Larsen & Toubro Limited · NSE:LT
Larsen & Toubro — Q2 FY27 Earnings Presentation
35 slides from Larsen & Toubro's earnings presentation, Oct 27, 2026
Slide 1: Earnings Call Presentation Q2 / H1 FY27
Earnings Call Presentation Q2 / H1 FY27 Representative Image 27th October, 2026 Representative Image
Slide 2: Disclaimer
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 those in such forward looking statements. The r
Slide 3: Key Highlights
01 Key Highlights Fabrication at Sohar Yard (Oman) of Riser Platform for North Oil Company’s Ruya Development (Qatar) Project EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 3
Slide 4: A Record Quarter amidst Volatility
A Record Quarter amidst Volatility ORDER INFLOW REVENUE PROFIT AFTER TAX ₹ 1477 bn ₹ 787 bn ₹ 52 bn 28% YoY Growth 33% YoY Growth 16% YoY Growth New quarterly record ORDER BOOK NWC% TO REVENUE RETURN ON EQUITY ₹ 8535 bn 1.7% 16.7%* 850 bps YoY improvement * Includes 100 bps impact of Labour Code 28%
Slide 5: Key Financial Indicators
Key Financial Indicators In ₹ bn Q2 FY26 Q2 FY27 % Var Particulars H1 FY26 H1 FY27 % Var 1158 1477 28% Order Inflow 2102 2557 22% Order Book 6670 8535 28% 680 787 16% Revenue 1317 1467 11% 10.0% 8.7% EBITDA % 10.0% 8.8% 39 52 33% Reported PAT 75 93 24% Key Ratios As on Sep'25 As on Sep'26 Net Workin
Slide 6: Group Performance Analysis
02 Group Performance Analysis Patna Medical College and Hospital (PMCH) – Set to become India’s largest and world’s second largest hospital by bed capacity EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 6
Slide 7: Q2 / H1 FY27 Order Inflow / Order Book
Q2 / H1 FY27 Order Inflow / Order Book In ₹ bn Order Inflow Order Book 28% 22% 28% 4623 3268 H1 FY27 Q2 FY27 553 924 1477 1026 1531 2557 z 6670 8535 H1 FY26 Q2 FY26 1158 860 1242 2102 3402 3912 402 756 30-Sep-25 30-Sep-26 Domestic International • Highest ever quarterly order inflow led by receipt of
Slide 8: Group P&L Construct: Revenue to EBITDA
Group P&L Construct: Revenue to EBITDA Q2 FY26 Q2 FY27 % Var ₹ Billion H1 FY26 H1 FY27 % Var Remarks for the Quarter • Revenue 679.8 787.5 16% Revenue 1316.6 1466.9 11% Growth reflective of strong progress in Energy (Conventional + Green), Manufacturing & Products and Financial Services 56% 58% Inte
Slide 9: Group P&L Construct: EBITDA to PAT
Group P&L Construct: EBITDA to PAT Remarks for the Quarter Q2 FY26 Q2 FY27 % Var ₹ Billion H1 FY26 H1 FY27 % Var 68.1 68.4 1% EBITDA 131.2 129.6 -1% Finance Cost • Reduction primarily due to non-consolidation of Hyderabad Metro and decrease in Standalone (7.6) (4.7) -38% Finance Cost (15.4) (10.1) -
Slide 10: Segment Performance Analysis
03 Segment Performance Analysis Heavy Wall Vessels for a client in USA EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 10
Slide 11: Current Segment Composition
Current Segment Composition 1 2 5 4 Infrastructure & Manufacturing & Technology, Platforms & Energy - Conventional Utilities Products Services Hydrocarbon Buildings & Factories Heavy Engineering LTM CarbonLite Solutions Precision LTTS Transportation Infra MRU Engineering & Systems Electronics Data C
Slide 12: Order Inflow Composition – Q2 / H1 FY27
Order Inflow Composition – Q2 / H1 FY27 Q2 FY27: ₹ 1477 Bn H1 FY27: ₹ 2557 Bn 14% 17% 24% Infrastructure & Utilities 4% 31% 4% Segment 4% Energy - Conventional Energy - Green 15% Manufacturing & products 53% 32% Services 3% 3% 9% 23% Geography India 37% 40% Middle East USA & Europe 51% Rest of the W
Slide 13: Order Book as on 30-Sep-2026
Order Book as on 30-Sep-2026 Segment Geography 7% 5% 2% 7% 17% 42% 46% 40% 34% Infrastructure & Utilities Energy - Conventional India Middle East USA & Europe ROW Energy - Green Manufacturing & products Services As on 30-Sep-26 : ₹ 8535 Bn EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 13
