Larsen & Toubro Limited · NSE:LT
Larsen & Toubro — Q2 FY27 Earnings Presentation
45 slides from Larsen & Toubro's earnings presentation, Oct 27, 2026
Slide 1: Investor Presentation Q2 / H1 FY27
Investor Presentation Q2 / H1 FY27 Representative Image 27th October, 2026 Representative Image
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: L&T Overview
01 L&T Overview Fabrication at Sohar Yard (Oman) of Riser Platform for North Oil Company’s Ruya Development (Qatar) Project EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 3
Slide 4: 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 publicly listed ₹2,859 Bn S&P: BBB+ / (Stable)
Slide 5: 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 6: 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 7: 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 8: L&T – Shareholding Pattern
L&T – Shareholding Pattern Others, 10% Govt. Financial Institututions & Insurance Companies, 16% Mutual Funds , 19% As at 30th September, 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 liste
Slide 9: Value creating Integrated Business Model
Design & Engineering Fabrication & Manufacturing Construction Value creating EPC Projects Integrated Business Model Financial Services Realty IT, Engineering & Technology Services EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 9
Slide 10: EPC Delivery Platform
EPC Delivery Platform One of Asia’s largest vertically integrated EPC Companies Design & Engineering Procurement & Construction EPC PROJECTS Manufacture & Fabrication Commissioning Single point responsibility for turnkey solutions EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 10
Slide 11: Marquee Customers – Projects, Products & Manufacturing
Marquee Customers – Projects, Products & Manufacturing Indian Coastguard EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 11
Slide 12: Rewards and Recognitions
Rewards and Recognitions The World Book of Records has Larsen & Toubro was honoured with the recognised the Himank Air Dispatch Largest & Most Profitable Construction facility in Chandigarh for setting a global Company recognition at the prestigious benchmark as the world’s largest 3D- 24th Construc
Slide 13: Key Highlights
02 Key Highlights Patna Medical College and Hospital (PMCH) – Set to become India’s largest and world’s second largest hospital by bed capacity EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 13
Slide 14: A Record Quarter amidst Volatility
A Record Quarter amidst Volatility ORDER INFLOW REVENUE PROFIT AFTER TAX ₹ 1477 bn ₹ 787 bn ₹ 52 bn 28% YoY Growth 33% YoY Growth 16% YoY Growth New quarterly record ORDER BOOK NWC% TO REVENUE RETURN ON EQUITY ₹ 8535 bn 1.7% 16.7%* 850 bps YoY improvement * Includes 100 bps impact of Labour Code 28%
Slide 15: Key Financial Indicators
Key Financial Indicators In ₹ bn Q2 FY26 Q2 FY27 % Var Particulars H1 FY26 H1 FY27 % Var 1158 1477 28% Order Inflow 2102 2557 22% Order Book 6670 8535 28% 680 787 16% Revenue 1317 1467 11% 10.0% 8.7% EBITDA % 10.0% 8.8% 39 52 33% Reported PAT 75 93 24% Key Ratios As on Sep'25 As on Sep'26 Net Workin
Slide 16: Group Performance Analysis
