Indigo 3900-4270
Expected level 5200
Support 3500
Expected level 5200
Support 3500
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Larsen & Toubro (L&T) company details report
LT is one of Asia's largest vertically integrated Engineering & Construction (E&C) conglomerates, with a strong market position across segments such as infrastructure, power, hydrocarbons, heavy engineering, defense engineering, information technology, technology services, metallurgical & material handling, and machinery & industrial products. L&T addresses critical needs in key sectors like Hydrocarbon, Infrastructure, Power, Process Industries and Defence; for customers in over 30 countries around the world. The companyโs manufacturing presence extends across eight countries in addition to India. L&T is engaged in core, high impact sectors of the economy and the integrated capabilities span the entire spectrum of โdesign to deliverโ. With eight decades of a strong, customer focused approach and a continuous quest for world-class quality, the company have an unmatched expertise across Technology, Engineering, Construction, Infrastructure Projects and Manufacturing, and maintains a leadership in all the major lines of business. The company serves the government and large corporate customers across multiple sectors, both in India as well as globally. The realty and financial services businesses provide B2C offerings as well in addition to B2B products/services. As on 31st March 2025, the L&T Group comprises 97 subsidiaries, 7 associate companies, 12 joint ventures and 33 jointly held operations.
LT is one of Asia's largest vertically integrated Engineering & Construction (E&C) conglomerates, with a strong market position across segments such as infrastructure, power, hydrocarbons, heavy engineering, defense engineering, information technology, technology services, metallurgical & material handling, and machinery & industrial products. L&T addresses critical needs in key sectors like Hydrocarbon, Infrastructure, Power, Process Industries and Defence; for customers in over 30 countries around the world. The companyโs manufacturing presence extends across eight countries in addition to India. L&T is engaged in core, high impact sectors of the economy and the integrated capabilities span the entire spectrum of โdesign to deliverโ. With eight decades of a strong, customer focused approach and a continuous quest for world-class quality, the company have an unmatched expertise across Technology, Engineering, Construction, Infrastructure Projects and Manufacturing, and maintains a leadership in all the major lines of business. The company serves the government and large corporate customers across multiple sectors, both in India as well as globally. The realty and financial services businesses provide B2C offerings as well in addition to B2B products/services. As on 31st March 2025, the L&T Group comprises 97 subsidiaries, 7 associate companies, 12 joint ventures and 33 jointly held operations.
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#SALES #GROWTH
In FY25, the revenue grew by 16% YoY to โน2,55,734 cr led by strong execution of large order book in the projects & manufacturing businesses. The projects and manufacturing business includes infrastructure projects, energy projects, hi-tech manufacturing and others segment, which grew by 19% YoY to โน1,87,325 cr. International sales during the year stood at โน1,27,566 cr (v/s โน95,086 cr in FY24), i.e., a growth of 34% YoY. International sales constituted ~50% of the total sales in FY25. In Q1 FY26, the revenue grew by 16% YoY to โน63,679 cr led by strong execution of orders in energy and hitech manufacturing businesses. The international revenue during the quarter was โน32,994 cr, constituted 52% of the total revenues. The group order inflow was โน94,453 cr (v/s โน70,936 cr in Q1 FY25). International orders constituted 52% of the total order inflow.
In FY25, the revenue grew by 16% YoY to โน2,55,734 cr led by strong execution of large order book in the projects & manufacturing businesses. The projects and manufacturing business includes infrastructure projects, energy projects, hi-tech manufacturing and others segment, which grew by 19% YoY to โน1,87,325 cr. International sales during the year stood at โน1,27,566 cr (v/s โน95,086 cr in FY24), i.e., a growth of 34% YoY. International sales constituted ~50% of the total sales in FY25. In Q1 FY26, the revenue grew by 16% YoY to โน63,679 cr led by strong execution of orders in energy and hitech manufacturing businesses. The international revenue during the quarter was โน32,994 cr, constituted 52% of the total revenues. The group order inflow was โน94,453 cr (v/s โน70,936 cr in Q1 FY25). International orders constituted 52% of the total order inflow.
