Larsen & Toubro Limited · NSE:LT
Larsen & Toubro — Q3 FY2026 Earnings Presentation
32 slides from Larsen & Toubro's earnings presentation, Jan 28, 2026
Slide 1: Earnings Call Presentation Q3 / 9M FY 2025-26
EARNINGS CALL PRESENTATION Q3 / 9M FY 2025-26 28th January 2026
Slide 2: Disclaimer
L&T Green Reserve, Noida (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 Kudankulam Nuclear Power Project (KKNPP) 3 3
Slide 4: Q3 – All Round Progress
Q3 – All Round Progress ₹ 1356 bn ₹ 7332 bn Order Inflow Order Book 17% y-o-y Record High Highest in a quarter ₹ 714 bn ₹ 44 bn Revenue Recurring PAT 10% y-o-y 31% y-o-y 8.2% 16.5%* NWC / Revenue Return on Equity Down 450 bps y-o-y Up 40 bps y-o-y *includes one-time impact of New Labour codes of 110
Slide 5: Key Financial Indicators
Key Financial Indicators (Amount in ₹ bn) Q3 FY25 Q3 FY26 (y-o-y) Particulars 9M FY25 9M FY26 (y-o-y) 1160 1356 17% Order Inflow 2670 3458 30% Order Book 5642 7332 30% 647 714 10% Revenue 1813 2031 12% 9.7% 10.4% EBITDA (%) 10.1% 10.1% 34 44 31% Recurring PAT 95 119 25% 34 32 -4% Reported PAT 95 108
Slide 6: Group Performance Analysis
Group Performance Analysis Saudi Aramco/CRPO 80/81 : Zuluf North & South Water Injection Facilities 6 6
Slide 7: Q3 / 9M FY26 Order Inflow / Order Book
Q3 / 9M FY26 Order Inflow / Order Book (Amount in ₹ bn) Order Inflow Order Book 17% 30% 30% 9M FY26 Q3 FY26 2375 3569 688 668 1356 1547 1911 3458 5642 7332 9M FY25 Q3 FY25 3267 3763 539 621 1160 1223 1447 2670 31-Dec-24 31-Dec-25 Domestic International • Highest ever quarterly order inflow driven by
Slide 8: Group P&L Construct – Revenue to EBITDA
Group P&L Construct – Revenue to EBITDA Remarks for the quarter Q3 FY25 Q3 FY26 % Var ₹ Billion 9M FY25 9M FY26 % Var 646.7 714.5 10% Revenue 1813.4 2031.1 12% • Hi-Tech Manufacturing (34% yoy), Energy (15% yoy) 51% 54% International Rev. 50% 54% and IT Services (12% 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 Q3 FY25 Q3 FY26 % Var ₹ Billion 9M FY25 9M FY26 % Var 62.5 74.2 19% EBITDA 182.3 205.4 13% • Decline in finance cost primarily attributable to lower average borrowing levels and rate at the (8.4) (6.3) -26% Finance Cost (25.9) (21.7) -16% P
Slide 10: Segment Performance Analysis
Segment Performance Analysis Amine Absorber for Jafurah Gas Plant Expansion 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 – Q3 / 9M FY26
Order Inflow Composition – Q3 / 9M FY26 Q3 FY26: ₹ 1356 Bn 9M FY26: ₹ 3458 Bn Hi-Tech Hi-Tech Manufacturing, 2% Manufacturing, 2% Energy, 34% Energy, 33% Others, 5% Others, 4% Segment Services, 14% Services, 16% Infrastructure, 45% Infrastructure, 45% ROW, 16% ROW, 7% Geography USA & Europe, 15% USA
Slide 13: Order Book as on 31-Dec-2025
Order Book as on 31-Dec-2025 Segment Geography Energy, 34% Middle East, 37% Hi-Tech Manufacturing, 5% ROW, 12% Others, 3% India, 51% Infrastructure, 58% ₹ 7332 Bn 13
Slide 14: Revenue Composition – Q3 / 9M FY26
