LTM LIMITED

Provides IT services and consulting to enterprise clients across five vertical segments, with BFSI the largest at ₹14,897.8 crore (35.2% of segment revenue) in FY26 YTD, followed by Technology, Media & Communications at ₹9,720.7 crore (23.0%), Manufacturing & Resources at ₹8,547.8 crore (20.2%), Consumer Business at ₹6,487.5 crore (15.3%), and Healthcare, Life Sciences & Public Services at ₹2,653.8 crore (6.3%). The business is people-intensive: employee costs absorb 62.1% of revenue, other operating expenses 20.0%, depreciation 2.5%, and capex 2.2%, with no materials cost. Q1 FY27 USD revenue stood at $1,223.5 million (up 6.1% year-on-year), order inflow at $1.68 billion, and a stable order book of $1.7 billion, while EBIT margin expanded 120 basis points year-on-year to 15.5%. The company is investing heavily in AI partnerships — Anthropic (Claude), Cognition (Devin for cyber), Glean, and Microsoft 365 Copilot deployment for around 140,000 L&T Group employees — with AI revenue running at about $150 million per quarter. Announced acquisition of Randstad Technology & Consulting in Europe and Australia at €469 million revenue for €160 million enterprise value, plus a 5-year GCC partnership with Randstad Group (initial TCV ₹50-60 crore) and an MSP arrangement to manage subcontractor spend; deal is expected to lift Europe revenue past $1 billion and Australia past $100 million post-close.