Larsen & Toubro (LT) · mywealthgrid

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About

Larsen & Toubro is India's engineering and construction bellwether, market cap ₹5.55 lakh Cr, executing infrastructure projects at national scale. Consolidated quarterly revenues range ₹37,902–₹82,762 Cr. Operations span India's capital-intensive infrastructure buildout within the Industrials sector.

Founded: 1938
Face value: ₹2

Market cap

₹5,05,996 Cr

P/E

30.5×

P/B

4.6×

Dividend yield

1.9%

ROE

15.5%

ROCE

15.4%

Debt / equity

1.11

OPM

10.2%

EPS (TTM)

₹120.6

Book value

₹794.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Sept 2025 standalone posted -₹3,591 Cr loss (EPS -26.11) while consolidated remained profitable—investigate whether loss reflects project delays, impairments, or subsidiary write-offs.
Standalone operating margins highly volatile (5.31%–10.38% recent quarters) vs company average 10.2%—verify whether margin compression is temporary or structural issue in execution.
Debt-to-equity 1.11 combined with profit volatility (Q Sep 2025 loss, Q Dec 2025 ₹3,824 Cr profit)—assess debt serviceability and refinancing risk during lean quarters in capital-intensive sector.
PE 33.5 represents premium valuation for construction sector; investor should verify earnings growth drivers justify multiple and identify compression triggers.

Generated analysis · source review pending

Growth drivers

Consolidated net profit of ₹6,133 Cr in Mar 2026 from ₹82,762 Cr revenue; sustained execution at this scale is prerequisite for growth.
Sept 2025 standalone loss of -₹3,591 Cr reversed to Jun 2026 profit (₹4,455 Cr), indicating operations stabilized; if one-time charge, this enables margin recovery and earnings growth.
Consolidated revenue sustained at ₹37,902–₹82,762 Cr quarterly range through recent quarters; investor should verify order pipeline depth and execution pace to assess revenue sustainability.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹3,693.4-1.5%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 16% over the last 5 years
+Comfortable interest coverage of 10.7×
+Dividend payout of 59.5% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

48/100

Business quality: 42
Growth: 53
Valuation: 48

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,19,862	1,41,007	1,45,452	1,35,979	1,56,521	1,83,341	2,21,113	2,55,734	2,85,874
COGS	42,126	51,853	49,538	43,710	52,691	64,944	80,773	28,646	99,892
Gross profit	77,736	89,154	95,914	92,269	1,03,830	1,18,397	1,40,340	2,27,088	1,85,983
	64,601	72,850	79,513	76,630	85,485	97,738	1,16,869	2,00,653	1,57,037
	13,136	16,304	16,401	15,639	18,345	20,659	23,471	26,435	28,946
OPM %	11%	11.6%	11.3%	11.5%	11.7%	11.3%	10.6%	10.3%	10.1%
Depreciation	1,929	2,084	2,462	2,904	2,948	3,502	3,682	4,121	4,365
Interest	1,539	1,806	2,797	3,913	3,126	3,207	3,546	3,334	2,849
	1,535	2,146	3,015	7,973	2,387	3,065	4,252	4,600	4,038
Profit before tax	11,203	14,560	14,157	16,794	14,659	17,015	20,494	23,565	25,770
Tax	3,199	4,343	3,263	3,873	4,239	4,484	4,947	5,891	6,816
Tax %	28.6%	29.8%	23.1%	23.1%	28.9%	26.4%	24.1%	25%	26.5%
	8,004	10,217	10,894	12,921	10,419	12,531	15,547	17,673	18,954
PAT margin %	6.7%	7.3%	7.5%	9.5%	6.7%	6.8%	7%	6.9%	6.6%
EPS (₹)	52.6	63.5	68	82.5	61.7	74.5	94	109.4	116.9
EPS adjusted (₹)	52.6	—	68	82.5	61.7	74.5	95	109.3	116.9
	30.4%	28.3%	52.9%	21.8%	35.7%	40.3%	29.8%	31.1%	32.5%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	186	187	280	281	281	281	281	275	275	275
Reserves	41,022	50,030	55,377	—	75,588	82,127	89,045	86,084	97,381	1,09,015
Minority interest	—	—	—	—	12,052	12,966	14,241	16,190	17,748	19,241
	76,730	93,954	1,07,524	—	1,09,886	92,095	1,18,513	1,14,040	1,29,559	1,21,683
	53,184	68,011	81,872	—	1,13,468	1,32,598	1,08,272	1,23,038	1,34,561	2,02,336
Total equity & liabilities	1,71,122	2,12,182	2,45,053	—	3,11,274	3,20,067	3,30,352	3,39,627	3,79,524	4,52,550
	15,775	13,064	14,234	37,712	38,651	36,993	39,281	40,772	39,528	29,747
CWIP	1,453	1,945	2,143	—	388	1,170	2,949	2,897	2,391	3,036
Investments	9,420	17,073	11,952	—	43,273	43,358	48,159	47,839	56,464	69,497
	1,44,473	1,80,100	2,16,724	—	2,28,961	2,38,546	2,39,964	2,48,119	2,81,142	3,50,270
Total assets	1,71,122	2,12,182	2,45,053	—	3,11,274	3,20,067	3,30,352	3,39,627	3,79,524	4,52,550

