LTTS

L&T Technology Services share price & financials

Price
₹3,331.2
Market cap
₹35.5k Cr
Sector
Information Technology
Calls analysed
7
Latest concall · Q1 FY27 · call held 14 Jul 2026

L&T Technology Services Limited Q1 FY27

Revenue ₹2,940 cr +12%EPS ₹33.17

What went well

  • Revenue grew to ₹2,940 crores (11.5% YoY, 2.9% QoQ) and $309.9 Mn (1.9% YoY, 1.5% QoQ CC basis), demonstrating healthy quarterly growth.
  • EBIT margin expanded by 50 bps QoQ and 200 bps YoY to 15.7%, driven by operational discipline and strategic actions.
  • Sustainability segment continued strong growth at 4.3% QoQ and 11.3% YoY, maintaining high margins of 29.1%.

What to watch

  • Tech segment showed softer revenue performance and a slight moderation in Europe during the quarter, with margins at 11.5%.
  • A particular medical program in MedTech concluded, and the start of another was temporarily delayed, impacting Tech segment growth.
Read the full call →

What L&T Technology Services Limited does

L&T Technology Services (LTTS) is a listed Larsen & Toubro subsidiary that provides AI-led engineering, research & development (ER&D), and digital engineering services to global product and technology companies. It earns primarily by delivering outsourced product engineering, embedded/software engineering, digital manufacturing, and AI-enabled platform engineering work for clients across the Mobility, Sustainability, and Tech industry segments, executed through global design centers and innovation labs. Clients span Automotive, Trucks & Off-Highway, Aerospace & Rail, Industrial Products, Process Industries, MedTech, Media & Tech, and Software & Platforms, including many of the world's largest R&D spenders.

Segments

  • Mobility
  • Sustainability
  • Tech
Employees
23,830
Global design centers
22
Countries with global presence
25
R&D innovation labs
98
Global clients
417
Clients among top 100 global R&D spenders
57
Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 22 tracked 4 delivered 5 missed 13 open
  • Quarterly Headcount Addition missed said Q4 FY26 Promised: Add ~500 employees per quarter in Q1, Q2, and Q3 of FY27 Q1 FY27: Net headcount addition was only 15 for the quarter (from 23,830 to 23,845), significantly missing the Q1 target of ~500.
  • Combined DSO revised up said Q4 FY26 Promised: Maintain combined DSO in the range of 85-90 days Q1 FY27: Combined DSO improved to 77 days. Management revised the guidance favorably to a new range of 80-85 days going forward.
  • H2 FY26 EBIT Margin vs H1 FY26 delivered said Q2 FY26 Promised: H2FY26 margins to be better than H1FY26 margins Q4 FY26: Q4 EBIT margin was 15.2%, bringing the H2 FY26 average margin to 14.9%. This is significantly higher than H1 FY26 margins (e.g., Q2 was 13.4%), thus achieving the promise.

All 22 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 11.4%, net profit up 13.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,573 2,653 2,638 2,638 2,980 +16%2,787 +5%2,858 +8%2,940 +11%
EBITDA466 495 433 441 491 +5%498 +1%521 +20%548 +24%
Net profit320 320 310 316 329 +3%303 −5%333 +7%357 +13%
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 −20.6% 1Y

₹3.0k₹3.5k₹4.0k₹4.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Oct 2025Q3 FY26 — 14 Jan 2026Q4 FY26 — 22 Apr 2026Q1 FY27 — 14 Jul 2026

1Y: ₹4,205.9 on 10 Sept 2025 → ₹3,337.4. High ₹4,696.2 (23 Dec 2025), low ₹3,047.7 (1 Jul 2026).

How the price took the results

close before → close after

Q1 FY27
−0.1%
14 Jul
Q4 FY26
−2.5%
22 Apr
Q3 FY26
−7.7%
15 Jan
Q2 FY26
−1.0%
17 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 8.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 17.3%.