380kV Wind Substation for NEOM project, KSA 03 Group Performance Analysis EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 16
Slide 17: Q2 / H1 FY27 Order Inflow / Order Book
Q2 / H1 FY27 Order Inflow / Order Book In ₹ bn Order Inflow Order Book 28% 22% 28% 4623 3268 H1 FY27 Q2 FY27 553 924 1477 1026 1531 2557 z 6670 8535 H1 FY26 Q2 FY26 1158 860 1242 2102 3402 3912 402 756 30-Sep-25 30-Sep-26 Domestic International • Highest ever quarterly order inflow led by receipt of
Slide 18: Group P&L Construct: Revenue to EBITDA
Group P&L Construct: Revenue to EBITDA Q2 FY26 Q2 FY27 % Var ₹ Billion H1 FY26 H1 FY27 % Var Remarks for the Quarter • Revenue 679.8 787.5 16% Revenue 1316.6 1466.9 11% Growth reflective of strong progress in Energy (Conventional + Green), Manufacturing & Products and Financial Services 56% 58% Inte
Slide 19: Group P&L Construct: EBITDA to PAT
Group P&L Construct: EBITDA to PAT Remarks for the Quarter Q2 FY26 Q2 FY27 % Var ₹ Billion H1 FY26 H1 FY27 % Var 68.1 68.4 1% EBITDA 131.2 129.6 -1% Finance Cost • Reduction primarily due to non-consolidation of Hyderabad Metro and decrease in Standalone (7.6) (4.7) -38% Finance Cost (15.4) (10.1) -
Slide 20: Segment Performance Analysis
04 Segment Performance Analysis Heavy Wall Vessels for a client in USA EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 20
Slide 21: Current Segment Composition
Current Segment Composition 1 2 5 4 Infrastructure & Manufacturing & Technology, Platforms & Energy - Conventional Utilities Products Services Hydrocarbon Buildings & Factories Heavy Engineering LTM CarbonLite Solutions Precision LTTS Transportation Infra MRU Engineering & Systems Electronics Data C
Slide 22: Order Inflow Composition – Q2 / H1 FY27
Order Inflow Composition – Q2 / H1 FY27 Q2 FY27: ₹ 1477 Bn H1 FY27: ₹ 2557 Bn 14% 17% 24% Infrastructure & Utilities 4% 31% 4% Segment 4% Energy - Conventional Energy - Green 15% Manufacturing & products 53% 32% Services 3% 3% 9% 23% Geography India 37% 40% Middle East USA & Europe 51% Rest of the W
Slide 23: Order Book as on 30-Sep-2026
Order Book as on 30-Sep-2026 Segment Geography 7% 5% 2% 7% 17% 42% 46% 40% 34% Infrastructure & Utilities Energy - Conventional India Middle East USA & Europe ROW Energy - Green Manufacturing & products Services As on 30-Sep-26 : ₹ 8535 Bn EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 23
Slide 24: Revenue Composition – Q2 / H1 FY27
Revenue Composition – Q2 / H1 FY27 Q2 FY27: ₹ 787 Bn H1 FY27: ₹ 1467 Bn 26% Infrastructure & Utilities 32% 29% 32% Segment Energy - Conventional 6% Energy - Green 6% Manufacturing & products 15% 12% 22% 22% Services 4% 4% 18% India 18% Geography 42% Middle East 45% USA & Europe Rest of the World 32%
Slide 25: Infrastructure & Utilities
INFRASTRUCTURE & UTILITIES QUARTERLY REVENUE (₹ Bn) HALF-YEAR REVENUE (₹ Bn) EBITDA MARGIN +6% YoY +2% YoY - 50 bps - 50 bps 237.2 251.3 461.4 469.9 72.0 75.1 129.9 131.8 6.2% 5.9% 5.7% 5.4% 165.1 176.2 331.5 338.1 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Domestic International Domest
Slide 26: Energy - Conventional
ENERGY - CONVENTIONAL QUARTERLY REVENUE (₹ Bn) HALF-YEAR REVENUE (₹ Bn) EBITDA MARGIN +29% YoY +20% YoY - 80 bps - 40 bps 172.9 134.5 317.9 264.3 8.2% 8.0% 7.6% 131.5 7.4% 105.2 229.8 197.7 29.2 41.4 66.6 88.1 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Domestic International Domestic In
