Slides
Page 1
L&T TECHNOLOGY SERVICES LIMITED ENGINEERING THE CHANGE SECOND QUARTER | FY27 RESULTS Investor Release | Mumbai, India, October 19, 2026
Page 2
PAGE 2 L&T TECHNOLOGY SERVICES | Q2 FY27 - QUARTERLY RESULT SAFE HARBOUR STATEMENT Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. L&T Technology Services Limited (LTTS) does not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
Page 3
PAGE 3 L&T TECHNOLOGY SERVICES | Q2 FY27 - QUARTERLY RESULT FINANCIAL HIGHLIGHTS REVENUE IN INR • Revenue of ₹30,404 million for the quarter; up 3.4% QoQ and up 12.1% YoY REVENUE IN USD • Revenue of $317.1 million for the quarter; up 2.3% QoQ and up 3.3% YoY; in constant currency up 2.7% QoQ and up 4.8% YoY PROFIT IN INR • EBIT of ₹4,966 million for the quarter; EBIT margin at 16.3%; up 60 bps QoQ and up 220 bps YoY • Net Income of ₹5,482 million, up 53.7% QoQ and up 66.8% YoY; Net Income margin at 18.0% CAPITAL RETURN • Interim Dividend of ₹20 per share; Record date 27 October 2026 Q2 FY26 figures have been restated to reflect continuing operations includes one-time gain of ₹1,650 million from the disinvestment of the SWC business
Page 4
PAGE 4 L&T TECHNOLOGY SERVICES | Q2 FY27 - QUARTERLY RESULT With our investments in Engineering Intelligence (EI) and diversified portfolio, we are able to address a broader market with our customers resulting in accelerated sequential growth across revenue, profitability, large deals and AI revenue. Revenue grew 2.7% QoQ in constant currency as large deal wins of the last few quarters moved to execution. Sustainability continued to deliver strong growth, Mobility sustained its growth momentum and Tech remained steady, with gross margins improving across all segments. EBIT margin improved 60 bps QoQ to 16.3%, achieving our mid-16% margin aspiration ahead of schedule. Large-deal TCV exceeded USD 200 million across segments, with AI-led deals accounting for more than 50% of the total. Wins included a USD 75 Mn deal, a USD 30+ Mn deal, a USD 25 Mn and six deals of USD 10+ Mn, reflecting growing demand for our Engineering Intelligence solutions. EIOne, our EI platform of 100+ solutions across Engineering, Products, Manufacturing & Operations, is gaining client traction, strengthened by partnerships with Anthropic, NVIDIA, Databricks and leading Hyperscalers. AI patent filings have exceeded 250, while our overall patent portfolio has surpassed 1,800 filings. We launched a new EI Lab, in partnership with NVIDIA, to build and deliver next-generation Physical AI-native applications across manufacturing, robotics and supply chain. Our EI-led solutions are translating into measurable business results, with annualized EI-led revenue at USD 120 Mn . We have also scaled our data centre and AI infrastructure offerings to tap into growing opportunities. With our order backlog and pipeline both improving year on year and several large deals in play, we expect revenue momentum to strengthen further in H2 while sustaining healthy EBIT margins. Growing demand for our Engineering Intelligence solutions, diversified portfolio, dedicated large-deal engine and improving regional opportunities give us confidence in our medium-term trajectory. This progress supports our long-term aspiration of 13–15% revenue CAGR with EBIT margins in the 16–17% range over the next five years. I thank all our stakeholders for their trust and collaboration as we transform LTTS into a leading Engineering Intelligence company. Amit Chadha CEO & Managing Director L&T Technology Services Limited MESSAGE FROM THE CEO & MANAGING DIRECTOR PAGE 4 L&T TECHNOLOGY SERVICES | Q2 FY27 - QUARTERLY RESULT
