Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹2,858 Cr
verified against source
Revenue YoY
8.3%
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.
L&T Technology Services reported Q4 FY26 revenue of ₹2,858 crore (+8.3% YoY) with EBIT margins expanding 40bps QoQ to 15.2%, driven by portfolio rationalization and operational efficiencies. The sustainability segment grew 11% YoY, while mobility stabilized with early signs of recovery in North American automotive. Large deal wins remained robust at $182 million in Q4, contributing to a full-year TCV of $855 million (+40% YoY). Management guided for 13-15% CAGR over five years (Lakshya 31) with EBIT margins of 16-17%, and expects to reach mid-16% margins by Q4 FY27 or earlier. The divestiture of the SWC business and exit from $19 million of low-margin revenue have strengthened the business baseline. Key risks include potential volatility in Middle East operations and slower-than-expected recovery in European automotive.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects EBIT margins to reach mid-16% levels by Q4 FY27, with potential to achieve earlier.
- Under Lakshya 31, L&T Technology Services targets 13-15% dollar revenue CAGR organically, with tuck-in acquisitions possible.
- The five-year strategic plan aims for EBIT margins in the 16-17% range, factoring in potential dilution from tuck-in M&A.
- Management expects sequential revenue growth in mobility, sustainability, and tech segments starting Q1 FY27.
Risks flagged
- Analyst raised concern about Middle East war/price volatility affecting the plant engineering subsegment; management noted it's a small part of operations with no near-term impact.
- While North American auto is recovering, European OEMs face market share loss and cost pressures, which could delay deal ramp-ups.
- Management acknowledged that tuck-in acquisitions could dilute margins, hence the 16-17% band over five years.
- The $19 million portfolio rationalization is complete, but any further pruning could impact near-term revenue growth.
Key quotes
- We are cautiously optimistic in the near term and as part of our 5-year Lakshya 31 plan, we aspire to deliver 13 to 15% CAGR over the next 5 years with EBIT margins in the range of 16 to 17%.
- We continue to aspire to get to mid-16% levels by quarter 4 FY27 of this year and if we have an ability we would like to deliver that prior to quarter 4 FY27.
- Less than 50% of the revenue today comes from these bets. In five years time, we expect more than 70% of business will be coming from these six bets.
Research modules