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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 50NIFTYLARGEMIDCAP250NIFTY100 LOWVOL30NIFTY100 EQL WGTNIFTY TOTAL MKT
S.No.Name
1.LT3955.0032.80544155.040.964988.0315.5167941.746.6915.9812.00
2.RVNL205.3547.6042815.890.35159.5218.734321.2310.5510.814.41
3.KPIL1433.0521.5324472.560.77311.5345.856407.973.8418.958.77
4.IRB19.9225.2224059.381.313062.701412.5821372.72918.257.7253.93
5.CEMPRO1251.6035.7421500.930.24140.832.642720.927.0233.5310.09
6.ENGINERSIN271.9519.4915284.741.84157.94141.49819.84-5.8030.9420.61
7.TECHNOE979.7526.4311394.450.7193.33-31.44630.3419.8414.8615.79
8.WELENT798.4036.1611050.960.3856.36-44.29773.72-8.4416.4419.49
9.KEC413.3519.8811003.381.3372.62-41.725023.540.0116.355.79
10.IRCON115.3020.7110844.151.6592.03-43.921955.839.4910.159.81
11.AFCONS260.9066.319595.500.7730.30-77.952671.00-20.7512.889.42
12.NCC143.2512.868993.901.54228.9011.855811.8312.2216.779.43
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
47,88251,02455,12867,07955,12061,55564,66874,39263,67967,98471,45082,76267,942
41,56643,98447,92958,42648,07453,63856,77064,51655,65559,47062,25972,34363,396
Operating Profit6,3167,0407,1998,6537,0467,9177,8989,8768,0248,5139,19010,4194,546
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%
1,1461,1338381,1359211,1019681,6101,3571,384971,6472,377
Interest2,2992,2722,3442,3452,2922,4392,4862,4192,4882,4702,3992,4882,571
Depreciation8309109211,0219981,0241,0471,0521,0331,0921,0721,1681,032
Profit before Tax4,3324,9914,7726,4224,6775,5555,3338,0145,8606,3365,8178,4106,927
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 Profit00003,4454,0993,9746,1564,3184,6783,8256,1334,988
17.7422.9421.4431.9820.2624.6924.4339.9826.3028.5423.3738.7129.97

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,09,3121,19,6831,35,2201,45,4521,35,9791,56,5211,83,3412,21,1132,55,7342,85,8742,90,137
92,6511,03,1281,14,2181,23,2351,14,9071,36,5951,59,4461,93,7642,27,2612,52,7392,57,469
Operating Profit16,66116,55521,00222,21721,07219,92623,89427,34928,47333,13632,668
OPM %15.24%13.83%15.53%15.27%15.50%12.73%13.03%12.37%11.13%11.59%11.26%
1,6144,9304,2034,9462,5727,0696,4676,6739,5077,8435,506
Interest7,0177,9179,54711,26912,0609,5529,7509,82210,28110,6389,928
Depreciation2,3701,9291,9232,4622,9042,9483,5023,6824,1214,3654,364
Profit before Tax8,88711,63913,73513,4318,68014,49517,10920,51723,57925,97627,491
Tax %22.58%27.48%29.61%24.30%46.21%29.00%26.21%24.11%24.99%26.24%27.90%
Net Profit6,8818,4409,66810,1684,66910,29112,62515,57017,68719,15919,822
EPS43.0552.4963.4067.9582.4161.6574.4595.00109.34116.92—
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

Corporate actions

2017

Jul 13

1:2

Larsen & Toubro Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 29, 2017, inter alia, have recommended a Dividend of Rs. 21/- per share (previous year Rs. 18.25/- per share) and the Company will arrange to pay the same on August 24, 2017, if approved by the members in Annual General Meeting scheduled to be held on August 22, 2017. The book closure for the above will be intimated later. Further, the Board of Directors has approved, subject to approval of the shareholders, issue of bonus shares to the holders of equity shares of the Company in the ratio of 1:2 ( i.e. One bonus equity share of Rs. 2/- each for every two fully paid equity shares of Rs. 2/- each held). Subject to shareholders? approval, Bonus shares will be credited or share certificates in respect thereof will be dispatched to shareholders on or before July 28, 2017. The above referred final dividend of Rs. 21/- per share is pre bonus dividend per share on the existing capital (pre Bonus share capital). Accordingly, the post bonus dividend per share works out to Rs. 14.00/- per share.

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital187280281281281281281275275275
Minority Interest3,5645,2016,8269,52112,05212,96614,24116,19017,74819,241
49,72754,30661,75766,04175,20481,75588,57885,53496,8811,08,672
84,27392,6691,03,7001,20,0261,30,8381,16,8261,14,4331,01,1841,14,8051,08,378
Trade Payables30,29537,79742,99543,64445,74551,36649,78453,29352,45969,456
42,40050,86959,37064,78144,45754,03359,05179,79693,5621,42,275
Total Liabilities2,10,4452,41,1232,74,9283,04,2943,08,5773,17,2273,26,3683,36,2723,75,7314,48,297
13,06414,23416,93939,93940,67338,98239,28140,77242,39729,747
Capital Work in Progress1,9452,1432,4843,2253881,1702,9492,8972,3913,036
19,75315,31120,90720,04739,62739,39544,79845,64854,80568,377
4,1404,8486,4145,7475,8215,9436,8296,6207,6719,531
000000048,77153,71460,461
Cash & Bank5,3068,03311,72615,11816,24218,95322,52015,35822,96520,848
1,66,2381,96,5532,16,4582,20,2182,05,8272,12,7832,09,9911,76,2051,91,7892,56,298
Total Assets2,10,4452,41,1232,74,9283,04,2943,08,5773,17,2273,26,3683,36,2723,75,7314,48,297

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
9,857-6,62812710,74026,54523,70327,90418,2669,15116,741
Cash from Investing-9,7963,914-11,023-8,256-5,659-3,668-8,3122,163-15,508-11,739
Cash from Financing2,8969,37015,4406,372-15,274-15,181-11,572-25,4136,557-2,156
-2453,254-3384,8092,1413142,893-4,9842002,846

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters0.000.000.000.000.000.000.000.000.00
22.8221.6820.7919.7619.2919.4520.0318.7519.10
38.8940.4441.5842.7143.4843.3442.9943.3243.01
0.240.240.240.240.240.240.240.250.25
38.0137.6137.3537.2536.9536.9336.7137.6537.60

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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