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Larsen & Toubro Q4 FY26: Revenue up 12%, EBITDA up 5%

May 5, 2026 3 mins read Firehose Gupta

Larsen & Toubro Limited — Quarter ended March 31, 2026 (Audited) and year ended March 31, 2026 (Audited)

BSE Limited National Stock Exchange of India Limited
Phiroze Jejeebhoy Towers, Exchange Plaza, 5th Floor
Dalal Street, MUMBAI – 400 001 Plot No.C/1, G Block, Bandra-Kurla Complex,
STOCK CODE: 500510 Bandra (E), Mumbai – 400 051
STOCK CODE: LT
Q4 FY’25 Q4 FY’26 % Var Key Parameters (in ₹ crore) FY’25 FY’26 % Var
74,392 82,762 11% Revenue from operations 2,55,734 2,85,874 12%
49% 53% International revenue % 50% 54%
66,189 74,152 12% Total operational expenses 2,29,299 2,56,723 12%
8,203 8,610 5% EBITDA 26,435 29,151 10%
11.0% 10.4% EBITDA % 10.3% 10.2%
746 679 (9%) Finance costs 3,334 2,849 (15%)
1,052 1,168 11% Depreciation & Amortisation 4,121 4,365 6%
5,022 5,289 5% Recurring Profit After Tax 14,562 17,238 18%
475 36 Exceptional items (net of tax and NCI) 475 (1,155)
5,497 5,326 (3%) Consolidated Profit After Tax 15,037 16,084 7%
Segment (in ₹ Crore) Order Inflow Q4 FY’25 Order Inflow Q4 FY’26 Customer Revenue Q4 FY’25 Customer Revenue Q4 FY’26 EBITDA Margin (%) Q4 FY’25 EBITDA Margin (%) Q4 FY’26
Infrastructure Projects 34,580 43,477 38,901 39,694 8.0% 8.8%
Energy Projects 32,201 21,296 12,244 16,594 8.2% 6.5%
Hi-Tech Manufacturing 2,263 1,727 3,354 4,861 19.5% 17.9%
IT & Technology Services 12,481 14,078 12,481 14,078 18.2% 18.6%
Financial Services 3,812 4,669 3,812 4,669 Refer Note 1 Refer Note 1
Development Projects 1,227 1,171 1,232 1,175 Refer Note 2 Refer Note 2
Others 3,050 3,354 2,369 1,690 36.7% 27.7%
Total 89,613 89,772 74,392 82,762
Segment (in ₹ Crore) Order Inflow FY’25 Order Inflow FY’26 Customer Revenue FY’25 Customer Revenue FY’26 EBITDA Margin (%) FY’25 EBITDA Margin (%) FY’26
Infrastructure Projects 1,73,226 1,99,064 1,29,897 1,33,910 6.4% 6.9%
Energy Projects 87,553 1,36,921 40,652 54,865 8.5% 6.8%
Hi-Tech Manufacturing 18,282 8,366 9,695 14,109 17.3% 16.7%
IT & Technology Services 47,845 53,497 47,845 53,497 19.5% 19.5%
Financial Services 15,194 17,283 15,194 17,283 Refer Note 1 Refer Note 1
Development Projects 5,386 5,103 5,387 5,117 Refer Note 2 Refer Note 2
Others 9,145 15,355 7,065 7,093 29.2% 31.3%
Total 3,56,631 4,35,590 2,55,734 2,85,874
Q4 FY’25 Q4 FY’26 FY’25 FY’26
NIM + Fees % 10.2% 10.5% 10.6% 10.3%
Q4 FY’25 Q4 FY’26 FY’25 FY’26
EBIT 313 161 716 539
Particulars Quarter ended March 31, 2026 [Audited] [Note (vi)] Quarter ended December 31, 2025 [Reviewed] Quarter ended March 31, 2025 [Audited] [Note (vi)] Year ended March 31, 2026 [Audited] Year ended March 31, 2025 [Audited]
1 Income:
a) Revenue from operations 82762.16 71449.70 74392.28 285874.36 255734.45
b) Other income (net) 1578.59 1441.04 1135.05 5760.68 4124.82
Total Income 84340.75 72890.74 75527.33 291635.04 259859.27
2 Expenses:
a) Manufacturing, construction and operating expenses:
i) Cost of raw materials and components consumed 10342.39 8466.47 8972.39 33031.76 27655.02
ii) Construction materials consumed 18352.95 15049.16 18960.34 63388.65 63526.44
