Larsen & Toubro Limited · NSE:LT
Larsen & Toubro — Q2 FY26 Earnings Presentation
34 slides from Larsen & Toubro's earnings presentation, Oct 29, 2025
Slide 1: Earnings Call Presentation Q2 / H1 FY26
Earnings Call Presentation Q2 / H1 FY26 29th October 2025 Navi Mumbai International Airport
Slide 2: Disclaimer
L&T Evara Heights, Thane (Representative Image) Disclaimer This presentation contains certain forward looking statements concerning L&T’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from
Slide 3: Key Highlights
Key Highlights Kartavya Bhavan, Delhi 3 3
Slide 4: Q2 - Strong Order Inflows, In line Execution, Improved Returns
Q2 - Strong Order Inflows, In line Execution, Improved Returns ₹ 1158 bn ₹ 6670 bn Order Inflow Order Book 45% y-o-y 31% y-o-y ₹ 680 bn ₹ 39 bn Revenue Profit After Tax 10% y-o-y 16% y-o-y 10.2% 17.2% NWC / Revenue Return on Equity 200 bps y-o-y 110 bps y-o-y Strategic MoUs and Partnerships across R
Slide 5: Key Financial Indicators
Key Financial Indicators (Amount in ₹ bn) Q2 FY25 Q2 FY26 (y-o-y) Particulars H1 FY25 H1 FY26 (y-o-y) 800 1158 45% Order Inflow 1510 2102 39% Order Book 5104 6670 31% 616 680 10% Revenue 1167 1317 13% 10.3% 10.0% EBITDA (%) 10.3% 10.0% 34 39 16% Reported PAT 62 75 22% As on As on Particulars Sep'24
Slide 6: Group Performance Analysis
Group Performance Analysis Petrochemical Fluidized Catalytic Cracker Unit, Barmer, Rajasthan 6 6
Slide 7: Q2 / H1 FY26 Order Inflow / Order Book
Q2 / H1 FY26 Order Inflow / Order Book (Amount in ₹ bn) Order Inflow Order Book 45% 39% 31% H1 FY26 Q2 FY26 2055 3268 402 756 1158 860 1242 2102 5104 6670 H1 FY25 Q2 FY25 3049 3402 299 501 800 683 827 1510 30-Sep-24 30-Sep-25 Domestic International • Robust growth in domestic and international order
Slide 8: Group P&L Construct – Revenue to EBITDA
Group P&L Construct – Revenue to EBITDA Remarks for the quarter Q2 FY25 Q2 FY26 % Var ₹ Billion H1 FY25 H1 FY26 % Var 615.5 679.8 10% Revenue 1166.7 1316.6 13% • Energy (48% yoy), Hi-Tech Manufacturing (33% yoy) 52% 56% International Rev. 50% 54% and IT Services (13% yoy) businesses drives revenue g
Slide 9: Group P&L Construct – EBITDA to PAT
Group P&L Construct – EBITDA to PAT Remarks for the quarter Q2 FY25 Q2 FY26 % Var ₹ Billion H1 FY25 H1 FY26 % Var 63.6 68.1 7% EBITDA 119.8 131.2 10% • Decline in finance cost primarily attributable to lower rate and average borrowing levels at (8.8) (7.6) -14% Finance Cost (17.5) (15.4) -12% the Pa
Slide 10: Segment Performance Analysis
Segment Performance Analysis Mumbai Metro Aqua Line – Cuffe Parade Station 10 10
Slide 11: Segment Composition
Segment Composition Infrastructure Energy Projects IT & TS Others Projects LTIMindtree Buildings & Factories Buildings Hydrocarbon & Factories Buildings Realty & Factories LTTS Construction Heavy Civil CarbonLite Solutions Equipment & Industrial Digital Platforms Products Design & Development Clean
Slide 12: Order Inflow Composition – Q2 / H1 FY26
Order Inflow Composition – Q2 / H1 FY26 Q2 FY26: ₹ 1158 Bn H1 FY26: ₹ 2102 Bn Hi-Tech Hi-Tech Manufacturing, 2% Manufacturing, 2% Energy, 33% Energy, 33% Others, 3% Others, 3% Segment Services, 16% Services, 18% Infrastructure, 46% Infrastructure, 45% ROW, 1% ROW, 1% USA & USA & Geography Europe, 10
Slide 13: Order Book as on 30-Sep-2025
Order Book as on 30-Sep-2025 Segment Geography Energy, 32% Middle East, 41% Hi-Tech Manufacturing, 6% Others, 3% ROW, 8% India, 51% Infrastructure, 59% ₹ 6670 Bn 13
