L&T Technology Services Limited (LTTS)

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L&T Technology Services Limited (LTTS) · mywealthgrid

About

L&T Technology Services Limited provides IT Enabled Services within India's Information Technology sector. With market capitalization of ₹36,889 Cr and ROE of 20.38%, the company operates as a mid-sized IT services player generating revenues in the ₹2,400–₹3,000 Cr quarterly range with operating margins between 17–20%.

Face value: ₹2

Market cap

₹34,671 Cr

P/E

26.3×

P/B

5.4×

Dividend yield

2.9%

ROE

20.4%

ROCE

24.9%

Debt / equity

OPM

17.6%

EPS (TTM)

₹124.5

Book value

₹610.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin variability from 16.47% to 20.09% across recent quarters — verify if reflects cost pressures, service mix, or normal variation
Client, vertical, and geographic concentration not visible in data — verify single-customer or sector-specific revenue exposure typical in IT services
PE multiple of 27.95 is elevated — verify that earnings growth justifies premium valuation relative to IT services peers
Macro and client-spending cycle risk — verify revenue exposure to sectors vulnerable to economic slowdown

Generated analysis · source review pending

Growth drivers

ROE of 20.38% demonstrates capital efficiency — verify if sustained reinvestment can extend this profitability track record
Operating margins sustained in 17–20% OPM range — verify if service mix improvement or operational leverage can expand margins further
Consistent profitability with EPS ranging ₹28.56–₹33.62 across quarters — verify earnings trajectory sustainability
Zero debt (D/E 0) provides capital flexibility — verify if company plans strategic investments to accelerate growth

Generated analysis · source review pending

2,472 historical price candles were omitted because the exchange source has not been verified.

₹3,267.8+6%1Y

Quick read

rule-based

Pros

+Strong return on equity of 22.7% (3-yr avg)
+High return on capital employed of 28.7%
+Revenue CAGR of 15.1% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 28.3×
+Dividend yield of 2.9%
+Dividend payout of 77.2% of profit
+High promoter holding of 73.5% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

54/100

Business quality: 74
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,066	3,248	3,747	5,078	5,619	5,450	6,570	8,014	9,647	10,670	10,996
	2,547	2,663	3,172	4,164	4,509	4,442	5,155	6,303	7,728	8,778	9,061
	519	586	576	915	1,111	1,007	1,415	1,711	1,919	1,893	1,935
OPM %	16.9%	18%	15.4%	18%	19.8%	18.5%	21.5%	21.4%	19.9%	17.7%	17.6%
Depreciation	59	63	89	104	183	218	214	232	272	305	345
Interest	3	2	2	2	37	46	44	44	51	57	64
	85	58	193	223	209	154	152	208	207	210	200
Profit before tax	543	579	678	1,031	1,100	897	1,309	1,644	1,804	1,741	1,726
Tax	124	154	171	263	278	231	349	470	498	477	445
Tax %	22.8%	26.6%	25.3%	25.5%	25.3%	25.7%	26.6%	28.6%	27.6%	27.4%	25.8%
	419	425	507	768	822	667	961	1,174	1,306	1,264	1,281
PAT margin %	13.7%	13.1%	13.5%	15.1%	14.6%	12.2%	14.6%	14.7%	13.5%	11.8%	11.7%
EPS (₹)	—	42.1	49.6	74.1	78.6	63.3	90.9	110.8	123.3	119.7	120.7
EPS adjusted (₹)	2.8	41.9	49.4	73.6	78.3	63.2	90.7	110.9	123	119.5	120.7
	—	16.6%	32.3%	28.4%	26.7%	50.5%	27.5%	40.6%	40.5%	45.9%	48%
Annual report	—	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	300	20	21	21	21	21	21	21	21	21	21
Reserves	725	1,465	1,916	2,458	—	3,452	4,141	4,930	5,306	6,059	6,452
Minority interest	—	—	0	3	—	10	14	18	21	18	20
	219	102	70	70	—	0	0	0	0	0	0
	575	645	698	812	—	1,590	1,915	1,948	3,141	3,546	3,997
Total equity & liabilities	1,820	2,233	2,705	3,364	—	5,073	6,091	6,917	8,489	9,644	10,489
	559	614	709	780	1,174	1,282	1,283	1,294	1,613	2,245	2,250
CWIP	0	2	—	9	—	12	10	7	13	28	12
Investments	56	195	221	606	—	1,515	1,478	2,284	1,493	1,310	1,897
	1,204	1,422	1,775	1,970	—	2,264	3,321	3,333	5,370	6,061	6,330
Total assets	1,820	2,233	2,705	3,364	—	5,073	6,091	6,917	8,489	9,644	10,489

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Sustainability	3,828.4	1,083	0	0
Tech	3,659.8	382.1	0	0
Mobility	3,507.7	534.9

