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ICICI Securities Report
ICICI Securities has revised its target price on L&T Technology Services Ltd. down to Rs 3,380 from Rs 3,550, while maintaining a ‘Hold' rating following the company's Q4 FY26 results.
L&T Tech reported a miss on revenue in Q4 FY26, given the impact from its divestment of the SWC business. Takeaways:
- Automotive is stabilising (in line with Tata Elxsi's commentary).
- Continued positive traction in sustainability business (with broad uptick across subsegments).
- 13–15% revenue CAGR till FY31 for the continuing business under Lakshya 31 program.
- Completion of restructuring exercise as of Q4 FY26.
The brokerage maintains its neutral stance on L&T Tech, as execution remains paramount amid a slew of strategy and portfolio changes. While management's robust 13–15% revenue CAGR outlook gives confidence, ICICI Securities estimate that FY27 revenue growth will likely be in mid-single-digits amid the strategic pivot, leadership changes and macro uncertainty.
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