LTTS - L&T Technology Services Limited Share Price

IT - Services

₹4185.60-70.50(-1.66%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does L&T Technology Services Limited do?

IT Enabled Services•Information Technology•Mid Cap

L&T Technology Services is an IT Enabled Services company, recognized by its stock ticker LTTS. With a market capitalization of Rs. 51,052 Crores, the company operates globally, including regions such as India, the United States, and Europe.

L&T Technology Services specializes in engineering research and development services across various segments:

Transportation Segment: Collaborates with OEMs and tier 1 suppliers to provide support solutions for the aerospace, automotive, rail, commercial vehicles, off-highway, and polymer industries. This includes concept, design, manufacture, and sourcing.
Industrial Products Segment: Offers a range of services, including product development counsel, software, electronics integration, mechanical engineering, and solutions for building automation and machinery applications.
Hi-Tech Communication and Media Segments: Focuses on embedded software design and development, as well as testing and validation services. This segment serves industries like telecom, consumer electronics, semiconductors, and media and entertainment.
Plant Engineering Segment: Provides services such as project management, design, and maintenance solutions for sectors including chemical, consumer packaged goods, and energy utilities.
Medical Devices Segment: Offers comprehensive services for medical device OEMs, including concept design, embedded systems, engineering services, and regulatory compliance for various types of medical devices.

Established in 2012 and headquartered in Vadodara, India, L&T Technology Services is a subsidiary of Larsen & Toubro Limited. The company reported a trailing 12 months revenue of Rs. 10,442 Crores, and it has been profitable, with a profit of Rs. 1,294.8 Crores in the last four quarters.

L&T Technology Services is also committed to its investors, distributing dividends with a yield of 1.39% annually, having returned Rs. 67 dividend per share over the past 12 months. While the company has diluted shareholdings by 0.4% in the last three years, it has demonstrated substantial revenue growth of 63.2% during that same period.

Industry Group:IT - Services

Employees:21,271

Website:www.ltts.com

Pros

Profitability: Recent profitability of 12% is a good sign.

Buy Backs: Company has bought back it's stock in the past which is a good thing.

Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.

Size: Market Cap wise it is among the top 20% companies of india.

Growth: Good revenue growth. With 63.2% growth over past three years, the company is going strong.

Balance Sheet: Strong Balance Sheet.

Cons

Momentum: Stock is suffering a negative price momentum. Stock is down -7% in last 30 days.

Technicals: SharesGuru indicator is Bearish.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Category	LTTS	IT
PE	34.80	50.48
PS	4.32	3.11
Growth	11 %	4.8 %

Shareholder Name	Holding %
LARSEN AND TOUBRO LIMITED	73.66%
LIFE INSURANCE CORPORATION OF INDIA	6.92%
SBI ARBITRAGE FUND	1.81%
SEAFARER OVERSEAS GROWTH & INCOME FUND	1.48%

Description	Share	Value
Tech	36.5%	969.2 Cr
Mobility	32.3%	857.8 Cr
Sustainability	31.1%	826 Cr
Total		2.7 kCr

Cash Flow for L&T Technology Services

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-	48	0	0
Depreciation	21.9%	246	202	183
Unrealised forex losses/gains	-	0	0	2.4
Adjustments for interest income	-101.1%	0	88	28
Share-based payments	-48.1%	43	82	5.5
Net Cashflows from Operations	16.5%	1,983	1,702	1,230
Interest paid	-102.6%	0	39	-39.4
Interest received	-512.2%	-130.9	33	-49.2
Income taxes paid (refund)	16.7%	511	438	329
Other inflows (outflows) of cash	-	0	0	7.4
Net Cashflows From Operating Activities	6.5%	1,341	1,259	899
Cashflows used in obtaining control of subsidiaries	-	798	0	0
Proceeds from sales of PPE	-	11	0	6.8
Purchase of property, plant and equipment	58.2%	251	159	118
Purchase of investment property	-100.1%	0	781	0
Proceeds from sales of long-term assets	-100.4%	0	286	0
Purchase of other long-term assets	-	110	0	0
Dividends received	-103.4%	0	30	16
Interest received	-1.4%	70	71	33
Other inflows (outflows) of cash	-	0	0	-327
Net Cashflows From Investing Activities	58.1%	-231.4	-553.8	-388.6
Proceeds from issuing shares	-	0	0	0.1
Payments of lease liabilities	-68%	102	317	73
Dividends paid	-	497	0	363
Interest paid	23.7%	48	39	39
Net Cashflows from Financing Activities	-49.4%	-646.6	-432.4	-476
Net change in cash and cash eq.	69.9%	463	273	35

