L&T Technology Services Ltd
L&T Technology Services Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
LTTS aspires for double-digit revenue growth in FY26, driven by a strong order book and large deal wins. LTTS aspires for double-digit revenue growth in FY26, aiming for $2 billion revenue medium-term (Page 8).
From L&T Technology Services Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- LTTS aspires for double-digit revenue growth in FY26, driven by a strong order book and large deal wins.
- Growth acceleration is expected to be gradual rather than sudden, maintaining mid-16% EBIT margins by Q4 FY27 to Q1 FY28.
- Large deal wins, especially in Sustainability (highest margin segment), and ramp-up in Mobility including Automotive, Trucks & Off-Highway, and Rail are key growth drivers.
- AI-led delivery improvements and operational efficiencies across all functions will support margin and revenue growth.
- Sales teams have been strengthened with six US-based segment teams and regional teams globally to boost sales penetration.
- Clients increasingly favor longer-duration, multi-department deals, indicating larger and more strategic engagements.
- Growth in MedTech and Pharma segments is seen, particularly in the US, Japan, and Europe.
- Furlough patterns and wage hikes are considerations but expected to be absorbed without impacting H2 margins significantly.
Profitability & Margins
See what L&T Technology Services Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Capitalization of a new dedicated facility in Baroda for LTTS, contributing to increased depreciation (~₹95 crores per quarter going forward) (Page 14).
- Strategic investments in AI-first delivery model encompassing GenAI, Agentic AI, and Physical AI, including multimodal AI, AI reasoning, and Edge AI (Page 6).
- Investment in proprietary AI platforms like Qguard.ai, FusionWorld.ai, PLxAI, AiNexus, GENIQ, and TrackEi to drive automation and intelligent decision-making (Page 6).
- Investment in humanoid robotics for manufacturing environments targeting repetitive, precision-driven tasks, advancing toward autonomous intelligent factories (Page 6).
- Augmentation of leadership with new segment heads and a large deals head, enhancing organizational depth and readiness for next-level growth (Page 6).
- Continued pre-investment in technology and expanding large deal pipeline, especially in Sustainability and Tech segments (Pages 5, 14, 21).
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Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what L&T Technology Services Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- The order book has grown, indicating an increasing backlog (Page 18).
- Ramp-ups for new deals are gradual unless it's a rebadge; for example, a $100 Mn Oil and Gas win 5 years ago continues to grow, now at $50 Mn ARR (Page 18).
- Average duration of deals is around 4+ years, with some deals extending up to 7.5 years (Page 16).
- The company has seen consistent large deal wins of about $200 Mn per quarter recently, with Q2 FY26 achieving $300 Mn in large deal wins (Page 16, 8).
- There is confidence of at least $200 Mn deal wins in Q3 FY26, with a potential for $300 Mn (Page 16).
- The large deals include both net new business (~80%) and renewals (~20%) (Page 15).
L&T Technology Services Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹2.9K Cr, net profit ₹333 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What L&T Technology Services Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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Frequently Asked Questions
What were L&T Technology Services Ltd Q2 FY26 results?
LTTS aspires for double-digit revenue growth in FY26, driven by a strong order book and large deal wins. LTTS aspires for double-digit revenue growth in FY26, aiming for $2 billion revenue medium-term (Page 8).
What is L&T Technology Services Ltd share price analysis?
L&T Technology Services Ltd currently shows a neutral. The stock trades at a P/E of 28.2 with a market cap of ₹37,926 Cr. Investors should review the full earnings analysis for detailed insights.
Is L&T Technology Services Ltd planning capital expenditure?
Capitalization of a new dedicated facility in Baroda for LTTS, contributing to increased depreciation (~₹95 crores per quarter going forward) (Page 14).
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.