l&t technology services has initiated a postal ballot process to seek shareholder approval for the re-appointment of Mr. Luis Miranda as an Independent Director. The Board of Directors approved the resolution at its meeting held on July 14, 2026, recommending his continued association with the company for a further term of five consecutive years. This governance move ensures continuity in board oversight as Mr. Miranda’s current tenure concludes on October 18, 2026.

The re-appointment is subject to shareholder approval via a Special Resolution passed through remote e-voting. Pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Sections 110 and 108 of the Companies Act, 2013, the company will conduct the voting exclusively through electronic means. No physical copies of the ballot notice are being dispatched; instead, the notice was sent electronically on August 4, 2026, to members who registered their email addresses with KFin Technologies Limited or depositories by the cut-off date of Friday, July 31, 2026.

Mr. Miranda, who was first appointed to the Board on October 19, 2021, brings extensive experience in public policy and finance. He serves as Chairman of the Board and Co-Founder of the Indian School of Public Policy, Chairman of ManipalCigna Health Insurance, and Senior Advisor at Morgan Stanley. He holds an MBA from the Booth School of Business at the University of Chicago and is a member of the Institute of Chartered Accountants of India. The Nomination and Remuneration Committee recommended his re-appointment based on his annual performance evaluation and contributions during his initial term.

Key Voting Details

The e-voting facility is provided by National Securities Depository Limited (NSDL). Members can cast their votes via the NSDL e-voting system using their demat account credentials or physical folio details. The voting rights are proportional to the paid-up equity capital held as on the cut-off date. Once a vote is cast, it cannot be modified. The results will be announced within two working days of the conclusion of the e-voting period, i.e., on or before Monday, September 7, 2026.

Director Profile and Remuneration

Mr. Miranda’s remuneration will consist of sitting fees for attending Board and Committee meetings, reimbursement of expenses, and profit-related commission within limits stipulated under Section 197 of the Companies Act, 2013. During FY2025-26, he drew remuneration of Rs. 3.85 million. He attended all six Board meetings held during that period. As on the date of the notice, he holds no shareholding in L&T Technology Services Limited.

He currently serves as Chairman of the Audit Committee at L&T Technology Services Limited and holds directorships in ManipalCigna Health Insurance Company Limited, RBS Rugby Sports Private Limited, and Foundation for Reinventing Governance. There are no relationships between Mr. Miranda and other directors or key managerial personnel of the company. The draft letter of re-appointment detailing terms and conditions is available for inspection by members electronically from August 5, 2026, until September 3, 2026.

L&T Technology Services reported a consolidated net profit of ₹3,571 million for the quarter ended June 30, 2026, marking a 12.9% year-on-year increase from ₹3,161 million in Q1FY26. The growth was primarily driven by an expansion in EBIT margins to 15.7%, up 200 basis points sequentially and year-on-year, alongside an 11.5% rise in revenue from operations to ₹29,401 million. This performance underscores the company’s ability to leverage higher-margin segments and operational efficiencies, reinforcing its long-term aspiration of achieving a 13-15% revenue CAGR over the next five years.

The Board of Directors approved the unaudited consolidated and standalone financial results during a meeting held on July 14, 2026. The statutory auditors, M S K A & Associates LLP, issued a limited review report expressing an unmodified conclusion on the financial statements prepared in accordance with Ind AS 34 and SEBI Listing Regulations. Total comprehensive income for the quarter surged to ₹4,641 million from ₹2,773 million in the corresponding period last year, reflecting strong underlying profitability despite a measured demand environment in the Tech segment.

Consolidated Financial Performance

Revenue from operations grew to ₹29,401 million from ₹26,375 million in Q1FY26. Employee benefits expense increased to ₹17,131 million, while other expenses stood at ₹6,787 million. The company’s total income for the quarter was ₹29,692 million, against total expenses of ₹24,932 million. Basic earnings per share (EPS) for continuing and discontinued operations rose to ₹33.62 from ₹29.81 a year ago.

Segment-wise Results

The Sustainability segment led the revenue growth, reporting ₹10,904 million for the quarter, a significant increase from ₹8,818 million in the prior year. The Mobility segment also contributed positively, with revenue rising to ₹9,488 million from ₹8,479 million. In contrast, the Tech segment saw a slight decline in revenue to ₹9,009 million from ₹9,078 million, operating in a challenging demand environment. However, management expects headwinds to ease in the coming quarters, citing a significant Telecom deal expected to close in early Q2.

Strategic Developments and Governance

L&T Technology Services announced a strategic partnership with Anthropic to integrate Claude models across its engineering processes and AI-powered platforms. Additionally, the company inaugurated Europe’s first Engineering Intelligence Center in Munich. Large deal total contract value (TCV) wins in Q1 were nearly $100 million, with several more large deals anticipated in subsequent quarters.

In governance matters, the Board noted the cessation of Mr. Narayanan Kumar as an Independent Director upon completion of his second term on July 14, 2026. Concurrently, the Board approved the re-appointment of Mr. Luis Miranda as an Independent Director for a second five-year term commencing October 19, 2026, subject to shareholder approval. The Board also approved the re-classification of Nabha Power Limited from the ‘Promoter Group’ to the ‘Public’ category, subject to regulatory approvals.

What the Numbers Show

The divergence between the robust growth in the Sustainability segment (up 23.6% YoY) and the slight contraction in the Tech segment highlights a shifting demand dynamic within the engineering services space. While the Tech segment faces near-term headwinds, the overall margin expansion suggests that the company is successfully optimizing its cost structure and leveraging higher-value projects in Mobility and Sustainability. The strong free cash flow conversion of 153% in Q1 further indicates efficient working capital management, supporting the guidance of maintaining DSO between 80 to 85 days.