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-	51	0	0
Depreciation	17.8%	272	231	214
Unrealised forex losses/gains	-	16	0	2.7
Dividend income	97.3%	0	-35.65	0
Adjustments for interest income	-	82	0	29
Share-based payments	-48.1%	43	82	5.5
Net Cashflows from Operations	8.8%	2,070	1,903	1,357
Interest paid	-102.4%	0	43	-43.7
Interest received	40.2%	-52	-87.62	-49.2
Income taxes paid (refund)	12.7%	526	467	356
Other inflows (outflows) of cash	-	0	0	11
Net Cashflows From Operating Activities	14.4%	1,493	1,305	1,006
Cashflows used in obtaining control of subsidiaries	-	798	0	0
Proceeds from sales of PPE	-152.6%	0	2.9	6.9
Purchase of property, plant and equipment	44%	253	176	162
Proceeds from sales of investment property	-	11	0	0
Purchase of investment property	-100.2%	0	502	0
Proceeds from sales of long-term assets	-	825	0	0
Purchase of other long-term assets	-	24	0	0
Dividends received	-103.2%	0	32	0
Interest received	-101.4%	0	71	33
Other inflows (outflows) of cash	-	0	0	-325.8
Net Cashflows From Investing Activities	59.1%	-233.3	-571.82	-448.3
Proceeds from issuing shares	-	0	0	0.1
Payments of lease liabilities	-	0	0	91
Dividends paid	57%	497	317	363
Interest paid	19%	51	43	44
Net Cashflows from Financing Activities	-48.2%	-657.9	-443.5	-498.2
Net change in cash and cash eq.	108%	602	290	60

Income Statement for L&T Technology Services

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	3.7%	2,412	2,325	2,246	2,351	2,148	2,136
Other Income	-56.7%	30	68	64	50	64	42
Total Income	2%	2,442	2,393	2,310	2,401	2,212	2,178
Employee Expense	1.5%	1,239	1,221	1,170	1,087	1,104	1,092
Finance costs	27.3%	15	12	13	13	13	11
Depreciation and Amortization	-4.2%	69	72	66	68	65	62
Other expenses	2.8%	700	681	631	774	590	588
Total Expenses	1.9%	2,023	1,986	1,880	1,942	1,771	1,753
Profit Before exceptional items and Tax	3%	419	407	430	459	441	424
Total profit before tax	3%	419	407	430	459	441	424
Current tax	7.3%	118	110	119	112	118	118
Deferred tax	-155.6%	-0.5	3.7	-1.1	18	1.5	-1.6
Total tax	3.5%	118	114	118	130	120	116
Total profit (loss) for period	2.7%	301	293	313	329	321	308
Other comp. income net of taxes	-51.4%	-52.6	-34.4	21	26	-0.7	-41.2
Total Comprehensive Income	-4.3%	248	259	333	355	320	267
Earnings Per Share, Basic	2.8%	28.43	27.69	29.55	31.15	30.36	29.17
Earnings Per Share, Diluted	2.8%	28.37	27.62	29.47	31.06	30.28	29.09

