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Larsen & Toubro Group's engineering R&D services company, designing products for automotive, industrial and telecom clients globally.
Larsen & Toubro Group's engineering R&D services company, designing products for automotive, industrial and telecom clients globally.
Earns fees mainly from billable engineers working on clients' product development, charged by time and materials or fixed price, so revenue follows clients' R&D budgets and the number of engineers it staffs. Larsen & Toubro owns the majority and supplies its brand and links to industrial clients.
In one line: India's engineering-R&D outsourcing peer to Wipro's engineering arm.
Moat: narrow (process know-how, customer qualification). Deep domain engineering expertise and L&T Group backing support long-term client R&D outsourcing relationships.
Headquarters: Vadodara, India · Founded: 2012 · Employees: 24,173
Size L&T Technology Services (LTTS.NS) is an India Industrials company (Miscellaneous Commercial Services) with a market value of $4.79B, the 215th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹4,260 on 6 Nov 2026.
Performance Over six months the shares gained 12.9%, against +13.8% for the median peer and 0.0% for the India market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 2.5% over the last twelve months (peer median +7.0%); the operating margin is 15.5% (peer median 11.0%).
Valuation It trades at 29.4× forward earnings against a peer median of 13.9× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 31% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +16 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 15.3 points above its cost of capital (17.9% WACC).
Next results Next results expected around 13 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹118B | ₹110B | ₹96.4B | ₹96.5B | ₹88.2B |
| Revenue growth | — | +14% | 0% | +9% | — |
| Gross profit | ₹18.2B | ₹23.8B | ₹21.9B | ₹23.3B | ₹21.8B |
| EBITDA | ₹21.7B | ₹19.6B | ₹18.2B | ₹19.4B | ₹17.8B |
| Net income | ₹15.4B | ₹12.8B | ₹12.7B | ₹13.0B | ₹12.1B |
| Free cash flow | n/a | ₹13.7B | ₹14.8B | ₹13.0B | ₹11.9B |
| Capital expenditure | n/a | ₹1.85B | ₹1.12B | ₹2.53B | ₹1.81B |
| Total debt | ₹5.58B | ₹5.79B | ₹5.78B | ₹6.59B | ₹4.54B |
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 |
|---|---|---|---|---|---|---|
| L&T Technology Services LTTS.NS | $4.79B | +13% | +2% | 15% | 29.4× | 31.0% |
| Tata Elxsi TATAELXSI.NS | $2.52B | -10% | +10% | 20% | 32.7× | 25.3% |
| KPIT Technologies KPITTECH.NS | $1.57B | -25% | +9% | 14% | 26.3× | 14.8% |
| HCL Technologies HCLTECH.NS | $41.4B | +22% | +13% | 18% | 19.5× | 11.8% |
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 | LTTS.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +31.0% | +6.9% | 2nd highest of 21 |
| 6-month return | +12.9% | +13.8% | 11th highest of 21 |
| Distance from 52-week high | -9.9% | -13.1% | 8th highest of 21 |
| Revenue growth (TTM) | +2.5% | +7.0% | 7th lowest of 21 |
| Operating margin | 15.5% | 11.0% | 5th highest of 21 |
| Forward P/E | 29.4× | 13.9× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 31.0% | 1.7% | 2nd most demanding of 19 |
| Growth delivered (Del g) | +15.1% | +11.8% | 6th highest of 19 |
| Hurdle (Req g minus delivered) | +15.9 pp | -11.2 pp | 2nd most demanding of 19 |
| ROIC minus cost of capital | +15.3 pp | +3.8 pp | highest of 17 |
| EV / EBITDA | 19.5× | 8.4× | 4th most expensive of 18 |
| Net debt / EBITDA | -1.4× | 1.5× | 4th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| L&T Technology Services LTTS.NS | India | $4.79B | +13% | +2% | 15% | 29.4× | 31.0% | +15.1% |
| Aalberts AALB.AS | Netherlands | $4.87B | +6% | 0% | 10% | 14.6× | 12.9% | +3.4% |
| Dizal Pharmaceutical 688192.SS | China | $4.68B | +18% | +720% | 69% | 9.5× | -8.4% | +95.9% |
| Teleperformance TEP.PA | France | $4.60B | +3% | -3% | 10% | 5.0× | -10.2% | +12.2% |
| Brink's BCO | United States | $4.54B | +3% | +7% | 10% | 11.8× | 0.1% | +7.3% |
| FTI Consulting FCN | United States | $5.33B | +19% | +8% | 10% | 18.7× | -3.6% | +9.0% |
| Reply REY.MI | Italy | $5.46B | +41% | +6% | 13% | 17.0× | 2.9% | +14.4% |
| East Buy 1797.HK | Hong Kong | $4.11B | +22% | +34% | 11% | 38.5× | 18.4% | +54.3% |
| SAI Life Sciences SAILIFE.NS | India | $4.02B | +64% | +27% | 21% | 89.2× | n/a | n/a |
| PhysicsWallah PWL.NS | India | $4.00B | +18% | +35% | 1% | 100.9× | n/a | n/a |
| Centre Testing International 300012.SZ | China | $3.96B | -5% | +15% | 16% | 22.1× | 14.2% | +13.2% |
| Beijing Compass Technology Development 300803.SZ | China | $5.91B | -23% | +12% | 0% | 174.6× | 46.9% | +25.3% |
| Nexi NEXI.MI | Italy | $5.93B | +18% | +1% | 13% | 7.0× | 1.5% | +30.5% |
| Alsok 2331.T | Japan | $3.79B | -1% | +7% | 8% | 13.7× | -6.0% | +4.9% |
| GEO GEO | United States | $3.66B | +28% | +15% | 12% | 13.5× | 6.8% | +2.3% |
| Serco SRP.L | United Kingdom | $3.60B | +5% | +1% | 5% | 14.9× | 1.9% | +4.9% |
| MITIE MTO.L | United Kingdom | $3.56B | +23% | +11% | 3% | 14.2× | 14.1% | +17.6% |
| Elis ELIS.PA | France | $6.44B | -12% | +5% | 13% | 12.0× | 10.1% | +11.3% |
| Edenred EDEN.PA | France | $6.52B | +15% | +3% | 30% | 12.0× | -8.0% | +13.9% |
| Loomis LOOMIS.ST | Sweden | $3.46B | +12% | +1% | 11% | 12.6× | -9.1% | +9.7% |
| MAXIMUS MMS | United States | $3.43B | +2% | -3% | 11% | 7.9× | -8.5% | +9.4% |