Larsen & Toubro Ltd

The provided pages from the Larsen & Toubro Limited document do not mention any current or future fundraising plans through debt or equity. Key points related to financials include: - Improved Net Working Capital to Revenue ratio, expected to close the year at around 10% (previously guided 12%). - No explicit reference to raising funds through equity or debt in the Q&A or management comments. - Focus is on operational execution, order inflows, margin management, and strategic project wins across various sectors. - Discussions emphasize stable capital allocation from customers despite oil price volatility, but no mention of L&T's own fundraising. Therefore, based on the available document excerpts, there is no indication of any planned debt or equity fundraising at present or in the near future.

- 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) - Semiconductor Business: Focused on creating design-led semiconductor chips with spend flowing through P&L; no large capital investment highlighted currently. (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) - Realty Business: Initiated transfer of its Realty business to L&T Realty Properties Limited via slump-sale, aiming for phased consolidation to scale operations and financial strength. (Page 4) - Strategic Partnerships: Collaborations with General Atomics Aeronautical Systems for RPAS manufacturing and Holtec International Asia for heat transfer equipment in nuclear/thermal plants, reflecting strategic investment in technology and capability. (Page 4)

- 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. - Domestic Water projects facing short-term slowdowns, expected to resolve within next year. - Overall outlook is growth-driven by broad-based order book and diversified portfolio across geographies.

- The company retains a revenue growth guidance of 15% for FY '26, with strong Q4 expected to support this target (Page 9). - Recurring PAT for Q3 FY'26 grew 31% year-on-year, indicating solid earnings momentum (Page 6). - EBITDA margins improved by 50 basis points year-on-year to 8.1% in Projects & Manufacturing segment, with operational efficiencies aiding margin growth (Pages 6-7). - Hydrocarbon segment margins are currently under pressure due to a few stressed projects but are expected to improve within 2-3 quarters (Pages 7, 10, 17). - Working capital improvements (Net Working Capital to Revenue improved from 12.7% to 8.2%) enhance operational cash flows and profitability (Page 6). - Strong order inflows and prospects pipeline support sustained growth: order book up 30% YoY to Rs 7.33 trillion; prospects pipeline increased by 7% to Rs 5.92 trillion (Pages 5-6). - Private sector and international markets, especially Middle East, are expected to contribute positively with competitive positioning maintained (Pages 15, 17).

- 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 - CarbonLite Solutions: Rs 0.40 trillion - Hi-Tech Manufacturing & Others: Rs 0.42 trillion