L&T logo

L&T

LT NSE

Key Fundamentals

LargecapCivil ConstructionConstruction
Market Cap
5.4L Cr
Volatility
Moderate
P/E Ratio
32.6
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

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 4.95 times its book value

Growth Rate

Revenue Growth
12.53% 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.)
0.99% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Larsen & Toubro Ltd commands a market cap of ₹5,35,227 Cr with a PE of 27.7x and a price-to-book of 4.98x. The company has delivered a 16% compounded sales CAGR over three years and 17% profit CAGR over the same period, while maintaining an ROE of 16%. The stock has returned 12% over the past year and 19% CAGR over five years.

Bull Case 8
  • Consistent revenue growth with 16% compounded sales CAGR over both 3-year and 5-year periods, indicating strong order execution capability
  • Profit growth of 17% CAGR over 3 years outpacing sales growth of 16%, suggesting improving operating leverage and margin expansion
  • Stable return on equity at 16% over the last year and 16% over 3 years, reflecting efficient capital allocation for a capital-intensive business
  • Long-term ROE consistency at 14-16% across 3, 5, and 10-year periods demonstrates resilience across economic cycles
  • Healthy dividend payout ratio of 33.1% with a current yield of 0.96%, showing commitment to shareholder returns while retaining capital for growth
  • TTM sales growth of 10% and TTM profit growth of 13% indicate continued momentum in the most recent period with profit growing faster than revenue
  • Market cap of ₹5,35,227 Cr provides deep liquidity and institutional ownership base, reducing volatility risk compared to smaller construction peers
  • 10-year compounded profit CAGR of 15% and 10-year stock CAGR of 15% show long-term wealth creation track record across multiple capex cycles
Bear Case 8
  • PE ratio of 27.7x is elevated for a construction and engineering conglomerate, pricing in significant future growth expectations
  • Price-to-book of 4.98x is high for an asset-heavy business, leaving limited margin of safety if execution falters
  • 5-year compounded profit CAGR of only 3% versus 16% sales CAGR over the same period reveals a prolonged period of margin compression during FY19-FY22
  • Dividend yield of 0.96% is modest relative to the PE of 27.7x, offering limited income cushion during potential market corrections
  • TTM sales growth has decelerated to 10% from the 3-year CAGR of 16%, suggesting a possible slowdown in order book conversion
  • Stock CAGR of 12% over 1 year trails the 5-year CAGR of 19%, indicating recent return momentum has moderated
  • ROE of 16% while returning 33.1% as dividends means roughly two-thirds of earnings are reinvested — any decline in project returns could drag future ROE below the 14-16% historical band
  • As a large-cap at ₹5,35,227 Cr market cap trading at 27.7x earnings, the stock needs sustained double-digit profit growth to justify current valuation multiples

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Neutral 2
  • ₹500Cr tokenised bond issuance Sep 9

    L&T raised ₹500 crore via tokenised bonds under SEBI's new blockchain framework, becoming the first private sector corporate to do so. The three-year bonds were settled through a Central Bank Digital Currency wallet.

  • NCLT admits realty scheme petition Sep 1

    NCLT admitted the scheme of arrangement petition between L&T and L&T Realty Properties. Next hearing is scheduled for October 6, 2026.

TL;DR: A quiet period for L&T with no material positives or negatives. The ₹500 crore tokenised bond issuance signals innovation in capital raising but is modest relative to L&T's scale, while the NCLT-admitted realty scheme is a routine corporate restructuring step. No operational or order-book updates surfaced, so the near-term narrative remains driven by broader construction sector trends and upcoming quarterly results.

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
2,21,308
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

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
64
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 ₹5,35,227 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 32.60, on earnings per share of ₹96.6, against a book value of ₹794.33 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 0.96%.
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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