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Larsen & Toubro
SectorIndustrials
Larsen & Toubro Limited is an Indian multinational company engaged in engineering, procurement, and construction (EPC) projects, hi-tech manufacturing and services. The company operates in over 50 countries and has manufacturing facilities in eight countries besides India. Its main business segments include Infrastructure Projects, Energy Projects, Hi-Tech Manufacturing, IT & Technology Services, Financial Services, and Development Projects. L&T provides EPC solutions for infrastructure, hydrocarbon, power, and green energy sectors. It also designs and manufactures custom engineered equipment for process plants, nuclear energy, and defense sectors. The company offers IT and integrated engineering services, including smart world and communication projects. L&T has a significant presence in financial services through its subsidiary L&T Finance Holdings. The company has a strong order book and has won numerous awards for its projects and safety practices.
In the news
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The Quarter story
The two most recent quarterly results, compared side-by-side.
L&T sustains strong order momentum and profitability while improving leverage, though seasonal cash flows and asset quality need monitoring.
Order Book grew from ₹6,128 in Q1 FY26 to ₹7,790 in Q1 FY27 over five quarters — securing robust future revenue visibility
CRAR gradually declined from 20.68% in Q1 FY26 to 17.89% in Q1 FY27 over five quarters — warranting close monitoring of asset quality
Reported PAT improved from ₹36.2 in Q1 FY26 to ₹41.2 in Q1 FY27 over five quarters — demonstrating consistent profitability
Net cash from operations dropped from ₹62 in Q1 FY26 to ₹43 in Q1 FY27 over five quarters — highlighting seasonal working capital dynamics
Net Debt to Equity ratio declined from 0.64x in Q1 FY26 to 0.39x in Q1 FY27 over five quarters — reflecting improved leverage management
Operating profit moderated from ₹79.7 in Q4 FY26 to ₹59.3 in Q1 FY27 quarter-on-quarter — aligning with revenue seasonality
EBITDA margin recovered from 6.5% in Q4 FY26 to 11.5% in Q1 FY27 quarter-on-quarter — indicating easing margin pressure
Company insights, generated from the most recent coverage.
Thermal wins are lumpy and concentrated: FY25 CarbonLite inflow of Rs 24,153 Cr came mainly from two BTG orders from one large thermal company, and CarbonLite EBITDA margin fell to 7.8% from 10.9% in Q1 FY27. Order momentum has not yet converted into margin.
The MHI tie-up lets L&T bid full boiler-turbine-generator packages on 800 MW units, and it has won Lara Stage-III, Chandrapura and a third NTPC ultra-supercritical project in two years. But no filing discloses a formal technology licence, formation date or current ownership split — the 'joint venture' label needs verification.
The L&T-MHI ventures are scaling fast: purchases jumped from Rs 180 Cr and Rs 9 Cr in FY25 to Rs 1,065 Cr and Rs 434 Cr in FY26. That step-up is the clearest evidence yet that Hazira has moved from capability-building to actual BTG supply.