Larsen & Toubro Ltd is a multinational conglomerate which is primarily engaged in providing engineering, procurement and construction (EPC) solutions in key sectors such as Infrastructure, Hydrocarbon, Power, Process Industries and Defence, Information Technology and Financial Services in domestic and international markets.
Q3 FY26 Earnings Results
- Revenue from Operations: ₹71,450 cr, +10.5% YoY vs ₹64,668 cr, +10.5% YoY; steady execution in Projects & Manufacturing (P&M) drove growth, with international revenues at ₹38,775 cr (54% of total, + strong Middle East/marine orders).
- EBITDA: ₹7,417 cr, +18.5% YoY vs ₹6,255 cr, margin 10.38% (+71 bps YoY); margin expansion from operational leverage, despite some segment pressures like energy projects (5.9% vs 8.3% YoY).
- PAT: ₹3,215 cr, −4.3% YoY vs ₹3,359 cr (−4.3% YoY), impacted by one-time ₹1,191 cr (net) provision for Labour Codes employee benefits (exceptional item); recurring PAT ₹4,406 cr (+31% YoY).
- Other key metrics: Order inflow ₹1,36,000 cr (+17% YoY, intl 49%); order book ₹7.33 lakh cr (+30% YoY); 9M revenue ₹2,03,112 cr (+12% YoY), inflows ₹3.46 lakh cr (+30% YoY), recurring PAT ₹11,949 cr (+25% YoY).
Management Commentary & Strategic Decisions
- Outstanding order momentum with record inflows/order book provides multi-year visibility; core profitability strong despite exceptional Labour Code costs, optimistic on capex cycle/digital push.
- Strategic moves: Diversified inflows across thermal/hydrocarbons/renewables/roads; debt/equity 1.06x, interest coverage 8.44x (9M); focus on sustainable execution/tech/ESG.
Q2 FY26 Earnings Results
- Revenue from Operations: ₹67,984 cr, +10.4% YoY vs ₹61,554 cr, +6.8% QoQ; H1 ₹1.31 trillion (+12.8% YoY), intl ~59%.
- EBITDA: ₹6,806 cr (+7% YoY), margin 10.01% (−32 bps YoY); H1 profit ₹7,543 cr (+22% YoY).
- PAT: ₹3,926 cr (+15.6% YoY vs ₹3,391 cr), H1 inflows ₹2.1 trillion (+39% YoY).
- Other key metrics: H1 intl orders +51% YoY; debt/equity 1.09x.
Management Commentary Q2
- Solid execution amid volatility; private sector inflows 51% H1 relief.
- Strategic moves: Partnerships/competitiveness focus; Q2/H1 beat expectations on orders.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.