NSE: LTM · BSE: 540005
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Banking, Financial Services & Insurance (35%), Technology, Media & Communications (23%), Manufacturing & Resources (20%), Consumer Business (15%), Healthcare, Life Sciences & Public Services (6%). People-intensive, asset-light IT services and consulting, with growing AI and sovereign-AI delivery focus.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 15,669 | 33,183 | 35,517 | 38,008 | 42,308 |
| EBITDA (ex other income) | 3,058 | 6,108 | 6,387 | 6,495 | 7,027 |
| margin % | 19.5 | 18.4 | 18.0 | 17.1 | 16.6 |
| Owners' profit | 2,297 | 4,408 | 4,582 | 4,599 | 5,018 |
| EPS, as reported (₹) | 131.19 | 149.07 | 154.85 | 155.29 | 169.33 |
| ROE % · ROCE % | 26.1 · 33.2 | 26.6 · 33.0 | 22.9 · 28.7 | 20.3 · 26.3 | 20.7 · 25.8 |
| Debt / equity (x) | 0.01 | 0.01 | 0.10 | 0.00 | 0.00 |
| Cash from operations | 1,652 | 3,096 | 5,670 | 4,546 | 4,799 |
| Capex | (859) | (939) | (843) | (950) | (931) |
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 | 9,433 | 9,661 | 9,772 | 9,841 | 10,394 | 10,781 | 11,292 | 11,608 |
| Profit before tax | 1,687 | 1,473 | 1,529 | 1,726 | 1,879 | 1,305 | 1,881 | 1,978 |
| Net profit | 1,252 | 1,087 | 1,129 | 1,255 | 1,381 | 960 | 1,387 | 1,469 |
| EPS (₹) | 42.25 | 36.65 | 38.10 | 42.33 | 47.28 | 32.75 | 46.97 | 49.46 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Banking, Financial Services & Insurance | 14,898 | 35.2 |
| Technology, Media & Communications | 9,721 | 23.0 |
| Manufacturing & Resources | 8,548 | 20.2 |
| Consumer Business | 6,488 | 15.3 |
| Healthcare, Life Sciences & Public Services | 1,485 | 3.5 |
| Healthcare, Life sciences & Public Services | 1,169 | 2.8 |
| Total, before eliminations | 42,308 | 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. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED ◆ | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.2 | 15.0 | 39 of 65 | 41% |
| P/B | 5.0 | 2.6 | 47 of 65 | 27% |
| ROCE | 24.8 | 14.2 | 12 of 76 | 85% |
| ROE | 20.7 | 11.5 | 10 of 64 | 86% |
| Debt / Equity | 0.0 | 0.0 | 1 of 65 | 67% |
| EBITDA margin | 19.9 | 18.4 | 27 of 65 | 59% |
| Revenue growth | 18.0 | 10.6 | 19 of 63 | 71% |
| Profit growth | 17.1 | 6.7 | 24 of 62 | 62% |
| Market cap | 121357 | 419 | 6 of 76 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · LTM schedules institutional investor meeting on November 2, 2026 | board shareholder meetings | low | — | — |
| 28 Oct 2026 · LTM launches GCC Origin for global capability centers | business updates | medium | — | — |
| 27 Oct 2026 · LTM secures banking deal worth up to USD 100 million | compliance | low | — | — |
| 23 Oct 2026 · LTM launches BlueVerse Industrial AI Lab in Chennai | compliance | low | — | — |
| 22 Oct 2026 · Q2 FY27 revenue up 5.1%, EBIT margin improves to 15.6% | investor communications | medium | — | — |
| 21 Oct 2026 · LTM launches BlueVerse ValueMesh for Oracle AI transformation | compliance | low | — | — |
| 18 Oct 2026 · LTM files Q2 FY27 results newspaper ad copies with NSE and BSE | compliance | minimal | — | — |
| 17 Oct 2026 · Q2FY26 earnings call recording now available on website | investor communications | low | — | — |
| 16 Oct 2026 · Q2 FY27 Results: Revenue up 13.6% YoY, INR 25 Interim Dividend, New Director Appointed | management changes | medium | — | — |
| 16 Oct 2026 · Q2 FY27 results: revenue up 13.6% YoY, INR 25 dividend, new director appointed | management changes | medium | — | — |
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.