Larsen & Toubro Ltd

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Larsen & Toubro Ltd

₹ 3,876 0.46%
25 Sep - close price
larsentoubro.com BSE: 500510 NSE: LT F&O
About

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]

Key Points

Business Segments[1]
a) Infrastructure Projects (47% in FY26 vs 51% in FY25): [2]
The segment undertakes EPC activities across buildings and factories, transportation, heavy civil infrastructure, power transmission and distribution, renewable energy, water and effluent treatment, and minerals and metals sectors.

Website BSE NSE F&O
  • Market Cap ₹ 5,33,324 Cr.
  • Current Price ₹ 3,876
  • High / Low ₹ 4,440 / 3,288
  • Stock P/E 39.7
  • Book Value ₹ 542
  • Dividend Yield 0.98 %
  • ROCE 19.3 %
  • ROE 14.8 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company has been maintaining a healthy dividend payout of 58.8%

Cons

  • Stock is trading at 7.15 times its book value
  • The company has delivered a poor sales growth of 12.0% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Construction Construction Civil Construction

Part of BSE Sensex Nifty 50 BSE 500 BSE 100 BSE 200

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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 34,109
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 1,915
OPM % 7% 7% 8% 9% 7% 8% 8% 9% 7% 7% 8% 10% 5%
1,256 2,236 1,226 1,069 2,446 831 1,195 1,671 2,606 -4,339 1,067 903 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 3,385 4,698 5,180
Tax % 19% 14% 18% 20% 13% 26% 21% 21% 14% 20% 16% 24% 14%
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
EPS in Rs 12.75 19.72 15.54 19.75 21.60 14.46 17.49 25.52 25.34 -26.11 20.59 25.89 32.38
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
56,942 63,177 65,724 74,463 82,287 82,384 87,255 101,000 110,501 126,233 142,509 153,680 156,234
50,293 57,004 59,186 66,678 74,545 75,444 78,869 91,867 100,527 116,423 129,211 141,032 144,145
Operating Profit 6,648 6,173 6,538 7,784 7,742 6,940 8,387 9,133 9,974 9,811 13,298 12,648 12,089
OPM % 12% 10% 10% 10% 9% 8% 10% 9% 9% 8% 9% 8% 8%
2,641 2,766 2,809 2,043 4,897 4,073 9,192 3,880 3,432 5,778 4,521 237 1,725
Interest 1,579 1,686 1,374 1,516 1,877 2,368 2,459 1,832 2,201 2,487 2,282 1,758 1,554
Depreciation 1,008 997 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 6,701 6,256 6,758 7,262 9,763 7,624 13,969 10,009 9,833 11,348 13,574 9,141 10,281
Tax % 25% 20% 19% 26% 23% 12% 16% 21% 20% 18% 20% 31%
5,056 5,000 5,454 5,387 7,491 6,679 11,798 7,879 7,849 9,331 10,871 6,287 7,257
EPS in Rs 36.26 35.78 38.97 38.44 53.41 47.58 84.00 56.08 55.85 67.88 79.05 45.70 52.75
Dividend Payout % 30% 34% 24% 42% 34% 38% 43% 39% 43% 50% 43% 83%
Compounded Sales Growth
10 Years: 9%
5 Years: 12%
3 Years: 12%
TTM: 7%
Compounded Profit Growth
10 Years: 9%
5 Years: -5%
3 Years: 10%
TTM: 22%
Stock Price CAGR
10 Years: 15%
5 Years: 17%
3 Years: 9%
1 Year: 4%
Return on Equity
10 Years: 14%
5 Years: 14%
3 Years: 15%
Last Year: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 186 186 187 280 281 281 281 281 281 275 275 275
Reserves 36,899 41,949 45,826 48,894 49,768 51,895 61,457 66,833 71,247 64,241 71,621 74,258
12,937 13,924 10,558 10,561 11,990 25,942 24,664 20,477 18,339 22,812 22,295 12,658
36,883 43,561 45,667 55,871 62,622 63,439 73,513 80,912 82,558 88,436 92,225 120,947
Total Liabilities 86,904 99,621 102,238 115,607 124,660 141,557 159,916 168,502 172,424 175,764 186,416 208,138
7,487 7,268 7,045 6,941 8,592 7,840 9,165 9,113 9,756 11,119 11,254 12,241
CWIP 494 412 504 653 739 797 287 583 1,955 1,424 1,139 1,471
Investments 23,053 24,438 26,759 27,339 22,904 34,034 49,414 45,528 47,261 47,463 57,642 56,606
55,869 67,502 67,931 80,674 92,425 98,885 101,050 113,279 113,452 115,759 116,381 137,819
Total Assets 86,904 99,621 102,238 115,607 124,660 141,557 159,916 168,502 172,424 175,764 186,416 208,138

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
3,118 3,300 5,980 2,952 2,556 -121 9,561 5,999 7,264 8,297 12,703 21,928
-1,884 -1,522 -46 1,787 1,585 -6,834 -2,780 4,555 -1,738 6,362 -6,348 -2,658
-1,437 -2,464 -6,073 -3,489 -4,606 7,419 -6,698 -8,360 -7,441 -14,522 -6,712 -16,701
Net Cash Flow -203 -687 -140 1,250 -464 464 82 2,193 -1,916 137 -357 2,569
Free Cash Flow 2,217 2,503 5,345 1,939 1,765 -1,430 9,411 4,649 5,028 5,472 10,663 20,014
CFO/OP 73% 80% 115% 61% 68% 23% 137% 91% 96% 112% 114% 192%

Ratios

Standalone / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 148 110 111 112 125 124 139 131 110 107 98 108
Inventory Days 33 26 24 30 35 29 29 26 25 23 20 20
Days Payable 275 296 324 370 378 383 405 384 309 265 224 268
Cash Conversion Cycle -94 -160 -190 -228 -218 -230 -237 -226 -174 -135 -106 -140
Working Capital Days 63 58 61 51 38 19 34 34 25 11 -2 -3
ROCE % 16% 13% 13% 14% 16% 13% 12% 13% 14% 15% 19% 19%

Insights

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Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
L&T Finance Loan Book
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International share of Order Book
%
Order Book
INR crore
Order Inflow
INR crore
L&T Realty Pre-sales
INR crore

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
25.72% 25.50% 24.36% 22.85% 21.72% 20.83% 19.80% 19.33% 19.48% 20.06% 18.78% 19.13%
37.16% 37.34% 38.08% 38.89% 40.44% 41.71% 42.71% 43.48% 43.34% 42.99% 43.32% 43.01%
0.23% 0.23% 0.23% 0.24% 0.24% 0.24% 0.24% 0.24% 0.24% 0.24% 0.25% 0.25%
36.89% 36.93% 37.33% 38.01% 37.60% 37.21% 37.25% 36.95% 36.92% 36.69% 37.64% 37.60%
No. of Shareholders 14,07,11714,54,62415,64,08517,36,84416,89,15516,75,14617,06,26416,81,49116,71,00616,30,03118,01,25417,95,249

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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