Muted Start | Somber Growth Outlook | UNPF

研报英文原文证据摘录

Muted Start | Somber Growth Outlook | UNPF

India | Computer Services & IT Consulting

LTM EquityJulyResearch13, 2026

TARGET | ESTIMATE CHANGEMuted Start | Somber Growth Outlook | UNPF

LTM's Jun-26 results were broadly in line with our modest expectations. RATING UNDERPERFORM

Management's aspiration of 6% growth in FY27 and productivity pass- PRICE INR4,041.15^

through being largely behind seem optimistic. We cut our EPS estimates by PRICE TARGET | % TO PT INR3,360 (INR3,500) |

2-3% to factor in a weaker growth outlook and expect 6%/9% CAGR in cc -17%

52W HIGH-LOW INR6,430.00 - INR3,529.60

revenues/EPS over FY27-29. Inability to add new accounts should weigh on

FLOAT (%) | ADV MM (USD) 31.4% | 23.33

growth outlook which in turn should drive further derating. Maintain UNPF

MARKET CAP INR1.2T | $12.5B

with lower PT of Rs3,360 on 15x PE.

TICKER LTM IN

^Prior trading day's closing price unless otherwise

Revenues in line; profits miss: LTM's Jun-26 (1QFY27) revenues of US$1.2bn, up 0.3% QoQcc, noted.

was largely in line with estimates. EBIT margins at 15.5%, up 40bps QoQ was slightly above

our estimates. Profits, normalised for the revaluation gains of Rs1,978m, at Rs13.2bn were up

5% YoY and missed estimates due to lower-than-expected other income. FY (Mar) CHANGE TO JEFe JEF vs CONS

2027 2028 2027 2028

Growth concentrated in select verticals and client cohorts: Revenue growth was supported REV NA NA NA NA

by 3.4% QoQcc growth in Tech and Services and 3.2% QoQcc growth in Financial Services. EPS -3% -2% NA NA

Production vertical declined 5.7% QoQcc, impacted partly by fall-off in seasonal pass-through

revenues. Revenues from Consumer declined 0.7% QoQcc due to delayed ramp-ups and 2027 (INR) Q1 Q2 Q3 Q4 FY

project delays in India and the Middle East.