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Infrastructure Projects	1,35,344.58	7,759.98	1,15,059.75	93,245.91	21,813.84	35.57
Energy Projects	54,888.59	3,374.38

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	63.2%	65.9%	67.9%	66.3%	64.6%	63.5%	88.8%	65.1%
EBITDA margin %	11.6%	11.2%	11.5%	11.6%	11.3%	10.6%	10.3%	10.2%
EBIT margin %	10.1%	9.5%	9.4%	9.8%	9.4%	9%	8.7%	8.7%
PAT margin %	7.3%	7.5%	9.5%	6.7%	6.8%	7%	6.9%	6.6%
Working capital
Receivable days	—	—	113	108	89	81	77	77
Inventory days	—	—	49	41	38	30	98	35
Payable days	—	—	382	356	280	241	668	254
NWC days	—	—	-220	-207	-152	-130	-494	-142
Leverage
Current ratio	—	—	1.42	1.3	1.36	1.23	1.21	1.25
Debt to EBITDA	—	—	7.03	5.06	5.71	4.85	4.9	4.17
Debt to equity	—	—	1.45	1.12	1.33	1.32	1.33	1.11
Interest coverage	8.9	5.8	4.1	5.6	6.3	6.8	7.9	10.7
Asset turnover	—	—	0.44	0.49	0.55	0.65	0.67	0.63
Return ratios
Return on assets %	—	—	4.2%	3.3%	3.8%	4.6%	4.7%	4.2%
Return on capital employed %	—	—	9.3%	10.5%	12.3%	14.5%	15.5%	15.4%
Return on equity %	—	—	17%	12.6%	14%	18%	18.1%	17.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoter	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	25.71%	25.49%	24.36%	22.85%	21.71%	20.83%	19.8%	19.33%	19.48%	20.06%	18.78%	19.13%
	37.3%	37.47%	38.22%	39.03%	40.58%	41.71%	42.71%	43.48%	43.35%	42.99%	43.33%	43.02%
	0%	0%	0%	0%	0%	0%	0%	0%	0.24%	0.24%	0.25%	0.25%
	36.99%	37.04%	37.42%	38.12%	37.71%	37.46%	37.49%	37.19%	36.93%	36.71%	37.64%	37.6%
No. of shareholders	—	—	—	—	—	—	—	—	16,71,006	16,30,031	18,01,254	17,95,249

Promoter holding up 0 percentage points since Sep 2023.

90 deals · 21 Sept 2021 – 24 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
24 Jun 2026	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MUTB400045794	Block	NSE	Buy	1,22,583	₹4,179.40	₹51.23 Cr
24 Jun 2026	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	1,22,583	₹4,179.40	₹51.23 Cr
8 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE - ODI	Block	NSE	Sell	72,034	₹3,749.00	₹27.01 Cr
8 Oct 2025	GOLDMAN SACHS BANK EUROPE SE - ODI	Block	NSE	Buy	72,034	₹3,749.00	₹27.01 Cr
7 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE - ODI	Block	NSE	Sell	72,035	₹3,740.00	₹26.94 Cr
7 Oct 2025	GOLDMAN SACHS BANK EUROPE SE - ODI	Block	NSE	Buy	72,035	₹3,740.00	₹26.94 Cr
19 Sept 2025	PI OPPORTUNITIES AIF V LLP	Block	NSE	Buy	2,71,223	₹3,681.00	₹99.84 Cr
19 Sept 2025	PIONEER INVESTMENT FUND	Block	NSE	Sell	2,71,223	₹3,681.00	₹99.84 Cr
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	2,48,532	₹3,540.60	₹88.00 Cr
14 Jul 2025	THE MTBJ LTD.AS TRST FOR GOVERNMENT PENSION INVESTMENT FUND MTBJ400045849	Block	NSE	Buy	2,48,532	₹3,540.60	₹88.00 Cr

