LTM Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript LTM Ltd filed with BSE on 29 Apr 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
LTM Limited reported FY2026 revenue of USD 4.76 billion, up 6% in dollar terms, with operating margins at 15.4%, a 90 basis points improvement year-over-year. Q4 revenue was USD 1.22 billion, up 8.1% year-over-year, though operating EBIT margin declined 100 basis points sequentially to 15.1% due to a partial wage hike. Management outlined a five-year strategy called Lakshya'31 aimed at doubling revenue, alongside a reorganization into four business segments starting Q1 FY2027.
Numbers mentioned
Revenue: USD 4.76 billion (FY2026)
p. 5
“We closed FY2026 with a revenue of USD 4.76 billion, reflecting a growth of 6% in dollar terms and 5.3% in constant currency.”
Venu Lambu, page 5 of the filed PDF · View the filing
Operating margin: 15.4% (FY2026)
p. 5
“Operating margins for the year stood at 15.4%, a 90 basis points improvement on a year-over-year basis.”
Venu Lambu, page 5 of the filed PDF · View the filing
Adjusted PAT: Rs.5,379 Crores (FY2026)
p. 5
“Adjusted PAT stood at Rs.5,379 Crores, up 17% year-over-year.”
Venu Lambu, page 5 of the filed PDF · View the filing
Total order inflow: USD 6.6 billion (FY2026)
p. 5
“The total order inflow stood at USD 6.6 billion, representing a 10.3% yearover-year increase with a 300% increase in large deal wins, including six USD 100 million plus deals.”
Venu Lambu, page 5 of the filed PDF · View the filing
Q4 Revenue: USD 1.22 billion (Q4 FY2026)
p. 5
“In Q4, we reported revenues of USD 1.22 billion, delivering 1.2% sequential growth in both USD and constant currency terms.”
Venu Lambu, page 5 of the filed PDF · View the filing
Q4 Operational EBIT margin: 15.1% (Q4 FY2026)
p. 5
“Operational EBIT margins came in at 15.1%, reflecting the impact of a partial wage hike.”
Venu Lambu, page 5 of the filed PDF · View the filing
Order inflow: USD 1.7 billion (Q4 FY2026)
p. 5
“Order inflow remains stable, closing at USD 1.7 billion.”
Venu Lambu, page 5 of the filed PDF · View the filing
Total headcount: 87,950 (FY2026)
p. 7
“At the end of FY2026, the total headcount stood at 87,950, reflecting a net addition of 3,643 employees year-over-year.”
Venu Lambu, page 7 of the filed PDF · View the filing
BFSI vertical growth: 3.7% (FY2026)
p. 6
“BFSI reported a growth of 3.7%.”
Venu Lambu, page 6 of the filed PDF · View the filing
Manufacturing and Resources growth: 12.7% (FY2026)
p. 6
“Manufacturing and Resources reported a growth of 12.7%.”
Venu Lambu, page 6 of the filed PDF · View the filing
Tech, Media, and Communication growth: -0.7% (FY2026)
p. 6
“Tech, Media, and Communication declined by 0.7%.”
Venu Lambu, page 6 of the filed PDF · View the filing
Consumer business growth: 13.2% (FY2026)
p. 7
“Consumer business experienced a growth of 13.2%.”
Venu Lambu, page 7 of the filed PDF · View the filing
Healthcare, life science, and public services growth: 9.6% (FY2026)
p. 7
“Healthcare, life science, and public services grew by 9.6%.”
Venu Lambu, page 7 of the filed PDF · View the filing
Americas growth: 4.0% (FY2026)
p. 7
“From a geography perspective, the Americas grew by 4.0%.”
Venu Lambu, page 7 of the filed PDF · View the filing
Europe growth: 12.4% (FY2026)
p. 7
“Europe by 12.4% and the rest of the world by 11.6%.”
Venu Lambu, page 7 of the filed PDF · View the filing
EBIT margin: 15.4% (FY2026)
p. 12
“EBIT margin for FY2026 was 15.4% compared to 14.5% in FY2025.”
Vipul Chandra, page 12 of the filed PDF · View the filing
Reported PAT margin: 11.8% (FY2026)
p. 12
“Reported PAT margin was at 11.8% compared to 12.1% in FY2025, while the absolute reported PAT for the full year was Rs.4,983 Crores, an increase of 8.3% over FY2025.”
Vipul Chandra, page 12 of the filed PDF · View the filing
PAT margin excluding exceptional item: 12.7% (FY2026)
p. 12
“PAT margin, excluding the exceptional item in PAT, was at 12.7% for FY2026.”
