Larsen & Toubro Limited · NSE:LT
Larsen & Toubro — Q1 FY27 Earnings Presentation
31 slides from Larsen & Toubro's earnings presentation, Jul 28, 2026
Slide 1: Earnings Call Presentation Q1 FY27
Aboard LTS-3000, women engineers from L&T are playing a key role in advancing India’s energy ambitions through the Daman Upside Development Project (DUDP), a major offshore oil & gas exploration project in India Earnings Call Presentation Q1 FY27 28th July, 2026
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: Prime Minister visits AM Naik Heavy Engineering Complex, Hazira
Honorable Prime Minister Shri Narendra Modi visited the AM Naik Heavy Engineering Complex, Hazira of L&T on 5th June 2026. He visited L&T’s Heavy Engineering, Precision Engineering & Systems and Electrolyser Manufacturing facilities. EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 3
Slide 4: Key Highlights
01 Key Highlights Bhogapuram Airport, near Visakhapatnam EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 4 4
Slide 5: Key Strategic Developments
Key Strategic Developments Divestment of Nabha Power SPA signed to divest Electronic Products & Systems LTM issued an offer to acquire completed on 25-Jun-2026 LTMRHL stake to business partners with Israel Randstad’s Technology and Hyderabad Metro Rail Ltd based EVR Motors for next-gen Consulting Se
Slide 6: Resilience amidst a Turbulent Environment
Resilience amidst a Turbulent Environment ORDER INFLOW REVENUE PROFIT AFTER TAX ₹ 1080 bn ₹ 679 bn ₹ 41 bn 14% YoY Growth 7% YoY Growth 14% YoY Growth ORDER BOOK NWC% TO REVENUE RETURN ON EQUITY ₹ 7790 bn 4.9% 16.1%* 27% YoY Growth 520 bps YoY improvement * Includes 100 bps impact of Labour Code pro
Slide 7: Key Financial Indicators
Key Financial Indicators In ₹ bn Particulars Q1 FY26 Q1 FY27 % Var Order Inflow 945 1080 14% Order Book 6128 7790 27% Revenue 637 679 7% EBITDA % 9.9% 9.0% Reported PAT 36 41 14% Key Ratios As on Jun'25 As on Jun'26 Net Working Capital 10.1% 4.9% ROE (TTM) (%) 17.0% 16.1%* Cash Flow Metrics Q1 FY26
Slide 8: Group Performance Analysis
02 Group Performance Analysis Petrochemical Fluidized Catalytic Cracking Unit, Barmer EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 8 8
Slide 9: Q1 FY27 Order Inflow / Order Book
Q1 FY27 Order Inflow / Order Book In ₹ bn Order Inflow Order Book Q1 FY27 14% 27% 2827 4076 473 607 1080 z 6128 7790 Q1 FY26 3301 458 487 945 3714 30-Jun-25 30-Jun-26 Domestic International • Order Inflow growth aided by ultra-mega offshore wind orders from Europe and sustained domestic private sect
Slide 10: Group P&L Construct: Revenue to EBITDA
Group P&L Construct: Revenue to EBITDA Remarks Q1 FY26 ₹ Billion Q1 FY27 % Var • Revenue 636.8 Revenue 679.4 7% Subdued revenue growth primarily attributable to execution stage of the order book and supply chain constraints in the Middle East 52% International Rev. 51% • MCO Expense 402.3 MCO Exp.*
Slide 11: Group P&L Construct: EBITDA to PAT
Group P&L Construct: EBITDA to PAT Remarks Q1 FY26 ₹ Billion Q1 FY27 % Var 63.2 EBITDA 61.2 -3% • Finance Cost Reduction primarily due to decline in average (7.8) Finance Cost (5.4) -31% borrowings. Interest cost for Hyderabad Metro has not been considered from 01-May-2026 (10.3) Depreciation (10.3)
Slide 12: Segment Performance Analysis
02 Segment Performance Analysis Al Muwayh, Solar PV Project in Saudi Arabia EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 12 12
Slide 13: Segment Composition
Segment Composition 1 2 5 4 Infrastructure & Manufacturing & Technology, Platforms & Energy - Conventional Utilities Products Services Hydrocarbon Buildings & Factories Heavy Engineering LTM CarbonLite Solutions Precision Transportation Infra LTTS Engineering & Systems Data Center Heavy Civil 3 Elec
Slide 14: Order Inflow Composition – Q1 FY27
Order Inflow Composition – Q1 FY27 Segment Geography 5% 3% 31% 20% 42% 44% 3% 41% 11% Infrastructure & Utilities Energy - Conventional India Middle East USA & Europe ROW Energy - Green Manufacturing & products Services Q1 FY27: ₹ 1080 Bn EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 14
Slide 15: Order Book as on 30-Jun-2026
Order Book as on 30-Jun-2026 Segment Geography 8% 28% 8% 19% 5% 48% 2% 37% 45% Infrastructure & Utilities Energy - Conventional India Middle East USA & Europe ROW Energy - Green Manufacturing & products Services As on 30-June-26 : ₹ 7790 Bn EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 15
Slide 16: Revenue Composition – Q1 FY27
Revenue Composition – Q1 FY27 Segment Geography 7% 3% 8% 19% 32% 21% 49% 29% 32% Infrastructure & Utilities Energy - Conventional India Middle East USA & Europe ROW Energy - Green Manufacturing & products Services Q1 FY27: ₹ 679 Bn EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 16
