322 Cr
Inventurus Knowledge Solutions
₹1,750.4039.33₹29,871 Cr10.730.00%31.40%31.50%₹3,347 Cr₹764 Cr
Tata Technologies
₹652.4547.55₹26,704 Cr6.911.81%16.30%20.90%₹5,926 Cr₹558 Cr
Netweb Technologies
₹4,062.3088.56₹24,520 Cr11.480.07%32.80%37.50%₹2,702 Cr₹260 Cr
Affle 3i
₹1,623.9047.83₹22,921 Cr5.070.00%13.80%16.80%₹2,836 Cr₹478 Cr
Sagility
₹43.5920.56₹20,233 Cr1.990.35%10.60%13.40%₹7,617 Cr₹994 Cr
ESDS Software Solution
₹1,193.6091.82₹14,545 Cr10.890.00%24.90%30.20%₹537 Cr₹134 Cr
Median 7 companies₹1,623.9047.55₹24,520 Cr6.910.07%21.50%26.70%₹3,347 Cr₹558 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

58 Good

Data confidence 100/100

Category scores

Quality
75
Strong
Returns, margins, earnings quality 22% weight
Valuation
40
Weak
Cheap vs sector & own history 24% weight
Growth
45
Weak
Sales & profit trajectory 9% weight
Financial Health
75
Strong
Solvency, leverage, coverage 9% weight
Momentum
82
Strong
Trend strength, vol-adjusted 12% weight
Ownership
51
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

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

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish1513
OscillatorsBullish153
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
65.56
Neutral
MACD (12,26,9)
223.55
Bullish
SMA (50)
3,549.74
Bullish
SMA (200)
3,497.24
Bullish

As of

Analyst Rating

Based on 28 analysts
HOLD43%

11 of 28 analysts rate Buy, 12 Hold, 5 Sell.

As of

BUY
11
39%
HOLD
12
43%
SELL
5
18%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+13.62%
5Y+15.07%
3Y+11.12%
1Y+14.04%
TTM+10.12%

Net profit

Net profit growth by window
10Y+11.82%
5Y+13.98%
3Y+2.95%
1Y+1.34%
TTM+4.42%

Operating cash flow

Operating cash flow growth by window
10Y+10.34%
5Y+1.78%
3Y+3.69%
1Y−1.76%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+0.67 pp
5Y−0.88 pp
3Y−3.75 pp
1Y−0.96 pp
TTM+0.33 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3,248 Cr
Mar 2018₹3,747 Cr
Mar 2019₹5,078 Cr
Mar 2020₹5,619 Cr
Mar 2021₹5,450 Cr
Mar 2022₹6,570 Cr
Mar 2023₹8,014 Cr
Mar 2024₹9,647 Cr
Mar 2025₹9,642 Cr
Mar 2026₹10,996 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹425 Cr
Mar 2018₹507 Cr
Mar 2019₹768 Cr
Mar 2020₹822 Cr
Mar 2021₹666 Cr
Mar 2022₹961 Cr
Mar 2023₹1,174 Cr
Mar 2024₹1,306 Cr
Mar 2025₹1,264 Cr
Mar 2026₹1,281 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹584 Cr −25.7% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 28 Oct 2026
AI opinion · based on fundamentals
Risk medium

As of 2026-10-28, L&T Technology Services trades at ₹4,088.1 with a market cap of ₹43,369 Cr, commanding a PE of 32.83x on a TTM EPS of ₹124.51. The company is virtually debt-free (debt-to-equity of 0.09) with a 10-year sales CAGR of 14%, though its stock has declined 23% over the past year and trades roughly 13.5% below its 52-week high of ₹4,726.

Bull Case 7
  • Near-zero leverage with a debt-to-equity ratio of just 0.09, providing significant financial flexibility and resilience through business cycles.
  • Consistent long-term revenue compounder with a 10-year sales CAGR of 14% and a 5-year sales CAGR of 15%, reflecting durable demand for engineering R&D services.
  • Healthy return ratios with ROE at 18.95% and ROCE at 23.97% as of 2026-10-28, indicating efficient capital deployment well above cost of capital.
  • Stable long-term ROE averaging 23-25% over the past 5 and 10 years, demonstrating consistent earnings quality without significant deterioration.
  • Shareholder-friendly capital allocation with a dividend payout ratio of 44.9% and a current dividend yield of 0.48%, returning nearly half of profits to investors.
  • TTM revenue growth of 10% and TTM profit growth of 10% show the business continues to expand despite a challenging macro environment for IT services.
  • Trading at ₹4,088.1 versus its 52-week low of ₹3,010, the stock has recovered roughly 36% from its trough, suggesting improving investor sentiment.
Bear Case 6
  • The stock has delivered a negative 1-year CAGR of -23% and a 3-year CAGR of -11%, significantly underperforming broader indices over both horizons.
  • Compounded profit growth of just 6% over 3 years lags the 5-year CAGR of 16% and 10-year CAGR of 12%, suggesting a meaningful earnings slowdown in recent years.
  • Price-to-book ratio of 6.13x implies the market is pricing in significant future growth; any disappointment could lead to sharp multiple compression.
  • ROE has slipped from a 10-year average of 25% to 22% last year and 18.95% currently, indicating a declining trend in return efficiency.
  • Despite a 44.9% payout ratio, the dividend yield of only 0.48% offers minimal income cushion for investors during periods of capital depreciation.
  • The stock still trades about 13.5% below its 52-week high of ₹4,726, and the negative 5-year stock CAGR of -7% suggests the market has been re-rating the company's growth premium downward over an extended period.

