Larsen & Toubro Limited
₹3,858.00+₹15.90 (+0.4%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹5,34,810 Cr
- P/E
- 52.2x
- EV / EBITDA
- 34.3x
- Revenue
- ₹1,42,509 Cr
- Net margin
- 7.4%
- ROCE
- 11.2%
Price chart
Technical chartScreen technicals →-3.3% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- +2.7%
- 3M
- -2.0%
- 6M
- -3.9%
- 1Y
- -3.3%
- 5Y
- +102.1%
52-week range
Day change +₹15.90 (+0.4%) from ₹3,842 to ₹3,858 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in LT, bought on each weekday since 2016.
AI Summary
Indian StockStrengths1
- Maintains healthy dividend payout of 50.0%
Concerns1
- Other income is 50.9% of PBT — a large share of earnings is non-operating
Rule-based from financial data. Not advice.
About the company
Larsen & Toubro Limited engages in engineering, procurement, and construction projects (EPC) in India and internationally. The Infrastructure Projects segment is involved in the engineering and construction of building and factories, transportation infrastructure, heavy civil infrastructure, power transmission and distribution, water and effluent treatment, and minerals and metals.
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Larsen & Toubro Limited engages in engineering, procurement, and construction projects (EPC) in India and internationally. The Infrastructure Projects segment is involved in the engineering and construction of building and factories, transportation infrastructure, heavy civil infrastructure, power transmission and distribution, water and effluent treatment, and minerals and metals. The Energy Projects segment provides EPC solutions in oil & gas, refineries, petrochemicals & offshore wind energy sectors, from front-end design through detailed engineering, modular fabrication, procurement, project management, construction, installation and commissioning; CarbonLite solutions for power generation plants including power generation equipment with associated systems; and carbon capture utilization and utility packages. The Hi-Tech Manufacturing segment designs, manufactures/constructs, supplies, and revamps/retrofits custom designed engineered critical equipment and systems for the process plants, nuclear energy, and green hydrogen sectors; marine and land platforms, related equipment and systems, and aerospace products and systems; precision and electronics products and systems for defense, security, space, and industrial sectors; and electrolysers. The IT & Technology Services segment offers information technology and integrated engineering services, e-commerce/digital platforms and data centers, and semiconductor chip design solutions. The Financial Services segment provides retail finance. The Development Projects segment develops, operates, and maintains metro project comprising transit-oriented development, toll roads, power generation and development, thermal power, and green energy. The Others segment engages in realty, manufacture and sale of industrial valves; marketing and servicing of construction equipment, mining machinery and parts, and processing machinery. Larsen & Toubro Limited has a strategic partnership with General Atomics Aeronautical Systems, Inc. to manufacture Medium Altitude Long Endurance (MALE) Remotely Piloted Aircraft Systems (RPAS) in India, for the Indian armed forces. Larsen & Toubro Limited was founded in 1938 and is headquartered in Mumbai, India.
- Sector
- Industrials
- Shares outstanding
- 138 Cr shares
- ISIN
- INE018A01030
- BSE code
- 500510
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹5,34,810 Cr
- P/E
- 52.2x
- P/B
- 7.9x
- EV / EBITDA
- 34.3x
- EV / Sales
- 4.2x
- P/S
- 4.2x
- Earnings yield
- 1.9%
- 52-week high
- ₹4,417.15
- 52-week low
- ₹3,341.90
Profitability
- Operating margin
- 7.8%
- Net margin
- 7.4%
- EBITDA margin
- 12.3%
- ROE
- 14.5%
- ROCE
- 11.2%
- ROA
- 5.3%
- Dividend payout
- 50.0%
- Tax rate
- 18.0%
- Other income, % of PBT
- 50.9%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹1,42,509 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 12.9%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 8.9%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹15,589 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 16.3%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 16.5%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 6.9%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹8,297 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 14.2%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹357 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 1.9%
Solvency and efficiency
- Current ratio
- 1.85