Slide 27: Energy - Green
ENERGY - GREEN QUARTERLY REVENUE (₹ Bn) HALF-YEAR REVENUE (₹ Bn) EBITDA MARGIN +43% YoY +19% YoY - 20 bps - 20 bps 114.9 171.0 80.4 143.8 107.9 6.2% 6.2% 156.4 6.0% 6.0% 76.6 134.8 3.9 7.1 9.0 14.6 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Domestic International Domestic International
Slide 28: Manufacturing & Products
MANUFACTURING & PRODUCTS QUARTERLY REVENUE (₹ Bn) HALF-YEAR REVENUE (₹ Bn) EBITDA MARGIN +34% YoY +25% YoY 220 bps - 50 bps 44.8 87.0 8.0 69.4 13.9 33.5 12.5 15.7% 15.3% 6.8 13.5% 15.8% 36.8 73.1 26.8 56.9 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Domestic International Domestic Intern
Slide 29: Technology, Platforms & Services
TECHNOLOGY, PLATFORMS & SERVICES QUARTERLY REVENUE (₹ Bn) HALF-YEAR REVENUE (₹ Bn) EBITDA MARGIN +11% YoY +13% YoY -50 bps -50 bps 133.3 148.3 294.5 0.7 260.1 1.6 0.7 30.1 59.8 29.2 1.5 57.3 20.0% 19.5% 19.8% 19.3% 103.4 117.5 201.2 233.1 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 LTM L
Slide 30: Financial Services
FINANCIAL SERVICES Q2 FY26 Q2 FY27 % Var ₹ Billion H1 FY26 H1 FY27 % Var 41.7 53.1 27% Income from Operations 81.4 103.5 27% 7.3 9.8 33% PAT 14.4 18.8 31% 4.9 6.4 32% PAT (Net of NCI) accruing to the group 9.5 12.4 30% Book 1071.0 1366.4 28% Debt 977.5 1233.1 26% Retail Book % 98% 99% Remarks for th
Slide 31: Realty
REALTY QUARTERLY REVENUE (₹ Bn) HALF-YEAR REVENUE (₹ Bn) EBITDA MARGIN -43% YoY +45% YoY - 1340 bps - 1750 bps 67.6% 57.5% 54.3% 40.0% 3.9 12.3 2.2 8.5 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Remarks for the quarter • Decline in order inflows mainly due to lower pre-sales on account
Slide 32: Return Ratios – Projects, Products & Manufacturing portfolio
Return Ratios – Projects, Products & Manufacturing (PP&M)* portfolio (Amount in ₹ crore) Growth over FY23 Particulars FY23 FY24 FY25 FY26 TTM Sep'25 TTM Sep'26 Gross Segment Revenue (P&M) 124046 156681 186750 209328 198601 220032 77% Y-o-Y% 13% 26% 19% 12% 11% Segment Result (PBIT) 8685 10098 12283
Slide 33: Return Ratios - Group
Return Ratios - Group (Amount in ₹ crore) H1 FY27 TTM PP&M Realty TPS FS DP Corporate Total Gross Revenue 220032 3644 57631 19495 3410 0 301117# Segment Result (PBIT) 14557 1237 9158 4655 429 2346 32382 Segment Funds Employed 25410 7128 41983 27322 15119 43158 160121 Segment Result / Segment Funds E
Slide 34: Resilient Portfolio; Disciplined Growth
Resilient Portfolio; Disciplined Growth Focus on growth & returns Strong Cash Conversion Value Operational Strategic Portfolio Realignment Monetisation Excellence Prudent Capital Allocation Disciplined A Robust Consistent Execution Value Creation Balance Sheet Balance Sheet Discipline Robust Efficie
Slide 35: Thank You
Thank You Investor Relations: Vivek Laha ([email protected]) Shalmali Dange ([email protected]) EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 35
Slide 36: Balance Sheet
Balance Sheet ₹ Billion Mar-26 Sep-26 Incr / (Decr) Equity & Reserves 1093 1130 37 Non-Controlling Interest 192 202 10 Borrowings - Financial Services 1098 1233 134 Others 119 130 11 Sources of Funds 2502 2695 193 Fixed Assets (incl Investment Property) 198 206 8 Intangible Assets (incl ROU assets)
