Distinguished among its peers, L&T Tech has cemented its position in the engineering domain through the development of cutting-edge capabilities (1,448 patents), leveraging both organic/inorganic growth through strategic acquisitions (such as Intelli-swift and SWC).
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We initiate the coverage with Buy rating at a target price of Rs 5,251 (32x PE FY27E earnings per share).
L&T Technology Services Ltd., a prominent engineering research and development player with a global footprint across key verticals— Mobility, Sustainability, and Technology; and flexes a robust portfolio of niche subsegments and service lines.
Distinguished among its peers, L&T Tech has cemented its position in the engineering domain through the development of cutting-edge capabilities (1,448 patents), leveraging both organic/inorganic growth through strategic acquisitions (such as Intelli-swift and SWC).
The management is confident in its expansive capabilities & aims to achieve a $2 billion revenue run rate in the medium term, with a long-term target of $1bn each vertical.
This ambition is underpinned by a rich client base (378 active clients) with a consistent track record of securing large deals (7-8 in last six quarters). Given the rising demand in the ERD space, L&T Tech is well-poised with its technological prowess and capacity to capture the growth, likely to lead the pack. However, macro-economic challenges may pose short-term headwinds, potentially dampening growth in the near term.
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