LTMNSEQ2 FY2026October 23, 2025

LTM Limited

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Management on call

Venu Lambu

Chief Executive Officer and Managing Director

Vipul Chandra

Chief Financial Officer

Vikas Jadhav

Head Investor Relations

Key numbers — 40 extracted

1.18 billion

. Let me begin by sharing the headline numbers for Q2 FY2026. We reported revenues of US dollar 1.18 billion, reflecting sequential growth of 2.4% in constant currency terms and 2.3

2.4%

rs for Q2 FY2026. We reported revenues of US dollar 1.18 billion, reflecting sequential growth of 2.4% in constant currency terms and 2.3 % in USD terms. EBIT margins

2.3 %

es of US dollar 1.18 billion, reflecting sequential growth of 2.4% in constant currency terms and 2.3 % in USD terms. EBIT margins expanded 160 basis points from 14.3% in Q1 to 15.9% ahead of our plan.

160 basis point

nt currency terms and 2.3 % in USD terms. EBIT margins expanded 160 basis points from 14.3% in Q1 to 15.9% ahead of our plan. Our order inflow stood at USD 1.59 billion, up 22%

14.3%

2.3 % in USD terms. EBIT margins expanded 160 basis points from 14.3% in Q1 to 15.9% ahead of our plan. Our order inflow stood at USD 1.59 billion, up 22% year-on-year

15.9%

% in USD terms. EBIT margins expanded 160 basis points from 14.3% in Q1 to 15.9% ahead of our plan. Our order inflow stood at USD 1.59 billion, up 22% year-on-year, marking the

1.59 billion

anded 160 basis points from 14.3% in Q1 to 15.9% ahead of our plan. Our order inflow stood at USD 1.59 billion, up 22% year-on-year, marking the fourth consecutive quarter of order inflow around USD 1.6 billi

22%

oints from 14.3% in Q1 to 15.9% ahead of our plan. Our order inflow stood at USD 1.59 billion, up 22% year-on-year, marking the fourth consecutive quarter of order inflow around USD 1.6 billion. We s

1.6 billion

9 billion, up 22% year-on-year, marking the fourth consecutive quarter of order inflow around USD 1.6 billion. We signed large deals in each of our five verticals. I would now like to highlight some of the

9.1%

er of sequential growth across each vertical. The growth was led by consumer business, which grew 9.1% quarter-on-quarter. Healthcare, life sciences, and public services reported strong growth of 10.2

10.2%

9.1% quarter-on-quarter. Healthcare, life sciences, and public services reported strong growth of 10.2% quarter-on- quarter. Manufacturing and resources experienced a growth of 1.7% Q on Q. BFSI grew 0.

1.7%

ed strong growth of 10.2% quarter-on- quarter. Manufacturing and resources experienced a growth of 1.7% Q on Q. BFSI grew 0.2 % quarter-on-quarter. And technology, media, and communication reported 0.1

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Guidance — 20 items

Venu Lambu

“On EBIT, I will request Vipul to give a comment, but I would expect that also to have a similar commentary.”

Vipul Chandra

“We do not give out our specific EBIT guidance for medium term, so I will refrain from doing that but I think we are on a good profitable growth trajectory and we remain confident to be able to maintain that.”

Manik Taneja

“How should we be thinking about them, both for the near term and the medium term?”

Venu Lambu

“And if you have to deliver to the near double digit at some point in second half, obviously we expect the growth to be slightly higher than what we had in Q2, as we look beyond the Q2.”

Venu Lambu

“And my personal view is that that may be the new normal going forward as well.”

Venu Lambu

“The first tranche will be in the effective 1st of January.”

Venu Lambu

“And the second one will be in the 1st of April.”

Venu Lambu

“And I would expect that we will have to adjust to the new normal that we will have 2 stages of increments coming in for our employee base.”

Manik Taneja

“If you could help us understand what are those margin levers or the cost levers that you are working on in which you expect to essentially see more tangible benefits?”

Venu Lambu

“So I would expect the media account ramp up to be over a period of a couple of quarters.”

Risks & concerns — 15 flagged

We have also been honored with the prestigious Golden Peacock Award for Risk Management in 2025.

— Vipul Chandra

This recognition is a result of our continued commitment to industry best practices and aligning risk management to strategy goals.

— Vipul Chandra

And related question is, looking at the top 2 clients, one in high tech and one being BFSI, do you foresee any long term concern as these clients may face a hurdle in terms of your overall growth journey for medium to long term?

— Sandeep Shah

Last time for the BFSI growth prospects, you were sounding slightly cautious.

— Sandeep Shah

It is nothing to do with the market outlook being cautious or not.

