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Motilal Oswal Report
We reiterate our Buy rating on LTIMindtree Ltd. due to its superior offerings in data engineering and ERP modernisation, positioning it well to capture pre-GenAI expenditures.
We anticipate LTIMindtree to outperform its large-cap peers and expect a low double-digit constant currency growth for FY26. However, margins remain a concern and the biggest risk to our thesis.
Our estimates are largely unchanged; FY25/FY26e EPS estimates are revised down by a minimal 1% owing to margin pressures. We value LTIMindtree at 35 times Sep'26E EPS. Our revised target price of Rs 7,400 implies 15% upside potential.
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