Larsen & Toubro Ltd logo

Larsen & Toubro Ltd

LT NSE

Key Fundamentals

LargecapCivil ConstructionConstruction
Market Cap
5.2L Cr
Volatility
Moderate
P/E Ratio
32.29
EBITDA
₹41,907 Cr
Return on Equity
14.91%
Debt to Equity
1.15
Book Value
₹794.41
EPS
₹96.6
52W High
₹4,440
52W Low
₹3,288.1

Insights

Beta

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

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50 extracted metrics + investor summaries across FY12–FY26.

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Technical Indicators

Key Insights

Strengths

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

Weaknesses

1
  • Stock is trading at 4.76 times its book value

Growth Rate

Revenue Growth
12.53% ↘
Net Income Growth
8.32% ↘
Cash Flow Change
82.93% ↗
ROE
-2.74% ↘
ROCE
-12.61% ↘
EBITDA Margin (Avg.)
0.99% ↘

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 ₹5,32,366 Cr with a PE of 28.5x and ROE of 16%. The company has delivered consistent double-digit sales growth (16% CAGR over 3 and 5 years) but trades at an elevated price-to-book of 4.94x, reflecting the market's premium pricing for India's largest infrastructure conglomerate.

Bull Case 8
  • Consistent revenue compounding with 16% sales CAGR over both 3-year and 5-year periods, demonstrating sustained execution capability
  • Compounded profit growth of 17% over 3 years indicates improving profitability and operating leverage
  • ROE has remained stable at 15-16% over 3, 5, and 10-year periods, reflecting disciplined capital allocation
  • Stock CAGR of 20% over 5 years and 17% over 3 years shows sustained wealth creation for shareholders
  • Healthy dividend payout ratio of 33.1% provides income stability alongside capital appreciation
  • TTM sales growth of 12% indicates continued momentum in order execution amid a strong infrastructure capex cycle in India
  • 10-year compounded profit growth of 15% demonstrates long-term earnings resilience across economic cycles
  • Market cap of ₹5.32 lakh Cr positions L&T as a dominant large-cap proxy for India's infrastructure build-out theme
Bear Case 8
  • Stock trades at 4.94x book value, significantly above historical averages for capital-intensive industrial companies
  • PE of 28.5x is elevated for an engineering and construction conglomerate where earnings can be lumpy and cyclical
  • TTM profit growth of only 7% has decelerated sharply compared to 17% 3-year CAGR, suggesting margin pressure or one-off impacts
  • 5-year compounded profit CAGR of just 3% highlights a period of significant earnings weakness between FY19-FY24
  • Dividend yield of only 0.97% offers limited downside cushion relative to risk-free rates above 7% in India
  • 10-year sales CAGR of 11% lags the 3-year and 5-year figures, indicating growth has been uneven across longer periods
  • At 28.5x PE with single-digit near-term profit growth (7% TTM), the PEG ratio exceeds 4x, implying stretched valuations relative to current earnings momentum
  • Capital-intensive business model with high book value multiple of 4.94x leaves limited margin of safety if order inflows slow

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

AI News Digest

Anthropic anthropic claude-opus-4.6 7h ago
Positives 3
  • Vyoma-Fortanix confidential AI partnership Jul 9

    L&T Vyoma partnered with Fortanix Inc to deliver sovereign, secure AI offerings for Indian enterprises using NVIDIA technology, strengthening its positioning in the AI infrastructure space.

  • Nabha Power divestment at ₹3,632 Cr Jun 25

    L&T completed the sale of 100% equity in Nabha Power to Torrent Power for ₹3,632.35 crores, freeing up capital and simplifying the group structure.

  • AI compute subsidiary buildout Jun 20

    Vyoma.AI incorporated two new entities — LTA Data Centres (Jun 20) and LTN Compute (Jun 20) — signalling aggressive expansion into AI compute and data centre infrastructure.

Neutral 5
  • ₹80.84 Cr block trade on NSE Jul 9

    A block trade of ~2.06 lakh shares at ₹3,925.10 per share worth ₹80.84 crores was executed, reflecting continued institutional interest without directional signal.

  • Metro Rail stake sale extended Jul 1

    L&T extended the disposal timeline for its stake in L&T Metro Rail to September 30, 2026, with other terms unchanged.

  • NCLT order for scheme of arrangement Jun 24

    NCLT orders dated June 12 and 16, 2026 directed L&T to convene a shareholder meeting within 60 days for the scheme with L&T Realty Properties.

  • ₹31.75 Cr NCD interest paid Jun 19

    L&T paid ₹31.75 crore interest on ₹500 crore NCDs due June 19, 2026, a routine annual obligation.

  • PL Capital Defence Conference attendance Jun 20

    L&T confirmed participation in an investor meet on June 25, 2026 in Mumbai to present to an investor group.