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	18%	19.8%	18.5%	21.5%	21.4%	19.9%	17.7%	17.6%
EBIT margin %	16%	16.5%	14.5%	18.3%	18.5%	17.1%	14.9%	14.5%
PAT margin %	15.1%	14.6%	12.2%	14.6%	14.7%	13.5%	11.8%	11.7%
Working capital
Receivable days	76	—	83	94	79	82	86	67
Inventory days	—	0	0	0	0	0	0	0
Payable days	—	—	19	12	26	67	67	38
NWC days	—	—	63	82	53	16	19	29
Leverage
Current ratio	2.75	—	3.19	3.14	3.4	2.46	2.16	2.48
Debt to EBITDA	0.08	—	0	0	0	0	0	0
Debt to equity	0.03	—	0	0	0	0	0	0
Interest coverage	543.8	31.1	20.7	31	38.8	36.4	31.8	28.3
Asset turnover	1.51	—	1.07	1.08	1.16	1.14	1.11	1.05
Return ratios
Return on assets %	22.8%	—	13.1%	15.8%	17%	15.4%	13.1%	12.2%
Return on capital employed %	46.5%	—	23.7%	31.1%	33.4%	32.7%	28.5%	24.9%
Return on equity %	31%	—	19.2%	23.1%	23.7%	24.5%	20.8%	19.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.77%	73.75%	73.74%	73.69%	73.69%	73.66%	73.66%	73.59%	73.58%	73.58%	73.57%	73.52%
	5.9%	5.63%	5.51%	4.46%	4.35%	4.19%	5.18%	4.84%	4.67%	4.23%	3.86%	4.12%
	11.01%	11.57%	12.33%	13.31%	13.96%	14.3%	13.68%	13.88%	14.13%	14.57%	14.64%	14.05%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	9.32%	9.05%	8.42%	8.54%	8%	7.85%	7.48%	7.69%	7.62%	7.62%	7.93%	8.31%
No. of shareholders	—	—	—	—	—	—	—	—	2,21,811	2,31,406	2,44,820	2,47,423

Promoter holding down 0.25 percentage points since Sep 2023.

2 deals · 16 Sept 2021 – 16 Sept 2021

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Sept 2021	GOLDMAN SACHS FUNDS - GOLDMAN SACHS INDIA EQUITY PORTFOLIO	Block	BSE	Buy	4,12,348	₹4,573.20	₹188.57 Cr
16 Sept 2021	GOLDMAN SACHS ASSET MANAGEMENT LLC A/C GOLDMAN SACHS INDIA FUND LIMITED	Block	BSE	Sell	4,12,348	₹4,573.20	₹188.57 Cr

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. SEKHARIPURAM NARAYANAN SUBRAHMANYANNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. AMIT CHADHAExecutive Director-CEO-MD
Mr. ALIND SAXENAExecutive Director
Mr. RAJEEV GUPTAExecutive Director
Mr. KESHAB PANDANon-Executive - Non Independent Director
Mr. NARAYANAN KUMARNon-Executive - Independent Director
Ms. APURVA PUROHITNon-Executive - Independent Director
Mr. R. CHANDRASEKARANNon-Executive - Independent Director
Mr. LUIS MIRANDANon-Executive - Independent Director
Ms. ARUNA SUNDARARAJANNon-Executive - Independent Director
Mr. AMITABH KANTNon-Executive - Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 11 fund houses

Held by these funds

1.82%

of the company's equity

All mutual funds

3.69%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

43 schemes · 11 fund houses

		Shares
Midcap Fund	SBI Mutual Fund	5 L	180.42	0.74%	0.471%	-0
Technology Fund	ICICI Prudential Mutual Fund	4.15 L	149.92	1.1%	0.392%	-0
Dividend Yield Fund	SBI Mutual Fund	3.2 L	115.47	1.35%	0.302%	-0
Technology Opportunities Fund	SBI Mutual Fund	2 L	72.17	1.61%	0.189%	-0
ESG Exclusionary Strategy Fund	SBI Mutual Fund	1.65 L	59.54	1.11%	0.156%	-0
DIGITAL INDIA FUND	Tata Mutual Fund	1.51 L	54.51	0.53%	0.142%	+45,907
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	26,795	9.67	0.23%	0.025%	+948
ETF Nifty Midcap 150	Nippon India Mutual Fund	26,319	9.5	0.23%	0.025%	+1,565

