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L&T Services
L&T Services (LTTS) investor relations material
L&T Services Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary15 Jan, 2026
Executive summary
Q3 FY2026 marked a strategic pivot to high-margin, future-ready engineering intelligence solutions, with a focus on quality of revenue and portfolio rationalization.
Large deal wins remained robust, with TCV between $180 million and $200 million for five consecutive quarters, and 50% of Q3 wins in the Mobility segment.
The company is executing a five-year strategy (Lakshya) and expects to complete restructuring by March 31, 2026.
Board approved unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2025, with limited review by statutory auditors.
Financials reflect the impact of new Labour Codes, resulting in a one-time exceptional item of ₹354 million.
Financial highlights
Q3 revenue was $326.3 million (₹29,235 million), up 4.6% YoY and 10.2% YoY in INR, but down 3.2% QoQ in USD and 1.9% QoQ in INR.
EBIT margin improved by 120 basis points QoQ to 14.6%, with EBIT of ₹4,271 million.
Net income for the quarter was INR 3,291 million, representing 11.3% of revenue.
Free cash flow for YTD FY26 was ₹8,864 million, with a free cash flow to net income ratio of 91%.
Cash and investments stood at INR 3,160 crores (₹31,600 million) and cash and cash equivalents at ₹14,279 million at quarter-end.
Outlook and guidance
Guidance for FY2026 is mid-single-digit overall growth, with focus business areas expected to deliver double-digit growth.
EBIT margin aspiration is mid-16% between Q4 FY2027 and Q1 FY2028, with continued improvement expected.
Restructuring and portfolio rationalization are expected to be completed by March 31, 2026.
Management will evaluate and account for further Labour Code impacts as clarifications emerge.
Quantify Q3 restructuring's revenue impact?
How does EI strategy impact deal flow?
What drives Mobility segment's expected growth?
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Next L&T Services earnings date
Q4 202623 Apr, 2026
L&T Services
Next L&T Services earnings date
Q4 202623 Apr, 2026
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Frequently asked questions
L&T Technology Services Limited provides engineering and research and development services to global companies. The firm operates in sectors such as transportation, industrial products, medical devices, telecom, and plant engineering, offering digital and engineering solutions. It is headquartered in Vadodara, Gujarat, and its shares are listed on the NSE.
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