1Q27: Balanced commentary and trends by vertical

研报英文原文证据摘录

1Q27: Balanced commentary and trends by vertical

Update

July 15, 2026 02:48 AM GMT

Morgan Stanley India Company Private Limited+ML&T Technology Services Ltd | Asia Pacific Sulabh Govila, CFA

Equity Analyst

1Q27: Balanced commentary Sulabh.Govila@morganstanley.comGaurav Rateria +91 22 6118-2249

Gaurav.Rateria@morganstanley.com +91 22 6118-2237

and trends by vertical Shreshtha Chopra

Research Associate

Shreshtha.Chopra@morganstanley.com +91 22 6118-2227

Reaction to earnings Sakshi Rana

Unchanged In-line Largely unchanged Sakshi.Rana@morganstanley.com +91 22 6118-1002

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Results highlights: a) in-line print, b) balanced commentary and

vertical wise print, c) reiteration of margin guidance.

L&T Technology Services Ltd (LTEH.NS, LTTS IS)

India Technology | India

Key Takeaways

Stock Rating Equal-weight

Growth trends continued in sustainability vertical, with management expecting Industry View In-Line

Price target Rs3,460.00

double-digit growth in this vertical in F27. Up/downside to price target (%) 5

Shr price, close (Jul 14, 2026) Rs3,293.10

Mobility vertical returned to qoq growth trajectory despite volatile macro, 52-Week Range Rs4,726.00-3,010.00

supported by sub-segments such as off-highway and aero. Sh out, dil, curr (mn) 106

Mkt cap, curr (mn) Rs348,920

EV, curr (mn) Rs320,056

Largely in-line print: LTTS reported a 1.5% QoQ beat on revenue growth in constant Avg daily trading value (mn) Rs466

currency terms (MSe +1.3%) and EBIT margins at 15.7%, (MSe 15.6%). Deal wins at Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

US$100mn (one US$30+mn win, one US$20+mn, and four deals above US$10mn) EPS (Rs)** 118.88 138.11 156.06 171.16