1–8 of 43

1 / 6

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

29 announcementsExport CSV

15 Sept 2026, 4:48 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	18%	19.8%	18.5%	21.5%	21.4%	19.9%	17.7%	17.6%
EBIT margin %	16%	16.5%	14.5%	18.3%	18.5%	17.1%	14.9%	14.5%
PAT margin %	15.1%	14.6%	12.2%	14.6%	14.7%	13.5%	11.8%	11.7%
Working capital
Receivable days	76	—	83	94	79	82	86	67
Inventory days	—	0	0	0	0	0	0	0
Payable days	—	—	19	12	26	67	67	38
NWC days	—	—	63	82	53	16	19	29
Leverage
Current ratio	2.75	—	3.19	3.14	3.4	2.46	2.16	2.48
Debt to EBITDA	0.08	—	0	0	0	0	0	0
Debt to equity	0.03	—	0	0	0	0	0	0
Interest coverage	543.8	31.1	20.7	31	38.8	36.4	31.8	28.3
Asset turnover	1.51	—	1.07	1.08	1.16	1.14	1.11	1.05
Return ratios
Return on assets %	22.8%	—	13.1%	15.8%	17%	15.4%	13.1%	12.2%
Return on capital employed %	46.5%	—	23.7%	31.1%	33.4%	32.7%	28.5%	24.9%
Return on equity %	31%	—	19.2%	23.1%	23.7%	24.5%	20.8%	19.8%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
L&T Technology Services LimitedLTTSLTTS	₹34,671 Cr	₹34,671 Cr	₹11,701 Cr	₹2,074 Cr	17.6%	₹1,320 Cr	11.7%	24.9%	20.4%	29
Inventurus Knowledge Solutions LimitedIKSIKS	₹30,483 Cr	₹31,124 Cr	₹3,347 Cr	₹1,149 Cr	34.2%	₹764 Cr	22.6%	33.8%	31.4%	39
Tata Technologies LimitedTATATECHTATATECH	₹28,378 Cr	₹29,044 Cr	₹5,926 Cr	₹920 Cr	15.5%	₹557 Cr	9.9%	19.3%	14.6%	33
Netweb Technologies India LimitedNETWEBNETWEB	₹25,721 Cr	—	₹724 Cr	₹103 Cr	14.2%	₹76 Cr	10.5%	—	—	—
Affle 3i LimitedAFFLEAFFLE	₹20,410 Cr	₹20,422 Cr	₹2,836 Cr	₹638 Cr	22.5%	₹478 Cr	16.8%	16.9%	13.8%	-51
Sagility LimitedSAGILITYSAGILITY	₹20,209 Cr	₹21,320 Cr	₹7,617 Cr	₹1,849 Cr	24.5%	₹993 Cr	12.9%	13.3%	10.3%	78
Esds Software Solution LimitedESDSESDS	₹16,809 Cr	—	₹208 Cr	₹47 Cr	22.9%	₹-22 Cr	-10.8%	0.8%	-10.9%	—
Black Box LimitedBBOXBBOX	₹14,134 Cr	₹14,961 Cr	₹6,654 Cr	₹614 Cr	9%	₹226 Cr	3.4%	21.7%	21.3%	-10
E2e Networks LimitedE2EE2E	₹13,323 Cr	₹13,482 Cr	₹366 Cr	₹234 Cr	51.4%	₹31 Cr	-6.3%	-0.5%	-1%	-45
Cyient LimitedCYIENTCYIENT	₹12,272 Cr	₹12,438 Cr	₹7,632 Cr	₹944 Cr	12.5%	₹378 Cr	6.4%	12.4%	7.8%	119
Amagi Media Labs LimitedAMAGIAMAGI	₹11,984 Cr	₹11,984 Cr	₹1,506 Cr	₹50 Cr	3.4%	₹72 Cr	4.8%	5.2%	4.1%	40
Emudhra LimitedEMUDHRAEMUDHRA	₹4,802 Cr	₹4,826 Cr	₹745 Cr	₹174 Cr	22.7%	₹115 Cr	15.7%	14.9%	13%	36

Date	Category	Subject	Filing
15 Sept 2026, 4:48 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
10 Sept 2026, 10:02 am	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
4 Sept 2026, 7:53 pm	Company Update General	Receipt Of No-Objection Letters From The Stock Exchanges For Reclassification Of Promoter Group	PDF
4 Sept 2026, 1:50 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot	PDF
4 Sept 2026, 1:40 pm	AGM/EGM Postal Ballot	L&T Technology Services Ltd - 540115 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report	PDF
4 Sept 2026, 12:19 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
1 Sept 2026, 8:43 pm	Company Update General	Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements), Regulations, 2015 ('SEBI Listing Regulations') - Update On Transfer Of Smart World And Communication Business Unit	PDF
26 Aug 2026, 12:07 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	528	388	409	806	638	1,327	1,006	1,305	1,493	1,481	1,455
	-176	-178	-196	-509	-222	-1,005	-448	-572	-233	-509	-443
	-383	-222	-132	-245	-406	-363	-498	-444	-658	-718	-800
Net cash flow	-32	-12	81	52	10	-41	60	290	602	254	213
Free cash flow	399	341	323	716	485	1,250	844	1,130	1,240	1,370	1,270
CFO / Operating profit %	101.6%	66.2%	71.1%	88.1%	57.5%	131.8%	71.1%	76.3%	77.8%	78.3%	75.2%

L&T Technology Services Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

1

21

2

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Industrial Product · revenue

L&T Technology Services Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Upcoming and recent1

Dividends21

Board meetings2

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Industrial Product · revenue

1

21

2