LTIMindtree Ltd Q2FY26 | When AI Meets ROI: ₹10,394 Cr Revenue, ₹1,381 Cr Profit, and a Dividend Shower That Even Infosys Might Envy

1. At a Glance

Welcome to the ₹1.65 lakh crore digital circus calledLTIMindtree Ltd, where code meets cash and PowerPoint decks meet Wall Street swagger. This quarter (Q2FY26), the merged behemoth of Larsen & Toubro’s IT twins has once again flexed its digital biceps — clocking₹10,394 crore in revenue,₹1,381 crore in profit, and declaring aninterim dividend of ₹22 per share, because why not sprinkle some love while AI agents are still learning empathy.

At ₹5,561 per share, the company’sP/E ratio of 33.9xscreams “premium,” while itsROCE of 27.6%andROE of 21.5%whisper “but we’re not just PowerPoint consultants.” In the last 3 months, the stock has inched up by4.96%, and in 6 months, a respectable22.7%, proving that even in a sector where ChatGPT writes code and humans write prompts, LTIMindtree still finds a way to stay relevant (and profitable).

Withrevenue growth of 10.2% YoYandPAT growth of 12%, LTIM is playing the long game—balancing aggressive digital transformation deals, AI investments, and the eternal IT industry mantra: “This quarter was stable, but next quarter will be better.”

2. Introduction – The AI-powered Mahabharata of Indian IT

Some companies merge for synergy. LTIMindtree merged for survival, scale, and probably because their clients were tired of getting two invoices from the same parent company. Formed from the holy matrimony ofL&T InfotechandMindtree, the hybrid entity has been trying to prove that 1+1 can equal something more than a Zoom fatigue headache.

This digital colossus operates in38 countries, serves700+ clients, and has86,800 employees— that’s more people than the entire population of some island nations, all working to make sure your online bank statement loads 0.2 seconds faster.

But here’s the kicker — LTIM isn’t just riding the IT wave; it’s trying to surf the AI tsunami. With projects likeBlueVerse AI (300+ agents), deals withEurobank, and a₹792 crore government PAN 2.0 contract, the company is essentially saying, “Move over, Infosys and TCS — we’ve got our own AI army now.”

Yet, beneath this optimism lies a familiar tale: global macro uncertainty, client furloughs, pricing pressure, and that eternal Indian IT soundtrack — “We expect improvement in the next quarter.”

So, is LTIMindtree the tech titan that finally dethrones the old guard, or just another software giant running on PowerPoint fumes? Let’s dig in.

3. Business Model – WTF Do They Even Do?

Imagine a digital Swiss Army knife with a dozen blades, each labelled “Transformation.” That’s LTIMindtree. The company helps clients with everything — fromcloud migrationandcybersecuritytoAI integration,application maintenance, andinfrastructure management.

In simpler terms: if your company’s servers go down, LTIM’s team will reboot it, monitor it, automate it, and then bill you for “digital excellence enablement.”

Theirrevenue mixtells the story:

• BFSI (36%)– The bread, butter, and often the headache.
• Tech, Media & Comms (24%)– Because streaming your cricket match needs someone’s code.
• Manufacturing & Resources (19%)– Industrial IoT, digital twins, and PowerPoint promises.
• Consumer Business (14%)– Retail clients who think every issue is “urgent.”
• Healthcare, Life Sciences & Public Services (6%)– Because even AI needs patients.

Geographically,North America contributes 75%of revenue — proving that when it comes to IT exports, Uncle Sam is still India’s most loyal customer.

So yes, LTIMindtree is not building flying cars or humanoid robots — but it’s the reason your bank app doesn’t crash on salary day. And for that, they deserve some applause (and maybe hazard pay).

4. Financials Overview

At an annualized EPS of₹189, LTIMindtree’s P/E recalculates to~29.4x, which is cheaper than its reported trailing P/E (33.9x) — meaning if the growth holds, the valuation may not be as inflated as your Netflix bill.

Commentary:LTIM’s margins are healthy, not heavenly. EBITDA margins improved to18.6%, showing