Larsen & Toubro Ltd.

•

larsentoubro.comBSE: 500510NSE: LT

Market Cap₹ 5,44,155 Cr.

Current Price

High / Low₹ 4,440 / 3,288

Stock P/E32.8

Book Value₹ 828

Price to Book4.42

Dividend Yield0.96 %

ROCE16.0 %

ROE18.6 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Infrastructure: 46.8% • Power: 19.2% • IT & Technology Services: 18.7%

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company has delivered good profit growth of 32.6% CAGR over last 5 years
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 16.0% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 32.5%
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

A large part of profit comes from other income (36.8% of PBT)
Recurring exceptional / one-off items are inflating headline profit
Operating margins have contracted to 11.6% from 16.5%
Growth is decelerating - 3Y profit CAGR (14.9%) trails the 5Y trend (32.6%)
Expensive relative to growth - PEG of 2.2

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTYLARGEMIDCAP250 NIFTY100 LOWVOL30 NIFTY100 EQL WGT NIFTY TOTAL MKT

S.No.	Name
1.	LT	3955.00	32.80	544155.04	0.96	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.35	47.60	42815.89	0.35	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1433.05	21.53	24472.56	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.92	25.22	24059.38	1.31	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1251.60	35.74	21500.93	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	271.95	19.49	15284.74	1.84	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	979.75	26.43	11394.45	0.71	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	798.40	36.16	11050.96	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	KEC	413.35	19.88	11003.38	1.33	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	IRCON	115.30	20.71	10844.15	1.65	92.03	-43.92	1955.83	9.49	10.15	9.81
11.	AFCONS	260.90	66.31	9595.50	0.77	30.30	-77.95	2671.00	-20.75	12.88	9.42
12.	NCC	143.25	12.86	8993.90	1.54	228.90	11.85	5811.83	12.22	16.77	9.43

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	47,882	51,024	55,128	67,079	55,120	61,555	64,668	74,392	63,679	67,984	71,450	82,762	67,942
	41,566	43,984	47,929	58,426	48,074	53,638	56,770	64,516	55,655	59,470	62,259	72,343	63,396
Operating Profit	6,316	7,040	7,199	8,653	7,046	7,917	7,898	9,876	8,024	8,513	9,190	10,419	4,546
OPM %	13.19%	13.80%	13.06%	12.90%	12.78%	12.86%	12.21%	13.28%	12.60%	12.52%	12.86%	12.59%	6.69%
	1,146	1,133	838	1,135	921	1,101	968	1,610	1,357	1,384	97	1,647	2,377
Interest	2,299	2,272	2,344	2,345	2,292	2,439	2,486	2,419	2,488	2,470	2,399	2,488	2,571
Depreciation	830	910	921	1,021	998	1,024	1,047	1,052	1,033	1,092	1,072	1,168	1,032
Profit before Tax	4,332	4,991	4,772	6,422	4,677	5,555	5,333	8,014	5,860	6,336	5,817	8,410	6,927
Tax %	28.07%	22.75%	24.67%	22.09%	26.44%	25.96%	24.98%	23.47%	26.18%	26.03%	34.17%	24.88%	28.00%
Net Profit	0	0	0	0	3,445	4,099	3,974	6,156	4,318	4,678	3,825	6,133	4,988
	17.74	22.94	21.44	31.98	20.26	24.69	24.43	39.98	26.30	28.54	23.37	38.71	29.97

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,09,312	1,19,683	1,35,220	1,45,452	1,35,979	1,56,521	1,83,341	2,21,113	2,55,734	2,85,874	2,90,137
	92,651	1,03,128	1,14,218	1,23,235	1,14,907	1,36,595	1,59,446	1,93,764	2,27,261	2,52,739	2,57,469
Operating Profit	16,661	16,555	21,002	22,217	21,072	19,926	23,894	27,349	28,473	33,136	32,668
OPM %	15.24%	13.83%	15.53%	15.27%	15.50%	12.73%	13.03%	12.37%	11.13%	11.59%	11.26%
	1,614	4,930	4,203	4,946	2,572	7,069	6,467	6,673	9,507	7,843	5,506
Interest	7,017	7,917	9,547	11,269	12,060	9,552	9,750	9,822	10,281	10,638	9,928
Depreciation	2,370	1,929	1,923	2,462	2,904	2,948	3,502	3,682	4,121	4,365	4,364
Profit before Tax	8,887	11,639	13,735	13,431	8,680	14,495	17,109	20,517	23,579	25,976	27,491
Tax %	22.58%	27.48%	29.61%	24.30%	46.21%	29.00%	26.21%	24.11%	24.99%	26.24%	27.90%
Net Profit	6,881	8,440	9,668	10,168	4,669	10,291	12,625	15,570	17,687	19,159	19,822
EPS	43.05	52.49	63.40	67.95	82.41	61.65	74.45	95.00	109.34	116.92	—
Dividend Payout %	32.43%	30.42%	28.35%	26.46%	43.65%	35.66%	32.22%	35.79%	31.09%	32.50%	—

