L&T Q2 FY27 Results: Orders and Key Numbers

Results day puts focus on L&T

Larsen & Toubro is scheduled to announce its financial results for the quarter and half-year ended September 30, 2026, on Tuesday, October 27. The engineering and construction major is among about 110 companies due to report second-quarter FY27 earnings on the day. Maruti Suzuki India, Bajaj Auto, Cipla, Tata Capital, SBI Life Insurance Company and Indus Towers are also on the results calendar. For L&T investors, the central areas of attention are revenue growth, execution of its order book, operating profitability and fresh order inflows.

The company informed the exchanges that its board would meet on October 27 to consider and approve unaudited standalone and consolidated results. L&T has not specified a time for the results announcement in the cited exchange filing. It has scheduled a virtual Q2 and H1 FY27 earnings conference call at 7:30 pm on October 27.

Strong Q1 base before September quarter

L&T reported consolidated revenue of about ₹67,900 crore in Q1 FY27, up 7% year on year. Another reported data point places June-quarter revenue at ₹67,942 crore, representing 6.7% year-on-year growth and a 17.9% sequential decline. Consolidated profit after tax was reported at ₹4,100 crore in one disclosure, while another reported figure showed net profit of ₹4,988 crore, up 15.5% year on year. The source material therefore contains differing profit figures, while revenue is consistently near ₹68,000 crore.

The Q1 operating margin was reported at 9.0%. The September-quarter outcome will show whether project execution and profitability improved from the June quarter. L&T operates across infrastructure, energy, heavy engineering, technology services and financial services, making its quarterly results relevant to several parts of India’s capital-expenditure cycle.

Large order announcements shape expectations

The company announced orders worth around ₹1,30,000 crore during Q2 FY27. More than ₹77,500 crore of these announced orders came from the Middle East. The projects span hydrocarbons, offshore work, infrastructure, gas-compression plants and battery energy storage systems. This order activity provides context for the pace of execution that markets will assess in the quarterly results.

Domestic announcements during the quarter included thermal-power projects for NTPC and DVC, as well as ONGC platform and pipeline projects. L&T also announced a mega order from NVIDIA to build what was described as India’s largest NVIDIA B300 AI factory. On October 5, the company announced power transmission and distribution orders in India, Saudi Arabia and the UAE.

Power projects remain an important driver

The October 5 orders were classified as mega orders, a category valued between ₹10,000 crore and ₹15,000 crore. They cover transmission infrastructure, substations and cabling. Such projects add to L&T’s exposure to grid expansion and power-sector investment across India and overseas markets.

The company also sees potential for higher nuclear-related inflows over time. India’s nuclear capacity target is stated at 22.5 GW by FY32, compared with current capacity of 8.9 GW, and 100 GW by FY47. These targets are longer-term policy markers rather than near-term revenue guidance, but they provide context for L&T’s interest in nuclear-linked engineering opportunities.

First-half order run rate

Actual inflows stood at ₹87,300 crore in Q1 FY27, according to the provided data. Combined with Q2 announcements, the announced order run rate for the first half of FY27 was around ₹2,00,000 crore. Announced orders are not the same as reported order inflows or revenue, but they indicate the project opportunities being added across businesses.

The Middle East remains a significant source of large projects, particularly in energy and infrastructure. Overseas execution can support scale, although quarterly financial performance will depend on the timing of project mobilisation, progress and cost management. The Q2 disclosures should provide the company’s reported order inflow and order-book position.

Quarterly operating trend

L&T’s sales and operating profit have grown over the longer period shown in the available quarterly data, although results fluctuate with project execution and seasonality. Sales rose from ₹47,882 crore in June 2023 to ₹67,942 crore in June 2026. Operating profit rose from ₹6,316 crore to ₹8,149 crore over the same comparison.

The June 2026 sales figure was lower than the ₹82,762 crore reported for March 2026, reflecting the sequential movement highlighted in the data. Investors will compare September-quarter revenue against both the year-earlier period and the June quarter, while also watching the operating-profit trend.

Brokerage estimates provide a medium-term view

Motilal Oswal has forecast compound annual growth between FY26 and FY29 of 10% in core engineering and construction order inflow, 14% in revenue, 16% in EBITDA and 17% in profit after tax. Its FY27E estimate for net sales is ₹3,14,050 crore, while its EBITDA estimate is ₹32,150 crore. These are brokerage estimates and not company guidance.

The forecasts reflect expectations of sustained engineering and construction activity, supported by domestic infrastructure spending and international project opportunities. Actual results may differ based on order conversion, execution schedules, commodity costs, margins and the mix of domestic and overseas work.

Wider Q2 earnings calendar

The October 27 earnings calendar includes companies from automobiles, pharmaceuticals, financial services, consumer businesses, infrastructure, telecom and metals. Besides L&T, the listed names include ACC, Waaree Energies, Mazagon Dock Shipbuilders, Steel Authority of India, Max Financial Services, Honeywell Automation India, IndiaMART InterMESH, JSW Infrastructure and United Breweries.

This broad reporting slate gives investors updates on several sectors in one session. L&T stands out because its order trends and execution levels offer a view of activity in infrastructure, power, energy and overseas engineering markets. However, each company’s financial performance will depend on its own business conditions.

What investors will watch

The key disclosures from L&T will be consolidated revenue, profit, operating margins, order inflow and management commentary on execution. Updates on Middle East projects, domestic power orders and the pace of work across infrastructure and energy businesses will also be relevant. The company’s board is scheduled to approve the results on October 27, followed by the investor conference call later that evening.

The Q2 FY27 release will provide the reported financial outcome for a quarter in which L&T announced substantial project wins. It will also clarify how much of the order momentum translated into revenue and profitability during the September quarter.