LTIMindtree revenue up 10.2% on strong BFSI, manufacturing business

LTIMindtree's Q2FY26 profit rose 10.4% to Rs 1,381 crore and revenue grew 10.2% to Rs 10,394 crore, driven by BFSI and manufacturing segments and strong large deal wins

IT services company LTIMindtree’s net profit rose 10.4 per cent to ₹1,381.2 crore for the second quarter (Q2FY26). Revenue was up 10.2 percent to ₹10,394.3 crore.

 

On a constant currency basis, which discounts the impact of currency fluctuations, revenue was up 4.4 per cent. Operating margin rose 40 basis points to 15.9 per cent.

 

“Q2FY26 has been a strong quarter for us, marked by broad-based performance across our business. We delivered our second consecutive quarter of growth with margin improvement ahead of plan. Our strategy remains on course, and our results reflect disciplined execution, the depth of our client relationships, and solid progress in our ongoing transformation,” said Venu Lambu, chief executive officer and managing director.

 

 

Banking, financial services, and insurance (BFSI), which contributes over a third of the total revenue, was up 6.5 percent. Manufacturing was up 12.7 per cent. Meanwhile, technology and media and communications were down 6.3 per cent. Revenue improved across geographies with North America and Europe reporting 3.6 per cent and 7.1 per cent growth, respectively.

 

A few large deals bagged by the company this year have aided its growth despite a tight spending environment. The deals include, a contract of about ₹792 crore from India’s income tax department for the PAN 2.0 project and a $450 million project with an agribusiness customer for seven years to implement an AI-powered operating model to deliver application management, infrastructure support, and cyber security services.

 

Last week, it bagged another deal from a media and entertainment company, pegged at $580 million.

 

IT services providers are banking on mid and large sized cost-take-out and efficiency improvement deals, at a time when the discretionary spending environment has been weak.

 

Mid-tier companies may gain in this environment as they are often more aggressive in chasing deals at margins which are difficult for large companies to manage.

 

The company added 2,558 people to its workforce in the second quarter, making its total headcount 86,447 as of September 30. Attrition was 14.5 per cent, up from 14.4 per cent, sequentially.

 

 LTIMIndtree said it is breaking up the wage hike for its employees in two cycles. The first half will receive their increments in January 1 and the rest in April 1 to adjust to the new normal in the age of AI which needs upskilling and reskilling.