Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,529.00 last close on 21 Oct 2026 +2.77%
Research updated
L&T Technology Services Ltd.
NSE: LTTSTechnologyInformation Technology Services
- Last close
- ₹3,996.30
- Day change
- +₹385.00 (+10.66%)vs
- Market cap
- ₹42,395 crIndian rupees
- Research updated
- 3 reports
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About L&T Technology Services
L&T Technology Services Ltd. is a prominent engineering services company, specializing in providing solutions across various industries. Its primary focus is on offering cutting-edge technology and engineering services in sectors like transportation, industrial products, telecom and hi-tech, process industries, and medical devices. L&T Technology Services Ltd. delivers customized solutions that range from product lifecycle management and digital manufacturing to IoT-driven smart services and artificial intelligence-based analytics. It plays a crucial role in driving innovation and efficiency for businesses seeking to leverage advanced technology to optimize their operations. By aiding companies in transforming their engineering processes, L&T Technology Services Ltd. significantly contributes to the evolution of industrial practices in the global market. Its prominence in the engineering and technology sector underscores its influence on enabling progressive technological frameworks and sustainable practices. Headquartered in India, L&T Technology Services Ltd. is part of the larger Larsen & Toubro Group, a testament to its robust and extensive expertise in engineering and construction, further cementing its status in the global engineering services market.
- Sector
- Technology
- Industry
- Information Technology Services
- Listing
- NSE: LTTS
- Chief executive
- Mr. Amit Pal Singh Chadha
- Employees
- 21,039
- Headquarters
- Vadodara, India
- ISIN
- INE010V01017
- Website
- ltts.com
Public research · Report of
Business model & financial foundation
LTTS (NSE: LTTS), Engineering research & development (ER&D) services: revenue of ₹11,777 crore in FY26 (+10.4% on FY25), an EBITDA margin of 17.0%, net profit of ₹1,279 crore and net cash of ₹2,969 crore.
- Revenue, FY26 (₹ crore)
- 11,777
- consolidated
- Revenue growth, FY26
- +10.4%
- on FY25
- EBITDA margin, FY26
- 17.0%
- EBITDA pre-exceptional — combined, revenue minus emp/other / revenue
- Net profit, FY26 (₹ crore)
- 1,279
- to owners
- Return on equity, FY26
- 20.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,969
- Lease-inclusive net debt after treasury liquidity
- Market capitalisation (₹ crore)
- 38,311
- at the close of 22 Oct 2026
Company profile
L&T Technology Services is an engineering research and development (ER&D) services company, a listed subsidiary of Larsen & Toubro. It designs, develops, tests and sustains products, plants and software for global OEMs across three segments: Mobility (auto, aero, rail, trucks), Sustainability (plant engineering, industrial products, medtech) and Tech (hi-tech, telecom, software platforms). About 60% of revenue comes from North America; it serves 69 Fortune 500 clients with about 23,800 staff.
| Item | Value |
|---|---|
| Legal name | L&T Technology Services Limited (formerly L&T Integrated Engineering Services Limited) |
| Exchange and ticker | NSE: LTTS; BSE: 540115 |
| ISIN | INE010V01017 |
| CIN | L72900MH2012PLC232169 |
| Sector | Information Technology |
| Industry | Engineering research & development (ER&D) services |
| Headquarters | Vadodara, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | MSKA & Associates LLP |
| Market capitalisation | ₹38,311 crore (22 Oct 2026) |
| Shares outstanding | 10.60 crore shares (FY26) |
| Price | ₹3,996 (close, 22 Oct 2026) |
| 52-week range | ₹3,010 - ₹4,726 (to 22 Oct 2026) |
| Website | https://www.ltts.com |
Corporate structure and shareholding
Parent: Larsen & Toubro Limited (73.57% at 31 Mar 2026).
