LTM Ltd(LTM)

NSE: LTMBSE: 540005

₹ 4,136.9-3.21%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1.23 L crWebsite: www.ltimindtree.comUpdated: 24 Oct 2026

About

LTM Ltd is a global technology services and consulting company and a Larsen & Toubro company. It offers integrated operations, transformation and business AI services to the banking, insurance, tech and media, manufacturing, consumer, healthcare and life sciences sectors. It reported revenue of ₹42,307.6 Cr in FY26 and had 87,950 employees across 42 countries. In FY26 it received 94 Leader ratings and 200 Major Contender ratings from industry analysts.^[1][2]

Business segments

FY26 revenue share by segment: Banking, Financial Services & Insurance 35.2%, Technology, Media & Communications 23.0%, Manufacturing & Resources 20.2%, Consumer Business 15.3%, Healthcare, Life Sciences & Public Services 6.3%.^[3]
BFSI's revenue share fell 12.0 percentage points over FY2018-FY2026.^[3]
From Q1 FY27, reporting moved from five segments to four: Financial Services, Consumer, Technology & Services, and Production. Media & Entertainment was carved out of TMC, and HLS & Public Services moved into Consumer.^[4]
Q2 FY27: Financial Services grew 3.1% QoQ CC and Production 3.7% QoQ CC, while Technology & Services fell 4.0% QoQ CC.^[5]

Services, platforms and AI

In FY26, the service lines were restructured into three integrated lines of business: iRun, iTransform and Business AI, all powered by BlueVerse.^[6]
As of FY26, LTM had 3 core platforms (BlueVerse, iNxt and TransisTor) and a patent portfolio of 28. R&D expenditure was INR 1,221 Million.^[1]
BlueVerse added three platforms in FY26: AgentIQ, AppIQ and FusionIQ. Over 1,500 digital agents were in active deployment as of Q2 FY26.^[6]
Combined revenue from Enterprise AI and Business AI grew 47% YoY in Q2 FY27.^[5]
Oracle practice in FY26: among Oracle's top three global partners, with over 225 Oracle Expertise Badges and 3,000+ Oracle Cloud-certified professionals.^[1]
ServiceNow practice in FY26: elite partner with more than 1,500 consultants, 1,500 implementations and a 99% customer retention record.^[1]
Temenos practice in FY26: 800+ certified consultants across more than 10 offices on three continents, with 200+ projects completed.^[1]

Key operating numbers

Constant-currency revenue growth in Q2 FY27: +1.1% QoQ and +5.1% YoY, vs +0.3% QoQ in Q1 FY27. USD revenue was $1,235.2 Mn.^[5]
Order inflow was $1.26 Bn in Q2 FY27, vs $1.68 Bn in Q1 FY27 and $1.59 Bn in Q2 FY26.^[5]
Order inflow was USD 6.6 Bn in FY26, up from USD 5.99 Bn in FY25, and included the largest deal in the company's history.^[1]
Trailing-twelve-month attrition was 13.3% in Q2 FY27, down 90 bps YoY.^[5]
Utilisation excluding trainees was 86.4% in Q2 FY27, down 170 bps YoY. Offshore effort mix was 85.9%, up 70 bps.^[5]
Days sales outstanding (billed and unbilled) were 84 days in Q2 FY27, vs 85 days in Q1 FY27.^[5][4]
Consolidated remaining performance obligations were ₹449,816 Mn as of March 31, 2026, vs ₹323,906 Mn a year earlier. About 55% is expected to be recognised within one year.^[1]

Workforce and delivery

Headcount was 88,835 in Q2 FY27, up 2,388 YoY.^[5]
As of FY26, LTM had 118 offices, including sales and delivery offices, across 42 countries.^[1]
More than 50% of employees had intermediate or advanced AI skills as of Q3 FY26.^[7]
Over 80,000 employees had completed GenAI foundation training as of Q2 FY26. As of FY26, 30,000+ developers were trained on GitHub Copilot and 1,000+ engineers on Claude.^[8]
The first cohort of 1,000+ AI forward-deployed engineers is targeted to finish skilling by Q2-Q3 FY27.^[4]
Capex in FY26 covered construction of premises at Kolkata and fit-outs of premises at Chennai.^[1]

Customers and distribution

Q2 FY27: $10Mn+ clients rose by 16 YoY to 109 and $100Mn+ clients rose by 1 to 3, including a newly added Financial Services client. Active clients totalled 729.^[5]
The top five customers made up 25.5% of FY26 revenue. One customer group (in TMC) accounted for over 10%.^[1]
FY26 growth by geography: Americas +4.0% YoY, Europe +12.4% and Rest of World +11.6%. Europe's revenue share rose from 13.6% in Q4 FY25 to 15.4% in Q4 FY26.^[6]
Productivity-linked repricing with large accounts was complete as of Q1 FY27. New deals are priced with AI productivity assumptions included.^[4]

Expansion and acquisitions

Randstad Technology & Consulting Services acquisition (Europe and Australia): annualised revenue of €469 million at an enterprise value of €160 million, on a cash-free, debt-free basis.^[6]
The share purchase agreement for Randstad was executed after works-council consultations. As of September 30, 2026, completion still depended on regulatory approvals.^[5]
After closing, LTM expects to be a business of more than USD 1 billion in Europe and more than USD 100 million in Australia.^[6]
The acquisition adds near-shore talent in Romania and Portugal, plus access to aerospace & defence, automotive and utilities clients.^[6]
The Randstad deal also includes a 5-year GCC partnership (initial TCV scope ~USD 55-60 million) and an IT services contract, which began ramping from Q2 FY27.^[6]
The Lakshya 31 target is to double revenue over five years, driven by AI-centric growth and large deals, as stated in FY26.^[1]

Recent developments

15 Oct 2026: LTM won a multi-million-dollar managed services deal with a North American specialty engineering and construction company. The deal covers infrastructure, cybersecurity and application administration.^[9]
October 2026: LTM expanded its Google Cloud collaboration, setting up a Center of Excellence and a Customer Experience Center for Gemini Enterprise adoption.^[10]
For FY27, the New Horizons programme replaced Fit4Future. It has four tracks: growth, capabilities, operational efficiency and AI-pivot scale.^[6]
LTIM Aramco Digital Solutions, a 51% Saudi joint venture, became a fully consolidated subsidiary effective 16 July 2025.^[8]
Q1 FY27: a strategic partnership with an AI lab was in the final stages of agreement.^[4]

Market Cap

₹1,22,709 Cr

High / Low

₹4,855 / 3,530

Stock P/E

23.5

Price / Book

4.7

Book Value

₹810

EPS

₹169.3

No. of Shares

29.65 Cr

ROCE

29.2%

ROE

21.5%

OPM

17.5%

Debt / Equity

0.00

Sales

₹42,308 Cr

Net Profit

₹4,983 Cr

Promoter holding

69.0%

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LTM Ltd(LTM)

About

Business segments

Services, platforms and AI

Key operating numbers

Workforce and delivery

Customers and distribution

Expansion and acquisitions

Recent developments

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