CINprepared
L99999MH1946PLC004768
SEC/2026
July 28, 2026
BSE Limited
Phiroze Jejeebhoy Towers,
Dalal Street,
MUMBAI - 400 001
STOCK CODE: 500510
National Stock Exchange of India Limited
Exchange Plaza, 5th Floor
Plot No.C/1, G Block
Bandra-Kurla Complex
Bandra (E), Mumbai - 400 051
STOCK CODE: LT
Dear Sirs,
Sub.: Analyst Presentation.- Q1 / FY27
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, we enclose herewith a copy of Analyst
Presentation on financials of Q1 / FY27 which will be uploaded to our Investor
Website https://investors.larsentoubro.com.
We request you to take note of the same.
Thanking you,
Yours faithfully,
for LARSEN & TOUBRO LIMITED
SUBRAMANIAN NARAYAN
COMPANY SECRETARY &
COMPLIANCE OFFICER
(ACS 16354)
Encl. As above.
e
LARSEN & TOUBRO
An ISO 9001:2015 Certified Department
Narayan
Subramanian
Digitally signed by
Narayan Subramanian
Date: 2026.07.28
18:10:12 +05'30'
Earnings Call Presentation
Q1 FY27
28th July, 2026
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
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
2
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 risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in
earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and the target
countries for exports, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to
manage our international operations, government policies and actions with respect to investments, fiscal deficits, regulations, etc.,
interest and other fiscal costs generally prevailing in the economy. Past performance may not be indicative of future performance.
The company does not undertake to make any announcement in case any of these forward looking statements become materially
incorrect in future or update any forward looking statements made from time to time by or on behalf of the company.
2
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
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.
3
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
01 Key Highlights
4
Bhogapuram Airport, near Visakhapatnam
4
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
Key Strategic Developments
Divestment of Nabha Power
completed on 25-Jun-2026
SPA signed to divest
LTMRHL stake to
Hyderabad Metro Rail Ltd
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
Electronic Products & Systems
business partners with Israel
based EVR Motors for next-gen
EV traction motors
L&T Vyoma partnered with
Fortanix to deliver sovereign
and secure AI cloud solutions
Moody's Ratings assigned
'Baa1' long-term / Stable
rating; two notches above
Sovereign Rating
LTM issued an offer to acquire
Randstad’s Technology and
Consulting Services business
Partnership with France-based
Exail to make
Advanced Unmanned Mine
Counter-Measure Suite
5
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
ORDER INFLOW
₹ 1080 bn
14% YoY Growth
ORDER BOOK
₹ 7790 bn
REVENUE
₹ 679 bn
PROFIT AFTER TAX
NWC% TO REVENUE
4.9%
RETURN ON EQUITY
16.1%*
Resilience amidst a Turbulent Environment
₹ 41 bn
7% YoY Growth
27% YoY Growth
14% YoY Growth
520 bps YoY improvement
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
* Includes 100 bps impact of Labour Code
provision recognised in Q3 FY26
6
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
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
Q1 FY27
Cash flow from Operations
(excl Financial Services business)
58
43
Key Financial Indicators
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
In ₹ bn
* Includes 100 bps impact of Labour Code provision recognised in Q3 FY26
7
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
02 Group Performance Analysis
8
Petrochemical Fluidized Catalytic Cracking Unit, Barmer
8
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
9
Q1 FY27 Order Inflow / Order Book
z
458
473
487
607
Q1 FY26
Q1 FY27
1080
945
Domestic
International
Order Inflow
Order Book
• Order Inflow growth aided by ultra-mega offshore wind orders from Europe and sustained domestic private sector ordering
• International orders constitute 52% of the Order Book
• Strong addressable prospects pipeline of ~ Rs 15 trillion for the near term
14%
3301
2827
30-Jun-25
6128
27%
3714
4076
7790
30-Jun-26
9
In ₹ bn
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
Group P&L Construct: Revenue to EBITDA
Remarks
•
Revenue
Subdued revenue growth primarily attributable to
execution stage of the order book and supply
chain constraints in the Middle East
•
MCO Expense
Reflective of increased activity levels and revenue mix
•
Staff Costs
Driven by resource augmentation and salary
increments across businesses
•
SG&A
Increase in SG&A cost includes the impact of forex
variation in LTM & LTTS, and credit cost in FS and
PP&M
•
EBITDA Margin
EBITDA margin was impacted by lower execution
levels, forex variation in IT subsidiaries and higher
ECL provisions
Q1 FY26
₹ Billion
Q1 FY27
% Var
636.8
Revenue
679.4
7%
52%
International Rev.
