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Swing Capital

L&T Technology Services Ltd

NSE: LTTS BSE: 540115

Incorporated in 2012, L&T Technology Services is an engineering and technology services company, a subsidiary of Larsen & Toubro, providing design, development, testing, and maintenance services across products and processes. [1]

₹3,532
52W: ₹3010 — ₹4747
PE 29.7 · Book ₹559 · +532% vs book
Market Cap₹37,438 Cr
Stock P/E29.7Price to Earnings
ROCE26.8%Return on Capital
ROE21.6%Return on Equity
Div. Yield1.71%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 47.0%

Shareholding Pattern

Promoters73.57%
FIIs3.86%
DIIs14.64%
Public7.93%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters73.69%73.69%73.66%▼0.073.66%73.59%▼0.173.58%▼0.073.58%73.57%▼0.0
FIIs4.46%4.35%▼0.14.19%▼0.25.18%▲1.04.84%▼0.34.67%▼0.24.22%▼0.53.86%▼0.4
DIIs13.07%13.72%▲0.714.3%▲0.613.67%▼0.613.86%▲0.214.13%▲0.314.57%▲0.414.64%▲0.1
Public8.77%8.24%▼0.57.85%▼0.47.47%▼0.47.69%▲0.27.63%▼0.17.62%▼0.07.93%▲0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,1482,3512,2462,3252,4122,2062,4242,5362,3332,409
Expenses1,6931,8611,8011,9021,9391,7971,9942,0951,8731,945
Operating Profit455490446422473409430441460464
OPM %21%21%20%18%20%19%18%17%20%19%
Net Profit321329313293301314308307289302
EPS ₹30.3631.1429.5427.6828.4129.6929.0428.9927.2628.53

AI Insights

Revenue Trend

Mar 2026 revenue at ₹9,207Cr, up 8.3% YoY. OPM at 19%.

Debt Position

Borrowings at ₹541Cr. Debt-to-equity ratio: 0.09x. Healthy balance sheet.

Capex Cycle

CWIP at ₹12Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 14.64% (+4.27pp change). FIIs: 3.86% (-1.45pp change). Promoters hold 73.57%.

Margin & Efficiency

ROCE declining from 44% (Mar 2015) to 27% (Mar 2026). Working capital days: 34.

Valuation

PE 29.7x with 26.8% ROCE. Price is 532% above book value of ₹559. Dividend yield: 1.71%.

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