Overview

Detailed Summary

Larsen & Toubro is an Indian multinational conglomerate focused on EPC projects, hi‑tech manufacturing and services, operating across infrastructure, energy, heavy engineering, defence, IT/technology services and financial services with a large global footprint and multiple listed subsidiaries including LTIMindtree and LTTS.
The company achieved record quarterly order inflows of Rs 1,356 billion in Q3 FY'26 and a Rs 7.33 trillion order book (up 30% YoY), providing unusually strong near‑term revenue visibility and a diversified mix across domestic private, central/public and Middle East international projects.
L&T is pivoting into higher‑margin adjacent platforms — hyperscale data centers (L&T Vyoma), Canvas.ai enterprise AI platform, semiconductor design and electrolyzer/green hydrogen stacks — backing these with pilot capex (data‑center ~32 MW and ~Rs 1,000 crore cited) and strategic partnerships to accelerate commercialization.
Financially, L&T shows improving operational indicators: group revenue grew 10% YoY in Q3 to Rs 714 billion, Projects & Manufacturing EBITDA improved to 8.1%, recurring PAT rose 31% YoY to Rs 44 billion, and Net Working Capital to Revenue fell to 8.2%, while reported PAT was impacted by a one‑time Rs 11.9 billion labour‑code provision.

Sector: Construction
Industry: Civil Construction
Market Cap: 5,31,107 Cr
Volatility: High Risk
P/E Ratio: 33.0
Industry P/E: 25.5
PEG Ratio: 1.4
P/B Ratio: 4.8
52W High: 4,440.00
52W Low: 3,288.65

Sales CAGR

1Y: 11.79%
3Y: 11.62%
5Y: 11.99%
10Y: 9.79%

Profit CAGR

1Y: 8.32%
3Y: -7.13%
5Y: 1.05%
10Y: 1.59%

ROE

TTM: 14.72%
3Y: 12.75%
5Y: 11.61%
10Y: 11.94%

ROCE

TTM: 15.13%
3Y: 17.66%
5Y: 16.74%
10Y: 15.63%

Technicals

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Forecasts

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Peers

Industrials Construction Construction Civil Construction

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
LT		3848.90	5,29,504 Cr	32.92	4.84	0.99	14.72	15.13	4.23
RVNL		227.30	47,393 Cr	54.18	4.83	0.75	8.91	10.68	4.01
CEMPRO		1593.00	27,471 Cr	45.94	11.45	0.19	24.91	31.25	8.44
NBCC		98.20	26,514 Cr	36.82	8.79	1.04	23.86	31.75	4.56
IRBIT		—	25,812 Cr	10.87	2.04	1.83	14.33	9.68	4.41
IRB		20.20	24,398 Cr	28.69	1.13	0.74	4.06	6.02	1.57
KPIL		1299.80	22,197 Cr	21.34	2.85	0.85	13.37	15.81	3.72
Median: 7 Co.	—	763.55	26,514 Cr	32.92	4.83	0.85	14.33	15.13	4.23

Financial Statements

Upcoming Result Date: Jul 27, 2026

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	55,128	67,079	55,120	61,555	64,668	74,392	63,679	67,984	71,450	82,762
Expenses	47,929	58,426	48,074	53,638	56,770	64,516	55,655	59,470	62,259	72,343
Operating Profit	7,199	8,653	7,046	7,917	7,898	9,876	8,024	8,513	9,190	10,419
OPM %	13.06	12.90	12.78	12.86	12.21	13.28	12.60	12.52	12.86	12.59
Other Income	838	1,135	921	1,101	968	1,610	1,357	1,384	97	1,647
Interest	2,344	2,345	2,292	2,439	2,486	2,419	2,488	2,470	2,399	2,488
Depreciation	921	1,021	998	1,024	1,047	1,052	1,033	1,092	1,072	1,168
Profit Before Tax	4,772	6,422	4,677	5,555	5,333	8,014	5,860	6,336	5,817	8,410
Tax %	24.67	22.09	26.44	25.96	24.98	23.47	26.18	26.03	34.17	24.88
Net Profit	3,595	5,004	3,440	4,113	4,001	6,133	4,326	4,687	3,829	6,318
EPS in Rs	21.40	31.93	20.24	24.68	24.40	39.94	26.28	28.53	23.36	38.70

