Larsen & Toubro Limited · NSE:LT
Larsen & Toubro — Q1 FY26 Earnings Presentation
31 slides from Larsen & Toubro's earnings presentation, Jul 29, 2025
Slide 1: Earnings Call Presentation Q1 / FY26
Earnings Call Presentation Q1 / FY26 29th July 2025
Slide 2: Disclaimer
L&T’s Precision Engineering and Systems unit handed over the wing assemblies for Light Combat Aircraft (LCA) Mk1A to Hindustan Aeronautics Limited Disclaimer This presentation contains certain forward looking statements concerning L&T’s future business prospects and business profitability, which are
Slide 3: Key Highlights
Key Highlights Thane Creek Bridge 3 3
Slide 4: FY26 begins on a Strong Note
FY26 begins on a Strong Note ₹ 945 bn ₹ 6128 bn Order Inflow Order Book 33% y-o-y 25% y-o-y. ₹ 637 bn ₹ 36 bn Revenue Profit After Tax 16% y-o-y 30% y-o-y 10.1% 17% Net Working Capital Return on Equity 380 bps y-o-y 230 bps y-o-y Won the largest Green H2 supply tender in India Listed India’s first E
Slide 5: Key Financial Indicators
Key Financial Indicators (Amount in ₹ bn) Q1 FY25 Particulars Q1 FY26 (y-o-y) 709 Order Inflow 945 33% 4909 Order Book 6128 25% 551 Revenue 637 16% 10.2% EBITDA (%) 9.9% 28 Reported PAT 36 30% Q1 FY25 Particulars Q1 FY26 13.9% Net Working Capital 10.1% 14.7% ROE (TTM) (%) 17.0% Q1 FY25 Particulars Q
Slide 6: Group Performance Analysis
Group Performance Analysis 1.5 GWp Al Khafah Solar PV Project, Saudi Arabia 6 6
Slide 7: Q1 FY26 Order Inflow/Order Book
Q1 FY26 Order Inflow/Order Book (Amount in ₹ bn) Order Inflow Order Book 33% 25% Q1 FY26 1857 458 487 945 2827 4909 6128 3301 Q1 FY25 709 3052 383 326 30-Jun-24 30-Jun-25 Domestic International • Robust order inflows in Q1 FY26 driven by Infrastructure and CarbonLite Solutions businesses • Internati
Slide 8: Group P&L Construct – Revenue to EBITDA
Group P&L Construct – Revenue to EBITDA ₹ Billion Q1 FY25 Q1 FY26 % Var • Strong execution momentum in Energy (47% yoy) Revenue 551.2 636.8 16% and Hi-Tech Manufacturing (75% yoy) businesses International Rev. 48% 52% drives revenue growth • MCO expense increase reflective of activity levels MCO Exp
Slide 9: Group P&L Construct – EBITDA to PAT
Group P&L Construct – EBITDA to PAT ₹ Billion Q1 FY25 Q1 FY26 % Var EBITDA 56.2 63.2 13% • Decline in finance cost primarily attributable to lower rate and average borrowing levels Finance Cost (8.6) (7.8) -9% Depreciation (10.0) (10.3) 4% • Other income reflective of level of treasury investments &
Slide 10: Segment Performance Analysis
Segment Performance Analysis VGO Reactor for an overseas client 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 CarbonLite Solutions Industrial Machinery & Heavy Civil Digital Platforms Products Green and Clean Data Centers Water Energ
Slide 12: Order Inflow Composition – Q1 FY26
Order Inflow Composition – Q1 FY26 Segment Geography Hi-Tech Manufacturing, ROW, 2% 2% USA & Europe, 12% Energy, 33% Others, 2% Services, 19% India, 48% Middle East, 38% Infrastructure, 44% Q1 FY26 ₹ 945 Bn 12
Slide 13: Order Book as on 30-Jun-2025