— Venu Lambu

You did allude to some pressure within your top customers, but given some of the large deal wins that we have won in the recent past and some of the pass-through revenues that typically tends to come through in second half, do you think the strength that we see in second half of FY2026 may be higher than what we have historically seen?

— Manik Taneja

Debashish Mazumdar: Understood and sir my second question was specifically the commentary you just alluded to of the large customers having the impact of AI.

— Venu Lambu

So, I just wanted to understand does it have to do a lot more do with macro specifically that that these deals are getting or the existing book of work is also under pressure or is this to do more with AI?

— Venu Lambu

Yeah, what I meant was, will we see a similar pressure from productivity at a later stage with the top 6-10, top 11-20, and so on?

— Ravi Menon

So just on this productivity issue, if I remember it right, I think we had gone through a couple of back-to-back quarters where we had seen stress because of this productivity issue in the top account.

— Sudheer Guntupalli

So, any sense on how the furloughs this time is going to be and why we are confident despite the impact of furloughs?

— Sudheer Guntupalli

But as I said, I would urge you to look at the overall portfolio and look at what we are doing in terms of balancing the portfolio right to reduce the risk and especially to address the concentration risk, which some of you have spoken quite a few times with me.

— Vipul Chandra

If you can give some sense about AI adoption across our top client, and what kind of impact you have observed impact of AI on renewal.

— Dipesh Mehta

Just, Venu, sorry to stress again on top five.

— Sandeep Shah

So is it fair to assume our wallet share continues to remain defensive and it is not at a risk?

— Sandeep Shah

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Q&A — 12 exchanges

Congratulations on a very strong execution, both on revenue and EBIT margin. Venu, first question is, if I look at the top 5 client bucket, the growth seems slightly tapered. And related question is, looking at the top 2 clients, one in high tech and one being BFSI, do you foresee any long term concern as these clients may face a hurdle in terms of your overall growth journey for medium to long term?

Venu Lambu

Yes, thanks for the question, Sandeep. Look, I think if you look at it across, all our client buckets, we have actually grown. And as you rightly called out, the top five accounts had a different number. But, there is a reason for it. It is not related to the outlook or a demand. I think these are the top five large engagements we have. And these are the large accounts, which is going through recalibration because of the AI productivity benefit that they get. So we will have to transition that phase and at the same time, we should, whatever the revenue we add, to some extent, it gets offset by

Hi, thank you for the opportunity and congratulations for the very steady performance that you have shown in the current quarter. You did allude to some pressure within your top customers, but given some of the large deal wins that we have won in the recent past and some of the pass-through revenues that typically tends to come through in second half, do you think the strength that we see in second half of FY2026 may be higher than what we have historically seen? That's question number one. The second question is with regards to wage hikes for your staff and also in terms of further gains from

Venu Lambu

Sure. Thanks, Manik. Look with regard to the commentary on H2, I think I made in the earlier question as well we remain optimistic and confident about delivering and continuing the same growth momentum in the second half. And if you have to deliver to the near double digit at some point in second half, obviously we expect the growth to be slightly higher than what we had in Q2, as we look beyond the Q2. So that is the plan we are working on it. So I am fairly confident about the path that we take there. With regard to the wage hikes, we did announce the wage hikes to our employees in our Town

Yes, hi. Thanks for taking my question and congrats on a solid performance team. Got two questions, one for Vipul and one for Venu. So, my question for you was on the lets say the growth momentum that we are looking at. So first of all, I think what I would want to check is that I think we have two large deals which should probably be ramping up at some point of time. So is it correct to assume that the PAN 2.0 deal should start ramping up in Q3 and the recent media deal that we have won should start ramping up in Q4?

Venu Lambu

Yes, so the PAN 2.0, the early ramp up has started. Yes, you are right. You can expect that to ramp up by Q3. But the media large deal, I think it will take a slightly longer time because it has got a very extended transition period. It is a deal where the existing scope plus the new incremental scope are getting recalibrated and consolidated, that is how we are redefining the entire IT landscape over there. And for that, there is a transition with multiple vendors that needs to be done. So I would expect the media account ramp up to be over a period of a couple of quarters. Got it, got it. Yo

So this is Sushovon here, just quickly thank you so much for the opportunity and congratulations on a fantastic set of numbers. Just one question, specifically when we are looking at almost 60% of your revenues, which are coming from two sectors that has been basically flat. How do you see that evolving over the years? There is any client-specific issues that are there? And the other bit is, do you see a structural change in your vertical mix over a period of time? I have another question, but I will just wait for your answer.

