LTIM

LTIMindtree share price & financials

Price
₹3,830.55
Market cap
₹1.5L Cr
Sector
Information Technology
Calls analysed
5
Latest concall · Q2 FY26 · call held 19 Jan 2026

LTIMindtree Q3 FY26

Revenue 1,208 USD million +6%Adjusted PAT ₹1,401 cr +29%

Revenue (USD) 1208 USD million (+6% YoY); Adjusted PAT ₹1,401 cr (+29% YoY). Q3 revenue at USD 1,208 million, up 2.4% QoQ and 6.1% YoY in dollar terms.

Read the full call →

What LTIMindtree does

LTIMindtree is a global technology consulting and digital solutions company that partners with enterprises to modernise applications, run infrastructure and end-user services, and build AI, cloud, data and cybersecurity capabilities. It was created by merging Larsen & Toubro's two listed IT arms, LTI and Mindtree, and remains a subsidiary of Larsen & Toubro. It earns from multi-year IT services engagements delivered largely offshore across five industry verticals.

Segments

  • Banking, Financial Services & Insurance
  • Technology, Media & Communications
  • Manufacturing & Resources
  • Consumer Business
  • Healthcare, Life Sciences & Public Services
Total professionals
87,958 (Dec 31, 2025)
Active clients
746 (TTM, Dec 31, 2025)
Countries with presence
Over 40
Parent group
Subsidiary of Larsen & Toubro
$10 million+ clients
97
$20 million+ clients
47
Founded 1996Headquarters Mumbai, IndiaEmployees 87,958 (2025-12-31) Company website

Guidance record · Q2 FY26

what the last two calls moved 7 tracked 1 delivered 1 missed 5 open
  • EBIT Margin on track said Q4 FY25 Promised: expect our Fit4Future Program to help improve the margins from Q1 onwards Q2 FY26: Continued improvement with a 20 bps QoQ expansion to 16.1%, confirming the program's success.

All 7 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 18.0%, net profit up 17.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue9,433 9,661 9,772 9,841 10,394 +10%10,781 +12%11,292 +16%11,608 +18%
EBITDA1,699 1,593 1,596 1,649 1,930 +14%2,003 +26%1,973 +24%2,061 +25%
Net profit1,252 1,087 1,129 1,255 1,381 +10%960 −12%1,387 +23%1,469 +17%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −18.8% 1Y

₹4.0k₹5.0k₹6.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q1 FY26 — 16 Oct 2025Q2 FY26 — 19 Jan 2026

1Y: ₹5,307 on 10 Sept 2025 → ₹4,308.9. High ₹6,407 (19 Jan 2026), low ₹3,538.35 (30 Jun 2026).

How the price took the results

close before → close after

Q2 FY26
+1.6%
19 Jan
Q1 FY26
+0.2%
16 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 8.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 17.9%.

Year endingFY23FY24FY25FY26
Revenue₹33.2k Cr₹35.5k Cr₹38.0k Cr₹42.3k Cr
Operating profit₹6.1k Cr₹6.4k Cr₹6.5k Cr₹7.6k Cr
Operating margin18.4%18.0%17.1%17.9%
Interest₹151 Cr₹222 Cr₹278 Cr₹275 Cr
Depreciation₹722 Cr₹819 Cr₹991 Cr₹1.1k Cr
Net profit₹4.4k Cr₹4.6k Cr₹4.6k Cr₹5.0k Cr
Net margin13.3%12.9%12.1%11.8%
Cash from operations₹3.1k Cr₹5.7k Cr₹4.5k Cr₹4.8k Cr
Free cash flow₹2.2k Cr₹4.8k Cr₹3.6k Cr₹3.9k Cr
ROCE38.0%32.0%28.0%30.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹18 Cr₹30 Cr₹30 Cr₹30 Cr₹30 Cr₹30 Cr
Reserves₹7.3k Cr₹14.3k Cr₹16.6k Cr₹20.0k Cr₹23.4k Cr₹24.0k Cr
Borrowings₹798 Cr₹258 Cr₹354 Cr₹2.1k Cr₹2.4k Cr₹2.3k Cr
Other liabilities₹2.6k Cr₹6.0k Cr₹6.5k Cr₹5.5k Cr₹6.7k Cr₹10.8k Cr
Total liabilities₹10.7k Cr₹20.6k Cr₹23.5k Cr₹27.5k Cr₹32.5k Cr₹37.1k Cr
Fixed assets₹1.9k Cr₹3.5k Cr₹3.7k Cr₹5.0k Cr₹5.7k Cr₹5.6k Cr
Capital work in progress₹66 Cr₹503 Cr₹902 Cr₹551 Cr₹619 Cr₹922 Cr
Investments₹3.7k Cr₹6.0k Cr₹5.5k Cr₹8.7k Cr₹11.1k Cr₹12.6k Cr
Other assets₹5.0k Cr₹10.5k Cr₹13.4k Cr₹13.3k Cr₹15.1k Cr₹18.0k Cr
Total assets₹10.7k Cr₹20.6k Cr₹23.5k Cr₹27.5k Cr₹32.5k Cr₹37.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +0.63 pp while FIIs trimmed −0.31 pp. The shareholder count shrank 5% to 3,97,187.

