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L&T Technology Services Q2 FY27 results: net profit up 66.7% to ₹548.70 crore, revenue up 2.0%
L&T Technology Services Limited reported Q2 FY27 consolidated revenue of ₹3,040 crore and a net profit of ₹548.70 crore for the July–September 2026 quarter, up 2.0% and 66.7% from a year earlier. EBITDA rose 19.4% year on year to ₹585.80 crore, with the margin widening by 2.8 percentage points to 19.3%.
Key points
- Consolidated Q2 FY27 revenue was ₹3,040 crore, up 2.0% from ₹2,980 crore in Q2 FY26 and up 3.4% from ₹2,940 crore in Q1 FY27.
- Net profit was ₹548.70 crore in Q2 FY27, up 66.7% year on year and 53.7% from the previous quarter, while basic EPS was ₹51.67.
- EBITDA rose 19.4% year on year to ₹585.80 crore and the EBITDA margin widened 2.8 percentage points to 19.3%.
- For H1 FY27, revenue was ₹5,980.5 crore, up 2.3%, and profit after tax was ₹905.8 crore, up 40.4%, with EPS of ₹85.3.
- The board declared an interim dividend of ₹20 per share with the record date fixed at 27 October 2026.
How did L&T Technology Services perform in Q2 FY27?
L&T Technology Services reported consolidated revenue of ₹3,040 crore in Q2 FY27, against ₹2,980 crore in Q2 FY26 and ₹2,940 crore in Q1 FY27. Total income was ₹3,071.3 crore, up ₹26.20 crore from the year-ago quarter. The company also filed standalone results, with revenue of ₹2,587.2 crore and profit after tax of ₹515.1 crore, compared with ₹307.2 crore in the year-ago period.
EBITDA was ₹585.80 crore in Q2 FY27, up ₹95 crore or 19.4% from ₹490.80 crore a year earlier and up ₹37.50 crore or 6.8% from Q1 FY27. The EBITDA margin was 19.3%, 2.8 percentage points above Q2 FY26 and 0.7 percentage points above the previous quarter.
Profit before tax was ₹513.50 crore, up ₹65.50 crore from ₹448 crore a year earlier. Net profit was ₹548.70 crore, up ₹219.50 crore or 66.7% from ₹329.20 crore in Q2 FY26 and up ₹191.60 crore or 53.7% from ₹357.10 crore in Q1 FY27. Basic EPS was ₹51.67, against ₹31.02 a year earlier and ₹33.62 in the previous quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 3,040 | 2,940 | 2,980 | +2.0% | +3.4% |
| Other income | 30.90 | 29.10 | 65.60 | −52.9% | +6.2% |
| Total expenses | 2,558 | 2,493 | 2,597 | −1.5% | +2.6% |
| EBITDA | 585.80 | 548.30 | 490.80 | +19.4% | +6.8% |
| EBITDA margin | 19.3% | 18.6% | 16.5% | +2.8 pp | +0.7 pp |
| Profit before tax | 513.50 | 476 | 448 | +14.6% | +7.9% |
| Tax | 133.40 | 123.70 | 118.80 | +12.3% | +7.8% |
| Net profit | 548.70 | 357.10 | 329.20 | +66.7% | +53.7% |
| EPS (₹) | 51.67 | 33.62 | 31.02 | +66.6% | +53.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in L&T Technology Services' costs and profit?
Total expenses fell ₹39.30 crore or 1.5% from ₹2,597 crore in Q2 FY26 to ₹2,558 crore in Q2 FY27. Employee cost was ₹1,752 crore, up ₹150.90 crore or 9.4%, other expenses were ₹702.50 crore, down ₹185 crore or 20.8%, finance costs were ₹13.90 crore, down ₹1.90 crore or 12.0%, and depreciation was ₹89.30 crore, down ₹3.30 crore or 3.6%. There was no exceptional item.
Other income was ₹30.90 crore, down ₹34.70 crore or 52.9% from ₹65.60 crore in the year-ago quarter, and up ₹1.80 crore from ₹29.10 crore in the previous quarter. Tax was ₹133.40 crore, up ₹14.60 crore or 12.3% from ₹118.80 crore a year earlier and up ₹9.70 crore from ₹123.70 crore in Q1 FY27.
