Arthneeti

L&T Technology Services Q2 FY27 Share Price & Earnings Call Analysis

₹4,182.60+2.31% today
Market cap
₹44,372 Cr
P/E
33.01
ROE
21.53%
PEG
5.65
Price to sales
3.85
Debt to equity
0.09
52W high / low
₹4,696 / ₹3,048
Sales growth (5Y)
15.07%
EBITDA margin
17.80%
Net profit margin
12.31%
Promoter holding
73.52%
Sales (last year)
₹11,565 Cr

Incorporated in 2012, L&T Technology Services is an engineering and technology services company, a subsidiary of Larsen & Toubro, providing design, development, testing, and maintenance services across products and processes. [1]

Guidance scorecard · Q2 FY27 call

What L&T Technology's management guided
and where it ranks in IT - Services

#28of 38 in
IT - Services
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ2 FY27 call

10–20%
  • Expected revenue momentum to strengthen in H2 FY27, with better sequential and year-on-year growth than H1.
  • Large deal wins at $203 million in Q2, with over 50% AI-led wins; pipeline and order backlog up year-on-year.
  • Annualized Engineering Intelligence (EI) led revenue at $120 million, with AI-led revenues improving quarter-on-quarter.
  • Sustainability segment showing strong, double-digit growth (13.4% YoY), now contributing around 30-38% of revenues.
  • Mobility vertical growth sustained, with recovery expected in European auto sector in next 9-12 months.
  • Focus on profitable growth with EBIT margins maintained in mid-16% range.
  • Medium- to long-term revenue CAGR aspiration of 13% to 15% over next 3-5 years.

2 more points from L&T Technology's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what L&T Technology said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • L&T Technology Services has made disciplined capital allocation towards building scalable business and profitable growth, yielding positive results.
  • The company completed the divestment of its SWC business in Q2 FY27, resulting in a onetime gain and a sharper, more focused portfolio.
  • Strategic investments in Engineering Intelligence (EI), including deepening domain expertise, AI tool kits, and partnerships with academia and industry (e.g., MIT Media Labs, NVIDIA, Cognite, Anthropic, Databricks).
  • Established a dedicated Data Center Engineering business line servicing AI infrastructure, servers, storage ecosystems, ODMs, and OEMs, expected to become a significant growth area with AI workload redesigns.
  • Opened an EI lab in partnership with NVIDIA to build next-gen physical AI native applications in manufacturing, robotics, and supply chain.

2 more points from L&T Technology's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what L&T Technology said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Rising
  • Large deal wins in Q2 FY27 totaled USD 203 million.
  • Both order backlog and pipeline have improved year-on-year.
  • The company expects revenue momentum to strengthen further in H2 FY27 supported by these deals and pipelines.
  • Over 50% of the large deal wins in Q2 are AI-led, indicating a strategic focus on AI-driven projects.

2 more points from L&T Technology's call on the order book

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Full Q2 FY27 analysis
Full IT - Services ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in IT - Services
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does L&T Technology rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

IT - Services companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹28,129 Cr107.9
240%+Flat₹1,612 Cr37.6
340%+Flat₹1,534 Cr131.2
440%+Flat₹571 Cr24.8
540%+Flat₹378 Cr26.9
640%+Flat₹84 Cr8.3

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Pro shows every company guiding 40%+ revenue growth →Full IT - Services ranking

L&T Technology announcements

All announcements →

Financials of L&T Technology

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

L&T Technology

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +73.75%73.74%73.69%73.69%73.66%73.66%73.59%73.58%73.58%73.57%73.52%73.51%
FIIs +5.63%5.52%4.46%4.35%4.19%5.18%4.84%4.67%4.22%3.86%4.13%4.43%
DIIs +11.33%12.09%13.07%13.72%14.30%13.67%13.86%14.13%14.57%14.64%14.05%13.76%
Public +9.29%8.65%8.77%8.24%7.85%7.47%7.69%7.63%7.62%7.93%8.29%8.29%
No. of Shareholders2,57,3962,43,3742,54,7322,36,0002,31,0672,19,5732,23,3182,21,8112,31,4062,44,8202,47,4232,45,704

