Operates as an EPC contractor building roads, railways, metro, solar, battery storage and power transmission projects. Construction accounted for 100% of segment revenue in the FY26 period, with EBIT of Rs 596.972 crore on segment revenue of Rs 5,666.677 crore. A separate Renewable Energy segment appears in historical trend data, recording Rs 111.996 crore of revenue for the year ending March 2026. The BRSR filing shows road construction makes up 97.86% of turnover and solar power 2.14%. Order book at the end of FY26 stood at about Rs 10,147 crore, with new orders of about Rs 4,504 crore secured during the year. Materials at 36% of revenue and other operating expenses at 38% are the largest cost components, with capex at 18.2% of revenue indicating an asset-heavy operating model. The company has been pruning its solar SPV portfolio, with several step-down subsidiaries struck off in mid-2026, while taking on a power transmission SPV (WR ER Part C) for Rs 5 lakh cash consideration. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Construction (100%), Renewable Energy. Order-driven, asset-heavy civil construction EPC with growing exposure to renewables and power transmission
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,751 | 4,622 | 5,378 | 5,056 | 5,235 |
| EBITDA (ex other income) | 710 | 895 | 1,080 | 1,075 | 1,063 |
| margin % | 18.9 | 19.4 | 20.1 | 21.3 | 20.3 |
| Owners' profit | 380 | 493 | 539 | 505 | 330 |
| EPS, as reported (₹) | 58.31 | 75.68 | 82.64 | 77.55 | 50.61 |
| ROE % · ROCE % | 26.5 · 26.0 | 25.7 · 23.6 | 21.9 · 24.7 | 17.1 · 14.9 | 10.1 · 13.0 |
| Debt / equity (x) | 0.82 | 0.99 | 0.61 | 1.39 | 1.50 |
| Cash from operations | (322) | (139) | (311) | (422) | 250 |
| Capex | (68) | (338) | (233) | (1,559) | (953) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 902 | 1,265 | 1,361 | 1,482 | 905 | 1,421 | 1,427 | 1,101 |
| Profit before tax | 125 | 179 | 151 | 132 | 72 | 139 | 112 | (0) |
| Net profit | 81 | 115 | 147 | 99 | 52 | 94 | 85 | (45) |
| EPS (₹) | 12.38 | 17.66 | 22.56 | 15.23 | 7.95 | 14.44 | 12.99 | (6.83) |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Construction | 6,006 | 98.2 |
| Renewable Energy | 101 | 1.6 |
| Renewable energy | 11 | 0.2 |
| Total, before eliminations | 6,118 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,40,766 | 32.6 | 4.21 | 19.5 | 14.7 | 11.9 | 16.0 | 12.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Sept 2026 · CARE reaffirms AA rating; outlook revised to Negative | credit debt | high | — | — |
| 31 Aug 2026 · NCD Interest Payment of Rs. 18.43 Cr Includes Rs. 1.38 Cr Penal Interest | compliance | minimal | — | — |
| 21 Aug 2026 · ICRA reaffirms AA- rating, revises outlook to stable from positive | credit debt | medium | — | — |
| 19 Aug 2026 · AGM results: directors re-appointed, Rs 2 dividend declared | management changes | medium | — | — |
| 19 Aug 2026 · AGM outcome: all 8 resolutions passed, Rs 2 dividend, MD re-appointed for 5 years | board shareholder meetings | medium | — | — |
| 19 Aug 2026 · 24th AGM: All 8 resolutions passed; Rs. 2 dividend declared | board shareholder meetings | medium | — | — |
| 18 Aug 2026 · HG Infra gets LOI for two UP substations from REC PDCL | business updates | high | — | — |
| 17 Aug 2026 · Earnings call transcript for Q1 FY27 filed with exchanges | investor communications | medium | — | — |
| 17 Aug 2026 · Q1 FY27 earnings call transcript uploaded to company website | investor communications | medium | — | — |
| 13 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| RAIL VIKAS NIGAM LIMITED |
| 42,722 |
| 47.5 |
| 4.35 |
| 30.4 |
| 8.9 |
| 7.5 |
| 5.8 |
| 7.5 |
| KALPATARU PROJECT INT LTD | 24,541 | 21.6 | 3.17 | 11.1 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 23,770 | 18.2 | 1.13 | 10.5 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 22,383 | 30.3 | 6.96 | 18.8 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 21,472 | 35.7 | 8.95 | 18.2 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 15,144 | 19.3 | 4.81 | 16.9 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,339 | 26.3 | 2.73 | 18.6 | 11.4 | 12.4 | 29.6 | 20.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.2 | 14.9 | 59 of 107 | 45% |
| P/B | 1.0 | 1.4 | 28 of 86 | 68% |
| ROCE | 6.4 | 10.0 | 67 of 109 | 39% |
| ROE | 10.1 | 9.2 | 42 of 91 | 54% |
| Debt / Equity | 1.5 | 0.3 | 86 of 91 | 6% |
| EBITDA margin | 14.8 | 12.4 | 39 of 88 | 56% |
| Revenue growth | (25.8) | 6.2 | 76 of 86 | 12% |
| Profit growth | (144.8) | 2.7 | 77 of 84 | 8% |
| Market cap | 3193 | 485 | 29 of 108 | 74% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
