Tech Mahindra vs L&T Technology Services: Which Stock Should You Track
- August 6, 2026
- Posted by: Ankit Jaiswal
- Category: News
Tech Mahindra MCap Rs 1,60,729 Cr, PE 31.13x, ROE 16.24%, Div 3.11%. L&T Technology Services MCap Rs 50,000 Cr, PE 40x, ROE 22%, D/E 0.08.
Tech Mahindra vs L&T Technology Services is a comparison mid-large IT investors look up when evaluating two companies with different engineering and digital services models. Tech Mahindra is the Mahindra Group’s IT arm with a large telecom and network services practice alongside consulting and digital services, while L&T Technology Services (LTTS) is the engineering R&D services subsidiary of Larsen and Toubro, focused on product engineering for transportation, medtech, industrial machinery and telecom.
This Tech Mahindra vs L&T Technology Services article covers reach and market position, key products, latest declared results and stock valuation. The Tech Mahindra vs L&T Technology Services data below is sourced from Groww and public company filings and reflects the most recently available information at the time of writing.
Tech Mahindra vs L&T Technology Services: Reach and Market Position
On the Tech Mahindra side of the Tech Mahindra vs L&T Technology Services comparison, Tech Mahindra serves clients across telecom, manufacturing, financial services, retail and healthcare in over 90 countries. It is majority owned by the Mahindra Group. Market capitalisation is Rs 1,60,729 Cr.
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On the L&T Technology Services side of the Tech Mahindra vs L&T Technology Services comparison, L&T Technology Services (LTTS) serves global manufacturing companies in transportation (automotive, aerospace), medical devices, industrial products and telecom infrastructure through engineering R&D outsourcing. Market capitalisation is approximately Rs 50,000 Cr.
Tech Mahindra vs L&T Technology Services: Key Products and Business Mix
In the Tech Mahindra vs L&T Technology Services product comparison, Tech Mahindra offers: Tech Mahindra earns from telecom, manufacturing digital, enterprise application services, cloud, AI and network services. P/E is 31.13x, ROE 16.24 percent, debt to equity 0.07. Dividend yield is 3.11 percent.
For L&T Technology Services in this Tech Mahindra vs L&T Technology Services breakdown: LTTS earns from embedded systems, mechanical engineering, product lifecycle management and digital engineering for global OEM clients. P/E is approximately 40x, ROE approximately 22 percent. LTTS is part of the L&T Group and operates with zero to minimal debt.
Tech Mahindra vs L&T Technology Services: Latest Results
The Tech Mahindra vs L&T Technology Services results for Tech Mahindra: Tech Mahindra has a market cap of Rs 1,60,729 Cr and P/E of 31.13x. ROE is 16.24 percent. EPS is Rs 52.68 on trailing twelve months. Dividend yield is 3.11 percent.
The Tech Mahindra vs L&T Technology Services results for L&T Technology Services: L&T Technology Services has a market cap of approximately Rs 50,000 Cr and P/E of approximately 40x. ROE is approximately 22 percent. LTTS is a subsidiary of Larsen and Toubro and a pure-play engineering services company.
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Tech Mahindra vs L&T Technology Services: Stock and Valuation
The Tech Mahindra vs L&T Technology Services stock comparison uses the latest available market data from Groww. Investors tracking Tech Mahindra vs L&T Technology Services should verify current prices on NSE or BSE before trading.
Tech Mahindra trades at a market cap of Rs 1,60,729 Cr and P/E of 31.13x with a broad IT services focus including telecom. LTTS trades at approximately Rs 50,000 Cr market cap and P/E of about 40x with a pure-play engineering R&D model. LTTS is significantly smaller but more specialised in engineering services for global manufacturers.
Tech Mahindra vs L&T Technology Services: Quick Comparison Table
The Tech Mahindra vs L&T Technology Services comparison table below summarises the key metrics covered in this article side by side.
| Parameter | Tech Mahindra | L&T Technology Services |
|---|---|---|
| Sector | IT services: telecom, manufacturing, enterprise | Engineering R&D services for global OEMs |
| Market Cap | Rs 1,60,729 Cr | ~Rs 50,000 Cr |
| P/E Ratio | 31.13x | ~40x |
| ROE | 16.24% | ~22% |
| Debt to Equity | 0.07 | ~0.08 |
| Dividend Yield | 3.11% | ~1.5% |
| Key exposure | Telecom network services, enterprise IT | Transportation, medtech, industrial engineering R&D |
| Group parent | Mahindra Group | Larsen and Toubro Group |
Conclusion
The Tech Mahindra vs L&T Technology Services comparison above covers the key data points on reach, products, results and valuation. Tech Mahindra vs L&T Technology Services offer different IT sector exposures. Tech Mahindra is a broad IT services company with a large telecom and network practice at a cheaper valuation. LTTS is a pure-play engineering R&D company serving global OEMs at a higher valuation and with a higher ROE. Investors should review deal pipeline and engineering services demand trends and consult a SEBI-registered advisor before investing.
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Disclaimer: Data and figures in this article are sourced from publicly available information, including company results filings and exchange data, and are current as of the time of writing. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
What is the main difference between Tech Mahindra and L&T Technology Services?
Ans. Tech Mahindra is a broad IT services company with a large telecom and network services practice. L&T Technology Services is a pure-play engineering R&D services company focused on transportation, medical devices and industrial machinery for global manufacturers.
Which stock has the higher ROE?
Ans. L&T Technology Services has an ROE of approximately 22 percent, higher than Tech Mahindra at 16.24 percent.
Which stock pays a higher dividend?
Ans. Tech Mahindra pays a dividend yield of 3.11 percent, higher than L&T Technology Services.
Which stock trades at a lower P/E?
Ans. Tech Mahindra trades at 31.13x trailing earnings, lower than L&T Technology Services at approximately 40x.
Is L&T Technology Services part of Larsen and Toubro?
Ans. Yes. L&T Technology Services (LTTS) is the separately listed engineering R&D services subsidiary of Larsen and Toubro Ltd.
What risks apply to engineering IT services companies?
Ans. Both companies face risk from IT and engineering capex cuts by global OEM clients, currency movements and competition from global IT engineering peers.
Should I invest in Tech Mahindra or L&T Technology Services?
Ans. This depends on your preference between a diversified IT services company and a niche engineering R&D specialist. Review growth rates and consult a SEBI-registered advisor before investing.
