Engineering the future
At the heart of L&T Technology Services’ transformation is Amit Chadha, the visionary CEO and Managing Director. Chadha’s 15-year association with LTTS when he joined the company in September 2009, alongside the CEO Keshab Panda. Both were brought on board by the venerable L&T Group Chairman, AM Naik, with an audacious yet inspiring mandate: to grow LTTS from a modest $60 million entity into a half-billion-dollar engineering services powerhouse within a span of five years. While the target was achieved in six-and-a-half years, the journey culminated in LTTS’ IPO in 2016 – a milestone that underscored the company’s robust foundation and strategic acumen.
Reflecting on this journey, Chadha often cites Mahatma Gandhi: “Man often becomes what he believes himself to be. If I have the belief that I can do it, I will develop the capability to do it even if I may not have it at the beginning.” This belief has shaped his leadership style and fuelled LTTS’ remarkable growth.
Transformative chapter
Following the IPO, Chadha became President in 2017, tasked with building LTTS’ digital agenda. This involved spearheading key acquisitions, including three companies in the hi-tech and semiconductor sectors: two in Silicon Valley and one in Bengaluru. The acquisition of Orchestra Technologies further bolstered LTTS’ capabilities. These strategic moves expanded LTTS’ market reach and positioned it as a leader in specialised engineering domains.
Chadha’s appointment as CEO & MD on 1 April 2021 marked a transformative chapter for LTTS. He introduced a six-dimensional framework to navigate the complex ER&D landscape, focusing on People, Technology, and Clients as foundational inputs; ESG (Environmental, Social, and Governance) as a governance dimension. This holistic approach emphasised ‘profitable, sustainable, and inclusive growth’, extending beyond financial metrics to broader societal and environmental responsibilities.
LTTS has consistently achieved impressive growth: from FY22 (Rs6,569 crore) to FY25 (Rs10,670 crore), LTTS’s revenue grew by over 62 per cent in 3 years. LTTS has consistently met or exceeded market commitments, a testament to its reliability and performance in the competitive ER&D sector.
‘Go Deeper to scale’ strategy
Amid the rapid acceleration of technological advancements and fundamental shifts in market dynamics, Chadha, in late 2023 with the launch of the ‘Go Deeper to Scale’ strategy.
Says Alind Saxena, President & Executive Director - Mobility: “Our ‘Go Deeper to Scale’ strategy embodies LTTS’ steadfast commitment to delivering client success and aligning our expertise with their evolving needs.” This visionary strategy involved reorganising LTTS into three distinct yet interconnected operational segments.
Saxena elaborates: “Last fiscal, we implemented a strategic reorganisation into three core segments – Mobility, Tech, and Sustainability – ensuring a sharper focus on industry-specific solutions and enhanced value delivery across our key domains.”
Each segment was meticulously crafted to function as an autonomous operating company (OpCo), endowed with a high degree of independence while drawing synergistic support from three critical horizontals: embedded systems, software development, and digital manufacturing, alongside an overarching regional focus.
This carefully planned restructuring has already produced significant and highly tangible outcomes. It has driven a notable increase in net new wins and a surge in large deal acquisitions during the most recent fiscal quarter. LTTS recorded deal bookings during 4QFY25, including one deal exceeding $80 million, another surpassing $50 million, and a series of deals valued at $30 million, $20 million, and three at over $10 million. Collectively, the total minimum large-deal TCV (Total Contract Value) reached an unprecedented high of $210 million.
“In fact, the management remains optimistic regarding Q1 deal wins, which are expected to remain as strong as Q4, buoyed by an extensive pipeline featuring multiple deals above $50 million. These outstanding results were achieved despite an environment of heightened uncertainty, characterised by project deferrals and delayed decision-making,” noted an IIFL report.
It highlights a notable new win in the telecom infrastructure sector, that leveraged LTTS’ recently acquired Smart World capabilities to remarkable effect. Additionally, Chadha pointed to two significant achievements in the medical domain, where LTTS not only secured new business showcasing its superior value proposition and execution capabilities.
