Larsen & Toubro Limited

Larsen & Toubro Limited

LT.BO
Larsen & Toubro LimitedIN flagBombay Stock Exchange
4,039.75
INR
+12.95
- -
5.56TMarket Cap
Larsen & Toubro Limited
LT.BO
(Bombay Stock Exchange)

Recent

price

4,039.75

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
381.82
463.08
535.18
607.69
642.82
716.49
771.44
841.83
951.03
1,028.3
957.71
1,108.19
1,292.73
1,576.58
1,848.8
2,066.37
1,921.99
Revenue per Share
33.27
34.14
37.69
35.31
34.22
30.32
43.2
52.62
63.51
68.04
82.49
61.71
74.51
93.96
109.36
116.93
115.4
Basic EPS, GAAP
-65.48
-98.39
-88.23
-101.65
-54.71
-54.16
26.3
-92.16
-64.64
23.21
151.45
114.28
132.6
98.93
34.42
86.75
- -
Free Cash Flow per Basic Share
6.42
6.45
7.33
8.22
9.5
10.83
12.17
14
16
28
26
18
22
30.34
28
34
- -
Dividend per Share
123.65
145.77
0.92
194.03
214.64
228.56
268.3
295.28
345.61
377.75
436.11
479.95
532.29
573.92
656.36
734.57
- -
Book Value per Share
120.19
138.15
142.25
139.29
248.47
257.04
281.86
322.8
368.84
345.95
431.18
490.34
552.53
555.59
653.14
857.49
- -
Tangible Book Value per Share
1,363
1,375
1,381
1,388
1,393
1,396
1,399
1,401
1,402
1,403
1,404
1,405
1,405
1,390
1,375
1,375
1,375
Basic Weighted Avg Shares
520,438
636,730
739,258
843,549
895,139
1,000,328
1,078,875
1,179,081
1,333,422
1,443,080
1,344,768
1,556,725
1,816,614
2,191,157
2,542,086
2,842,252
2,642,936
Sales/Revenue/Turnover
12.66
12.19
12.01
11.42
8.35
8.51
8.49
10.18
10.5
10.79
11.62
12.42
10.74
9.92
10.42
9.52
8.7
Operating Margin (%)
13,189
15,803
16,371
14,458
26,230
17,867
23,699
19,287
19,230
24,623
28,135
29,380
33,842
36,747
40,982
43,447
41,566
Depreciation Expense
45,347
46,937
52,057
49,020
47,648
42,329
60,412
73,699
89,051
95,490
115,829
86,693
104,707
130,591
150,371
160,840
158,686
Net Income, GAAP
34.49
32.86
31.4
35.12
31.22
30.98
22.58
27.48
29.61
24.3
32.78
29
26.21
24.11
24.99
26.24
24.99
Effective Tax Rate (%)
8.71
7.37
7.04
5.81
5.32
4.23
5.6
6.25
6.68
6.62
8.61
5.57
5.76
5.96
5.92
5.66
6
Profit Margin (%)
140,400
182,109
218,008
174,047
205,822
224,061
294,152
323,561
329,891
379,607
575,588
487,625
601,383
414,791
433,708
638,138
- -
Working Capital
248,411
366,564
473,921
554,449
512,527
599,108
673,406
720,095
731,445
826,689
826,141
630,360
628,640
582,418
597,686
665,061
- -
LT Debt
260,766
311,402
365,126
408,908
431,787
470,732
526,031
601,049
692,009
762,440
879,201
953,737
1,035,672
1,025,497
1,154,037
1,285,305
- -
Total Equity
8.66
7.69
6.65
5.53
4.27
4.71
5.13
5.64
5.54
5.79
4.83
6.29
6.55
7.54
8.61
8.03
- -
Return on Invested Capital (%)
12.19
9.24
9.68
7.84
5.88
4.33
5.14
5.45
5.31
5.36
6.28
4.41
5.18
6.28
6.58
6.3
14.48
Return on Capital (%)
29.59
25.44
51.62
36.23
16.77
13.7
17.4
18.69
19.83
18.82
20.28
13.48
14.72
16.9
17.69
16.82
- -
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Dec'25
Mar'25
Jun'26
ST Debt
- -
726,403
- -
LT Borrowings
- -
575,033
- -
LT Finance Leases
- -
22,652
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
- -
1,375
- -
Market Capitalization
4,961,044
4,800,159
5,044,634

