Design / Fabless / IP

L&T Technology Services

LTTSNSEMid CapParent: Larsen & Toubro

Live₹3,795syncing…

Engineering R&D services with semiconductor and chip design verticals across automotive, telecom and industrial.

Market Cap

₹40.2k cr

Price

3795

1Y 6%

Direct exposure

55/100

0–100 directness

Hold / Watchlist

Fundamental

64/ 100

Quality of growth, returns, cash conversion and balance sheet

Technical (TQ-100)

76/ 100

Trend, momentum, volume and relative strength composite

Valuation

50/ 100

Higher = cheaper vs peers and own history

Final composite

64/ 100

Blended decision input

Data transparency

What's real, what's pending, on this page

Real financials loaded

✓ Real / verified

· Live price, day change, market cap — NSE direct
· 1Y OHLCV, RSI(14), 50/200 DMA, 1M/3M/1Y returns, RS vs Nifty — computed from real NSE OHLCV
· Sector P/E — NSE direct
· Promoter %, pledge %, MF/FII/public split, 9-quarter history — Trendlyne
· Earnings call AI summaries — Trendlyne (where available)
· Technical (TQ-100) score — computed from real OHLCV
· Annual revenue / EBITDA / PAT / OCF / FCF / equity / assets — Trendlyne (audited annuals)

⚠ Analyst-set (qualitative)

· Segment classification + semicon directness score — analyst seed
· Bull/bear case + monitorables (curated thesis) — analyst seed
· Governance risk score (seed) — being replaced by AI-agent assessment
· Synthesized 5Y forecast removed entirely (was inaccurate)

Real financials extracted for 42 of 45 companies. See /data-sources for full provenance.

L&T Technology Services · LTTS

₹3,795-21.48% over 6M

Price50 DMA200 DMA

RSI (14)

Momentum oscillator · 6M view

Volume (60D)

Fundamental score (SageOne 100)

64/ 100B

Growth 20 / Margin 15 / ROC 20 / Cash 15 / Leverage 10 / Reinvestment 8 / Accounting 7 / Governance 5 minus red flags (capped -20).

Base 68

Red flags -4

Growth quality/ 20

1.8

Rev 1Y -3.3% · 3Y CAGR 8.8%

Margin & profitability/ 15

10.2

EBITDA 21.3% · PAT 12.8%

Return on capital/ 20

17.6

ROCE 32% · ROE 25%

Cash flow quality/ 15

10.3

OCF/EBITDA 71% · FCF yield 2.2%

Leverage discipline/ 10

10.0

Net Debt/EBITDA -0.80x

Reinvestment runway/ 8

7.0

ROCE × retention proxy

Accounting quality/ 7

6.2

OCF conversion proxy

Governance/ 5

4.4

Pledge 0.0% · Risk 12/100

Red flags (1)

− Declining revenueRev 1Y -3.3%-4

✓ Computed from real Trendlyne annuals (revenue, EBITDA, PAT, OCF, equity).

Technical score (TQ-100)

76/ 100A

Computed from real 1Y OHLCV pulled from NSE direct: trend, momentum, volume, RS vs Nifty, MA cluster, mean reversion, volatility, patterns minus red flags.

Base 76

Trend structure/ 20

18.4

Above 200DMA · -20% from 52W high

Momentum velocity/ 15

9.2

RSI(14) 48 · 1M -1.8%

Volume dynamics/ 15

10.5

Bucket: Mid Cap

Relative strength/ 15

6.5

RS vs Nifty -4%

MA cluster/ 10

10.0

200DMA + 1Y trend confirmation

Mean-reversion runway/ 10

7.7

RSI(14) 48; ideal 50-60

Volatility profile/ 8

6.8

Bucket: Mid Cap

Pattern integrity/ 7

7.0

Trend continuation proxy

AI research agents

Re-classify segment exposure and re-assess governance risk by running fresh AI agents on the latest data. Results cache to data/agents.json.

Segment classifier

Maps to value-chain segments + computes 0-100 directness

Seed: Design / Fabless / IP · 55/100

Governance assessor

Forensic-accounting flags + 0-100 risk score

Seed: 12/100 risk

AI thesis

Generates a fresh thesis grounded in this company's data. Wires to Anthropic when ANTHROPIC_API_KEY is set, otherwise returns a deterministic mock.

Curated thesis

Analyst-set bull, bear and monitorables · use AI thesis above for a fresh take

Diversified ER&D with optionality in semiconductor design verticals; valuation reasonable vs IT services peers.

