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
| ₹ 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) |
| ₹ 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 |
| 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 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · L&T allots tokenised NCDs worth Rs 500 crore at 7.40% coupon | fund raising | medium | — | — |
| 9 Sept 2026 · L&T raises 500 crore via India's first private sector tokenised bond | compliance | low | — | — |
| 9 Sept 2026 · L&T Wins Large Offshore Order from ONGC Worth Up to Rs 5,000 Cr | business updates | high | — | — |
| 8 Sept 2026 · L&T Realty undertaking transfer scheme admitted by NCLT, hearing Oct 6 | compliance | minimal | — | — |
| 4 Sept 2026 · CRISIL reaffirms L&T credit rating at AAA with Stable outlook | credit debt | medium | — | — |
| 1 Sept 2026 · Credit rating affirmed at IND AAA with Stable Outlook by India Ratings | credit debt | medium | — | — |
| 1 Sept 2026 · NCLT admits L&T scheme of arrangement with L&T Realty Properties | regulatory legal | high | — | — |
| 25 Aug 2026 · L&T Renewables Wins Major Order for BESS Projects in Middle East | compliance | high | — | — |
| 24 Aug 2026 · L&T wins ultra-mega gas compression EPC contract in Middle East | business updates | high | — | — |
| 20 Aug 2026 · L&T wins large order for Dubai airport people mover system | business updates | high | — | — |
| 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 |
| 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 |
| 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) | 32.6 | 14.9 | 84 of 107 | 22% |
| P/B | 4.2 | 1.4 | 74 of 86 | 14% |
| ROCE | 11.9 | 10.0 | 48 of 109 | 57% |
| ROE | 14.8 | 9.2 | 23 of 91 | 76% |
| Debt / Equity | 0.9 | 0.3 | 79 of 91 | 13% |
| 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 | 540766 | 485 | 1 of 108 | 100% |
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| 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.
