LTTS Files Revised Q4FY26 Investor Presentation; No Change to FY26 Results

L&T Technology Services filed a revised investor presentation for Q4FY26 on April 24, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company clarified that the revision was made to rectify certain inadvertent typographical errors in the "Revenue Share by Segment" and "Employee Statistics" pertaining to earlier quarters in the version submitted on April 22, 2026. The company confirmed that there is no change in the audited financial results submitted on April 22, 2026, as approved by the Board of Directors for the financial year 2025-26.

FY26 Financial Performance

The Board of Directors had approved comprehensive audited financial results for FY26 during its meeting held on April 22, 2026. For continuing operations, the company reported revenue of ₹1,09,959 million for the year, up 14.0% from the previous year. Total revenue including discontinued operations stood at ₹1,12,171 million. Net income from continuing operations was ₹12,818 million with a margin of 11.7%, while total net income reached ₹12,792 million. EBIT for continuing operations was ₹15,898 million with a margin of 14.5%.

FY26 Performance (Continuing Operations):	FY26	FY25	YoY Growth
Revenue (₹ million):	1,09,959	96,422	14.0%
EBIT (₹ million):	15,898	14,866	6.9%
Net Income (₹ million):	12,818	11,932	7.4%
EBIT Margin:	14.5%	15.4%
Net Income Margin:	11.7%	12.4%

Q4FY26 Quarterly Results

For Q4FY26, continuing operations revenue reached ₹28,579 million, up 8.3% year-on-year and 2.5% quarter-on-quarter. Net income for the quarter stood at ₹3,467 million with a margin of 12.1%, while EBIT was ₹4,349 million with a margin of 15.2%. The company recorded total revenue including discontinued operations of ₹29,132 million with net profit of ₹3,327 million.

Q4FY26 Key Metrics (Continuing Operations):	Q4 FY26	Q3 FY26	Q4 FY25	QoQ	YoY
Revenue (₹ million):	28,579	27,872	26,378	2.5%	8.3%
EBIT (₹ million):	4,349	4,124	3,518	5.5%	23.6%
Net Income (₹ million):	3,467	3,183	2,804	8.9%	23.6%
EBIT Margin:	15.2%	14.8%	13.3%
Net Income Margin:	12.1%	11.4%	10.6%

Corporate Developments

The Board recommended a final dividend of ₹40 per equity share of face value ₹2 each for FY26, representing a dividend payout ratio of 48% for the year. The ROE for the year stood at 20.4%. Significant leadership appointments included Mr. Rajeev Gupta as Executive Director & Chief Financial Officer for three years from April 22, 2026 to April 21, 2029, and Mr. Amitabh Kant as Independent Director for five years from April 22, 2026 to April 21, 2031. The Statutory Auditors expressed an unmodified opinion on the audited results.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.89%	-8.89%	+3.29%	-16.60%	-20.62%	+36.50%

L&T Technology Services has received a Hold rating from ICICI Securities, with the brokerage revising its target price to ₹3,380. The recommendation comes as the engineering services company navigates through a period of portfolio rationalisation and sector-specific challenges.

Rating and Target Price Revision

Parameter	Details
Rating	Hold
Target Price	₹3,380 (revised)
Price Action	Cut

Business Outlook Assessment

ICICI Securities notes that the post-clean-up outlook for L&T Technology Services remains stable. The automotive segment continues to demonstrate resilience, providing a stable foundation for the company's operations. However, the ongoing portfolio rationalisation process is expected to have implications for near-term performance metrics.

Growth Projections and Challenges

The brokerage expects mid-single-digit growth for FY27, reflecting the impact of various headwinds facing the company. These challenges include macroeconomic uncertainties and leadership changes that may influence operational dynamics in the near term.

Earnings Estimate Revision

Metric	Impact
EPS Cut Period	FY27-28
Reduction Percentage	5-6%
Primary Reason	Weaker hi-tech vertical

The weakness in the hi-tech vertical has prompted ICICI Securities to reduce its earnings per share estimates for FY27-28 by 5-6%. This adjustment reflects the challenges faced by technology service providers in certain high-technology segments amid changing market conditions.