| Entity | Holding | Business |
|---|---|---|
| L&T Technology Services LLC | 100% | US operating subsidiary; the only material subsidiary per the Board |
| Intelliswift Software Inc (and Intelliswift India, Canada, Hungary, Costa Rica, Global Infotech, P. Murphy & Associates) | 100% | Software product development and platform engineering, acquired 3 Jan 2025 for about USD 110 mn |
| L&T Technology Services Poland sp. z o.o. | 100% | European delivery |
| L&T Technology Services Pte. Ltd. (Singapore), Graphene Solution SDN BHD, Graphene Solutions Taiwan | 100% | APAC delivery and semiconductor/VLSI engineering |
| L&T Technology Services (Shanghai) Co. Limited | 100% | China delivery |
| L&T Thales Technology Services Private Limited | 74% | Joint venture with Thales for defence/aerospace engineering (source of the small minority interest) |
Smart World & Communication (SWC) business unit classed as discontinued from Q4 FY26 and sold to AMI Paradigm Solutions for INR 452 cr; completed 1 Sep 2026.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 73.58% | 73.58% | 73.57% | 73.52% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 4.67% | 4.23% | 3.86% | 4.13% |
| Domestic institutions | 14.13% | 14.57% | 14.64% | 14.05% |
| of which mutual funds | 4.14% | 4.28% | 4.32% | 3.69% |
| Retail | 6.05% | 6.05% | 6.30% | 6.58% |
| Other | 1.57% | 1.57% | 1.63% | 1.72% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
LTTS sells design, development, testing and lifecycle engineering to global OEMs and industrial clients. Mobility, Sustainability and Tech are management's operating segments.
| Segment | revenue, FY26 (US$ million) | Share | revenue inr, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Mobility | 393.2 | 31.9% | 3,508 | 31.9% | 534.9 | 26.7% |
| Sustainability | 426.5 | 34.6% | 3,828 | 34.8% | 1,083 | 54.1% |
| Tech | 414.2 | 33.6% | 3,660 | 33.3% | 382.1 | 19.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Tata Elxsi (TATAELXSI) | Listed pure-play Indian ER&D services, transportation and media/medical verticals |
| KPIT Technologies (KPITTECH) | Automotive software ER&D; competes with LTTS Mobility |
| Cyient (CYIENT) | Engineering services across aerospace, rail, utilities and semiconductors; overlaps Sustainability and Tech |
| Tata Technologies (TATATECH) | Automotive and aerospace engineering services, product engineering focus |
| Persistent Systems (PERSISTENT) | Software product engineering mid-cap; overlaps the Tech segment and Intelliswift |
| LTIMindtree (LTIM) | L&T group IT services sister company; same parent, governance and capital-allocation regime |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue — combined consolidated incl SWC until disposal | 9,647 | 10,670 | 11,777 | ||
| Other expenses — combined statutory, NOT SG&A | 2,799 | 3,089 | n.d. | ||
| EBITDA pre-exceptional — combined, revenue minus emp/other | 1,919 | 1,893 | 2,004 | ||
| D&A — combined | 271.6 | 305.3 | 347.5 | ||
| EBIT pre-exceptional — combined | 1,647 | 1,587 | 1,657 | ||
| Other income BEFORE finance cost — combined | 207.3 | 210.0 | 224.2 | ||
| Finance cost — combined | 50.9 | 56.5 | 64.2 | ||
| Exceptional — combined signed PRETAX impact | 0.00 | 0.00 | -72.4 | ||
| PBT — combined continuing+discontinued | 1,804 | 1,741 | 1,744 | ||
| Tax — combined statutory actual | 497.5 | 477.2 | 463.0 | ||
| PAT before NCI — combined statutory | 1,306 | 1,264 | 1,281 | ||
| NCI profit/(loss), signed — combined | 2.60 | -3.20 | 1.90 | ||
| PAT attributable to owners — combined statutory | 1,304 | 1,267 | 1,279 | ||
