LT

Larsen & Toubro Limited

India's largest engineering and construction group, with IT and financial services arms

Industrials›Construction›Construction›Civil Construction

larsentoubro.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹3627.10
Market cap
4,98,965 Cr
Stock P/E
30.1
P/B
4.57
Dividend yield
0.9%
ROE (FY26)
12.5%
ROCE (FY26)
11.4%
Operating margin (FY26)
8.7%
Debt / equity (FY26)
1.11
OCF / EBITDA (FY26)
57.4%
OCF / EBITDA (3Y)
55.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

L&T (Larsen & Toubro) builds large infrastructure, energy and manufacturing projects for customers in India and abroad, and also runs IT services and financial services businesses.

Company snapshot

1stBy market cap

Ranked among 90 companies in Civil Construction.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 74.0% of revenue

SegmentRevenue shareRevenuePBTAssets
Energy Projects
17.1%
17,145 Cr2,130 Cr—
Hi-Tech Manufacturing
6.7%
6,672 Cr892 Cr—
Infrastructure Projects
74.0%
74,112 Cr3,013 Cr—
Less : Inter-segment assets/liabilities—0 Cr0 Cr—
Less: Inter-segment margins on capital jobs—0 Cr-31 Cr—
Others
3.2%
3,240 Cr722 Cr—

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales51,024 Cr55,128 Cr67,079 Cr55,120 Cr61,555 Cr64,668 Cr74,392 Cr63,679 Cr67,984 Cr71,450 Cr82,762 Cr67,942 Cr
Operating expenses (approx.)45,392 Cr49,369 Cr59,845 Cr49,505 Cr55,193 Cr58,413 Cr65,715 Cr57,361 Cr61,177 Cr64,033 Cr74,152 Cr61,825 Cr
EBITDA5,632 Cr5,759 Cr7,234 Cr5,615 Cr6,362 Cr6,255 Cr8,677 Cr6,318 Cr6,806 Cr7,417 Cr8,610 Cr6,116 Cr
OPM %11.0%10.4%10.8%10.2%10.3%9.7%11.7%9.9%10.0%10.4%10.4%9.0%
Other income1,133 Cr838 Cr1,042 Cr921 Cr1,101 Cr968 Cr1,135 Cr1,357 Cr1,384 Cr1,441 Cr1,579 Cr2,377 Cr
Interest864 Cr904 Cr926 Cr861 Cr884 Cr843 Cr746 Cr782 Cr763 Cr625 Cr679 Cr539 Cr
Depreciation910 Cr921 Cr1,021 Cr998 Cr1,024 Cr1,047 Cr1,052 Cr1,033 Cr1,092 Cr1,072 Cr1,168 Cr1,032 Cr
Profit before tax4,981 Cr4,770 Cr6,431 Cr4,681 Cr5,541 Cr5,306 Cr8,014 Cr5,852 Cr6,327 Cr5,365 Cr8,226 Cr6,927 Cr
Tax %22.8%24.7%22.1%26.4%26.0%25.1%23.5%26.2%26.1%28.7%25.4%28.0%
Net profit3,846 Cr3,593 Cr5,013 Cr3,445 Cr4,099 Cr3,974 Cr5,497 Cr4,318 Cr4,678 Cr3,825 Cr6,133 Cr4,988 Cr
EPS (₹)₹22.94₹21.44₹31.98₹20.26₹24.69₹24.43₹39.98₹26.30₹28.54₹23.37₹38.71₹29.97