Slide 14: Revenue Composition – Q2 / H1 FY27
Revenue Composition – Q2 / H1 FY27 Q2 FY27: ₹ 787 Bn H1 FY27: ₹ 1467 Bn 26% Infrastructure & Utilities 32% 29% 32% Segment Energy - Conventional 6% Energy - Green 6% Manufacturing & products 15% 12% 22% 22% Services 4% 4% 18% India 18% Geography 42% Middle East 45% USA & Europe Rest of the World 32%
Slide 15: Infrastructure & Utilities
INFRASTRUCTURE & UTILITIES QUARTERLY REVENUE (₹ Bn) HALF-YEAR REVENUE (₹ Bn) EBITDA MARGIN +6% YoY +2% YoY - 50 bps - 50 bps 237.2 251.3 461.4 469.9 72.0 75.1 129.9 131.8 6.2% 5.9% 5.7% 5.4% 165.1 176.2 331.5 338.1 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Domestic International Domest
Slide 16: Energy - Conventional
ENERGY - CONVENTIONAL QUARTERLY REVENUE (₹ Bn) HALF-YEAR REVENUE (₹ Bn) EBITDA MARGIN +29% YoY +20% YoY - 80 bps - 40 bps 172.9 134.5 317.9 264.3 8.2% 8.0% 7.6% 131.5 7.4% 105.2 229.8 197.7 29.2 41.4 66.6 88.1 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Domestic International Domestic In
Slide 17: Energy - Green
ENERGY - GREEN QUARTERLY REVENUE (₹ Bn) HALF-YEAR REVENUE (₹ Bn) EBITDA MARGIN +43% YoY +19% YoY - 20 bps - 20 bps 114.9 171.0 80.4 143.8 107.9 6.2% 6.2% 156.4 6.0% 6.0% 76.6 134.8 3.9 7.1 9.0 14.6 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Domestic International Domestic International
Slide 18: Manufacturing & Products
MANUFACTURING & PRODUCTS QUARTERLY REVENUE (₹ Bn) HALF-YEAR REVENUE (₹ Bn) EBITDA MARGIN +34% YoY +25% YoY 220 bps - 50 bps 44.8 87.0 8.0 69.4 13.9 33.5 12.5 15.7% 15.3% 6.8 13.5% 15.8% 36.8 73.1 26.8 56.9 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Domestic International Domestic Intern
Slide 19: Technology, Platforms & Services
TECHNOLOGY, PLATFORMS & SERVICES QUARTERLY REVENUE (₹ Bn) HALF-YEAR REVENUE (₹ Bn) EBITDA MARGIN +11% YoY +13% YoY -50 bps -50 bps 133.3 148.3 294.5 0.7 260.1 1.6 0.7 30.1 59.8 29.2 1.5 57.3 20.0% 19.5% 19.8% 19.3% 103.4 117.5 201.2 233.1 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 LTM L
Slide 20: Financial Services
FINANCIAL SERVICES Q2 FY26 Q2 FY27 % Var ₹ Billion H1 FY26 H1 FY27 % Var 41.7 53.1 27% Income from Operations 81.4 103.5 27% 7.3 9.8 33% PAT 14.4 18.8 31% 4.9 6.4 32% PAT (Net of NCI) accruing to the group 9.5 12.4 30% Book 1071.0 1366.4 28% Debt 977.5 1233.1 26% Retail Book % 98% 99% Remarks for th
Slide 21: Realty
REALTY QUARTERLY REVENUE (₹ Bn) HALF-YEAR REVENUE (₹ Bn) EBITDA MARGIN -43% YoY +45% YoY - 1340 bps - 1750 bps 67.6% 57.5% 54.3% 40.0% 3.9 12.3 2.2 8.5 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Remarks for the quarter • Decline in order inflows mainly due to lower pre-sales on account
Slide 22: Return Ratios – Projects, Products & Manufacturing portfolio
Return Ratios – Projects, Products & Manufacturing (PP&M)* portfolio (Amount in ₹ crore) Growth over FY23 Particulars FY23 FY24 FY25 FY26 TTM Sep'25 TTM Sep'26 Gross Segment Revenue (P&M) 124046 156681 186750 209328 198601 220032 77% Y-o-Y% 13% 26% 19% 12% 11% Segment Result (PBIT) 8685 10098 12283
Slide 23: Return Ratios - Group
Return Ratios - Group (Amount in ₹ crore) H1 FY27 TTM PP&M Realty TPS FS DP Corporate Total Gross Revenue 220032 3644 57631 19495 3410 0 301117# Segment Result (PBIT) 14557 1237 9158 4655 429 2346 32382 Segment Funds Employed 25410 7128 41983 27322 15119 43158 160121 Segment Result / Segment Funds E
Slide 24: Resilient Portfolio; Disciplined Growth