Vipul Chandra, page 12 of the filed PDF · View the filing
Cash and investment balance: USD 1.63 billion / Rs.15,445 Crores (FY2026)
p. 12
“We closed the year with an all-time high cash and investment balance of USD dollars 1.63 billion, or Rs.15,445 Crores, up from Rs.13,346 Crores in FY2025.”
Vipul Chandra, page 12 of the filed PDF · View the filing
Return on equity: 21.3% (FY2026)
p. 12
“Return on equity was at 21.3%.”
Vipul Chandra, page 12 of the filed PDF · View the filing
Q4 revenue in rupee terms: Rs.11,292 Crores (Q4 FY2026)
p. 12
“The revenue in rupee term stood at Rs.11,292 Crores, which is a growth of 4.7% quarter-on-quarter and 15.6% year-on-year.”
Vipul Chandra, page 12 of the filed PDF · View the filing
Adjusted PAT: Rs.1,341 Crores (Q4 FY2026)
p. 13
“Adjusted profit after tax for the quarter stood at Rs.1,341 Crores and PAT including the exceptional item, stood at Rs.1,387 Crores.”
Vipul Chandra, page 13 of the filed PDF · View the filing
Effective tax rate: 26.3% (Q4 FY2026)
p. 13
“The effective tax rate for the quarter was 26.3% compared with 26.5% in Q3.”
Vipul Chandra, page 13 of the filed PDF · View the filing
Basic EPS: Rs.45.4 (Q4 FY2026)
p. 13
“Basic EPS excluding the one-time impact of exceptional item, was Rs.45.4 for the quarter as compared to Rs.47.7 in Q3 FY2026.”
Vipul Chandra, page 13 of the filed PDF · View the filing
DSO: 84 days (Q4 FY2026)
p. 13
“Our total DSO for Q4 stood at 84 days versus 85 days last quarter.”
Vipul Chandra, page 13 of the filed PDF · View the filing
Return on capital employed: 29.2% (Q4 FY2026)
p. 13
“Return on capital employed for the quarter was at 29.2% against 29% last quarter.”
Vipul Chandra, page 13 of the filed PDF · View the filing
Utilization: 85.7% (Q4 FY2026)
p. 13
“Our utilization, excluding trainees, stood at 85.7% for the quarter, compared to 86.9% in Q3.”
Vipul Chandra, page 13 of the filed PDF · View the filing
Attrition: 13.3% (Trailing 12 months, Q4 FY2026)
p. 13
“For the quarter, our trailing 12-month attrition improved to 13.3% compared to 13.8% in Q3.”
Vipul Chandra, page 13 of the filed PDF · View the filing
Final dividend: Rs.53 per share (FY2026)
p. 13
“The Board of Directors has recommended a final dividend of Rs.53 per share subject to shareholders approval, taking our overall dividend for the full financial year to Rs.75 per share.”
Vipul Chandra, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth momentum — FY2027
stated as an aspiration by Venu Lambu
p. 22
“I am confident that we will continue our growth momentum for the full year of FY2027.”
Venu Lambu, page 22 of the filed PDF · View the filing
Revenue — double · five years
stated as an aspiration by Venu Lambu
p. 21
“I am looking at doubling down the revenue in five years.”
Venu Lambu, page 21 of the filed PDF · View the filing
Margin expansion
stated as an aspiration by Vipul Chandra
p. 20
“as a part of that journey, we are looking to expand margins further and we are working on that continuously.”
Vipul Chandra, page 20 of the filed PDF · View the filing
BFSI top account recovery — Q1 FY2027 onwards
stated as an aspiration by Venu Lambu
p. 18
“So in Q1 onwards, I would expect the growth trajectory will begin for that particular account.”
Venu Lambu, page 18 of the filed PDF · View the filing
CBDT deal ramp-up
stated conditionally by Venu Lambu
p. 23
“So I expect the last deal of CBDT, which we announced, will actually have a much more extended transition timeline before we see the ramp up happen.”
Venu Lambu, page 23 of the filed PDF · View the filing
Reporting segments — four business segments · Q1 FY2027
stated firmly by Venu Lambu
p. 11
“As part of this, we will consolidate our reporting under four business segments starting Q1 FY2027.”
Venu Lambu, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management reiterated confidence in continuing the growth momentum from FY2026 into FY2027.
Answered by Venu Lambu
Asked by Sulabh Govila: Whether FY2027 growth will be better than FY2026 given peers showing lack of acceleration.
p. 17
“But when I sit here and look at the full year outlook, I see no reason than to believe that we will continue the same growth momentum that we have built in the entire FY2026 that will flow into FY2027.”
