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LT.NSE
Larsen & Toubro
Industrials · Construction & Engineering

Indian engineering and construction group serving infrastructure, energy and industrial projects, with a dedicated defense equipment business.

HQ: IndiaListed: India

Profile & Fundamentals

Larsen & Toubro: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.

Profile & Fundamentals

Larsen & Toubro Profile & Fundamentals

Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.

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Profile & Fundamentals contents

Company and Market Context

Company Profile & Ownership

Larsen & Toubro Limited engages in engineering, procurement, and construction projects (EPC) in India and internationally. The company operates through four segments: Infrastructure Projects, Energy Projects, Hi-Tech Manufacturing, and Others. The Infrastructure Projects segment is involved in the engineering and construction of building and factories, transportation infrastructure, heavy civil infrastructure, power transmission & distribution, renewables, water and effluent treatment, and minerals and metals. The Energy Projects segment provides EPC solutions in clean energy space, oil & gas, refineries, petrochemicals & offshore wind energy sectors, from front-end design through detailed engineering, modular fabrication, procurement, project management, construction, installation and commissioning; CarbonLite solutions for power generation plants including power generation equipment with associated systems; and carbon capture utilization and utility packages. The Hi-Tech Manufacturing segment designs, manufactures/constructs, supplies, and revamps/retrofits custom designed engineered critical equipment and systems for the process plants, nuclear energy, and green hydrogen sectors; marine and land platforms, related equipment and systems, and aerospace products and systems; precision and electronics products and systems; and electrolysers. The other segment engages in realty; smart infrastructure and communication projects; construction equipment; and industrial product design development, including marketing and servicing of construction equipment, mining machinery and parts thereof, manufacture and sale of rubber processing machinery, and ecommerce/digital platforms and data centers. It has a strategic partnership with General Atomics Aeronautical Systems, Inc. to manufacture Medium Altitude Long Endurance (MALE) Remotely Piloted Aircraft Systems (RPAS) in India, for the Indian armed forces. The company was founded in 1938 and is headquartered in Mumbai, India.

LT.NSE

Company profile record

Larsen & Toubro Limited

Common Stock · Industrials · Construction & Engineering

Official website

Company

Company / asset
Larsen & Toubro Limited
Security type
Common Stock
Sector
Industrials
Industry
Construction & Engineering
HQ
🇮🇳 India
Head office
L&T House, Mumbai, India, 400001

Leadership & scale

Full-time employees
55.7K
Fiscal year end
March

Fundamentals snapshot

Updated 2026-09-05
Market Cap
INR 5.19T
P/E
31.3x
Revenue (Q2 26)
INR 679.4B
Profit (Q2 26)
INR 41.2B
Dividend Yield
0.8%
Revenue (FY 26)
INR 2.86T
Shares in public float
1.1B
Insider ownership
18.09%

Reporting & identifiers

Symbol
LT.NSE
Listing
🇮🇳 India | Dividend Tax: 20%
Ticker Currency
INR
Income Statement Currency
INR
Balance Sheet Currency
INR
Cash Flow Currency
INR
EPS Currency
INR
Contract Type
SPOT
ISIN
INE018A01030
Asset ID
equity_d9357bb0-c3c9-5d59-a433-18fa02443d07

Ownership

Shares Outstanding

Latest: 1.4B | Max: 1.4B | Min: 1.2B

Shares Outstanding
1.8B1.3B888.1M444.0M0.00
1.4B
'17
'19
'21
'23
'25
'26

Latest reported ownership snapshot

As of Oct 1, 2026

Float Shares

83.08%

1.1B latest reported shares

Insider Ownership

18.09%

Latest reported insider stake

Short Float

--

Latest reported short interest / float

Source tablesView ownership tables

Shares Outstanding

Annual reported shares outstanding; up to 10 reporting dates.

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Shares outstanding — reported values
Reporting dateShares outstanding
2017-01-011,409,631,000
2018-01-011,404,140,300
2019-01-011,405,089,600
2020-01-011,405,532,800
2021-01-011,406,392,900
2022-01-011,214,009,300
2023-01-011,183,426,900
2024-01-011,376,010,000
2025-01-011,376,331,000
2026-01-011,376,118,000

Top Holders

Available reported ownership records.

No reported records are available in this preview.

