L&T Technology Services Limited (LTTS) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of L&T Technology Services Limited ₹3,551, price ₹3,268, upside +8.7%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.
How to read this chart
60‑month range ₹2,620 – ₹5,652 · fair‑value band ₹2,333 – ₹5,458 · the ₹3,268 price screens below the ₹3,551 fair value. Dashed = 300-day average. As of Oct 1, 2026.
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L&T Technology Services Limited operates as an engineering research and development services company in India, North America, Europe, and other international markets. The company operates through three segments: Mobility, Sustainability, and Tech.
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L&T Technology Services Limited operates as an engineering research and development services company in India, North America, Europe, and other international markets. The company operates through three segments: Mobility, Sustainability, and Tech. It provides digital engineering and consulting services such as artificial intelligence, cybersecurity, industry 4.0 consulting, product consulting, sustainability engineering, 5G, and smart solutions. It provides engineering services which include computer-aided engineering, computational fluid dynamics, CAx automation, DevOps, engineering and manufacturing analytics, lab services, product testing and validation, VLSI design, voice solutions, user experience, sustenance and maintenance, embedded systems, and cloud and software engineering. In addition, the company offers manufacturing engineering services, including operations support, supply chain solutions, digital factory and simulation, manufacturing automation, new product development, PLM on cloud, plant design, materials management, and sourcing and procurement services. Further, it delivers plant engineering services such as CAPEX project services, plant management, operational support, regulatory compliance, and procurement solutions. L&T Technology Services Limited serves industries including automotive, aerospace, rail transportation, commercial, recreational and off-highway vehicles, industrial products, process manufacturing, hi-tech, medical technology, public infrastructure, smart cities, and software platforms. Additionally, the company has strategic collaboration with Thyssenkrupp Steering and ASSAI Software Services. The company was formerly known as L&T Integrated Engineering Services Limited and changed its name to L&T Technology Services Limited in September 2012. The company was incorporated in 2012 and is headquartered in Vadodara, India. L&T Technology Services Limited operates as a subsidiary of Larsen & Toubro Limited.
Stock analysis
L&T Technology Services Limited (LTTS) currently trades at ₹3,268, while our model-based Fair Value estimate is ₹3,551, so the stock looks roughly fairly valued today (gap 8.0%).
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹4,546 per share, and 14 of the 26 models we run sit above the ₹3,268 price.
Bear case: the Asset-Based group reads lowest at ₹408.79, and 12 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹2,333 (bear) to ₹5,458 (bull), the price of ₹3,268 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
L&T Technology Services Limited reported revenue of ₹110B in FY2026 versus ₹65.7B in FY2022, a compound +13.7%/yr. Reported net income was ₹12.8B in FY2026, compounding +7.5%/yr from FY2022.
Key figures
Market cap ₹347B (≈ $3.6B) · P/E ratio 27.1 · P/S ratio 3.15 · EPS (TTM) ₹120.55 · Dividend yield 1.7% · Net margin 11.6% · Return on equity 19.5% · Return on assets (EBIT) 18.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (medium confidence).
What moves the price
The share trades about 30% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 44% fair-value upside, at 9%, LTTS screens richer than that median.
Fair Value models
Bear ₹2,333Fair Value ₹3,551Bull ₹5,458
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹32.72 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.1%
Start year 2021 (pandemic). Over 10 years: +13.6% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+45.1%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+10.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.2%
Dividend (yield on the price)1.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.9.2% vs 11.5%, steady
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.16% → 15%
Start year 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+8.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +10.5% a year for the price and +4.3% for the forecasts.
Compare L&T Technology Services Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Information Technology Services · 461 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+8.7% · Above median
Profitability
Return on equity (TTM)19.5% · Top 25%
Return on assets9.9% · Top 25%
Net margin (TTM)11.7% · Top 25%
Operating margin (TTM)15.7% · Top 25%
Growth and dividend
Revenue growth2.6% · Below median
Dividend yield (TTM)1.7% · Below median
Valuation Multiplesvs Information Technology Services median · lower = cheaper
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Is L&T Technology Services Limited (LTTS) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of ₹3,551 versus a price of ₹3,268, about +9% upside (fairly valued).
What is the fair value of LTTS?
Our model-based fair value for L&T Technology Services Limited is ₹3,551 (as of Oct 1, 2026), built from audited fundamentals. The current price: ₹3,268.
What is the quality score of LTTS?
L&T Technology Services Limited has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for L&T Technology Services Limited (LTTS)?
Our model-based price target is the fair value of ₹3,551 (as of Oct 1, 2026) from 26 valuation models. Cautious scenario ₹2,333, optimistic scenario ₹5,458. It is a calculation from audited fundamentals, not an analyst target.
What is the L&T Technology Services Limited stock forecast for 2026?
Our models put fair value at ₹3,551, about +9% upside versus a price of ₹3,268 (fairly valued). Cautious scenario ₹2,333, optimistic scenario ₹5,458. The calculation is refreshed regularly with new filings.
What is the revenue of L&T Technology Services Limited (LTTS)?
L&T Technology Services Limited reported trailing-twelve-month revenue of about ₹113B (latest available figure, as of Oct 1, 2026).