LTTS within the healthcare industry through an empanelment with a leading medical client, a reflects of its growing reputation and trust in the sector. Momentum continued across the mobility and tech segments, with LTTS securing eight high-value deals, each worth over $8-10 million.
These included a standout $50-million engagement and two others exceeding $30 million, underscoring LTTS’s expanding influence in capturing high-value, long-term contracts. The strategic rationale behind this deep organisational integration is twofold. First, it aligns LTTS’s expertise with the increasingly evolving needs of its clients. Second, it ensures delivery of enhanced value across its core domains.
Explaining this approach, Saxena, who has partnered closely with Chadha for nearly 15 years since LTTS’ founding, states: “By deeply integrating ourselves into every stage of the Customer Life Cycle Journey within our focus segments, we are transforming LTTS into a more focused, streamlined, and innovative ER&D services leader.”
Today, LTTS is distinguished as India’s leading pure-play engineering services provider. Abhishek Sinha, Executive Director & President - Medical, Smart World & Functions, reaffirmed this, saying: “As India’s first and largest pure-play engineering and technology services provider, LTTS has consistently outpaced industry growth rates, setting new benchmarks for operational excellence and client value creation.” He emphasised that despite macroeconomic fluctuations, the company’s growth has been propelled by exemplary client engagements and next-generation service offerings across its core segments of Mobility, Sustainability, and Tech, helping LTTS maintain its momentum and deliver impactful results on a global scale.
Sinha cited the company’s disciplined capital allocation and focus on operational excellence as key factors in its sustained success, noting: “Our success is deeply rooted in disciplined capital allocation and a steadfast focus on operational excellence, ensuring we remain agile and prepared to address both opportunities and challenges.” He further underscored the importance of internal development, highlighting the role of LTTS’ in-house Global Engineering Academy (GEA). “Platforms like LTTS’ GEA help our engineers stay ahead of the curve by upskilling and reskilling them in emerging technologies, enabling them to deliver enhanced value to our clients.”
Innovation at the core
At the core of LTTS’ comprehensive strategy, passionately executed under Chadha, lies an unwavering dedication to groundbreaking innovation. This commitment is vividly demonstrated by LTTS’ aggressive pursuit and integration of cutting-edge technologies such as artificial intelligence (AI) and the transformative Software-Defined Everything (SDx) paradigm. Thus, reinforcing its position as a leader in technological innovation, LTTS has filed 190-plus patents in the burgeoning fields of AI and GenAI alone.
Ashish Khushu, Chief Technology Officer, emphasises this commitment, stating: “At LTTS, innovation is not just a differentiator, it’s the lifeblood of everything we do.” He continues, “With over 1,500 patents filed, including more than 190 focused on AI, we have built a culture where IP creation is embedded in the engineering DNA.”
By the end of Q4 FY25, the company’s patents bank had reached 1,502 filings, showcasing steady growth in intellectual property assets. Among these, 929 patents were co-authored with LTTS’ clients, demonstrating strong collaboration in innovation, while the remaining patents were independently filed by LTTS. This robust portfolio spans multiple domains, supporting LTTS’ leadership in ER&D across areas such as mobility, sustainability, and tech.
Maintaining a competitive edge
LTTS’ partnerships with 69 Fortune 500 companies and 57 leading ER&D organisations worldwide leverage LTTS’ extensive IP to solve complex challenges across industries, including industrial products, medical devices, transportation, telecoms, and process industries. With a global footprint of over 24,000 employees and numerous state-of-the-art innovation labs, LTTS drives patentable advancements that maintain its competitive edge in the rapidly evolving technology landscape.
Khushu also highlights LTTS’ innovation engine, which he describes as being designed to address both industry-wide and client-specific challenges across various sectors. He states: “Another important aspect of our innovation engine is the deep, sustained partnerships we have fostered with top-tier academic institutions and research ecosystems globally.”
