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Larsen & Toubro Q2 FY27 Share Price & Earnings Call Analysis

₹3,871.70+0.90% today
Market cap
₹5.33L Cr
P/E
30.23
ROE
15.86%
PEG
1.74
Price to sales
1.84
Debt to equity
1.15
52W high / low
₹4,418 / ₹3,342
Sales growth (5Y)
16.02%
EBITDA margin
12.50%
Net profit margin
6.76%
Sales (last year)
₹2.90L Cr

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.[1]

Guidance scorecard · Q2 FY27 call

What Larsen & Toubro's management guided
and where it ranks in Construction

#33of 58 in
Construction
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ1 FY27 call

10–20%
  • Larsen & Toubro (L&T) remains committed to its FY '27 revenue growth guidance of 10% to 12%.
  • Order inflows grew strongly by 14% YoY in Q1 FY '27 despite temporary project deferments.
  • The prospects pipeline remains healthy at Rs. 15 trillion for the remaining nine months of FY '27, supporting strong visibility.
  • Growth is driven by ongoing investment momentum in both public and private sectors in India, and robust tendering/bidding activities globally.
  • Large order backlog (~Rs. 8 lakh crores) spanning 3-4 years offers stability and capacity to scale execution.
  • No significant constraints are expected across sub-segments, except targeted execution focus on offshore wind.

2 more points from Larsen & Toubro's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Larsen & Toubro said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • The company is executing its Lakshya 2031 Strategic Plan involving realignment and capital allocation enhancement.
  • There is considerable cash generation across the group, currently yielding higher-than-market returns (1.5% to 2.5% more).
  • CapEx related to the Lakshya plan for the current fiscal year is in progress but final numbers will be shared post Q2.
  • Several new investments, such as in green energy, data center business, and others are at initial stages and expected to absorb some cash.
  • The company is actively pursuing strategic partnerships and collaborations in sectors like unmanned mine counter-measure systems, data and AI security (L&T Vyoma with Fortanix), and next-gen EV traction motors (L&T Electronic Products with EVR Motors).

2 more points from Larsen & Toubro's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Larsen & Toubro said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • Total order book stood at Rs. 7.79 trillion as of June 2026, a 27% increase from June 2025.
  • Domestic order book (excluding Realty) is Rs. 3.54 trillion with 40% private sector share.
  • International order book is Rs. 4.07 trillion; Middle East accounts for 71%, Europe 14%, rest spread across other regions.
  • Offshore wind order book is around Rs. 57,000-60,000 crores (about 8 GW capacity), to be executed over 4-5 years.
  • Order prospects pipeline stands at approximately Rs. 15.07 trillion, with 49% domestic share and 45% private sector within domestic.
  • Rs. 2.5 billion worth of slow-moving orders were deleted during the quarter.
  • Backlog is healthy, with about three years of order book in EPC; no peak order book issues noted across segments.

2 more points from Larsen & Toubro's call on the order book

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Full Q1 FY27 analysis
Full Construction ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Construction
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Larsen & Toubro rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Construction companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹6,531 Cr11.7
240%+Flat₹1,089 Cr9.3
340%+Flat₹898 Cr7.6
440%+Flat₹807 Cr14.7
540%+Flat₹554 Cr13.1
640%+Flat₹516 Cr30.7

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Larsen & Toubro announcements

All announcements →

Financials of Larsen & Toubro

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Larsen & Toubro

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
FIIs +25.50%24.36%22.85%21.72%20.83%19.80%19.33%19.48%20.06%18.78%19.13%19.22%
DIIs +37.34%38.08%38.89%40.44%41.71%42.71%43.48%43.34%42.99%43.32%43.01%42.85%
Government +0.23%0.23%0.24%0.24%0.24%0.24%0.24%0.24%0.24%0.25%0.25%0.26%
Public +36.93%37.33%38.01%37.60%37.21%37.25%36.95%36.92%36.69%37.64%37.60%37.66%
No. of Shareholders14,54,62415,64,08517,36,84416,89,15516,75,14617,06,26416,81,49116,71,00616,30,03118,01,25417,95,24918,12,577

