Larsen & Toubro Limited · NSE:LT
Larsen & Toubro — Q4 FY2026 Earnings Presentation
45 slides from Larsen & Toubro's earnings presentation, May 5, 2026
Slide 1: Earnings Call Presentation Q4 / FY 2025-26
05th May 2026 EARNINGS CALL PRESENTATION Q4 / FY 2025-26 Piperack modules for a urea plant in Australia
Slide 2: Disclaimer
L&T takes pride in having contributed to the 500 MWe Prototype Fast Breeder Reactor at Kalpakkam. L&T’s key contributions included Steam Generators, Main & Safety Vessels, Roof Slab, Safety & Decay Heat Exchangers, Boron Carbide Shield Structure, Sodium & Argon Tanks, SS Reflective Thermal Insulatio
Slide 3: Key Highlights
Key Highlights L&T Data Center, Sriperumbudur, Tamil Nadu 3 3
Slide 4: Sustained Growth; Solid Balance Sheet
Sustained Growth ; Solid Balance Sheet ORDER INFLOW REVENUE ORDER BOOK ₹ 4356 bn ₹ 2859 bn ₹ 7403 bn 22% YoY Growth 12% YoY Growth 28% YoY Growth RECURRING PAT NWC TO REVENUE RETURN ON EQUITY ₹ 172 bn 4.1%Multi- year low 16.6%* 30bps Improvement 18% YoY Growth 690bps improvement *Excl labour code im
Slide 5: Key Financial Indicators
Key Financial Indicators (Amount in ₹ bn) Q4 FY25 Q4 FY26 (y-o-y) Particulars FY25 FY26 (y-o-y) 896 898 0.2% Order Inflow 3566 4356 22% Order Book 5791 7403 28% 744 828 11% Revenue 2557 2859 12% 11.0% 10.4% EBITDA (%) 10.3% 10.2% 50 53 5% Recurring PAT 146 172 18% 55 53 -3% Reported PAT 150 161 7% A
Slide 6: Group Performance Analysis
Group Performance Analysis 132/11 kV SIHSHUIB Substation – DEWA (UAE) 6 6
Slide 7: Q4 / FY26 Order Inflow / Order Book
Q4 / FY26 Order Inflow / Order Book (Amount in ₹ bn) Order Inflow Order Book 0% 22% 28% Q4 FY26 2636 3824 FY26 298 600 898 1845 2511 4356 5791 7403 Q4 FY25 3155 3579 FY25 269 627 896 1491 2075 3566 31-Mar-25 31-Mar-26 Domestic International • Another year of record order inflow aided by multiple Ult
Slide 8: Group P&L Construct – Revenue to EBITDA
Group P&L Construct – Revenue to EBITDA Remarks for the quarter Q4 FY25 Q4 FY26 % Var ₹ Billion FY25 FY26 % Var • Hi-Tech Manufacturing (45% yoy), Energy (36% yoy) 743.9 827.6 11% Revenue 2557.3 2858.7 12% and Financial Services (22%) drives revenue growth partly offset by subdued progress in Infras
Slide 9: Group P&L Construct – EBITDA to PAT
Group P&L Construct – EBITDA to PAT Remarks for the quarter Q4 FY25 Q4 FY26 % Var ₹ Billion FY25 FY26 % Var 82.0 86.1 5% EBITDA 264.3 291.5 10% • Reduction in finance cost primarily attributable to decline in average borrowings with lower interest (7.5) (6.8) -9% Finance Cost (33.3) (28.5) -15% rate
Slide 10: Segment Performance Analysis
Segment Performance Analysis Anti Submarine Warfare vessel for the Indian Navy 10 10
Slide 11: Segment Composition
Segment Composition Infrastructure Energy Projects IT & TS Others Projects LTM Buildings & Factories Buildings Hydrocarbon & Factories Buildings Realty & Factories LTTS Construction Transportation Infra CarbonLite Solutions Equipment & Industrial Digital Platforms Products Design & Development Heavy
Slide 12: Order Inflow Composition – Q4 / FY26
Order Inflow Composition – Q4 / FY26 Q4 FY26: ₹ 898 Bn FY26: ₹ 4356 Bn Hi-Tech Manufacturing, 2% Hi-Tech Manufacturing, 2% Others, 4% Energy, 31% Energy, 24% Others, 4% Segment Services, 22% Services, 17% Infrastructure, 48% Infrastructure, 46% ROW, 5% ROW, 7% USA & USA & Geography Europe, 15% Europ
Slide 13: Order Book as on 31-Mar-2026
Order Book as on 31-Mar-2026 Segment Geography Energy, 35% Middle East, 40% Hi-Tech Manufacturing, 5% ROW, 12% Others, 3% India, 48% Infrastructure, 57% ₹ 7403 Bn 13
