Mumbai, :
Another year of Robust Performance
Group Order Inflows - a record high at ₹ 435,590 crore ↑ 22%
Revenues at ₹ 285,874 crore ↑ 12%
Recurring PAT: ₹ 17,238 crore ↑ 18%
Board recommends dividend of ₹ 38 per equity share
Larsen & Toubro Group secured orders worth ₹ 435,590 crore, registering a y-o-y growth of 22% for the year ended March 31, 2026. During the year, order inflows covered multiple geographies and a diverse set of businesses, including Buildings & Factories, Transportation Infrastructure, Heavy Civil Infrastructure, Power Transmission & Distribution, Renewables, Minerals & Metals, Thermal BTG, and the Hydrocarbon businesses. International orders stood at ₹ 251,078 crore, contributing 58% to the total order inflow.
For the quarter ended March 31, 2026, the Company recorded consolidated order inflows of ₹ 89,772 crore. During the quarter, several high-value order wins were secured across sectors, including Commercial & Residential Buildings, Roads & Runways, Urban Transport, Transmission & Distribution and the Hydrocarbon Onshore businesses. International orders stood at ₹ 59,994 crore, contributing 67% of the total order inflow.
The Group’s consolidated order book as on March 31, 2026, stood at an all-time high of ₹ 740,327 crore, reflecting a 28% growth over March 2025. International orders constituted 52% of the overall order book.
The Company achieved consolidated revenues of ₹ 285,874 crore for the year ended March 31, 2026, registering a y-o-y growth of 12% driven by steady execution progress across businesses. International revenues during the year stood at ₹ 153,738 crore, constituting 54% of total revenues, reflecting improved execution in the overseas Projects & Manufacturing portfolio.
For the quarter ended March 31, 2026, the Company reported consolidated revenues of ₹ 82,762 crore, reflecting a y-o-y growth of 11%. International revenues stood at ₹ 43,747 crore, contributing 53% of the Company’s total revenues.
The Company, for the year ended March 31, 2026, posted a Recurring Profit After Tax (PAT) of ₹ 17,238 crore, registering an y-o-y growth of 18%. The total Consolidated PAT for the year of ₹ 16,084 crore includes a one-time material provision of ₹ 1,155 crore (net of tax & NCI) towards employee benefits arising from the implementation of the new labour codes which has been classified under Exceptional Item.
Similarly, for the quarter ended March 31, 2026, the Recurring PAT stood at ₹ 5,289 crore, registering a growth of 5% on y-o-y basis. The total Consolidated PAT for the quarter was at ₹ 5,326 crore, reflecting a decline of 3%. The year‑on‑year decline in Consolidated PAT is primarily attributable to an exceptional gain (net of tax & NCI) of ₹ 475 crore in the previous year.
The Board of Directors has recommended a final dividend of ₹ 38 per equity share, subject to shareholders approval.
Commenting on the results, S N Subrahmanyan, Chairman and Managing Director, said:
“The year concluded on a strong note, supported by good financial performance across segments. Order inflow for the year exceeded a record ₹ 4 lakh crore - a clear reflection of our strategy, built on a strong domestic base complemented by a significant international presence, enabling the Company to exploit global opportunities.
During the year, we have executed Agreements for divesting our full stakes in Nabha Power Limited and L&T Metro Rail (Hyderabad) Limited. We expect the closure of these transactions by 30th June 2026. This aligns with our stated strategy to exit from the Concessions portfolio.
As this being the terminal year of our Lakshya’26 plan, I am happy to say that we have achieved most of the targets we set for ourselves, whether in terms of order book, revenue or exits from non-core businesses.
We embark on another 5-year journey of Lakshya’31 to make the organisation future- ready through accelerated adoption of AI & digital technologies and investments in data centers, green energy, industrial electronics & semiconductor technologies.
With evolving global dynamics, the Company’s performance and strategic initiatives reflect its leadership in the core Infrastructure, Energy and Hi-Tech Manufacturing segments. Over the past years, we have strengthened our leadership position through timely execution, operational excellence, and a commitment to innovation. Our growing international presence underscores our ability to compete on a global scale. Our well-diversified portfolio ensures resilience and positions us to capture both, near-term and long-term growth opportunities. This approach demonstrates the Company’s readiness to navigate an increasingly complex business landscape.
