Credit Rating

LTM/SE/STAT/2026-27/47 July 1, 2026 National Stock Exchange of India Limited, The BSE Limited, Exchange Plaza, Bandra-Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (E), Dalal Street, Mumbai - 400 051 Mumbai - 400 001 NSE Symbol: LTM BSE Scrip Code: 540005 Dear Sir(s)/Madam, Subject: Credit Rating Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that CRISIL, a Credit Rating Agency has, vide its letter to the Company dated June 30, 2026, re-affirmed its ratings on the bank facilities (enhanced from earlier Rs.1655.25 Crores to Rs.2025.5 Crores) of the Company at ‘CRISIL AAA/Stable/CRISIL A1+’. Rating rationale published by CRISIL, is enclosed herewith for kind reference. The same is for your information and record. Thanking you, Yours faithfully, For LTM Limited Angna Arora Company Secretary & Compliance Officer LTM Limited (Formerly LTIMindtree Limited) L&T Technology Center, Tower 1, Gate No. 5, Saki Vihar Road, Powai, Mumbai - 400072, Maharashtra, India. T: +91 22 6776 6776 Registered Office: L&T House, Ballard Estate, Mumbai - 400 001, India. W: ltm.com • E: info@ltm.com • CIN: L72900MH1996PLC104693 6/30/26, 10:44 PM Rating Rationale Rating Rationale June 30, 2026 | Mumbai LTM Limited Ratings reaffirmed at 'Crisil AAA / Stable / Crisil A1+ '; Rated amount enhanced for Bank Debt Rating Action Rs.2025.5 Crore (Enhanced from Rs.1655.25 Regulator Of Total Bank Loan Facilities Rated Crore) Instrument Long Term Rating Crisil AAA/Stable (Reaffirmed) RBI Short Term Rating Crisil A1+ (Reaffirmed) RBI Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has reaffirmed its ‘Crisil AAA/Stable/Crisil A1+’ ratings on the bank facilities of LTM Limited (LTM). The ratings continue to reflect the company’s strong operational profile as the sixth-largest Information Technology (IT) services player in India. During fiscal 2026, the company reported consolidated revenue of Rs 43,402 crore, registering 11% growth (in rupee terms), largely supported by favorable currency tailwinds, with albeit constant currency growth remaining modest at 5% due to continued macroeconomic headwinds and impacted by AI-led disruptions. Operating margins during the year improved to 19.9% from 17.5% in previous fiscal, driven by prudent resource management and currency tailwinds. Strategically, the company continues to advance its AI-first approach, which is expected to support its evolving business risk profile. In line with this strategy, LTM, on May 22, 2026, announced that it has issued an offer to acquire Randstad’s Technology and Consulting Services business across Europe and Australia through its wholly owned subsidiary. The transaction, with an enterprise value of up to €160 million targets a business generating over USD 500 million in annual revenue and is expected to close by the third quarter of the current fiscal. The acquisition is expected to enhance LTM’s sector presence and geographic scale while adding nearshore capabilities. Further, it strengthens AI-led sovereign delivery, and forms part of a broader partnership with Randstad, including a five-year IT engagement and global managed service provider (MSP). The company has also secured its highest ever deal wins with a total contract value of USD 6.6 bn as on March 31, 2026, supporting the revenue visibility over medium term. Crisil Ratings expects that over the medium term, revenues are expected to grow at low double digits pace, supported by prudent tuck-in acquisitions and steady deal execution and growth in order pipeline. The operating margin should also benefit from improvement in revenue growth through better operating leverage amid expectations of continued favourable currency tailwinds. Financial risk profile is backed by a strong networth of Rs 22,809 crore as on March 31, 2026, and low debt profile constituting mainly of lease liabilities Rs 2,310 crore also aided by a healthy cash-generating ability and robust liquidity. LTM also benefits from the L&T brand. These strengths are partially offset by customer and geographical concentration in revenue and exposure to intense competition in the IT services industry in India. The ratings also reflect the strategic focus of the parent, Larsen & Toubro Ltd, on the service business. Over the years, the contribution of the service business, both in terms of revenue and profitability, has been improving. L&T has also been leveraging the capabilities of the services segment to augment its core business. Analytical Approach Crisil Ratings has combined the business and financial risk profiles of LTM and its subsidiaries, held directly or indirectly, as all the entities have common management and are in the same business. Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation. Key Rating Drivers - Strengths Healthy operational size; sixth largest IT player in India LTM ranks sixth position among the IT companies in India by revenue size. The company has an enhanced and established market position in key end-user industries and benefits from sound operating efficiency. It earned 35.2% of its revenue from file:///C:/Users/DarshanW/Downloads/LTMLimited_June 30_ 2026_RR_399147.html 1/10 6/30/26, 10:44 PM Rating Rationale banking, financial services & insurance (BFSI); 23.0% from technology, media & communication; 20.2% from manufacturing and resources; 15.3% from consumer business and the remaining 6.3% from health, life sciences in fiscal 2026. The company has also recorded its highest ever deal wins with a total contract value of USD 6.6 bn, as on March 31, 2026, across verticals which provide strong growth visibility for the medium term. The number of active clients remained above 751. Faster growth in digital areas and client additions have gradually reduced dependence on the top 5, 10 and 20 clients over the past 4-5 years. Healthy operating profitability of more than 18-19% over the past fiscals has led to a robust return on capital employed (RoCE) of more than 30%. Strong financial risk profile This is reflected in sizeable networth of Rs 22,809 crore as on March 31, 2026, healthy cash generated from operations, and robust liquidity (Rs 9,974 crore). During the current fiscal, the company announced an offer to acquire Randstad’s Technology and Consulting Services business across Europe and Australia through its wholly owned subsidiary. The transaction, with an enterprise value of up to €160 million targets a business generating over USD 500 million in annual revenue and the transaction is expected to close by the third quarter of the current fiscal. The acquisition is expected to enhance LTM’s sector presence and geographic scale while adding nearshore capabilities. Further, it strengthens AI-led sovereign delivery, and forms part of a broader partnership with Randstad, including a five-year IT engagement and global MSP. The transaction shall remain funded by cash supported by strong cash generated by business and robust liquidity. The company does not expect to undertake any large, debt-funded capital expenditure programme over the medium term. Annual capex plans are expected to be funded through internal accrual. With significant cash surplus and minimum reliance on debt, capital structure is expected to remain stable. Strategic importance to the parent, L&T LTM also benefits from the strong brand and domain expertise of the L&T group, resulting in better market penetration and acceptability. The IT services business is critical for the L&T group Key Rating Drivers - Weaknesses Customer and geog [Showing first 8,000 characters — download PDF for full document]