{"id":187120,"date":"2026-08-06T12:30:32","date_gmt":"2026-08-06T07:00:32","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=187120"},"modified":"2026-08-06T12:30:34","modified_gmt":"2026-08-06T07:00:34","slug":"tech-mahindra-vs-lt-technology-services-comparison","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/tech-mahindra-vs-lt-technology-services-comparison\/","title":{"rendered":"Tech Mahindra vs L&#038;T Technology Services: Which Stock Should You Track"},"content":{"rendered":"<div class=\"meta-block\"><\/div>\n<p style=\"border-left: 4px solid #1F4E79; background: #EBF3FB; padding: 10px 16px; font-style: italic;\"><em>Tech Mahindra MCap Rs 1,60,729 Cr, PE 31.13x, ROE 16.24%, Div 3.11%. L&amp;T Technology Services MCap Rs 50,000 Cr, PE 40x, ROE 22%, D\/E 0.08.<\/em><\/p>\n<p>Tech Mahindra vs L&amp;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&#8217;s IT arm with a large telecom and network services practice alongside consulting and digital services, while L&amp;T Technology Services (LTTS) is the engineering R&amp;D services subsidiary of Larsen and Toubro, focused on product engineering for transportation, medtech, industrial machinery and telecom.<\/p>\n<p>This Tech Mahindra vs L&amp;T Technology Services article covers reach and market position, key products, latest declared results and stock valuation. The Tech Mahindra vs L&amp;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.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/tech-mahindra-vs-lt-technology-services-comparison\/#Tech_Mahindra_vs_L_T_Technology_Services_Reach_and_Market_Position\" title=\"Tech Mahindra vs L&amp;T Technology Services: Reach and Market Position\">Tech Mahindra vs L&amp;T Technology Services: Reach and Market Position<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/tech-mahindra-vs-lt-technology-services-comparison\/#Tech_Mahindra_vs_L_T_Technology_Services_Key_Products_and_Business_Mix\" title=\"Tech Mahindra vs L&amp;T Technology Services: Key Products and Business Mix\">Tech Mahindra vs L&amp;T Technology Services: Key Products and Business Mix<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/tech-mahindra-vs-lt-technology-services-comparison\/#Tech_Mahindra_vs_L_T_Technology_Services_Latest_Results\" title=\"Tech Mahindra vs L&amp;T Technology Services: Latest Results\">Tech Mahindra vs L&amp;T Technology Services: Latest Results<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/tech-mahindra-vs-lt-technology-services-comparison\/#Tech_Mahindra_vs_L_T_Technology_Services_Stock_and_Valuation\" title=\"Tech Mahindra vs L&amp;T Technology Services: Stock and Valuation\">Tech Mahindra vs L&amp;T Technology Services: Stock and Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/tech-mahindra-vs-lt-technology-services-comparison\/#Tech_Mahindra_vs_L_T_Technology_Services_Quick_Comparison_Table\" title=\"Tech Mahindra vs L&amp;T Technology Services: Quick Comparison Table\">Tech Mahindra vs L&amp;T Technology Services: Quick Comparison Table<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/tech-mahindra-vs-lt-technology-services-comparison\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/tech-mahindra-vs-lt-technology-services-comparison\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/tech-mahindra-vs-lt-technology-services-comparison\/#What_is_the_main_difference_between_Tech_Mahindra_and_L_T_Technology_Services\" title=\"What is the main difference between Tech Mahindra and L&amp;T Technology Services?\">What is the main difference between Tech Mahindra and L&amp;T Technology Services?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/tech-mahindra-vs-lt-technology-services-comparison\/#Which_stock_has_the_higher_ROE\" title=\"Which stock has the higher ROE?\">Which stock has the higher ROE?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/tech-mahindra-vs-lt-technology-services-comparison\/#Which_stock_pays_a_higher_dividend\" title=\"Which stock pays a higher dividend?\">Which stock pays a higher dividend?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/tech-mahindra-vs-lt-technology-services-comparison\/#Which_stock_trades_at_a_lower_PE\" title=\"Which stock trades at a lower P\/E?\">Which stock trades at a lower P\/E?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/tech-mahindra-vs-lt-technology-services-comparison\/#Is_L_T_Technology_Services_part_of_Larsen_and_Toubro\" title=\"Is L&amp;T Technology Services part of Larsen and Toubro?\">Is L&amp;T Technology Services part of Larsen and Toubro?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/tech-mahindra-vs-lt-technology-services-comparison\/#What_risks_apply_to_engineering_IT_services_companies\" title=\"What risks apply to engineering IT services companies?\">What risks apply to engineering IT services companies?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/tech-mahindra-vs-lt-technology-services-comparison\/#Should_I_invest_in_Tech_Mahindra_or_L_T_Technology_Services\" title=\"Should I invest in Tech Mahindra or L&amp;T Technology Services?\">Should I invest in Tech Mahindra or L&amp;T Technology Services?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Tech_Mahindra_vs_L_T_Technology_Services_Reach_and_Market_Position\"><\/span><strong>Tech Mahindra vs L&amp;T Technology Services: Reach and Market Position<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On the Tech Mahindra side of the Tech Mahindra vs L&amp;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.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=techm-vs-ltts\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<p>On the L&amp;T Technology Services side of the Tech Mahindra vs L&amp;T Technology Services comparison, L&amp;T Technology Services (LTTS) serves global manufacturing companies in transportation (automotive, aerospace), medical devices, industrial products and telecom infrastructure through engineering R&amp;D outsourcing. Market capitalisation is approximately Rs 50,000 Cr.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tech_Mahindra_vs_L_T_Technology_Services_Key_Products_and_Business_Mix\"><\/span><strong>Tech Mahindra vs L&amp;T Technology Services: Key Products and Business Mix<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the Tech Mahindra vs L&amp;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.<\/p>\n<p>For L&amp;T Technology Services in this Tech Mahindra vs L&amp;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&amp;T Group and operates with zero to minimal debt.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tech_Mahindra_vs_L_T_Technology_Services_Latest_Results\"><\/span><strong>Tech Mahindra vs L&amp;T Technology Services: Latest Results<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Tech Mahindra vs L&amp;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.<\/p>\n<p>The Tech Mahindra vs L&amp;T Technology Services results for L&amp;T Technology Services: L&amp;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.