Slide 14: Revenue Composition – Q2 / H1 FY26
Revenue Composition – Q2 / H1 FY26 Q2 FY26: ₹ 680 Bn H1 FY26: ₹ 1317 Bn Hi-Tech Hi-Tech Manufacturing, 4% Manufacturing, 5% Others, 2% Others, 2% Energy, 19% Energy, 19% Segment Services, 28% Services, 28% Infrastructure, 47% Infrastructure, 46% ROW, 2% ROW, 3% Geography USA & USA & Europe, 17% Euro
Slide 15: Infrastructure Projects Segment
Infrastructure Projects Segment (Amount in ₹ bn) Net Revenue: 1% Net Revenue: 3% 319.5 317.6 588.6 605.2 145.1 148.6 H1 FY25 H1 FY26 v 237.5 v 264.6 340.6 351.1 174.4 169.0 Q2 FY25 Q2 FY26 6.0% EBITDA Margin 6.3% 5.9% EBITDA Margin 6.0% Domestic International Remarks for the quarter • Strong domesti
Slide 16: Energy Projects Segment
Energy Projects Segment * (Amount in ₹ bn) Net Revenue: 48% Net Revenue: 47% 130.8 173.6 255.5 88.7 64.9 H1 FY25 H1 FY26 102.5 55.1 v v 61.0 118.5 190.6 27.7 28.3 Q2 FY25 Q2 FY26 8.9% EBITDA Margin 7.3% 8.9% EBITDA Margin 7.4% Domestic International Remarks for the quarter • Segment order book buoye
Slide 17: Hi-Tech Manufacturing Segment
Hi- Tech Manufacturing Segment * (Amount in ₹ bn) Net Revenue: 33% Net Revenue: 53% 27.5 39.1 59.8 20.6 6.8 7.3 H1 FY25 3.1 H1 FY26 14.9 v v 20.7 17.5 31.8 44.9 Q2 FY25 Q2 FY26 12.8% EBITDA Margin 14.7% 15.0% EBITDA Margin 14.9% Domestic International Remarks for the quarter • Order Inflows in Heavy
Slide 18: IT & Technology Services Segment
IT & Technology Services Segment (Amount in ₹ bn) Net Revenue: 13% Net Revenue: 11% 132.7 233.0 258.9 118.0 29.2 24.1 48.2 57.3 H1 FY25 H1 FY26 v v 93.8 103.4 184.7 201.2 Q2 FY25 Q2 FY26 21.0% EBITDA Margin 20.2% 20.5% EBITDA Margin 19.8% LTIMindtree LTTS Remarks for the quarter • LTIMindtree revenu
Slide 19: Financial Services Segment
Financial Services Segment Q2 FY25 Q2 FY26 % Var ₹ Bn H1 FY25 H1 FY26 % Var 38.4 41.7 9% Income from Operations 75.0 81.4 8% 7.0 7.3 6% PAT 13.8 14.4 4% 4.6 4.9 5% PAT (Net of NCI) accruing to the group 9.1 9.5 4% Book 930.2 1071.0 15% Retail Book % 96% 98% Remarks for the quarter • Highest ever qua
Slide 20: Development Projects Segment
Development Projects Segment * (Amount in ₹ bn) Net Revenue: 10% Net Revenue: 2% 15.3 27.2 27.8 13.9 2.6 2.3 4.6 4.9 H1 FY25 H1 FY26 v v 11.5 12.7 22.5 22.8 Q2 FY25 Q2 FY26 14.6% EBITDA Margin 10.9% 15.4% EBITDA Margin 13.6% Power Development Hyderabad Metro Remarks for the quarter • Hyderabad Metro
Slide 21: Others Segment
Others Segment* (Amount in ₹ bn) Net Revenue: 14% Net Revenue: 7% 16.5 30.2 28.1 2.2 14.2 2.6 4.5 4.8 H1 FY25 H1 FY26 v v 14.3 11.6 23.3 25.7 Q2 FY25 Q2 FY26 25.1% EBITDA Margin 31.3% 24.3% EBITDA Margin 32.1% Domestic International Remarks for the quarter • Segment primarily comprises Realty, and C
Slide 22: Return ratios - Projects & Manufacturing (P&M) portfolio
Return ratios - Projects & Manufacturing (P&M)* portfolio (Amount in ₹ crore) Growth over FY21 Particulars FY21 FY22 FY23 FY24 FY25 TTM Sep'24 TTM Sep'25 Gross Segment Revenue (P&M) 94639 109800 126211 160837 189989 176029 201757 113% Y-o-Y% 16% 15% 27% 18% 15% Segment Result (PBIT) 8230 8842 9305 1
Slide 23: Return ratios - Group
Return ratios - Group (Amount in ₹ crore) TTM Sep'25 P&M IT&TS FS DP Corporate Total Gross Revenue 201757 50969 15831 5454 0 270720# Segment Result (PBIT) 14452 7947 3562 672 1568 28201 Segment Funds Employed 40279 38379 24700 18640 27427 149424 Segment Result / Segment Funds Employed TTM Sep'25 35.
