Larsen & Toubro Ltd.

•

larsentoubro.comBSE: 500510NSE: LT

Market Cap₹ 5,48,971 Cr.

Current Price

High / Low₹ 4,440 / 3,288

Stock P/E75.6

Book Value₹ 573

Price to Book6.48

Dividend Yield0.95 %

ROCE12.6 %

ROE8.6 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Infrastructure: 69.4% • Power: 18.6% • Hi-Tech Manufacturing: 9.0%

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

Latest quarter profit grew 27.8% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.62x)
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Company maintains a comfortable, low leverage position

CONS

A large part of profit comes from other income (96.3% of PBT)
Recent results are weak - TTM profit is down 56.4% versus prior year
Contingent liabilities are large at 196.9% of net worth
Recurring exceptional / one-off items are inflating headline profit
Operating margins have contracted to 7.6% from 12.4%
Stock is trading at 6.5x its book value

* 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	3990.00	33.09	548970.57	0.95	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	210.50	48.79	43889.67	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1423.40	21.39	24307.76	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.25	24.37	23250.15	1.35	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1315.60	37.57	22600.37	0.23	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	277.10	19.86	15574.19	1.80	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	954.95	25.76	11106.03	0.73	93.33	-31.44	630.34	19.84	14.86	15.79
8.	IRCON	117.80	21.16	11079.28	1.61	92.03	-43.92	1955.83	9.49	10.15	9.81
9.	WELENT	793.45	35.93	10982.44	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
10.	AFCONS	293.15	74.51	10781.61	0.68	30.30	-77.95	2671.00	-20.75	12.88	9.42
11.	KEC	401.55	19.31	10689.26	1.37	72.62	-41.72	5023.54	0.01	16.35	5.79
12.	NCC	150.70	13.52	9461.65	1.46	228.90	11.85	5811.83	12.22	16.77	9.43

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	26,931	28,151	31,601	39,551	30,277	34,919	34,984	42,329	33,471	35,116	37,903	47,191	36,024
	25,057	26,230	29,142	36,063	28,281	31,967	32,101	38,571	31,080	32,796	34,739	42,500	34,938
Operating Profit	1,873	1,921	2,459	3,488	1,996	2,952	2,883	3,758	2,391	2,320	3,164	4,691	1,086
OPM %	6.96%	6.82%	7.78%	8.82%	6.59%	8.45%	8.24%	8.88%	7.14%	6.61%	8.35%	9.94%	3.01%
	1,256	2,236	1,226	1,069	2,446	831	1,195	1,671	2,606	-4,339	1,346	903	4,094
Interest	547	584	630	644	567	583	543	503	474	476	351	374	352
Depreciation	379	416	438	519	481	505	489	487	483	486	496	521	477
Profit before Tax	2,204	3,157	2,616	3,393	3,394	2,695	3,047	4,439	4,040	-2,982	3,664	4,698	5,180
Tax %	18.67%	14.17%	18.35%	19.97%	12.51%	26.21%	21.08%	20.95%	13.73%	-20.44%	22.70%	24.20%	13.99%
Net Profit	1,792	2,710	2,136	2,715	2,969	1,988	2,404	3,509	3,485	-3,591	2,832	3,561	4,455
	12.75	19.29	15.54	19.75	21.60	14.46	17.49	25.52	25.34	-26.11	20.59	25.89	32.39

