KIRA
KIRA Research · Capital Goods / Industrials · Infrastructure EPC Conglomerate

Larsen & Toubro Limited

NSE: LT · BSE: 500510 · ISIN INE018A01030 · Data as of 2026-09-26
Research: READYConfidence: HIGHKIRA Score: 61.3 · BB+ · AMBERLargeFigures: INR crore; basis shown per row

KIRA view

Highest-complexity company in pilot; validated two-agent structure with concall as primary navigation. Improving: order book, working capital, ROE. Watch: Energy margins, Middle East concentration. Major strength: order-book visibility. Major risk: geopolitical exposure. ANALYSIS

Pillar 1 — Business Quality & Moat

Business overview, segments, revenue drivers, competitive position and industry standing.

Business overview

  • Diversified EPC, manufacturing, IT services and financial services group. Order book ₹7.40 trn at March 2026 (+28% YoY). SOURCED S10

Revenue drivers

  • EPC execution ANALYSIS
  • Products/manufacturing ANALYSIS
  • IT services ANALYSIS
  • NBFC interest income ANALYSIS

Competitive position — peers

  • KEC International ANALYSIS
  • Kalpataru Projects ANALYSIS
  • Siemens India ANALYSIS
  • ABB India ANALYSIS
  • BHEL (partial) ANALYSIS

Pillar 2 — Growth Quality

Revenue/AUM and profit growth, multi-year CAGR, growth consistency, growth drivers and relevant recent developments.

MetricPeriodValueBasisProvenanceSource
Group revenueFY26₹2,85,874.36 crConsol.SOURCEDS13, S11
Revenue growth (YoY)FY2612%Consol.SOURCEDS13
Order inflowFY26₹4,35,590 crConsol.SOURCEDS11
Recurring PATQ4FY26₹53 bnConsol.SOURCEDS10
Net profit (PAT)FY26₹16,083.99 crConsol.SOURCEDS13, S11
Recurring PATFY26₹17,238 crConsol.SOURCEDS11
Order book2026-03-31₹7,40,327 crConsol.SOURCEDS11
RevenueQ4FY26₹82,762.16 crConsol.SOURCEDS13, S11
Net profit (PAT)Q4FY26₹5,325.6 crConsol.SOURCEDS13, S11
Group revenueFY25₹2,55,734.45 crConsol.SOURCEDS13
Net profit (PAT)FY25₹15,037.11 crConsol.SOURCEDS13

Growth drivers

  • Rs7.4trn order book (~2.5yr cover) ANALYSIS
  • Middle East energy-transition capex ANALYSIS
  • Domestic private capex revival ANALYSIS
  • New platforms: data centres, green H2, semiconductors ANALYSIS
  • Lakshya-31: 12-15% CAGR, ROE 16-17% ANALYSIS

Recent developments

  • Lakshya-31: segment reporting realigned — 'Projects and Manufacturing' redesignated as 'Projects, Products and Manufacturing (PP&M)', effective FY27; FY27+ segment data not comparable with FY26. SOURCED S10
  • Hyderabad Metro & Nabha Power classified Held for Sale SOURCED S10
  • Secured a role in TenneT's HVDC offshore-wind programme. SOURCED S10
  • ₹170 bn of orders deleted from the order book in Q4 FY26. SOURCED S10

Pillar 3 — Profitability & Return Ratios

Margins, ROE, ROCE, and ROA/NIM for financial companies.

MetricPeriodValueBasisProvenanceSource
group EBITDA marginQ4FY2610.4%Consol.SOURCEDS10
ROE (ex Labour Code)TTM16.6%Consol.SOURCEDS10

Pillar 4 — Balance Sheet Strength

Debt, leverage, liquidity, capital adequacy and asset quality where applicable.

MetricPeriodValueBasisProvenanceSource
NWC to sales2026-03-314.1%Consol.SOURCEDS10

Pillar 5 — Cash Flow & Earnings Quality

CFO, FCF, CFO/PAT, working capital and, for lenders, credit-cost quality.

