India's LTIMindtree aiming for near double-digit revenue growth by end of FY26

Indian IT services firm LTIMindtree LTIM is targeting near double-digit revenue growth by the end of fiscal 2026, its CEO said on Friday, a day after the company posted a narrow miss on first-quarter revenue.

"If we can hit a run rate which brings us nearer to the double digit of year-on-year growth ... (FY26) will definitely end up becoming better than FY25," CEO Venugopal Lambu told Reuters.

Nachiket Deshpande, President of LTIMindtree, told analysts on Friday that after the formation of a global large deal team, the company is winning more deals and adding to the pipeline. "We're seeing the (deal) momentum continue at least in the next few quarters," Deshpande said.

On Thursday, the firm reported first quarter consolidated revenue of 98.41 billion rupees ($1.14 billion), missing estimates marginally as cautious spending by clients slowed growth in its key North America market to the lowest in over a year.

Stubborn inflation, subdued demand, and uncertainty around U.S. trade policies are prompting clients to delay discretionary tech spending, clouding prospects of a recovery in India's $283 billion IT sector.

The company's operating margin in the first quarter contracted by 70 basis points on-year, but expanded 50 basis points sequentially.

Lambu on Friday said the company was also aiming to expand its operating margins by 100 basis points by the end of fiscal 2026.

LTIMindtree's shares fell as much as 2.4% on Friday before closing 1.36% lower.

($1 = 86.0770 Indian rupees)