Year endingFY23FY24FY25FY26
Revenue₹8.8k Cr₹9.6k Cr₹10.3k Cr₹11.3k Cr
Operating profit₹1.8k Cr₹1.9k Cr₹1.9k Cr₹2.0k Cr
Operating margin20.0%19.9%17.9%17.3%
Interest₹45 Cr₹51 Cr₹57 Cr₹64 Cr
Depreciation₹234 Cr₹272 Cr₹305 Cr₹346 Cr
Net profit₹1.2k Cr₹1.3k Cr₹1.3k Cr₹1.3k Cr
Net margin13.8%13.5%12.2%11.4%
ROCE33.0%32.0%27.0%27.0%
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₹21 Cr₹21 Cr₹21 Cr₹21 Cr₹21 Cr₹21 Cr
Reserves₹3.5k Cr₹4.1k Cr₹4.9k Cr₹5.3k Cr₹6.2k Cr₹6.5k Cr
Borrowings₹480 Cr₹477 Cr₹454 Cr₹659 Cr₹630 Cr₹578 Cr
Other liabilities₹1.1k Cr₹1.4k Cr₹1.5k Cr₹2.5k Cr₹2.9k Cr₹3.4k Cr
Total liabilities₹5.1k Cr₹6.1k Cr₹6.9k Cr₹8.5k Cr₹9.7k Cr₹10.5k Cr
Fixed assets₹1.3k Cr₹1.3k Cr₹1.3k Cr₹1.6k Cr₹2.3k Cr₹2.3k Cr
Capital work in progress₹12 Cr₹10 Cr₹6 Cr₹13 Cr₹8 Cr₹12 Cr
Investments₹1.5k Cr₹1.5k Cr₹2.3k Cr₹1.5k Cr₹1.4k Cr₹1.9k Cr
Other assets₹2.3k Cr₹3.3k Cr₹3.3k Cr₹5.4k Cr₹6.0k Cr₹6.3k Cr
Total assets₹5.1k Cr₹6.1k Cr₹6.9k Cr₹8.5k Cr₹9.7k Cr₹10.5k 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, FIIs trimmed −0.71 pp while the public added +0.60 pp. The shareholder count grew 11% to 2,47,423.

Promoters
73.5%
FIIs
4.1%
DIIs
14.1%
Public
8.3%

Since Jun 2025

  • FIIs −0.71 pp
  • Public +0.60 pp
  • DIIs +0.19 pp

How it drifted, 12 quarters

Over this window DIIs went from 10.8% to 14.1% — +3.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 73.8%, FIIs 5.9%, DIIs 10.8%, Public 9.6%.Dec '23: Promoters 73.8%, FIIs 5.6%, DIIs 11.3%, Public 9.3%.Mar '24: Promoters 73.7%, FIIs 5.5%, DIIs 12.1%, Public 8.7%.Jun '24: Promoters 73.7%, FIIs 4.5%, DIIs 13.1%, Public 8.8%.Sep '24: Promoters 73.7%, FIIs 4.3%, DIIs 13.7%, Public 8.2%.Dec '24: Promoters 73.7%, FIIs 4.2%, DIIs 14.3%, Public 7.8%.Mar '25: Promoters 73.7%, FIIs 5.2%, DIIs 13.7%, Public 7.5%.Jun '25: Promoters 73.6%, FIIs 4.8%, DIIs 13.9%, Public 7.7%.Sep '25: Promoters 73.6%, FIIs 4.7%, DIIs 14.1%, Public 7.6%.Dec '25: Promoters 73.6%, FIIs 4.2%, DIIs 14.6%, Public 7.6%.Mar '26: Promoters 73.6%, FIIs 3.9%, DIIs 14.6%, Public 7.9%.Jun '26: Promoters 73.5%, FIIs 4.1%, DIIs 14.1%, Public 8.3%.

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 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of L&T Technology Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Larsen & Toubro Limited 73.52%unchanged
Life Insurance Corporation Of India Insurer6.91%newly disclosed
SBI Esg Exclusionary Strategy Fund Mutual fund1.68%−0.26 pp
Seafarer Overseas Growth & Income Fund Global fund house1.21%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.

Mutual funds in LTTS

Filings to Aug 2026

0 new, 5 added, 2 trimmed, 0 sold out — net +0.02 L shares (+0.1%).

Held by funds
₹572 Cr
14 schemes
Biggest holder
SBI Midcap Fund
₹180 Cr · 0.7% of that fund
SchemeHoldingLast month
SBI Midcap Fund SBI Mutual Fund₹180 Crheld
SBI Dividend Yield Fund SBI Mutual Fund₹115 Crheld
HDFC Multi Cap Fund HDFC Mutual Fund₹90 Crheld
SBI Technology Opportunities Fund SBI Mutual Fund₹72 Crheld
SBI ESG Exclusionary Strategy Fund SBI Mutual Fund₹60 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹30 Crheld
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund₹9 Cr+0.02 L
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund₹7 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

5 added, 2 trimmed — net +2,219 shares (+0.1%)

Funds are sitting on
-21%
vs est. average cost
Held by funds
₹572 Cr
14 schemes · ≈ 1.5% of the company
Biggest holder
SBI Midcap Fund
₹180 Cr · 0.7% of that fund
Longest holder
Nippon India ETF Nifty Midcap 150
7y 8m · since Jan '19

Shares held by these funds +80%

Aug '23 15.89 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹3337, this stock must grow earnings at 18% every year for 7 years. Our analysis caps realistic growth at ~2%. At that growth it is worth ₹1365 — downside of 59%.

Growth the price implies
18.4% a year
for 7 years, fading to 4%
It has actually compounded at
1.8% a year
net profit, FY23–FY26 · EPS 1.7%
The gap
0.2 pp
-59% downside if it only repeats history
Price today ₹3,337.4 Value at the reference growth ₹1,365.28

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse L&T Technology Services Limited

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