LTTS Q2 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and 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
₹2,980 Cr
verified against source
Revenue YoY
15.8%
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.
LTTS reported Q2 FY26 revenue of ₹2,980 crore (15.8% YoY), with USD revenue of $337 million growing 10.4% YoY constant currency. EBIT margins improved sequentially to 13.4%, though remained compressed due to muted automotive demand and client support extended through Q2. The company secured a record $292 million large deal TCV including $100 million and $60 million wins, with a new $50 million annualized sustainability account. Sustainability delivered 12.6% YoY growth with 28.1% margins, while mobility remains subdued on automotive program pauses. Management expects H2 growth to exceed H1 and maintains double-digit growth guidance for FY26 with $2 billion revenue target, while guiding toward mid-16% margins by Q4 FY27. Key risks include automotive weakness persisting into Q3 and wage hike decisions pending for Q3/Q4.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects both revenue and EBIT margins to improve in H2 with growth trajectory strengthening across all three segments, particularly sustainability with its $100M deal ramping.
- Company reiterates double-digit growth target for FY26 and $2 billion revenue aspiration, with mobility expected to return to growth in Q4.
- Margins expected to improve sequentially from Q3 onward via growth, mix shift to high-margin sustainability, operational efficiency, AI-driven delivery improvements, and IntelliTrans integration gains.
- Q3 will see muted mobility with cyclical impact from automotive furlows, but Q4 expects comeback driven by ramp-ups in closed deals across auto, trucks/off-highway, and aerospace/rail subsegments.
Risks flagged
- Auto programs remain paused with muted decision-making. Clients reviewing quantity choices with certainty expected in 3 months. Q3 will see furlows impact before Q4 recovery.
- Pipeline in Middle East for Smart World taking longer than expected to close. Similar delays seen in US Smart World conversations. CEO admitted expected faster traction.
- Wage hikes in consideration for either Q3 or Q4, timing not finalized. Management maintains H2 margins > H1 guidance despite headwind, though magnitude of impact not quantified.
- CEO preemptively guided Q3 large deal TCV at $200M versus $292M in Q2, indicating deal timing uncertainty while maintaining long-term pipeline optimism.
Key quotes
- The whole idea is try and get three digit approvals and wait for that to work out... The 100 million win is not across two years. This 100 million win is across five plus years, right? The 60 million win is a five year win.
- What's happening for sure is that clients are also starting to have larger conversations, have the appetite to have larger conversations. In fact, a lot of our client conversations today are happening... can you come and sit down with me and tell me strategically, I'm trying to think about engineering for the next 10 years.
- We maintain our aspirations of mid-6% margin between quarter 4 FY27 and quarter 1 FY28. All of this will lead to H2 FY26 margins better than H1 FY26 margins.
Research modules