1. Opening Hook
Just when IT services felt like watching paint dry, LTIMindtree walked in waving an “AI pivot” placard and a margin expansion chart.
Yes, revenue grew, deals flowed, and management sounded confident—almost too confident. The street heard “AI-led growth” and instantly forgot about forex losses, labor code shocks, and that awkward PAT dip (thanks, exceptional items).
But beneath the polished slides and Everest Group trophies lies a more interesting story: growth is real, margins are behaving, but execution risk hasn’t gone on vacation. This wasn’t a blowout quarter, nor was it a dud—it was a carefully curated performance with selective lighting.
Stick around. The deeper you go, the more the AI buzzwords start sweating under cross-examination.
2. At a Glance
- Revenue up 11.6% YoY – Growth arrived on time, no excuses needed.
- QoQ growth 3.7% – Third straight quarter above 2%, management flexes discipline.
- EBIT margin at 16.1% – Finally expanding, AI clearly found the cost center.
- PAT down QoQ (reported) – Labour codes said “surprise!”.
- Adjusted PAT up 29% YoY – Ignore the exceptionals, everything looks beautiful.
- Order inflow $1.69 bn – Deal machine humming, not screaming.
3. Management’s Key Commentary
“This marks our third consecutive quarter of 2%+ growth.”
(Translation: We finally found consistency, please clap. 😏)
“Our strategic AI pivot is delivering tangible outcomes.”
(Translation: AI is now in every slide, even HR onboarding.)
“Large deal momentum remains strong across verticals.”
(Translation: A few whales are carrying the fishing boat.)
“We are focused on profitable growth.”
(Translation: No more buying revenue with discounts.)
“Our portfolio is more resilient and balanced.”
(Translation: BFSI slowed, manufacturing picked up the slack.)
“Utilization remains healthy at 86.9%.”
(Translation: Bench is controlled, fresher pipeline behaving.)
4. Numbers Decoded
| Metric | Q3FY26 | QoQ | YoY |
|---|---|---|---|
| Revenue (₹ Cr) | 10,781 | +3.7% | +11.6% |
| EBIT Margin | 16.1% | +20 bps | +230 bps |
| Net Profit (Adj.) | ₹1,401 Cr | +1.5% | +29% |
| Reported PAT | ₹960 Cr | -30% | -12% |
| Order Inflow ($ bn) | 1.69 | +6% | Flat |
One-liner: Strip out labour code pain,