Slide 14: Revenue Composition – Q4 / FY26
Revenue Composition – Q4 / FY26 Q4 FY26: ₹ 828 Bn FY26: ₹ 2859 Bn Hi-Tech Hi-Tech Manufacturing, 6% Manufacturing, 5% Others, 2% Others, 2% Energy, 20% Energy, 19% Segment Services, 24% Services, 27% Infrastructure, 48% Infrastructure, 47% ROW, 4% ROW, 4% USA & USA & Europe, 15% Geography Europe, 16
Slide 15: Infrastructure Projects Segment
Infrastructure Projects Segment (Amount in ₹ bn) Net Revenue: 2% Net Revenue: 3% 1299.0 1339.1 389.0 396.9 165.3 174.0 v 538.2 v FY25 FY26 600.4 760.8 738.7 223.7 222.9 Q4 FY25 Q4 FY26 8.0% EBITDA Margin 8.8% 6.4% EBITDA Margin 6.9% Domestic International Remarks for the quarter • Receipt of an ultr
Slide 16: Energy Projects Segment
Energy Projects Segment * (Amount in ₹ bn) Net Revenue: 36% Net Revenue: 35% 165.9 406.5 548.6 122.4 140.7 123.4 139.8 v v FY26 FY25 75.2 266.7 407.9 47.2 42.5 Q4 FY25 Q4 FY26 8.2% EBITDA Margin 6.5% 8.5% EBITDA Margin 6.8% Domestic International Remarks for the quarter • Decline in order inflows du
Slide 17: Hi-Tech Manufacturing Segment
Hi- Tech Manufacturing Segment * (Amount in ₹ bn) Net Revenue: 45% Net Revenue: 46% 48.6 97.0 141.1 7.1 33.5 20.6 27.3 7.8 v FY25 v FY26 41.6 25.7 76.4 113.8 Q4 FY25 Q4 FY26 19.5% EBITDA Margin 17.9% 17.3% EBITDA Margin 16.7% Domestic International Remarks for the quarter • Heavy Engineering order i
Slide 18: IT & Technology Services Segment
IT & Technology Services Segment (Amount in ₹ bn) Net Revenue: 13% Net Revenue: 12% 140.8 535.0 124.8 478.4 29.2 28.3 101.7 115.0 v v FY25 FY26 111.2 96.3 376.2 418.9 Q4 FY25 Q4 FY26 18.2% EBITDA Margin 18.6% 19.5% EBITDA Margin 19.5% LTM LTTS Remarks for the quarter • LTM revenue growth was broad b
Slide 19: Financial Services Segment
Financial Services Segment Q4 FY25 Q4 FY26 % Var ₹ Bn FY25 FY26 % Var 38.1 46.7 22% Income from Operations 151.9 172.8 14% 6.4 8.1 27% PAT 26.4 29.8 13% 4.1 5.3 30% PAT (Net of NCI) accruing to the group 17.4 19.7 13% Book 977.6 1217.3 25% Debt 922.5 1098.9 Retail Book % 97% 98% Remarks for the quar
Slide 20: Development Projects Segment
Development Projects Segment * (Amount in ₹ bn) Net Revenue: 5% Net Revenue: 5% 12.3 53.9 51.2 11.8 4.1 2.6 11.0 10.1 FY25 v FY26 v 8.1 9.2 42.7 40.9 Q4 FY25 Q4 FY26 32.0% EBITDA Margin 20.6% 19.1% EBITDA Margin 16.8% Power Development Hyderabad Metro Remarks for the quarter • The Company has signed
Slide 21: Others Segment
Others Segment* (Amount in ₹ bn) Net Revenue: 29% Net Revenue: 0% 23.7 70.6 70.9 2.5 16.9 8.8 10.7 FY26 FY25 3.5 v v 21.2 13.4 61.8 60.2 Q4 FY25 Q4 FY26 36.7% EBITDA Margin 27.7% 29.2% EBITDA Margin 31.3% Domestic International Remarks for the quarter • Segment primarily comprises Realty, and Constr
Slide 22: Return Ratios - Projects & Manufacturing portfolio
Return Ratios - Projects & Manufacturing (P&M)* portfolio (Amount in ₹ crore) Particulars FY22 FY23 FY24 FY25 FY26 Growth over FY22 Gross Segment Revenue (P&M) 109800 126211 160837 189989 212700 94% Y-o-Y% 16% 15% 27% 18% 12% Segment Result (PBIT) 8842 9305 11069 13494 15325 73% Y-o-Y% 7% 5% 19% 22%
Slide 23: Return Ratios - Group
Return Ratios - Group (Amount in ₹ crore) FY26 P&M IT&TS FS DP Corporate Total Gross Revenue 212700 53947 17283 5119 0 285874 Segment Result (PBIT) 15325 8634 4032 539 2017 30547 Segment Funds Employed 32252 38815 26236 18679 38321 154303 Segment Result / Segment Funds Employed FY26 47.5% 22.2% 15.4
Slide 24: Lakshya 2031