Resilient Portfolio; Disciplined Growth Focus on growth & returns Strong Cash Conversion Value Operational Strategic Portfolio Realignment Monetisation Excellence Prudent Capital Allocation Disciplined A Robust Consistent Execution Value Creation Balance Sheet Balance Sheet Discipline Robust Efficie
Slide 25: Thank You
Thank You Investor Relations: Vivek Laha (Vivek.Laha@larsentoubro.com) Shalmali Dange (Shalmali.Dange@larsentoubro.com) EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 25
Slide 26: Balance Sheet
Balance Sheet ₹ Billion Mar-26 Sep-26 Incr / (Decr) Equity & Reserves 1093 1130 37 Non-Controlling Interest 192 202 10 Borrowings - Financial Services 1098 1233 134 Others 119 130 11 Sources of Funds 2502 2695 193 Fixed Assets (incl Investment Property) 198 206 8 Intangible Assets (incl ROU assets)
Slide 27: Cash & Cash Equivalents and Current Investments Breakup
Cash & Cash Equivalents and Current Investments Breakup ₹ Billion Mar-26 Sep-26 Standalone 372 455 LTM & LTTS 178 187 L&T Finance 134 135 Other Subsidiaries 120 197 L&T Group 804 974 EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 27
Slide 28: Q2 / H1 FY27 Cash Flow – As Reported
Q2 / H1 FY27 Cash Flow – As Reported Q2 FY26 Q1 FY27 Q2 FY27 ₹ Billion H1 FY26 H1 FY27 76.6 77.8 80.4 Operating Profit 148.6 158.2 1.4 5.6 85.0 Changes in Working Capital [(Inc)/Dec] 13.6 90.6 (15.5) (12.5) (20.2) Direct Taxes (Paid) / Refund [Net] (29.3) (32.7) 62.4 70.9 145.2 Net Cash from / (used
Slide 29: Memorandum Q2 / H1 FY27 Cash Flow – Excluding Financial Services
Memorandum Q2 / H1 FY27 Cash Flow – Excluding Financial Services Q2 FY26 Q1 FY27 Q2 FY27 ₹ Billion H1 FY26 H1 FY27 61.9 59.3 60.4 Operating Profit 120.7 119.7 (1.6) 4.2 82.9 Changes in Working Capital [(Inc)/Dec] 9.5 87.2 (13.3) (12.6) (15.0) Direct Taxes (Paid) / Refund [Net] (25.6) (27.5) 0.6 0.6
Slide 30: Segment Details – Q2 FY27
Segment Details – Q2 FY27 Q2 FY26 Q2 FY27 Segment (₹ Crore) EBITDA EBITDA Net Revenue EBITDA Net Revenue EBITDA % % Infrastructure & Utilities 23717 1482 6.2% 25133 1426 5.7% Energy - Conventional 13448 1100 8.2% 17285 1284 7.4% Energy - Green 8042 501 6.2% 11493 688 6.0% Manufacturing & Products 33
Slide 31: Segment Details – H1 FY27
Segment Details – H1 FY27 H1 FY26 H1 FY27 Segment (₹ Crore) EBITDA EBITDA Net Revenue EBITDA Net Revenue EBITDA % % Infrastructure & Utilities 46139 2715 5.9% 46991 2540 5.4% Energy - Conventional 26429 2108 8.0% 31792 2416 7.6% Energy - Green 14378 886 6.2% 17100 1026 6.0% Manufacturing & Products
Slide 32: Segment Breakup
Segment Breakup Energy – Conventional Q2 FY26 Q2 FY27 Y-o-Y ₹ Bn H1 FY26 H1 FY27 Y-o-Y 383.5 784.1 >100% Energy - Conventional Segment 698.8 815.4 17% 377.9 657.7 74% Hydrocarbon 462.0 683.3 48% Order Inflow 3.7 114.4 >100% CarbonLite Solutions 233.7 119.3 -49% 1.9 12.0 >100% Others* 3.0 12.8 >100%
Slide 33: Order Inflow and Order Book Details
Order Inflow and Order Book Details (Amount in ₹ crore) Order Inflow Order Book Q2 FY26 % Int Q2 FY27 % Int H1 FY26 % Int H1 FY27 % Int 30-Sep-25 % Int 30-Sep-26 % Int Infrastructure & Utilities 40755 35% 35509 31% 60829 37% 79866 25% 311481 29% 361368 34% Energy - Conventional 38349 98% 78413 73% 6
Slide 34: Order Inflow Trend as per New Segment Composition
Order Inflow Trend as per New Segment Composition (Amount in ₹ crore) Order Inflow FY22 FY23 FY24 FY25 FY26 Infrastructure & Utilities 75988 105679 119786 120931 142471 Energy - Conventional 32273 31740 75442 83190 117679 Energy - Green 17526 11439 22803 57560 76729 Manufacturing & Products 15788 19
Slide 35: Revenue Trend as per New Segment Composition
Revenue Trend as per New Segment Composition (Amount in ₹ crore) 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 25693 30537 41753 55813 7.8% 9.6% 10