Bull case

+Diversified vertical mix
+ROE >25% sustained
+L&T parent advantages

Bear case

−IT services demand softness
−Slow ramp in semicon vertical
−Wage inflation pressure

Key monitorables

Semicon vertical revenue %Margin trajectoryDeal TCV book

Semiconductor exposure

How direct, how visible

Primary segment

Design / Fabless / IP

All segments

Design / Fabless / IP

Exposure type

Indirect / pull-through

Policy beneficiary

Possible

Import substitution

High

Governance risk score

12/100 (lower = better)

Financial snapshot

Latest reported metrics · mock data, ready for live financials

Rev growth (1Y)

-3.3%

Rev CAGR (3Y)

8.8%

EBITDA margin

21.3%

PAT margin

12.8%

ROCE

32%

ROE

25%

OCF / EBITDA

71%

Net Debt / EBITDA

-0.8x

Promoter holding

73.7%

Promoter pledge

0.0%

Valuation

P/E (TTM)

31.8

Forward P/E

31.0

EV/EBITDA

20.1

EV/Sales

4.3

P/B

8.4

FCF Yield

2.2%

Dividend Yield

0.70%

Hist. percentile

45%

Peer percentile

60%

Technicals

RSI(14)

1M return

-1.8%

1Y return

From 52W high

-20%

RS vs Nifty

-4%

>200 DMA

Yes

Annual financials — real data

Extracted from Trendlyne · audited annuals · TTM + last 6 fiscal years

✓ Real

Line	TTM	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	₹10.1k cr	₹9.4k cr	₹9.7k cr	₹8.9k cr	₹7.3k cr	₹6.0k cr	₹5.1k cr
↳ YoY growth	+6.7%	-3.3%	+9.7%	+21.4%	+21.3%	+17.3%	—
EBITDA	₹2.0k cr	₹2.0k cr	₹2.0k cr	₹1.8k cr	₹1.5k cr	₹1.1k cr	₹1.2k cr
↳ EBITDA margin	19.6%	21.3%	20.9%	20.3%	20.1%	18.5%	24.2%
PAT	₹1.2k cr	₹1.2k cr	₹1.2k cr	₹1.3k cr	₹1.1k cr	₹919 cr	₹673 cr
↳ PAT margin	12.0%	12.8%	12.5%	14.2%	15.2%	15.2%	13.1%
OCF	₹1.3k cr	₹1.4k cr	₹1.3k cr	₹1.3k cr	₹899 cr	₹1.3k cr	₹664 cr
↳ OCF / EBITDA	64.5%	71.3%	66.0%	70.0%	61.1%	113.9%	53.4%
FCF (= OCF − capex)	₹963 cr	₹874 cr	₹1.1k cr	₹705 cr	₹511 cr	₹302 cr	₹384 cr
Total Equity	—	—	—	—	—	—	—
Total Assets	₹9.7k cr	₹8.9k cr	₹8.0k cr	₹6.5k cr	₹5.7k cr	₹4.8k cr	₹4.1k cr
↳ ROE	—	—	—	—	—	—	—
↳ ROA	12.4%	13.6%	15.3%	19.5%	19.5%	19.1%	16.5%

Source: Trendlyne (Standalone where Consolidated unavailable). Last refresh on real-data ingest.

Promoter pledge & shareholding history

From Trendlyne · 9 quarters · synced Invalid Date

Pledge: 0.0%

Promoter

73.6%

Mutual Funds

4.3%

FII

3.9%

Public

7.9%

Promoter holding trend

73.7

Mar

73.7

Jun

73.7

Sep

73.7

Dec

73.7

Mar

73.6

Jun

73.6

Sep

73.6

Dec

73.6

Mar

Δ:-0.1% over 9 quarters

Commentary

·Promoter (L&T parent) holding stable at 73.6%
·No pledge

Management quality

Capital allocation, debt discipline, alignment, governance composite. Computed from disclosed metrics.

Capital allocation

Sustained high return on capital indicates disciplined reinvestment.

ROCE 32%, div yield 0.7%

Promoter holding

Promoter has strong skin in the game.

73.7%

Promoter pledge

No pledging — cleanest signal.

0.0%

Debt discipline

Net cash balance sheet.

Net Debt/EBITDA -0.80x

Cash conversion

Reported EBITDA reliably translates into cash.

OCF/EBITDA 71%

Governance composite

Clean governance signals across pledging, RPTs, auditor, KMP pay.

12/100 risk

Variant perception

What the market is pricing in versus our read, and what would invalidate the thesis.

What the market is pricing in

Steady but unspectacular execution. Multiples reflect mid-pack expectations.

What we think it's missing

Consensus appears reasonable. Look for thesis-changing catalysts (margin inflection, new customer wins, segment mix shift) rather than narrative re-rating alone.

Thesis killers

×Demand cycle softens enough to derail margin expansion

References

Wire to live data sources in production

NSE filings Screener BSE corporate filings Annual report (latest)Concall transcript (latest)Investor presentation