LTM Limited (LTM) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

LTM Limited is an IT services company with 72.3% of revenue from North America, reporting into a quarter where the sector faces its weakest Q2 growth in three years amid AI-led pricing pressures. The print will speak to whether constant-currency growth accelerates from Q1's 0.3% QoQ as management guided, and how the EBIT margin holds up against new H-1B cost headwinds and the pending Randstad acquisition.

LTM Limited Q2 Results Date and Time

The board was scheduled to meet October 16 to consider Q2/H1 FY27 unaudited results and may consider an interim dividend. The trading window was stated to be closed October 1-18.

Alongside the October 16 board meeting, the proposed record date for the interim dividend is October 23, 2026.

What to expect from LTM Limited's Q2 FY27 results

The central question for Q2 FY27 is whether constant-currency sequential growth accelerates from Q1's 0.3% QoQ, as management guided that momentum would build from Q2 and strengthen through H2 toward FY27 growth exceeding FY26's 6%. The order book has been steady at US$1.6-1.7 Bn over five to six quarters, with Q1 FY27 order inflow at US$1.68 Bn, and AI revenue carrying a quarterly run rate above US$150 Mn across Business AI, Creative AI and Industrial AI. On margins, Q1's 40 bps sequential EBIT improvement to 15.5% was driven by New Horizons efficiencies with forex and wage impacts largely offsetting; the rupee averaged ~95.5 in Q2 versus ~94.9 in Q1, a modest incremental tailwind, while the $103,265 H-1B surcharge on new petitions and the 15%-20% AI pricing normalization are incremental headwinds. Management also expects a previously announced large Indian government deal, delayed by hardware shipment issues, to start in Q3 and ramp from Q3 onward, and discretionary client spending to improve in H2. The Randstad SPA, executed August 22, 2026 for entities with enterprise valuation up to EUR 160 Mn, remains subject to regulatory approvals and SPA conditions precedent, with management guiding no material margin impact in FY27.

Key Things To Watch

FY27 growth guidance and Q2 momentum

• Track FY27 growth against management's statement that it should exceed FY26's 6%, and assess whether Q2 acceleration and H2 momentum are reflected in the reported quarter
• Request quantification of the organic-growth outlook — the retrieved excerpts give no numerical Q2 growth target or explicit constant-currency target
• Revisit the approximately 2x revenue and approximately 200 bps EBIT-margin expansion ambitions through FY31 and ask whether management has interim milestones

Randstad acquisition completion and margin framing

• Seek an update on Randstad approvals, closing timing, integration, FY27 margin impact, onsite gross margin and expected synergies — the SPA was executed August 22, 2026 and completion remains subject to regulatory approvals and SPA conditions precedent
• Guided onsite gross margin of 19%-20% for Randstad; FY27 outlook is for no material margin impact, with synergies expected to begin during the quarter and continue through the next year

EBIT margin bridge and cost drivers

• Ask whether the Q1 EBIT-margin drivers — New Horizons efficiencies, forex and wage-hike offsets — continued, and request a quantified margin bridge; the Q1 excerpt does not provide a numerical breakdown by driver
• Wage-hike impact had been expected at around 1% and was broadly offset by forex in Q1, leaving New Horizons as the main net driver of the 40 bps sequential improvement

BFSI recovery, deal metrics and AI commercial updates

• Follow Financial Services and BFSI account recovery, large-deal transitions, order inflow, utilization, attrition and DSO — Q1 FY27 DSO was 85 days, utilization ex-trainees 86.4% and TTM attrition 13.3%
• Seek commercial updates on AI revenue and the partnerships and BlueVerse launches listed in the announcements summary; those entries disclose no financial contribution
• Q1 call commentary reported Financial Services growth of 3.2% sequentially and Technology growth of 3.4% sequentially with double-digit YoY growth

Risks and headwinds to monitor

• A large Indian government deal was delayed by hardware shipment issues; management expects it to start in Q3 and ramp from Q3 onward
• Management described a 15%-20% difference in pricing for the same scope compared with a year earlier as normalization, and cited geopolitical and economic factors as constraints on discretionary spending with improvement expected in H2
• Middle East revenue is less than 3% of the company; management cautioned that future geopolitical developments were unpredictable