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Stock Analysis

Description

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.

Key Growth Triggers

Currently no data available for Key Growth Triggers.

Order Book

Currently no data available for Order Book.

Key Red Flags

Currently no data available for Key Red Flags.

Key Dates To Watch

January 28, 2026: Q3 / 9M FY26 Earnings Conference Call.

Corporate Announcements

31st Mar 26

Impact Rating: 8

Larsen & Toubro has successfully completed the transfer of its L&T SuFin e-commerce platform business for industrial and construction goods to its subsidiary, SuFin Limited, for a total consideration of ₹42.9 crore via slump sale.

27th Mar 26

Impact Rating: 8

Larsen & Toubro's Buildings & Factories business vertical has secured multiple orders, classified as 'Significant' with values ranging from ₹1,000 to ₹2,500 crore each. Projects include a Float Glass Plant in Gujarat and a manufacturing facility in Andhra Pradesh, showcasing the company's execution capabilities.

25th Mar 26

Impact Rating: 8

L&T Technology Services announced the sale of its Smart World and Communication business unit for Rs. 452 crore to AMI Paradigm Solutions. The transaction is expected to close by September 30, 2026.

25th Mar 26

Impact Rating: 8

L&T's Water & Effluent Treatment business won a significant design-build-operate order from Guwahati Metropolitan Drinking Water & Sewerage Board for a 24x7 water management project in Assam, reinforcing its presence in the Northeast.

24th Mar 26

Impact Rating: 7

Sharika Enterprises secures a significant smart grid order from Larsen & Toubro for the RDSS Varanasi SCADA PuVVNL Project, involving the supply of 998 communicable FPIs.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Larsen & Toubro	3858.00	51.87	530699.06	0.88	-3591.17	-39.02	35115.74	0.56	18.54	145899.42	7.78	10246.72	1212.43	7.80	6.43	0.27
2.	Rail Vikas	334.90	61.42	69827.29	0.51	230.52	-19.73	5122.97	5.52	14.72	20026.00	4.70	1135.41	230.29	7.32	6.40	0.52
3.	NBCC	103.80	41.97	28026.00	0.64	156.69	25.71	2910.20	18.99	33.17	12751.71	5.04	667.83	153.52	10.43	4.68	0.00
4.	IRB Infra.Devl.	41.56	28.65	25098.03	0.72	140.82	41.00	1751.02	10.42	7.82	8024.67	48.08	875.41	140.82	1.22	2.01	1.02
5.	Kalpataru Proj.	1144.50	23.77	19544.90	0.79	237.39	91.27	6528.57	32.43	15.95	25498.99	8.25	821.04	240.05	2.82	2.36	0.69
6.	KEC International	681.55	26.55	18142.90	0.79	160.75	88.21	6091.56	19.13	17.98	23335.94	7.26	683.11	160.75	3.21	2.75	0.94
7.	Ircon Intl.	162.45	25.40	15278.62	1.55	136.51	-32.68	1976.75	-19.23	11.60	9787.96	7.43	600.65	138.65	2.44	3.74	0.80
–	Median: 117 Co.	128.76	17.73	480.25	0.0	9.18	23.05	149.57	10.73	18.47	506.52	12.78	30.76	9.16	2.06	6.85	0.44

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	25,770	27,785	36,734	26,931	28,151	31,601	39,551	30,277	34,919	34,984	42,329	33,471	35,116
Expenses	23,862	25,469	33,210	25,057	26,230	29,142	36,063	28,281	31,967	32,101	38,571	31,080	32,796
Operating Profit	1,908	2,317	3,524	1,873	1,921	2,459	3,488	1,996	2,952	2,883	3,758	2,391	2,320
Other Income	1,554	833	1,080	1,256	2,236	1,226	1,069	2,446	831	1,195	1,671	2,606	-4,339
Profit before tax	2,546	2,307	3,713	2,204	3,157	2,616	3,393	3,394	2,695	3,047	4,439	4,040	-2,982
Tax %	17%	21%	19%	19%	14%	18%	20%	13%	26%	21%	21%	14%	20%
Net Profit	2,109	1,825	3,003	1,792	2,710	2,136	2,715	2,969	1,988	2,404	3,509	3,485	-3,591
EPS in Rs	15.01	12.99	21.37	12.75	19.72	15.54	19.75	21.60	14.46	17.49	25.52	25.34	-26.11