Venu Lambu, page 17 of the filed PDF · View the filing
Management said the account has likely bottomed and growth trajectory should begin from Q1, though recovery pace will lag the earlier decline.
Answered by Venu Lambu
Asked by Vibhor Singhal: Whether the BFSI top account decline has bottomed and will contribute to growth going forward.
p. 19
“So the speed at which it reduced versus the speed at which it will climb, not necessarily is going to be the same.”
Venu Lambu, page 19 of the filed PDF · View the filing
CFO declined to give a specific margin target but said the company is focused on cost optimization alongside growth investments.
Answered by Vipul Chandra
Asked by Vibhor Singhal: Where margins will settle given Q3 reached 16.1% before the Q4 wage hike impact.
p. 19
“while I would not like to give a specific number as guidance in terms of what we are targeting, but the focus is very clearly to continue to work on cost optimizations and efficiencies.”
Vipul Chandra, page 19 of the filed PDF · View the filing
Management confirmed an aspiration to double revenue over five years.
Answered by Venu Lambu
Asked by Prateek Maheshwari: Whether LTM has a quantified five-year growth expectation similar to its sister concern.
p. 21
“Yes, absolutely. I am looking at doubling down the revenue in five years.”
Venu Lambu, page 21 of the filed PDF · View the filing
Management said concentration risk would be addressed by growing other verticals rather than reducing business with top clients.
Answered by Venu Lambu
Asked by Sandeep Shah: Whether concentration in two top clients with slower growth could hinder overall topline growth under the Lakshya vision.
p. 23
“the concentration risk will get addressed by not doing less business with others, but actually doing more business with, those white spaces that are there.”
Venu Lambu, page 23 of the filed PDF · View the filing
Management said the AI productivity-driven decline began in Q3 FY2026 specifically, and the account had grown significantly in prior years, distinguishing this from a multi-year trend.
Answered by Venu Lambu
Asked by Sumeet Jain: What gives confidence that the top BFSI account growth has bottomed out given years of similar forecasts.
p. 27
“In fact, last year we grew much, much higher.”
Venu Lambu, page 27 of the filed PDF · View the filing
Management said it does not give guidance as a practice and emphasized confidence in performance while transforming rather than a specific number.
Answered by Venu Lambu
Asked by Sumeet Jain: Why not give explicit guidance for FY2027 growth better than FY2026 given favorable macro and order book.
p. 27
“One is as a practice, We never give guidance, right.”
Venu Lambu, page 27 of the filed PDF · View the filing
Management attributed it to faster-than-expected ramp-up of a couple of statements of work related to cloud acceleration in a top account.
Answered by Venu Lambu
Asked by Nitin Padmanabhan: What drove the tech, media and communication vertical's recovery this quarter and whether it is sustainable.
p. 30
“it is related to this faster ramp-up of a couple of SOWs than what we had envisaged.”
Venu Lambu, page 30 of the filed PDF · View the filing
Management confirmed inorganic growth is part of the plan but could not commit to a timeline.
Answered by Venu Lambu
Asked by Nitin Padmanabhan: How does the inorganic component fit into the five-year plan to double revenue.
p. 31
“there is a part of inorganic was also baked in the plan that we are talking about doubling our revenue in five years has an inorganic component too.”
Venu Lambu, page 31 of the filed PDF · View the filing
Risks flagged
Wage hikes and productivity commitments in key accounts compressed Q4 operating margin.
p. 13
“The decline was primarily on account of partial wage hikes implemented from 1st January and due to productivity commitments, we have made in key accounts offset by the Forex benefit.”
Vipul Chandra, page 13 of the filed PDF · View the filing
Possible quarterly softness due to macroeconomic factors despite full-year growth confidence.
p. 17
“There may be quarter here and there because of certain macroeconomic things or the things that might happen within the three months period of a quarter.”
Venu Lambu, page 17 of the filed PDF · View the filing
Extended hardware delivery timelines are delaying transition and ramp-up of the CBDT deal.
p. 23
“There is, as you know, the hardware delivery timelines in the current times are much more extended and so on.”
Venu Lambu, page 23 of the filed PDF · View the filing
AI technology adoption is not always a net positive business case for customers.
p. 25
“In some cases, it is not necessarily a net positive business scenario for customers.”
Venu Lambu, page 25 of the filed PDF · View the filing
Concentration risk from two top clients that still contribute materially to consolidated numbers.
p. 23
“Now, when it comes to the concentration risk, look, I think, in my view,”
Venu Lambu, page 23 of the filed PDF · View the filing
Recovery pace in the top BFSI account may lag the speed at which it declined.
p. 18
“It is just that the recovery acceleration will not match the speed of the decline, deceleration that happened.”
Venu Lambu, page 18 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.