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Larsen & Toubro
Larsen & Toubro (LT) investor relations material
Larsen & Toubro Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary28 Jan, 2026
Executive summary
Achieved record quarterly order inflow of INR 1,356 billion (₹135,581 crore), up 17% YoY, with a balanced domestic and international mix and order book at INR 7.33 trillion (₹733,161 crore), up 30% YoY.
Group revenues grew 10% YoY to INR 714 billion (₹71,450 crore), with recurring PAT up 31% YoY to INR 44 billion (₹4,406 crore); reported PAT declined due to a one-time INR 11.9 billion (₹1,191 crore) labor code provision.
Net working capital to revenue ratio improved to 8.2%, a 450 bps YoY improvement, reflecting strong collections.
Return on equity improved to 16.5%, up 40 bps YoY; excluding labor code impact, ROE at 17.6%.
International orders contributed 49% of the order book, with strong domestic private sector momentum.
Financial highlights
Group EBITDA margin improved to 10.4% from 9.7% YoY, driven by operational efficiencies; projects and manufacturing margin at 8.1%.
Cash flow from operations (excluding Financial Services) at INR 79 billion for the quarter, up from INR 21 billion YoY; 9M FY26 at INR 184 billion, up from INR 83 billion YoY.
Decline in finance cost due to lower average borrowing and rates; other income increased from higher surpluses and yields.
Exceptional item of INR 11.9 billion (₹1,191 crore) due to new labor code provision.
Debt/equity ratio improved to 1.06 from 1.12; net debt/equity at 0.54 from 0.60.
Outlook and guidance
Confident of exceeding 10% order inflow guidance for FY26, supported by a robust prospects pipeline of INR 5.9 trillion.
Revenue growth guidance of 15% for FY26 maintained, with Q4 expected to see strong execution ramp-up.
Projects and manufacturing EBITDA margin target of 8.5% for FY26 reaffirmed.
Net working capital to revenue target revised to around 10% by year-end, improved from earlier 12%.
Indian GDP growth for FY26 projected at 7.3–7.4%; global GDP growth for 2026 expected at 3%, with strong GCC prospects.
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Next Larsen & Toubro earnings date
Q4 25/267 May, 2026
Larsen & Toubro
Next Larsen & Toubro earnings date
Q4 25/267 May, 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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