Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,502.60 last close on 30 Oct 2026 +0.99%
Research updated
LTIMindtree Ltd
NSE: LTMTechnologyInformation Technology Services
- Last close
- ₹4,233.50
- Day change
- +₹138.80 (+3.39%)vs
- Market cap
- ₹1.21 lakh crIndian rupees
- Research updated
- 3 reports
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About LTIMindtree
LTIMindtree Ltd is a global technology consulting and digital solutions company headquartered in Mumbai, India, and incorporated in 1996. It provides a comprehensive range of IT services, including cloud and infrastructure management, consulting, cybersecurity, digital engineering, enterprise applications and automation, data and analytics, quality engineering, and platform operations. The company specializes in experience design and innovation, digital marketing, e-commerce, blockchain, immersive and cognitive experiences, digital integration, process automation, and product engineering. LTIMindtree Ltd serves diverse industries such as banking, financial services and insurance; technology, media and communications; manufacturing and resources; consumer business; and health, life sciences and public services. Its offerings extend to smart factories, Industry 4.0 solutions, AI-driven automation, Gen AI-powered tools, Oracle and Snowflake partnerships, ServiceNow implementations, and healthcare transformations for payers, providers, and health tech organizations. With expertise in retail omnichannel platforms, automotive connected vehicles, energy analytics, and transportation logistics, LTIMindtree Ltd enables enterprises to modernize operations, enhance customer experiences, and drive business transformation across global markets.
- Sector
- Technology
- Industry
- Information Technology Services
- Listing
- NSE: LTM
- Chief executive
- Mr. Venugopal Lambu
- Employees
- 88,835
- Headquarters
- Mumbai, India
- ISIN
- INE214T01019
- Website
- ltm.com
Public research · Report of
Business model & financial foundation
LTM (NSE: LTM), IT services and consulting (Computers - Software & Consulting): revenue of ₹42,308 crore in FY26 (+11.3% on FY25), an EBITDA margin of 17.9%, net profit of ₹5,018 crore and net cash of ₹15,445 crore.
- Revenue, FY26 (₹ crore)
- 42,308
- consolidated
- Revenue growth, FY26
- +11.3%
- on FY25
- EBITDA margin, FY26
- 17.9%
- EBITDA (company definition: total segment results) / revenue
- Net profit, FY26 (₹ crore)
- 5,018
- to owners
- Return on equity, FY26
- 21.4%
- on average equity
- Net debt, FY26 (₹ crore)
- -15,445
- Net bank debt less cash and investments (excludes leases)
- Market capitalisation (₹ crore)
- 1,30,146
- at the close of 27 Oct 2026
Company profile
LTM Limited (formerly LTIMindtree) is India's fifth/sixth-largest IT services company, a Larsen & Toubro group company with ~88,800 employees and USD 4.76 bn FY26 revenue. About 74% of revenue comes from North America; from Q1 FY27 it reports four industry segments (Financial Services, Consumer, Technology & Services, Production). It sells application, infrastructure, data and AI services through three lines of business (iRun, iTransform, Business AI) on its BlueVerse AI ecosystem.
| Item | Value |
|---|---|
| Legal name | LTM Limited (formerly LTIMindtree Limited, Larsen & Toubro Infotech Limited) |
| Exchange and ticker | NSE: LTM; BSE: 540005 |
| ISIN | INE214T01019 |
| CIN | L72900MH1996PLC104693 |
| Sector | Information Technology |
| Industry | IT services and consulting (Computers - Software & Consulting) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells Chartered Accountants LLP |
| Market capitalisation | ₹1,30,146 crore (27 Oct 2026) |
| Shares outstanding | 29.65 crore (FY26) |
| Price | ₹4,075 (close, 27 Oct 2026) |
| Website | https://www.ltm.com |
Corporate structure and shareholding
Parent: Larsen & Toubro Limited (68.49% at 30 Jun 2026).
