LTM Ltd (LTM)
🎯 Key Takeaways
- LTM Ltd is in a phase of sustained growth driven by AI adoption and operational efficiency, with margin expansion and stable order book momentum supporting financial performance. Management is leveraging strategic investments in AI capabilities and regional infrastructure to accelerate ecosystem adoption and long-term value creation.
- Revenue grew 2.8% QoQ to ₹11,608 in Q1FY27.
- ⚠️ 1) Macro headwinds could pressure deal momentum despite current stability in the USD 1.7 billion order book. 2) Margin expansion relies on sustained o
📖 The Story
LTM Ltd is in a phase of sustained growth driven by AI adoption and operational efficiency, with margin expansion and stable order book momentum supporting financial performance. Management is leveraging strategic investments in AI capabilities and regional infrastructure to accelerate ecosystem adoption and long-term value creation.
📰 What's Happening
In Q1 FY2027, LTM reported USD 1.22 billion revenue (up 6.4% YoY in constant currency) with EBIT margin expanding to 15.5% (120 bps YoY improvement), supported by operational efficiencies and the New Horizons program. PAT rose 17.1% YoY to Rs.1,469 crores, and the company highlighted a stable USD 1.7 billion order book. Management cited strong deal wins across Business, Industrial, and Creative AI segments, driven by strategic partnerships with hyperscalers and AI labs. Additionally, LTM inaugurated its new Global Delivery & AI Competency Center in Kolkata, reinforcing its long-term commitment to West Bengal as a strategic innovation and delivery hub.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 10,394 | 10,781 | 11,292 | 11,608 |
| Operating Profit | 1,648 | 1,737 | 1,709 | 1,799 |
| OPM % | 15.9% | 16.1% | 15.1% | 15.5% |
| Net Profit | 1,381 | 960 | 1,387 | 1,469 |
| EPS | ₹47.28 | ₹32.75 | ₹46.97 | ₹49.46 |
Revenue has grown sequentially from Rs.10,394 crores in Sep 2025 to Rs.11,608 crores in Jun 2026, with operating margin stabilizing around 15.5% and EBIT margin improving 120 bps YoY. Profitability has expanded, with PAT rising from Rs.960 crores in Dec 2025 to Rs.1,469 crores in Q1 FY2026, reflecting margin discipline and scale. The consistent operating performance aligns with management's focus on efficiency gains and AI-led growth, supporting expectations of FY2027 growth exceeding FY2026 levels.
🔮 Management Outlook & What's Next
Management expects FY2027 growth to exceed FY2026 levels, with margin expansion to continue, backed by operational efficiencies and the New Horizons program. Utilization is targeted at 86-87%, and India deal ramp-up is anticipated in Q2. Strategic partnerships with hyperscalers and AI labs are expected to accelerate ecosystem adoption, while the new AI Competency Center in Kolkata reinforces long-term regional growth ambitions.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 30 | 30 | 30 | 30 |
| Reserves | 21,045 | 22,669 | 23,374 | 23,995 |
| Borrowings | 2,326 | 2,187 | 2,383 | 0 |
| Total Liabilities | 28,761 | 30,630 | 32,524 | 37,196 |
| Fixed Assets | 3,962 | 3,963 | 4,295 | 5,631 |
| Investments | 9,664 | 9,845 | 11,100 | 12,568 |
| Total Assets | 28,761 | 30,630 | 32,524 | 37,196 |
The balance sheet shows a strong equity base of Rs.30 crores with reserves growing from Rs.22,669 crores (Mar 2025) to Rs.23,995 crores (Mar 2026), indicating healthy retained earnings. Borrowings remain low at Rs.2,383 crores (Mar 2026), down from Rs.2,187 crores a year ago, reflecting minimal debt accumulation. Total assets have grown from Rs.30,630 crores to Rs.37,196 crores, suggesting capital deployment is supporting expansion without leverage, consistent with a capital-light growth strategy.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +4,799 |
| Investing | -1,768 |
| Financing | -2,926 |
| Net Cash Flow | +105 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 68.5% | 68.5% | 68.5% | 68.5% |
| FII | 6.4% | 6.5% | 6.6% | 6.3% |
| DII | 16.7% | 16.9% | 17.0% | 16.8% |
| Public | 6.0% | 5.8% | 5.5% | 5.8% |
| # Shareholders | 4,05,567 | 3,80,139 | 3,75,351 | 3,97,187 |
Promoter holding remains stable at ~68.5% over the last four quarters, indicating confidence in long-term prospects. FII and DII holdings have slightly increased from 6.4% and 16.67% in Q2FY26 to 6.31% and 16.82% in Q1FY27, respectively, with public shareholder count rising to 3,97,187. The stable institutional interest and growing retail base suggest broadening investor confidence, with no signs of promoter pledging or significant dilution.
