L&T Technology Services Ltd. share price target

L&T Technology’s (LTTS) 1QFY26 revenue declined 2.8% QoQ in USD terms vs. our estimate of ~1.1% QoQ decline. In CC terms, revenue was down 4.2% QoQ. Sustainability grew 4.1% QoQ, while Hi-Tech/Mobility was down 8.5%/1.5% QoQ.

1.5% QoQ. The mobility business (ex-Auto) has stabilized and picked up pace in the off-highway and trucks segments, while Automotive sees incremental pauses and deferrals on executions. The weakness in the Automotive is fairly balanced against the momentum within Sustainability, validated through securing $50m deal within the space. The deal ramp up would support the...

L&T Technology Services (LTTS) delivered a strong performance, supported by 13.6% YoY revenue growth in Q1 FY26 in dollar terms and a balanced business mix, with each of its three main segmentsMobility, Sustainability, and Tech now exceeding +USD400mn in annualized revenue. The high-margin Sustainability segment led the way with 16.4% YoY growth and an impressive 27.4% EBIT margin in Q1. LTTS has consistently secured over +USD 200mn in large deal TCV for three straight quarters, driven by a strong sales structure across seven verticals and a healthy pipeline. Key margin improvement drivers...

LTTS reported a slight underperformance on the revenue growth front, caused by the prevailing macro uncertainties. The company missed its 10% YoY guided revenue growth target mildly for FY25. Operating margin, at 13.2%, was down 270bps on account of Intelliswift consolidation impact.

LTTS reported revenues of $345 million, up 10.5% q-o-q in constant currency (CC) terms, but missed our estimates of $352.6 million.

L&T Technology (LTTS)’s 4QFY25 revenue was up 10.6% QoQ/13.1% YoY in USD terms vs. our estimate of ~14.6% QoQ growth. In CC terms, revenue was up 10.5% QoQ/14.2% YoY. Growth was led by Hi-Tech (up by 27.9% QoQ) and Sustainability (up 1.9% QoQ), while Mobility was flat QoQ.

LTTS reported revenue of $312 million, up 3.1% q-o-q/8.7% y-o-y in constant currency (cc) terms, missing our estimate of $315 million, led by Tech and Sustainability offset by weakness in Mobility. Reported revenue in $ terms was up 1.7% q-o-q/7.3% y-o-y while revenue in rupee terms stood at Rs 2,563 crore, up 3.1% q-o-q/9.5% y-o-y.

We remain optimistic about LTTS’s growth prospects, driven by its strong domain expertise, robust international opportunities, and a healthy domestic pipeline. The company’s commitment to its "Purposeful. Agile. Innovation.

LTTS reported steady revenue performance, while margin missed expectations. Revenue grew 3.9% QoQ to USD306.7mn, led by broad-based growth.

Reported revenue stood at $307 million, up 3.4% q-o-q/ up 6.3% y-o-y in constant currency (cc) in line with our estimate.

L&T Technology (LTTS)’s 2QFY25 revenue was up 3.9% QoQ /6.5% YoY in USD terms vs. our estimate of ~4.1% QoQ growth.

We maintain Buy on LTTS with revised PT of Rs 6,500 (valuing at 38x Sep2026E EPS). At CMP, the stock trades at 44/35.7x its FY25/FY26E EPS.

We attended LTTS’ analyst day, where the management spelt out its aspiration of achieving a revenue run rate of USD2b and EBIT margin of 17-18% over the medium term.

LTTS reported revenues stood at $295 million, down 3.1% q-o-q/ up 6.1% y-o-y in constant currency (CC) terms, missing our estimates of $301 million on account of SWC seasonality