LTTS Q1: consol PAT ₹357 Cr, +13% YoY as revenue rebounds ~11.5%, EBIT margin expands ~200bps

L&T Technology Services opened FY27 with growth firmly back: consolidated revenue from operations of ₹2,940.1 Cr rose ~11.5% YoY (on a like-for-like restated base) and 2.9% QoQ, while consolidated net profit of ₹357.1 Cr climbed ~13.0% YoY and 7.3% QoQ. Crucially, the quarter carried no exceptional item, versus the ₹37 Cr restructuring/labour-code charge that had dented Q4FY26 — so this is a clean print, with reported and adjusted YoY PAT growth both near +13%. EPS (combined basic) was ₹33.62 against ₹29.81 a year ago.

The standout is operating leverage: consolidated EBIT margin expanded to ~15.7% from ~13.7% a year ago (and ~15.2% last quarter), and the improvement is operational — other income actually fell to ₹29.1 Cr (from ₹67.0 Cr YoY), so the margin gain came from the business, not below-the-line items. That puts LTTS visibly on the path toward management's stated goal of mid-16% EBIT margins by Q4FY27. Growth was led by Sustainability (segment revenue +23.6% YoY) and Mobility (+11.9%), while the Tech segment was the soft spot at roughly flat/-0.8% YoY and down sequentially — so management's Q4FY26 guidance of 'growth resuming across all segments' was largely, but not fully, met.

The stock went into the print at ₹3,293.1, down 1.7% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters.

SWC business reclassified to discontinued operations (BTA 25-Mar-2026) — comparatives restated — this is why year-ago revenue differs from prior records

Versus the Street, the topline landed just under expectations: a Univest/analyst preview had modelled ₹2,995–3,374 Cr of revenue, and the reported ₹2,940 Cr (continuing operations, post-SWC-restatement) sits marginally below that range, though the restatement muddies a direct comparison. On basis, consolidated is the story and diverges from standalone: standalone PAT grew only ~8.2% YoY (₹332.9 Cr) versus consolidated ~13.0%, a >4pp gap reflecting stronger subsidiary contribution — readers seeing the standalone number elsewhere should not treat it as the headline. Alongside results, the board noted the cessation of independent director Narayanan Kumar, re-appointed Luis Miranda, and cleared Nabha Power's promoter-to-public reclassification — governance housekeeping, not P&L drivers.