Slide 37: Cash & Cash Equivalents and Current Investments Breakup
Cash & Cash Equivalents and Current Investments Breakup ₹ Billion Mar-26 Sep-26 Standalone 372 455 LTM & LTTS 178 187 L&T Finance 134 135 Other Subsidiaries 120 197 L&T Group 804 974 EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 37
Slide 38: Q2 / H1 FY27 Cash Flow – As Reported
Q2 / H1 FY27 Cash Flow – As Reported Q2 FY26 Q1 FY27 Q2 FY27 ₹ Billion H1 FY26 H1 FY27 76.6 77.8 80.4 Operating Profit 148.6 158.2 1.4 5.6 85.0 Changes in Working Capital [(Inc)/Dec] 13.6 90.6 (15.5) (12.5) (20.2) Direct Taxes (Paid) / Refund [Net] (29.3) (32.7) 62.4 70.9 145.2 Net Cash from / (used
Slide 39: Memorandum Q2 / H1 FY27 Cash Flow – Excluding Financial Services
Memorandum Q2 / H1 FY27 Cash Flow – Excluding Financial Services Q2 FY26 Q1 FY27 Q2 FY27 ₹ Billion H1 FY26 H1 FY27 61.9 59.3 60.4 Operating Profit 120.7 119.7 (1.6) 4.2 82.9 Changes in Working Capital [(Inc)/Dec] 9.5 87.2 (13.3) (12.6) (15.0) Direct Taxes (Paid) / Refund [Net] (25.6) (27.5) 0.6 0.6
Slide 40: Segment Details – Q2 FY27
Segment Details – Q2 FY27 Q2 FY26 Q2 FY27 Segment (₹ Crore) EBITDA EBITDA Net Revenue EBITDA Net Revenue EBITDA % % Infrastructure & Utilities 23717 1482 6.2% 25133 1426 5.7% Energy - Conventional 13448 1100 8.2% 17285 1284 7.4% Energy - Green 8042 501 6.2% 11493 688 6.0% Manufacturing & Products 33
Slide 41: Segment Details – H1 FY27
Segment Details – H1 FY27 H1 FY26 H1 FY27 Segment (₹ Crore) EBITDA EBITDA Net Revenue EBITDA Net Revenue EBITDA % % Infrastructure & Utilities 46139 2715 5.9% 46991 2540 5.4% Energy - Conventional 26429 2108 8.0% 31792 2416 7.6% Energy - Green 14378 886 6.2% 17100 1026 6.0% Manufacturing & Products
Slide 42: Segment Breakup
Segment Breakup Energy – Conventional Q2 FY26 Q2 FY27 Y-o-Y ₹ Bn H1 FY26 H1 FY27 Y-o-Y 383.5 784.1 >100% Energy - Conventional Segment 698.8 815.4 17% 377.9 657.7 74% Hydrocarbon 462.0 683.3 48% Order Inflow 3.7 114.4 >100% CarbonLite Solutions 233.7 119.3 -49% 1.9 12.0 >100% Others* 3.0 12.8 >100%
Slide 43: Order Inflow and Order Book Details
Order Inflow and Order Book Details (Amount in ₹ crore) Order Inflow Order Book Q2 FY26 % Int Q2 FY27 % Int H1 FY26 % Int H1 FY27 % Int 30-Sep-25 % Int 30-Sep-26 % Int Infrastructure & Utilities 40755 35% 35509 31% 60829 37% 79866 25% 311481 29% 361368 34% Energy - Conventional 38349 98% 78413 73% 6
Slide 44: Order Inflow Trend as per New Segment Composition
Order Inflow Trend as per New Segment Composition (Amount in ₹ crore) Order Inflow FY22 FY23 FY24 FY25 FY26 Infrastructure & Utilities 75988 105679 119786 120931 142471 Energy - Conventional 32273 31740 75442 83190 117679 Energy - Green 17526 11439 22803 57560 76729 Manufacturing & Products 15788 19
Slide 45: Revenue Trend as per New Segment Composition
Revenue Trend as per New Segment Composition (Amount in ₹ crore) Revenue (in Rs crore) EBITDA % Segment FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 Infrastructure & Utilities 72404 84871 94870 99677 99404 8.2% 7.3% 6.6% 6.5% 6.9% Energy - Conventional 23593 25693 30537 41753 55813 7.8% 9.6% 10