L&T Technology Services Ltd(LTTS)

NSE: LTTSBSE: 540115

₹ 4,040+3.31%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 42,859 crWebsite: www.LTTS.comUpdated: 24 Oct 2026

About

L&T Technology Services (LTTS) is a listed subsidiary of Larsen & Toubro. It provides AI, digital and engineering R&D services across three segments: Mobility, Sustainability and Tech. It describes itself as India's largest pure-play engineering services company, and Zinnov, ISG and Everest rank it #1 in pure-play engineering services. In FY26 it reported revenue of ₹10,995.9 crore, and its headcount was 24,035 in Q2 FY27.^[1][2][3]

Business segments

Sustainability (Plant Engineering, Industrial Products, Energy): 34.8% of FY26 revenue (₹3,828.4 cr), with an EBIT margin of 28.3%, the highest of the three segments.^[4]
Tech (Media & Tech, MedTech, Software & Platforms): 33.3% of FY26 revenue (₹3,659.8 cr), with an EBIT margin of 10.4%.^[4]
Mobility (Automotive, Aerospace, Rail, Trucks and Off-Highway Vehicles): 31.9% of FY26 revenue (₹3,507.7 cr), with an EBIT margin of 15.2%.^[4]
Sustainability was 38.0% of revenue in Q2 FY27, up from 37.1% in Q1 FY27 and 34.7% a year earlier. It grew 4.9% QoQ and 13.4% YoY.^[3]
In Q2 FY27, Mobility grew 2.3% QoQ, while Tech fell 0.9% QoQ and 8.5% YoY.^[3]

Key operating numbers

Q2 FY27 revenue was USD 317.1 Mn, up 2.7% QoQ and 4.8% YoY in constant currency. Constant-currency growth for full-year FY26 was 7.7%.^[3][5]
Large deal TCV was above USD 200 Mn in Q2 FY27, against about $100 Mn in Q1 FY27. It included a $75 Mn deal and a $30 Mn+ deal, and AI-led deals made up more than 50% of the total.^[3][5]
Large deal TCV for FY26 was USD 855 Million, up 40%.^[5]
LTM voluntary attrition was 14.7% in Q2 FY27, down from 15.0% a year earlier.^[3]
Offshore revenue mix was 55.9% in Q2 FY27, against 53.9% in Q1 FY27 and 52.1% a year earlier. The fixed-price share was 35.6%.^[3]
Combined DSO was 77 days in Q1 FY27, against 83 days in Q4 FY26.^[5]
Gross margin was 32.4% in Q2 FY27, up from 31.7% in Q1 FY27.^[3]

Operations and talent

As of March 31, 2026: 22 global design centers, 31 global sales offices and 98 innovation labs.^[1]
Headcount was 24,035 in Q2 FY27, against 23,845 at the end of Q1 FY27.^[3][5]
The first batch of the AI Commandos program trained over 5,000 associates (FY26).^[1]
LTTS is ISO/IEC 27001:2022 certified and has been assessed for TISAX (FY26).^[1]

Customers and markets

LTTS had 430 active clients in Q2 FY27, up from 397 a year earlier. As of FY26 its clients included 57 of the Top 100 global R&D spenders and 69 Fortune 500 companies.^[3][1]
Top 5 clients were 15.7% of revenue in Q2 FY27, down from 16.7% a year earlier.^[3]
Exports were 86.1% of total turnover in FY26. The US and Europe are its core markets, and Japan, the Middle East and India are emerging growth centers.^[1]
North America was 56.8% of revenue in Q3 FY26 and 54.7% in Q2 FY26.^[6]
FY26 wins included a multi-year deal worth over USD 100 Million from a US industrial equipment maker serving the semiconductor value chain, and a $60 Million deal with a US wireless telecom provider.^[1]

AI platforms and IP

Annualised revenue from EI-led solutions was USD 120 Mn in Q2 FY27. The EIOne platform has 100+ solutions.^[3]
In Q2 FY27 LTTS launched an NVIDIA EI Lab. It has partnerships with Anthropic, Databricks and hyperscalers.^[3]
In Q1 FY27 LTTS launched Ainfonix and opened an Engineering Intelligence Center in Munich.^[5]
As of FY26 LTTS had filed 1,706 patents, 237 of them in AI and GenAI.^[1]
PLxAI, LTTS's GenAI framework, had over 36 use cases deployed and 35 more in design (FY26).^[1]

Strategic plan: Lakshya 31

Lakshya 31 aims for 13-15% revenue CAGR over the five years to FY31, with EBIT margins of 16-17%.^[1][3]
The plan names six technology bets. These made up less than 50% of revenue as of Q4 FY26, and the target is more than 70% within five years.^[7]
The EBIT margin was 16.3% in Q2 FY27, up 60 bps QoQ and 220 bps YoY. The near-term target is the mid-16% range by Q4 FY27.^[3][5]
LTTS targets carbon and water neutrality by 2030.^[1]

Recent developments

In Q2 FY27 LTTS completed the divestment of its Smart World and Communication business to AMI Paradigm Solutions (a Rs 452 Crore slump sale). The sale gave a one-time gain of ₹1,650 Mn.^[3][1]
Telco Infra and Cyber capabilities stay within LTTS after the SWC divestment.^[5]
In FY26 LTTS exited about $19 Mn of annualised low-margin or non-strategic business. It has declared the restructuring complete.^[7]
LTTS acquired 100% of Intelliswift, effective January 3, 2025, to expand its Software & Platforms work.^[8]

Market Cap

₹42,859 Cr

High / Low

₹4,747 / 3,030

Stock P/E

26.9

Price / Book

5.8

Book Value

₹611

EPS

₹120.7

No. of Shares

10.6 Cr

ROCE

26.3%

ROE

20.4%

OPM

16.1%

Debt / Equity

0.00

Sales

₹10,996 Cr

Net Profit

₹1,281 Cr

Promoter holding

73.5%

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L&T Technology Services Ltd(LTTS)

About

Business segments

Key operating numbers

Operations and talent

Customers and markets

AI platforms and IP

Strategic plan: Lakshya 31

Recent developments

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