| Entity | Holding | Business |
|---|---|---|
| LTIM Aramco Digital Solutions | 51% | Saudi digital services JV with Aramco Digital; subsidiary from 16 Jul 2025 |
| LTIMindtree UK Limited | 100% | UK operations; acquisition vehicle for Randstad Technology & Consulting Services (pending close) |
FY26 annual report lists 16 subsidiaries, none individually material. Randstad tech & consulting business in Europe/Australia (EUR 469m CY25 revenue, EV EUR 160m) under SPA from 22 Aug 2026, not closed at 30 Sep 2026.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 68.53% | 68.52% | 68.49% | 69.01% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 6.51% | 6.63% | 6.31% | 6.15% |
| Domestic institutions | 16.91% | 17.01% | 16.83% | 16.84% |
| of which mutual funds | 4.61% | 4.33% | 4.12% | 3.71% |
| Retail | 8.03% | 7.83% | 8.32% | 4.86% |
| Other | 0.03% | 0.01% | 0.04% | 3.13% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
LTM Limited (formerly LTIMindtree) is a consolidated IT-services group selling application, infrastructure, data and AI services. Q2FY27 revenue was INR11,807.6cr and USD1,235.2m. The operational unit is largely billed foreign-currency revenue translated into INR, delivered through employees and subcontractors.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Financial Services | 14,898 | 35.2% | 2,517 | 33.3% |
| Consumer | 10,866 | 25.7% | 1,927 | 25.5% |
| Technology & Services | 7,996 | 18.9% | 1,641 | 21.7% |
| Production | 8,548 | 20.2% | 1,471 | 19.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Tata Consultancy Services (TCS) | |
| Infosys (INFY) | Tier-1 peer with similar North America/BFSI mix |
| HCL Technologies (HCLTECH) | Tier-1 peer; ER&D and infrastructure overlap |
| Wipro (WIPRO) | Tier-1 peer; low-growth comparator |
| Persistent Systems (PERSISTENT) | Mid-tier high-growth AI/digital comparator |
| Coforge (COFORGE) | Mid-tier growth comparator with BFSI focus |
| Mphasis (MPHASIS) |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 35,517 | 38,008 | 42,308 |
| EBIT (operating, before other income) | 5,569 | 5,503 | 6,501 |
| Finance costs (mainly lease interest) | 221.7 | 278.9 | 276.3 |
| Profit before tax | 6,049 | 6,214 | 6,791 |
| Tax expense | 1,464 | 1,612 | 1,808 |
| Net profit after tax | 4,585 | 4,602 | 4,983 |
| Diluted EPS (INR) | 154.5 | 155.0 | 169.1 |
| Employee benefits expense | 22,732 | 24,623 | 26,287 |
| Sub-contracting expenses | 2,560 | 2,631 | 3,237 |
| Other expenses | 3,837 | 4,259 | 5,229 |
| EBITDA (company definition: total segment results) | 6,387 | 6,495 | 7,555 |
| Depreciation and amortisation | 818.9 | 991.5 | 1,054 |
| Other income including forex gain/(loss) | 701.9 | 989.7 | 1,094 |
| Exceptional items (signed; charge negative) | 0.00 | 0.00 | -528.1 |
| Profit attributable to non-controlling interests | 2.50 | 3.30 | -35.4 |
| Profit attributable to shareholders | 4,582 | 4,599 | 5,018 |
| Cost of revenue (vendor classification) * | 27,613 | 30,409 | |
| Other operating costs (vendor classification) * | 1,957 | 2,246 | |
| EBITDA (vendor classification) * | 6,913 | 8,155 | |
| Cost of materials (consumed, traded goods bought, inventory change) | 0.00 | 0.00 | 0.00 |
| Basic EPS (₹) | 154.9 | 155.3 | 169.3 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total equity including NCI | 20,017 | 22,712 | 24,108 |
| Bank borrowings plus lease liabilities | 2,071 | 2,187 | 2,310 |
| Cash and cash equivalents | 1,820 | 2,062 | 2,331 |
| Billed trade receivables | 5,706 | 5,868 | 7,425 |
| Inventory | 3.00 | 2.80 | 3.30 |
| Trade payables | 1,494 | 1,550 | 2,061 |
| Property, plant and equipment | 1,656 | 3,963 | 4,170 |
| Capital work in progress | 466.9 | 581.8 | 917.1 |
| Total assets | 27,563 | 30,630 | 37,196 |
| Net bank debt less cash and investments (excludes leases) | -11,519 | -13,344 | -15,445 |
