Larsen & Toubro Ltd

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Larsen & Toubro Ltd

₹ 3,926 -0.73%
11 Sep 12:02 p.m.
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 ₹ 5,40,165 Cr.
  • Current Price ₹ 3,926
  • High / Low ₹ 4,440 / 3,288
  • Stock P/E 30.6
  • Book Value ₹ 794
  • Dividend Yield 0.98 %
  • ROCE 14.6 %
  • ROE 15.9 %
  • Face Value ₹ 2.00
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Pros

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

Cons

  • Stock is trading at 4.93 times its book value

* 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

Consolidated Figures in Rs. Crores / View Standalone

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
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
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%
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
Profit before tax 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%
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 26.30 28.54 23.37 38.71 29.97
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
91,929 101,122 109,312 119,683 135,220 145,452 135,979 156,521 183,341 221,113 255,734 285,874 290,137
76,245 85,637 92,691 99,572 112,354 120,899 112,519 132,207 156,175 192,355 221,308 250,464 253,866
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%
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
Profit before tax 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%
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 61.70 74.50 95.00 109.35 116.92 120.59
Dividend Payout % 32% 40% 22% 30% 28% 26% 44% 36% 32% 36% 31% 32%
Compounded Sales Growth
10 Years: 11%
5 Years: 16%
3 Years: 16%
TTM: 10%
Compounded Profit Growth
10 Years: 15%
5 Years: 3%
3 Years: 17%
TTM: 13%
Stock Price CAGR
10 Years: 15%
5 Years: 19%
3 Years: 10%
1 Year: 12%
Return on Equity
10 Years: 15%
5 Years: 14%
3 Years: 16%
Last Year: 16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 40,723 43,994 50,030 54,623 62,094 66,442 75,588 82,127 89,045 86,084 97,381 109,015
93,630 88,135 93,954 107,524 125,555 143,174 134,629 125,508 120,650 116,322 132,409 125,497
58,727 61,775 67,400 80,812 90,106 96,790 99,597 111,112 119,745 136,921 149,050 217,596
Total Liabilities 193,266 194,091 211,571 243,240 278,036 306,687 310,095 319,028 329,722 339,602 379,114 452,383
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
133,923 153,475 161,843 195,905 222,016 239,675 225,649 235,438 239,217 247,946 277,665 349,828
Total Assets 193,266 194,091 211,571 243,240 278,036 306,687 310,095 319,028 329,722 339,602 379,114 452,383

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-1,365 -3,240 6,655 -10,031 -4,756 6,694 23,074 19,164 22,777 18,266 9,151 16,741
-4,778 -4,627 -9,796 3,914 -11,023 -8,408 -5,750 -3,585 -8,048 2,179 -15,479 -11,380
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%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 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

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Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
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Shareholding Pattern

Numbers in percentages

1 Recently
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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