These collaborations, he explains, enable LTTS to stay ahead of the curve and continuously push boundaries, particularly as emerging technologies like multimodal and agentic AI redefine the rules of engineering. “We see these AI paradigms not just as tools but as integral partners in shaping next-gen, scalable, and sustainable solutions for our clients,” he adds. Chadha, AI applications actively deployed across LTTS’ diverse operational segments:
• Mobility: Within this critical segment, LTTS is leveraging AI for advanced annotation processes and pioneering driver experience solutions tailored specifically for the autonomous vehicle industry. Notable among these initiatives is LTTS iDriVe, a groundbreaking platform that sets benchmarks for next-generation automotive technologies.
Saxena explains, “LTTS iDriVe is setting benchmarks for next-generation automotive technologies, empowering our Mobility clients to achieve excellence.”
• Sustainability: AI takes centre stage in LTTS’ sustainability efforts, where it powers co-pilots integrated into asset health frameworks and intelligent energy sustainability managers. The FactoryNext Framework for Sustainability exemplifies this commitment, enabling smart, energy-efficient factories aligned with global sustainability goals. Saxena notes, “With the FactoryNext Framework for Sustainability, we are enabling smart, energy-efficient factories aligned with global sustainability goals.”
• Tech: The tech segment is revolutionised by LTTS’ application of AI in complex processes. The company is developing advanced solutions for clinical trials and clinical handling, accelerating research, enhancing accuracy, and streamlining healthcare R&D. Furthermore, GENIQ, LTTS’ AI-powered software development platform, empowers technology developers by enhancing efficiency and scalability.
Beyond the game-changing of AI, LTTS is also leading advancements in the evolving SDx domain. An example is LTTS iDriVe, an advanced automotive platform, redefining industry standards for vehicle intelligence and connectivity. LTTS is also addressing modern energy concerns by developing smart microgrids tailored for data centres, ensuring resilient and efficient power management. Its integrated asset health framework further enhances industrial plant operations by delivering comprehensive, predictive maintenance solutions to boost uptime and lower costs.
Among other noteworthy offerings is CareConnect, a meticulously designed, regulatory-compliant digital health platform. This innovation consolidates patient, device, and diagnostic data into a single, unified interface, exemplifying LTTS’ exceptional ability to merge research with practical applications. These solutions collectively demonstrate how LTTS translates theoretical progress into impactful real-world innovations across transportation, technology, and sustainability.
Saxena encapsulates LTTS’ commitment to innovation, stating: “Our investments in world-class digital assets, state-of-the-art labs, and multi-domain expertise form the backbone of our innovation ethos. Looking ahead, LTTS remains committed to being the strategic partner of choice for its global clientele, delivering transformative solutions that empower clients worldwide to achieve greater success.”
Fostering a culture of innovation
Chadha, a trained engineer, embodies it, leading by example and fostering hands-on engagement with technological challenges. He recounts an illustrative anecdote that highlights his proactive approach to innovation, centred around the creation of the LTTS microgrid controller. “The microgrid controller started almost 4 years ago,” recalls Chadha. “You know, the hybrid, EV, and all that was coming into India. So, we imported an EV charger. Then we told our people, why don’t you build one of your own? So, we built an EV charger. One thing leads to another. Now there are a lot of data centre companies approaching us and asking, do you have a microgrid controller?”
This anecdote demonstrates Chadha’s hands-on leadership style, where he emphasises starting with fundamental principles to inspire organic innovation within his teams. The results of this approach are evident in LTTS’ dramatic increase in patent filings.
Over the past four years, the company’s rate of patent submissions has skyrocketed from 50 per year to an impressive 50 per quarter. “That’s what India should be proud of,” Chadha asserts. “Because finally, you do not want to be a build-to-print nation. You want to be an R&D-rich engineering plus manufacturing nation.” This statement reflects his ambition not only for LTTS but for India as a whole, envisioning the country climbing the global value chain.