| Diluted EPS — combined continuing+discontinued (₹) | 123.0 | 119.4 | 120.5 | ||
| Employee benefits — combined statutory | 4,930 | 5,689 | n.d. | ||
| Share of associates | n.r. | n.a. | n.a. | ||
| Vendor mixed-basis costs — reference, do not bind * | 5,063 | 6,915 | 7,999 | ||
| Vendor mixed-basis costs — reference, do not bind * | 2,394 | 696.2 | 842.8 | ||
| Vendor mixed-basis EBITDA — reference, do not bind * | 2,108 | 1,955 | 2,313 | ||
| Revenue — continuing ex-SWC | n.r. | 9,642 | 10,996 | ||
| Functional cost of sales — continuing | n.r. | 6,697 | 7,641 | ||
| SG&A functional — continuing | n.r. | 1,155 | 1,420 | ||
| Company EBITDA pre-exceptional — continuing | n.r. | 1,790 | 1,935 | ||
| D&A — continuing | n.r. | 303.1 | 345.2 | ||
| Company EBIT pre-exceptional — continuing | n.r. | 1,487 | 1,590 | ||
| Statutory OI before finance cost — continuing | n.r. | 209.3 | 221.2 | ||
| Investor OI after finance cost — continuing | n.r. | 152.8 | 157.1 | ||
| Finance cost — continuing | n.r. | 56.5 | 64.1 | ||
| Signed pretax exceptional — continuing | n.r. | 0.00 | -72.4 | ||
| Statutory PBT — continuing | n.r. | 1,639 | 1,675 | ||
| Statutory tax — continuing | n.r. | 449.5 | 444.5 | ||
| Investor tax pre-exceptional — continuing | n.r. | 449.4 | 463.2 | ||
| Statutory PAT before NCI — continuing | n.r. | 1,190 | 1,230 | ||
| NCI signed — continuing restated statements | n.r. | -3.20 | 1.90 | ||
| Statutory PAT to owners — continuing | n.r. | 1,193 | 1,228 | ||
| Investor adjusted PAT to owners — continuing | n.r. | 1,193 | 1,282 | ||
| Statutory diluted EPS — continuing (₹) | n.r. | 112.5 | 115.7 | ||
| Statutory employee benefits — continuing | n.r. | 5,592 | 6,457 | ||
| Statutory other expenses — continuing | n.r. | 2,260 | 2,604 | ||
| Nonadditive employee placeholder — continuing functional | n.r. | n.a. | n.a. | ||
| Materials COGS — not applicable to statutory nature P&L | n.a. | n.a. | n.a. | ||
| Employee plus other expenses — combined (no allocation) | 7,728 | 8,778 | 9,773 | ||
| SWC discontinued revenue | n.d. | 1,028 | 780.7 | ||
| SWC discontinued PBT | n.d. | 101.3 | 69.6 | ||
| SWC discontinued tax | n.d. | 27.7 | 18.5 | ||
| SWC discontinued PAT | n.d. | 73.6 | 51.1 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including minorities | 4,176 | 4,453 | 5,348 | 6,098 | 6,492 |
| Debt including lease liabilities | 477.1 | 454.2 | 658.8 | 577.6 | 578.5 |
| Statutory cash and cash equivalents | 234.7 | 534.6 | 1,122 | 1,383 | 1,650 |
| Statutory trade receivables | 1,698 | 2,154 | 2,180 | 2,513 | 2,015 |
| Inventories | 1.60 | 3.30 | 3.90 | 5.80 | |
| Statutory trade payables | 393.4 | 1,237 | 1,412 | 1,622 | 936.8 |
| Statutory net PPE, excludes ROU/intangibles | 722.5 | 826.8 | 392.7 | 358.2 | 357.5 |
| Capital work in progress | 9.90 | 6.50 | 13.1 | 28.0 | 11.7 |
| Total assets including disposal group held for sale | 6,091 | 8,198 | 8,489 | 9,644 | 10,489 |
| Other bank balances | 268.4 | 182.7 | 0.80 | ||
| Current treasury investments | 1,294 | 960.3 | 1,429 | ||
| Noncurrent treasury investments | 199.1 | 349.3 | 467.9 | ||
| Treasury investments, current plus noncurrent | 1,493 | 1,310 | 1,897 | ||
| Cash, other banks and treasury investments | 2,883 | 2,875 | 3,547 | ||
| Lease-inclusive net debt after treasury liquidity | -2,224 | -2,298 | -2,969 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| CFO — combined consolidated incl SWC | 1,493 | 1,481 | 1,455 | ||
| Gross cash PPE/intangible purchases — combined, positive | 252.8 | 111.6 | 185.1 | ||
