Larsen & Toubro Ltd.
NSE: LT · Civil Construction · sector
₹3,680.00NSE close 2026-10-26
Key numbers
Market cap₹5,06,276 cr
Price₹3,680.00
52w high / low₹4,440 / ₹3,288
P/E30.5xSector median 12.2x
P/B4.6xSector median 1.3x
Book value₹794.4
Dividend yield0.92%Sector median 0.76%
ROE16.7%Sector median 10.2%
ROCE12.8%Sector median 12.9%
OPM9.4%Sector median 10.7%
Debt / equity1.11xSector median 0.36x
EV/EBITDA20.1xSector median 8.8x
Interest cover11.4x
Current ratio1.25x
Sales growth 3y+22.2%Sector median +6.7%
Profit growth 3y+22.9%Sector median +5.8%
PEG1.29x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 119 companies in Civil Construction (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹80,373 cr vs borrowings ₹1,21,683 cr (FY26): borrowings are higher by ₹41,310 cr.
- Operating profit covered interest 11.4x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 0 of the last 4 years.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 41% of net profit in the last 12 months.
- Debtor days went from 89 (FY23) to 77 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹3,680.00 on 2026-10-26: -17.1% from the 52-week high, +11.9% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹4,380.60 · low ₹3,054.15
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Mar 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 67,079 | 61,555 | 64,668 | 63,679 | 67,984 | 71,450 | 82,762 | 67,942 |
| EBITDA | 7,328 | 6,362 | 6,255 | 6,318 | 6,806 | 5,626 | 8,679 | 6,116 |
| OPM % | 10.9% | 10.3% | 9.7% | 9.9% | 10.0% | 7.9% | 10.5% | 9.0% |
| Other income | 1,042 | 1,101 | 968 | 1,357 | 1,384 | 1,441 | 1,579 | 2,377 |
| Net profit | 4,396 | 3,395 | 3,359 | 3,617 | 3,926 | 3,215 | 5,326 | 4,123 |
| EPS (₹) | 31.98 | 24.69 | 24.43 | 26.30 | 28.54 | 23.37 | 38.71 | 29.97 |
| Revenue YoY | +1.3% | +16.1% | +28.0% | +6.7% | ||||
| Profit YoY | -10.7% | -5.3% | +58.6% | +14.0% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY21 | FY22 | FY23 | FY24 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,35,979 | 1,56,521 | 1,83,341 | 2,21,113 | 2,85,874 | 2,90,137 |
| EBITDA | 11,930 | 18,337 | 20,889 | 23,587 | 27,429 | 27,228 |
| Net profit | 11,583 | 8,669 | 10,471 | 13,059 | 16,084 | 16,590 |
| EPS (₹) | 82.49 | 61.71 | 74.51 | 93.96 | 116.93 | 120.59 |
| Revenue growth | +15.1% | +17.1% | +20.6% | +29.3% | – | |
| Profit growth | -25.2% | +20.8% | +24.7% | +23.2% | – | |
| Dividend / share (₹) | 26.00 | 18.00 | 22.00 | 30.00 | 34.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +22.2% | – | – |
| Net profit | +22.9% | – | – |
| EPS | +23.7% | – | – |
| Share price | – | +0.7% (2y) | -6.5% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY26 |
|---|---|---|---|---|
| Shareholders' equity | – | 89,326 | 86,359 | 1,09,290 |
| Borrowings | – | 1,18,513 | 1,14,040 | 1,21,683 |
| Cash & equivalents | – | 58,093 | 50,316 | 80,373 |
| Total assets | – | 3,30,352 | 3,39,627 | 4,52,550 |
| Fixed assets | – | 13,474 | 15,587 | 19,437 |
| Capital work in progress | – | 2,949 | 2,897 | 3,036 |
| Investments | – | 9,225 | 9,426 | 6,594 |