4 ©} ROADMAPror © LARSEN & TOUBRO & WINNERS LAKSHYA 2031 Lakshya 2031 |
Slide 25: Lakshya 26 – Plan Vs Performance
Lakshya 26 – Plan Vs Performance FY26 CAGR FY26 CAGR Rs Trillion, % FY21 Target (FY21 - FY26) Actual (FY21 - FY26) Order Inflow 1.7 3.4 14% 4.4 20% Revenue 1.4 2.7 15% 2.9 16% ROE 10% 18% 16.6%* *excl impact of New Labour Code provision Committed & Delivered P&M IT&TS L&T Finance Non-Core Exit New B
Slide 26: Macro Assumptions for Lakshya
Macro Assumptions for Lakshya 31 Domestic : Structural Growth Story Intact International : A World in Transition ▪ Growth Outperformance | GDP growth 6-7% trajectory ▪ Sustained investment cycle | Physical & Digital Infrastructure blend ▪ World Reordered | Geopolitical realignment ▪ Energy Security
Slide 27: Lakshya 31 – Strategic Plan and Objectives
Lakshya Current Strategic 26 – TargetPlan andObjectives Achievements (FY26-31) Existing Business Leadership • EPC and Manufacturing: Continue the momentum with improved profitability; selective geographical diversification Productivity • LTM, LTTS: Pivot to AI – led Model • Financial Services and Re
Slide 28: New Segment Composition
New Segment Composition 1 2 4 5 Energy - Conventional Manufacturing & Technology, Platforms & Infrastructure & Products Services Utilities Hydrocarbon Heavy Engineering Buildings & Factories LTM CarbonLite Solutions Precision LTTS Transportation Infra Engineering & Systems Electronics Data Center He
Slide 29: FY31 Strategic Plan and Objectives (1/2)
FY31 Strategic Lakshya Planand 26 – Target Objectives (1/2) Achievements Projects Manufacturing & Products Real Estate Infrastructure & Utilities, Precision Engineering & Systems, Heavy Realty Energy – Conventional, Energy - Green Engineering, CE & IPDD, Electronics ➢ Geographies: Diversify Selectiv
Slide 30: FY31 Strategic Plan and Objectives (2/2)
FY31 Strategic Lakshya Planand 26 – Target Objectives (2/2) Achievements Technology, Platforms & Development Projects Financial Services Services LTM, LTTS, Data Centers, Semiconductor Green Hydrogen / Green Ammonia BOO L&T Finance Design, Digital Platforms ➢ Integrated capabilities: Leverage across
Slide 31: Historical Data as per new Segment Classification
Lakshya Historical 26Data – Target as per andnew Achievements Segment Classification Revenue (in Rs crore) EBITDA % Segment FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 Infrastructure & Utilities 72404 84871 94870 99677 99404 8.2% 7.3% 6.6% 6.5% 6.9% Energy - Conventional 23593 24907 29538 4065
Slide 32: Capital Allocation Philosophy
Lakshya 31 26 -–Capital Allocation Target and Philosophy Achievements Invest for Growth • Strengthening the Core: Capability enhancement across manufacturing facilities & yards, process automation, project-led capex, and investments in commercial Real Estate • Building the Future Growth Engines: Inv
Slide 33: Lakshya 31 - Targets
Lakshya 31 - Targets CAGR Rs Trillion FY26 (FY26 – FY31) Order Inflows 4.4 10-12% Revenue 2.9 12-15% ROE 16.6% 16-17% Strengthening the Core TECHing the LEAP 33
Slide 34: Thank You
Thank You Investor Relations: P Ramakrishnan (P.Ramakrishnan@larsentoubro.com) Vivek Laha (Vivek.Laha@larsentoubro.com) Shalmali Dange (Shalmali.Dange@larsentoubro.com) 34
Slide 35: Balance Sheet
Balance Sheet ₹ Billion Mar-25 Mar-26 Incr / (Decr) Equity & Reserves 977 1093 116 Non Controlling Interest 177 192 15 Borrowings - Financial Services 920 1098 178 Development Projects* 156 0 -156 Others 219 119 -100 Sources of Funds 2450 2502 53 Fixed Assets (incl ROU assets) 194 225 31 Intangible