COMPOUNDED SALES GROWTH

10 Years:: 11%
5 Years:: 16%
3 Years:: 16%

COMPOUNDED PROFIT GROWTH

10 Years:: 14%
5 Years:: 7%
3 Years:: 15%

STOCK PRICE CAGR

10 Years:: 15%
5 Years:: 19%
3 Years:: 10%
1 Year:: 11%

RETURN ON EQUITY

10 Years:: 15%
5 Years:: 17%
3 Years:: 19%
Last Year:: 19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	187	280	281	281	281	281	281	275	275	275
Minority Interest	3,564	5,201	6,826	9,521	12,052	12,966	14,241	16,190	17,748	19,241
	49,727	54,306	61,757	66,041	75,204	81,755	88,578	85,534	96,881	1,08,672
	84,273	92,669	1,03,700	1,20,026	1,30,838	1,16,826	1,14,433	1,01,184	1,14,805	1,08,378
Trade Payables	30,295	37,797	42,995	43,644	45,745	51,366	49,784	53,293	52,459	69,456
	42,400	50,869	59,370	64,781	44,457	54,033	59,051	79,796	93,562	1,42,275
Total Liabilities	2,10,445	2,41,123	2,74,928	3,04,294	3,08,577	3,17,227	3,26,368	3,36,272	3,75,731	4,48,297
	13,064	14,234	16,939	39,939	40,673	38,982	39,281	40,772	42,397	29,747
Capital Work in Progress	1,945	2,143	2,484	3,225	388	1,170	2,949	2,897	2,391	3,036
	19,753	15,311	20,907	20,047	39,627	39,395	44,798	45,648	54,805	68,377
	4,140	4,848	6,414	5,747	5,821	5,943	6,829	6,620	7,671	9,531
	0	0	0	0	0	0	0	48,771	53,714	60,461
Cash & Bank	5,306	8,033	11,726	15,118	16,242	18,953	22,520	15,358	22,965	20,848
	1,66,238	1,96,553	2,16,458	2,20,218	2,05,827	2,12,783	2,09,991	1,76,205	1,91,789	2,56,298
Total Assets	2,10,445	2,41,123	2,74,928	3,04,294	3,08,577	3,17,227	3,26,368	3,36,272	3,75,731	4,48,297

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9,857	-6,628	127	10,740	26,545	23,703	27,904	18,266	9,151	16,741
Cash from Investing	-9,796	3,914	-11,023	-8,256	-5,659	-3,668	-8,312	2,163	-15,508	-11,739
Cash from Financing	2,896	9,370	15,440	6,372	-15,274	-15,181	-11,572	-25,413	6,557	-2,156
	-245	3,254	-338	4,809	2,141	314	2,893	-4,984	200	2,846

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	22.82	21.68	20.79	19.76	19.29	19.45	20.03	18.75	19.10
	38.89	40.44	41.58	42.71	43.48	43.34	42.99	43.32	43.01
	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.25	0.25
	38.01	37.61	37.35	37.25	36.95	36.93	36.71	37.65	37.60

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

Allotment of Securities

2026-09-09 - Larsen & Toubro Limited has informed the Exchange regarding allotment of 50,000 Listed, Rated, Unsecured, Redeemable, Tokenised Non-Convertible Debentures at its meeting held on September 09, 2026

2026-09-09

Press Release

2026-09-09 - Larsen & Toubro Limited has informed the Exchange regarding a press release dated September 09, 2026, titled "L&T Becomes India s First Private Sector Corporate to Issue Tokenised Bond".

2026-09-09

Bagging/Receiving of orders/contracts

2026-09-09 - Larsen & Toubro Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-09-08

Copy of Newspaper Publication

2026-09-08 - Larsen & Toubro Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-04

Credit Rating

2026-09-04 - Larsen & Toubro Limited has informed the Exchange about Credit Rating

2026-09-01

Credit Rating

2026-09-01 - Larsen & Toubro Limited has informed the Exchange about Credit Rating

2026-09-01

Scheme of Arrangement

2026-09-01 - Larsen & Toubro Limited has informed the Exchange about Scheme of Arrangement

2026-08-25

Bagging/Receiving of orders/contracts

2026-08-25 - Larsen & Toubro Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-08-24

Bagging/Receiving of orders/contracts

2026-08-24 - Larsen & Toubro Limited has informed the Exchange about Bagging/Receiving of orders/contracts

News

Recent coverage and analyst commentary for LT

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