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Model Note · LARSEN & TOUBRO LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
LARSEN & TOUBRO LTD. Discounted cash flow · base FY26
LARSEN & TOUBRO LTD.
Value per share, this model₹2,020
CMP 2026-09-10₹3,930.70
Difference(48.6)%
Growth the CMP implies25.5%/yr
This note states the assumptions and the arithmetic of one model of LARSEN & TOUBRO LTD., built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
12% a year
FY26 11.8% · 5-yr CAGR 16.0%
EBITDA margin
9.6%
FY26 9.6% · 5-yr average 10.8%
Depreciation · capex, % of revenue
1.5% · 1.7%, fading to 1.2× depreciation
FY26 1.5% · 1.7%
Working capital, % of added revenue · tax
0.2% · 26.2%
1 working-capital days · effective 26.2%
Discount rate
11.00%
1-yr beta 1.44
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,06,292 · ₹0 · ₹0 cr
FY26 net debt ₹1,06,292 cr
Shares
137.58 crore
137.58 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
2,85,874
3,20,179
3,58,601
4,01,633
4,49,829
5,03,808
growth %
11.8
12.0
12.0
12.0
12.0
12.0
EBITDA
27,429
30,737
34,426
38,557
43,184
48,366
Depreciation
(4,365)
(4,803)
(5,379)
(6,024)
(6,747)
(7,557)
NOPAT
17,021
19,140
21,436
24,009
26,890
30,117
less capex
(4,809)
(5,443)
(6,186)
(7,029)
(7,984)
(9,069)
less working-capital build
—
(69)
(77)
(86)
(96)
(108)
Free cash flow to firm
—
18,431
20,553
22,919
25,556
28,497
Present value
17,494
17,575
17,656
17,737
17,818
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · LARSEN & TOUBRO LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
88,278
PV of the terminal value (77% of EV)
2,95,955
Enterprise value
3,84,234
less net debt
(1,06,292)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,77,942
÷ 137.58 crore shares
₹2,020
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,113
2,328
2,585
2,899
3,292
10.5%
1,888
2,066
2,277
2,529
2,838
11.0%
1,695
1,845
2,020
2,227
2,475
11.5%
1,529
1,656
1,804
1,975
2,178
12.0%
1,383
1,493
1,618
1,763
1,931
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
