NSE: LTTS · BSE: 540115
L&T TECHNOLOGY SER. LTD.
Provides engineering research and development (ER&D) and digital engineering services to global enterprises, reporting ₹10,995.9 crore in FY26 revenue across three segments. Sustainability (34.8% of segment revenue) serves process industries such as oil & gas and plant engineering; Tech (33.3%) covers telecom, hi-tech and embedded software; Mobility (31.9%) covers automotive, aerospace, rail, trucks and off-highway. People are the principal input — employee cost is 58.7% of revenue and other operating expenses 23.7%, while materials are zero and capex is 1.7% of revenue. The firm is embedding AI into its engineering platforms, with partnerships with Anthropic/Claude and Databricks, a 100-engineer forward-deployment team, and platforms such as AgenticIQ, PlxAI, Ainfonix, AiNexus and AiTest. Q1 FY27 revenue was ₹2,940 crore with an EBIT margin of 15.7%. Cash and investments stood at ₹3,531 crore as of March 2026 with no debt, and management has stated a 13–15% revenue CAGR and 16–17% EBIT margin aspiration over five years. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sustainability (35%), Tech (33%), Mobility (32%). Asset-light, people-driven engineering services with no materials cost
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,570 | 8,014 | 9,647 | 10,670 | 10,996 |
| EBITDA (ex other income) | 1,415 | 1,711 | 1,919 | 1,893 | 1,863 |
| margin % | 21.5 | 21.3 | 19.9 | 17.7 | 16.9 |
| Owners' profit | 957 | 1,170 | 1,304 | 1,267 | 1,279 |
| EPS, as reported (₹) | 90.92 | 110.80 | 123.34 | 119.70 | 120.71 |
| ROE % · ROCE % | 23.0 · 28.7 | 23.6 · 31.2 | 24.4 · 31.2 | 20.7 · 27.0 | 19.7 · 22.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 1,006 | 1,305 | 1,493 | 1,481 | 1,455 |
| Capex | (162) | (176) | (253) | (112) | (185) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,573 | 2,653 | 2,982 | 2,866 | 2,980 | 2,924 | 2,858 | 2,940 |
| Profit before tax | 441 | 440 | 427 | 433 | 448 | 410 | 436 | 476 |
| Net profit | 320 | 320 | 310 | 316 | 329 | 303 | 333 | 357 |
| EPS (₹) | 30.20 | 30.47 | 29.38 | 29.81 | 31.02 | 28.56 | 31.34 | 33.62 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Mobility | 3,508 | 30.2 |
| Sustainability | 3,828 | 32.9 |
| Tech | 4,291 | 36.9 |
| Total, before eliminations | 11,627 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. ◆ | 43,370 | 32.9 | 6.68 | 20.0 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 28,839 | 37.0 | 10.30 | 26.2 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,430 | 47.4 | 6.74 | 28.7 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 25,071 | 95.9 | 34.66 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,192 | 21.4 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,968 | 41.7 | 5.47 | 27.3 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,418 | 61.8 | 11.20 | 28.7 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 12,888 | 33.8 | 2.09 | 11.7 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.9 | 17.9 | 55 of 76 | 28% |
| P/B | 6.7 | 2.2 | 62 of 70 | 12% |
| ROCE | 21.1 | 9.6 | 13 of 86 | 86% |
| ROE | 19.7 | 9.2 | 9 of 70 | 88% |
| Debt / Equity | 0.0 | 0.0 | 1 of 70 | 74% |
| EBITDA margin | 19.6 | 13.0 | 23 of 69 | 68% |
| Revenue growth | 2.6 | 20.8 | 54 of 67 | 20% |
| Profit growth | 13.0 | 14.6 | 35 of 64 | 46% |
| Market cap | 43370 | 325 | 1 of 87 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · LTTS wins five-year Nokia engineering and R&D contract | compliance | low | — | — |
| 25 Oct 2026 · Q2 FY27 earnings call: profit rises and operating margin reaches 16.3 percent | investor communications | medium | — | — |
| 20 Oct 2026 · Newspaper publication of September 2026 quarterly and half-year results | compliance | minimal | — | — |
| 19 Oct 2026 · LTTS shares Q2 FY27 earnings call recording link | investor communications | low | — | — |
| 19 Oct 2026 · LTTS Q2FY27: revenue up 12.1% YoY, margin expands, Rs20 dividend declared | investor communications | medium | — | — |
| 19 Oct 2026 · LTTS Q2 FY27: Revenue up 12% YoY, EBIT margin at 16.3%, dividend Rs 20 per share | investor communications | medium | — | — |
| 19 Oct 2026 · LTTS declares Rs 20 interim dividend, fixes Oct 27 as record date | corporate actions | high | — | — |
| 19 Oct 2026 · LTTS Q2 FY27 results: revenue up 12% YoY, Rs 20 dividend declared | results | high | — | — |
| 19 Oct 2026 · LTTS declares Rs 20 interim dividend; Q2 net profit up 67% YoY | corporate actions | high | — | — |
| 19 Oct 2026 · LTTS allots 8,500 equity shares under ESOP Scheme 2016 | capital market events | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.