LTM Q1 FY27 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹11,608 Cr
verified against source
Revenue YoY
18%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
LTM Limited delivered a solid Q1 FY27 with revenue of ₹11,608 crore (USD 1.22 billion), growing 18% YoY in INR terms and 6.4% YoY in constant currency. EBIT margins expanded 120bps YoY to 15.5%, driven by operational efficiencies from the New Horizons program and forex benefits, despite wage hikes. PAT grew 17.1% YoY to ₹1,469 crore with PAT margin at 12.7%. The company's AI pivot is gaining traction with AI revenue at $150 million quarterly run rate. Deal momentum remains strong with $1.7 billion order book including large wins in BFSI, manufacturing, and consumer sectors. Management expects growth to accelerate from Q2 onwards with further margin expansion, citing completion of productivity-linked pricing transitions with top clients. Key risks include Consumer segment headwinds from delayed India/Middle East project ramps, geopolitical uncertainty, and subcontractor cost increases of 130bps QoQ due to vendor consolidation.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects growth to improve through Q2 and into second half, building on 6% FY26 base. Pipeline is strong and broad-based across segments.
- Organic margin expansion from New Horizons program efficiency gains to continue; consolidated margins should remain similar to or better than last year even post-Randstand acquisition.
- IT services component of Randstand partnership has already started ramping; M&A closure expected early Q3 with regulatory approvals on track.
- Company added 1,308 freshers in Q1 and plans to continue at similar quarterly run rate to build AI-ready talent pool.
Risks flagged
- Consumer revenue declined 7% QoQ due to delayed project ramps in India and Middle East (IT tax department project) and hardware shipment delays including memory chip supply constraints. Recovery expected from Q2.
- Subcontractor costs increased 130bps QoQ and 320bps YoY due to vendor consolidation exercises where clients asked LTM to manage tail vendors. Management expects this to normalize as engagements move to end-state model.
- Income tax deal in India depends on hardware shipments (memory chips) for LLM/AI model deployment. Shipment timelines remain uncertain and need to be monitored over next 1-2 months.
- Middle East represents less than 3% of revenue but remains subject to geopolitical volatility. Management could not rule out escalation impacts on that portion of business.
Key quotes
- The productivity link pricing conversation we have had with some of our large clients are now behind us. That transition is complete and we see this as a source of strength going forward rather than a headwind as it has strengthened our strategic positioning with these accounts.
- The concern for us was in the big accounts and the big segment. When I say concerned we were navigating the journey but that's behind us. So I don't see that playing out for us in this year.
- There are so many data points that has been quoted which runs into a sort of a trillion dollar new addressable market spend that's available for the industry to capture now. We have moved from the phase of what I call as an AI creation phase to AI deployment phase.
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