LTM (India): $150M in AI revenue for the quarter, the IT services shift accelerates

Indian IT services firm LTM reveals an AI run rate of $150M/quarter, 12% of revenue - and AI growth outpacing the core. A separate disclosure is the real signal: AI is emerging from the line diluted in large deals.

In plain terms. Indian IT services firm LTM has revealed for the first time the run rate of its AI revenues: $150 million per quarter, accounting for 12% of total revenue. Management claims that AI growth is outpacing the core business (Tech in Asia, July 14, 2026).

A separate figure published for the first time is the real signal: Indian IT services are emerging from the period where AI was a "diluted" line item in large deals. At 12% of revenue and growing faster than the rest, the trajectory points to 25-30% within 12-18 months if the pace holds—reshaping margins and the investor thesis (fewer ETPs per revenue, higher unit margins).

Under the hood - LTM does not detail the composition: what portion is "AI-native product/service" vs. "classic IT services with AI component"? The distinction weighs heavily on the multiple—the first bucket carries significantly higher margins, the second remains close to historical T&M.

So what. Operational confirmation of the india-ai-native-founders thread: the shift is not just about startups; large Indian IT services are materializing it in their earnings. Will Wipro, Infosys, and TCS follow the format of separate disclosure? To watch: the next quarterly earnings call of the other three.