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L&T Technology Services Stock Price - ₹3,501.20 | Information Technology | askfuzz

L&T Technology Services

LTTS

NSE

BSE

SectorInformation Technology

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Company insights, generated from the most recent coverage.

Pure-play ER&D positioning commands higher valuation premium (29.30x P/E) vs traditional IT (20-25x), supported by deep client integration and domain expertise moat.
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MSCI Smallcap inclusion reflects shifting investor preference towards engineering R&D services (14% CAGR) over traditional IT, driven by manufacturing reshoring and product complexity.
Read more

The Quarter story

The two most recent quarterly results, compared side-by-side.

L&T Technology Services expands margins and North American revenue, though rising client concentration and mid-tier churn need monitoring.

EBITDA margin rose from 16.1% in Q1 FY26 to 18.2% in Q4 FY26, reflecting stronger operational efficiency.

Top 20 client revenue share jumped from 38.2% in Q1 FY26 to 40.6% in Q4 FY26, increasing dependency risk.

North America revenue share grew from 54.1% in Q1 FY26 to 60.4% in Q4 FY26, driving core top-line expansion.

$10M+ active clients dropped from 34 in Q1 FY26 to 28 in Q4 FY26, signaling mid-market churn.

Sustainability segment share expanded from 30.8% in Q1 FY26 to 36.0% in Q4 FY26, capturing rising green tech demand.

Tech segment revenue share fell from 39.6% in Q1 FY26 to 32.0% in Q4 FY26, ceding ground to other verticals.

Gross margin climbed from 28.0% in Q1 FY26 to 32.2% in Q4 FY26, showing successful cost optimization.

Foreign exchange gains swung from ₹344 in Q1 FY26 to -₹111 in Q4 FY26, pressuring non-operating income.

Billable headcount increased from 21,962 in Q1 FY26 to 22,291 in Q4 FY26, boosting project delivery capacity.

SG&A expenses climbed from ₹3,411 in Q1 FY26 to ₹3,980 in Q4 FY26, adding cost pressure despite margin gains.

About the company

L&T Technology Services Limited (LTTS) is a global Engineering Research and Development (ER&D) services provider. The company offers consultancy, design, development, and testing services across product and process development lifecycles. LTTS operates in three segments: Mobility, Sustainability, and Hi-Tech, covering various industries such as automotive, aerospace, industrial machinery, power, consumer goods, oil and gas, medical technology, semiconductors, and communications. It focuses on technologies including AI, Software Defined Everything, embedded systems, and digital manufacturing solutions. LTTS serves 69 Fortune 500 companies and 57 ER&D companies, with over 22,200 employees across 25 global sales offices and 99 innovation labs in India as of March 2023. The company has expanded its global presence through acquisitions, partnerships, and the establishment of new centers in various countries.

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