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	22.1%	8,679	7,108	5,874	4,964	5,181	4,712
Other Income	-1.5%	203	206	154	174	212	151
Total Income	21.4%	8,882	7,314	6,027	5,138	5,394	4,863
Employee Expense	10.1%	4,350	3,952	3,193	3,001	2,966	2,906
Finance costs	23.7%	48	39	39	44	35	1.1
Depreciation and Amortization	21.9%	246	202	183	174	153	73
Other expenses	59.9%	2,499	1,563	1,362	1,025	1,184	942
Total Expenses	24.1%	7,143	5,756	4,777	4,243	4,339	3,922
Profit Before exceptional items and Tax	11.6%	1,739	1,558	1,251	895	1,055	941
Total profit before tax	11.6%	1,739	1,558	1,251	895	1,055	941
Current tax	6.9%	463	433	331	210	208	227
Deferred tax	23.1%	17	14	1.2	12	57	14
Total tax	7.6%	481	447	332	222	265	241
Total profit (loss) for period	13.3%	1,258	1,110	918	673	790	700
Other comp. income net of taxes	124.1%	42	-168.8	81	254	-260.3	-2.1
Total Comprehensive Income	38%	1,300	942	999	927	530	698
Earnings Per Share, Basic	13.3%	119.06	105.18	87.26	64.25	75.82	67.72
Earnings Per Share, Diluted	13.4%	118.74	104.87	87.08	63.83	74.99	66.67

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	3.1%	2,653	2,573	2,462	2,538	2,422	2,386
Other Income	-48.4%	34	65	62	56	62	41
Total Income	1.8%	2,686	2,638	2,524	2,594	2,484	2,428
Employee Expense	0.7%	1,395	1,385	1,332	1,219	1,254	1,242
Finance costs	36.4%	16	12	13	13	13	13
Depreciation and Amortization	-6.5%	73	78	73	75	72	68
Other expenses	5.7%	763	722	674	816	680	669
Total Expenses	2.3%	2,247	2,197	2,091	2,122	2,019	1,992
Profit Before exceptional items and Tax	-0.2%	440	441	433	471	466	436
Total profit before tax	-0.2%	440	441	433	471	466	436
Current tax	12.5%	127	113	120	110	123	121
Deferred tax	-210.8%	-6.2	7.5	-1	20	5.6	-0.4
Total tax	-0.8%	120	121	119	130	129	120
Total profit (loss) for period	0%	320	320	314	341	337	316
Other comp. income net of taxes	-56.9%	-45.6	-28.7	20	23	-0.1	-37.2
Total Comprehensive Income	-5.9%	274	291	334	364	337	279
Earnings Per Share, Basic	0.9%	30.47	30.2	29.65	32.25	31.8	29.84
Earnings Per Share, Diluted	1%	30.4	30.12	29.57	32.16	31.72	29.76

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	20.4%	9,647	8,014	6,570	5,450	5,619	5,078
Other Income	-0.5%	207	208	152	154	209	223
Total Income	19.9%	9,855	8,222	6,722	5,603	5,828	5,301
Employee Expense	8%	4,930	4,564	3,650	3,355	3,292	3,179
Finance costs	16.3%	51	44	44	46	36	1.9
Depreciation and Amortization	17.3%	272	232	214	218	183	104
Other expenses	60.9%	2,798	1,739	1,504	1,087	1,217	985
Total Expenses	22.4%	8,051	6,578	5,413	4,706	4,728	4,270
Profit Before exceptional items and Tax	9.7%	1,804	1,644	1,309	897	1,100	1,031
Total profit before tax	9.7%	1,804	1,644	1,309	897	1,100	1,031
Current tax	3.5%	472	456	357	230	227	252
Deferred tax	92.3%	26	14	-8.6	0.8	51	11
Total tax	6%	498	470	349	231	278	263
Total profit (loss) for period	11.3%	1,306	1,174	961	666	822	768
Other comp. income net of taxes	127.8%	42	-146.4	90	248	-247.9	4.5
Total Comprehensive Income	31.2%	1,348	1,028	1,051	915	574	773
Earnings Per Share, Basic	11.4%	123.34	110.8	90.92	63.32	78.56	74.06
Earnings Per Share, Diluted	11.4%	123	110.48	90.74	62.9	77.7	72.91