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	1,10,011	1,19,862	1,35,220	1,45,452	1,35,979	1,56,521	1,83,341	2,21,113	2,55,734	2,85,874
Expenses	92,819	1,00,092	1,12,505	1,21,082	1,12,664	1,32,364	1,56,561	1,91,904	2,22,997	2,50,662
Operating Profit	17,192	19,770	22,715	24,371	23,315	24,157	26,780	29,209	32,737	35,212
OPM %	15.63	16.49	16.80	16.76	17.15	15.43	14.61	13.21	12.80	12.32
Other Income	1,466	1,535	2,131	2,361	3,429	2,364	3,065	4,252	4,600	4,972
Interest	6,701	7,558	9,188	10,839	11,604	9,078	9,234	9,261	9,637	9,844
Depreciation	2,370	1,929	1,923	2,462	2,904	2,948	3,502	3,682	4,121	4,365
Profit Before Tax	8,887	11,639	13,735	13,431	12,236	14,495	17,109	20,517	23,579	25,976
Tax %	22.58	27.48	29.61	24.30	32.78	29.00	26.21	24.11	24.99	26.24
Net Profit	6,881	8,440	9,668	10,168	8,225	10,291	12,625	15,570	17,687	19,159
EPS in Rs	40.15	51.25	64.59	69.36	84.18	62.96	76.06	94.35	109.26	116.87
Dividend Payout %	32.52	30.48	28.39	26.49	43.68	35.69	32.24	36.22	31.11	32.51

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	187	280	281	281	281	281	281	275	275	275
Reserves	50,030	55,377	62,094	66,442	75,588	82,127	89,045	86,084	97,381	1,09,015
Borrowings	83,875	92,247	1,03,345	1,19,519	1,11,910	94,135	94,251	86,624	96,214	1,02,331
Other Liabilities	78,090	97,150	1,12,628	1,21,898	1,23,495	1,43,524	1,46,775	1,66,644	1,85,654	2,40,929
Total Liabilities	2,12,182	2,45,053	2,78,347	3,08,140	3,11,274	3,20,067	3,30,352	3,39,627	3,79,524	4,52,550
Fixed Assets	13,064	14,234	16,939	39,939	40,673	38,982	39,281	40,772	42,397	29,747
CWIP	13,298	13,443	13,919	3,311	500	1,250	3,066	3,045	2,589	3,311
Investments	23,366	19,657	25,162	23,762	43,273	43,358	48,159	47,839	56,464	69,497
Other Assets	1,62,454	1,97,718	2,22,327	2,41,128	2,26,827	2,36,478	2,39,847	2,47,971	2,78,075	3,49,995
Total Assets	2,12,182	2,45,053	2,78,347	3,08,140	3,11,274	3,20,067	3,30,352	3,39,627	3,79,524	4,52,550

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	6,655	-10,031	-4,756	6,694	23,074	19,164	22,777	18,266	9,161	16,741
Cash from Investing Activity	-9,796	3,915	-11,023	-8,408	-5,660	-3,668	-8,312	2,163	-15,518	-11,739
Cash from Financing Activity	2,896	9,370	15,440	6,372	-15,274	-15,181	-11,572	-25,413	6,557	-2,156
Net Cash Flow	-245	3,254	-338	4,658	2,139	314	2,893	-4,984	200	2,846

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FIIs	25.30%	25.71%	25.49%	24.36%	22.85%	21.71%	20.83%	19.80%	19.33%	19.48%	20.06%	18.78%
DIIs	38.37%	37.53%	37.70%	38.45%	39.27%	40.82%	41.95%	42.95%	43.72%	43.59%	43.24%	43.58%
Public	36.33%	36.76%	36.81%	37.19%	37.88%	37.47%	37.22%	37.25%	36.95%	36.92%	36.70%	37.64%
Total Shareholders	14,23,202	14,07,117	14,54,624	15,64,085	17,36,844	16,89,155	16,75,146	17,06,264	16,81,492	16,71,006	16,30,031	18,01,254

Market Transactions

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Projection

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

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