At the CES 2025 event – a globally recognised platform – held in Las Vegas, LTTS cemented its status as an R&D powerhouse. Ten newly developed products, created for a diverse range of clients, were launched at the event. On an international stage it underscores LTTS’ position as a leader in engineering and technological advancements.
Global footprint
LTTS’s growth story is in strategic expansion and the pursuit of global leadership. This growth was achieved without expanding its workforce, showcasing the company’s boosted productivity and its strategic implementation of advanced AI-driven automation. Recognising the social challenges of rapid automation, Chadha has outlined a balanced vision by committing to hire 1,500 to 2,000 freshers in the next financial year, aiming to stabilise and optimise productivity gains while focusing on talent acquisition.
LTTS has set its sights on reaching an ambitious interim revenue milestone of $2 billion, with a longer-term goal of transforming into a $3 billion enterprise. Rajeev Gupta, Chief Financial Officer, explains, “This goal aligns with a strategic framework where each of the company’s three core segments is expected to contribute $1 billion each. Several pivotal growth drivers fuel this vision, including the accelerating demand for AI/GenAI solutions, the broad adoption of SDx frameworks, advancements in industrial automation, and the global restructuring of supply chains.”
Gupta adds: “We achieved a remarkable milestone in FY25, surpassing revenues of Rs10,000 crore and showcasing industry-leading revenue growth of 10.6 per cent. LTTS has strengthened its position as a $1.4 billion revenue run-rate company, despite macro and geo-political challenges.”
“A key driver of our success is our balanced three-segment approach, which allows us to diversify and grow in a de-risked manner.” Notably, he says “half of LTTS’ large deals for the quarter came from its most profitable segment”.
Looking ahead, Gupta says: “There are plans for targeted investments in the three segments to drive sales acceleration, solution advancements, and the development of state-of-the-art labs. With a clear focus on growth segments and driving innovation, combined with fiscal discipline, LTTS will continue its industry-leading performance and expand market share in global ER&D services.”
LTTS’ Q4FY25 results reflect the strategic approach. LTTS reported Q4 revenue growth of 10.5 per cent QoQ (with 3.1 per cent organic growth estimates), slightly under IIFL’s forecast of 13 per cent due to external factors like heightened uncertainty, delayed decision-making, and strategic client support that impacted revenue and margins. EBIT margins registered at 13.2 per cent (-270bps QoQ), trailing IIFL’s estimate of 14.6 per cent.
While Macquarie acknowledged the EBIT margin miss, it noted that revenue performance aligned with forecasts, showing approximately 2.5 per cent QoQ and approximately 4.8 per cent YoY organic growth. Morgan Stanley, while noting the weaker results compared to projections, highlighted the positive future outlook relative to peers, revising its price target to R4,300. Despite such fluctuations, LTTS management guided double-digit revenue growth for FY26, including an estimated 6 per cent inorganic contribution, while reiterating its mid-term EBIT margin target of 16 per cent by Q4FY27/Q1FY28.
With over 24,000 employees, LTTS maintains a strategic global footprint. Its primary development centres in India, located in Bengaluru, Mumbai, Mysore, Baroda, Chennai, Hyderabad and Pune, form its domestic operational backbone. Chadha’s involvement in market and technology domains complements the layered operational management structure. This allows him to focus on setting LTTS’s overarching strategic direction and expanding its global presence. Additionally, through his position on the NASSCOM Executive Council, Chadha contributes to advancing the broader Indian technology landscape.
LTTS’ recent acquisition of Intelliswift, a specialist engineering software company valued at a little over $100 million, further illustrates its aggressive growth strategy. Completed by January, this acquisition enhances LTTS’ footprint in three entirely new verticals – retail, healthcare, and fintech. These sectors offer growth opportunities, particularly within hyperscaler ecosystems, a space where LTTS aims to accelerate its trajectory. The acquisition also carved out a new segment, software and platforms.
