Larsen & Toubro Ltd(LT)

NSE: LTBSE: 500510

₹ 3,645+1.25%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 5.02 L crNext results: 27 Oct 2026Website: www.larsentoubro.comUpdated: 24 Oct 2026

About

Larsen & Toubro (L&T) is an Indian conglomerate engaged in engineering, construction, manufacturing, technology services, and financial services, operating across infrastructure, energy, defence, IT, and real estate. The group order book stood at Rs 7.79 trillion as of June 2026, up 27% year-on-year. FY26 revenue was Rs 285,874.36 crore, with Infrastructure Projects the largest segment at 46.8% of revenue.^[1][2]

Business segments

Infrastructure Projects was 46.8% of revenue in FY26, with an EBIT margin of 5.7%.^[2]
Energy Projects was 19.0% of revenue in FY26; IT & Technology Services was 18.7%.^[2]
Financial Services was 6.0%, Hi-Tech Manufacturing 5.0% and Others 2.8% of revenue in FY26.^[2]
Over FY2018-FY2026, IT & Technology Services' revenue share rose 8.9 pp and Energy Projects' 8.8 pp, while Infrastructure Projects' share fell 4.9 pp.^[2]
LTM (formerly LTIMindtree) is India's 6th largest IT services company; L&T Finance is a AAA-rated NBFC with a 98% retailised loan book (FY26).^[3]

Order book and order inflows

Group order book reached Rs 7.79 trillion as of June 2026, up 27% YoY.^[4]
Group order inflows in Q1 FY27 were Rs 1,080 billion (+14% YoY); PPM portfolio order inflows were Rs 860 billion (+14% YoY).^[4]
FY26 group order inflows grew 22% YoY to Rs 4,356 billion, against 10% guidance, led by ultra-mega wins in Hydrocarbon, Offshore Wind, CarbonLite Solutions and Heavy Civil Infrastructure.^[5]
Prospects pipeline for the remaining nine months of FY27 stands at Rs 15 trillion.^[4]
Private sector share of the domestic order book (ex-Realty) rose to 40% in June 2026 from 27% in June 2025.^[4]
Central and State Government share of the domestic order book fell to 30% in June 2026 from 39% a year earlier.^[4]

Operations and capacity

PT&D tower fabrication units have a combined capacity of over 1.1 lakh tonnes per annum (FY26).^[3]
Minerals & Metals has manufacturing hubs at Kansbahal (Odisha) and Kancheepuram (Tamil Nadu).^[3]
L&T Vyoma had 26 MW of operational data centre capacity across Chennai and Panvel (FY26).^[3]
LTSSHF is India's largest integrated steel melting and heavy forging facility.^[3]
Kattupalli yard is set to execute 6 of the 8 GW offshore wind HVDC order over three to four years.^[4]
L&T Realty has a portfolio of 71 million sq.ft. of development potential (FY26).^[3]
L&T runs 11 Construction Skill Training Institutes and 5 sub-centres.^[3]

Key operating numbers

Net working capital to sales was 4.9% in June 2026, vs 10.1% in June 2025 and 11% in March 2025.^[4]
PPM EBITDA margin was 7.0% in Q1 FY27, down 20 bps YoY; FY27 PPM margin is targeted at ~7.8%.^[4]
Group EBITDA margin (ex-other income) was 9.0% in Q1 FY27 vs 9.9% in Q1 FY26, with ECL provisions of Rs 2.5 billion.^[4]
Collections (ex-financial services) rose to Rs 658 billion from Rs 603 billion in Q1 FY27; operating cash flow was Rs 43 billion.^[4]
Trailing 12-month group ROE was 16.1% in Q1 FY27 vs 17% in Q1 FY26; L&T Finance ROA was 2.48% in Q1 FY27.^[4]

Customers and international reach

International share of PPM order inflows rose to 55% in Q1 FY27 from 49% a year earlier.^[4]
International order book was Rs 3.27 trillion as of Q2 FY26, 84% from the Middle East.^[6]
PT&D serves customers across 30 countries in SAARC, ASEAN, West Asia, Africa, North America and CIS (FY26).^[3]
Framework agreement with TenneT covers 6 packages of 2 GW each (12 GW); secured offshore wind transmission reached about 8 GW, with Rs 57,000-60,000 crore order book.^[7][4]

Energy, manufacturing and defence

FY26 wins included 6 GW solar EPC in Saudi Arabia, 1.8 GW wind and 978 MWh BESS in Central Asia, and QatarEnergy LNG's NGL-5 plant.^[3]
PT&D won a ±800 kV HVDC transmission link in Western India (FY26).^[3]
Heavy Engineering delivered a 1,225 metric tonne hydrocracking reactor and 7 of 12 steam generators for the 700 MWe PHWR fleet (FY26).^[3]
L&T and HAL jointly produced India's first industry-manufactured PSLV rocket.^[3]
Hi-Tech Manufacturing FY26 revenue grew 46% YoY to Rs 141.1 billion; PES revenue grew 62% to Rs 97.9 billion.^[5]
FY26 partnerships: BEL (AMCA), General Atomics (MALE drones) and Holtec International (nuclear/thermal).^[5]

Expansion and capex

Lakshya 31 targets order inflow CAGR of 10-12%, revenue CAGR of 12-15% over FY26-FY31 and group ROE of 16-17%.^[5]
Lakshya 31 capex: Rs 150 billion Green Hydrogen, Rs 100 billion Data Centers (~200 MW target), Rs 50 billion Industrial Electronics, Rs 30 billion Semiconductor, Rs 44 billion Realty, Rs 50 billion yards.^[5]
FY27 capex plan: about Rs 25 billion core PPM, Rs 10 billion Industrial Electronics and Rs 20 billion Data Centers.^[5]

Recent developments

21 Oct 2026: won CPWD order for 32.8 lakh sq. ft. in New Delhi (24 months) and Andhra Pradesh order for 37.5 lakh sq. ft. in Amaravati (30 months).^[8]
19 Oct 2026: Limited Notice to Proceed for New Tashkent International Airport terminal, Uzbekistan, an ultra-mega order over ₹15,000 crore.^[9]
7 Oct 2026: L&T Energy CarbonLite Solutions got an LNTP for a 1,600 MW ultra-supercritical plant in Jharkhand worth ₹5,000 crore from DVC CIL Power.^[10]
5 Oct 2026: PT&D won EPC orders over ₹10,000 crore in Saudi Arabia, UAE and Visakhapatnam, India.^[11]
30 Sep 2026: two Dubai RTA contracts worth Rs 15,000 crore for the Latifa Bint Hamdan Corridor, due by end-2028.^[12]
Agreed to sell L&T Metro Rail (Hyderabad) for ₹1,461.47 crore; Nabha Power divestment completed 25 June 2026.^[3][4]
L&T-SuFin e-commerce business carved out into wholly-owned SuFin Limited from April 1, 2026.^[3]

Market Cap

₹5,01,514 Cr

High / Low

₹4,440 / 3,289

Stock P/E

30.2

Price / Book

4.6

Book Value

₹794

EPS

₹116.9

No. of Shares

137.56 Cr

ROCE

12.1%

ROE

14.3%

OPM

10.5%

Debt / Equity

1.11

Sales

₹2,85,874 Cr

Net Profit

₹18,954 Cr

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Larsen & Toubro Ltd(LT)

About

Business segments

Order book and order inflows

Operations and capacity

Key operating numbers

Customers and international reach

Energy, manufacturing and defence

Expansion and capex

Recent developments

Signal history

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