- Debt / Equity
- 0.35
- Debt / Assets
- 0.13
- Debt / EBITDA
- 1.46
- Interest coverage
- 3.94
- Financial leverage
- 2.72
- CFO / Net profit
- 0.89
- Cash / Market cap
- 21.6%
- Cash per share
- ₹841.34
- Asset turnover
- 0.72
- Fixed asset turnover
- 11.35
- Capital intensity
- 0.09
- Debtor days
- 107 days
- Inventory turnover
- 15.87
- Cash conversion cycle
- -135 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹8 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹1.3 L Cr |
| Sales | Operating profit | ₹13,298 Cr |
| Operating profit | Interest | ₹2,282 Cr |
| Operating profit | Depreciation | ₹1,963 Cr |
| Operating profit | Profit before tax | ₹9,053 Cr |
| Other income | Profit before tax | ₹4,521 Cr |
| Profit before tax | Tax and other | ₹2,703 Cr |
| Profit before tax | Net profit | ₹10,871 Cr |
Revenue and net profit
Revenue grew 12.9% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹87,255 Cr | ₹11,798 Cr |
| FY2022 | ₹1.0 L Cr | ₹7,879 Cr |
| FY2023 | ₹1.1 L Cr | ₹7,849 Cr |
| FY2024 | ₹1.3 L Cr | ₹9,331 Cr |
| FY2025 | ₹1.4 L Cr | ₹10,871 Cr |
Cash flows
FY2025: ₹12,724 Cr from operations, ₹6,368 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹9,561 Cr | ₹6,781 Cr |
| FY2022 | ₹5,999 Cr | ₹10,554 Cr |
| FY2023 | ₹7,264 Cr | ₹5,526 Cr |
| FY2024 | ₹8,297 Cr | ₹14,659 Cr |
| FY2025 | ₹12,724 Cr | ₹6,368 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹1.4 L Cr+12.9%1Y
- Net profit
- ₹10,871 Cr+16.5%1Y
- Cash from operations
- ₹12,724 Cr
- Free cash flow
- ₹6,368 Cr-56.6%1Y
- Revenue CAGR, 5Y
- 8.9%
- EBITDA CAGR, 5Y
- 7.2%
- Net profit CAGR, 5Y
- 6.9%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹1.4 L Cr | ₹13,298 Cr | — | ₹10,871 Cr | ₹12,724 Cr | ₹6,368 Cr | 15.1% | +12.9% | +16.5% |
Monthly returns
Month-by-month returns of LT across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹1.9 L Cr |
| Equity capital | ₹275 Cr |
| Reserves | ₹71,621 Cr |
| Borrowings | ₹22,295 Cr |
| Other liabilities | ₹92,225 Cr |
| Assets | ₹1.9 L Cr |
| Fixed assets | ₹11,254 Cr |
| Capital work in progress | ₹1,139 Cr |
| Investments | ₹57,642 Cr |
| Other assets | ₹1.2 L Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
LT trades at 52.2x earnings against a peer median of 38.3x (a 36% premium).
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Larsen & Toubro LimitedLTthis companyP/E ↑ premium | ₹5.3 L Cr | 52.2x | 7.9x | 14.5% | 34.3x |
| Adani Ports and Special Economic Zone LtdADANIPORTS | ₹3.3 L Cr | 159.0x | 10.4x | 6.0% | 62.8x |
| Solar Industries India LimitedSOLARINDS | ₹1.1 L Cr | 121.0x | 32.8x | 25.4% | 128.6x |
| Polycab India LimitedPOLYCAB | ₹1.1 L Cr | 46.9x | 10.8x | 21.7% | 42.3x |
| Cummins India Ltd.CUMMINSIND | ₹1.1 L Cr | 49.5x | 15.0x | 27.0% | 47.0x |
| Ashok Leyland Ltd.ASHOKLEY | ₹1.1 L Cr | 32.0x | 9.5x | 29.7% | 22.9x |
| ABB India LimitedABB | ₹1.1 L Cr | 59.6x | 14.6x | — | — |
| Siemens Ltd.SIEMENS | ₹1.0 L Cr | 65.3x | 8.1x | — | — |
| Mazagon Dock Shipbuilders LimitedMAZDOCK | ₹1.0 L Cr | 44.9x | 12.4x | 33.1% | 37.0x |
| Peer median | — | 38.3x | 5.2x | 15.2% | 25.8x |
Year-to-date ROI
LT since 1 January, against earlier years.
Historical volatility
LT's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 10.0% |
| FY2022 | 9.0% |
| FY2023 | 9.0% |
| FY2024 | 8.0% |
| FY2025 | 9.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹1.4 L Cr |
| Costs | |
| Interest | ₹2,282 Cr |
| Expenses | ₹1.3 L Cr |
| Operating profitOperating Profit | ₹13,298 Cr |
| Other income and charges | |
| Profit before tax | ₹13,574 Cr |
| Tax | |
| Net profitNet Profit | ₹10,871 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹1.9 L Cr |
| Equity capitalEquity Capital | ₹275 Cr |
| Reserves | ₹71,621 Cr |
| Borrowings | ₹22,295 Cr |
| Other liabilitiesOther Liabilities | ₹92,225 Cr |
| AssetsTotal Assets | ₹1.9 L Cr |
| Fixed assetsFixed Assets | ₹11,254 Cr |
| Capital work in progressCWIP | ₹1,139 Cr |
| Investments | ₹57,642 Cr |
| Other assetsOther Assets | ₹1.2 L Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹12,724 Cr |
| Investing cash flowCash from Investing Activity | -₹6,356 Cr |
| Financing cash flowCash from Financing Activity | -₹6,725 Cr |
| Change in cashNet Cash Flow | -₹357 Cr |
Learn while you research
Academy chapters picked for Larsen & Toubro Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 52.2, learn when high multiples are justified.6 min read
- 04 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read
- 05 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read
- 06 How to Read a Cash-Flow StatementProfit can be manipulated; cash flow rarely lies.7 min read