Financials of L&T Technology

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +2,3862,4222,5382,4622,5732,6532,6382,6382,7132,7872,8582,9403,040
Expenses +1,9111,9342,0352,0062,1072,1582,2052,1972,2392,2892,3362,3922,455
Operating Profit476488503456466495433441474498521548586
OPM %20%20%20%19%18%19%16%17%17%18%18%19%19%
Other Income +41625662653480837793134200
Interest13131313121616161615171414
Depreciation68727573787381819286868789
Profit before tax436466471433441440416427444406449481682
Tax %28%28%28%27%27%27%25%26%26%25%26%26%20%
Net Profit +316337341314320320310316329303333357549
EPS in Rs29.8431.7932.2429.6330.2030.4529.3829.7931.0128.5531.3333.6251.67

Financials of L&T Technology

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +2,6193,0663,2483,7475,0785,6195,4506,5708,0149,6479,64210,99611,626
Expenses +2,2202,5472,6633,1724,1644,5094,4425,1556,3037,7287,8529,0619,472
Operating Profit3995195865769151,1101,0071,4151,7111,9191,7901,9352,154
OPM %15%17%18%15%18%20%18%22%21%20%19%18%19%
Other Income +258458193223209154152208207283200273
Interest322223646444451566460
Depreciation48596289104183218214232272303345349
Profit before tax3725425796781,0311,1008971,3091,6441,8041,7131,7262,018
Tax %16%23%27%25%26%25%26%27%29%28%26%26%
Net Profit +3114194255077688226669611,1741,3061,2641,2811,542
EPS in Rs41.4555.8841.7849.3973.6178.3363.1490.68110.77123.28119.64120.68145.17
Dividend Payout %50%26%29%32%29%27%35%39%41%41%46%48%

Financials of L&T Technology

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital3003002020212121212121212121
Reserves27661,4651,9162,4582,7483,4524,1414,9305,3066,0596,4527,060
Borrowings +969196102707030480477454659578578558
Other Liabilities +5076816446968021,5041,1131,4381,4982,4972,9703,4382,731
Total Liabilities1,7781,9422,2322,7023,3524,3035,0666,0776,9048,4839,62710,48910,371
Fixed Assets +5696216147097801,1741,2821,2831,2941,6132,2452,2502,216
CWIP0142009121061328125
Investments0561952215756421,5151,4782,2841,4931,3101,8962,735
Other Assets +1,2081,2521,4211,7721,9972,4792,2573,3073,3195,3656,0456,3305,414
Total Assets1,7781,9422,2322,7023,3524,3035,0666,0776,9048,4839,62710,48910,371

Financials of L&T Technology

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +2895443884098066381,3321,0061,3051,4931,4811,455
Cash from Investing Activity +-667-176-178-196-509-222-1,005-448-572-233-509-443
Cash from Financing Activity +464-383-222-132-245-406-363-498-444-658-718-800
Net Cash Flow86-15-12815210-3660290602254213
Free Cash Flow2364183433247184871,2578511,1321,2511,3791,280
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit89%137%93%101%119%77%157%96%104%105%110%96%

Financials of L&T Technology

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days968680947690839479829567
Inventory Days
Days Payable
Cash Conversion Cycle968680947690839479829567
Working Capital Days671848705266444938383635
ROCE %43%41%38%45%43%27%31%33%32%27%27%

Guidance history

How L&T Technology's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%FlatPlanned—Rising
Q1 FY27 call →10–20%Up 0–2%Planned—Rising
Q4 FY26 call →10–20%Up 2%+Planned——
Q3 FY26 call →0–10%Up 0–2%Planned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

35out of 100

Momentum score · price trend

35 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+1.9%62%
Last 6 months+15.3%71%
Last 3 months+17.5%85%

The price is 28% below its all-time high of ₹5,806.45 (5 Apr 2024). Stocks more than 20% below their peak have their score halved, so 70 became 35.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For L&T Technology: 0.4 × 62 + 0.4 × 71 + 0.2 × 85 = 70, halved to 35 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What L&T Technology's management said in earlier quarters

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