Page 5
PAGE 5 L&T TECHNOLOGY SERVICES | Q2 FY27 - QUARTERLY RESULT KEY DEAL WINS LTTS closed several multi-million dollar projects from global customers across segments. The major wins are listed below: • As part of a 5-year agreement with a global telecommunications equipment provider, LTTS will deploy its EI capabilities across the product development and engineering lifecycle to accelerate next-generation solutions and establish a dedicated Engineering Center for technology and digital functions, powered by its full-stack EI solutions. • A leading automotive technology provider partnered with LTTS for AI-powered engineering across product and digital engineering. • LTTS is partnering with a leading European food and beverage company to scale its Industry 4.0 framework, enabling IT/OT convergence and building enterprise-wide AI readiness across its global manufacturing operations. • LTTS has been selected by a leading energy services provider to establish a global Engineering Centre of Excellence to support its digital engineering programs and project execution. • A global energy major partnered with LTTS to accelerate asset intelligence through AI-led advanced data modernization program. • LTTS won project information management contract from global energy major’s capital projects in South America, encompassing digital document lifecycle management, intelligent data governance and technology-enabled compliance management. • A leading cleaning equipment manufacturer selected LTTS for a robotics engineering engagement, supporting the design and development of robotic machines. • LTTS has been selected to set-up a dedicated Center of Excellence (CoE) for strategic engineering, product development and digital services engagement leveraging EIOne with a global provider of automated storage and retrieval solutions. • LTTS has been selected by a global technology leader to deliver field, cellular and connectivity testing for its products across multiple international markets. PERFORMANCE HIGHLIGHTS
Page 6
PAGE 6 L&T TECHNOLOGY SERVICES | Q2 FY27 - QUARTERLY RESULT Q2 FY26 Q1 FY27 Q2 FY27 QoQ YoY Revenue 27,133 29,401 30,404 3.4% 12.1% Cost of sales 19,039 20,073 20,553 Gross Profit 8,094 9,328 9,851 5.6% 21.7% Selling, General & Administration Expenses 3,350 3,845 3,993 EBITDA 4,744 5,483 5,858 6.8% 23.5% Depreciation & Amortisation 920 870 893 EBIT 3,824 4,613 4,966 7.6% 29.8% Other Income, net 500 147 170 Income tax expense 1,147 1,237 1,334 Minority Interest 5 5 5 Net Income from continuing operations 3,172 3,518 3,796 7.9% 19.7% Net Profit/(loss) from discontinued operations 115 48 36 One-time capital gain from SWC disinvestment 1,650 Net Income 3,287 3,566 5,482 53.7% 66.8% Margins (%) Gross Margin 29.8% 31.7% 32.4% EBITDA Margin 17.5% 18.7% 19.3% EBIT Margin 14.1% 15.7% 16.3% Net Income Margin 12.1% 12.1% 18.0%^ INCOME STATEMENT (CONSOLIDATED) Amount in ₹ million ^includes one-time gain of ₹ 1,650 million from the disinvestment of the SWC business Q2 FY26 figures have been restated to reflect continuing operations FINANCIAL PERFORMANCE
Page 7
PAGE 7 L&T TECHNOLOGY SERVICES | Q2 FY27 - QUARTERLY RESULT OTHER INCOME Q2 FY26 Q1 FY27 Q2 FY27 Income from investments, net 327 389 410 Foreign exchange gains/(loss) 60 -458 -311 Others 113 216 71 Total 500 147 170 Q2FY26 Q1 FY27 Q2 FY27 For Continuing Operations Basic 29.93 33.17 35.78 Diluted 29.88 33.14 35.74 For Continuing and Discontinued Operations Basic 31.02 33.62 51.67^ Diluted 30.97 33.59 51.61^ EARNINGS PER SHARE (INR) Amount in ₹ million ^Includes one-time gain from SWC disinvestment Q2 FY26 figures have been restated to reflect continuing operations