Order Book as on 30-Jun-2025 Segment Geography Energy, 30% Middle East, 37% Hi-Tech Manufacturing, 6% ROW, 9% Others, 3% India, 54% Infrastructure, 61% Q1 FY26 ₹ 6128 Bn 13
Slide 14: Revenue Composition – Q1 FY26
Revenue Composition – Q1 FY26 Segment Geography Hi-Tech Manufacturing, ROW, 3% 5% Others, 2% USA & Europe, 17% Energy, 20% Services, 28% India, 48% Middle East, 32% Infrastructure, 45% Q1 FY26 ₹ 637 Bn 14
Slide 15: Infrastructure Projects Segment
Infrastructure Projects Segment (Amount in ₹ bn) Net Revenue: 7% 269.1 287.6 Q1 FY25 Q1 FY26 92.4 116.0 171.6 176.7 Domestic DomesticInternational 5.8% EBITDA Margin 5.7% • Strong international ordering momentum drives order inflow* • Prospect pipeline of ₹ 8 trillion for the remaining nine months •
Slide 16: Energy Projects Segment
Energy Projects Segment * (Amount in ₹ bn) Net Revenue: 47% 85.0 124.7 36.7 Q1 FY25 27.4 Q1 FY26 57.6 EBITDA Margin 88.0 Domestic DomesticInternational 8.7% EBITDA Domestic7.3% Margin Domestic International • Hydrocarbon order inflow benefits from multiple onshore & offshore packages; receipt of mul
Slide 17: Hi-Tech Manufacturing Segment
Hi-Tech Manufacturing Segment * (Amount in ₹ bn) Net Revenue: 75% 18.5 32.3 4.2 8.0 Q1 FY25 Q1 FY26 EBITDA Margin 14.3 24.3 Domestic DomesticInternational 17.4% EBITDA Margin Domestic 15.1% DomesticInternational • Heavy Engineering order inflow impacted by deferrals; decline in PES order inflow on a
Slide 18: IT & Technology Services Segment
IT & Technology Services Segment * (Amount in ₹ bn) Net Revenue: 10% 115.1 126.2 24.0 28.2 Q1 FY26 Q1 FY25 90.9 97.8 LTIMindtree Domestic LTTS 20.0% EBITDA Margin Domestic 19.5% DomesticInternational • LTIMindtree revenue growth led by Manufacturing & Resources and BFSI segments • LTTS revenue growt
Slide 19: Financial Services Segment
Financial Services Segment ₹ Bn Q1 FY25 Q1 FY26 % Var Income from Operations 36.6 39.7 8% PAT 6.9 7.0 2% PAT (Net of NCI) accruing to the group 4.5 4.6 3% Book 887.2 1023.1 15% Retail Book % 95% 98% L&T Finance received International Ratings at par with India’s Sovereign Rating Long Term / Short Ter
Slide 20: Development Projects Segment
Development Projects Segment * * (Amount in ₹ bn) Net Revenue: 6% 13.3 12.4 2.2 2.3 Q1 FY26 Q1 FY25 11.0 10.1 NabhaDomestic Hyd Metro 17.0% EBITDA Margin Domestic 17.8% DomesticInternational • Segment includes Power Development (Nabha Power) and Hyderabad Metro • HMRL: Higher average fares post fare
Slide 21: Others Segment
Others Segment * (Amount in ₹ bn) Net Revenue: 1% 13.7 13.9 2.3 2.1 Q1 FY26 Q1 FY25 11.4 11.8 Domestic DomesticInternational 23.4% EBITDA Margin Domestic 32.9% DomesticInternational • Segment majorly comprises Realty and Industrial Machinery & Products • Segment revenue growth primarily driven by th
Slide 22: L&T – Strategic Blend of Foundational & Future Ready Sectors
L&T – Strategic Blend of Foundational & Future Ready Sectors Thermal Power Green Hydrogen Ferrous & Non-Ferrous Plants Ecosystem AI led Services Water Treatment Desalination Solar PV Mass Rapid Power T&D Transit Systems Data Center Offshore Wind Nuclear Airports Semiconductor Climate Resistant Desig