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Mr. SEKHARIPURAM NARAYANAN SUBRAHMANYANExecutive Director-Chairperson-MD
Mr. RAMAMURTHI SHANKAR RAMANExecutive Director
Mr. S V DESAIExecutive Director
Mr. T MADHAVA DASExecutive Director
Mr. SUBRAMANIAN SARMAExecutive Director
Mr. ANIL V PARABExecutive Director
Ms. PREETHA REDDYNon-Executive - Independent Director
Mr. PRAMIT JHAVERINon-Executive - Independent Director
Mr. RAJNISH KUMARNon-Executive - Independent Director
Mr. JYOTI SAGARNon-Executive - Independent Director
Mr. AJAY TYAGINon-Executive - Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹3,760.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹3,763.2	-20.3	-0.5%	₹3,763.2	62,289	+148	5,032	175
23 Nov 2026	₹3,776.8	-26.1	-0.7%	₹3,776.8	7,219	+717	1,087	175
29 Dec 2026	₹3,806.6	+1.8	+0%	₹3,806.6	32	+32	39	175

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

29

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	3,100

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

267

across 24 fund houses

Held by these funds

11.65%

of the company's equity

All mutual funds

20.1%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

267 schemes · 24 fund houses

		Shares
Nifty 50 ETF	SBI Mutual Fund	2.27 Cr	9,183.03	4.3%	1.657%	+1.19 L
BSE Sensex ETF	SBI Mutual Fund	1.56 Cr	6,300.45	5.17%	1.141%	+1.55 L
Large Cap Fund	ICICI Prudential Mutual Fund	81.52 L	3,297.22	4.11%	0.595%	-7.28 L
Large Cap Fund	SBI Mutual Fund	74 L	2,993.23	5.43%	0.54%	-0
ETF NIFTY 50 BEES	Nippon India Mutual Fund	71.25 L	2,881.8	4.3%	0.52%	+1.43 L
Portfolio of Kotak Flexi Cap FundNEW	Kotak Mahindra Mutual Fund	52 L	2,103.35	3.73%	0.38%	—
Aggressive Hybrid FundNEW	SBI Mutual Fund	51.53 L	2,084.34	2.35%	0.376%	—
LARGE CAP FUND	Nippon India Mutual Fund	49.48 L	2,001.33	3.7%	0.361%	-0

1–8 of 267

1 / 34

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

43 announcementsExport CSV

9 Sept 2026, 10:00 amCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	63.2%	65.9%	67.9%	66.3%	64.6%	63.5%	88.8%	65.1%
EBITDA margin %	11.6%	11.2%	11.5%	11.6%	11.3%	10.6%	10.3%	10.2%
EBIT margin %	10.1%	9.5%	9.4%	9.8%	9.4%	9%	8.7%	8.7%
PAT margin %	7.3%	7.5%	9.5%	6.7%	6.8%	7%	6.9%	6.6%
Working capital
Receivable days	—	—	113	108	89	81	77	77
Inventory days	—	—	49	41	38	30	98	35
Payable days	—	—	382	356	280	241	668	254
NWC days	—	—	-220	-207	-152	-130	-494	-142
Leverage
Current ratio	—	—	1.42	1.3	1.36	1.23	1.21	1.25
Debt to EBITDA	—	—	7.03	5.06	5.71	4.85	4.9	4.17
Debt to equity	—	—	1.45	1.12	1.33	1.32	1.33	1.11
Interest coverage	8.9	5.8	4.1	5.6	6.3	6.8	7.9	10.7
Asset turnover	—	—	0.44	0.49	0.55	0.65	0.67	0.63
Return ratios
Return on assets %	—	—	4.2%	3.3%	3.8%	4.6%	4.7%	4.2%
Return on capital employed %	—	—	9.3%	10.5%	12.3%	14.5%	15.5%	15.4%
Return on equity %	—	—	17%	12.6%	14%	18%	18.1%	17.3%

Calls	Strike	Puts
0	0	0	₹0.0	3,100

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

Date	Category	Subject	Filing
9 Sept 2026, 10:00 am	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
8 Sept 2026, 4:39 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
4 Sept 2026, 5:25 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
1 Sept 2026, 7:07 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
1 Sept 2026, 6:33 pm	Company Update Scheme of Arrangement	Announcement under Regulation 30 (LODR)-Scheme of Arrangement	PDF
25 Aug 2026, 9:32 am	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
24 Aug 2026, 9:37 am	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
20 Aug 2026, 10:03 am	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	22,844	19,164	22,777	18,266	9,151	16,741
	-5,431	-3,668	-8,312	2,163	-15,508	-11,739
	-15,274	-15,181	-11,572	-25,413	6,557	-2,156
Net cash flow	2,139	314	2,893	-4,984	200	2,846
Free cash flow	21,036	16,053	18,633	13,750	4,733	11,932
CFO / Operating profit %	146.2%	105.2%	109.8%	77.8%	34.6%	57.4%

Larsen & Toubro

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

29

Fund holders

Documents

Announcements

Events

Announcements

3

29

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

24

1

3

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

/Less: Inter-segment margins on capital jobs · revenue

Larsen & Toubro

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Option chain29

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Futures3

Option chain29

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends24

Board meetings1

Bonus issues3

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

/Less: Inter-segment margins on capital jobs · revenue

3

29

3

29

24

1

3