Our endeavour has been, as always, to be agile and proactive in responding to an ever- changing environment and drive a technology-led profitable growth, for long-term stakeholder value creation.”
| Infrastructure Projects Segment |
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| Energy Projects Segment |
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| Hi-Tech Manufacturing Segment |
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| IT & Technology Services Segment |
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| Financial Services Segment |
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| Development Projects Segment |
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| Others Segment |
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The key parameters of the Group and Segment Performance for the quarter and year ended March 31, 2026, are shown in Annexure 1.
Segment composition is provided in Annexure 2.
Infrastructure Projects Segment
The Infrastructure Projects segment secured order inflow of ₹ 199,064 crore, during the year ended March 31, 2026, registering a growth of 15% on y-o-y basis. International orders constituted 59% of the total order inflow of the segment during the year aided by receipt of major orders in the Renewables, Power Transmission & Distribution and Heavy Civil Infrastructure businesses.
The segment secured orders of ₹ 43,477 crore, during the quarter ended March 31, 2026, registering growth of 26% over the corresponding quarter of the previous year. International orders constituted 67% of the total order inflow for the quarter.
As on March 31, 2026, the segment order book stood at ₹ 422,562 crore, with international orders contributing 48% to the total.
For the year ended March 31, 2026, the customer revenues at ₹ 133,910 crore registered a y-o-y growth of 3%. The subdued performance is largely attributable to execution challenges in domestic water jobs, impacted by project funding constraints. International revenues constituted 45% of the total customer revenues of the segment during the year
The segment recorded customer revenues of ₹ 39,694 crore for the quarter ended March 31, 2026, registering a y-o-y growth of 2%. International revenues constituted 44% of the total customer revenues of the segment during the quarter.
The EBITDA margin of the segment for the year ended March 31, 2026, was at 6.9% compared to 6.4% in the previous year. The improvement in margins was driven by execution cost- savings.
Energy Projects Segment
The Energy Projects segment secured orders valued at ₹ 136,921 crore during the year ended March 31, 2026, registering a strong growth of 56% on y-o-y basis aided by receipt of high- value orders in both the Hydrocarbon and CarbonLite Solutions businesses respectively. International order inflow constituted 60% of the total order inflow during the year.
The segment secured orders of ₹ 21,296 crore, during the quarter ended March 31, 2026, registering a y-o-y decline of 34%. The decline is largely due to high-base effect. International orders constituted 80% of the total order inflow for the quarter.
The segment order book stood at ₹ 258,472 crore as on March 31, 2026, with the international order book representing 67% of the total.
For the year ended March 31, 2026, the customer revenues stood at ₹ 54,865 crore registering a healthy growth of 35% y-o-y on improved execution in the Hydrocarbon business as well as the CarbonLite Solutions business. International revenues constituted 74% of the total customer revenues of the segment during the year.
For the quarter ended March 31, 2026, customer revenues stood at ₹ 16,594 crore, reflecting a y-o-y growth of 36%. International revenues constituted 74% of the segment’s total customer revenues for the quarter.
The segment recorded an EBITDA margin of 6.8% for the year ended March 31, 2026, compared to 8.5% in the previous year. The margin variation is primarily due to cost inflation in few legacy jobs in the Hydrocarbon business.
Hi-Tech Manufacturing Segment
The segment reported order inflows of ₹ 8,366 crore during the year ended March 31, 2026, registering a decline of 54% over the previous year, attributable to a high base effect in the Precision Engineering & Systems (PES) business. Export orders accounted for 32% of the total order inflow of the segment during the year.
The segment reported order inflows of ₹ 1,727 crore for the quarter ended March 31, 2026, reflecting a 24% decline compared to the corresponding quarter of the previous year largely due to the deferment of targeted orders. Export orders accounted for 25% of the total order inflow during the quarter.
As on March 31, 2026, the segment order book stood at ₹ 35,312 crore, with export orders contributing 13% to the total.
For the year ended March 31, 2026, the customer revenues were ₹ 14,109 crore registering a healthy growth of 46% y-o-y, driven by improved execution progress in both businesses. International revenues constituted 19% of the total customer revenues of the segment during the year.
For the quarter ended March 31, 2026, customer revenues were ₹ 4,861 crore, registering a y-o-y growth of 45%. International revenues constituted 15% of the segment’s total customer revenues during the quarter.
