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L&T

Larsen & Toubro Ltd

LT NSE
₹3,944.40 −3.80 (−0.10%)
P/E
30.37
View as Markdown
MCP
Close 4 Nov 2026 ₹3,944.40 +62.80 +1.62% 1Y
Start ₹3,881.60

Key Fundamentals

LargecapConstructionIndustrials

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
14.60%
Debt to Equity
1.24
EPS (TTM)
₹129.86
Book Value
₹821.48
Market Cap
—
P/E (TTM)
30.37
P/B
4.80
ROE
15.90%
Dividend Yield
0.96%
EBITDA
₹41,907 Cr
52W High
₹4,440.00
52W Low
₹3,288.10
Day Range
₹3,923.80 – ₹3,987.70
Volume
24,94,060

Peer Comparison

Industrials › Construction › Civil Construction

L&T peer comparison
L&T (this company)
₹3,944.4030.37₹5,47,193 Cr4.800.96%15.90%14.60%₹3,00,904 Cr₹20,895 Cr
Rail Vikas Nigam
₹191.2344.37₹39,292 Cr4.060.93%9.02%10.80%₹20,825 Cr₹897 Cr
Cemindia Projects
₹1,310.1037.40₹23,549 Cr6.360.24%27.80%32.80%₹10,205 Cr₹602 Cr
Kalpataru Projects International
₹1,366.1020.52₹22,726 Cr3.000.83%13.70%18.30%₹27,380 Cr₹1,129 Cr
NBCC
₹77.7428.37₹20,666 Cr6.950.20%20.40%29.30%₹12,756 Cr₹766 Cr
IRB Infrastructure Developers
₹16.7921.25₹19,929 Cr0.940.31%4.29%7.47%₹7,686 Cr₹954 Cr
Engineers India
₹300.8521.55₹16,653 Cr5.060.52%23.40%30.40%₹3,878 Cr₹784 Cr
Median 7 companies₹300.8528.37₹22,726 Cr4.800.52%15.90%18.30%₹12,756 Cr₹897 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

46 Average

Data confidence 100/100

Category scores

Quality
39
Weak
Returns, margins, earnings quality 22% weight
Valuation
85
Strong
Cheap vs sector & own history 24% weight
Growth
32
Poor
Sales & profit trajectory 9% weight
Financial Health
12
Poor
Solvency, leverage, coverage 9% weight
Momentum
27
Poor
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

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

Weaknesses

1
  • Stock is trading at 4.46 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3313
OscillatorsNeutral333
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
65.95
Neutral
MACD (12,26,9)
29.30
Bullish
SMA (50)
3,836.54
Bullish
SMA (200)
3,930.36
Bullish

As of

Analyst Rating

Based on 28 analysts
BUY86%

24 of 28 analysts rate Buy, 3 Hold, 1 Sell.

As of

BUY
24
86%
HOLD
3
11%
SELL
1
4%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+10.95%
5Y+16.02%
3Y+15.96%
1Y+11.79%
TTM+11.15%

Net profit

Net profit growth by window
10Y+15.23%
5Y+7.96%
3Y+14.79%
1Y+7.25%
TTM+9.25%

Operating cash flow

Operating cash flow growth by window
10YTurned positive
5Y−6.22%
3Y−9.75%
1Y+82.94%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−2.60 pp
5Y−4.54 pp
3Y−2.11 pp
1Y−0.80 pp
TTM−0.52 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,09,312 Cr
Mar 2018₹1,19,683 Cr
Mar 2019₹1,35,220 Cr
Mar 2020₹1,45,452 Cr
Mar 2021₹1,35,979 Cr
Mar 2022₹1,56,521 Cr
Mar 2023₹1,83,341 Cr
Mar 2024₹2,21,113 Cr
Mar 2025₹2,55,734 Cr
Mar 2026₹2,85,874 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹6,486 Cr
Mar 2018₹8,004 Cr
Mar 2019₹10,217 Cr
Mar 2020₹10,894 Cr
Mar 2021₹12,921 Cr
Mar 2022₹10,419 Cr
Mar 2023₹12,531 Cr
Mar 2024₹15,547 Cr
Mar 2025₹17,673 Cr
Mar 2026₹18,954 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹7,479 Cr −32.7% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 28 Oct 2026
AI opinion · based on fundamentals
Risk medium