TL;DR: L&T is actively reshaping its portfolio — divesting non-core assets like Nabha Power at healthy valuations while aggressively building AI compute and data centre capabilities through its Vyoma subsidiary. No material headwinds emerged in the period. The strategic pivot toward technology infrastructure, combined with balance sheet deleveraging, positions the company well, though execution on the new AI ventures remains the key monitorable going forward.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
58,335
47,882
51,024
55,128
67,079
55,120
61,555
64,668
74,392
63,679
67,984
71,450
82,762
Expenses
49,981
41,566
43,984
47,929
58,426
48,074
53,638
56,770
64,516
55,655
59,470
62,259
72,343
Operating Profit
8,354
6,316
7,040
7,199
8,653
7,046
7,917
7,898
9,876
8,024
8,513
9,190
10,419
OPM %
14%
13%
14%
13%
13%
13%
13%
12%
13%
13%
13%
13%
13%
Other Income
741
1,146
1,133
838
1,135
921
1,101
968
1,610
1,357
1,384
-350
1,647
Interest
2,334
2,299
2,272
2,344
2,345
2,292
2,439
2,486
2,419
2,488
2,470
2,399
2,488
Depreciation
854
830
910
921
1,021
998
1,024
1,047
1,052
1,033
1,092
1,072
1,168
PBT
5,907
4,332
4,991
4,772
6,422
4,677
5,555
5,333
8,014
5,860
6,336
5,370
8,410
Tax %
25%
28%
23%
25%
22%
26%
26%
25%
23%
26%
26%
29%
25%
Net Profit
4,459
3,096
3,846
3,593
5,013
3,445
4,099
3,974
6,156
4,318
4,678
3,825
6,133
EPS in Rs
28.37
17.74
23.45
21.44
31.98
20.26
24.69
24.43
39.97
26.3
28.54
23.37
38.71
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
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
OPM %
17%
15%
15%
17%
17%
17%
17%
16%
15%
13%
13%
12%
Other Income
1,422
1,219
1,466
1,465
2,701
3,015
8,111
2,364
2,891
4,953
3,198
4,986
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
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
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
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
EPS in Rs
34.17
30.64
43.17
52.59
63.48
68.02
82.47
61.7
74.5
95
109
117
Div. Payout %
32%
40%
22%
30%
28%
26%
44%
36%
32%
36%
31%
32%
Figures in ₹ Crores

Balance Sheet

  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

  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

  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%

Shareholding Pattern

As of Mar 2026
DIIs 43.33%
Public 19.63%
FIIs 18.78%
Others 18.00%
Government 0.25%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.06%
0.00%
0.05%
0.05%
25.71%
25.49%
24.36%
22.85%
21.71%
20.83%
19.80%
19.33%
19.48%
20.06%
18.78%
DIIs
32.76%
32.29%
32.58%
32.19%
32.97%
34.06%
37.98%
39.91%
38.77%
38.14%
37.30%
37.47%
38.22%
39.03%
40.58%
41.71%
42.71%
43.48%
43.35%
42.99%
43.33%
Government
0.50%
0.23%
0.23%
0.23%
0.23%
0.23%
0.23%
0.23%
0.23%
0.23%
0.23%
0.23%
0.23%
0.24%
0.24%
0.24%
0.24%
0.24%
0.24%
0.24%
0.25%
Public
21.45%
21.20%
20.76%
20.58%
20.75%
21.00%
19.93%
19.50%
19.45%
19.28%
19.44%
19.50%
19.68%
20.20%
19.84%
19.61%
19.61%
19.47%
19.40%
19.16%
19.63%
Others
45.29%
46.27%
46.43%
47.00%
46.05%
44.72%
41.81%
40.36%
41.50%
42.29%
17.32%
17.31%
17.51%
17.68%
17.63%
17.61%
17.64%
17.48%
17.52%
17.54%
18.00%
No. of Shareholders
13,71,540
13,69,380
13,46,450
13,84,820
14,92,120
15,55,970
14,78,380
14,18,090
14,25,060
14,23,200
14,07,100
14,54,620
15,64,080
17,36,840
16,89,160
16,75,150
17,06,260
16,81,490
16,71,010
16,30,030
18,01,250

Documents

1
Concall - May 2017 May 2017
2
Concall - May 2017 May 2017
3
Concall - Jul 2017 Jul 2017
4
Concall - Nov 2017 Nov 2017
5
Concall - May 2018 May 2018

Frequently Asked Questions about Larsen & Toubro Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: LT and BSE: 500510. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Larsen & Toubro Ltd belong to?
Larsen & Toubro Ltd operates in the Construction sector within the Civil Construction industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Larsen & Toubro Ltd?
Larsen & Toubro Ltd has a market capitalisation of approximately ₹519090.13 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Larsen & Toubro Ltd?
The Price-to-Earnings (PE) ratio of Larsen & Toubro Ltd is 32.29. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Larsen & Toubro Ltd?
Over the past 52 weeks, Larsen & Toubro Ltd has traded between a low of ₹3,288.1 and a high of ₹4,440. This range helps investors understand the stock's price volatility and recent trading levels.
Does Larsen & Toubro Ltd pay dividends?
Yes, Larsen & Toubro Ltd has a dividend yield of 1.00%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Larsen & Toubro Ltd?
Larsen & Toubro Ltd has a Return on Equity (ROE) of 14.91%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Larsen & Toubro Ltd on Tapetide?
On Tapetide, you can view Larsen & Toubro Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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