The segment recorded an EBITDA margin of 16.7% for the year ended March 31, 2026, compared to 17.3% reported in the previous year. The margin is reflective of the stage of execution and job mix in the portfolio.
IT & Technology Services (IT&TS) Segment
The segment recorded customer revenues of ₹ 53,497 crore for the year ended March 31, 2026, registering a y-o-y growth of 12%, largely reflecting continued customer engagement in the IT&TS sector across the various markets. International billing contributed 92% of the total customer revenues of the segment for the year ended March 31, 2026.
The segment reported customer revenues of ₹ 14,078 crore for the quarter ended March 31, 2026, registering a y-o-y growth of 13%. International billing accounted for 92% of the total customer revenues during the quarter.
The segment delivered an EBITDA margin of 19.5% for the year ended March 31, 2026, in line with the previous year.
Financial Services Segment
The segment recorded income from operations at ₹ 17,283 crore during the year ended March 31, 2026, registering y-o-y growth of 14%, primarily driven by focused and higher disbursements in the retail business.
The segment reported income from operations at ₹ 4,669 crore for the quarter ended March 31, 2026, registering a y-o-y growth of 22%.
The total Loan Book stood at ₹ 121,728 crore as on March 31, 2026, reflecting a 25% growth compared to March 2025 at ₹ 97,762 crore. The Retail Loan Book constitutes 98% of the total loan book as on March 31, 2026.
The segment recorded a Profit Before Tax (PBT) of ₹ 4,032 crore for the year ended March 31, 2026, compared to ₹ 3,491 crore in the previous year. This improvement was primarily driven by higher disbursements.
Development Projects Segment
The segment recorded customer revenues of ₹ 5,117 crore during the year ended March 31, 2026, registering decline of 5% on y-o-y basis. The reduction is attributable to a lower Plant Load Factor (PLF) at the Nabha Thermal Power Plant and the absence of revenue from the any transit-oriented development monetisation in the current year.
The segment reported customer revenues of ₹ 1,175 crore for the quarter ended March 31, 2026, registering a y-o-y decline of 5%.
The segment recorded an EBIT of ₹ 539 crore for the year ended March 31, 2026, which was lower than the ₹ 716 crore reported in the previous year. The EBIT of the previous year included monetisation of commercial property by the Hyderabad Metro SPV.
“Others” Segment
“Others” segment comprises (a) Realty (b) Industrial Valves (c) Construction Equipment & Mining Machinery and (d) Rubber Processing Machinery.
Customer revenues of the segment during the year ended March 31, 2026 were ₹ 7,093 crore vis-à-vis ₹ 7,065 crore recorded in the previous year. Export sales constituted 15% of the total customer revenues of the segment during the year, largely attributable to exports of Industrial Valves.
The segment reported customer revenues of ₹ 1,690 crore for the quarter ended March 31, 2026, registering a y-o-y decline of 29% on the back of lower handover of residential units in Realty business during the quarter ended March 31, 2026. Export sales constituted 21% of the total customer revenues of the segment during the quarter.
The EBITDA margin for the segment was higher at 31.3% for the year ended March 31, 2026, compared to 29.2% in the previous year, primarily aided by improved product mix.
Outlook
The Indian economy demonstrated resilience in FY 2025-26. The global environment remains challenging characterised by geopolitical matters resulting in disrupted trade conditions. The Country’s GDP growth is supported by sustained domestic demand and public capital expenditure. Private sector investments also have improved.
As India enters FY 2026-27, the Country’s GDP growth is projected to remain among the fastest-growing major economies in the world. India’s strong macroeconomic fundamentals and policy buffers offer some protection from external headwinds.
India’s service sector and digital economy, which are relatively less exposed to disruptions in the Middle East, are expected to remain key growth engines. Momentum is likely to be sustained by continued expansion in fintech, cloud technologies, AI-enabled services, and the rise of Global Capability Centers (GCCs).
As the economic environment continues to evolve, the Company remains focused on maximising shareholder value by driving operational excellence through AI & digital initiatives to enhance cost competitiveness, maintaining working capital discipline, prudent capital allocation, and ensuring effective and profitable execution of its robust order book.
Background:
Larsen & Toubro is a USD 32 billion Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing, Products and Services, operating across diverse domains and multiple geographies. With a strong impetus towards AI & technology, customer–focussed approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.