iii) Purchase of stock-in-trade 449.57 298.29 262.97 1262.30 1402.14
iv) Stores, spares and loose tools consumed 1243.50 935.10 1138.48 4171.98 4393.39
v) Sub-contracting charges 15173.09 11915.11 11137.57 49446.73 40570.92
vi) Changes in inventories of finished goods, stock-in-trade and work-in-progress (1290.00) (11.13) 243.79 (1963.12) (410.79)
vii) Other manufacturing, construction and operating expenses 11461.83 9635.61 8349.71 36502.91 27533.55
b) Finance cost of financial services business and finance lease activity 1808.76 1773.40 1673.40 6995.34 6302.23
c) Employee benefits expense 13762.92 12799.86 12357.29 52187.22 46788.68
d) Sales, administration and other expenses 2846.89 3171.02 3093.80 11699.45 11558.13
e) Finance costs 679.27 625.13 745.93 2848.82 3334.37
f) Depreciation, amortisation, impairment and obsolescence 1167.95 1071.74 1052.42 4364.75 4121.18
Total Expenses 75999.12 65729.76 67988.09 263936.79 238755.26
3 Profit before exceptional items and tax (1-2) 8341.63 7160.98 7539.24 27698.25 23104.01
4 Exceptional items (gain/(loss)) 68.65 (1791.09) 474.78 (1722.44) 474.78
5 Profit before tax (3+4) 8410.28 5369.89 8014.02 25975.81 23578.79
6 Tax expense:
a) Current tax 2215.45 1442.03 1751.70 6752.96 6100.82
b) Deferred tax (122.70) 98.63 128.88 63.45 (209.42)
Total tax expense 2092.75 1540.66 1880.58 6816.41 5891.40
7 Net profit after tax (5-6) 6317.53 3829.23 6133.44 19159.40 17687.39
8 Share in profit/(loss) after tax of joint ventures/associates (net) (184.47) (4.58) 22.38 (205.52) (14.06)
9 Net profit after tax including share in profit/(loss) of joint ventures/associates (7+8) 6133.06 3824.65 6155.82 18953.88 17673.33
Attributable to:
– Owners of the Company 5325.60 3215.11 5497.26 16083.99 15037.11
– Non-controlling interests 807.46 609.54 658.56 2869.89 2636.22
10 Other comprehensive income (OCI)
a) i) Items that will not be reclassified to profit and loss (93.33) 99.72 (162.45) (115.88) (308.74)
ii) Income tax relating to items that will not be reclassified to profit and loss 24.92 (28.79) 33.42 30.54 69.24
b) i) Items that will be reclassified to profit and loss (2194.52) 753.44 1065.33 (723.61) 356.73
ii) Income tax relating to items that will be reclassified to profit and loss 539.51 (176.82) (203.37) 402.45 (105.94)
Other comprehensive income [net of tax] (a+b) (1723.42) 647.55 732.93 (406.50) 11.29
Attributable to:
– Owners of the Company (1384.16) 680.92 631.86 185.98 37.35
– Non-controlling interests (339.26) (33.37) 101.07 (592.48) (26.06)
11 Total comprehensive income (9+10) 4409.64 4472.20 6888.75 18547.38 17684.62
Attributable to:
– Owners of the Company 3941.44 3896.03 6888.75 18547.38 17684.62
Sr. No. Particulars Quarter ended Year ended
March 31, 2026 December 31, 2025
1 Debt equity ratio [c] 0.95 1.06
2 Debt service coverage ratio (DSCR) 9.00 1.86
3 Interest service coverage ratio (ISCR) 11.55 10.65
4 Current ratio 1.25 1.26
5 Long term debt to working capital ratio 1.05 1.21
6 Bad debts to accounts receivable ratio 0.01 0.00
7 Current liability ratio 0.72 0.73
8 Total debt to total assets ratio 0.27 0.32
9 Debtors turnover ratio 4.34 4.64
10 Operating margin (%)

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