Indian engineering and construction group serving infrastructure, energy and industrial projects, with a dedicated defense equipment business.
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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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.
Company profile record
Larsen & Toubro Limited
Common Stock · Industrials · Construction & Engineering
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
- 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
Latest reported ownership snapshot
As of Oct 1, 2026Float 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.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 1,409,631,000 |
| 2018-01-01 | 1,404,140,300 |
| 2019-01-01 | 1,405,089,600 |
| 2020-01-01 | 1,405,532,800 |
| 2021-01-01 | 1,406,392,900 |
| 2022-01-01 | 1,214,009,300 |
| 2023-01-01 | 1,183,426,900 |
| 2024-01-01 | 1,376,010,000 |
| 2025-01-01 | 1,376,331,000 |
| 2026-01-01 | 1,376,118,000 |
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.
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
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 30x
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 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%
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.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2017-03-31 | 16,595,118,717.24 | 931,426,148.63 | 502,025,901.94 |
| 2018-03-31 | 18,109,064,659.81 | 1,131,909,076.95 | -1,982,520,350.18 |
| 2019-03-31 | 20,109,564,966.04 | 1,287,054,487.64 | -1,300,687,960.69 |
| 2020-03-31 | 19,154,240,775.15 | 1,267,458,189.54 | 432,314,839.39 |
| 2021-03-31 | 18,383,697,881.07 | 1,583,449,077.24 | 2,875,794,941.9 |
| 2022-03-31 | 20,907,489,793.23 | 1,141,752,930.33 | 2,114,177,531.94 |
| 2023-03-31 | 22,654,099,038.81 | 1,273,965,202.58 | 2,267,084,803.5 |
| 2024-03-31 | 27,014,034,309.02 | 1,566,591,890.6 | 1,649,442,178.5 |
| 2025-03-31 | 30,400,925,579.22 | 1,759,549,496.84 | 554,865,434.12 |
| 2026-03-31 | 30,581,339,323.92 | 1,720,580,872.91 | 1,284,873,769.79 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2026-03-31 | 29.98 | Trailing four quarters |
| 2025-03-31 | 31.96 | Trailing four quarters |
| 2024-03-31 | 39.66 | Trailing four quarters |
| 2023-03-31 | 24.46 | Annual net income |
| 2022-03-31 | 24.75 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2017-03-31 | 28.15 | 8.27 | 5.61 | 3.03 |
| 2018-03-31 | 29.5 | 10.14 | 6.25 | -10.95 |
| 2019-03-31 | 28.65 | 11.07 | 6.4 | -6.47 |
| 2020-03-31 | 32.53 | 11.28 | 6.62 | 2.26 |
| 2021-03-31 | 35.53 | 12.03 | 8.61 | 15.64 |
| 2022-03-31 | 38.66 | 10.95 | 5.46 | 10.11 |
| 2023-03-31 | 39.1 | 10.57 | 5.62 | 10.01 |
| 2024-03-31 | 37.29 | 10.4 | 5.8 | 6.11 |
| 2025-03-31 | 36.56 | 10 | 5.79 | 1.83 |
| 2026-03-31 | 12.76 | 8.67 | 5.63 | 4.2 |
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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