Slide 36: Cash & Cash Equivalents and Current Investments Breakup
Cash & Cash Equivalents and Current Investments Breakup ₹ Billion FY25 FY26 Standalone 280 372 LTM & LTTS 135 178 L&T Finance 168 134 Other Subsidiaries 81 120 L&T Group 663 804 36
Slide 37: Q4 / FY26 Cash Flow – As Reported
Q4 / FY26 Cash Flow – As Reported Q4 FY25 Q3 FY26 Q4 FY26 ₹ Billion FY25 FY26 91.2 86.8 97.0 Operating Profit 299.8 332.3 37.3 31.2 103.0 Changes in Working Capital [(Inc)/Dec] (10.2) 147.8 (15.8) (19.1) (11.9) Direct Taxes (Paid) / Refund [Net] (56.0) (60.3) 112.7 98.9 188.0 Net Cash from / (used i
Slide 38: Memorandum Q4 / FY26 Cash Flow excl Financial Services
Memorandum Q4 / FY26 Cash Flow excl Financial Services Q4 FY25 Q3 FY26 Q4 FY26 ₹ Billion FY25 FY26 78.9 69.7 79.7 Operating Profit 246.4 270.1 40.7 24.9 98.2 Changes in Working Capital [(Inc)/Dec] (12.6) 132.6 (13.8) (16.6) (7.8) Direct Taxes (Paid) / Refund [Net] (48.9) (50.0) 1.2 0.6 0.6 Loan towa
Slide 39: Working Capital Ratios – GWC and NWC
Working Capital Ratios – GWC and NWC (Amount in ₹ crore) Particulars FY22 FY23 FY24 FY25 FY26 Consolidated Revenue 144550 170766 208004 240541 263495 (excl udi ng L&T Fi na nce) Y-o-Y% 18% 18% 22% 16% 10% Gross Working Capital (GWC) 106029 106445 115203 119855 136111 (excluding L&T Finance & Corpora
Slide 40: Segment Details – Q4 FY26
Segment Details – Q4 FY26 Q4 FY25 Q4 FY26 Segment (₹ Crore) EBITDA EBITDA Net Revenue EBITDA Net Revenue EBITDA % % Infrastructure Projects Segment 38901 3109 8.0% 39694 3499 8.8% Energy Projects Segment 12244 1007 8.2% 16594 1078 6.5% Hi-Tech Manufacturing Segment 3354 653 19.5% 4861 869 17.9% Othe
Slide 41: Segment Details – FY26
Segment Details – FY26 FY25 FY26 Segment (₹ Crore) EBITDA EBITDA Net Revenue EBITDA Net Revenue EBITDA % % Infrastructure Projects Segment 129897 8362 6.4% 133910 9174 6.9% Energy Projects Segment 40652 3468 8.5% 54865 3716 6.8% Hi-Tech Manufacturing Segment 9695 1681 17.3% 14109 2356 16.7% Others S
Slide 42: Breakup of Energy and Hi-Tech Manufacturing Segment
Breakup of Energy and Hi-Tech Manufacturing Segment Q4 FY25 Q4 FY26 Y-o-Y ₹ Bn FY25 FY26 Y-o-Y 322.0 213.0 -34% Energy Segment 875.5 1369.2 56% Order Inflow 319.2 213.3 -33% Hydrocarbon 634.0 956.5 51% 2.8 -0.3 CarbonLite Solutions 241.5 412.8 71% 122.4 165.9 36% Energy Segment 406.5 548.6 35% Reven
Slide 43: Breakup of Development Projects and Others Segment
Breakup of Development Projects and Others Segment Q4 FY25 Q4 FY26 Y-o-Y ₹ Bn FY25 FY26 Y-o-Y 12.3 11.8 -5% Development Projects 53.9 51.2 -5% Revenue 4.1 2.6 -38% Hyderabad Metro 11.0 10.1 -8% 8.1 9.2 12% Nabha Power 42.7 40.9 -4% 32.0% 20.6% -1140 bps Development Projects 19.1% 16.8% -230 bps Deve
Slide 44: Order Inflow and Order Book Details
Order Inflow and Order Book Details (Amount in ₹ crore) Order Inflow Order Book Q4 FY25 % Int Q4 FY26 % Int FY25 % Int FY26 % Int 31-Mar-25 % Int 31-Mar-26 % Int Infrastructure Projects 34580 55% 43477 67% 173226 61% 199064 59% 357073 39% 422562 48% Energy Projects 32201 97% 21296 80% 87553 60% 1369
Slide 45: Share in Profit/(Loss) of JVs/Associates
Share in Profit/(Loss) of JVs/Associates Q4 FY25 Q4 FY26 ₹ Bn FY25 FY26 0.10 (1.72) L&T CarbonLite Solutions JVs 0.08 (1.29) 0.08 (0.00) L&T Hydrocarbon JVs (0.28) (0.34) 0.05 (0.12) Others** 0.07 (0.43) 0.22 (1.84) Total (0.14) (2.06) ** Other JVs/Associates of Hi-Tech Manufacturing and IT&TS Segme