LTIMindtree Shares: Dolat Capital Revises Rating To 'Add' Post Inline Q1 Results — Check Target Price

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Dolat Capital Report

For FY26, LTIMindtree Ltd. is expected to experience a steady year with an optimistic outlook from management. Although growth expectations have lowered in the absence of significant growth drivers. The company’s recent deal wins, strong deal pipeline, and execution rigour will support this optimism, and we remain watchful of the performance.

LTIMindtree is well placed amongst the top Tier companies and accordingly, we value the stock at 29x on FY27E earnings of Rs 196, largely retaining our estimates and target price of Rs 5,700 per share.

But based on recent price run-up, we revise our rating to ‘Accumulate’

LTIMindtree reported a mild constant currency revenue growth of 0.8% QoQ (in line with our estimate: +0.8%), with a broad-based flattish growth across all verticals. Operating profit margin was up 50 bps QoQ at 14.3%, improvement (~100bps) was driven by Fit4Future initiatives, partly offset by visa seasonality and forex.

While there was no specific guidance for FY26, LTIMindtree remains optimistic about deal win opportunities (total contract value remained strong at $1.63 billion for Q4 – trailing twelve months TCV up 11% YoY) as management highlighted strengthening large deal capabilities under centralized leadership, with robust pipeline and improved win rates.

LTIMindtree remains our preferred pick among tier I names, supported by healthy deal wins, strong pipeline and optimism on navigating FY26 despite macro challenges.

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