⚖️ Peer Comparison — IT - Software
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| TCS | 8.48 L Cr | 17.0 | 63.2% | 46.7% | 0.00 |
| INFY | 4.64 L Cr | 15.4 | 44.9% | 32.7% | 0.00 |
| HCLTECH | 3.57 L Cr | 20.4 | 31.6% | 23.2% | 0.00 |
| WIPRO | 1.79 L Cr | 14.3 | 18.1% | 15.1% | 0.19 |
| TECHM | 1.60 L Cr | 28.2 | 24.8% | 17.4% | 0.00 |
| LTM | 1.39 L Cr | 26.5 | 30.5% | 21.6% | 0.00 |
| OFSS | 1.06 L Cr | 31.1 | 60.3% | 43.6% | 0.00 |
| PERSISTENT | 92,307 | 47.5 | 32.7% | 24.5% | 0.00 |
| COFORGE | 89,069 | 40.9 | 25.6% | 20.7% | 0.04 |
| MPHASIS | 46,816 | 24.5 | 22.3% | 17.8% | 0.17 |
⚠️ Risk Factors
1) Macro headwinds could pressure deal momentum despite current stability in the USD 1.7 billion order book. 2) Margin expansion relies on sustained operational efficiency and execution of the New Horizons program, which may face implementation risks. 3) Rising utilization targets (86-87%) could be challenged if demand softens or talent retention becomes difficult in a competitive AI talent market.
📋 Recent Filings
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🔴 Announcement 27 August 2026LTM announced the inauguration of its new Global Delivery & AI Competency Center in Kolkata, reinforcing the L&T Group's long-term commitment to West ...
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Announcement 22 August 2026LTM Limited announced the completion of its sale and purchase agreement for Randstad Digital entities, finalizing the disposal of non-core internation...
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Announcement 12 August 2026LTM Limited announced its schedule for upcoming analyst and institutional investor meetings, including participation in Axis Capital's India Corporate...
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Announcement 11 August 2026LTM Limited disclosed its ESG rating score of 76 assigned by NSE Sustainability Ratings & Analytics, highlighting its sustainability performance for i...
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Announcement 6 August 2026LTM announced a strategic collaboration with Chainguard to enhance software supply chain security using BlueVerse RightLogic, integrating AI-powered r...
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Announcement 6 August 2026LTM Limited announced its upcoming investor engagement schedule, featuring meetings with analysts and institutional investors on August 12, 13, and 18...
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🔴 Financial Results 16 July 2026LTM Limited reported Q1 FY2027 revenue of USD 1.22 billion, up 6.4% YoY in constant currency and 0.3% sequentially, with EBIT margin expanding to 15.5...
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Announcement 16 July 2026LTM Limited disclosed an ESG rating score of 77.3 from SES ESG Research Private Limited, a SEBI-registered provider, as required under SEBI LODR Regul...
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Announcement 15 July 2026LTM announced it will lead the largest enterprise-wide deployment of Microsoft 365 Copilot within the L&T Group, targeting ~140,000 employees. The rol...
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Announcement 13 July 2026LTM announced a strategic partnership with Anthropic to embed Claude AI models into its BlueVerse platform, targeting enterprise AI adoption across BF...
🧠 Analyst's Read
LTM is executing a disciplined growth strategy anchored in AI adoption, margin improvement, and strategic infrastructure investment, with financial performance supporting management's guidance. The key watchpoint is the sustainability of order book momentum and execution of regional expansion in West Bengal.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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