Venu Lambu

I would link it to link the top five commentary to this answer as well. Because obviously, if you look at it, in the top five client base, I spoke about recalibration at the back of productivity that is happening. So there is this one element of it, because that also has, accounts which falls into this 60% segment that you have called off. So that is one. And second thing is that, the commentary I made with regard to the BFSI is that we are coming at the back of the strong growth last year. And then we had the renewal cycle coming in, which sort of led to this recalibration. And I expect that

Yes, so there are three attributes, if you want in the topic of relating the order booking to the revenue, right? You know, firstly, we have shown quarter to quarter progress, right? I mean, that is a reflection of the order booking translating into the revenue. But we need to understand that the order booking has three factors. The one is, what is the transition period for these last deals before it sort of materializes into steady state revenue? And I, as an example, I called out the media customer. It has a longer transition period. The one which we announced in Q1, that has already been tr

Venu Lambu

So I think it is more to do with AI. The macro was probably a couple of quarters back, that would have been pretty good. But now AI, if we encourage our customers to leverage AI in the engagements, we actually, proactively championed the partnership of AI infusion in our existing segment. I do not think we gain anything by holding into that. The right strategy is to let go what is right productivity gain to our customers because we win back more. We win back more compared to what we give. It is just that it is a transitionary phase and we have to look at what is the scale of growth that comes

Hi. Thanks for taking my question and congrats on a strong quarter. My first question is on the deal wins and the pipeline. So in the last two quarters, we have had two mega deals in the ballpark range of, lets say, $500 million each. So with respect to the current pipeline, would you characterize the current pipeline in having similar such size deals, which we are confident of closing in the near term? Or would you say that even without those, we will be able to maintain the level of deal wins that we have been doing?

Venu Lambu

Look, I think that, there will be some seasonal movements here and there, depending on the deal cycle that it takes to close deals. But as we are looking at continuing our growth momentum and reaching to that number that I spoke of at some time in the second half I would look forward to having the continued deal momentum, right? I just do not want to box it to a specific number at this moment. But, we have a robust pipeline, fantastic deals in discussions with our customer that is how we will go on. And just to clarify to your point, we did not announce the deal size on the on the second deal

Hi. Thanks for the opportunity. Two questions. One, this deal that we signed with this media major, I thought that it was in October, early October. So is that included in the TCV? And if it is, I mean, why was it included? Was it signed before September 30th?

Venu Lambu

Sorry, you are talking about the deal that we announced. Sorry, Ravi, could you come again, please? Yeah, the deal that you announced, I think early October has that been included in this deal TCV? Oh, yeah, it is included. So how come? Because typically we would include only things signed up to September 30th, right? Yes, it was signed in September. We announced it later on. Ok, all right, perfect, thanks. And the announcement has to go through a lot of approval process with client. When they say this is the effective date of the contract, and this is the approval date for the announcement, t

Yes, hi Venu, congrats on a good quarter. So just on this productivity issue, if I remember it right, I think we had gone through a couple of back-to-back quarters where we had seen stress because of this productivity issue in the top account. And then we called out that that issue was completely behind. Now we are talking about this productivity pass-on issue again, just trying to get some clarity whether this is a new issue in the same account or this was the overhang related to the same productivity pass on thing that has started three, four quarters back, it is still continuing. So any fur

Venu Lambu

Yeah, sure Sudheer. So look, firstly on the top client, I think, we informed this in Q4 that the productivity commitments that we did to the top client is done. So that topic is closed. I think my commentary with regard to the productivity is the new landscape in the market. I actually don’t see this as an issue, honestly, as long as we continue to grow. Right? Because, this is not, well this is an issue in terms of how much growth you can channel in general for the industry, but productivity is a new normal. It is a new normal till everybody transitions into a new post productivity era on the

Yes, thanks for the opportunity. Most of my questions are answered. I just had one question. You are operating at a very high utilization of 88% and you obviously have certain large deals to ramp up. So can you throw some light? How are you planning the headcount around it and in case you need any skill match mismatches there, will you be relying on subcontractors the way we saw this quarter?

Vipul Chandra

Yes, Sumeet. I think in terms of the utilization levels, yes, you are right that it is slightly elevated and we are working on getting it into a more comfortable zone as we had called out earlier also between 86% to 87%. I think our fresher hiring program that we are remaining committed to and under which we hired more than 2,600 freshers in this quarter, will start playing out once they get trained and they start getting deployed. And we are continuing to remain committed to hiring more freshers as well. So overall, we are working towards, adjusting this along with our pyramid adjustment as w

Thanks for the opportunity. A couple of questions. So I think three questions. So first is about, let’s say we are indicating about double digit growth entering into H2. Considering the deal pipeline and overall strong momentum what we are observing, whether it would set the base for FY2027 kind of expectation? That is question one. Second question is about the net new portion in H1, whether it is different than the, let’s say, last four, six quarter what we observed in terms of net new in overall deal intake versus the past. Third question is about non-controlling interest. This quarter it se