Balance Sheet for L&T Technology Services

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-19.1%	736	910	617	460	347	177
Current investments	19.2%	1,498	1,257	1,126	2,064	1,620	1,354
Loans, current	-	0	0	0	0	0	0
Total current financial assets	3.4%	4,792	4,634	4,751	4,559	3,944	3,768
Inventories	139.1%	6.5	3.3	2.4	0	0	0
Total current assets	3.8%	6,010	5,790	5,303	4,768	4,291	4,020
Property, plant and equipment	-4.2%	364	380	709	260	624	604
Capital work-in-progress	-58.3%	6	13	121	6.5	6	9.9
Investment property	-1.2%	560	567	-	350	0	0
Goodwill	0%	428	428	389	389	389	389
Non-current investments	-4.1%	372	388	367	486	339	294
Total non-current financial assets	-7.2%	517	557	498	666	458	529
Total non-current assets	-2.7%	2,155	2,215	1,940	1,692	1,626	1,688
Total assets	2%	8,164	8,005	7,243	6,459	5,917	5,708
Borrowings, non-current	-2.2%	484	495	0	344	0	0
Total non-current financial liabilities	-0.4%	495	497	423	361	389	417
Provisions, non-current	-	0	0	6.2	5.2	0	0
Total non-current liabilities	-0.7%	576	580	476	406	409	496
Borrowings, current	-	0	0	0	0	0	0
Total current financial liabilities	-5.1%	1,594	1,680	1,641	859	777	483
Provisions, current	7.2%	164	153	150	127	232	191
Current tax liabilities	-1.6%	63	64	70	113	60	75
Total current liabilities	-4%	2,278	2,374	2,262	1,365	1,282	1,230
Total liabilities	-3.4%	2,854	2,954	2,739	1,771	1,691	1,727
Equity share capital	0%	21	21	21	21	21	21
Total equity	5.1%	5,311	5,051	4,505	4,688	4,226	3,982
Total equity and liabilities	2%	8,164	8,005	7,243	6,459	5,917	5,708

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-19.2%	907	1,122	727	535	397	235
Current investments	19.6%	1,547	1,294	1,161	2,109	1,663	1,392
Loans, current	12.2%	176	157	0	0	0	0
Total current financial assets	-17.3%	5,151	6,227	5,077	4,746	4,196	4,018
Inventories	139.1%	6.5	3.3	2.4	0	0	0
Total current assets	3.6%	6,456	6,230	5,693	5,141	4,614	4,325
Property, plant and equipment	-1.9%	969	988	752	654	669	640
Capital work-in-progress	-58.3%	6	13	121	6.5	6	9.9
Goodwill	0%	604	604	603	601	599	588
Non-current investments	-8.6%	182	199	160	175	131	86
Total non-current financial assets	-10.9%	329	369	292	280	252	322
Total non-current assets	-3%	2,191	2,258	2,018	1,776	1,718	1,766
Total assets	1.9%	8,647	8,488	7,711	6,917	6,332	6,091
Total non-current financial liabilities	-0.2%	520	521	448	390	428	455
Provisions, non-current	8.2%	8.9	8.3	6.2	5.2	0	0
Total non-current liabilities	-0.5%	601	604	501	434	447	536
Borrowings, current	-	0	0	0	0	0	0
Total current financial liabilities	-5.6%	1,709	1,811	1,766	992	888	606
Provisions, current	7.2%	165	154	155	131	238	195
Current tax liabilities	13.1%	70	62	76	116	68	84
Total current liabilities	-5.2%	2,406	2,537	2,401	1,514	1,417	1,379
Total liabilities	-4.3%	3,006	3,141	2,902	1,948	1,865	1,915
Equity share capital	0%	21	21	21	21	21	21
Non controlling interest	0%	21	21	20	18	15	14
Total equity	5.5%	5,641	5,348	4,808	4,969	4,468	4,176
Total equity and liabilities	1.9%	8,647	8,488	7,711	6,917	6,332	6,091

Valuation
Market Cap	44.31 kCr
Price/Earnings (Trailing)	34.22
Price/Sales (Trailing)	4.24
EV/EBITDA	20.74
Price/Free Cashflow	44.16
MarketCap/EBT	24.83

Fundamentals
Revenue (TTM)	10.44 kCr
Rev. Growth (Yr)	8.14%
Rev. Growth (Qtr)	1.84%
Earnings (TTM)	1.29 kCr
Earnings Growth (Yr)	-5.14%
Earnings Growth (Qtr)	-0.16%

Profitability
Operating Margin	17.09%
EBT Margin	17.09%
Return on Equity	22.95%
Return on Assets	14.97%
Free Cashflow Yield	2.26%

Investor Care
Dividend Yield	1.6%
Dividend/Share (TTM)	67
Shares Dilution (1Y)	0.12%
Diluted EPS (TTM)	122.25

Financial Health
Current Ratio	2.68
Debt/Equity	0.00
Debt/Cashflow	0.00

Is L&T Technology Services Better than it's peers?