Slide 23: Thank You
Thank You Investor Relations: P Ramakrishnan (P.Ramakrishnan@larsentoubro.com) Harish Barai (Harish.Barai@larsentoubro.com) Vivek Laha (Vivek.Laha@larsentoubro.com) Shalmali Dange (Shalmali.Dange@larsentoubro.com) 23
Slide 24: Balance Sheet
Balance Sheet ₹ Billion Mar-25 Jun-25 Incr / (Decr) Equity & Reserves 977 977 1 Non Controlling Interest 177 178 1 Borrowings - Financial Services 920 936 15 Development Projects 156 165 9 Others 219 206 -12 Sources of Funds 2450 2462 13 Fixed Assets (incl ROU assets) 194 203 9 Intangible Assets & I
Slide 25: Q1 FY26 Cash Flow – As Reported
Q1 FY26 Cash Flow – As Reported ₹ Billion Q1 FY25 Q1 FY26 Operating Profit 57.1 63.7 Changes in Working Capital [(Inc)/Dec] (48.5) 18.1 Direct Taxes (Paid) / Refund [Net] (13.5) (13.8) Net Cash from / (used in) Operations before financing activities (5.0) 68.0 Loan towards financing activities (29.3
Slide 26: Memorandum Q1FY26 Cash Flow excl Financial Services
Memorandum Q1FY26 Cash Flow excl Financial Services ₹ Billion Q1 FY25 Q1 FY26 Operating Profit 48.9 56.6 Changes in Working Capital [(Inc)/Dec] (52.1) 17.1 Direct Taxes (Paid) / Refund [Net] (11.5) (12.3) Loan towards financing activities 1.1 0.5 Net Cash from / (used in) Operations (A) (13.6) 62.0
Slide 27: Segment Details – Q1 FY26
Segment Details – Q1 FY26 Q1 FY25 Q1 FY26 Segment (₹ Crore) EBITDA EBITDA Net Revenue EBITDA Net Revenue EBITDA % % Infrastructure Projects Segment 26908 1553 5.8% 28757 1628 5.7% Energy Projects Segment 8495 741 8.7% 12470 915 7.3% Hi-Tech Manufacturing Segment 1845 321 17.4% 3227 486 15.1% Others
Slide 28: Breakup of Energy and Hi-Tech Manufacturing Segment
Breakup of Energy and Hi-Tech Manufacturing Segment ₹ Bn Q1 FY25 Q1 FY26 Y-o-Y Energy Segment 87.9 314.2 >100% Order Inflow Hydrocarbon 85.4 84.1 -1% CarbonLite Solutions 2.5 230.1 >100% Energy Segment 85.0 124.7 47% Revenue Hydrocarbon 79.7 119.8 50% Energy Segment CarbonLite Solutions 5.2 4.9 -6%
Slide 29: Breakup of Development Projects and Others Segment
Breakup of Development Projects and Others Segment ₹ Bn Q1 FY25 Q1 FY26 Y-o-Y Development Projects 13.3 12.4 -6% Revenue Hyderabad Metro 2.2 2.3 4% Nabha Power 11.0 10.1 -9% Development Projects Development Projects 17.0% 17.8% 80 bps EBITDA Margin Hyderabad Metro 45.0% 48.0% 300 bps Nabha Power 11.
Slide 30: Order Inflow and Order Book Details
Order Inflow and Order Book Details (Amount in ₹ crore) Order Inflow Order Book Q1 FY25 % Int Q1 FY26 % Int 30-Jun-24 % Int 30-Jun-25 % Int Infrastructure Projects 40053 49% 41024 69% 324879 28% 370390 42% Energy Projects 8792 22% 31420 24% 117724 76% 186401 65% Hi-Tech Manufacturing 3677 8% 1889 52
Slide 31: Share in Profit/(Loss) of JVs/Associates
Share in Profit/(Loss) of JVs/Associates ₹ Bn Q1 FY25 Q1 FY26 L&T CarbonLite Solutions JVs (0.05) 0.11 L&T Hydrocarbon JVs 0.10 (0.06) Others** (0.00) (0.13) Total 0.05 (0.07) ** Other JVs/Associates of Hi-Tech Manufacturing and IT&TS Segment 31