Against Q1 FY27, total expenses rose ₹64.60 crore or 2.6%, with employee cost up ₹39 crore, other expenses up ₹23.80 crore, depreciation up ₹2.30 crore and finance costs down ₹0.50 crore. The company did not give a stated reason for the year-on-year fall in other expenses in the filings reviewed.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 1,752 | 1,601 | +150.90 | +9.4% |
| Finance costs | 13.90 | 15.80 | −1.90 | −12.0% |
| Depreciation | 89.30 | 92.60 | −3.30 | −3.6% |
| Other expenses | 702.50 | 887.50 | −185 | −20.8% |
| Total expenses | 2,558 | 2,597 | −39.30 | −1.5% |
| Other income | 30.90 | 65.60 | −34.70 | −52.9% |
| Tax | 133.40 | 118.80 | +14.60 | +12.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, L&T Technology Services reported revenue of ₹5,980.5 crore, up ₹135 crore or 2.3% from ₹5,845.5 crore in H1 FY26. Total income was ₹6,040.5 crore, up 1.0% from ₹5,978.8 crore. The half-year EPS was ₹85.3, against ₹60.82 in the year-ago period.
Profit before tax for H1 FY27 was ₹989.5 crore, up ₹109 crore or 12.4% from ₹880.5 crore. Profit after tax was ₹905.8 crore, up ₹260.5 crore or 40.4% from ₹645.3 crore, and the EPS increase was 40.2%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 5,980 | 5,846 | +2.3% |
| Profit before tax | 989.50 | 880.50 | +12.4% |
| Net profit | 905.80 | 645.30 | +40.4% |
| EPS (₹) | 85.30 | 60.82 | +40.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹10,370.7 crore as on 30 September 2026, against ₹10,488.9 crore as on 31 March 2026. Total equity was ₹7,101.6 crore compared with ₹6,492.2 crore, and borrowings remained nil. Cash was ₹1,439.4 crore against ₹1,649.7 crore, while trade receivables were ₹2,105.2 crore against ₹2,014.6 crore and trade payables were ₹880.2 crore against ₹936.8 crore.
For H1 FY27, cash flow from operating activities was ₹558.8 crore, up from ₹480.8 crore in H1 FY26. Investing cash flow was an outflow of ₹247.19 crore against ₹202.7 crore, financing cash flow was an outflow of ₹534.2 crore against ₹501.8 crore, and capital expenditure was ₹67.3 crore against ₹66.3 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 10,371 | 10,489 |
| Total equity | 7,102 | 6,492 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 1,439 | 1,650 |
| Inventories | 9.60 | 5.80 |
| Trade receivables | 2,105 | 2,015 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 558.80 | 480.80 |
| Cash from investing | −247.19 | −202.70 |
| Cash from financing | −534.20 | −501.80 |
| Capital expenditure | 67.30 | 66.30 |
Source: Company's results filing (XBRL).
How has L&T Technology Services done over the last 8 quarters?
Revenue reached a quarterly low of ₹2,857.9 crore in Q4 FY26 before rising to ₹2,940.1 crore in Q1 FY27 and ₹3,040.4 crore in Q2 FY27, the highest of the eight quarters listed. Revenue has now risen year on year in each of the last two quarters.
Profit after tax bottomed at ₹303.1 crore in Q3 FY26 and has since risen to ₹332.7 crore in Q4 FY26, ₹357.1 crore in Q1 FY27 and ₹548.7 crore in Q2 FY27. Profit has risen year on year in each of the last three quarters. The EBITDA margin, at 19.3% in Q2 FY27, was the highest in the series, against a low of 15.9% in Q4 FY25.
Which businesses drove the quarter?
Sustainability was the largest segment, with revenue of ₹1,156.6 crore, up 22.9% from ₹940.9 crore in Q2 FY26, and EBIT of ₹341.5 crore against ₹264.2 crore. The segment EBIT margin was 29.5%.
Mobility reported revenue of ₹981.9 crore, up 13.5% from ₹865.1 crore, and EBIT of ₹166.4 crore against ₹128.4 crore. Its EBIT margin was 16.9%.
Tech recorded revenue of ₹901.9 crore, down 23.1% from ₹1,173.5 crore, while EBIT was ₹107.8 crore against ₹106.1 crore. The segment EBIT margin was 12.0%. Management said Sustainability delivered its strongest growth in six quarters, Mobility sustained its growth momentum and Tech remained steady, with gross margins improving across all segments.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Mobility | 981.90 | +13.5% | 166.40 | 16.9% |
| Sustainability | 1,157 | +22.9% | 341.50 | 29.5% |
| Tech | 901.90 | −23.1% | 107.80 | 12.0% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2026 and took on record the limited review reports of M S K A & Associates LLP. It also declared an interim dividend of ₹20 per equity share of face value ₹2 each for FY27, with 27 October 2026 fixed as the record date.
