Larsen & Toubro Ltd
Larsen & Toubro Q3 FY26: Capex ₹1,000 Cr
Q3 FY26 earnings call: what management said on revenue, margins and capex.
Guidance rank: #33 of 58 in Construction
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The short version
Larsen & Toubro retains 15% revenue growth guidance for full fiscal year 2026, expecting strong Q4 execution momentum. The company retains a revenue growth guidance of 15% for FY '26, with strong Q4 expected to support this target (Page 9).
From Larsen & Toubro Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Larsen & Toubro retains 15% revenue growth guidance for full fiscal year 2026, expecting strong Q4 execution momentum.
- Infrastructure segment saw 5% growth in Q3 FY '26; excluding Water projects, growth could have been 8-9%.
- Order prospects pipeline is robust at Rs 5.92 trillion, up 7% YoY, driven by CarbonLite Solutions and Precision Engineering.
- Energy segment expects steady growth, with Hydrocarbon projects recovering margins in 2-3 quarters.
- Middle East market outlook positive with stable oil prices supporting project pipelines; no major impact expected from oil price fluctuations.
- Revival expected in domestic Infrastructure segments like Building & Factories, Minerals & Metals, and Private sector order inflows showing distinct revival.
- Continued focus on new ventures like Electrolyzers, Data Centers, and Semiconductors with ongoing capex and increasing opportunities expected soon.
2 more points from Larsen & Toubro Ltd's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- Data Center Business: Currently has 32 megawatts capacity; 14 MW operational and 18 MW to be commissioned by fiscal year-end. Total capex around Rs 1,000 crores. (Page 16)
- (Page 16)
- Electrolyzer Business: Designed a 100% indigenous 4 MW stack; upgrading to 8-10 MW stack with expected significant near-term opportunities. (Page 16)
2 more points from Larsen & Toubro Ltd's call on capex
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Top-ranked in Construction
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Larsen & Toubro Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- Total order book as of December 2025: Rs 7.33 trillion, up 30% YoY from December 2024.
- Geographic mix: 51% domestic, 49% international.
- Domestic order book breakdown (Rs 3.76 trillion):
- Central Government: 12%
- State Government and Local Authorities: 22%
- PSU/State-Owned Corporations: 30%
- Private Sector: 36% (up from 21% in March 2025)
- International order book (Rs 3.57 trillion): ~75% from the Middle East.
- Slow-moving orders: ~3% of overall order book.
- Rs 10 billion worth of orders deleted during the quarter.
- Prospects pipeline near term: Rs 5.92 trillion (up 7% YoY).
- Infrastructure: Rs 4.02 trillion
- Hydrocarbon: Rs 1.26 trillion
2 more points from Larsen & Toubro Ltd's call on order book
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Larsen & Toubro Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹78.8K Cr, net profit ₹5.9K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Larsen & Toubro's management said in earlier quarters
Others in Construction this season
- Likhitha Infrastructure Ltd (Q3 FY26)
Year-on-Year change in revenue: Decrease of approximately 39.59% . Key investor presentation takeaways from Likhitha Infrastructure Ltd's Q3 FY26 investor prese
- Deepak Builders & Engineers India Ltd (Q3 FY26)
The provided pages of the document do not contain any revenue, sales, or volume figures for the quarter, nor do they provide any year-on-year change…
- GK Energy Ltd (Q3 FY26)
Q3 FY26 Revenue from Operations (Standalone): ₹460.20 Crores, up 43.64% YoY from ₹320.38 Crores in Q3 FY25 (Page 21). Key investor presentation takeaways from G
- MBL Infrastructure Ltd (Q3 FY26)
MBL is pre-qualified for the ‘User Fee Collection’ tender of NHAI with a net worth of ₹1,244 crores (FY24). Key investor presentation takeaways from MBL Infrast
Potential multibaggers · Q2 FY27
Potential multibaggers in Construction
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Larsen & Toubro Ltd Q3 FY26 results?
Larsen & Toubro retains 15% revenue growth guidance for full fiscal year 2026, expecting strong Q4 execution momentum. The company retains a revenue growth guidance of 15% for FY '26, with strong Q4 expected to support this target (Page 9).
What is Larsen & Toubro Ltd share price analysis?
Larsen & Toubro Ltd currently shows a neutral. The stock trades at a P/E of 31.7 with a market cap of ₹558,189 Cr. Investors should review the full earnings analysis for detailed insights.
Is Larsen & Toubro Ltd planning capital expenditure?
Data Center Business: Currently has 32 megawatts capacity; 14 MW operational and 18 MW to be commissioned by fiscal year-end.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.