Larsen & Toubro Ltd trades at ₹3,801.3 as of 2026-10-28 with a market cap of ₹5,23,019 Cr, a P/E (TTM) of 29.27x, and ROE of 14.91%. The stock sits about 14.4% below its 52-week high of ₹4,440 while compounded sales have grown at 16% CAGR over 3 years, and profit CAGR stands at 17% over the same period.

Bull Case 7
  • Consistent revenue growth: compounded sales CAGR of 16% over both 3-year and 5-year periods, demonstrating sustained top-line momentum in a capital-intensive sector.
  • Accelerating profitability: TTM profit growth of 18% outpaces TTM sales growth of 11%, indicating improving margins and operating leverage.
  • Strong 3-year compounded profit CAGR of 17%, a notable recovery from the muted 3% CAGR over 5 years, suggesting the business has moved past a weaker earnings cycle.
  • ROCE of 16.35% is healthy for a capital-heavy infrastructure conglomerate, reflecting efficient deployment of both equity and debt capital.
  • Stable ROE track record: 16% in the last year and a 15% average over 10 years, showing the company has consistently generated returns above its cost of equity.
  • Healthy dividend payout ratio of 33.1% with a current yield of 1.04%, offering some income return while retaining sufficient capital for reinvestment.
  • Long-term wealth creation track record: 10-year stock CAGR of 14% and 5-year CAGR of 16%, reflecting the market's sustained confidence in the business model.
Bear Case 7
  • Elevated valuation: P/E (TTM) of 29.27x is demanding for a diversified engineering conglomerate, requiring sustained high earnings growth to justify.
  • Debt-to-equity ratio of 1.15 indicates meaningful leverage on the balance sheet, which raises risk in a rising interest rate or project-delay scenario.
  • Negative 1-year stock CAGR of -8% shows the stock has underperformed recently despite solid underlying earnings growth, suggesting possible de-rating or sector headwinds.
  • 5-year compounded profit CAGR of only 3% highlights a prolonged period of earnings stagnation in the not-so-distant past, underscoring the cyclicality of the business.
  • Dividend yield of 1.04% is modest in absolute terms and may not adequately compensate investors during periods of capital depreciation.
  • EPS (TTM) of ₹129.86 needs to grow at roughly 18-20% annually to bring the P/E closer to sector norms, and any execution miss on the order book could compress multiples.
  • At a market cap of ₹5,23,019 Cr, the sheer size of the company makes it harder to sustain the high-teens growth rates the market currently prices in.

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

AI News Digest

9h ago

TL;DR: L&T's order book momentum is strong, with contract wins totalling well over ₹200 billion across October and November, headlined by a single mega order above ₹150 billion. The push to accelerate services revenue growth from 10-11% to over 15% signals management confidence. No material headwinds emerged in the period. The trend is constructive, with robust order inflows providing solid revenue visibility going forward.

Positives 4
  • Mega order over ₹150B Oct 21

    L&T secured a single contract valued at over ₹150 billion, a substantial boost to its order book.

  • Major ₹50B-₹100B contract win Oct 7

    L&T won a major contract valued between ₹50 billion and ₹100 billion, further strengthening its order pipeline.

  • Significant ₹10B-₹25B order Nov 2

    L&T secured a significant contract valued between ₹10 billion and ₹25 billion under its standard order categorisation framework.

Neutral 3
  • Vyoma.AI deadline extended to 2027 Oct 31

    L&T extended the Vyoma.AI business transfer and L&T Network Services stake sale deadline to March 31, 2027, with all other terms unchanged.

  • ₹10,300 crore NCD disclosure Oct 7

    L&T disclosed six outstanding NCDs worth ₹10,300 crore as of September 30, 2026, with coupon rates ranging from 6.35% to 8.00%.

