Automotive Subsegment Weakness Extended to Q3
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.
LTTS / Q2-FY26 / risks
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L&T Technology Services · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Muted Middle East/Smart World Pipeline Conversion
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 Hike Decision Pending with Margin Impact
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.
Q3 TCV Guidance Below Q2 Record
CEO preemptively guided Q3 large deal TCV at $200M versus $292M in Q2, indicating deal timing uncertainty while maintaining long-term pipeline optimism.