| Dividends paid — whole listed group, outflow negative | -496.7 | -529.2 | -592.8 | ||
| Vendor FCF — mixed basis, do not bind * | 1,240 | 1,370 | 1,270 | ||
| CFO — continuing ex-SWC | n.r. | 1,537 | 1,669 | ||
| Gross capex — continuing, positive spending | n.r. | n.r. | n.r. | ||
| Cash PPE/intangible sale proceeds — combined | 10.9 | 9.80 | 10.2 | ||
| Net cash capex after asset sales — combined | 241.9 | 101.8 | 174.9 | ||
| FCF — combined CFO less GROSS capex | 1,240 | 1,370 | 1,270 | ||
| Company-style FCF — combined CFO less NET capex | 1,251 | 1,379 | 1,280 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued shares at year end, not diluted weighted shares | 10.53 | 10.56 | 10.58 | 10.59 | 10.60 |
| Exact weighted-average diluted shares — consolidated EPS | 10.60 | 10.61 | 10.61 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue — combined consolidated incl SWC until disposal | 2,653 | 2,982 | 2,866 | 2,980 | 2,924 | 3,008 | n.d. | n.d. |
| Other expenses — combined statutory, NOT SG&A | 763.2 | 930.3 | 812.4 | 887.5 | 767.2 | n.d. | n.d. | |
| EBITDA — combined consolidated | 494.7 | 475.5 | 462.4 | 490.8 | 513.8 | 537.0 | n.d. | n.d. |
| Depreciation and amortisation — combined consolidated | 72.8 | 81.6 | 81.1 | 92.6 | 86.7 | 87.1 | n.d. | n.d. |
| EBIT — combined consolidated | 421.9 | 393.9 | 381.3 | 398.2 | 427.1 | 449.9 | n.d. | n.d. |
| Other income — combined consolidated | 33.5 | 49.3 | 67.7 | 65.6 | 33.3 | 57.6 | n.d. | n.d. |
| Finance cost — combined consolidated | 15.5 | 15.9 | 16.5 | 15.8 | 14.9 | 17.0 | n.d. | n.d. |
| Exceptional items — combined consolidated | 0.00 | 0.00 | 0.00 | 0.00 | -35.4 | -37.0 | 0.00 | n.d. |
| Profit before tax — combined consolidated | 439.9 | 427.3 | 432.5 | 448.0 | 410.1 | 453.5 | 482.5 | n.d. |
| Tax expense — combined consolidated | 120.4 | 117.1 | 116.4 | 118.8 | 107.0 | 120.8 | 125.4 | n.d. |
| Profit after tax — combined consolidated | 319.5 | 310.2 | 316.1 | 329.2 | 303.1 | 332.7 | 357.1 | 548.2 |
| Non-controlling interests — combined consolidated | -2.90 | -0.90 | 0.40 | 0.50 | 0.50 | 0.60 | 0.50 | n.d. |
| Profit attributable to owners — combined consolidated | 322.4 | 311.1 | 315.7 | 328.7 | 302.6 | 332.1 | 356.6 | n.d. |
| Diluted EPS — combined consolidated (₹) | 30.40 | 29.32 | 29.77 | 30.97 | 28.52 | 31.29 | 33.59 | 51.61 |
| Employee benefits — combined statutory | 1,395 | 1,577 | 1,591 | 1,601 | 1,643 | n.d. | n.d. | |
| Share of associates | n.r. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | |
| Vendor mixed-basis EBITDA — reference, do not bind * | 528.2 | 481.8 | 507.7 | 547.1 | 576.7 | 577.4 | ||
| Revenue — continuing operations | n.r. | 2,638 | 2,638 | 2,713 | 2,787 | 2,858 | 2,940 | 3,040 |
| Functional cost of sales — continuing | n.r. | 1,861 | 1,867 | 1,904 | 1,932 | 1,938 | 2,007 | |
| SG&A functional — continuing | n.r. | 344.6 | 329.4 | 335.0 | 357.1 | 398.0 | 384.5 | |
| Company EBITDA pre-exceptional — continuing | n.r. | 432.7 | 440.7 | 474.4 | 498.5 | 521.4 | 548.3 | |
| D&A — continuing | n.r. | 80.9 | 80.6 | 92.0 | 86.1 | 86.5 | 87.0 | |
| Company EBIT pre-exceptional — continuing | n.r. | 351.8 | 360.1 | 382.4 | 412.4 | 434.9 | 461.3 | |
| Statutory OI before finance cost — continuing | n.r. | 49.1 | 67.0 | 65.6 | 33.3 | 55.3 | 29.1 | |
| Investor OI after finance cost — continuing | n.r. | 33.2 | 50.6 | 49.8 | 18.4 | 38.3 | 14.7 | |
| Finance cost — continuing | n.r. | 15.9 | 16.4 | 15.8 | 14.9 | 17.0 | 14.4 | |
| Signed pretax exceptional — continuing | n.r. | 0.00 | 0.00 | 0.00 | -35.4 | -37.0 | 0.00 | |