Earnings, Profitability & Valuation

Earnings, Profitability & Valuation

Earnings & Revenue

Earnings and Revenue Trajectory

AI Review

The latest financial disclosures reveal a noticeable divergence between top-line expansion and underlying operating earnings. Consolidated revenue for FY26 grew by 10.0% to INR 2.86 trillion, supported by steady domestic infrastructure execution and international energy installations. However, core operating profit fell by 4.6% to INR 248 billion, reflecting the heavy burden of material cost inflation and logistics expenses on older fixed-price contracts. Despite this operating squeeze, reported net income rose 7.0% to INR 161 billion, propped up by treasury income, lower financing charges, and dividend contributions from technology subsidiaries. Free cash flow rebounded strongly to INR 120 billion due to disciplined milestone billing, but underlying contracting profitability remains under pressure.

Revenue, Net Income, and Free Cash Flow

Latest: INR 2.86T | Max: INR 2.86T | Min: INR -129.1B

RevenueFree Cash FlowNet Income
INR 3.64TINR 2.60TINR 1.57TINR 543.2BINR 0.00INR -487.6B
2.86T
120.1B
160.8B
'17
'19
'21
'23
'25
'26

Valuation

P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.

Latest: 30x

42x32x21x11x0x
25x
40x
30x
'22'24'26

Profitability & Margins

Margins and Operating Efficiency

AI Review

Profitability trends reflect the challenges of executing long-cycle construction projects amidst volatile commodity markets. Operating margins declined from 10.0% in FY25 to 8.67% in FY26, with Q1 FY27 project margins touching 6.9% as freight surcharges and subcontracting expenses diluted returns across international packages. This margin compression is primarily cyclical rather than a permanent breakdown in business quality. High-margin defense production and technology services provide a stabilizing cushion. As older fixed-price commitments roll off and are replaced by contracts with inflation protection, operating margins should gradually stabilize around nine percent.

Profitability Margins

Latest: 12.8% | Max: 39.1% | Min: 5.5%

Gross MarginOperating MarginNet Margin
49.3%36.9%24.6%12.3%0.0%
12.8%
8.7%
5.6%
'17
'19
'21
'23
'25
'26

Latest Profitability Ratios as of 2026-03-31

Gross Margin

12.8%

Gross profit / revenue

Operating Margin

8.7%

Operating income / revenue

Net Margin

5.6%

Net income / revenue

FCF Margin

4.2%

Free cash flow / revenue

Source tablesView earnings, profitability & valuation tables

Revenue, Net Income, and Free Cash Flow

Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.

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Annual earnings and cash flow
Period endRevenue (USD)Net income (USD)Free cash flow (USD)
2017-03-3116,595,118,717.24931,426,148.63502,025,901.94
2018-03-3118,109,064,659.811,131,909,076.95-1,982,520,350.18
2019-03-3120,109,564,966.041,287,054,487.64-1,300,687,960.69
2020-03-3119,154,240,775.151,267,458,189.54432,314,839.39
2021-03-3118,383,697,881.071,583,449,077.242,875,794,941.9
2022-03-3120,907,489,793.231,141,752,930.332,114,177,531.94
2023-03-3122,654,099,038.811,273,965,202.582,267,084,803.5
2024-03-3127,014,034,309.021,566,591,890.61,649,442,178.5
2025-03-3130,400,925,579.221,759,549,496.84554,865,434.12
2026-03-3130,581,339,323.921,720,580,872.911,284,873,769.79

Published P/E Ratio

Published valuation snapshots retain each observation's earnings basis.

Scroll the table to see every column.

Published valuation snapshots
Period endP/E (times earnings)Earnings basis
2026-03-3129.98Trailing four quarters
2025-03-3131.96Trailing four quarters
2024-03-3139.66Trailing four quarters
2023-03-3124.46Annual net income
2022-03-3124.75Annual net income

Profitability Margins

Matching annual reporting dates. Values are percentages.

Scroll the table to see every column.

Annual profitability margins
Period endGross margin (%)Operating margin (%)Net margin (%)Free cash flow margin (%)
2017-03-3128.158.275.613.03
2018-03-3129.510.146.25-10.95
2019-03-3128.6511.076.4-6.47
2020-03-3132.5311.286.622.26
2021-03-3135.5312.038.6115.64
2022-03-3138.6610.955.4610.11
2023-03-3139.110.575.6210.01
2024-03-3137.2910.45.86.11
2025-03-3136.56105.791.83
2026-03-3112.768.675.634.2

Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-06.

Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.

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