NSE: LT · BSE: 500510
LARSEN & TOUBRO LTD.
Executes engineering, procurement and construction (EPC) projects across infrastructure, energy and industrial sectors, alongside running IT services, financial services and a hi-tech manufacturing base. In FY26, Infrastructure Projects — covering buildings, factories, transportation and metals-and-mineral facilities — generated Rs 135,344.58 cr (46.8% of segment revenue), including recent wins like an 18 MTPA iron-ore handling plant in Chhattisgarh, a steel plant expansion (2.5 to 7.1 MTPA) in West Bengal and a 26-tower Mumbai housing redevelopment. Energy Projects (hydrocarbon onshore, thermal and renewables EPC) added Rs 54,888.59 cr (19.0%), with orders including a six-year EPC framework with Petroleum Development Oman, hydrocarbon storage work for Kuwait Oil Company and ultra-supercritical thermal power for NTPC. IT & Technology Services brought in Rs 53,946.53 cr (18.7%), Financial Services Rs 17,283.43 cr (6.0%), Hi-Tech Manufacturing Rs 14,488.79 cr (5.0%), Development Projects Rs 5,118.51 cr (1.8%) and Others Rs 7,978.01 cr (2.8%). The group's order book at end-Q1 FY27 carries international orders at 52% with Middle East at 71% of the international book, while private-sector share of the domestic book has risen to 40% from 27% a year earlier. Costs are dominated by materials (35.2% of FY26 revenue), employee costs (18.3%) and other operating expenses (36.6%), with depreciation at 1.5% and capex at 1.7% of revenue. Customers are central and state governments, public-sector undertakings and private-sector owners across India, the Middle East and Europe, with materials as the largest input cost. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Infrastructure Projects (47%), Energy Projects (19%), IT & Technology Services (19%), Financial Services (6%), Hi-Tech Manufacturing (5%), Development Projects (2%), Others (3%). Diversified EPC conglomerate with parallel IT services and financial services arms
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,56,521 | 1,83,341 | 2,21,113 | 2,55,734 | 2,85,874 |
| EBITDA (ex other income) | 18,337 | 20,889 | 23,587 | — | 27,429 |
| margin % | 11.7 | 11.4 | 10.7 | — | 9.6 |
| Owners' profit | 8,669 | 10,471 | 13,059 | — | 16,084 |
| EPS, as reported (₹) | 61.71 | 74.51 | 93.96 | 109.36 | 116.93 |
| ROE % · ROCE % | 10.9 · 11.0 | 12.1 · 12.1 | 15.2 · 14.8 | — · 15.2 | 14.7 · 13.2 |
| Debt / equity (x) | 1.29 | 1.14 | 1.11 | — | 0.95 |
| Cash from operations | 19,164 | 22,777 | 18,266 | 9,161 | 16,741 |
| Capex | (3,111) | (4,144) | (4,517) | (4,419) | (4,809) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 61,555 | 64,668 | 74,392 | 63,679 | 67,984 | 71,450 | 82,762 | 67,942 |
| Profit before tax | 5,555 | 5,333 | 8,014 | 5,860 | 6,336 | 5,370 | 8,410 | 6,922 |
| Net profit | 4,099 | 3,974 | — | 4,318 | 4,678 | 3,825 | 6,133 | 4,988 |
| EPS (₹) | 24.69 | 24.43 | 39.98 | 26.30 | 28.54 | 23.37 | 38.71 | 29.97 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Infrastructure Projects | 1,35,345 | 46.8 |
| Energy Projects | 54,895 | 19.0 |
| Hi-Tech Manufacturing | 14,489 | 5.0 |
| IT & Technology Services | 53,947 | 18.7 |
| Financial Services | 17,283 | 6.0 |
| Development Projects | 5,112 | 1.8 |
| Others | 7,978 | 2.8 |
| Total, before eliminations | 2,89,048 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. ◆ | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.4 | 13.5 | 78 of 101 | 23% |
| P/B | 3.9 | 1.2 | 76 of 85 | 11% |
| ROCE | 11.9 | 10.0 | 47 of 107 | 57% |
| ROE | 14.8 | 9.1 | 20 of 87 | 78% |
| Debt / Equity | 0.9 | 0.4 | 75 of 87 | 14% |
| EBITDA margin | 12.5 | 12.4 | 43 of 88 | 52% |
| Revenue growth | 6.7 | 6.2 | 43 of 86 | 51% |
| Profit growth | 15.5 | 2.7 | 31 of 84 | 64% |
| Market cap | 504226 | 465 | 1 of 107 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · L&T uploads Q2 and H1 FY27 earnings call audio | investor communications | low | — | — |
| 27 Oct 2026 · Record orders and 33% profit growth, but margins fall in Q2 FY27 | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 FY27: revenue up 16%, profit up 33%, record order inflows | results | high | — | — |
| 27 Oct 2026 · L&T Q2 FY27 profit rises 33% as order inflow hits record ₹147,665 crore | board shareholder meetings | low | — | — |
| 27 Oct 2026 · 21,098 shares allotted under employee stock option schemes | capital market events | low | — | — |
| 27 Oct 2026 · L&T wins major orders for Dhaka Metro Line 1 | business updates | high | — | — |
| 21 Oct 2026 · L&T wins two large government construction orders | business updates | high | — | — |
| 19 Oct 2026 · L&T starts work on Ultra-mega Uzbekistan airport EPC project | business updates | high | — | — |
| 16 Oct 2026 · Schedule of Analyst or Institutional Investors Meet | board shareholder meetings | low | — | — |
| 13 Oct 2026 · L&T board meeting on Oct 27 to consider Q2 FY27 results | results | low | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.