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L&T

LT NSE

Key Fundamentals

LargecapCivil ConstructionConstruction
Market Cap
5.1L Cr
Volatility
Moderate
P/E Ratio
30.63
EBITDA
₹41,907 Cr
Return on Equity
14.91%
Debt to Equity
1.15
Book Value
₹794.32
EPS
₹96.6
52W High
₹4,440
52W Low
₹3,288.1

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

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

Weaknesses

1
  • Stock is trading at 4.65 times its book value

Growth Rate

Revenue Growth
12.23% lower than 3Y
Net Income Growth
8.32% lower than 3Y
Cash Flow Change
82.93% higher than 3Y
ROE
-2.74% lower than 3Y
ROCE
-12.61% lower than 3Y
EBITDA Margin (Avg.)
1.27% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Larsen & Toubro is a large-cap construction and engineering company with a market capitalisation of about ₹5,33,783 crore. Its sales have grown at a 16% compounded rate over both 3 and 5 years, and profit has grown at 17% over 3 years, with ROE at around 16%. The stock trades at a P/E of 27 and a P/B of 4.84, it yields 0.98%, and it has returned 4% over the past year compared with 17% CAGR over 5 years.

Bull Case 7
  • Revenue growth has picked up. Sales compounded at 16% over both 3 and 5 years, compared with 11% over 10 years, which suggests stronger execution in recent years.
  • Profit growth has been strong recently. Profit compounded at 17% over 3 years, slightly faster than the 16% sales CAGR over the same period.
  • Margins may be widening. TTM profit growth of 13% is ahead of TTM sales growth of 10%.
  • Returns on equity have improved. ROE was 16% last year and over 3 years, up from a 14% average over 5 years.
  • The company pays a steady share of its profit as dividends, with a payout ratio of 33.1%. This gives some income while leaving most earnings available for reinvestment.
  • The stock has compounded well over the long term, returning 15% CAGR over 10 years and 17% over 5 years.
  • Its size, a market cap of about ₹5.34 lakh crore, makes it one of the largest companies in India's construction and engineering sector. That scale can help it win and fund large projects.
Bear Case 7
  • The valuation is high compared with book value. A P/B of 4.84 (4.88 in the listed cons) is a steep premium for a business earning a mid-teens ROE of about 16%.
  • Over 5 years, profit growth has lagged far behind sales. Profit compounded at only 3% while sales grew 16%, which points to past margin pressure or one-off hits to earnings.
  • A P/E of 27 means an earnings yield of only about 3.7%. The current price already assumes growth will continue.
  • Growth is slowing. TTM sales growth of 10% is well below the 16% 3-year CAGR, and TTM profit growth of 13% is below the 17% 3-year CAGR.
  • Recent stock returns have been weak. The stock is up 4% over 1 year and 9% CAGR over 3 years, compared with 17% CAGR over 5 years. This suggests the rerating may have run its course for now.
  • The dividend yield of 0.98% is low, so shareholders get only a small cash return at the current price.
  • ROE has stayed in a narrow 14–16% range over 3, 5 and 10 years. Returns are consistent but not rising sharply enough to clearly justify a price near 5x book.

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

AI News Digest

1d ago
Headwinds 1
  • Hyderabad Metro exit delayed again Sep 30

    L&T pushed back the completion date for selling its stake in L&T Metro Rail (Hyderabad) Limited to December 31, 2026, with all other terms unchanged. The delay keeps a capital-heavy asset on the books for longer and pushes back any balance sheet relief from the exit.

Positives 2
  • 40 semiconductor products unveiled Sep 18

    L&T Semiconductor Technologies showed 40 products at SEMICON 2026, including its first SiC chips and BLDC controllers. This is a step forward in L&T's push into India's indigenous chip ecosystem.

  • First private tokenised bond issue Sep 9

    L&T raised ₹500 crore through three-year tokenised bonds under SEBI's new blockchain framework, with settlement through a Central Bank Digital Currency wallet. It is the first private sector corporate in India to issue such bonds.

Neutral 2
  • NCLT admits L&T Realty scheme Sep 1

    The NCLT admitted the scheme of arrangement petition between Larsen & Toubro and L&T Realty Properties. The hearing is set for October 6, 2026.

  • Investor meets in HK, Singapore, Mumbai Sep 16

    L&T scheduled analyst and institutional investor meetings in Hong Kong, Mumbai and Singapore from September 21 to 24, 2026. The meetings point to active engagement with investors abroad and at home.

TL;DR: L&T is building new growth options: it launched 40 semiconductor products, including its first SiC chips, and became the first private sector issuer of tokenised bonds in India with a ₹500 crore raise. The main risk is the repeated delay in exiting Hyderabad Metro, now pushed to December 31, 2026, which keeps capital tied up in a non-core asset. Overall the news flow is steady to slightly positive, with no major operating setbacks reported. Things to watch next are the October 6 NCLT hearing on the L&T Realty scheme, any feedback from the September investor meetings, and whether the Metro stake sale closes on the new timeline.

Quarterly Results

Particulars 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

Particulars 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
2,21,183
2,49,530
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
34,551
36,345
36,272
OPM %
17%
15%
15%
17%
17%
17%
17%
16%
15%
13%
14%
13%
12%
Other Income
1,422
1,219
1,466
1,465
2,701
3,015
8,111
2,364
2,891
4,953
3,074
4,052
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

Particulars 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

Particulars 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
63
Figures in ₹ Crores

Ratios

Particulars 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%

Insights

Beta

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

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Shareholding Pattern

Govt.0.25%DIIs43.02%Others18.06%FIIs19.13%Public19.53%As ofJun 2026

Documents

Frequently Asked Questions about L&T

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 trades as LT on the NSE and under code 500510 on the BSE.
Which sector does Larsen & Toubro Ltd belong to?
Larsen & Toubro Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the market capitalisation of Larsen & Toubro Ltd?
Larsen & Toubro Ltd has a market capitalisation of ₹5,11,489 Cr, which places it in the Large Cap band.
What is the PE ratio of Larsen & Toubro Ltd?
Larsen & Toubro Ltd trades at a PE ratio of 30.63, on earnings per share of ₹96.6, against a book value of ₹794.32 per share.
What is the 52-week high and low of Larsen & Toubro Ltd?
Over the last 52 weeks Larsen & Toubro Ltd has traded between ₹3,288.1 and ₹4,440.
Does Larsen & Toubro Ltd pay dividends?
Larsen & Toubro Ltd has a dividend yield of 1.01%.
What is the Return on Equity (ROE) of Larsen & Toubro Ltd?
Larsen & Toubro Ltd reported a return on equity of 14.91%. Its debt-to-equity ratio is 1.15.

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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