Detailed comparison of L&T Technology Services against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LTIM	LTIMindtreeComputers - Software & Consulting	1.33 LCr	38.08 kCr	-0.10%	-6.29%	29.06	3.49	+6.13%	-0.52%
PERSISTENT	Persistent SystemsComputers - Software & Consulting	82.4 kCr	11.44 kCr	-4.11%	+55.62%	62.44	7.2	+19.25%	+28.17%
TATAELXSI	Tata ElxsiComputers - Software & Consulting	35.43 kCr	3.9 kCr	+9.10%	-19.91%	43.77	9.09	+8.30%	+1.59%
KPITTECH	KPIT TechComputers - Software & Consulting	33.75 kCr	5.77 kCr	-5.83%	-13.08%	44.36	5.85	+24.79%	+39.81%
TATATECH	Tata TechIT Enabled Services	28.62 kCr	5.28 kCr	+3.78%	-34.21%	44.36	5.43	-	-
CYIENT	CyientIT Enabled Services	13.12 kCr	7.39 kCr	-6.58%	-37.34%	19.91	1.77	+4.38%	-1.54%

Summary of Latest Earnings Report from L&T Technology Services

Summary of L&T Technology Services's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Jan 25

Management Outlook and Key Points:

Revenue Growth:

FY25 revenue guidance: ~10% growth (including Intelliswift acquisition) and ~8% organic growth.
Medium-term target: Reach $2 billion revenue with 17-18% EBIT margin.

Margins:

Aspire to achieve ~16% organic EBIT margin in FY25.
Consolidated EBIT margin (including Intelliswift) expected near 15% in Q4 FY25, improving to mid-16% by Q4 FY27"“Q1 FY28 post-integration synergies.

Segment Expectations:

Mobility (Automotive, Aero/Rail):
- Muted Q4 growth but rebound from Q1 FY26 driven by new deals and programs.
- Challenges in Automotive (OEM/Tier-1 spending pauses), offset by growth in Aero/Rail and Trucks/Off-Highway.
- Focus on SDV (Software-Defined Vehicle) solutions and consolidation deals.
Sustainability (Process, Industrial):
- Strong demand in Oil & Gas, Chemicals, and Digital Manufacturing.
- Large deals in pipeline ($20M+), including plant modernization and smart operations.
Tech (Communications, MedTech, ISV):
- 11.1% growth in Q3; momentum expected to continue.
- New "Software & Platforms" sub-segment targeting Retail, Fintech, and Healthcare (addressable ER&D spend: $143B in Fintech, $47B in Retail).
- Hyperscaler partnerships and AI-driven solutions (e.g., software-defined endoscopy) gaining traction.

Strategic Initiatives:

Intelliswift Integration: Enhances AI/digital capabilities, expands hyperscaler footprint, and targets service-led sectors (Retail/Fintech/Healthcare). Synergies to improve margins from 7-8% to double digits.
Technology Investments: Focus on AI/GenAI, Agentic AI, and automation to drive non-linear growth. Over 170+ AI patents filed.
Deal Pipeline: Robust large-deal activity ($10M+), including cross-segment opportunities.

Operational Efficiency:

Headcount optimization, fresher hiring (2,000+ in FY26), and offshore leverage (target: 60% offshore mix).
DSO improvement (112 days in Q3) and record free cash flow (Rs.638 crore in Q3).

Challenges:

Auto sector softness and macroeconomic uncertainty.
Margin pressure from Intelliswift integration in the near term.

Conclusion: Management remains confident in sustained growth across segments, driven by large deals, technology differentiation, and market expansion into high-potential verticals.