51%
402.3
MCO Exp.*
417.0
4%
17.1
Fin. Charge Opex**
20.3
19%
126.4
Staff Costs
140.4
11%
27.9
Sales & Admin.
40.5
45%
573.6
Total Opex
618.3
8%
63.2
EBITDA
61.2
-3%
9.9%
EBITDA %
9.0%
* Manufacturing, Construction and Operating expenses
**Finance cost of financial services business and finance lease activity
10
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
Group P&L Construct: EBITDA to PAT
Remarks
•
Finance Cost
Reduction primarily due to decline in average
borrowings. Interest cost for Hyderabad Metro
has not been considered from 01-May-2026
•
Other Income
Other income supported by higher group surplus
funds and improved yields
•
Income Tax
Tax increase includes tax on gain on divestment
Q1 FY26
₹ Billion
Q1 FY27
% Var
63.2
EBITDA
61.2
-3%
(7.8)
Finance Cost
(5.4)
-31%
(10.3)
Depreciation
(10.3)
0%
13.6
Other Income
23.8
75%
(15.3)
Tax Expense
(19.4)
26%
(0.1)
JV/Associates PAT Share
0.1
(7.0)
Non-controlling Int.
(8.7)
23%
36.2
Reported PAT
41.2
14%
11
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
02 Segment Performance Analysis
12
Al Muwayh, Solar PV Project in Saudi Arabia
12
Segment Composition
Buildings & Factories
Transportation Infra
Heavy Civil
Water Effluent &
Treatment
Power T&D
Metals & Minerals
Heavy Engineering
Precision
Engineering & Systems
CE & IPDD
LTTS
Data Center
LTM
1
4
5
6
CarbonLite Solutions
Hydrocarbon
2
Electronics
Semiconductor
Digital Platforms
Projects, Products & Manufacturing
(PPM) = 1 + 2 + 3 + 4
Green Assets
Hydrogen / Ammonia
8
Electrolyser
Manufacturing
7
3
Renewables - Solar
Renewables – Onshore &
Offshore Wind
Infrastructure &
Utilities
Financial Services
Manufacturing &
Products
Technology, Platforms &
Services
Energy - Conventional
Development Projects
Realty
Energy - Green
New business
13
Nabha Power*
Hyderabad Metro#
*Divested w.e.f 25-Jun-2026
# Held for Sale
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
13
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
44%
11%
42%
3%
India
Middle East
USA & Europe
ROW
Order Inflow Composition – Q1 FY27
41%
3%
31%
5%
20%
Infrastructure & Utilities
Energy - Conventional
Energy - Green
Manufacturing & products
Services
Segment
Geography
Q1 FY27: ₹ 1080 Bn
14
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
Order Book as on 30-Jun-2026
Segment
Geography
As on 30-June-26 : ₹ 7790 Bn
48%
37%
8%
8%
India
Middle East
USA & Europe
ROW
45%
28%
19%
5%
2%
Infrastructure & Utilities
Energy - Conventional
Energy - Green
Manufacturing & products
Services
15
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
Revenue Composition – Q1 FY27
Segment
Geography
Q1 FY27: ₹ 679 Bn
49%
29%
19%
3%
India
Middle East
USA & Europe
ROW
32%
21%
8%
7%
32%
Infrastructure & Utilities
Energy - Conventional
Energy - Green
Manufacturing & products
Services
16
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
INFRASTRUCTURE & UTILITIES
REVENUE (₹ Bn)
Q4 FY27 total revenue
166.4
161.9
57.8
56.7
224.2
218.6
Q1FY26
Q1FY27
Domestic
International
EBITDA MARGIN
5.5%
5.1%
Q1FY26
Q1FY27
-3% YoY
•
Robust order inflow growth led by strong momentum in domestic private sector ordering
•
Decline in revenue primarily due to execution phase of the order book
•
Margin decline reflects change in revenue mix and higher ECL provisions
-40 bps
17
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
ENERGY - CONVENTIONAL
REVENUE (₹ Bn)
Domestic
International
EBITDA MARGIN
7.5%
7.6%
Q1FY26
Q1FY27
•
Order inflow declined due to deferred order awards and the high base effect (CarbonLite Solution orders)
•
Revenue growth mainly driven by higher execution in CarbonLite Solutions business
•
Margin largely in line with previous year
+10 bps
36.6
45.5
88.0
96.9
124.6
142.4
Q1FY26
Q1FY27
+14% YoY
18
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
ENERGY - GREEN
REVENUE (₹ Bn)
Domestic
International
EBITDA MARGIN
6.1%
6.0%
Q1FY26
Q1FY27
•
Robust order inflows during the quarter aided by ultra mega orders in the Offshore Wind business
•