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#EBITDA #GROWTH
In FY25, the EBITDA grew by 12% YoY to โน32,737 cr (v/s โน29,209 cr in FY24). The projects & manufacturing business (includes infrastructure projects, energy projects, hi-tech manufacturing and others segment) EBITDA grew by 21% YoY to โน15,535 cr. The employee benefit expense increased by 14% YoY due to resource augmentation and salary hike across businesses. The EBITDA including the finance cost of financial services business and finance lease activity grew by 13% YoY to โน26,435 cr (v/s โน23,494 cr in FY24). In Q1 FY26, the EBITDA grew by 14% YoY to โน8,024 cr. Manufacturing, construction and operating expenses increased due to higher share of P&M revenue. Employee cost increased due to resource augmentation and salary hikes across businesses. The EBITDA including the finance cost of financial services business and finance lease activity grew by 13% YoY to โน6,318 cr (v/s โน5,615 cr in Q1 FY25).
In FY25, the EBITDA grew by 12% YoY to โน32,737 cr (v/s โน29,209 cr in FY24). The projects & manufacturing business (includes infrastructure projects, energy projects, hi-tech manufacturing and others segment) EBITDA grew by 21% YoY to โน15,535 cr. The employee benefit expense increased by 14% YoY due to resource augmentation and salary hike across businesses. The EBITDA including the finance cost of financial services business and finance lease activity grew by 13% YoY to โน26,435 cr (v/s โน23,494 cr in FY24). In Q1 FY26, the EBITDA grew by 14% YoY to โน8,024 cr. Manufacturing, construction and operating expenses increased due to higher share of P&M revenue. Employee cost increased due to resource augmentation and salary hikes across businesses. The EBITDA including the finance cost of financial services business and finance lease activity grew by 13% YoY to โน6,318 cr (v/s โน5,615 cr in Q1 FY25).
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#PAT #GROWTH
In FY25, the PAT grew by 14% YoY to โน17,687 cr. Excluding exceptional gain of โน475 cr (net of tax) in FY25 and โน94 cr in FY24, the adjusted PAT grew by 11% YoY to โน17,213 cr. The company reported exceptional gain in Q4 FY25 on account of partial reversal of an earlier impairment provision for funded resources in the erstwhile L&T Special Steels and Heavy Forgings (LTSSHF) joint venture. During the year, the depreciation cost increased by 12% YoY to โน4,121 cr. Increase in depreciation was due to higher projects & manufacturing businesses related capital expenditure and capitalization of new premises in LTI Mindtree. The consolidated PAT (excluding exceptional gains) grew by 12% YoY to โน14,562 cr. In Q1 FY26, the PAT grew by 26% YoY to โน4,326 cr. The growth was led by increased in other income on account of treasury investments & improved yields during the quarter.
In FY25, the PAT grew by 14% YoY to โน17,687 cr. Excluding exceptional gain of โน475 cr (net of tax) in FY25 and โน94 cr in FY24, the adjusted PAT grew by 11% YoY to โน17,213 cr. The company reported exceptional gain in Q4 FY25 on account of partial reversal of an earlier impairment provision for funded resources in the erstwhile L&T Special Steels and Heavy Forgings (LTSSHF) joint venture. During the year, the depreciation cost increased by 12% YoY to โน4,121 cr. Increase in depreciation was due to higher projects & manufacturing businesses related capital expenditure and capitalization of new premises in LTI Mindtree. The consolidated PAT (excluding exceptional gains) grew by 12% YoY to โน14,562 cr. In Q1 FY26, the PAT grew by 26% YoY to โน4,326 cr. The growth was led by increased in other income on account of treasury investments & improved yields during the quarter.
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#EBITDA #MARGIN
In FY25, the EBITDA margin contracted by 41 bps YoY to 12.8% (v/s 13.2% in FY24). The projects & manufacturing business EBITDA margin expanded by 13 bps YoY to 8.29%. The EBITDA margin including the finance cost of financial services business and finance lease activity contracted by 29 bps YoY to 10.3% in FY25. In Q1 FY26, the EBITDA margin contracted by 18 bps YoY to 12.6%. The EBITDA margin including the finance cost of financial services business and finance lease activity contracted by 27 bps YoY to 9.9% (v/s 10.2% in Q1 FY25). The contraction in margin was due to the change in revenue mix. Segment wise, the infrastructure projects EBITDA margin stood at 5.7%, energy business 7.3%, Hi-tech manufacturing 15.1%, IT & Technology services 19.5%, and others 32.9%.