| Statutory PBT — continuing | n.r. | 385.0 | 410.7 | 432.2 | 395.4 | 436.2 | 476.0 | |
| Statutory tax — continuing | n.r. | 105.5 | 110.6 | 114.6 | 103.1 | 116.2 | 123.7 | |
| Investor tax pre-exceptional — continuing | n.r. | 105.5 | 110.6 | 114.6 | 112.0 | 126.0 | 123.7 | |
| Profit after tax — continuing operations | n.r. | 279.5 | 300.1 | 317.6 | 292.3 | 320.0 | 352.3 | 379.6 |
| NCI signed — continuing restated statements | n.r. | -0.90 | 0.40 | 0.40 | 0.50 | 0.60 | 0.50 | |
| Statutory PAT to owners — continuing | n.r. | 280.4 | 299.7 | 317.2 | 291.8 | 319.4 | 351.8 | |
| Investor adjusted PAT to owners — continuing | n.r. | 280.4 | 299.7 | 317.1 | 318.3 | 346.7 | 351.8 | |
| Diluted EPS — continuing operations (₹) | n.r. | 26.42 | 28.26 | n.r. | 27.50 | 30.10 | 33.14 | 35.74 |
| Statutory employee benefits — continuing | n.r. | 1,549 | 1,566 | 1,585 | 1,624 | 1,682 | 1,713 | |
| Statutory other expenses — continuing | n.r. | 656.6 | 630.6 | 653.7 | 664.4 | 654.8 | 678.7 | |
| Nonadditive employee placeholder — continuing functional | n.r. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | |
| Materials COGS — not applicable to statutory nature P&L | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | |
| Employee plus other expenses — combined (no allocation) | 2,158 | 2,507 | 2,404 | 2,489 | 2,410 | 2,471 | n.d. | |
| Revenue — discontinued operations | n.r. | 344.6 | 228.5 | 266.2 | 136.3 | 149.7 | n.d. | n.d. |
| Profit before tax — discontinued operations | n.r. | 42.3 | 21.8 | 15.8 | 14.7 | 17.3 | 6.50 | n.d. |
| Tax expense — discontinued operations | n.r. | 11.6 | 5.80 | 4.20 | 3.90 | 4.60 | 1.70 | n.d. |
| Profit after tax — discontinued operations | n.r. | 30.7 | 16.0 | 11.6 | 10.8 | 12.7 | 4.80 | 3.60 |
| One-time capital gain on SWC disinvestment | 165.0 |
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 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 10.6% | 10.4% | |||
| EBITDA margin | 19.9% | 17.7% | 17.0% | ||
| Net margin | 13.5% | 11.9% | 10.9% | ||
| Return on equity | 26.6% | 22.1% | 20.3% | ||
| Return on capital employed | 30.2% | 25.0% | 24.1% | ||
| Return on assets | 15.6% | 14.0% | 12.7% | ||
| Net debt (₹ crore) | -2,224 | -2,298 | -2,969 | ||
| Net debt / EBITDA | -1.16x | -1.21x | -1.48x | ||
| Interest cover | 32.4x | 28.1x | 25.8x | ||
| Asset turnover | 1.16x | 1.18x | 1.17x | ||
| Receivable days | 82 | 86 | 62 | ||
| Inventory days (on revenue) | 0 | 0 | 0 | ||
| Payable days (on revenue) | 53 | 55 | 29 | ||
| Cash conversion | 1.15x | 1.17x | 1.14x | ||
| Capex intensity | 2.6% | 1.0% | 1.6% | ||
| Free cash flow (₹ crore) | 1,240 | 1,370 | 1,270 | ||
| Dividend payout | 38.1% | 41.8% | 46.3% | ||
| EPS, diluted (₹) | 123.0 | 119.4 | 120.5 | ||
| Book value per share (₹) | 396.7 | 421.8 | 505.7 | 575.9 | 612.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA pre-exceptional — combined, revenue minus emp/other / 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): Lease-inclusive net debt after treasury liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA pre-exceptional — combined, revenue minus emp/other.
- 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 — combined continuing+discontinued).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 22 Oct 2026); market data at the close of 22 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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Prices are the last close on the NSE, 21 Oct 2026. Research from Mool’s report of 22 Oct 2026; page updated 22 Oct 2026.
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