Empowerment and performance
The driving force behind LTTS’ strong internal culture is a focus on valuing talent, promoting transparency, and embracing continuous improvement. This growth within LTTS is reflected in a striking statistic: approximately 70 per cent of LTTS’ leadership roles are filled via internal promotions. Fuelled by a vision of shared growth and ownership, Chadha has set an ambitious goal to further increase this number to 75-80 per cent.
LTTS’ recognition as a Great Place To Work in India, as well as in global markets like the US, Poland, and Japan, reflects a high-performing and rewarding workplace. M Lakshmanan, Chief Human Resources Officer, highlights this focus, stating: “Our people are the foundation of LTTS’ continued success across global markets.” He adds: “What sets us apart is how our workforce anticipates, responds to, and exceeds client expectations across industries.”
Elaborating, Lakshmanan explains how LTTS nurtures its talent: “Our investments in career development, inclusive leadership, and cross-border opportunities have cultivated a culture that’s not only high-performing but also deeply rewarding.”
LTTS’ mantra, Purposeful. Agile. Innovation., embodies the ethos of LTTS’ Engineers at Heart. Samir Bagga, Chief Marketing Officer, explains: “Our brand mantra of Purposeful. Agile. Innovation. mirrors the passion and engineering skill our 24,000+ Engineers at Heart bring every single day.” He continues: “We firmly believe that engineering has the power to shape a more sustainable future, a belief that drives how we innovate: with purpose, agility, and a relentless focus on real-world impact.”
Bagga says “whether it’s advancing EV platforms, creating intelligent factories, or developing tomorrow’s healthcare technologies, our engineers are driving meaningful change through innovation.” He frames the company’s overarching vision, stating: “The brand transformation we have undertaken is anchored in the ethos of pushing the boundaries of what’s possible, with a clear mission to address global challenges in each of our three business segments,” as he summarises the LTTS way as “a place where every innovation has intent, and every idea has momentum.”
Earlier this year, Chadha presided over a strategic four-day company meet in Mysore, which began with a 5K run at 6 am, engaging 1,900 employees, including the entire leadership team. Reflecting his humour and authenticity, Chadha admits to being the instigator of this early morning challenge. This event vividly illustrates his hands-on leadership style and commitment to creating team bonds.
The strategy meet, also featured an engaging town hall and a ‘Project Showcase’, in which 130 top leaders presented their most impactful projects over three and a half hours.
Redefining the future of ER&D
LTTS has evolved far beyond the traditional definition of an engineering services company. It has emerged as a transformational force, actively redefining the future of its industry. LTTS’ relentless commitment to purposeful and agile innovation is centred on a clear mission: addressing critical global challenges across its three core strategic segments – Mobility, Sustainability, and Tech.
From pioneering advancements in electric vehicle (EV) platforms and designing intelligent, efficient factories to developing next-generation healthcare technologies it promises to revolutionise patient care. This approach highlights their mission to combine technological excellence with practical solutions that tackle real-world problems.
Strategically expanding its global footprint, LTTS has firmly established centres across India, the US, Europe, and Japan. Chadha’s ambitious vision for India: to transition from a “build-to-print nation” to an “R&D-rich engineering and manufacturing nation” finds alignment in LTTS’ contributions to technological self-reliance and international leadership.
The market unequivocally acknowledges LTTS’ strategic positioning and enormous potential. While there are players ahead of LTTS in the ER&D space, LTTS stands apart as a formidable, rapidly ascending contender among pure-play engineering companies, with the inherent capability to challenge and possibly surpass established competitors.
Over the years, Chadha has guided LTTS through extraordinary growth, navigating two major organisational transformations. By adhering to a strategy that prioritises profitable, sustainable, and inclusive growth, Chadha and the LTTS team are not just solving today’s challenges. With each impactful innovation, they are engineering the future itself.