Page 8
PAGE 8 L&T TECHNOLOGY SERVICES | Q2 FY27 - QUARTERLY RESULT BALANCE SHEET (CONSOLIDATED) As at 31-MAR-26 As at 30-SEP-26 Assets Property and equipment 8,703 8,557 Intangible Assets and Goodwill 13,917 13,658 Accounts Receivable 23,764 21,052 Unbilled Revenues 4,997 5,931 Investments 18,965 27,347 Cash and Cash equivalents 16,505 14,401 Other current assets 4,241 9,358 Other non-current assets 3,926 3,403 Asset held for sale 9,871 - Total Assets 1,04,889 1,03,707 Liabilities and Shareholders' Equity Shareholders' Funds 64,727 70,810 Other current liabilities 25,715 26,432 Other non-current liabilities 7,611 6,259 Liabilities linked with asset held for sale 6,641 - Minority Interest 195 206 Total Liabilities 1,04,889 1,03,707 CASH FLOW SUMMARY (CONSOLIDATED) FY26 YTD FY27 Net cash provided by operating activities 14,551 8,545 Less: Capex 1,749 649 Free Cash Flow 12,802 7,896 Free Cash Flow to Net Income (%) 100% 108% Amount in ₹ million Amount in ₹ million For YTD FY27 Free Cash Flow including continuing and discontinued operations was ₹4,939 million
Page 9
PAGE 9 L&T TECHNOLOGY SERVICES | Q2 FY27 - QUARTERLY RESULT REVENUE BY SEGMENT Q2 FY26 Q1 FY27 Q2 FY27 QoQ Growth YoY Growth In Constant Currency QoQ Growth YoY Growth Revenue (USD Mn) 306.9 309.9 317.1 2.3% 3.3% 2.7% 4.8% Q2 FY26 Q1 FY27 Q2 FY27 QoQ Growth YoY Growth Mobility 31.9% 32.3% 32.3% 2.3% 4.7% Sustainability 34.7% 37.1% 38.0% 4.9% 13.4% Tech 33.5% 30.6% 29.7% -0.9% -8.5% REVENUE BY GEOGRAPHY Q2 FY26 Q1 FY27 Q2 FY27 QoQ Growth YoY Growth North America 60.0% 60.4% 60.7% 2.8% 4.4% Europe 19.0% 18.0% 17.7% 0.6% -3.9% India 13.8% 13.2% 13.4% 4.0% 0.6% Rest of the World 7.2% 8.4% 8.2% 0.1% 18.3% OPERATIONAL PERFORMANCE Q2 FY26 figures have been restated to reflect continuing operations
Page 10
PAGE 10 L&T TECHNOLOGY SERVICES | Q2 FY27 - QUARTERLY RESULT REVENUE MIX REVENUE BY PROJECT TYPE CLIENT PROFILE Q2 FY26 Q1 FY27 Q2 FY27 Onsite 47.9% 46.1% 44.1% Offshore 52.1% 53.9% 55.9% Q2 FY26 Q1 FY27 Q2 FY27 Fixed Price 32.1% 35.1% 35.6% Time and Material Contract 67.9% 64.9% 64.4% Q2 FY26 Q1 FY27 Q2 FY27 Number of Active Clients 397 423 430 50 Million dollar + - 1 1 30 Million dollar + 7 6 6 20 Million dollar + 9 13 12 10 Million dollar + 30 29 29 5 Million dollar + 57 58 60 1 Million dollar + 180 191 197 Client profile is based on LTM (Last Twelve Months) revenue Q2 FY26 figures have been restated to reflect continuing operations
Page 11
PAGE 11 L&T TECHNOLOGY SERVICES | Q2 FY27 - QUARTERLY RESULT CLIENT CONTRIBUTION TO REVENUE EXCHANGE RATE (USD/INR) Q2 FY26 Q1 FY27 Q2 FY27 Top 5 Clients 16.7% 16.0% 15.7% Top 10 Clients 27.3% 26.8% 26.7% Top 20 Clients 40.3% 40.7% 41.0% Q2 FY26 Q1 FY27 Q2 FY27 Period Realised 88.40 94.86 95.90 Period Closing 88.79 94.66 95.83 EMPLOYEE STATISTICS Q2 FY26 Q1 FY27 Q2 FY27 Total Headcount 23,359 23,845 24,035 Billable 21,718 22,277 22,449 Sales & Support 1,641 1,568 1,586 Voluntary Attrition % (LTM) 15.0% 14.7% 14.7% Client contribution is based on LTM (Last Twelve Months) revenue Q2 FY26 figures have been restated to reflect continuing operations
Page 12