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	56,525	56,942	63,177	65,724	74,463	82,287	82,384	87,255	101,000	110,501	126,233	142,509	145,899
Expenses	49,725	50,293	57,004	59,186	66,678	74,545	75,444	78,869	91,867	100,527	116,423	129,211	134,548
Operating Profit	6,799	6,648	6,173	6,538	7,784	7,742	6,940	8,387	9,133	9,974	9,811	13,298	11,351
Other Income	2,469	2,641	2,766	2,809	2,043	4,897	4,073	9,192	3,880	3,432	5,778	4,521	1,133
Interest	1,208	1,579	1,686	1,374	1,516	1,877	2,368	2,459	1,832	2,201	2,487	2,282	1,996
Depreciation	792	1,008	997	1,215	1,049	1,000	1,021	1,151	1,172	1,372	1,753	1,963	1,945
Profit before tax	7,268	6,701	6,256	6,758	7,262	9,763	7,624	13,969	10,009	9,833	11,348	13,574	8,544
Net Profit	5,493	5,056	5,000	5,454	5,387	7,491	6,679	11,798	7,879	7,849	9,331	10,871	5,808
EPS in Rs	39.51	36.26	35.78	38.97	38.44	53.41	47.58	84.00	56.08	55.85	67.88	79.05	42.24
Dividend Payout %	24%	30%	34%	24%	42%	34%	38%	43%	39%	43%	50%	43%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	185	186	186	187	280	281	281	281	281	281	275	275	275
Reserves	33,476	36,899	41,949	45,826	48,894	49,768	51,895	61,457	66,833	71,247	64,241	71,621	67,650
Borrowings	11,459	12,937	13,924	10,558	10,561	11,990	25,942	24,664	20,477	18,339	22,812	22,295	18,342
Other Liabilities	33,184	36,883	43,561	45,667	55,871	62,622	63,439	73,513	80,912	82,558	88,436	92,225	96,824
Total Liabilities	78,305	86,904	99,621	102,238	115,607	124,660	141,557	159,916	168,502	172,424	175,764	186,416	183,091
Fixed Assets	7,675	7,487	7,268	7,045	6,941	8,592	7,840	9,165	9,113	9,756	11,119	11,254	11,418
Gross Block	11,663	12,290	8,369	9,409	10,283	13,163	12,665	15,218	16,046	17,750	20,522	22,234	–
Accumulated Depreciation	3,985	4,800	1,100	2,365	3,342	4,571	4,825	6,053	6,933	7,994	9,403	10,980	–
CWIP	562	494	412	504	653	739	797	287	583	1,955	1,424	1,139	2,003
Investments	19,215	23,053	24,438	26,759	27,339	22,904	34,034	49,414	45,528	47,261	47,463	57,642	50,638
Other Assets	50,853	55,869	67,502	67,931	80,674	92,425	98,885	101,050	113,279	113,452	115,759	116,381	119,032
Total Assets	78,305	86,904	99,621	102,238	115,607	124,660	141,557	159,916	168,502	172,424	175,764	186,416	183,091

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1,047	3,118	3,300	5,980	2,952	2,556	-121	9,561	5,999	7,264	8,297	12,724
Cash from Investing Activity	-1,214	-1,884	-1,522	-46	1,787	1,585	-6,834	-2,780	4,555	-1,738	6,362	-6,356
Cash from Financing Activity	504	-1,437	-2,464	-6,073	-3,489	-4,606	7,419	-6,698	-8,360	-7,441	-14,522	-6,725
Net Cash Flow	337	-203	-687	-140	1,250	-464	464	82	2,193	-1,916	137	-357

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	139	148	110	111	112	125	124	139	131	110	107	98
Inventory Days	30	33	26	24	30	35	29	29	26	25	23	20
Days Payable	247	275	296	324	370	378	383	405	384	309	265	224
Cash Conversion Cycle	-78	-94	-160	-190	-228	-218	-230	-237	-226	-174	-135	-106
Working Capital Days	45	63	58	61	51	38	19	34	34	25	11	-2
ROCE %	18%	16%	13%	13%	14%	16%	13%	12%	13%	14%	15%	19%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	–	–	–	–	–	–	–	–	–	–	–	–
FIIs	23.29%	24.48%	25.29%	25.72%	25.50%	24.36%	22.85%	21.72%	20.83%	19.80%	19.33%	19.48%
DIIs	39.76%	38.64%	38.01%	37.16%	37.34%	38.08%	38.89%	40.44%	41.71%	42.71%	43.48%	43.34%
Public	36.70%	36.65%	36.47%	36.89%	36.93%	37.33%	38.01%	37.60%	37.21%	37.25%	36.95%	36.92%