NSE: LT · BSE: 500510 · ISIN INE018A01030
Larsen & Toubro Limited stock analysis
Larsen & Toubro Limited ranks #3609 in the TickerSutra evidence-ranked universe with a score of 39/100 and 88% data confidence. The latest captured fundamentals show ROCE of 14.6%, quarterly sales growth of 6.7% and quarterly profit growth of 14.0%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- 16% three-year sales CAGR
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Debt/equity is above 0.5×
- CFO/EBITDA is below 0.6×
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹1,56,521cr | ₹24,314cr | ₹10,419cr | 16.0% |
| 2023 | ₹1,83,341cr | ₹27,166cr | ₹12,531cr | 15.0% |
| 2024 | ₹2,21,113cr | ₹28,758cr | ₹15,547cr | 13.0% |
| 2025 | ₹2,55,734cr | ₹34,427cr | ₹17,673cr | 13.0% |
| 2026 | ₹2,85,874cr | ₹35,411cr | ₹18,954cr | 12.0% |
| TTM | ₹2,90,137cr | ₹36,272cr | ₹19,624cr | 12.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Larsen & Toubro Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutinePress ReleaseNSE · 18 Sept 2026Larsen & Toubro Limited has informed the Exchange regarding a press release dated September 18, 2026, titled "L&T Semiconductor Technologies Unveils 40 Products at SEMICON 2026. Marks a major milestone with its first silicon carbide chips".
RoutineLarsen & Toubro Ltd - 500510 - Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseBSE · 18 Sept 2026L&T Semiconductor Technologies Unveils 40 Products at SEMICON 2026 Marks a major milestone with its first silicon carbide chips
RoutineAllotment of SecuritiesNSE · 9 Sept 2026Larsen & Toubro Limited has informed the Exchange regarding allotment of 50,000 Listed, Rated, Unsecured, Redeemable, Tokenised Non-Convertible Debentures at its meeting held on September 09, 2026
RoutineLarsen & Toubro Ltd - 500510 - Announcement under Regulation 30 (LODR)-AllotmentBSE · 9 Sept 2026Issue of Tokenised Non-convertible Debentures by Larsen & Toubro Limited
MANAGEMENT COMMENTARY
Signals from filed documents
These efforts are aimed at fostering organisational resilience, capability continuity and a performance -driven culture to support long -term growth. Outlook International markets are expected to remain competitive, driven by intensified pricing strategies and preferential treatment for North Asian and European suppliers in export credit agency (ECA) -funded projects. In addition, fabricators based in China continue
Outlook Health The healthcare sector continues to see steady investment momentum. Leading private hospital groups have announced expansion plans across Tier I and Tier II cities, while states such as Odisha, Jharkhand, Bihar and Haryana are progressing with speciality hospital developments. The Union Budget 2026-27 has increased allocation under the Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) by nearly 4% to I 11
Increased public investment in infrastructure and initiatives promoting Aatmanirbharta (self- reliance) reinforced India’s position as the fastest-growing major economy. As a management, we are trying our best to get mentally used to events beyond our comprehension and lookout − like the COVID-19 pandemic, Suez Canal blockage, Red Sea challenge, tariffs, unnatural price increase, conflict in West Asia, to name a few.
Globally, the defence landscape in FY 2025-26 remained volatile, shaped by ongoing geopolitical tensions including the current US-Israel-Iran conflict and instability in other regions. These developments have sustained pressure on global defence supply chains, resulting in longer lead times, higher input costs and a heightened focus on supply chain security and localisation. Trade protection measures and evolving geo
Growth is primarily driven by rapid urbanisation, rising disposable incomes, a young demographic profile and the government’s push on infrastructure and housing. Regulatory reforms such as RERA and GST have enhanced transparency, while the entry of institutional investors and REITs has contributed to market maturity. The residential segment continues to drive sectoral momentum, with housing sales at a decade-high wit
To support the growing demand, the backend of the value chain - including limestone, aggregates and raw materials for metallurgical plants – is being expanded. This trend offers opportunities for the Product business, supported by its broad and differentiated product portfolio, to scale up with breakthrough orders in the region. Product Business The outlook for the Product business remains robust, supported by the go
While some businesses of your Company may face temporary headwinds due to the ongoing geopolitical uncertainties, the well diversified portfolio of projects, products, services and solutions will ensure a steady and balanced mix of revenue streams. Core EPC Business Your Company continues to enjoy market leadership in the core construction businesses of: Artist’s Impression Integrated Annual Report 2025-26 6 CMD’s St
In CY 2025, US GDP growth was around 2.0%, supported by household consumption, sustained investment in technology and a broadly stable labour market. However, high energy prices, trade barriers, regulatory uncertainty and tighter financial conditions pose risks to economic momentum. Growth in the Euro Area was subdued at around 1.5% in CY 2025, constrained by weak economic conditions, structural inefficiencies and co
The growth of GPU-intensive workloads is driving demand for facilities with higher power density and advanced cooling solutions. Industry development is influenced by data localisation requirements, power and network availability, and integration of renewable energy (RE) sources, while project execution remains subject to regulatory approvals and broader infrastructure-related constraints. Competitive Positioning Lar
Competitive positioning remains dependent on execution capabilities, operational reliability and disciplined capital allocation. The business also offers GPU-based cloud services for AI, deep learning and high- performance computing workloads, with utilisation and returns influenced by customer adoption and competitive pricing conditions. Business Environment India’s data center and cloud market continues to expand,
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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