Financials of Larsen & Toubro

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +51,02455,12867,07955,12061,55564,66874,39263,67967,98471,45082,76267,94278,750
Expenses +43,98447,92958,42648,07453,63856,77064,51655,65559,47062,25972,34359,79369,936
Operating Profit7,0407,1998,6537,0467,9177,8989,8768,0248,5139,19010,4198,1498,814
OPM %14%13%13%13%13%12%13%13%13%13%13%12%11%
Other Income +1,1338381,1359211,1019681,6101,3571,384-3501,6472,3772,306
Interest2,2722,3442,3452,2922,4392,4862,4192,4882,4702,3992,4882,5712,442
Depreciation9109211,0219981,0241,0471,0521,0331,0921,0721,1681,0321,037
Profit before tax4,9914,7726,4224,6775,5555,3338,0145,8606,3365,3708,4106,9227,641
Tax %23%25%22%26%26%25%23%26%26%29%25%28%23%
Net Profit +3,8463,5935,0133,4454,0993,9746,1564,3184,6783,8256,1334,9885,949
EPS in Rs23.4521.4431.9820.2624.6924.4339.9726.3028.5423.3738.7129.9737.81

Financials of Larsen & Toubro

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +91,929101,122109,312119,683135,220145,452135,979156,521183,341221,113255,734285,874300,904
Expenses +76,24585,63792,69199,572112,354120,899112,519132,207156,175192,355221,183249,530264,332
Operating Profit15,68415,48616,62020,11122,86624,55323,46024,31427,16628,75834,55136,34536,572
OPM %17%15%15%17%17%17%17%16%15%13%14%13%12%
Other Income +1,4221,2191,4661,4652,7013,0158,1112,3642,8914,9533,0744,0525,980
Interest7,2666,8996,8297,7149,33911,02111,7509,2359,4459,5129,92510,0569,900
Depreciation2,6231,7872,3702,2231,9232,4622,9042,9483,5023,6824,1214,3654,309
Profit before tax7,2178,0208,88711,63914,30514,08616,91814,49517,10920,51723,57925,97628,343
Tax %31%30%23%27%28%23%24%29%26%24%25%26%
Net Profit +4,9664,5926,4868,00410,21710,89412,92110,41912,53115,54717,67318,95420,895
EPS in Rs34.1730.6443.1752.5963.4868.0282.4761.7074.5095.00109.35116.92129.86
Dividend Payout %32%40%22%30%28%26%44%36%32%36%31%32%

Financials of Larsen & Toubro

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital186186187280281281281281281275275275275
Reserves40,72343,99450,03054,62362,09466,44275,58882,12789,04586,08497,381109,015112,754
Borrowings +93,63088,13593,954107,524125,555143,174134,629125,508120,650116,322132,409125,497140,300
Other Liabilities +58,72761,77567,40080,81290,10696,79099,597111,112119,745136,921149,050217,596231,398
Total Liabilities193,266194,091211,571243,240278,036306,687310,095319,028329,722339,602379,114452,383484,727
Fixed Assets +34,73814,17616,67718,58021,19443,65344,31942,94542,64142,96444,05530,86731,984
CWIP14,99310,97413,29813,44313,9193,3115001,2503,0663,0452,5893,3113,150
Investments9,61215,46519,75315,31120,90720,04739,62739,39544,79845,64854,80568,37782,754
Other Assets +133,923153,475161,843195,905222,016239,675225,649235,438239,217247,946277,665349,828366,840
Total Assets193,266194,091211,571243,240278,036306,687310,095319,028329,722339,602379,114452,383484,727

Financials of Larsen & Toubro

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +-1,365-3,2406,655-10,031-4,7566,69423,07419,16422,77718,2669,15116,741
Cash from Investing Activity +-4,778-4,627-9,7963,914-11,023-8,408-5,750-3,585-8,0482,179-15,479-11,380
Cash from Financing Activity +7,9037,2532,8969,37015,4406,372-15,274-15,181-11,572-25,4136,557-2,156
Net Cash Flow1,759-613-2453,254-3384,6582,0493973,156-4,9682283,204
Free Cash Flow-7,460-7,3633,834-12,046-8,2553,39422,15116,12418,98414,0565,61112,272
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit10%-0%59%-33%1%44%113%97%103%82%43%63%

Financials of Larsen & Toubro

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days11994961019910211310889817777
Inventory Days765141455144514441323036
Days Payable288283301349340336401378302255208265
Cash Conversion Cycle-92-138-164-203-190-190-236-227-172-143-101-151
Working Capital Days1244424520252802-16-33-27
ROCE %10%11%11%14%13%12%10%10%12%13%15%15%

Guidance history

How Larsen & Toubro's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned—Rising
Q3 FY26 call →10–20%FlatPlanned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

56out of 100

Momentum score · price trend

56 out of 100 — Steady

Over the past year its share price has moved roughly in the middle of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−2.9%58%
Last 6 months−3.5%50%
Last 3 months−1.7%64%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Larsen & Toubro: 0.4 × 58 + 0.4 × 50 + 0.2 × 64 = 56.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

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What Larsen & Toubro's management said in earlier quarters

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