Buy LTIMindtree; target of Rs 7375: Anand Rathi

Anand Rathi is bullish on LTIMindtree has recommended buy rating on the stock with a target price of Rs 7375 in its research report dated January 20, 2026.

Broker Research

January 20, 2026 / 11:19 IST

Buy

Anand Rathi's research report on LTIMindtree

Despite furloughs, LTIMindtree (LTIM) delivered a solid performance in Q3FY26, with CC revenue rising by 2.4% q/q to $1.21bn and EBIT margin expanding by 20bps q/q to 16.1% LTIM saw a one-time labourcode impact of Rs5.9bn. LTM TCV came in at $1.69bn (up 0.6% y/y) with a book-to-bill of 1.4x, while the LTM TCV stood at $6.5bn (up 12% y/y), driven by multi-year wins across managed services, modernisation, cyber, data, AI and AI-agent deployments, as the clients consolidate spend into fewer strategic partners and fund ‘run + modernize’ programs alongside targeted AI-led transformation. Whilst the growth was broadbased, it was skewed to Manufacturing & Resources (up 9.4% q/q) and Healthcare & Public Services (up 9.9%), with Europe (up 3.4%) and RoW (up 14.1%), driven by execution and wallet share gain in select pockets. Top 5 client headwinds are largely a productivity-cycle issue that should bottom out by Q4FY26, setting up a more growth-oriented mix.

Outlook

Thus, once that drag fades, vendor consolidation becomes a walletshare opportunity rather than a risk. We maintain BUY rating on the stock with a revised TP of Rs7,375 (from Rs7,081 earlier), implying a ~16.0% upside from CMP.

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