L&T Technology Services Ltd — Q4 FY26

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.