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Indian IT services and consulting company (L&T Group), providing digital transformation, cloud and engineering services to global enterprises; renamed from LTIMindtree in March 2026.
Indian IT services and consulting company (L&T Group), providing digital transformation, cloud and engineering services to global enterprises; renamed from LTIMindtree in March 2026.
Bills clients per project and on multi-year contracts for software work done mostly by staff in India, so revenue follows headcount and billing rates. Larsen & Toubro holds the large majority. It was formed in 2022 by merging L&T Infotech with Mindtree.
In one line: India's version of Accenture/Cognizant.
Moat: narrow (scale, switching costs, customer qualification). Large delivery scale and long-term enterprise contracts create switching costs, typical of Indian IT services, though the market is competitive.
Headquarters: Mumbai, India · Founded: 1996 · Employees: 92,711
Size LTM (LTM.NS) is an India Information Technology company (Data Processing Services) with a market value of $13.6B, the 76th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹4,338 on 6 Nov 2026.
Performance Over six months the shares gained 2.1%, against +24.5% for the median peer and 0.0% for the India market (cap-weighted) — 9th lowest of 19 in its peer set.
Growth Revenue grew 14.7% over the last twelve months (peer median +11.1%); the operating margin is 15.6% (peer median 11.4%).
Valuation It trades at 21.6× forward earnings against a peer median of 19.1× (7th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 22.6 points above its cost of capital (17.6% WACC).
Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹455B | ₹423B | ₹380B | ₹355B | ₹332B |
| Revenue growth | — | +11% | +7% | +7% | — |
| Gross profit | ₹129B | ₹89.6B | ₹77.7B | ₹76.9B | ₹75.7B |
| EBITDA | ₹81.3B | ₹76.5B | ₹65.8B | ₹64.7B | ₹61.8B |
| Net income | ₹52.3B | ₹50.2B | ₹46.0B | ₹45.8B | ₹44.1B |
| Free cash flow | ₹39.7B | ₹43.1B | ₹38.6B | ₹49.9B | ₹22.4B |
| Capital expenditure | ₹9.22B | ₹9.31B | ₹9.50B | ₹8.43B | ₹9.39B |
| Total debt | ₹23.8B | ₹23.1B | ₹21.9B | ₹20.7B | ₹15.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| LTM LTM.NS | $13.6B | +2% | +15% | 16% | 21.6× | 23.8% |
| Tata Consultancy Services TCS.NS | $95.7B | +4% | +10% | 25% | 16.2× | 12.0% |
| Infosys INFY.NS | $50.7B | +2% | +6% | 21% | 15.5× | 6.6% |
| Wipro WIPRO.NS | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% |
| HCL Technologies HCLTECH.NS | $41.4B | +22% | +13% | 18% | 19.5× | 11.8% |
| Cognizant CTSH | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LTM.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.4% | 0.0% | 7th highest of 19 |
| 6-month return | +2.1% | +24.5% | 9th lowest of 19 |
| Distance from 52-week high | -32.5% | -29.1% | 10th highest of 19 |
| Revenue growth (TTM) | +14.7% | +11.1% | 7th highest of 19 |
| Operating margin | 15.6% | 11.4% | 6th highest of 19 |
| Forward P/E | 21.6× | 19.1× | 7th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 23.8% | 14.0% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +27.9% | +7.1% | highest of 11 |
| Hurdle (Req g minus delivered) | -4.1 pp | +6.7 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +22.6 pp | -2.9 pp | 3rd highest of 18 |
| EV / EBITDA | 14.2× | 15.7× | 5th cheapest of 13 |
| Net debt / EBITDA | -1.6× | 1.1× | 4th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| LTM LTM.NS | India | $13.6B | +2% | +15% | 16% | 21.6× | 23.8% | +27.9% |
| GoDaddy GDDY | United States | $13.9B | +26% | +7% | 26% | 12.9× | -2.2% | +8.4% |
| Range Intelligent Computing Technology 300442.SZ | China | $14.1B | -35% | +51% | 36% | 34.4× | n/a | n/a |
| Akamai Technologies AKAM | United States | $11.9B | -44% | +6% | 12% | 12.8× | 17.0% | +5.6% |
| NTNX NTNX | United States | $15.9B | +27% | +12% | 11% | 25.0× | 23.0% | +15.4% |
| Tyler Technologies TYL | United States | $16.7B | +30% | +8% | 16% | 28.1× | 22.9% | +15.9% |
| Wiwynn 6669.TW | Taiwan | $26.3B | +101% | +84% | 7% | 9.6× | n/a | n/a |
| SWI Capital SWICH.AS | Netherlands | $6.61B | +88% | -33% | -54% | n/a | n/a | n/a |
| ExlService EXLS | United States | $6.51B | +39% | +16% | 14% | 17.0× | 9.4% | +16.8% |
| Hut 8 HUT | United States | $6.49B | -47% | +71% | -89% | n/a | n/a | n/a |
| Wangsu Science & Technology 300017.SZ | China | $5.90B | 0% | 0% | 15% | 49.1× | 27.3% | -3.9% |
| TeraWulf WULF | United States | $5.67B | -51% | +15% | -227% | n/a | n/a | n/a |
| IONOS IOS.DE | Germany | $5.49B | +23% | -34% | 23% | 19.1× | 11.0% | +5.9% |
| Nextdc NXT.AX | Australia | $5.47B | -30% | +16% | -7% | n/a | n/a | n/a |
| Applied Digital APLD | United States | $4.70B | -62% | +290% | -24% | n/a | n/a | n/a |
| GDS 9698.HK | Hong Kong | $4.22B | -52% | +13% | 17% | 36.8× | n/a | n/a |
| JOYY, Inc. Sponsored ADR JOYY | United States | $3.98B | +37% | +8% | 2% | 12.9× | 19.8% | +2.1% |
| Dentsu Soken 4812.T | Japan | $3.56B | +31% | +10% | 14% | 30.4× | 0.3% | +8.7% |
| Kyndryl Holdings Incorporation KD | United States | $3.55B | +33% | -1% | 4% | 5.9× | 1.6% | -4.9% |