Larsen & Toubro Limited · NSE:LT
Larsen & Toubro — Q1 FY27 Earnings Presentation
41 slides from Larsen & Toubro's earnings presentation, Jul 28, 2026
Slide 1: Investor 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 Investor 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: L&T Overview
01 L&T Overview Bhogapuram Airport, near Visakhapatnam EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 4 4
Slide 5: L&T – At a Glance
L&T – At a Glance India’s largest E&C company with interests in EPC Projects, Hi- Tech Manufacturing and Services. Group Revenue Credit Rating ESG Rating Market Capitalization Ranked 2nd in ‘Top 200 Environmental Firms’ International in 2025 as per ENR A Professionally ₹2,859 Bn S&P: BBB+ / (Stable)
Slide 6: Builders to the Nation
Builders to the Nation Atal Setu, Mumbai Kempegowda International Airport- Terminal 2 Yashobhoomi (Convention Center), New Delhi Kudankulam Nuclear Power Plant (KKNPP) Ethylene Glycol Unit & Recovery Unit, Odisha Prototype Fast Breeder Reactor at Kalpakkam 2x660 MW Buxar Thermal Power Plant, Bihar D
Slide 7: International Footprint
International Footprint Riyadh Metro, KSA Al Rayyan Stadium, Doha, Qatar 1.4 GW Al Kahfah Solar PV Project, KSA ITC Colombo Hotel Industrial Effluent Treatment Plant, Qatar Cryostat for ITER, France Mansourah-Massarah Gold Processing Project, KSA 380 kV OHTL between Arar and Rafha, KSA Marjan Increm
Slide 8: Executive Directors
Executive Directors S. N. Subrahmanyan Subramanian R Shankar Raman S.V. Desai T.Madhava Das Anil. V. Parab Chairman and Sarma President & Whole- Whole-Time Whole-Time Whole-Time Managing Director Deputy Managing Time Director - Director & Sr. Director & Sr. Director & Sr. Director & Finance Executiv
Slide 9: L&T – Shareholding Pattern
L&T – Shareholding Pattern Others, 9% Govt. Financial Institututions & Insurance Companies, 15% Mutual Funds , 20% As at 30th June, 2026 FII's & GDR, 20% L&T Employee Trust, 14% Individuals, 21% • Listed with BSE & NSE • GDRs listed with LSE and LuxSE • L&T is one of the most widely held listed comp
Slide 10: Value creating Integrated Business Model
Design & Engineering Fabrication & Realty Construction Value creating EPC Projects Integrated Business Model IT, Engineering & Financial Services Technology Services Manufacturing 10
Slide 11: E&C Delivery Platform
E&C Delivery Platform One of Asia’s largest vertically integrated E&C Companies Design & Engineering Procurement & Construction EPC PROJECTS Commissioning Manufacture & Fabrication Single point responsibility for turnkey solutions 11
Slide 12: Marquee Customers – Projects & Manufacturing
Marquee Customers – Projects & Manufacturing Indian Coastguard 12
Slide 13: Rewards and Recognitions
Rewards and Recognitions The Great Place To Work (GPTW) Institute L&T Heavy Engineering was recognised has recognised L&T as one of India's Best by CII with the National Best Practices Employers Among Nation-Builders. This Award in the Large Enterprise category is for the third consecutive year that
Slide 14: Key Highlights
02 Key Highlights Petrochemical Fluidized Catalytic Cracking Unit, Barmer EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 14 14
Slide 15: 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 16: 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 17: 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 18: Group Performance Analysis
03 Group Performance Analysis Al Muwayh, Solar PV Project in Saudi Arabia EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 18 18
Slide 19: 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 20: 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 21: 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 22: Segment Performance Analysis
04 Segment Performance Analysis DHT Reactor & HPHT Separator for a client in USA EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 22 22
Slide 23: 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 24: 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 24
Slide 25: 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 25
Slide 26: 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 26
Slide 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: Thank You
Thank You Investor Relations: Vivek Laha (Vivek.Laha@larsentoubro.com) Shalmali Dange (Shalmali.Dange@larsentoubro.com) EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 35
Slide 36: 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 37: 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 37
Slide 38: 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 39: 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 40: 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 41: 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