Larsen & Toubro Ltd logo

Larsen & Toubro Ltd

LT NSE

Key Fundamentals

LargecapCivil ConstructionConstruction
Market Cap
5.6L Cr
Volatility
Moderate
P/E Ratio
33.7
EBITDA
₹41,907 Cr
Return on Equity
14.91%
Debt to Equity
1.15
Book Value
₹794.33
EPS
₹96.6
52W High
₹4,440
52W Low
₹3,288.1

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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50 extracted metrics + investor summaries across FY12–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 33.1%

Weaknesses

1
  • Stock is trading at 5.14 times its book value

Growth Rate

Revenue Growth
12.53% ↗
Net Income Growth
8.32% ↗
Cash Flow Change
82.93% ↗
ROE
-2.74% ↗
ROCE
-12.61% ↗
EBITDA Margin (Avg.)
0.99% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

Larsen & Toubro is a Rs 5.5 lakh crore construction and engineering conglomerate trading at a PE of 28x and 5.03x book value. The company has delivered consistent revenue growth of 16% CAGR over three years and profit growth of 17% CAGR over the same period, while maintaining a 16% ROE.

Bull Case 8
  • Strong 3-year compounded sales growth of 16% CAGR demonstrates robust order execution and revenue visibility
  • Compounded profit growth of 17% over 3 years outpaces revenue growth, indicating margin expansion
  • Consistent ROE of 16% in the last year and 15% over 10 years shows sustained capital efficiency for a capital-intensive business
  • TTM revenue growth of 10% shows continued momentum despite a high base effect from prior years
  • Healthy dividend payout ratio of 33.1% provides consistent income return to shareholders
  • 10-year stock CAGR of 15% reflects long-term value creation through business cycles
  • TTM profit growth of 13% continues to exceed sales growth of 10%, suggesting operating leverage benefits
  • Market cap of Rs 5.5 lakh crore provides institutional liquidity and index weight advantages
Bear Case 8
  • Stock trades at 5.03x price-to-book value, well above historical averages for construction companies, limiting margin of safety
  • PE ratio of 28x is elevated for a construction conglomerate where earnings can be cyclical
  • 5-year compounded profit growth of only 3% CAGR reveals a period of significant earnings volatility
  • Dividend yield of only 0.95% offers limited income cushion relative to risk-free alternatives
  • TTM sales growth has decelerated to 10% from the 3-year CAGR of 16%, suggesting slowing momentum
  • 5-year ROE average of 14% is lower than the recent 16%, indicating past periods of subpar returns on equity
  • 10-year sales CAGR of 11% versus 3-year CAGR of 16% shows the higher recent growth may not be structurally sustainable
  • At 28x PE with 13% TTM earnings growth, the PEG ratio exceeds 2x, suggesting limited valuation comfort

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 6h ago
Positives 8
  • ₹15,000 cr ADNOC offshore order Aug 4

    L&T secures ₹15,000 crore EPCIC order from ADNOC Offshore for offshore facilities, adding to strong disclosed backlog and supported by robust cash flows.

  • Q1FY27 PAT up 14%, orders surge Jul 28

    Consolidated Q1FY27 revenue of ₹67,942 crore and PAT of ₹4,123 crore (up 14% YoY). Order inflows hit ₹108,014 crore driven by green energy wins.

  • Mega metals & mining orders Jul 20

    L&T secured multiple mega orders from domestic metals firms including an 18 MTPA iron ore handling plant and steel plant expansion.

  • Data Center business spun off Aug 11

    L&T executes slump sale of its Data Center business to wholly owned subsidiary Vyoma.AI for ₹1,400 crore, consolidating infrastructure services under a dedicated entity.

  • Realty demerger approved 99% Aug 4

    Shareholders approved the Scheme of Arrangement to transfer L&T's Realty Undertaking to L&T Realty Properties Limited with 99.07% votes in favour.

  • ₹5,000 cr Kuwait Oil EPC order Jul 29

    L&T wins ₹5,000 crore Lump Sum Turnkey contract from Kuwait Oil Company for JLO export facilities.

  • Major Mumbai housing redevelopment Jul 27

    L&T's RCF vertical wins a major order for a large-scale housing redevelopment in Mumbai involving 26 high-rise towers using precast construction technology.

  • Heavy engineering global orders Jul 24

    L&T's heavy engineering arm wins large international orders including deals with Dangote Group and a Japanese client for LNG projects.

Neutral 3
  • Investor meets scheduled Aug-Sep Aug 6

    L&T announced analyst and institutional investor meetings for August and September 2026 in Mumbai and Gurgaon.

  • Senior VP resignation accepted Jul 28

    L&T accepted the resignation of V. Sukumar Hebbar, Senior VP & IC Head for Transportation Infrastructure, effective July 27, 2026.

  • Q1FY27 earnings call uploaded Jul 28

    Audio recording of the Q1FY27 earnings call held on July 28, 2026 uploaded to L&T's investor website per SEBI norms.