Slide 24: Leveraging Core Capabilities to Create Value in an Uncertain World
Leveraging Core Capabilities to Create Value in an Uncertain World Rising Energy Demand Policy Uncertainities Energy Transition Fiscal Pressures Mega Transformation Climate Risks Projects Digital Infrastructure Skill Sets Real Estate & Defence Commodity Prices
Slide 25: Thank You
Thank You Investor Relations: P Ramakrishnan (P.Ramakrishnan@larsentoubro.com) Vivek Laha (Vivek.Laha@larsentoubro.com) Shalmali Dange (Shalmali.Dange@larsentoubro.com) 25
Slide 26: Balance Sheet
Balance Sheet ₹ Billion Mar-25 Sep-25 Incr / (Decr) Equity & Reserves 977 1014 37 Non Controlling Interest 177 184 7 Borrowings - Financial Services 920 977 56 Development Projects 156 165 9 Others 219 164 -55 Sources of Funds 2450 2504 55 Fixed Assets (incl ROU assets) 194 211 17 Intangible Assets
Slide 27: Q2 / H1 FY26 Cash Flow – As Reported
Q2 / H1 FY26 Cash Flow – As Reported Q2 FY25 Q1 FY26 Q2 FY26 ₹ Billion H1 FY25 H1 FY26 72.3 72.6 76.0 Operating Profit 136.9 148.6 31.8 11.6 2.0 Changes in Working Capital [(Inc)/Dec] (22.8) 13.6 (14.4) (13.8) (15.5) Direct Taxes (Paid) / Refund [Net] (28.0) (29.3) 89.7 70.3 62.4 Net Cash from / (us
Slide 28: Memorandum Q2 / H1 FY26 Cash Flow excl Financial Services
Memorandum Q2 / H1 FY26 Cash Flow excl Financial Services Q2 FY25 Q1 FY26 Q2 FY26 ₹ Billion H1 FY25 H1 FY26 57.7 59.3 61.4 Operating Profit 108.6 120.7 32.5 10.6 (1.0) Changes in Working Capital [(Inc)/Dec] (25.8) 9.5 (12.4) (12.3) (13.3) Direct Taxes (Paid) / Refund [Net] (23.9) (25.6) 1.1 0.5 0.6
Slide 29: Segment Details – Q2 FY26
Segment Details – Q2 FY26 Q2 FY25 Q2 FY26 Segment (₹ Crore) EBITDA EBITDA Net Revenue EBITDA Net Revenue EBITDA % % Infrastructure Projects Segment 31954 1926 6.0% 31759 1994 6.3% Energy Projects Segment 8869 789 8.9% 13082 959 7.3% Hi-Tech Manufacturing Segment 2063 265 12.8% 2754 404 14.7% Others
Slide 30: Segment Details – H1 FY26
Segment Details – H1 FY26 H1 FY25 H1 FY26 Segment (₹ Crore) EBITDA EBITDA Net Revenue EBITDA Net Revenue EBITDA % % Infrastructure Projects Segment 58862 3479 5.9% 60516 3621 6.0% Energy Projects Segment 17361 1540 8.9% 25545 1884 7.4% Hi-Tech Manufacturing Segment 3909 585 15.0% 5981 891 14.9% Othe
Slide 31: Breakup of Energy and Hi-Tech Manufacturing Segment
Breakup of Energy and Hi-Tech Manufacturing Segment Q2 FY25 Q2 FY26 Y-o-Y ₹ Bn H1 FY25 H1 FY26 Y-o-Y 77.6 381.6 >100% Energy Segment 165.5 695.8 >100% Order Inflow 75.6 377.9 >100% Hydrocarbon 160.9 462.0 >100% 2.0 3.7 81% CarbonLite Solutions 4.6 233.7 >100% 88.7 130.8 48% Energy Segment 173.6 255.
Slide 32: Breakup of Development Projects and Others Segment
Breakup of Development Projects and Others Segment Q2 FY25 Q2 FY26 Y-o-Y ₹ Bn H1 FY25 H1 FY26 Y-o-Y 13.9 15.3 10% Development Projects 27.2 27.8 2% Revenue 2.3 2.6 11% Hyderabad Metro 4.6 4.9 7% 11.5 12.7 11% Nabha Power 22.5 22.8 1% Development Projects 14.6% 10.9% -370 bps Development Projects 15.
Slide 33: Order Inflow and Order Book Details
Order Inflow and Order Book Details (Amount in ₹ crore) Order Inflow Order Book Q2 FY25 % Int Q2 FY26 % Int H1 FY25 % Int H1 FY26 % Int 30-Sep-24 % Int 30-Sep-25 % Int Infrastructure Projects 49522 63% 52686 48% 89575 57% 93710 57% 342954 32% 394706 43% Energy Projects 7757 83% 38156 98% 16549 50% 6
Slide 34: Share in Profit/(Loss) of JVs/Associates
Share in Profit/(Loss) of JVs/Associates Q2 FY25 Q2 FY26 ₹ Bn H1 FY25 H1 FY26 0.03 0.22 L&T CarbonLite Solutions JVs (0.02) 0.33 (0.18) (0.24) L&T Hydrocarbon JVs (0.08) (0.29) 0.01 (0.07) Others** 0.01 (0.20) (0.14) (0.09) Total (0.09) (0.16) ** Other JVs/Associates of Hi-Tech Manufacturing and IT&