Does L&T Technology Services Limited pay a dividend?
L&T Technology Services Limited currently shows a dividend yield of about 1.71% relative to its recent price (as of Oct 1, 2026).
What growth is priced into L&T Technology Services Limited (LTTS)?
For today's price to be fair in a discounted-cash-flow model, L&T Technology Services Limited would have to grow free cash flow by +15.1 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.1 % per year. As of Oct 1, 2026.
What discount rate (WACC) does the fair value of LTTS use?
Our models discount L&T Technology Services Limited at 10.9 %: a base by market capitalisation (mid), damped by beta 0.16, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For L&T Technology Services Limited that is +15.1 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has L&T Technology Services Limited (LTTS) delivered so far?
Over the past 5 years revenue at L&T Technology Services Limited grew +15.1 % a year. The price currently implies +15.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of L&T Technology Services Limited (LTTS) growing?
The median revenue growth in the sector is +9.6 % a year. That is the yardstick for the growth priced into L&T Technology Services Limited (+15.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of L&T Technology Services Limited (LTTS)?
The free-cash-flow yield on the price is 3.95 %: that much free cash flow L&T Technology Services Limited produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of L&T Technology Services Limited (LTTS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For L&T Technology Services Limited it is ₹3,551 per share (as of Oct 1, 2026), against a price of ₹3,268. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is L&T Technology Services Limited stock overvalued or undervalued in 2026?
As of Oct 1, 2026, LTTS trades below its calculated fair value: price ₹3,268, fair value ₹3,551, a gap of about +9% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of LTTS?
No. The price is what the market pays today (₹3,268); the fair value is what the company's own numbers justify (₹3,551). For L&T Technology Services Limited the two are ₹283.66 per share apart. That gap is exactly why we show both numbers side by side.
How much is L&T Technology Services Limited worth?
The market values L&T Technology Services Limited at about ₹347B (market capitalisation, as of Oct 1, 2026). Per share that is ₹3,268; our models calculate a fair value of ₹3,551 per share.
What do the bullish and bearish scenarios say about LTTS?
Our models span a range for L&T Technology Services Limited: cautious scenario ₹2,333, base ₹3,551, optimistic ₹5,458 per share (as of Oct 1, 2026, price ₹3,268). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LTTS?
L&T Technology Services Limited trades at a price-to-earnings ratio of 27.1 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹3,551 is built from several models across several years. Other multiples: P/B 5.4, P/S 3.1, EV/EBITDA 17.7.
How solid is the balance sheet of L&T Technology Services Limited (LTTS)?
Balance-sheet figures for L&T Technology Services Limited (as of Oct 1, 2026): return on equity 19.5%. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is LTTS from its 52-week high?
L&T Technology Services Limited trades at ₹3,268, about 30% below its 52-week high of ₹4,644 and 7% above the low of ₹3,041 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹3,551 is for.
Which stocks are comparable to L&T Technology Services Limited?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is L&T Technology Services Limited stock attractive at the current price?
The data as of Oct 1, 2026: price ₹3,268, calculated fair value ₹3,551 (+9%), Quality Score 66/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of LTTS calculated?
We run L&T Technology Services Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹3,551, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. L&T Technology Services Limited currently trades 8 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of L&T Technology Services Limited (LTTS)?
The closing price on Oct 1, 2026 was ₹3,268. Our model-based fair value is ₹3,551, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with L&T Technology Services Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (₹2,333 to ₹5,458) leaves room in how you read the outcome.
Where does the earnings growth of L&T Technology Services Limited (LTTS) come from?
Earnings per share at L&T Technology Services Limited grew +13.9 % a year from 2015 to 2026. Broken into its drivers: revenue per share +14.5 %, EBIT margin −1.3 %, tax rate −0.6 %, residual (interest, one-offs) +1.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of L&T Technology Services Limited
How large is the market capitalisation of L&T Technology Services Limited (LTTS)?
The market capitalisation of L&T Technology Services Limited is ₹347B (≈ $3.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of L&T Technology Services Limited (LTTS)?
The price-to-sales ratio of L&T Technology Services Limited is 3.15 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of L&T Technology Services Limited (LTTS)?
Earnings per share at L&T Technology Services Limited are ₹120.55 (price ÷ EPS = P/E 27.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of L&T Technology Services Limited (LTTS)?
The dividend yield of L&T Technology Services Limited is 1.7% (payout 46.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of L&T Technology Services Limited (LTTS)?
The net margin of L&T Technology Services Limited is 11.6% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of L&T Technology Services Limited (LTTS)?
The return on equity (ROE) of L&T Technology Services Limited is 19.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of L&T Technology Services Limited (LTTS)?
On an EBIT basis the return on assets of L&T Technology Services Limited is 18.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of L&T Technology Services Limited (LTTS)?
The operating margin of L&T Technology Services Limited is 15.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at L&T Technology Services Limited (LTTS)?
Revenue at L&T Technology Services Limited is growing +2.6% versus a year earlier (3y avg +7.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at L&T Technology Services Limited (LTTS)?
Earnings per share at L&T Technology Services Limited are growing +12.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does L&T Technology Services Limited (LTTS) hold?
L&T Technology Services Limited holds more cash than debt, ₹10.7B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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