TL;DR: L&T is firing on all cylinders with 14% PAT growth, massive order inflows of ₹1.08 lakh crore in Q1FY27, and a string of mega orders across offshore, metals, and housing segments. Corporate restructuring moves (data center spin-off, realty demerger) signal value unlocking. No material headwinds are visible in recent news. The order pipeline momentum and international diversification suggest continued strength, though execution on the swelling backlog will be the key monitorable.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
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
Expenses
41,566
43,984
47,929
58,426
48,074
53,638
56,770
64,516
55,655
59,470
62,259
72,343
59,793
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
8,149
OPM %
13%
14%
13%
13%
13%
13%
12%
13%
13%
13%
13%
13%
12%
Other Income
1,146
1,133
838
1,135
921
1,101
968
1,610
1,357
1,384
-350
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
PBT
4,332
4,991
4,772
6,422
4,677
5,555
5,333
8,014
5,860
6,336
5,370
8,410
6,922
Tax %
28%
23%
25%
22%
26%
26%
25%
23%
26%
26%
29%
25%
28%
Net Profit
3,096
3,846
3,593
5,013
3,445
4,099
3,974
6,156
4,318
4,678
3,825
6,133
4,988
EPS in Rs
17.74
23.45
21.44
31.98
20.26
24.69
24.43
39.97
26.3
28.54
23.37
38.71
29.97
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
91,929
1,01,122
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
Expenses
76,245
85,637
92,691
99,572
1,12,354
1,20,899
1,12,519
1,32,207
1,56,175
1,92,355
2,21,308
2,50,464
2,53,866
Operating Profit
15,684
15,486
16,620
20,111
22,866
24,553
23,460
24,314
27,166
28,758
34,427
35,411
36,272
OPM %
17%
15%
15%
17%
17%
17%
17%
16%
15%
13%
13%
12%
12%
Other Income
1,422
1,219
1,466
1,465
2,701
3,015
8,111
2,364
2,891
4,953
3,198
4,986
5,058
Interest
7,266
6,899
6,829
7,714
9,339
11,021
11,750
9,235
9,445
9,512
9,925
10,056
9,928
Depreciation
2,623
1,787
2,370
2,223
1,923
2,462
2,904
2,948
3,502
3,682
4,121
4,365
4,364
PBT
7,217
8,020
8,887
11,639
14,305
14,086
16,918
14,495
17,109
20,517
23,579
25,976
27,039
Tax %
31%
30%
23%
27%
28%
23%
24%
29%
26%
24%
25%
26%
—
Net Profit
4,966
4,592
6,486
8,004
10,217
10,894
12,921
10,419
12,531
15,547
17,673
18,954
19,624
EPS in Rs
34.17
30.64
43.17
52.59
63.48
68.02
82.47
61.7
74.5
95
109
117
121
Div. Payout %
32%
40%
22%
30%
28%
26%
44%
36%
32%
36%
31%
32%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
186
186
187
280
281
281
281
281
281
275
275
275
Reserves
40,723
43,994
50,030
54,623
62,094
66,442
75,588
82,127
89,045
86,084
97,381
1,09,015
Borrowings
93,630
88,135
93,954
1,07,524
1,25,555
1,43,174
1,34,629
1,25,508
1,20,650
1,16,322
1,32,409
1,25,497
Other Liabilities
58,727
61,775
67,400
80,812
90,106
96,790
99,597
1,11,112
1,19,745
1,36,921
1,49,050
2,17,596
Total Liabilities
1,93,266
1,94,091
2,11,571
2,43,240
2,78,036
3,06,687
3,10,095
3,19,028
3,29,722
3,39,602
3,79,114
4,52,383
Fixed Assets
34,738
14,176
16,677
18,580
21,194
43,653
44,319
42,945
42,641
42,964
44,055
30,867
CWIP
14,993
10,974
13,298
13,443
13,919
3,311
500
1,250
3,066
3,045
2,589
3,311
Investments
9,612
15,465
19,753
15,311
20,907
20,047
39,627
39,395
44,798
45,648
54,805
68,377
Other Assets
1,33,923
1,53,475
1,61,843
1,95,905
2,22,016
2,39,675
2,25,649
2,35,438
2,39,217
2,47,946
2,77,665
3,49,828
Total Assets
1,93,266
1,94,091
2,11,571
2,43,240
2,78,036
3,06,687
3,10,095
3,19,028
3,29,722
3,39,602
3,79,114
4,52,383
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-1,365
-3,240
6,655
-10,031
-4,756
6,694
23,074
19,164
22,777
18,266
9,151
16,741
Investing
-4,778
-4,627
-9,796
3,914
-11,023
-8,408
-5,750
-3,585
-8,048
2,179
-15,479
-11,380
Financing
7,903
7,253
2,896
9,370
15,440
6,372
-15,274
-15,181
-11,572
-25,413
6,557
-2,156
Net Cash Flow
1,759
-613
-245
3,254
-338
4,658
2,049
397
3,156
-4,968
228
3,204
Free Cash Flow
-7,460
-7,363
3,834
-12,046
-8,255
3,394
22,151
16,124
18,984
14,056
5,611
12,272
CFO/OP
10
0
59
-33
1
44
113
97
103
82
43
64
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
119
94
96
101
99
102
113
108
89
81
77
77
Inventory Days
76
51
41
45
51
44
51
44
41
32
30
36
Days Payable
288
283
301
349
340
336
401
378
302
255
208
265
Cash Conversion Cycle
-92
-138
-164
-203
-190
-190
-236
-227
-172
-143
-101
-151
Working Capital Days
12
44
42
45
20
25
28
0
2
-16
-33
-27
ROCE %
10%
11%
11%
14%
13%
12%
10%
10%
12%
13%
15%
15%

