LT
Larsen & Toubro share price & financials
- Price
- ₹4,209.4
- Market cap
- ₹5.6L Cr
- Sector
- Construction
- Calls analysed
- 7
Larsen & Toubro Limited Q1 FY27
What went well
- Strong order inflows of ₹1,080 billion, registering 14% Y-on-Y growth, driven by international activity and private sector demand.
- Group PAT increased by 14% Y-on-Y to ₹41 billion, reflecting improved services business performance and higher treasury income.
- Significant improvement in Net Working Capital to Sales ratio, reducing to 4.9% from 10.1% in June 2025.
What to watch
- Group level EBITDA margin (excluding other income) declined to 9.0% from 9.9% in Q1 FY26, mainly due to lower PPM execution, forex variation in IT subsidiaries, and higher ECL provisions.
- Q1 FY27 group revenues grew by a subdued 7% Y-on-Y to ₹679 billion, impacted by Middle East conflict disruptions.
What Larsen & Toubro Limited does
Larsen & Toubro is a diversified Indian conglomerate that designs and builds large, complex projects on an engineering, procurement and construction (EPC) basis across infrastructure, energy (hydrocarbon and power) and heavy/defence manufacturing. Alongside project execution it runs listed technology and services businesses — LTIMindtree in IT and L&T Technology Services in engineering R&D — plus L&T Finance (NBFC), L&T Realty and concession assets such as the Hyderabad Metro and Nabha Power. It earns primarily by executing project contracts, supplemented by IT and engineering service fees, lending income and real-estate sales.
Segments
- Infrastructure Projects
- Energy Projects
- Hi-Tech Manufacturing
- IT & Technology Services
- Financial Services
- Development Projects
- Others
- LTIMindtree market position
- India's 6th largest IT services company
- LTTS (engineering R&D) presence
- over 25 countries
- L&T Realty development potential
- 71 million sq.ft. across residential, commercial and retail (Mumbai, Bengaluru, Chennai, Delhi NCR)
- Assets digitally connected to central IoT platform
- 17,000+ across global projects and manufacturing bases
- L&T Semiconductor Technologies
- India's first fabless semiconductor firm
- LTTS patents portfolio (FY26)
- 1,706 patents
Guidance record · Q1 FY27
what the last two calls moved 20 tracked 4 delivered 6 missed 10 open- Group Order Inflow Growth delivered said Q1 FY26 Promised: 10% for FY26 Q1 FY27: Promise concluded in FY26. No new updates.
- Group Revenue Growth missed said Q1 FY26 Promised: 15% for FY26 Q1 FY27: Promise concluded in FY26. No new updates.
- Hyderabad Metro Divestment delayed said Q2 FY26 Promised: Transaction to be consummated by end of FY '26 Q1 FY27: Divestment of L&T Metro Rail Hyderabad Limited is now expected to complete by September 30, 2026, a further delay from the previous Q1 FY27 target.
All 20 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 7.6%, net profit up 27.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 34,919 | 34,984 | 42,329 | 33,471 | 35,116 +1% | 37,903 +8% | 47,191 +11% | 36,024 +8% |
| EBITDA | 2,952 | 2,883 | 3,758 | 2,391 | 2,320 −21% | 3,164 +10% | 4,691 +25% | 1,915 −20% |
| Net profit | 1,988 | 2,404 | 3,509 | 3,485 | -3,591 −281% | 2,832 +18% | 3,561 +1% | 4,455 +28% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +10.7% 1Y
1Y: ₹3,550 on 10 Sept 2025 → ₹3,930.7. High ₹4,418.1 (23 Feb 2026), low ₹3,342.4 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.7%
- 28 Jul
- Q4 FY26
- −1.1%
- 5 May
- Q3 FY26
- +0.2%
- 28 Jan
- Q2 FY26
- −0.4%
- 29 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 5.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to 8.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹183.3k Cr | ₹126.2k Cr | ₹142.5k Cr | ₹153.7k Cr |
| Operating profit | ₹26.8k Cr | ₹9.7k Cr | ₹11.6k Cr | ₹12.6k Cr |
| Operating margin | 14.6% | 7.7% | 8.1% | 8.2% |
| Interest | ₹9.2k Cr | ₹2.4k Cr | ₹2.2k Cr | ₹1.7k Cr |
| Depreciation | ₹3.5k Cr | ₹1.8k Cr | ₹2.0k Cr | ₹2.0k Cr |
| Net profit | ₹12.5k Cr | ₹9.4k Cr | ₹10.9k Cr | ₹6.3k Cr |
| Net margin | 6.8% | 7.4% | 7.6% | 4.1% |
| ROCE | 14.0% | 15.0% | 19.0% | 19.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹281 Cr | ₹281 Cr | ₹281 Cr | ₹275 Cr | ₹275 Cr | ₹275 Cr |
| Reserves | ₹61.5k Cr | ₹66.8k Cr | ₹71.2k Cr | ₹64.2k Cr | ₹101.1k Cr | ₹74.3k Cr |
| Borrowings | ₹24.7k Cr | ₹20.5k Cr | ₹18.3k Cr | ₹22.8k Cr | ₹134.0k Cr | ₹12.7k Cr |
| Other liabilities | ₹73.5k Cr | ₹80.9k Cr | ₹82.6k Cr | ₹88.4k Cr | ₹155.7k Cr | ₹120.9k Cr |
| Total liabilities | ₹159.9k Cr | ₹168.5k Cr | ₹172.4k Cr | ₹175.8k Cr | ₹391.1k Cr | ₹208.1k Cr |
| Fixed assets | ₹9.2k Cr | ₹9.1k Cr | ₹9.8k Cr | ₹11.1k Cr | ₹45.4k Cr | ₹12.2k Cr |
| Capital work in progress | ₹287 Cr | ₹583 Cr | ₹2.0k Cr | ₹1.4k Cr | ₹3.3k Cr | ₹1.5k Cr |
| Investments | ₹49.4k Cr | ₹45.5k Cr | ₹47.3k Cr | ₹47.5k Cr | ₹55.2k Cr | ₹56.6k Cr |
| Other assets | ₹101.0k Cr | ₹113.3k Cr | ₹113.5k Cr | ₹115.8k Cr | ₹287.3k Cr | ₹137.8k Cr |
| Total assets | ₹159.9k Cr | ₹168.5k Cr | ₹172.4k Cr | ₹175.8k Cr | ₹391.1k Cr | ₹208.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.65 pp while DIIs trimmed −0.47 pp. The shareholder count grew 7% to 17,95,249.