Revenue Composition – Q3 / 9M FY26 Q3 FY26: ₹ 714 Bn 9M FY26: ₹ 2031 Bn Hi-Tech Hi-Tech Manufacturing, 4% Manufacturing, 4% Others, 4% Others, 3% Energy, 18% Energy, 19% Segment Services, 27% Services, 28% Infrastructure, 47% Infrastructure, 46% ROW, 3% ROW, 3% Geography USA & USA & Europe, 16% Euro
Slide 15: Infrastructure Projects Segment
Infrastructure Projects Segment (Amount in ₹ bn) Net Revenue: 5% Net Revenue: 4% 910.0 942.2 337.0 321.3 135.4 161.8 9M FY25 9M FY26 v 372.9 v 426.4 537.1 515.8 185.9 175.2 Q3 FY25 Q3 FY26 5.5% EBITDA Margin 6.1% 5.8% 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: 15% Net Revenue: 35% 127.3 284.1 382.7 110.5 9M FY26 9M FY25 92.6 98.2 94.0 73.0 v v 191.5 37.5 284.5 33.3 Q3 FY25 Q3 FY26 8.3% EBITDA Margin 5.9% 8.7% EBITDA Margin 6.9% Domestic International Remarks for the quarter • Receipt of ultra mega or
Slide 17: Hi-Tech Manufacturing Segment
Hi- Tech Manufacturing Segment * (Amount in ₹ bn) Net Revenue: 34% Net Revenue: 46% 32.7 63.4 92.5 5.3 24.3 9M FY25 12.8 9M FY26 5.5 20.2 v v 27.3 18.8 50.6 72.3 Q3 FY25 Q3 FY26 18.2% EBITDA Margin 18.3% 16.2% EBITDA Margin 16.1% Domestic International Remarks for the quarter • Order Inflows in Heav
Slide 18: IT & Technology Services Segment
IT & Technology Services Segment (Amount in ₹ bn) Net Revenue: 12% Net Revenue: 11% 353.6 394.2 135.3 120.6 28.5 25.3 73.4 85.9 9M FY25 9M FY26 v v 95.2 106.5 279.9 307.7 Q3 FY25 Q3 FY26 18.7% EBITDA Margin 19.7% 19.9% EBITDA Margin 19.8% LTIMindtree LTTS Remarks for the quarter • LTIMindtree revenu
Slide 19: Financial Services Segment
Financial Services Segment Q3 FY25 Q3 FY26 % Var ₹ Bn 9M FY25 9M FY26 % Var 38.8 44.8 15% Income from Operations 113.8 126.1 11% 6.3 7.4 18% PAT 20.1 21.7 8% 4.2 4.9 18% PAT (Net of NCI) accruing to the group 13.3 14.4 8% Book 951.2 1142.9 20% Retail Book % 97% 98% Remarks for the quarter • Highest
Slide 20: Development Projects Segment
Development Projects Segment * (Amount in ₹ bn) Net Revenue: 19% Net Revenue: 5% 14.4 41.6 39.4 11.6 6.8 7.5 9M FY25 9M FY26 12.1 v 8.9 v 34.6 31.7 2.3 2.6 Q3 FY25 Q3 FY26 15.2% EBITDA Margin 20.6% 15.3% EBITDA Margin 15.7% Power Development Hyderabad Metro Remarks for the quarter • Hyderabad Metro:
Slide 21: Others Segment
Others Segment* (Amount in ₹ bn) Net Revenue: 55% Net Revenue: 15% 25.9 47.0 54.0 2.4 16.7 6.4 7.2 9M FY26 9M FY25 1.9 v v 23.6 14.8 40.6 46.9 Q3 FY25 Q3 FY26 27.5% EBITDA Margin 32.8% 25.4% EBITDA Margin 32.5% Domestic International Remarks for the quarter • Segment primarily comprises Realty, and
Slide 22: L&T – Riding the Growth Wave
L&T – Riding the Growth Wave Urbanisation Energy Technology Sovereignty & Mobility ❑ Renewable ❑ AI led Services ❑ Urban Transit ❑ Defence ❑ Thermal ❑ Semiconductor Design ❑ Real Estate ❑ Nuclear Power Equipment ❑ Nuclear ❑ Digital Platforms ❑ High Speed Rail ❑ Natural Gas ❑ Data Centre ❑ Airports ❑
Slide 23: Thank You
Thank You Investor Relations: P Ramakrishnan (P.Ramakrishnan@larsentoubro.com) Vivek Laha (Vivek.Laha@larsentoubro.com) Shalmali Dange (Shalmali.Dange@larsentoubro.com) 23
Slide 24: Balance Sheet