| Receivables | – | 44,732 | 48,771 | 60,461 |
| Inventory | – | 6,829 | 6,620 | 9,531 |
| Payables | – | 49,784 | 53,293 | 69,456 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY26 |
|---|---|---|---|---|
| Cash from operations | 19,164 | 22,777 | 18,266 | 16,741 |
| Cash from investing | -3,668 | -8,312 | 2,163 | -11,739 |
| Cash from financing | -15,181 | -11,572 | -25,413 | -2,156 |
| Capex | 3,111 | 4,144 | 4,517 | 4,809 |
| Free cash flow | 16,053 | 18,633 | 13,750 | 11,932 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY26 |
|---|---|---|---|---|
| ROE % | – | 11.7% | 15.1% | 14.7% |
| ROCE % | – | 9.8% | 12.0% | 12.5% |
| Debtor days | – | 89 | 81 | 77 |
| Inventory days | – | 38 | 30 | 35 |
| Payable days | – | 280 | 241 | 254 |
| Cash conversion cycle (days) | – | -153 | -130 | -142 |
| Working capital days | – | 118 | 67 | 76 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| FIIs | 19.21% |
| DIIs | 42.86% |
| of which Mutual funds | 19.39% |
| of which Insurance | 19.27% |
| Government | 0.26% |
| Public (non-institutions) | 37.67% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Public holders above 1% | % |
|---|---|
| L&T Employees Trust | 14.56% |
| Life Insurance Corporation of India | 13.18% |
| SBI Mutual Fund | 4.70% |
| NPS Trust-a/c Tata Pension Fund Management Private | 3.57% |
| ICICI Prudential Mutual Fund | 3.15% |
| HDFC Mutual Fund | 2.15% |
| Nippon Life India Trustee Ltd | 1.68% |
| UTI Mutual Fund | 1.65% |
| Government of Singapore | 1.53% |
| General Insurance Corporation of India | 1.47% |
| SBI Life Insurance Co. Ltd | 1.09% |
18,12,577 shareholders. Pledged: 0.00% of promoter shares.
Peers in Civil Construction
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| LT | ₹5,06,276 cr | 30.5x | 4.6x | 16.7% | 12.8% | 9.4% | +22.2% | 0.92% |
| RVNL | ₹38,083 cr | 42.4x | 3.9x | 9.3% | 10.5% | 4.3% | +0.2% | 1.51% |
| KPIL | ₹22,134 cr | 19.5x | 2.8x | 15.9% | 17.7% | 8.4% | +18.4% | 0.69% |
| IRB | ₹19,639 cr | 20.6x | 0.9x | 4.7% | 7.6% | 53.9% | +6.1% | 0.65% |
| CEMPRO | ₹19,444 cr | 32.3x | 8.1x | 28.4% | 32.3% | 10.4% | +25.5% | 0.18% |
| NBCC | ₹18,536 cr | 25.1x | 6.1x | 27.0% | 33.9% | 5.8% | +13.8% | 1.08% |
| ENGINERSIN | ₹13,725 cr | 17.5x | 4.4x | 27.0% | 28.8% | 19.4% | +5.7% | 1.84% |
| TECHNOE | ₹9,612 cr | 22.3x | 2.3x | 10.9% | 13.7% | 14.0% | +57.7% | 1.09% |
| IRCON | ₹9,177 cr | 17.5x | 1.4x | 8.1% | 8.2% | 8.3% | -4.4% | 2.25% |
| RITES | ₹9,102 cr | 21.9x | 3.4x | 15.7% | 22.5% | 22.6% | -2.8% | 4.59% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Infrastructure Projects | ₹1,35,345 cr | 46.8% | ₹7,760 cr | 5.7% |
| Energy Projects | ₹54,889 cr | 19.0% | ₹3,374 cr | 6.1% |
| IT & Technology Services | ₹53,946 cr | 18.7% | ₹8,634 cr | 16.0% |
| Financial Services | ₹17,283 cr | 6.0% | ₹4,032 cr | 23.3% |
| Hi-Tech Manufacturing | ₹14,489 cr | 5.0% | ₹2,105 cr | 14.5% |
| Others | ₹7,978 cr | 2.8% | ₹2,086 cr | 26.1% |
| Development Projects | ₹5,118 cr | 1.8% | ₹539 cr | 10.5% |
| Add: Exceptional items (net of tax) | ₹0 cr | – | ₹0 cr | – |