In FY25, the EBITDA margin contracted by 41 bps YoY to 12.8% (v/s 13.2% in FY24). The projects & manufacturing business EBITDA margin expanded by 13 bps YoY to 8.29%. The EBITDA margin including the finance cost of financial services business and finance lease activity contracted by 29 bps YoY to 10.3% in FY25. In Q1 FY26, the EBITDA margin contracted by 18 bps YoY to 12.6%. The EBITDA margin including the finance cost of financial services business and finance lease activity contracted by 27 bps YoY to 9.9% (v/s 10.2% in Q1 FY25). The contraction in margin was due to the change in revenue mix. Segment wise, the infrastructure projects EBITDA margin stood at 5.7%, energy business 7.3%, Hi-tech manufacturing 15.1%, IT & Technology services 19.5%, and others 32.9%.
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#PAT #MARGIN
In FY25, the PAT margin contracted by 13 bps YoY to 6.9%. Excluding exceptional gains, the adjusted PAT margin contracted by 27 bps YoY to 6.7%. The consolidated PAT margin (excluding exceptional gains) stood at ~5.7% (v/s ~5.9% in FY24). In Q1 FY26, the PAT margin expanded by 55 bps YoY to 6.8%.
In FY25, the PAT margin contracted by 13 bps YoY to 6.9%. Excluding exceptional gains, the adjusted PAT margin contracted by 27 bps YoY to 6.7%. The consolidated PAT margin (excluding exceptional gains) stood at ~5.7% (v/s ~5.9% in FY24). In Q1 FY26, the PAT margin expanded by 55 bps YoY to 6.8%.
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#ROCE
In FY25, the ROCE improved led by an increase in the overall PBIT. L&T has been working on bringing an overall cost and operational efficiencies for achieving profitable growth. The key endeavor is to lower costs as well as put greater emphasis on contract and project management. In the infrastructure segment, the company is witnessing margin pressure due to cost pressure witnessing in the legacy projects which taken prior to Covid. The margin recovery in infrastructure projects shall be seen in coming quarters on account of completion of these legacy projects.
In FY25, the ROCE improved led by an increase in the overall PBIT. L&T has been working on bringing an overall cost and operational efficiencies for achieving profitable growth. The key endeavor is to lower costs as well as put greater emphasis on contract and project management. In the infrastructure segment, the company is witnessing margin pressure due to cost pressure witnessing in the legacy projects which taken prior to Covid. The margin recovery in infrastructure projects shall be seen in coming quarters on account of completion of these legacy projects.
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#ROE
In FY25, the return on equity increased to ~19.3% aided by high increase in profit. In FY21, the ROE declined on account of lower profit due to exceptional impairment charge.
In FY25, the return on equity increased to ~19.3% aided by high increase in profit. In FY21, the ROE declined on account of lower profit due to exceptional impairment charge.
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#COMPANY #POTENTIAL
Infrastructure Sector: โข In the budget 2024-25, the government has increased the outlay for capital expenditure on infrastructure sector by 11% from โน10 lakh cr to โน11.11 lakh cr. โข Government policies: Government has been working on reducing the bottleneck and stimulate the growth to kick start spending on various initiatives such as โHousing for Allโ and โSmart Cities Missionโ. The government plans to invest โน2.05 trn (US$31.8bn) in the smart cities mission. 100% FDI is permitted under the automatic route across various infrastructure sectors. โข Attractive opportunity for the sector: In our view, healthy fundamentals, attractive valuations along with strong earnings growth makes this sector an attractive investment opportunity. Opportunity in roads continues to remain huge. Bharatmala itself is a ~โน6.3 trillion plus opportunity in the road sector. Various other schemes such as the Regional Connectivity Scheme (RCS) and coastal shipping give opportunity for development of airports and ports. โข Increasing foreign investments: Over the last few years, India witnessed a substantial rise in foreign investment. The major players being China Harbour Engineering, DBS, Mizuho Financial Group, Cube highways, Canadian pension funds, etc. FDI inflow in India stood healthy at US$7.3bn for the period July-Sepโ19. The sector has been a prime focus in getting FDI inflows with deals such as GIC investment in IRBโs BOT assets, CPPS investment in SIPL, Cube highways buying assets of Infra companies, etc.