  • Four senior management promotions Oct 7

    L&T promoted four senior vice presidents to Senior Management Personnel effective July 1, 2026, across HR, Energy, and Infrastructure divisions.

Quarterly Results

₹ Cr
LT quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
51,024
55,128
67,079
55,120
61,555
64,668
74,392
63,679
67,984
71,450
82,762
67,942
78,750
Expenses
43,984
47,929
58,426
48,074
53,638
56,770
64,516
55,655
59,470
62,259
72,343
59,793
69,936
Operating Profit
7,040
7,199
8,653
7,046
7,917
7,898
9,876
8,024
8,513
9,190
10,419
8,149
8,814
OPM %
14%
13%
13%
13%
13%
12%
13%
13%
13%
13%
13%
12%
11%
Other Income
1,133
838
1,135
921
1,101
968
1,610
1,357
1,384
−350
1,647
2,377
2,306
Interest
2,272
2,344
2,345
2,292
2,439
2,486
2,419
2,488
2,470
2,399
2,488
2,571
2,442
Depreciation
910
921
1,021
998
1,024
1,047
1,052
1,033
1,092
1,072
1,168
1,032
1,037
PBT
4,991
4,772
6,422
4,677
5,555
5,333
8,014
5,860
6,336
5,370
8,410
6,922
7,641
Tax %
23%
25%
22%
26%
26%
25%
23%
26%
26%
29%
25%
28%
23%
Net Profit
3,846
3,593
5,013
3,445
4,099
3,974
6,156
4,318
4,678
3,825
6,133
4,988
5,949
EPS (₹)
23.45
21.44
31.98
20.26
24.69
24.43
39.97
26.3
28.54
23.37
38.71
29.97
37.81

Profit & Loss

₹ Cr
LT profit and loss, annual, ₹ crore
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
3,00,904
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
2,21,183
2,49,530
2,64,332
Operating Profit
15,684
15,486
16,620
20,111
22,866
24,553
23,460
24,314
27,166
28,758
34,551
36,345
36,572
OPM %
17%
15%
15%
17%
17%
17%
17%
16%
15%
13%
14%
13%
12%
Other Income
1,422
1,219
1,466
1,465
2,701
3,015
8,111
2,364
2,891
4,953
3,074
4,052
5,980
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
9,900
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
4,309
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
28,343
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
20,895
EPS (₹)
34.17
30.64
43.17
52.59
63.48
68.02
82.47
61.7
74.5
95
109
117
130
Div. Payout %
32%
40%
22%
30%
28%
26%
44%
36%
32%
36%
31%
32%
—

Balance Sheet

₹ Cr
LT balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
186
186
187
280
281
281
281
281
281
275
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
1,12,754
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
1,40,300
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
2,31,398
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
4,84,727
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
31,984
CWIP
14,993
10,974
13,298
13,443
13,919
3,311
500
1,250
3,066
3,045
2,589
3,311
3,150
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
82,754
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
3,66,840
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
4,84,727

Cash Flow

₹ Cr
LT cash flow, annual, ₹ crore
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/EBITDA
10
0
59
−33
1
44
113
97
103
82
43
63

Ratios

LT financial ratios, annual
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

Log in to view L&T insights

64 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 42.86%
  • Public 19.68%
  • FIIs 19.21%
  • Others 17.99%
  • Government 0.26%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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 domestic…
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 Industrials sector, in the Construction industry.
What is the PE ratio of Larsen & Toubro Ltd?
Larsen & Toubro Ltd trades at a PE ratio of 30.37 as of 4 Nov 2026, on earnings per share of ₹129.86, against a book value of ₹821.48 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 as of 4 Nov 2026.
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 15.90%. Its debt-to-equity ratio is 1.24.

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.

Website larsentoubro.com
CEO Mr. Sekharipuram Narayanan Subrahmanyan
Employees 54,596
Listed 23 Jun 2004
Face Value ₹2

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