Promoters
68.5%
FIIs
6.3%
DIIs
16.7%
Government
0.1%
Public
8.3%
Others
0.0%

Since Jun 2025

  • DIIs +0.63 pp
  • FIIs −0.31 pp
  • Public −0.30 pp

How it drifted, 12 quarters

Over this window DIIs went from 12.9% to 16.7% — +3.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 68.7%, FIIs 8.1%, DIIs 12.9%, Government 0.1%, Public 10.3%.Dec '23: Promoters 68.6%, FIIs 8.7%, DIIs 12.8%, Government 0.1%, Public 9.8%.Mar '24: Promoters 68.6%, FIIs 7.9%, DIIs 13.5%, Government 0.1%, Public 9.9%.Jun '24: Promoters 68.6%, FIIs 7.3%, DIIs 14.1%, Government 0.1%, Public 9.9%, Others 0.0%.Sep '24: Promoters 68.6%, FIIs 7.4%, DIIs 14.8%, Government 0.1%, Public 9.1%, Others 0.0%.Dec '24: Promoters 68.6%, FIIs 7.5%, DIIs 14.9%, Government 0.1%, Public 9.0%, Others 0.0%.Mar '25: Promoters 68.6%, FIIs 7.0%, DIIs 15.5%, Government 0.1%, Public 8.8%.Jun '25: Promoters 68.6%, FIIs 6.6%, DIIs 16.1%, Government 0.1%, Public 8.6%, Others 0.0%.Sep '25: Promoters 68.5%, FIIs 6.4%, DIIs 16.6%, Government 0.1%, Public 8.3%, Others 0.0%.Dec '25: Promoters 68.5%, FIIs 6.5%, DIIs 16.8%, Government 0.1%, Public 8.0%, Others 0.0%.Mar '26: Promoters 68.5%, FIIs 6.6%, DIIs 16.9%, Government 0.1%, Public 7.8%, Others 0.0%.Jun '26: Promoters 68.5%, FIIs 6.3%, DIIs 16.7%, Government 0.1%, Public 8.3%, Others 0.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of LTIMindtree above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Larsen & Toubro Limited 68.49%unchanged
Life Insurance Corporation Of India Insurer9.80%unchanged
NPS Trust A/C UTI Pension Fund Limited-Scheme State Govt Pension / PF1.19%+0.11 pp
Intelliswift Software (Costa Rica) Limitada 0.00%unchanged
Intelliswift Software (Canada) Inc 0.00%unchanged
Global Infotech Corporation 0.00%unchanged
P. Murphy & Associates Inc 0.00%unchanged
Raykal Aluminium Company Private Limited 0.00%unchanged
L&T Mbda Missile Systems Limited 0.00%unchanged
Lth Milcom Private Limited 0.00%unchanged
Gh4 India Private Limited 0.00%unchanged
Hydrocarbon Arabia Limited Company 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Expensive

To justify its price of ₹4309, this stock must grow earnings at 17% every year for 7 years. Our analysis caps realistic growth at ~4%. At that growth it is worth ₹2178 — downside of 49%.

Growth the price implies
16.9% a year
for 7 years, fading to 4%
It has actually compounded at
4.2% a year
net profit, FY23–FY26
The gap
0.1 pp
-49% downside if it only repeats history
Price today ₹4,308.9 Value at the reference growth ₹2,177.5

Change the assumptions yourself →

All earnings calls (5)

Read the Q2 FY26 call →

Learn to analyse LTIMindtree

Guides on how to read this kind of business and the numbers that matter.