Working Capital

FRC

in mil. unless spec.
Dec'25
Mar'25
Jun'26
Total Current Assets
- -
2,453,417
- -
Cash, Cash Equivalents & STI
- -
604,341
- -
Accounts Receivable, Net
- -
537,137
- -
Inventories
- -
76,706
- -
Total Current Liabilities
- -
2,019,709
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
726,403
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.66%
8%
11.37%
Free Cash Flow
-16.05%
10.38%
152.12%
Net Income, GAAP
15.65%
8.49%
6.96%
Sales/Revenue/Turnover
11.25%
16.18%
11.81%
Total Cash Common Dividend
15.09%
8.14%
21.47%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
478,824
510,240
551,278
650,815
2,191,157
2025
551,198
615,546
646,678
743,923
2,542,086
2026
636,789
714,497
827,622
- -
2,842,252

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
17.74
22.94
21.44
- -
93.96
2025
20.26
24.69
24.43
39.98
109.36
2026
26.3
23.37
38.71
- -
116.93

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
30.34
2025
- -
- -
- -
- -
28
2026
- -
- -
- -
- -
34
Business
Larsen & Toubro Limited (L&T) is an Indian multinational conglomerate engaged in engineering, procurement, and construction (EPC) projects; hi-tech manufacturing; and services across infrastructure, hydrocarbon, power, defense, heavy engineering, aerospace, shipbuilding, electrical and automation systems, mining, metallurgy, information technology, and financial services. Founded in 1938 and headquartered in Mumbai, India, the company operates in over 50 countries with manufacturing facilities in eight countries beyond India and a global supply chain; its core offerings encompass infrastructure projects including buildings and factories, transportation infrastructure such as roads, highways, bridges, airports, railways, and metros; heavy civil infrastructure like dams, tunnels, and water supply systems; smart world and communication networks; energy projects in hydrocarbons, refineries, petrochemicals, fertilizers, and nuclear power; hi-tech manufacturing of custom-designed equipment, critical piping, defense systems, artillery, and reactors; IT and technology services focused on digital engineering, product development, smart manufacturing, cloud, and AI solutions; and allied businesses in development projects and financial services. L&T maintains leadership through integrated design-to-delivery capabilities, a customer-focused approach, and high standards of corporate governance and sustainability, targeting carbon neutrality by 2040 and water neutrality by 2035 while executing landmark projects such as metro systems in 10 Indian cities and portions of Riyadh and Doha metros, India's largest transit-oriented development in Hyderabad, the world's longest extra-dosed bridge over the Ganges, and contributions to 19 of India's 22 nuclear reactors. Recent developments include the acquisition of up to 21% stake in E2E Networks Limited in November 2024 to bolster AI and cloud services capabilities, complemented by software license, reseller, and colocation agreements; full acquisition of the remaining 26% stake in L&T Special Steels and Heavy Forgings Private Limited from Nuclear Power Corporation in February 2025; strategic partnerships such as with BAE Systems in November 2025 for licensed manufacturing of BvS10 armored vehicles for the Indian Army, General Atomics Aeronautical Systems in October 2025 for MALE RPAS manufacture, Holtec International in November 2025 for nuclear heat transfer solutions, ReNew Power for green hydrogen, and the U.S. Navy for ship repair; securing an ultra-mega order for onshore hydrocarbons in October 2025, a data center project in Uzbekistan, residential towers from Brigade Group, and a role in TenneT's offshore wind program; rebranding its data center business as Larsen & Toubro-Vyoma in November 2025; tuck-in acquisitions by subsidiaries like LTTS of a Silicon Valley software company and L&T's full stake in semiconductor design startup SiliConch; and robust financial performance in FY2025 with revenues exceeding ₹2.55 lakh crore (16% YoY growth), record order inflows of ₹3.56 lakh crore, and an all-time high order book of ₹5.79 lakh crore as of March 31, 2025, providing multi-year visibility amid a ₹19 lakh crore tender pipeline for FY2026.