| Unbilled revenue | 1,821 | 2,047 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash from operations | 5,670 | 4,546 | 4,799 |
| Dividends paid to shareholders | -1,775 | -1,925 | -1,985 |
| Purchase of property, plant and equipment | -843.2 | -949.6 | -930.6 |
| Free cash flow (company definition) | 4,837 | 3,890 | |
| Free cash flow (vendor definition) * | 3,596 | 3,868 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Year-end ordinary shares (crore) | 29.60 | 29.60 | 29.65 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 9,661 | 9,772 | 9,841 | 10,394 | 10,781 | 11,292 | 11,608 | 11,808 |
| EBIT (operating, before other income) | 1,329 | 1,345 | 1,407 | 1,648 | 1,737 | 1,709 | 1,799 | 1,838 |
| Finance costs (mainly lease interest) | 68.9 | 67.3 | 72.4 | 69.3 | 69.3 | 65.3 | 76.3 | 69.9 |
| Profit before tax | 1,473 | 1,529 | 1,726 | 1,879 | 1,305 | 1,881 | 1,978 | 1,860 |
| Tax expense | 385.8 | 400.7 | 471.6 | 498.0 | 345.1 | 493.7 | 509.8 | 479.8 |
| Net profit after tax | 1,087 | 1,129 | 1,255 | 1,381 | 959.6 | 1,387 | 1,469 | 1,380 |
| Diluted EPS (INR) | 36.59 | 38.04 | 42.28 | 47.23 | 32.71 | 46.93 | 49.42 | 47.11 |
| Employee benefits expense | 6,255 | 6,467 | 6,381 | 6,468 | 6,549 | 6,890 | 6,962 | 7,082 |
| Sub-contracting expenses | 689.8 | 607.8 | 625.4 | 804.9 | 873.3 | 933.3 | 1,113 | 1,137 |
| Other expenses | 1,123 | 1,101 | 1,185 | 1,192 | 1,356 | 1,496 | 1,472 | 1,496 |
| EBITDA (company definition: total segment results) | 1,593 | 1,596 | 1,649 | 1,930 | 2,003 | 1,973 | 2,061 | 2,093 |
| Depreciation and amortisation | 264.4 | 250.8 | 242.9 | 282.0 | 265.6 | 263.6 | 261.3 | 255.2 |
| Other income including forex gain/(loss) | 212.5 | 251.2 | 392.1 | 300.4 | 227.2 | 174.7 | 255.4 | 91.5 |
| Exceptional items (signed; charge negative) | 0.00 | 0.00 | 0.00 | 0.00 | -590.3 | 62.2 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 1.30 | 0.10 | 0.50 | -19.9 | -11.0 | -5.00 | 2.30 | -18.1 |
| Profit attributable to shareholders | 1,085 | 1,129 | 1,254 | 1,401 | 970.6 | 1,392 | 1,466 | 1,398 |
| Cost of materials (consumed, traded goods bought, inventory change) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Basic EPS (₹) | 36.65 | 38.10 | 42.33 | 47.28 | 32.75 | 46.97 | 49.46 | 47.15 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 7.0% | 11.3% | |
| EBITDA margin | 18.0% | 17.1% | 17.9% |
| Net margin | 12.9% | 12.1% | 11.9% |
| Return on equity | 22.9% | 21.5% | 21.4% |
| Return on capital employed | 25.2% | 23.4% | 25.3% |
| Return on assets | 16.6% | 15.8% | 14.8% |
| Net debt (₹ crore) | -11,519 | -13,344 | -15,445 |
| Net debt / EBITDA | -1.80x | -2.05x | -2.04x |
| Interest cover | 25.1x | 19.7x | 23.5x |
| Asset turnover | 1.29x | 1.31x | 1.25x |
| Receivable days | 59 | 56 | 64 |
| Inventory days (on revenue) | 0 | 0 | 0 |
| Payable days (on revenue) | 15 | 15 | 18 |
| Cash conversion | 1.24x | 0.99x | 0.96x |
| Capex intensity | 2.4% | 2.5% | 2.2% |
| Free cash flow (₹ crore) | 4,826 | 3,596 | 3,868 |
| Dividend payout | 38.7% | 41.9% | 39.6% |
| EPS, diluted (₹) | 154.5 | 155.0 | 169.1 |
| Book value per share (₹) | 6,76,25,67,568 | 7,67,28,04,054 | 8,13,09,42,012 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition: total segment results) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net bank debt less cash and investments (excludes leases); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (company definition: total segment results).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 27 Oct 2026); market data at the close of 27 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on LTIMindtree includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on LTIMindtree
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- Research report
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 27 Oct 2026; page updated 2 Nov 2026.
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