- FIIs
- 19.1%
- DIIs
- 43.0%
- Government
- 0.3%
- Public
- 37.6%
Since Jun 2025
- Public +0.65 pp
- DIIs −0.47 pp
- FIIs −0.20 pp
How it drifted, 12 quarters
Over this window FIIs fell from 25.7% to 19.1% — −6.6 pp.
Ownership split by quarter, oldest first. Sep '23: FIIs 25.7%, DIIs 37.2%, Government 0.2%, Public 36.9%.Dec '23: FIIs 25.5%, DIIs 37.3%, Government 0.2%, Public 36.9%.Mar '24: FIIs 24.4%, DIIs 38.1%, Government 0.2%, Public 37.3%.Jun '24: FIIs 22.9%, DIIs 38.9%, Government 0.2%, Public 38.0%.Sep '24: FIIs 21.7%, DIIs 40.4%, Government 0.2%, Public 37.6%.Dec '24: FIIs 20.8%, DIIs 41.7%, Government 0.2%, Public 37.2%.Mar '25: FIIs 19.8%, DIIs 42.7%, Government 0.2%, Public 37.3%.Jun '25: FIIs 19.3%, DIIs 43.5%, Government 0.2%, Public 37.0%.Sep '25: FIIs 19.5%, DIIs 43.3%, Government 0.2%, Public 36.9%.Dec '25: FIIs 20.1%, DIIs 43.0%, Government 0.2%, Public 36.7%.Mar '26: FIIs 18.8%, DIIs 43.3%, Government 0.3%, Public 37.6%.Jun '26: FIIs 19.1%, DIIs 43.0%, Government 0.3%, Public 37.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- NPS Trust A/C UTI Pension Fund Limited Pension / PF newly disclosed 3.45% held
- SBI Mutual Fund Mutual fund +0.15 pp 4.69% held
- HDFC Mutual Fund Mutual fund +0.09 pp 2.14% held
The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Larsen & Toubro Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| L&T Employees Trust | 14.57% | unchanged |
| Life Insurance Corporation Of India Insurer | 12.41% | −0.10 pp |
| SBI Mutual Fund Mutual fund | 4.69% | +0.15 pp |
| ICICI Prudential Mutual Fund Mutual fund | 3.58% | −0.33 pp |
| NPS Trust A/C UTI Pension Fund Limited Pension / PF | 3.45% | newly disclosed |
| HDFC Mutual Fund Mutual fund | 2.14% | +0.09 pp |
| Nippon Life India Trustee Ltd Mutual fund | 1.69% | unchanged |
| Government Of Singapore - E Sovereign | 1.58% | unchanged |
| UTI Mutual Fund Mutual fund | 1.58% | unchanged |
| General Insurance Corporation Of India Insurer | 1.47% | unchanged |
| SBI Life Insurance Co. Ltd Insurer | 1.11% | unchanged |
| ICICI Prudential Life Insurance Company Limited Insurer | 1.02% | −0.05 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in LT
Filings to Aug 2026
0 new, 15 added, 13 trimmed, 1 sold out — net +7.30 L shares (+0.7%).
- Held by funds
- ₹45.2k Cr
- 63 schemes
- Biggest holder
- SBI Nifty 50 ETF
- ₹9.2k Cr · 4.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Nifty 50 ETF SBI Mutual Fund | ₹9.2k Cr | +1.19 L | Aug '21 |
| SBI BSE Sensex ETF SBI Mutual Fund | ₹6.3k Cr | +1.55 L | Aug '21 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹3.5k Cr | held | Dec '22 |
| SBI Large Cap Fund SBI Mutual Fund | ₹3.0k Cr | held | Aug '21 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹2.9k Cr | +1.43 L | Jan '19 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹2.7k Cr | +3.00 L | Dec '22 |
| SBI Aggressive Hybrid Fund SBI Mutual Fund | ₹2.1k Cr | held | Aug '21 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹2.0k Cr | held | Sep '12 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
15 added, 13 trimmed — net +7.30 L shares (+0.7%)
- Funds are sitting on
- +61%
- vs est. average cost
- Held by funds
- ₹45.2k Cr
- 63 schemes · ≈ 8.4% of the company
- Biggest holder
- SBI Nifty 50 ETF
- ₹9.2k Cr · 4.3% of that fund
- Longest holder
- Nippon India Large Cap Fund
- 14y · since Sep '12
Shares held by these funds +22%
Aug '23 11.21 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Larsen & Toubro Limited
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