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,10,011 Cr1,19,862 Cr1,41,007 Cr1,45,452 Cr1,35,979 Cr1,56,521 Cr1,83,341 Cr2,21,113 Cr2,55,734 Cr2,85,874 CrSign in free for the trailing twelve months
Operating expenses (approx.)98,881 Cr1,06,291 Cr1,24,682 Cr1,29,123 Cr1,20,355 Cr1,38,304 Cr1,62,587 Cr1,97,619 Cr2,28,825 Cr2,56,723 CrSign in free for the trailing twelve months
EBITDA11,130 Cr13,571 Cr16,325 Cr16,329 Cr15,624 Cr18,217 Cr20,753 Cr23,494 Cr26,910 Cr29,151 CrSign in free for the trailing twelve months
OPM %10.1%11.3%11.6%11.2%11.5%11.6%11.3%10.6%10.5%10.2%Sign in free for the trailing twelve months
Other income1,344 Cr1,412 Cr1,852 Cr2,361 Cr3,429 Cr2,267 Cr2,929 Cr4,158 Cr4,125 Cr5,761 CrSign in free for the trailing twelve months
Interest1,339 Cr1,539 Cr1,806 Cr2,797 Cr3,913 Cr3,126 Cr3,207 Cr3,546 Cr3,334 Cr2,849 CrSign in free for the trailing twelve months
Depreciation2,370 Cr1,929 Cr2,084 Cr2,462 Cr2,904 Cr2,948 Cr3,502 Cr3,682 Cr4,121 Cr4,365 CrSign in free for the trailing twelve months
Profit before tax8,492 Cr11,203 Cr14,560 Cr14,386 Cr19,347 Cr14,659 Cr17,015 Cr20,494 Cr23,579 Cr25,770 CrSign in free for the trailing twelve months
Tax %23.6%28.6%29.8%24.3%33.2%28.9%26.4%24.1%25.0%26.5%Sign in free for the trailing twelve months
Net profit6,486 Cr8,004 Cr10,217 Cr10,894 Cr12,921 Cr10,419 Cr12,531 Cr15,547 Cr15,037 Cr18,954 CrSign in free for the trailing twelve months
EPS (₹)₹43.20₹52.62₹63.51₹68.04₹82.49₹61.71₹74.51₹93.96₹109.36₹116.93Sign in free for the trailing twelve months
Dividend payout %————28.3%24.3%24.7%27.1%25.6%24.7%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital187 Cr280 Cr281 Cr281 Cr281 Cr281 Cr281 Cr275 Cr275 Cr275 Cr
Reserves50,030 Cr55,377 Cr62,094 Cr66,442 Cr75,588 Cr82,127 Cr89,045 Cr86,084 Cr97,381 Cr1,09,015 Cr
Borrowings83,875 Cr92,247 Cr1,25,555 Cr1,41,007 Cr1,32,605 Cr1,23,468 Cr1,18,513 Cr1,14,040 Cr—1,21,683 Cr
Other liabilities74,526 Cr91,525 Cr84,378 Cr90,889 Cr90,748 Cr1,01,207 Cr1,08,272 Cr1,23,038 Cr2,81,869 Cr2,02,336 Cr
Total liabilities2,12,182 Cr2,45,053 Cr2,79,134 Cr3,08,140 Cr3,11,274 Cr3,20,049 Cr3,30,352 Cr3,39,627 Cr3,79,524 Cr4,52,550 Cr
Fixed assets (net)11,233 Cr10,642 Cr10,890 Cr12,330 Cr13,408 Cr12,567 Cr13,474 Cr15,587 Cr16,998 Cr19,437 Cr
CWIP1,945 Cr2,143 Cr2,484 Cr3,225 Cr388 Cr1,170 Cr2,949 Cr2,897 Cr—3,036 Cr
Investments19,753 Cr15,311 Cr25,375 Cr23,762 Cr43,273 Cr43,566 Cr48,159 Cr47,839 Cr54,805 Cr69,497 Cr
Loans & advances——43,158 Cr42,439 Cr42,028 Cr42,550 Cr40,712 Cr34,921 Cr—43,460 Cr
Inventories4,140 Cr4,848 Cr6,414 Cr5,747 Cr5,821 Cr5,943 Cr6,829 Cr6,620 Cr7,671 Cr9,531 Cr
Trade receivables28,689 Cr34,654 Cr37,038 Cr40,732 Cr42,230 Cr46,139 Cr44,732 Cr48,771 Cr53,714 Cr60,461 Cr
Cash & bank3,527 Cr6,834 Cr6,509 Cr11,325 Cr13,374 Cr13,770 Cr16,927 Cr11,959 Cr12,187 Cr15,391 Cr
Other assets1,42,895 Cr1,70,621 Cr1,47,267 Cr1,68,581 Cr1,50,753 Cr1,54,343 Cr1,56,572 Cr1,71,033 Cr2,34,150 Cr2,31,736 Cr
Total assets2,12,182 Cr2,45,053 Cr2,79,134 Cr3,08,140 Cr3,11,274 Cr3,20,049 Cr3,30,352 Cr3,39,627 Cr3,79,524 Cr4,52,550 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity6,655 Cr-10,031 Cr-4,717 Cr6,694 Cr22,844 Cr19,164 Cr22,777 Cr18,266 Cr9,161 Cr16,741 Cr
Cash from investing-9,796 Cr3,915 Cr-10,999 Cr-8,256 Cr-5,431 Cr-3,668 Cr-8,312 Cr2,163 Cr-15,518 Cr-11,739 Cr
Cash from financing2,896 Cr9,370 Cr15,441 Cr6,372 Cr-15,274 Cr-15,181 Cr-11,572 Cr-25,413 Cr6,557 Cr-2,156 Cr
Net cash flow-245 Cr3,254 Cr-275 Cr4,809 Cr2,139 Cr397 Cr3,156 Cr-4,968 Cr229 Cr3,204 Cr
Free cash flow (OCF − Capex)3,678 Cr-12,908 Cr-8,999 Cr3,257 Cr21,036 Cr16,053 Cr18,633 Cr13,750 Cr4,742 Cr11,932 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %7.1%8.3%8.4%7.9%10.5%8.1%9.1%11.1%27.6%11.4%
ROE %11.2%13.1%12.9%12.5%13.2%9.1%10.1%12.7%15.4%12.5%
Debtor days951059610211310789817677
Inventory days105424644504037312934
Days payable770328307332393347270247200251
Cash conversion cycle-570-180-166-186-230-199-144-136-94-140
OCF / EBITDA %59.8%-73.9%-28.9%41.0%146.2%105.2%109.8%77.7%34.0%57.4%
OCF / EBITDA % (3 years)——-19.7%-17.4%51.4%97.1%118.7%96.4%70.6%55.5%
Debt / equity1.671.662.012.111.751.501.331.320.011.11
Current ratio——1.241.251.421.301.361.231.211.25
Net debt / EBITDA7.22—7.297.947.636.024.894.35-0.453.65