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Larsen & Toubro Ltd.

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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 50NIFTYLARGEMIDCAP250NIFTY100 LOWVOL30NIFTY100 EQL WGTNIFTY TOTAL MKT
S.No.Name
1.LT3990.0033.09548970.570.954988.0315.5167941.746.6915.9812.00
2.RVNL210.5048.7943889.670.34159.5218.734321.2310.5510.814.41
3.KPIL1423.4021.3924307.760.77311.5345.856407.973.8418.958.77
4.IRB19.2524.3723250.151.353062.701412.5821372.72918.257.7253.93
5.CEMPRO1315.6037.5722600.370.23140.832.642720.927.0233.5310.09
6.ENGINERSIN277.1019.8615574.191.80157.94141.49819.84-5.8030.9420.61
7.TECHNOE954.9525.7611106.030.7393.33-31.44630.3419.8414.8615.79
8.IRCON117.8021.1611079.281.6192.03-43.921955.839.4910.159.81
9.WELENT793.4535.9310982.440.3856.36-44.29773.72-8.4416.4419.49
10.AFCONS293.1574.5110781.610.6830.30-77.952671.00-20.7512.889.42
11.KEC401.5519.3110689.261.3772.62-41.725023.540.0116.355.79
12.NCC150.7013.529461.651.46228.9011.855811.8312.2216.779.43
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
26,93128,15131,60139,55130,27734,91934,98442,32933,47135,11637,90347,19136,024
25,05726,23029,14236,06328,28131,96732,10138,57131,08032,79634,73942,50034,938
Operating Profit1,8731,9212,4593,4881,9962,9522,8833,7582,3912,3203,1644,6911,086
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%
1,2562,2361,2261,0692,4468311,1951,6712,606-4,3391,3469034,094
Interest547584630644567583543503474476351374352
Depreciation379416438519481505489487483486496521477
Profit before Tax2,2043,1572,6163,3933,3942,6953,0474,4394,040-2,9823,6644,6985,180
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 Profit1,7922,7102,1362,7152,9691,9882,4043,5093,485-3,5912,8323,5614,455
12.7519.2915.5419.7521.6014.4617.4925.5225.34-26.1120.5925.8932.39

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
65,72474,46382,28782,38487,2551,01,0001,10,5011,26,2331,42,5091,53,6801,56,234
59,30069,64574,91475,85479,08091,9631,02,5391,17,0431,32,8141,42,0461,44,974
Operating Profit6,4244,8177,3736,5308,1769,0377,9629,1909,69511,63411,260
OPM %9.77%6.47%8.96%7.93%9.37%8.95%7.21%7.28%6.80%7.57%7.21%
3,0745,1924,9164,0691,0634,2925,7466,6978,4631,6782,004
Interest1,5251,6982,0702,5922,7692,1482,5042,7862,6212,1851,554
Depreciation1,2151,0491,0001,0211,1511,1721,3721,7531,9631,9851,979
Profit before Tax6,7587,2629,2196,9865,31910,0099,83311,34813,5749,14110,560
Tax %19.30%25.82%24.63%13.76%40.83%21.27%20.17%17.77%19.91%31.22%31.28%
Net Profit5,4545,3876,9486,0253,1477,8797,8499,33110,8716,2877,257
EPS38.8638.3753.3447.5383.9356.0355.8167.8879.0545.70—
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

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
45,64948,78249,66151,79561,36966,74471,17264,11571,48874,155
9,5399,7357,94022,43423,69815,32512,73622,75020,09812,436
Trade Payables24,33831,09536,22536,62940,77045,38541,78040,74138,79649,141
22,24025,31429,71128,99033,04439,62744,91646,28854,21570,983
Total Liabilities1,01,9531,15,2061,23,8181,40,1281,59,1611,67,3621,70,8851,74,1701,84,8722,06,989
6,6486,4668,2117,3508,7578,5249,1879,9579,94710,662
Capital Work in Progress3034525677972395721,9381,3971,1171,440
26,75927,33922,90434,03449,41445,52847,26147,46357,64256,606
1,7632,5003,3492,7702,8783,1333,4293,5213,3993,691
000000036,96138,33045,330
Cash & Bank3,5364,3187,6203,9384,1766,4994,5704,7714,3477,544
62,94574,13181,16691,23993,6991,03,1081,04,50070,10070,09081,716
Total Assets1,01,9531,15,2061,23,8181,40,1281,59,1611,67,3621,70,8851,74,1701,84,8722,06,989

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
7,4994,7165,2441,61511,5128,2969,5948,29712,70321,928
Cash from Investing-461,7871,585-6,834-2,7234,526-1,7536,358-6,344-2,763
Cash from Financing-6,073-3,489-4,6067,419-6,698-8,360-7,441-14,522-6,712-16,701
-1401,250-4644641402,164-1,930134-3532,464

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

2026-09-08
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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