Delivers information technology and knowledge services to enterprise clients, with IT services accounting for 82.6% of segment revenue (₹264.723 crore) and knowledge services (formerly called business process outsourcing) accounting for 17.4% (₹55.618 crore) in the quarter ended March 2026. The IT services line covers digital engineering, platform modernisation, and AI-led transformation work — recent deal wins span an API platform for a global tech research firm, consumer loyalty for a global life-sciences company, and an AI platform for a major hyperscaler. Knowledge services covers outsourced research, analytics and process work. Q1 FY26 total revenue reached ₹574.8 crore (+29.9% YoY), with roughly 29% of revenue now coming from AI and AI-enabled services, delivered through the EXIQO AI Studio and Optima AI platform (50+ agents, 1,400+ AI EV-certified talent). Geographically, clients are split Americas 69.3%, APAC 17.5%, Europe 9.6% and MEA 3.6%, with the top-10 clients at ~24% of revenue and TTM ACV at $82.5M. Personnel costs are the dominant expense — utilisation was deliberately run at ~80.5% to invest in an AI/data bench, and gross margin was 36% versus 38.9% the prior quarter on that and one fewer billing day. Adjusted EBITDA margin came in at 20.1% (+276 bps YoY), helped by rupee depreciation and lower SG&A after an AR provision reversal. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Information technology services (83%), Knowledge services (17%). People-intensive IT services and knowledge process outsourcing with an AI-first repositioning; geographic concentration in the Americas.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | — | — | — | — | — |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | — | — | — | — | — |
| Capex | — | — | — | — | — |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 444 | 449 | 442 | 462 | 499 | 555 | 575 | 602 |
| Profit before tax | 52 | 57 | 57 | 99 | 53 | 46 | 90 | 81 |
| Net profit | 40 | 39 | 39 | 76 | 35 | 36 | 65 | 56 |
| EPS (₹) | 3.37 | 3.30 | 3.26 | 6.41 | 2.99 | 3.08 | 5.52 | 4.69 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Information technology services | 1,882 | 89.8 |
| Knowledge Service | 56 | 2.7 |
| Business process outsourcing services | 159 | 7.6 |
| Total, before eliminations | 2,097 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 35,510 | 26.9 | 5.47 | 16.3 | 19.7 | 21.1 | 15.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Postal ballot results: 5 resolutions passed including 4 director appointments | board shareholder meetings | medium | — | — |
| 24 Aug 2026 · Company Secretary Piyush Jain resigns from R Systems | business updates | medium | — | — |
| 18 Aug 2026 · R Systems allots 3,270 shares on RSU exercise under MIP 2023 | management changes | medium | — | — |
| 12 Aug 2026 · Newspaper ad on postal ballot notice dispatch | compliance | minimal | — | — |
| 11 Aug 2026 · R Systems Q2 FY26 revenue tops Rs 600 cr, EBITDA margin at 20.1% | investor communications | medium | — | — |
| 11 Aug 2026 · Postal ballot notice: 5 resolutions on director appointments and director commission | board shareholder meetings | low | — | — |
| 7 Aug 2026 · R Systems schedules two investor conferences in Mumbai on Aug 13 and 14 | board shareholder meetings | low | — | — |
| 6 Aug 2026 · Newspaper publication of Q1 and H1 FY27 financial results | compliance | minimal | — | — |
| 5 Aug 2026 · Audio recording of Aug 5 investor call submitted | investor communications | low | — | — |
| 4 Aug 2026 · Q2 CY26 results: Revenue up 30% YoY, EBITDA margin expands to 20.1% | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 19.6 |
| TATA TECHNOLOGIES LIMITED | 31,087 | 55.8 | 7.92 | 33.8 | 13.9 | 14.3 | — | 18.3 |
| INVENTURUS KNOWLEDGE SO L | 29,665 | 38.0 | 10.59 | 27.0 | 25.8 | 27.7 | — | 33.6 |
| NETWEB TECH INDIA LTD | 28,723 | 109.9 | 39.71 | — | 28.5 | 37.5 | — | 15.7 |
| AFFLE 3I LIMITED | 22,105 | 46.2 | 6.05 | 30.4 | 12.5 | 15.2 | 39.3 | 25.8 |
| SAGILITY LIMITED | 21,150 | 21.3 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| BLACK BOX LIMITED | 14,299 | 61.3 | 11.11 | 28.4 | 16.9 | 9.5 | 6.2 | 8.4 |
| E2E NETWORKS LIMITED | 12,632 | 287.1 | — | — | — | — | — | 82.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.8 | 18.9 | 27 of 78 | 66% |
| P/B | 2.2 | 2.2 | 38 of 70 | 46% |
| ROCE | 10.0 | 9.7 | 43 of 87 | 51% |
| ROE | 9.4 | 9.4 | 36 of 72 | 51% |
| Debt / Equity | 0.2 | 0.0 | 55 of 72 | 24% |
| EBITDA margin | 18.6 | 13.0 | 25 of 69 | 65% |
| Revenue growth | 30.2 | 20.8 | 23 of 67 | 67% |
| Profit growth | (26.7) | 14.6 | 50 of 64 | 22% |
| Market cap | 2849 | 309 | 13 of 87 | 86% |
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| 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 |
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.
