LTIMindtree reported revenue of $1.1 billion in Q2 FY26, up 2.4% QoQ CC, above our estimate of 2.0% QoQ CC growth. Ebit margin at 15.9% was above Motilal Oswal's estimate of 14.9%. PAT stood at Rs 13.8 billion, up 10.1% QoQ/10.4% YoY and in line with our estimate of Rs 13 billion.
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Motilal Oswal Report
We reiterate our Buy rating on LTIMindtree Ltd., supported by its capabilities in data engineering and ERP modernization.
The company’s broad-based vertical momentum and sustained deal pipeline support our confidence in ~6% constant currency revenue growth for FY26E.
Margin performance has been ahead of expectations, aided by the ‘Fit4Future’ program, and we expect further expansion over H2.
With improving revenue visibility and earnings growth potential of 13-15% over the medium term, we upgrade our estimates by 5.1%/3.8% for FY26/FY27.
We value LTIMindtree at 31x Jun’27E EPS, arriving at a target price of Rs 6,650, implying ~18% upside.
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