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

AI News Digest

9h ago

TL;DR: LTTS delivered a strong Q2 FY27 with 16.3% EBIT margins and 67% YoY profit growth, powered by Sustainability segment momentum and AI deal wins exceeding $200M TCV. Key risks include Q3 wage hike pressure on margins, a soft Tech segment, and prolonged European auto weakness. Revenue growth at 4.8% CC still trails the 13-15% long-term target, and broker valuations suggest the market may be pricing in optimistic AI deal conversion. The trend is improving on margins and deal quality, but sustaining momentum through H2 FY27 amid macro headwinds will be the real test.

Headwinds 4
  • Q3 wage hike margin pressure Oct 21

    Scheduled Q3 FY27 wage hikes expected to hit EBIT margins by 50-80 bps, potentially pulling them down from 16.3% to 15.5-15.8% if offsets lag.

  • Tech segment decline Oct 21

    Tech segment fell 0.9% sequentially and 8.5% YoY to ₹901.9 crore, dragged by MedTech program conclusion and delays; expected to stay soft in Q3.

  • European auto weakness persists Oct 21

    European OEM restructuring, delayed model launches, and softening Asia/China demand weigh on auto ER&D; management sees recovery 9-12 months away.

Positives 7
  • Q2 profit surges 67% YoY Oct 19

    Q2 FY27 net profit jumped 66.8% YoY to ₹5,482 million; excluding a ₹1,650 million one-time SWC sale gain, underlying profit still grew 19.7%.

  • EBIT margins hit 16.3% Oct 19

    EBIT margin expanded 220 bps YoY and 160 bps sequentially to 16.3%, reaching the lower end of the 16-17% long-term target band ahead of schedule.

  • AI deals dominate $200M TCV Oct 21

    Large deal TCV exceeded $200 million in Q2, with AI-related deals accounting for over 50%; wins included a $75M deal, a $30M+ deal, and a $25M deal.

Neutral 2
  • Rupee-driven revenue flattery Oct 19

    Realised exchange rate moved from 88.40 to 95.90 per dollar YoY; dollar revenue per employee grew just 0.4% vs 8.9% in rupee terms due to currency effects.

  • Offshore mix shift continues Oct 21

    Offshore revenue share rose to 55.9% from 53.9% sequentially, supporting margins but reflecting a structural mix change rather than new demand.

Quarterly Results

₹ Cr
LTTS quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
3,040
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
2,455
Operating Profit
453
476
488
503
456
466
495
433
441
491
498
521
548
586
OPM %
20%
20%
20%
20%
19%
18%
19%
16%
17%
16%
18%
18%
19%
19%
Other Income
48
41
62
56
62
65
34
80
83
66
9
31
34
200
Interest
12
13
13
13
13
12
16
16
16
16
15
17
14
14
Depreciation
57
68
72
75
73
78
73
81
81
93
86
86
87
89
PBT
431
436
466
471
433
441
440
416
427
448
406
449
481
682
Tax %
28%
28%
28%
28%
27%
27%
27%
25%
26%
27%
25%
26%
26%
20%
Net Profit
312
316
337
341
314
320
320
310
316
329
303
333
357
549
EPS (₹)
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
—

Sep 2026: from the results filed on 19 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
LTTS profit and loss, annual, ₹ crore
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
305
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 (₹)
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%
—

Balance Sheet

₹ Cr
LTTS balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
LTTS cash flow, annual, ₹ crore
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

Ratios

LTTS financial ratios, annual
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

Log in to view L&T Technology Services insights

70 extracted metrics across FY09–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 73.51%
  • DIIs 13.76%
  • Public 6.54%
  • FIIs 4.43%
  • Others 1.75%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Q1 FY27 concall · Jul 2026
    Transcript PPT
  • Q1 FY27 concall · Jul 2026
    PPT
  • Concall · Jun 2026
    PPT
  • Q4 FY26 concall · Apr 2026
    PPT
  • Q4 FY26 concall · Apr 2026
    PPT Recording

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.
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 PE ratio of L&T Technology Services Ltd?
L&T Technology Services Ltd trades at a PE ratio of 33.20 as of 4 Nov 2026, on earnings per share of ₹124.51, against a book value of ₹667.42 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 as of 4 Nov 2026.
Does L&T Technology Services Ltd pay dividends?
L&T Technology Services Ltd has a dividend yield of 0.47%.
What is the Return on Equity (ROE) of L&T Technology Services Ltd?
L&T Technology Services Ltd reported a return on equity of 21.50%. 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.

Website lnttechservices.com
CEO Mr. Amit Pal Singh Chadha
Employees 21,028
Listed 23 Sep 2016
Face Value ₹2

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/LTTS.md for L&T Technology Services Ltd: dated key facts, then this page's sections in order: latest price, key fundamentals, peer comparison, the Tapetide Score, technical indicators, analyst ratings, growth rates, analyst forecasts, the AI analysis and news digest (labelled as AI-generated), financial statements, shareholding pattern, documents and the FAQ.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our Indian stock market MCP server.

Explore More

More IT Services stocks → FII DII DataStock ScreenerNifty 50 HeatmapF&O Ban ListFII and DII flows, month by monthHow Tapetide Scores changed, month by monthStocks mutual funds are buying, month by month