Shareholding Pattern

As of Jun 2026
DIIs 43.02%
Public 19.53%
FIIs 19.13%
Others 18.06%
Government 0.25%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.06%
0.00%
0.05%
0.05%
25.71%
25.49%
24.36%
22.85%
21.71%
20.83%
19.80%
19.33%
19.48%
20.06%
18.78%
19.13%
DIIs
32.76%
32.29%
32.58%
32.19%
32.97%
34.06%
37.98%
39.91%
38.77%
38.14%
37.30%
37.47%
38.22%
39.03%
40.58%
41.71%
42.71%
43.48%
43.35%
42.99%
43.33%
43.02%
Government
0.50%
0.23%
0.23%
0.23%
0.23%
0.23%
0.23%
0.23%
0.23%
0.23%
0.23%
0.23%
0.23%
0.24%
0.24%
0.24%
0.24%
0.24%
0.24%
0.24%
0.25%
0.25%
Public
21.45%
21.20%
20.76%
20.58%
20.75%
21.00%
19.93%
19.50%
19.45%
19.28%
19.44%
19.50%
19.68%
20.20%
19.84%
19.61%
19.61%
19.47%
19.40%
19.16%
19.63%
19.53%
Others
45.29%
46.27%
46.43%
47.00%
46.05%
44.72%
41.81%
40.36%
41.50%
42.29%
17.32%
17.31%
17.51%
17.68%
17.63%
17.61%
17.64%
17.48%
17.52%
17.54%
18.00%
18.06%
No. of Shareholders
13,71,540
13,69,380
13,46,450
13,84,820
14,92,120
15,55,970
14,78,380
14,18,090
14,25,060
14,23,200
14,07,100
14,54,620
15,64,080
17,36,840
16,89,160
16,75,150
17,06,260
16,81,490
16,71,010
16,30,030
18,01,250
17,95,250

Documents

1
Concall - May 2017 May 2017
2
Concall - May 2017 May 2017
3
Concall - Jul 2017 Jul 2017
4
Concall - Nov 2017 Nov 2017
5
Concall - May 2018 May 2018

Frequently Asked Questions about Larsen & Toubro Ltd

What does Larsen & Toubro Ltd do?
Larsen & Toubro Ltd is a multinational conglomerate which is primarily engaged in providing engineering, procurement and construction (EPC) solutions in key sectors such as Infrastructure, Hydrocarbon, Power, Process Industries and Defence, Information Technology and Financial Services in domesti...
Where is Larsen & Toubro Ltd (LT) listed?
Larsen & Toubro Ltd is listed on the Indian stock exchanges. It is listed on NSE: LT and BSE: 500510. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Larsen & Toubro Ltd belong to?
Larsen & Toubro Ltd operates in the Construction sector within the Civil Construction industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Larsen & Toubro Ltd?
Larsen & Toubro Ltd has a market capitalisation of approximately ₹558408.47 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Larsen & Toubro Ltd?
The Price-to-Earnings (PE) ratio of Larsen & Toubro Ltd is 33.70. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Larsen & Toubro Ltd?
Over the past 52 weeks, Larsen & Toubro Ltd has traded between a low of ₹3,288.1 and a high of ₹4,440. This range helps investors understand the stock's price volatility and recent trading levels.
Does Larsen & Toubro Ltd pay dividends?
Yes, Larsen & Toubro Ltd has a dividend yield of 0.93%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Larsen & Toubro Ltd?
Larsen & Toubro Ltd has a Return on Equity (ROE) of 14.91%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Larsen & Toubro Ltd on Tapetide?
On Tapetide, you can view Larsen & Toubro Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Larsen & Toubro Ltd is a multinational conglomerate which is primarily engaged in providing engineering, procurement and construction (EPC) solutions in key sectors such as Infrastructure, Hydrocarbon, Power, Process Industries and Defence, Information Technology and Financial Services in domestic and international markets.[1]

Website larsentoubro.com
CEO Mr. Sekharipuram Narayanan Subrahmanyan
Employees 54,596
Listed 2004-06-23
Face Value ₹ 2
Issued Size 1,37,55,80,872

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