PAGE 12 L&T TECHNOLOGY SERVICES | Q2 FY27 - QUARTERLY RESULT INDUSTRY RECOGNITIONS • Won the Gold Award for Industrial Engineering and Automation R&D at the CII Awards for Excellence in R&D 2026 • Recognized as a Leader in Everest Group’s Product Lifecycle Management (PLM) Services PEAK Matrix® Assessment 2026 • LTTS’ PLxAI solution won the nasscom AI Gamechangers Award 2026 in the Manufacturing category • Honoured at the 7th Edition of the ET Edge Best Tech Brands Awards 2026 OTHER HIGHLIGHTS During the quarter, LTTS showcased its Engineering Intelligence (EI) capabilities through a series of initiatives: • Launched EIOne, the standardized platform for LTTS’ Engineering Intelligence ecosystem. • Launched LTTS FARM, a startup engagement platform that accelerates the commercialization of deep-tech startups through EI-led collaboration, built on the philosophy of ‘Collaboration First, Commercialization Next’. • A strategic partnership with Cognite to co-develop and deliver industrial AI and data solutions for asset-intensive industries • Conducted the first global EI Hackathon, a 24-hour innovation challenge connecting engineers across Dallas, Munich, Bengaluru, Hyderabad, Chennai, Mumbai, Pune, Mysuru and Vadodara. • Engaged with customers and industry leaders on the future of intelligent rail systems at InnoTrans 2026, a leading international rail technology exhibition.
Page 13
PAGE 13 L&T TECHNOLOGY SERVICES | Q2 FY27 - QUARTERLY RESULT As part of its Social Responsibility mandate, LTTS undertook several CSR initiatives throughout the year, with a focus on areas such as Health, Education, Skill Development, Water, Environment and Sports. The key CSR initiatives undertaken in Q2FY27 include: Mobile Innovation Lab: LTTS implemented the Mobile Innovation Lab project in Mysore to promote hands-on science education, creativity and design thinking among students from government schools. The program reaches students in Classes VII to IX across 10 schools, providing experiential learning through fully equipped mobile labs operated by trained instructors. South Gujarat Skill Development Initiative: LTTS launched a skill development program in South Gujarat that equips school dropouts and unemployed high school graduates with industry-relevant skills to improve their employability and income. Training covers foundational digital skills, cyber security awareness, office assistantship, the Course on Computer Concepts (CCC) and Tally certification. CORPORATE SOCIAL RESPONSIBILITY PATENTS At the end of Q2FY27, the patents portfolio of L&T Technology Services stood at 1,808, out of which 1,085 are co-authored with its customers and the rest are filed by LTTS.
Page 14
PAGE 14 L&T TECHNOLOGY SERVICES | Q2 FY27 - QUARTERLY RESULT ABOUT L&T TECHNOLOGY SERVICES For additional information about L&T Technology Services log on to https://www.ltts.com/ Copyright © L&T Technology Services For more information please contact: Sandesh Naik Head, Investor Relations Email: sandesh.naik1@LTTS.com L&T Technology Services (LTTS) is a global leader in Engineering Intelligence Solutions & ER&D Consulting Services. A listed subsidiary of Larsen & Toubro (L&T), we offer design, development, testing, and sustenance services across products and processes. Purposeful. Agile. Innovation. is how we drive growth across the Mobility, Sustainability, and Tech segments. Our customer base includes 69 Fortune 500 companies and 57 top ER&D companies across industrial products, medical devices, transportation, telecom & hi-tech, and process industries. Headquartered in India, we have 24,035 employees across 21 global design centers, 31 global sales offices, and 111 innovation labs, as of September 30, 2026.