L&T Technology Services Ltd. share price target

L&T Technology Services (LTTS) deliberate exit from low-margin and commoditized portfolios in tech, mobility and select India operations led to a 3.2% QoQ revenue decline to USD 326mn, but significantly enhanced profitability, with expanded EBIT margin (up by 120bps to 14.6%). Sustainability, the company's highest-margin segment, delivered consistent double-digit growth with margins expanding to 28.8%, while mobility has bottomed out and is showing early recovery signals supported by large OEM wins and rising traction in software-defined vehicles (SDVs). Tech margins...

LTTS reported a miss on revenue and in-line margins in Q3FY26, partially caused by recalibration of portfolio (primarily hitech).

L&T Technology Services (LTTS) reported a resilient performance as revenue stood at INR 2,980cr, up 4% /15.8% QoQ/YoY, while USD revenue rose 10.4% YoY in CC term and margin improving to 13.4%. The company secured record large deals worth USD 292mn, primarily from the Sustainability and Tech segments, which both reported double-digit growth. LTTS's proactive push towards AI-driven solutions is evident in its 216 GenAI patents and successful monetization of platforms like PLxAI and QGuard.ai. Operational discipline led to stronger cash flows and reserves, while management remains optimistic...

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