LTIMindtree Ltd.

“LTIMindtree is a financially clean, adequately governed IT services business that earns decent returns on capital, but offers no structural differentiation, has failed to deliver on post-merger growth aspirations, faces meaningful AI-driven headcount compression risk over the medium term, and trades at ~26x trailing earnings with thin margin of safety — the base-case ~10% annualized return does not justify selecting this name over simpler or higher-quality alternatives.”