LTIMindtree vs NEC: Revenue, Profit and Business Model
LTIMindtree had ~$4.9B of annual revenue in FY2026 and ~$623.8M of net income. NEC had ~$24B of annual revenue in FY2026 and ~$1.8B of net income.
Latest financial snapshot
LTIMindtree
- Latest annual revenue
- ~$4.9B (FY2026)
- Net income
- ~$623.8M
- Net margin
- 12.7%
- Revenue growth
- +12.8% a year, FY2022–FY2026
NEC
- Latest annual revenue
- ~$24B (FY2026)
- Net income
- ~$1.8B
- Net margin
- 7.5%
- Revenue growth
- +4.4% a year, FY2022–FY2026
Financial summary
LTIMindtree
LTIMindtree's revenue rose from ~$3.85 billion (₹33,183 crore) in FY23, its first year as a merged company, to ~$4.91 billion (₹42,308 crore) in FY26. Growth slowed to about 7% in FY24 and FY25 as clients cut spending, then picked up to 11.3% in FY26, or 5.3% in constant currency, with dollar revenue reaching $4.76 billion. FY26 net profit rose 16.9% to ~$624 million (₹5,378 crore), and the board recommended a final dividend of ₹53 per share. In Q1 FY27 (April-June 2026) revenue was ~$1.35 billion (₹11,608 crore), up 18% year on year in rupees, with net profit of about $170 million (₹1,468 crore) and an EBIT margin of 15.5%. LTIMindtree Limited is a massive global technology consulting and digital solutions company, commanding a market valuation typically exceeding $18 billion.
NEC
NEC's numbers show a company trading revenue for margin. Revenue moved from ~$20.2 billion (3,014.1 billion yen) in FY22/3 to ~$24 billion (3,582.7 billion yen) in FY26/3, but the bigger change was profitability: FY26/3 adjusted operating profit reached ~$2.59 billion (386.8 billion yen) (10.8% margin, up 2.4 points), net profit attributable to owners was ~$1.81 billion (270.2 billion yen), and non-GAAP net profit was ~$1.87 billion (279.8 billion yen), a record under IFRS. Momentum carried into FY27/3: first-quarter revenue rose 14.5% to ~$5.49 billion (819.8 billion yen), net profit was ~$333 million (49.7 billion yen), and NEC raised full-year guidance to ~$23.7 billion (3,540 billion yen) revenue and ~$2.88 billion (430 billion yen) adjusted operating profit. NEC Corporation is a colossal Japanese multinational information technology and electronics company, maintaining a robust market valuation typically over $20 billion.
Revenue and profit by year
LTIMindtree
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$4.9B | ~$623.8M | 12.7% | +11.3% | Source |
| FY2025 | ~$4.4B | ~$533.4M | 12.1% | +7.0% | Source |
| FY2024 | ~$4.1B | ~$531.5M | 12.9% | +7.0% | Source |
| FY2023 | ~$3.8B | ~$511.4M | 13.3% | +27.1% | Source |
| FY2022 | ~$3B | ~$458M | 15.1% | — | Source |
Where the revenue comes from
LTIMindtree
- Banking, Financial Services & Insurance (BFSI)
Largest vertical
Core banking, payments, insurance and capital markets technology services.
- Technology, Media & Communications
Major vertical
Product engineering and IT services for technology, media and telecom companies.
- Manufacturing & Resources
Major vertical
ERP, industrial IoT and supply chain work for manufacturers, energy and utilities.
- Consumer Business
Smaller vertical
Retail, CPG and travel technology services.
- Healthcare, Life Sciences & Public Services
Smaller vertical
Healthcare payer and provider, life sciences and public sector programs.
NEC
- IT Services70.0%
FY26/3 revenue was ~$16.8 billion (2,508.9 billion yen), including Domestic IT and International digital government/digital finance work.
- Social Infrastructure26.1%
FY26/3 revenue was ~$6.27 billion (935.3 billion yen), including telecom services and aerospace/national security systems.
- Others3.9%
FY26/3 other revenue was ~$928 million (138.5 billion yen).
Business model and strategy
LTIMindtree
How it makes money
LTM earns money by selling IT services to large enterprises, mostly in North America and Europe. Contracts are billed either as time-and-materials work or as fixed-price and managed-services deals that run for several years.
Growth strategy
Under CEO Venu Lambu, LTM's strategy is built around AI-led services, a new brand, and more geographic diversification. The 2026 rebrand positions the company as a 'business creativity partner' and groups its AI offerings into creative, business and industrial categories.
Competitive advantage
LTM's advantages come from L&T ownership, which gives it financial credibility and access to engineering and manufacturing domain knowledge, and from the mix of LTI's enterprise systems and ERP work with Mindtree's digital engineering and customer-experience skills.
NEC
How it makes money
NEC makes money by selling technology projects and recurring services to governments, enterprises and telecom carriers. In FY26/3 (year ended March 31, 2026), IT Services produced ~$16.8 billion (2,508.9 billion yen), about 70% of revenue: system integration, managed services and the BluStellar DX offering in Japan, plus digital government and digital finance software abroad through subsidiaries such as Avaloq, KMD a…
Growth strategy
Under its 2025 Mid-term Management Plan, which NEC says it achieved in FY26/3, the company prioritized digital government and digital finance, 5G, and core DX (now branded BluStellar) as growth businesses while monitoring and pruning low-profit work.
Competitive advantage
NEC's edge comes from decades of trusted delivery to Japanese ministries, municipalities, the Ministry of Defense and NTT-group carriers, which makes it hard to displace on security-sensitive systems. Its face and fingerprint algorithms have repeatedly placed at or near the top of US NIST benchmark tests, which supports border-control and airport contracts abroad.
Questions about LTIMindtree vs NEC
Which company has higher revenue — LTM (formerly LTIMindtree) or NEC Corporation?
LTM (formerly LTIMindtree) had ~$4.9B (FY2026), while NEC Corporation had ~$24B (FY2026). By latest annual revenue, NEC Corporation is the larger business, with LTM (formerly LTIMindtree) showing a smaller revenue base.
What is the market cap of LTM (formerly LTIMindtree) vs NEC Corporation?
LTM (formerly LTIMindtree)'s market capitalisation stands at $14.3B, while NEC Corporation's is $40.2B. NEC Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to LTM (formerly LTIMindtree).
How does revenue per employee compare for LTM (formerly LTIMindtree) and NEC Corporation?
LTM (formerly LTIMindtree) has $56k / employee in revenue per employee, while NEC Corporation has $236k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do LTM (formerly LTIMindtree) and NEC Corporation make money?
LTM (formerly LTIMindtree) and NEC Corporation generate revenue in fundamentally different ways. LTM (formerly LTIMindtree): LTM earns money by selling IT services to large enterprises, mostly in North America and Europe. NEC Corporation: NEC makes money by selling technology projects and recurring services to governments, enterprises and telecom carriers.
Which company is valued higher relative to revenue — LTM (formerly LTIMindtree) or NEC Corporation?
On a price-to-sales (P/S) basis, LTM (formerly LTIMindtree) trades at 2.9x P/S and NEC Corporation at 1.7x P/S. LTM (formerly LTIMindtree) commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to NEC Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is LTM (formerly LTIMindtree) bigger than NEC Corporation?
By last reported revenue, NEC Corporation (~$24B (FY2026)) is the larger company compared to LTM (formerly LTIMindtree) (~$4.9B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the LTIMindtree vs NEC overview