| Less: Inter-segment assets | ₹0 cr | – | ₹0 cr | – |
| Less: Inter-segment liabilities | ₹0 cr | – | ₹0 cr | – |
| Less: Inter-segment margins on capital jobs | ₹0 cr | – | ₹-114 cr | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-05-22 | Dividend | Dividend - Rs 38 Per Share |
| 2025-06-03 | Dividend | Dividend - Rs 34 Per Share |
| 2024-06-20 | Dividend | Dividend - Rs 28 Per Share |
| 2023-09-12 | Buyback | Buy Back |
| 2023-08-02 | Dividend | Dividend - Rs 24 Per Share |
| 2023-08-02 | Dividend | Special Dividend - Rs 6 Per Share |
| 2022-07-21 | Dividend | Dividend - Rs 22 Per Share |
| 2021-07-28 | Dividend | Annual General Meeting/Dividend - Rs 18 Per Share |
| 2020-11-04 | Dividend | Special Dividend - Rs 18 Per Share |
| 2020-08-05 | Dividend | Annual General Meeting/Dividend - Rs 8 Per Share |
| 2020-03-24 | Dividend | Interim Dividend - Rs 10 Per Share |
| 2019-07-24 | Dividend | Annual General Meeting/Dividend - Rs 18 Per Share |
| 2018-10-12 | Buyback | Buyback |
| 2018-08-14 | Dividend | Annual General Meeting/Dividend- Rs 16 Per Share |
| 2017-08-11 | Dividend | Annual General Meeting/Dividend - Rs 14/- Per Share |
| 2017-07-13 | Bonus | Bonus 1:2 |
| 2016-08-18 | Dividend | Dividend - Rs 18.25/- Per Share |
| 2015-09-01 | Dividend | Annual General Meeting/ Dividend - Rs 16.25/- Per Share |
| 2014-08-13 | Dividend | Annual General Meeting / Dividend - Rs 14.25/- Per Share |
| 2013-08-13 | Dividend | Annual General Meeting / Dividend - Rs 12.33/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Infrastructure Projects: Engineering and Construction of (a) Building and Factories, (b) Transportation Infrastructure, (c) Heavy Civil Infrastructure, (d) Power Transmission & Distribution, (e) Renewables, (f) Water & Effluent Treatment and (f) Minerals and Metals
- Energy Projects: EPC solutions in (a) Hydrocarbon Onshore and Offshore businesses covering oil & gas, refineries, petrochemicals & offshore wind energy sectors, from frontend design through detailed engineering, modular fabrication, procurement, project management, construction, installation and commissioning, and (b) CarbonLite Solutions business covering BTG scope for power generation plants including associated systems and/or carbon capture utilisation & utility packages
- Hi-Tech Manufacturing: Design, manufacture / construct, supply, revamp/retrofit of (a) Heavy Engineering business covering custom designed, engineered critical equipment & systems to the process plant and nuclear energy (b) Precision Engineering & Systems covering marine and land platforms including related equipment & systems; aerospace products & systems; precision and electronic products & systems for the defence, security, space and industrial sectors
| Sector | Industrials |
| Industry | Civil Construction |
| Sub-industry | Civil Construction |
| Symbol | LT |
| BSE code | 500510 |
| ISIN | INE018A01030 |
| Face value | ₹2.0 |
| Incorporated | 1946-02-07 |
| Website | www.larsentoubro.com |
| Plants (India / abroad) | 22 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.