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Compare Tech Mahindra and L&amp;T Technology Services Fundamentals on the Univest Screener<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tech_Mahindra_vs_L_T_Technology_Services_Stock_and_Valuation\"><\/span><strong>Tech Mahindra vs L&amp;T Technology Services: Stock and Valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Tech Mahindra vs L&amp;T Technology Services stock comparison uses the latest available market data from Groww. Investors tracking Tech Mahindra vs L&amp;T Technology Services should verify current prices on NSE or BSE before trading.<\/p>\n<p>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&amp;D model. LTTS is significantly smaller but more specialised in engineering services for global manufacturers.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tech_Mahindra_vs_L_T_Technology_Services_Quick_Comparison_Table\"><\/span><strong>Tech Mahindra vs L&amp;T Technology Services: Quick Comparison Table<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Tech Mahindra vs L&amp;T Technology Services comparison table below summarises the key metrics covered in this article side by side.<\/p>\n<table style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr>\n<th style=\"border: 1px solid #ccc; padding: 8px;\">Parameter<\/th>\n<th style=\"border: 1px solid #ccc; padding: 8px;\"><a href=\"https:\/\/univest.in\/stocks\/techm\/tech-mahindra-ltd-share-price-today\">Tech Mahindra<\/a><\/th>\n<th style=\"border: 1px solid #ccc; padding: 8px;\"><a href=\"https:\/\/univest.in\/stocks\/ltts\/lt-technology-services-ltd-share-price-today\">L&amp;T Technology Services<\/a><\/th>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Sector<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">IT services: telecom, manufacturing, enterprise<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Engineering R&amp;D services for global OEMs<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Market Cap<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Rs 1,60,729 Cr<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">~Rs 50,000 Cr<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">P\/E Ratio<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">31.13x<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">~40x<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">ROE<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">16.24%<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">~22%<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Debt to Equity<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">0.07<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">~0.08<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Dividend Yield<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">3.11%<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">~1.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Key exposure<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Telecom network services, enterprise IT<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Transportation, medtech, industrial engineering R&amp;D<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Group parent<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Mahindra Group<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Larsen and Toubro Group<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Tech Mahindra vs L&amp;T Technology Services comparison above covers the key data points on reach, products, results and valuation. Tech Mahindra vs L&amp;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&amp;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.<\/p>\n<p style=\"margin-top: 24px;\"><em>Download the <a href=\"https:\/\/apps.apple.com\/in\/app\/univest\/id1543832872\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.univest.android\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track Tech Mahindra and L&amp;T Technology Services live price and get daily stock recommendations.<\/em><\/p>\n<div style=\"background: #CC0000; border-radius: 8px; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"color: #ffffff; font-size: 13px; line-height: 1.7; margin: 0;\"><strong style=\"color: #ffffff;\">Disclaimer:<\/strong> 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).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_main_difference_between_Tech_Mahindra_and_L_T_Technology_Services\"><\/span><strong>What is the main difference between Tech Mahindra and L&amp;T Technology Services?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Tech Mahindra is a broad IT services company with a large telecom and network services practice. L&amp;T Technology Services is a pure-play engineering R&amp;D services company focused on transportation, medical devices and industrial machinery for global manufacturers.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_stock_has_the_higher_ROE\"><\/span><strong>Which stock has the higher ROE?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> L&amp;T Technology Services has an ROE of approximately 22 percent, higher than Tech Mahindra at 16.24 percent.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_stock_pays_a_higher_dividend\"><\/span><strong>Which stock pays a higher dividend?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Tech Mahindra pays a dividend yield of 3.11 percent, higher than L&amp;T Technology Services.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_stock_trades_at_a_lower_PE\"><\/span><strong>Which stock trades at a lower P\/E?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Tech Mahindra trades at 31.13x trailing earnings, lower than L&amp;T Technology Services at approximately 40x.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_L_T_Technology_Services_part_of_Larsen_and_Toubro\"><\/span><strong>Is L&amp;T Technology Services part of Larsen and Toubro?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Yes. L&amp;T Technology Services (LTTS) is the separately listed engineering R&amp;D services subsidiary of Larsen and Toubro Ltd.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_risks_apply_to_engineering_IT_services_companies\"><\/span><strong>What risks apply to engineering IT services companies?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Both companies face risk from IT and engineering capex cuts by global OEM clients, currency movements and competition from global IT engineering peers.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_I_invest_in_Tech_Mahindra_or_L_T_Technology_Services\"><\/span><strong>Should I invest in Tech Mahindra or L&amp;T Technology Services?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This depends on your preference between a diversified IT services company and a niche engineering R&amp;D specialist. Review growth rates and consult a SEBI-registered advisor before investing.<\/p>\n<div class=\"faq-schema\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Tech Mahindra vs L&#038;T Technology Services compared on revenue growth, engineering focus, margins and valuation. 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