Larsen & Toubro Ltd
Larsen & Toubro Ltd. (L&T) is a leading Indian multinational engaged in engineering, construction, manufacturing, technology, and financial services. Headquartered in Mumbai, L&T operates globally across more than 50 countries. It is known for executing large-scale infrastructure projects, including roads, metros, power plants, and defense systems. With a focus on innovation, sustainability, and digital transformation, L&T plays a vital role in nation-building while maintaining strong financial performance and shareholder value.
Business Segments
L&T’s revenue comes mainly from infrastructure (52%), energy (21%), services including IT and finance (19%), and hi-tech manufacturing (6%). These segments highlight the company’s diversified operations and strong growth focus.
Revenue Breakup – Q2 FY25
- Segment Approx. % Contribution (Latest)
- Infrastructure Projects: 52%
- Energy Projects : 21%
- Hi-Tech Manufacturing: 6%
- Services (IT + Financial): 19%
- Others: 2%
Shareholding Pattern (March 2025)
Financial Summary
| Particulars | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 |
| Sales – | 1,35,979 | 1,56,521 | 1,83,341 | 2,21,113 | 2,55,734 |
| Sales Growth % | -6.51% | 15.11% | 17.13% | 20.60% | 15.66% |
| Expenses + | 1,12,519 | 1,32,207 | 1,56,175 | 1,92,355 | 2,21,399 |
| Operating Profit | 23,460 | 24,314 | 27,166 | 28,758 | 34,335 |
| OPM % | 17% | 16% | 15% | 13% | 13% |
| Interest | 11,750 | 9,235 | 9,445 | 9,512 | 9,925 |
| Net Profit + | 12,921 | 10,419 | 12,531 | 15,547 | 17,673 |
| EPS in Rs | 82.47 | 61.7 | 74.5 | 95 | 109.35 |
Final Outlook
Larsen & Toubro (L&T) presents a robust fundamental outlook backed by its diversified business model, strong execution capabilities, and strategic focus on emerging sectors. The company demonstrated healthy growth in Q1 FY26, with revenue rising 16% YoY to ₹63,679 crore and a 30% YoY surge in net profit to ₹3,617 crore, reflecting improved operational efficiencies and market demand across key segments.
The order inflow momentum remains strong at a record ₹94,453 crore, supporting a healthy agreement backlog of ₹612,761 crore, with significant contributions from international markets (52% of revenue and 46% of orders). This mix provides geographical diversification, reducing dependency on any single market. EBITDA margins sustained near 10%, affirming efficient cost management despite inflationary pressures.
L&T’s expansion in new-age and high-growth sectors such as semiconductor manufacturing, data centers, green energy, and digital solutions underpins future growth potential. Its integrated approach in infrastructure, heavy engineering, defense, and technology services positions it well to capitalize on India’s infrastructure push and rising global demand.
Overall, L&T’s fundamentals reflect strong revenue growth, earnings resilience, solid order book, and strategic investments in high-growth domains, making it a compelling long-term industrial conglomerate within the Indian market and beyond. Continued execution on large-scale projects and sector diversification remain key to sustaining its growth trajectory.
Key highlights:
- Sustained revenue and PAT growth with resilient margins
- Robust and diversified order book with strong international presence
- Strategic focus on emerging tech and infrastructure sectors
- Strong execution capability driving project delivery and profitability
This outlook supports a positive medium- to long-term investment perspective based on current fundamentals and sector opportunities.