Revenue declined due to supply chain disruptions in the Solar business
•
Stable margin
-10 bps
5.2
7.5
58.2
48.6
63.4
56.1
Q1FY26
Q1FY27
-11% YoY
19
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
MANUFACTURING & PRODUCTS
REVENUE (₹ Bn)
Domestic
International
EBITDA MARGIN
- 230 bps
17.5%
15.2%
Q1FY26
Q1FY27
•
Robust growth in order inflows aided by receipt of multiple refinery equipment package orders in the Heavy Engineering business
•
Segment revenue growth reflective of strong execution momentum in Precision Engineering & Systems and Construction Equipment business
•
Margin decline primarily reflective of change in sales mix
The Precision Engineering & Systems business does not manufacture explosives and ammunition of any kind related to cluster munitions, anti-personnel landmines, nuclear
weapons and components for all such munitions. The business also does not customise any delivery systems for all such munitions
30.8
37.6
10.2
7.3
41.0
44.9
Q1FY26
Q1FY27
+9% YoY
20
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
TECHNOLOGY, PLATFORMS & SERVICES
REVENUE (₹ Bn)
Q4 FY27 total revenue
97.8
115.6
28.2
29.8
0.8
0.9
126.8
146.3
Q1FY26
Q1FY27
LTM
LTTS
EBITDA MARGIN
19.5%
19.2%
Q1FY26
Q1FY27
+15% YoY
•
LTM revenue growth was broad based across businesses
•
LTTS revenue growth was led by Sustainability segment
•
Salary hike and forex variation in LTM impact segment margin
*Others mainly include revenue from Digital Platforms, Semiconductor Design business, Data Center and Smart World & Communication
business (residual portion)
-30 bps
Others*
21
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
FINANCIAL SERVICES
•
Robust growth in retail disbursements; improving collection efficiency and asset quality
•
Provision Coverage Ratio (PCR) @ 69%
•
RoA @ 2.48% for Q1 FY27; CRAR @ 17.89%
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%
22
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
REALTY
QUARTERLY REVENUE (₹ Bn)
Q4 FY27 total revenue
4.6
10.1
Q1FY26
Q1FY27
>100%
•
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 reflective of change in sales mix (higher proportion of JDA sales in CY)
•
Further expansion into NCR with acquisition of 20 acres of land in Gurgaon
EBITDA MARGIN
- 1190 bps
48.8%
36.9%
Q1FY26
Q1FY27
23
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
Macro Trends in L&T's Operating Environment
N E A R T E R M
L O N G T E R M
INDIA
Near Term
●Private capex recovery broadening
●Resilient new capex areas — digital infra, energy transition, GCC led Real Estate capex
●Fiscal slippage risk from subsidy outlays amid conflict
●Oil-driven inflation risk amid global trade uncertainty
INDIA
Long Term
●Energy infrastructure build-out — transition plus energy security
●Strategic self-reliance (Atmanirbhar Bharat) in manufacturing and defence
●Capital reallocation to growth avenues — data centers, EVs, advanced manufacturing
GLOBAL
Near Term
●Tech capex supercycle continues — AI, cloud, data centers
●Global supply chains being actively reworked around supply constraints
●Constant churn in geopolitical realignment reshaping trade and investment flows
●Currency and commodity volatility amid shifting rate expectations
GLOBAL
Long Term
●Technology as the new geopolitical battleground
●Global energy transition and decarbonisation capex
●Supply chain de-risking — friendshoring, nearshoring
●Demographic divergence
24
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
Thank You
Investor Relationsprepared
Vivek Laha (Vivek.Laha@larsentoubro.com)
Shalmali Dange (Shalmali.Dange@larsentoubro.com)
25
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
26
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
-3
Loans towards Financing Activities
1178
1254
76
Net Non-Current Assets
193
190
-3
Current Investments, Cash & Cash Equivalents
804
851
47
Net Current Assets
-59
-69
-9
Assets held for Sale (net)
45
10
-35
Application of Funds
2502
2582
80
Gross Debt / Equity Ratio
0.95
1.01