Q&A Session

Last updated: Jan 25

1. Question: "Thanks for taking my question. Congrats on the good deal wins that we reported, and the question that I had is whether we should think of this level of deal wins as sustainable going forward. And given the pipeline that you had right now and if you could also highlight what would be the average tenure of these deals versus, let's say, what we would have won last quarter?"
Answer: The company expects Q4 deal wins to remain robust, with a pipeline stronger than previous quarters. Average deal tenure is ~3 years, driven by AI/GenAI solutions and proprietary frameworks.

2. Question: "Understood. My second question is on the Automotive vertical. The outlook that we have provided for Q4 and beyond. So just wanted to understand what's driving that confidence given that a lot of peers have seen ramp-ups being delayed by clients on the deals which have been won very recently as well."
Answer: Mobility (including Aero, Rail, and Trucks) offsets Automotive weakness. Investments in SDV (LTTSiDRIVE) and consolidation deals support growth. Q4 will see muted growth, improving from Q1 FY26.

3. Question: "Understood. Last is just a clarification. The benefit that we were supposed to have on the Maharashtra Cyber deal in terms of the milestone revenue booking, has that completely happened in this quarter or there is some bit of remaining in next quarter as well?"
Answer: Maha Cyber revenue is ongoing, with Q4 contributions expected as part of regular execution.

4. Question: "If I look at your segmental margins for the segment this quarter there was a substantial improvement in the Tech margins. Could you explain why this Tech margin has jumped up almost 300 bps on a sequential basis?"
Answer: Tech margin improvement (300 bps) stemmed from operational efficiencies, higher-margin subsegments like Medical, and reduced H1 FY25 investments.

5. Question: "While you're reconfirming 10% including Intelliswift and organic is around 8%. The Q4 numbers, if my math is correct is upwards of 6% growth. So, is that confidence coming on back of residual revenue from cyber projects of Maharashtra and pipeline ramp-up?"
Answer: Growth confidence for Q4 is driven by deal wins, seasonality in Smart World, and Intelliswift's consolidation. All segments are expected to contribute.

6. Question: "Any color on client conversations around incremental spends in R&D given macroeconomic and geopolitical factors?"
Answer: Demand is strong in AI, SDV, Industrial Automation, and supply chain rejigging. Geopolitical risks are mitigated via local hiring and delivery models. FY26 is expected to outperform FY25.

7. Question: "How did margins improve despite wage hikes and ROW/India growth? What's the outlook?"
Answer: Margin improvement (110 bps) resulted from operational efficiency, revenue quality, and SG&A optimization. FY25 organic EBIT target remains ~16%, with Intelliswift consolidation lowering Q4 margins to ~15%.

8. Question: "What's driving the Automotive recovery timeline, and how does Mobility's subsegment exposure break down?"
Answer: Automotive recovery is expected by Q2 FY26. Mobility growth in Q4 will rely on Aero, Rail, and Trucks. Subsegment breakdowns are not disclosed, but diversification reduces reliance on Automotive.

9. Question: "How will you achieve 16% organic EBIT in Q4 amid wage hikes and SWC seasonality?"
Answer: Growth, pyramid optimization, offshoring, and operational efficiency will offset headwinds. Intelliswift's margin drag (150 bps) is factored into consolidated Q4 EBIT guidance of ~15%.

10. Question: "Why was organic growth revised to ~8% (lower end of guidance)?"
Answer: Automotive slowdown and delayed deals impacted growth, but the company remains within the 8"“10% range. Intelliswift unlocks service-led ER&D markets (Fintech, Retail, Healthcare) for future growth.

11. Question: "How will SG&A and headcount trend amid strong deals?"
Answer: SG&A will stabilize at 10.5"“11%. Headcount growth remains non-linear due to automation/AI. FY26 fresher hiring (2,000+) will optimize pyramids and margins.

12. Question: "What's the outlook for Oil & Gas and SDV delays?"
Answer: Oil & Gas growth is driven by plant modernization and digital initiatives. SDV spends continue, but model-year shifts and regulatory changes delay some projects, with recovery expected in 2"“3 quarters.

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