Larsen & Toubro Ltd (LT) reported consolidated revenue of ₹71,450 crore for the quarter ended Dec. 31, 2025, a 10% increase year-over-year. The quarter was highlighted by a record order inflow of ₹1.36 lakh crore, up 17% from the prior year. This surge was driven by ultra-mega project wins in the Hydrocarbon and Renewable energy segments, particularly in international markets which contributed 49% of the inflow.
Profitability presented a mixed picture due to statutory changes. The company reported a Recurring Profit After Tax (PAT) of ₹4,406 crore, representing a 31% increase year-over-year. However, the headline consolidated PAT fell 4% to ₹3,215 crore after accounting for a one-time exceptional charge of ₹1,191 crore. This provision was made to comply with India’s new labor codes regarding employee benefit recognitions.
Broader macro pressures affecting global SaaS and software stocks have led to moderate growth in L&T’s IT subsidiaries, LTIMindtree and L&T Technology Services, as enterprise clients rationalize “seat-count” spending. Despite this, consolidated EBITDA rose 19% to ₹7,417 crore, with margins expanding to 10.4% from 9.7% a year ago. Following the results, Goldman Sachs reaffirmed its “Buy” rating with a price target of ₹3,950.