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Larsen & Toubro (LT) investor relations material
Larsen & Toubro Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary29 Oct, 2025
Executive summary
Order inflows in Q2 FY26 grew 45% year-over-year to ₹1,158 billion, with the order book reaching ₹6,670 billion, up 31% year-over-year; international orders comprised up to 59% of the total.
Group revenues increased 10% year-over-year in Q2 FY26 to ₹680 billion, with H1 FY26 revenue up 13% to ₹1,317 billion; international revenue made up 56% of Q2 total.
Profit after tax for Q2 FY26 was ₹39 billion, up 16% year-over-year; H1 FY26 PAT rose 22% to ₹75 billion.
Strategic partnerships and MoUs were signed in renewables, green energy, defense, and semiconductors; an in-principle agreement was reached for the government of Telangana to take over the Hyderabad Metro SPV.
Major divestment in Hyderabad Metro Rail (Hyderabad) Limited aligns with portfolio realignment strategy.
Financial highlights
Group order inflow for Q2 FY26 was ₹1,158 billion, up 45% year-over-year; H1 FY26 order inflow was ₹2,102 billion, up 39% year-over-year.
Group revenues for Q2 FY26 were ₹680 billion, up 10% year-over-year; H1 FY26 revenue was ₹1,317 billion, up 13% year-over-year.
Group EBITDA margin for Q2 FY26 was 10%, down from 10.3% a year ago.
Consolidated PAT for Q2 FY26 was ₹39 billion, up 16% year-over-year; H1 FY26 PAT was ₹75 billion, up 22% year-over-year.
Net working capital to revenue ratio improved to 10.2% from 12.2% a year ago.
Outlook and guidance
Confident of exceeding full-year FY26 guidance of 10% growth in group order inflows; maintains full-year revenue growth guidance at 15%.
Strong prospect pipeline of ₹10.4 trillion, led by infrastructure and energy-hydrocarbon sectors.
India’s GDP growth for FY26 projected at 6.5%-7%, with robust domestic fundamentals.
Focus on leveraging emerging opportunities, investing in new businesses, and ensuring sustainable growth.
Detail L&TMRHL divestment progress and outlook
What caused Energy Projects segment margin decline?
Discuss strategy for emerging tech businesses
Hyderabad Metro divestment: Net P&L impact?
Sustain profitability for large int'l orders?
AMCA program: Long-term strategy & investment?
Hyderabad Metro divestment: cash inflow and P&L impact?
Middle East order pipeline sustainability and competition?
Thermal power capacity expansion and market outlook?
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Next Larsen & Toubro earnings date
Q3 25/2629 Jan, 2026
Next Larsen & Toubro earnings date
Q3 25/2629 Jan, 2026
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Frequently asked questions
Larsen & Toubro Limited is an India-based conglomerate engaged in engineering, construction, manufacturing, and technology services. The company operates through various segments including infrastructure, energy, defense, heavy engineering, and IT services. It serves clients in domestic and international markets. Larsen & Toubro Limited is headquartered in Mumbai, India, and its shares are listed on the NSE.
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