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	65,724	74,463	82,287	82,384	87,255	1,01,000	1,10,501	1,26,233	1,42,509	1,53,680	1,56,234
	59,300	69,645	74,914	75,854	79,080	91,963	1,02,539	1,17,043	1,32,814	1,42,046	1,44,974
Operating Profit	6,424	4,817	7,373	6,530	8,176	9,037	7,962	9,190	9,695	11,634	11,260
OPM %	9.77%	6.47%	8.96%	7.93%	9.37%	8.95%	7.21%	7.28%	6.80%	7.57%	7.21%
	3,074	5,192	4,916	4,069	1,063	4,292	5,746	6,697	8,463	1,678	2,004
Interest	1,525	1,698	2,070	2,592	2,769	2,148	2,504	2,786	2,621	2,185	1,554
Depreciation	1,215	1,049	1,000	1,021	1,151	1,172	1,372	1,753	1,963	1,985	1,979
Profit before Tax	6,758	7,262	9,219	6,986	5,319	10,009	9,833	11,348	13,574	9,141	10,560
Tax %	19.30%	25.82%	24.63%	13.76%	40.83%	21.27%	20.17%	17.77%	19.91%	31.22%	31.28%
Net Profit	5,454	5,387	6,948	6,025	3,147	7,879	7,849	9,331	10,871	6,287	7,257
EPS	38.86	38.37	53.34	47.53	83.93	56.03	55.81	67.88	79.05	45.70	—
Dividend Payout %	35.92%	41.62%	36.34%	41.94%	160.66%	39.23%	42.98%	50.09%	43.01%	83.15%	—

COMPOUNDED SALES GROWTH

10 Years:: 9%
5 Years:: 12%
3 Years:: 12%

COMPOUNDED PROFIT GROWTH

10 Years:: 2%
5 Years:: 15%
3 Years:: -7%

STOCK PRICE CAGR

10 Years:: 15%
5 Years:: 19%
3 Years:: 11%
1 Year:: 12%

RETURN ON EQUITY

10 Years:: 12%
5 Years:: 12%
3 Years:: 13%
Last Year:: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	45,649	48,782	49,661	51,795	61,369	66,744	71,172	64,115	71,488	74,155
	9,539	9,735	7,940	22,434	23,698	15,325	12,736	22,750	20,098	12,436
Trade Payables	24,338	31,095	36,225	36,629	40,770	45,385	41,780	40,741	38,796	49,141
	22,240	25,314	29,711	28,990	33,044	39,627	44,916	46,288	54,215	70,983
Total Liabilities	1,01,953	1,15,206	1,23,818	1,40,128	1,59,161	1,67,362	1,70,885	1,74,170	1,84,872	2,06,989
	6,648	6,466	8,211	7,350	8,757	8,524	9,187	9,957	9,947	10,662
Capital Work in Progress	303	452	567	797	239	572	1,938	1,397	1,117	1,440
	26,759	27,339	22,904	34,034	49,414	45,528	47,261	47,463	57,642	56,606
	1,763	2,500	3,349	2,770	2,878	3,133	3,429	3,521	3,399	3,691
	0	0	0	0	0	0	0	36,961	38,330	45,330
Cash & Bank	3,536	4,318	7,620	3,938	4,176	6,499	4,570	4,771	4,347	7,544
	62,945	74,131	81,166	91,239	93,699	1,03,108	1,04,500	70,100	70,090	81,716
Total Assets	1,01,953	1,15,206	1,23,818	1,40,128	1,59,161	1,67,362	1,70,885	1,74,170	1,84,872	2,06,989

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7,499	4,716	5,244	1,615	11,512	8,296	9,594	8,297	12,703	21,928
Cash from Investing	-46	1,787	1,585	-6,834	-2,723	4,526	-1,753	6,358	-6,344	-2,763
Cash from Financing	-6,073	-3,489	-4,606	7,419	-6,698	-8,360	-7,441	-14,522	-6,712	-16,701
	-140	1,250	-464	464	140	2,164	-1,930	134	-353	2,464

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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

2026-09-08

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

2026-08-20

Bagging/Receiving of orders/contracts

2026-08-20 - Larsen & Toubro Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-08-17

Bagging/Receiving of orders/contracts

2026-08-17 - Larsen & Toubro Limited has informed the Exchange about Bagging/Receiving of orders/contracts - L&T Secures Ultra-Mega* Order for Strategic Offshore Development Project in the Middle East

2026-08-13

Bagging/Receiving of orders/contracts

2026-08-13 - 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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