Net Debt / Equity Ratio
0.35
0.39
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
27
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
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)
(83.1)
Net Cash from / (used in) Operations (A)
30.5
(20.2)
Net Investment in Fixed Assets (incl. Intangible & Investment Property)
(13.2)
(9.6)
Net (Purchase) / Sale of Long Term investments & Business Undertaking
(14.1)
46.3
Net (Purchase) / Sale of Current investments
40.4
(74.2)
Loans/Deposits made with JV/Associate Cos. / Third Party
0.0
1.5
Interest & Dividend Received
7.5
10.4
Net Cash from /(used in) Investing Activities (B)
20.6
(25.6)
Issue of Share Capital / Payment of Dividend to NCI
(7.3)
(8.6)
Net Borrowings
4.3
84.1
Interest & Dividend paid
(61.2)
(63.8)
Net Cash from / (used in) Financing Activities (C)
(64.1)
11.6
Net (Dec) / Inc in Cash & Cash Equivalents (A+B+C)
(13.0)
(34.2)
28
EPC PROJECTS | MANUFACTURING & PRODUCTS | 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
43.4
Net Investment in Fixed Assets (incl. Intangible & Investment Property)
(12.9) (9.1)
Net (Purchase) / Sale of Long Term investments & Business Undertaking
(11.4) 40.1
Net (Purchase) / Sale of Current Investments
3.1 (66.3)
Loans/Deposits made with JV/Associate Cos. / Third Party
0.0 1.5
Interest & Dividend Received
9.8 12.8
Net Cash from /(used in) Investing Activities (B)
(11.4)
(21.1)
Issue of Share Capital / Payment of Dividend to NCI
(5.2) (6.1)
Net Borrowings
1.0 29.3
Interest & Dividend paid
(61.2) (63.8)
Net Cash from / (used in) Financing Activities (C)
(65.5)
(40.6)
Net (Dec) / Inc in Cash & Cash Equivalents (A+B+C)
(18.8)
(18.3)
29
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
Segment Details – Q1 FY27
*Finance cost and tax provisions of parent company are reflected under Corporate
#includes eliminations
Net Revenue
EBITDA
EBITDA
%
Net Revenue
EBITDA
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 715
17.4% 4486 680
15.2%
Total (Projects, Products & Manufacturing) 45324 3268
7.2% 46191 3211
7.0%
Technology, Platforms & Services
12678 2467
19.5% 14627 2803
19.2%
Financial Services
3971 984
24.8% 5042 1299
25.8%
Realty
457 223
48.8% 1009 372
36.9%
Development Projects
1249 212
17.0% 1074 127
11.8%
Total (Services & Concessions)
18354 3885
21.2% 21751 4601
21.2%
Total
63679 7153
11.2% 67942 7812
11.5%
Q1 FY26
Q1 FY27
Segment (₹ Crore)
Particulars
Technology,
Platforms &
Services
Financial
Services
Realty
Development
Projects
Projects,
Products &
Manufacturing*
Corporate#
Total
EBITDA
2803 1299 372 127 3211 681 8493
Depreciation
(449) (63) (25) (2) (524) 32 (1032)
Segment Result
2354 1236 347 124 2686 713 7461
Finance Cost & Tax Expense
(726) (320) (33) (88) (197) (1114) (2478)
Non-controlling interest
(545) (320) - - (3) 3 (865)
Share in profit/(loss) of JV and associate
(5) - - - 10 - 5
PAT
1078 596 314 36 2496 (397) 4123
EBITDA to PAT (Q1 FY27)
30
EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES
Segment Breakup
₹ Bn
Q1 FY26
Q1 FY27
Y-o-Y
Energy - Conventional Segment
314.2
30.5
-90%
Hydrocarbon
84.1
25.6
-70%
CarbonLite Solutions
230.1
4.9
-98%
Energy Segment
124.6
142.4
14%
Hydrocarbon
119.8
126.3
5%
CarbonLite Solutions
4.9
16.0
>100%
Energy Segment
7.5%
7.6%
10 bps
Hydrocarbon
7.4%
7.5%
20 bps
CarbonLite Solutions
10.9%
7.8%
-310 bps
Order Inflow
Revenue
EBITDA Margin
Manufacturing & Products
Energy – Conventional
31
* “Others” includes CE&IPDD, Electronics and Electrolyser manufacturing business
₹ Bn
Q1 FY26
Q1 FY27
Y-o-Y
Manufacturing & Products
31.9
55.4
74%
Heavy Engineering
5.7
32.8
>100%
Precision Engineering & Systems
5.9
4.3
-27%
Others*
20.3
18.3
-10%
Manufacturing & Products
41.0
44.9
9%
Heavy Engineering
11.6
8.4
-27%
Precision Engineering & Systems
14.3
20.8
46%
Others*
15.2
15.6
3%
Manufacturing & Products
17.5%
15.2%
-230 bps
Heavy Engineering
24.3%
24.3%
-10 bps
Precision Engineering & Systems
14.9%
10.3%
-460 bps
Others*
14.6%
16.7%
210 bps
Revenue
EBITDA Margin
Order Inflow