MetricPeriodValueBasisProvenanceSource
CFO ex FSQ4FY26₹171 bnConsol.SOURCEDS10

Pillar 6 — Governance & Shareholding

Promoter holding and pledge, FII/DII/public holding, auditor, board, regulatory actions and material litigation.

Governance, regulatory & litigation

  • CFO transition: P. Ramakrishnan elevated to CFO. Hyderabad Metro and Nabha Power SPVs classified as 'Held for Sale' in the March 2026 financial statements. [Company disclosure] SOURCED S10

Pillar 7 — Valuation Comfort

P/E, P/B, EV/EBITDA, dividend yield, historical and peer context — descriptive only; no price target.

Market-based figures are dated: 2026-09-25.

MetricPeriodValueBasisProvenanceSource
Share price2026-09-25₹3,876.2—SOURCEDS12
Market capitalisation2026-09-25₹5,45,358.54 cr—SOURCEDS12

Pillar 8 — Technical Confirmation

Informational only: long-term trend context when properly sourced. No entry levels, targets, stop-losses or calls.

No sourced technical data. This pillar is informational only and never carries entry levels, targets, stop-losses or buy/sell/hold calls.

Material risks

  • West Asia conflict (40% of book; ~Rs50bn Q4 revenue hit) ANALYSIS
  • Hydrocarbon legacy margin drag (6.5% vs 8.2%) ANALYSIS
  • NWC normalisation reversing Q4 cash strength ANALYSIS
  • Conglomerate complexity ANALYSIS

Key questions to monitor

  • Lakshya-31 segment recast effective FY27 — FY27+ segment figures are not comparable with FY26 without restatement. ANALYSIS

Sources

IDDocumentPublisherTypeDateAuthority
S10Larsen & Toubro Limited Q4 / FY26 Earnings Conference Call — transcriptLarsen & Toubro Limitedearnings call transcript (company IR)2026-05-05PRIMARY
S11Larsen & Toubro Reports Record Order Inflows and Final Dividend for FY26ScanXnews report of company results2026-05-05SECONDARY
S12L&T India — Stock Information (NSE/BSE codes, ISIN, quote as of 25/09/2026)Larsen & Toubro Limitedcompany investor page (stock information)2026-09-25PRIMARY
S13Audited financial results for the quarter and year ended March 31, 2026 (standalone & consolidated)Larsen & Toubro Limitedaudited financial results (exchange filing)2026-05-05PRIMARY

Research status

Status
READY
Confidence
HIGH
Data as of
2026-09-26
KIRA Score
61.3/100 · BB+ · AMBER
Framework V1 · 17 Sep 2026 · KIRA Score methodology
Method
Primary filings first; aggregators for cross-check only. SOURCED = from a cited document; ANALYSIS = KIRA interpretation; UNVERIFIED = not yet checked against a primary source.
Withheld
21 item(s) not yet verified are not shown.

Data conflicts

  • Resolved · financials.group_revenue.FY26
    FY26 revenue stored as 290,000 crore vs Rs2.86 trn in the same record.
    Kimi rounded the figure; there is no scope or basis difference. The audited consolidated results (S13) give revenue from operations of ₹2,85,874.36 crore for FY26, matching the '2.86 trn' note. The call (S10) said 'Rs 2.9 trillion', which Kimi took as 2,90,000. Canonical value is 2,85,874.36 (S13). Order inflow was corrected the same way, from 4,40,000 to 4,35,590 (S11; the call says 'Rs 4.4 trillion'). S13, S10, S11
  • Resolved · Q4 metrics without fiscal year
    Q4 EBITDA margin and Q4 CFO ex-FS had no fiscal year.
    S10 (Q4 FY26 call) states both figures for Q4 FY26; periods set to Q4FY26, consolidated/group basis. S10