Slide 17: Infrastructure & Utilities
INFRASTRUCTURE & UTILITIES REVENUE (₹ Bn) EBITDA MARGIN -3% YoY -40 bps 224.2 218.6 Q4 FY27 total57.8 revenue 56.7 5.5% 5.1% 166.4 161.9 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Domestic International • Robust order inflow growth led by strong momentum in domestic private sector ordering • Decline in revenue pri
Slide 18: Energy - Conventional
ENERGY - CONVENTIONAL REVENUE (₹ Bn) EBITDA MARGIN +14% YoY +10 bps 142.4 124.6 96.9 7.5% 7.6% 88.0 36.6 45.5 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Domestic International • Order inflow declined due to deferred order awards and the high base effect (CarbonLite Solution orders) • Revenue growth mainly driven b
Slide 19: Energy - Green
ENERGY - GREEN REVENUE (₹ Bn) EBITDA MARGIN -11% YoY -10 bps 63.4 56.1 58.2 48.6 6.1% 6.0% 5.2 7.5 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Domestic International • Robust order inflows during the quarter aided by ultra mega orders in the Offshore Wind business • Revenue declined due to supply chain disruptions
Slide 20: Manufacturing & Products
MANUFACTURING & PRODUCTS REVENUE (₹ Bn) EBITDA MARGIN +9% YoY - 230 bps 44.9 41.0 7.3 17.5% 10.2 15.2% 37.6 30.8 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Domestic International • Robust growth in order inflows aided by receipt of multiple refinery equipment package orders in the Heavy Engineering business • Segm
Slide 21: Technology, Platforms & Services
TECHNOLOGY, PLATFORMS & SERVICES REVENUE (₹ Bn) EBITDA MARGIN +15% YoY -30 bps 146.3 126.8 0.9 0.8 29.8 28.2 Q4 FY27 total revenue 19.5% 19.2% 115.6 97.8 Q1FY26 Q1FY27 Q1FY26 Q1FY27 LTM LTTS Others* • LTM revenue growth was broad based across businesses • LTTS revenue growth was led by Sustainabilit
Slide 22: Financial Services
FINANCIAL SERVICES Q1 FY26 ₹ Billion Q1 FY27 % Var 39.7 Income from Operations 50.4 27% 7.0 PAT 9.0 29% 4.6 PAT (Net of NCI) accruing to the group 6.0 28% 1023.1 Book 1296.3 27% 937.7 Debt 1154.2 23% 98% Retail Book % 98% • Robust growth in retail disbursements; improving collection efficiency and a
Slide 23: Realty
REALTY QUARTERLY REVENUE (₹ Bn) EBITDA MARGIN >100% - 1190 bps 48.8% Q4 FY27 total revenue 36.9% 10.1 4.6 Q1FY26 Q1FY27 Q1FY26 Q1FY27 • Growth in order inflows mainly due to higher pre-sales from new launches • Revenue growth mainly represents higher handover of flats in the MMR region • Margin refl
Slide 24: Macro Trends in L&T's Operating Environment
Macro Trends in L&T's Operating Environment NEAR TERM LONG TERM INDIA INDIA Near Term Long Term ● Private capex recovery broadening ● Energy infrastructure build-out — transition plus energy security ● Resilient new capex areas — digital infra, energy transition, GCC led Real Estate capex ● Strategi
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 Jun-26 Incr / (Decr) Equity & Reserves 1093 1088 -5 Non-Controlling Interest 192 195 3 Borrowings - Financial Services 1098 1153 55 Others 119 145 26 Sources of Funds 2502 2582 80 Fixed Assets (incl ROU assets) 225 232 7 Intangible Assets & Investment Property 117 114
Slide 27: Cash & Cash Equivalents and Current Investments Breakup
Cash & Cash Equivalents and Current Investments Breakup ₹ Billion Mar-26 Jun-26 Standalone 372 426 LTM & LTTS 178 177 L&T Finance 134 115 Other Subsidiaries 120 133 L&T Group 804 851 EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 27
Slide 28: Q1 FY27 Cash Flow – As Reported
Q1 FY27 Cash Flow – As Reported ₹ Billion Q1 FY26 Q1 FY27 Operating Profit 72.0 77.8 Changes in Working Capital [(Inc)/Dec] 12.1 (2.5) Direct Taxes (Paid) / Refund [Net] (13.8) (12.5) Net Cash from / (used in) Operations before financing activities 70.3 62.8 Loan towards financing activities (39.9)
Slide 29: Memorandum Q1 FY27 Cash Flow – Excluding Financial Services
Memorandum Q1 FY27 Cash Flow – Excluding Financial Services ₹ Billion Q1 FY26 Q1 FY27 Operating Profit 58.7 59.3 Changes in Working Capital [(Inc)/Dec] 11.1 (3.8) Direct Taxes (Paid) / Refund [Net] (12.3) (12.6) Loan towards financing activities 0.5 0.6 Net Cash from / (used in) Operations (A) 58.1
Slide 30: Segment Details – Q1 FY27
Segment Details – Q1 FY27 Q1 FY26 Q1 FY27 Segment (₹ Crore) EBITDA EBITDA Net Revenue EBITDA Net Revenue EBITDA % % Infrastructure & Utilities 22421 1233 5.5% 21858 1114 5.1% Energy - Conventional 12463 935 7.5% 14239 1078 7.6% Energy - Green 6335 384 6.1% 5607 339 6.0% Manufacturing & Products 4104
Slide 31: Segment Breakup
Segment Breakup Energy – Conventional Manufacturing & Products ₹ Bn Q1 FY26 Q1 FY27 Y-o-Y ₹ Bn Q1 FY26 Q1 FY27 Y-o-Y Energy - Conventional Segment 314.2 30.5 -90% Manufacturing & Products 31.9 55.4 74% Order Inflow Hydrocarbon 84.1 25.6 -70% Heavy Engineering 5.7 32.8 >100% Order Inflow CarbonLite S