Infrastructure Sector: โข In the budget 2024-25, the government has increased the outlay for capital expenditure on infrastructure sector by 11% from โน10 lakh cr to โน11.11 lakh cr. โข Government policies: Government has been working on reducing the bottleneck and stimulate the growth to kick start spending on various initiatives such as โHousing for Allโ and โSmart Cities Missionโ. The government plans to invest โน2.05 trn (US$31.8bn) in the smart cities mission. 100% FDI is permitted under the automatic route across various infrastructure sectors. โข Attractive opportunity for the sector: In our view, healthy fundamentals, attractive valuations along with strong earnings growth makes this sector an attractive investment opportunity. Opportunity in roads continues to remain huge. Bharatmala itself is a ~โน6.3 trillion plus opportunity in the road sector. Various other schemes such as the Regional Connectivity Scheme (RCS) and coastal shipping give opportunity for development of airports and ports. โข Increasing foreign investments: Over the last few years, India witnessed a substantial rise in foreign investment. The major players being China Harbour Engineering, DBS, Mizuho Financial Group, Cube highways, Canadian pension funds, etc. FDI inflow in India stood healthy at US$7.3bn for the period July-Sepโ19. The sector has been a prime focus in getting FDI inflows with deals such as GIC investment in IRBโs BOT assets, CPPS investment in SIPL, Cube highways buying assets of Infra companies, etc.
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#COMPANY #OUTLOOK
โข For FY26, the company anticipates 10% growth in the consolidated order inflow. โข The company is expecting 15% growth in consolidated revenue in FY26, led by healthy execution of large order book. โข In the projects & manufacturing business, the company is targeting an EBITDA margin of 8.3%-8.5% in FY26. โข The company expects net working capital to revenue ratio at 12% in FY26. โข The consolidated order book as on 30th June 2025 stood at โน6,12,761 cr, with international orders having a share of 46%. Segment wise, infrastructure constitutes 61%, energy 30%, hi-tech manufacturing 6% and others 3% of the total order book. โข Water projects related order constitutes ~โน50,000-โน60,000 crore. Most of the water projects are state projects from Uttar Pradesh, Rajasthan, Bihar and Madhya Pradesh โข The break-up of domestic order book (54% of total order book) stood as: 14% from central government, 25% from state government, 34% from public sector corporations of state-owned enterprise and 27% from private sector. โข The geography-wise break-up of order book stood as: 54% from India, 37% from Middle East and 9% from rest of the world. โข The company has a strong order prospect pipeline of ~โน14.81 trillion for the remaining nine months. Domestic order prospect pipeline is at ~โน6.13 trillion and international at ~โน8.68 trillion. โข On 11th November 2024, L&T Technology Services Limited (LTTS) acquired 100% stake in silicon valley based Intelliswift for a consideration of $110 million. The objective of the acquisition was to deepen the companyโs offering across software product development, platform engineering, digital integration, data and artificial intelligence (AI). This acquisition got fully closed in January 2025.
โข For FY26, the company anticipates 10% growth in the consolidated order inflow. โข The company is expecting 15% growth in consolidated revenue in FY26, led by healthy execution of large order book. โข In the projects & manufacturing business, the company is targeting an EBITDA margin of 8.3%-8.5% in FY26. โข The company expects net working capital to revenue ratio at 12% in FY26. โข The consolidated order book as on 30th June 2025 stood at โน6,12,761 cr, with international orders having a share of 46%. Segment wise, infrastructure constitutes 61%, energy 30%, hi-tech manufacturing 6% and others 3% of the total order book. โข Water projects related order constitutes ~โน50,000-โน60,000 crore. Most of the water projects are state projects from Uttar Pradesh, Rajasthan, Bihar and Madhya Pradesh โข The break-up of domestic order book (54% of total order book) stood as: 14% from central government, 25% from state government, 34% from public sector corporations of state-owned enterprise and 27% from private sector. โข The geography-wise break-up of order book stood as: 54% from India, 37% from Middle East and 9% from rest of the world. โข The company has a strong order prospect pipeline of ~โน14.81 trillion for the remaining nine months. Domestic order prospect pipeline is at ~โน6.13 trillion and international at ~โน8.68 trillion. โข On 11th November 2024, L&T Technology Services Limited (LTTS) acquired 100% stake in silicon valley based Intelliswift for a consideration of $110 million. The objective of the acquisition was to deepen the companyโs offering across software product development, platform engineering, digital integration, data and artificial intelligence (AI). This acquisition got fully closed in January 2025.
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Larsen & Toubro LT 3600-3960
Expected level 4500
Support 3100
Expected level 4500
Support 3100
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