The same-day investor communication noted a large-deal TCV of USD 200+ million in Q2, with AI-related deals accounting for over 50% of the total. Wins included one USD 75 million deal, one USD 30+ million deal, one USD 25 million deal and six deals of USD 10+ million each. Employee strength was 24,035 as of 30 September 2026 and the patent portfolio stood at 1,808.
What did L&T Technology Services' management say?
On the earnings call, management maintained a long-term aspiration of 13% to 15% revenue CAGR and 16% to 17% EBIT margin over the next 3 to 5 years, and expects H2 FY27 revenue to be better than H1 both sequentially and year on year. Rajeev Gupta, Executive Director & CFO, said: "We achieved our margin aspiration of mid-16% EBIT levels ahead of time by a few quarters and aspire to maintain this margin range in the near future."
Management expects Tech to remain muted in Q3, with growth returning from Q4 onward, and plans Q3 wage hikes with an estimated 50-80 bps margin impact before productivity offsets. It targets another USD100 million of large-deal wins across Q3 and Q4, guides to a 26-26.5% effective tax rate and expects DSO to remain around 78 days against the prior 80-85 day range.
Amit Chadha, CEO & Managing Director, said: "With our order backlog and pipeline, both improving year-on-year and several large deals in play, we expect revenue momentum to further strengthen in H2 while sustaining healthy EBIT margins." Management flagged European auto as a headwind, with recovery dependent on OEM restructuring over 9-12 months, and noted that pure-play software demand is pressured by the adoption of new-age AI tools. No analyst concerns were recorded in the materials reviewed.
How did L&T Technology Services shares react?
The stock rose 3.8% in the first five minutes after the filing appeared after market hours and was up 6.1% after 15 minutes and 6.0% after 30 minutes. On the reaction day, it closed 10.9% above its pre-results close, and by the next day's close it was up 9.7% from that close, rising to 13.6% by the fifth session.
Results-day moves on earlier announcements were 6.5% on 14 July 2026, -2.8% on 22 April 2026, -7.8% on 15 January 2026 and 1.1% on 17 October 2025. Earlier reaction-day moves were 1.7% on 16 July 2025, 8.1% on 15 January 2025, -1.3% on 16 October 2024 and 0.0% on 18 July 2024.
| After the filing | Stock | IT Enabled Services median |
|---|---|---|
| 5 minutes | +3.8% | |
| 15 minutes | +6.1% | |
| 30 minutes | +6.0% | |
| Reaction day | +10.9% | −1.8% |
| Next day | +9.7% | −2.4% |
| 5 days | +13.6% | −3.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 14 July 2026 | +6.5% |
| 22 April 2026 | −2.8% |
| 15 January 2026 | −7.8% |
| 17 October 2025 | +1.1% |
| 16 July 2025 | +1.7% |
| 15 January 2025 | +8.1% |
| 16 October 2024 | −1.3% |
| 18 July 2024 | +0.0% |
Source: MarketPing price-reaction measurement.
How did other IT Enabled Services companies do?
Of 27 other IT Enabled Services companies compared for this quarter, the median revenue growth was 22.5%. Nineteen peers grew revenue faster than L&T Technology Services, while eight grew slower.
Of the 24 peers for which profit was compared, 18 reported higher profit. The peer figures are as of 4 November 2026.
| L&T Technology Services revenue growth (YoY) | +2.0% |
|---|---|
| Median of 27 other IT Enabled Services companies | +22.5% |
| Companies with slower revenue growth than L&T Technology Services | 8 of 27 |
| Companies with faster revenue growth than L&T Technology Services | 19 of 27 |
| Companies whose net profit rose | 18 of 24 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was L&T Technology Services' revenue in Q2 FY27?
Revenue from operations was ₹3,040 crore, up 2.0% from ₹2,980 crore in Q2 FY26 (consolidated).
Did L&T Technology Services make a profit in Q2 FY27?
Yes. Net profit was ₹548.70 crore, against a net profit of ₹329.20 crore in Q2 FY26.
What was L&T Technology Services' EPS in Q2 FY27?
Basic earnings per share were ₹51.67, against ₹31.02 in Q2 FY26.
How did L&T Technology Services shares react to the Q2 FY27 results?
On the reaction day the stock moved +10.9% from the previous close; the median IT Enabled Services stock moved −1.8%.
When did L&T Technology Services announce its Q2 FY27 results?
On 19 October 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 19 October 2026) · PDF
- The earnings call (25 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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