Venu Lambu

Yes, what was the third question Dipesh, if you can repeat that once again. Non-controlling interest, if I look at P&L, it is around 20 odd Crores, which used to be a very small number only. I will let Vipul to answer that, but let me take the other question. Look, I think FY2027 is still some time away to comment, so let us hold on to that. There is one big thing that we have to deliver is continuing this momentum for the second half of the year and make sure that we come very, very close to the double digit at some time in the second half of the year. So that is how I look at it. I think it

Yes. Thanks for the follow-up. Just, Venu, sorry to stress again on top five. In terms of this process of AI calibration and the renewal where productivity gains are passed on, do you believe we are not losing wallet share because such process could be intensely competitive where apart from an existing, there are other vendors are also being invited because these are named Fortune 500 clients. So is it fair to assume our wallet share continues to remain defensive and it is not at a risk?

Venu Lambu

Yes, firstly on the top five commentary, I mean, just look at in the right context, right? So I mean, we are talking about the top five bringing it minus 5%. Right. So if you look at the overall, it is not that material when I look at the overall balance portfolio, I gave you a reason why it is happening, because if you are just passing on the productivity benefit, you do not just degrow at minus 5%, it will be much higher. That means we are actually doing more business, but it is getting offset by the transitionary phase that we are going through some of these customers, hence you see that im

Vikas Jadhav, Head of Investor Relations Email: Vikas.Jadhav2@ltimindtree.com

Management

Speaking time

Venu Lambu

Moderator

Vipul Chandra

Ravi Menon

Sandeep Shah

Vibhor Singhal

Sulabh Govila

Sudheer Guntupalli

Sumeet Jain

Manik Taneja

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Opening remarks

Vikas Jadhav

Thanks, Inba. Good day everyone and welcome to LTIMindtree Q2 FY2026 earnings conference call. Today we have with us on the call Mr. Venu Lambu, Chief Executive Officer and Managing Director and Mr. Vipul Chandra, Chief Financial Officer. We will begin with a brief overview of the company's Q2 FY2026 performance, after which we will open the floor for Q&A. During the call, we could make forward-looking statements. These statements consider the environment as we see today and carry risks and uncertainties that could cause our actual results to differ materially from those expressed in today's call. We do not undertake to update any forward-looking statements made on this call. I now turn the call over to Venu for his opening remarks.

Venu Lambu

Thank you, Vikas. Hello, everyone, and thank you for joining us on the call today. I am pleased to share that Q2 FY2026 has been a strong quarter for us, marked by broad- based performance across our business. We are committed to becoming an AI-centric organization in the agentic enterprise era. Our strategy remains on course, driven by sales transformation, Fit for Future program, and focus on large deals. The results reflect disciplined execution and depth of our client relationships and solid progress in our ongoing transformation. Vipul and I will talk more about it during this call. Let me begin by sharing the headline numbers for Q2 FY2026. We reported revenues of US dollar 1.18 billion, reflecting sequential growth of 2.4% in constant currency terms and 2.3 % in USD terms. EBIT margins expanded 160 basis points from 14.3% in Q1 to 15.9% ahead of our plan. Our order inflow stood at USD 1.59 billion, up 22% year-on-year, marking the fourth consecutive quarter of order inflow aroun

Vipul Chandra

Thank you, Venu. Good evening, everyone, and thank you for joining the call. Let me now walk you through the financial highlights for the second quarter of FY2026, starting with our revenue performance. Our Q2 revenue stood at USD 1,180 million, reflecting a growth of 2.3% quarter-on-quarter and 4.8% year-on-year in dollar terms. The corresponding constant currency growth was 2.4% quarter-on-quarter and 4.4% year-on-year. I am pleased to highlight that our Q2 revenue in INR terms has crossed 10,000 Crores mark and stood at Rs.10,394 or Rs Crores. Our EBIT margin expanded by 160 basis points sequentially to 15.9% in Q2 FY2026. This increase was primarily driven by gains of 80 basis points from our margin improvement program, part of the Fit for Future initiative, and non-recurrence of visa cost. Forex tailwind contributed another 80 basis points. Profit after tax for the quarter stood at Rs.1,381 Crores as compared to Rs 1,255 Crores in the previous quarter, registering a growth of 10.1

Venu Lambu

Thank you, Vipul. In summary, our strong performance this quarter demonstrates our team's unwavering commitment and deep trust our customers continue to have in us. As we look ahead, we remain confident in our ability to sustain this momentum of profitable growth driven by strong deal wins, execution rigor, strategic transformation, and investments in AI. Before we proceed with the Q&A session, I would like to wish you and your family a very happy Diwali. With that, let me now open the floor for questions.

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