Balance Sheet ₹ Billion Mar-25 Dec-25 Incr / (Decr) Equity & Reserves 977 1053 76 Non Controlling Interest 177 189 11 Borrowings - Financial Services 920 1025 104 Development Projects 156 165 9 Others 219 131 -88 Sources of Funds 2450 2563 113 Fixed Assets (incl ROU assets) 194 213 19 Intangible Ass
Slide 25: Q3 / 9M FY26 Cash Flow – As Reported
Q3 / 9M FY26 Cash Flow – As Reported Q3 FY25 Q2 FY26 Q3 FY26 ₹ Billion 9M FY25 9M FY26 71.7 76.0 86.8 Operating Profit 208.6 235.3 (24.7) 2.0 31.2 Changes in Working Capital [(Inc)/Dec] (47.5) 44.8 (12.2) (15.5) (19.1) Direct Taxes (Paid) / Refund [Net] (40.2) (48.4) 34.8 62.4 98.9 Net Cash from / (
Slide 26: Memorandum Q3 / 9M FY26 Cash Flow excl Financial Services
Memorandum Q3 / 9M FY26 Cash Flow excl Financial Services Q3 FY25 Q2 FY26 Q3 FY26 ₹ Billion 9M FY25 9M FY26 58.9 61.4 69.7 Operating Profit 167.5 190.4 (27.5) (1.0) 24.9 Changes in Working Capital [(Inc)/Dec] (53.3) 34.4 (11.1) (13.3) (16.6) Direct Taxes (Paid) / Refund [Net] (35.0) (42.2) 1.2 0.6 0
Slide 27: Segment Details – Q3 FY26
Segment Details – Q3 FY26 Q3 FY25 Q3 FY26 Segment (₹ Crore) EBITDA EBITDA Net Revenue EBITDA Net Revenue EBITDA % % Infrastructure Projects Segment 32134 1774 5.5% 33700 2054 6.1% Energy Projects Segment 11047 921 8.3% 12726 755 5.9% Hi-Tech Manufacturing Segment 2433 443 18.2% 3267 597 18.3% Others
Slide 28: Segment Details – 9M FY26
Segment Details – 9M FY26 9M FY25 9M FY26 Segment (₹ Crore) EBITDA EBITDA Net Revenue EBITDA Net Revenue EBITDA % % Infrastructure Projects Segment 90996 5253 5.8% 94216 5676 6.0% Energy Projects Segment 28408 2461 8.7% 38271 2639 6.9% Hi-Tech Manufacturing Segment 6342 1029 16.2% 9248 1488 16.1% Ot
Slide 29: Breakup of Energy and Hi-Tech Manufacturing Segment
Breakup of Energy and Hi-Tech Manufacturing Segment Q3 FY25 Q3 FY26 Y-o-Y ₹ Bn 9M FY25 9M FY26 Y-o-Y 388.0 460.5 19% Energy Segment 553.5 1156.3 >100% Order Inflow 153.9 281.1 83% Hydrocarbon 314.8 743.2 >100% 234.2 179.3 -23% CarbonLite Solutions 238.7 413.1 73% 110.5 127.3 15% Energy Segment 284.1
Slide 30: Breakup of Development Projects and Others Segment
Breakup of Development Projects and Others Segment Q3 FY25 Q3 FY26 Y-o-Y ₹ Bn 9M FY25 9M FY26 Y-o-Y 14.4 11.6 -19% Development Projects 41.6 39.4 -5% Revenue 2.3 2.6 14% Hyderabad Metro 6.8 7.5 10% 12.1 8.9 -26% Nabha Power 34.6 31.7 -8% 15.2% 20.6% 550 bps Development Projects 15.3% 15.7% 40 bps De
Slide 31: Order Inflow and Order Book Details
Order Inflow and Order Book Details (Amount in ₹ crore) Order Inflow Order Book Q3 FY25 % Int Q3 FY26 % Int 9M FY25 % Int 9M FY26 % Int 31-Dec-24 % Int 31-Dec-25 % Int Infrastructure Projects 49070 74% 61876 55% 138646 63% 155587 56% 361282 37% 424937 45% Energy Projects 38804 33% 46049 43% 55353 38
Slide 32: Share in Profit/(Loss) of JVs/Associates
Share in Profit/(Loss) of JVs/Associates Q3 FY25 Q3 FY26 ₹ Bn 9M FY25 9M FY26 (0.00) 0.11 L&T CarbonLite Solutions JVs (0.03) 0.44 (0.28) (0.04) L&T Hydrocarbon JVs (0.36) (0.34) 0.01 (0.11) Others** 0.02 (0.31) (0.27) (0.05) Total (0.36) (0.21) ** Other JVs/Associates of Hi-Tech Manufacturing and I