October 27th, 2026
InBilt Synopsis: Larsen & Toubro (L&T) reported a 33 per cent year on year rise in its net profit attributable to the owners of the company for the September, 2026 ended quarter, on the back of improved performance. The company’s order book touched a new higher of Rs 8.53 trillion, while order inflows for the quarter was at Rs 1.47 trillion. Of this, new orders from the infrastructure segment saw a yoy dip, as the company noted sluggishness in new awards for Q2. The segment also saw other execution, higher input costs challenges, both in the domestic and international market. The company’s management remains optimistic on the order pipeline for the sector, pegged at the remaining six months is approximately Rs. 5.84 trillion. The pipeline comprises of domestic prospects of Rs. 4.59 trillion and international prospects of Rs. 1.25 trillion. The subsegment breakup of the total order prospects is 24 per cent of transportation infrastructure and a 19 per cent of heavy civil infrastructure.
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Consolidated Financial Results for the quarter ended September 30, 2026
Revenues at ₹ 78,750 crore, up 16%
PAT at ₹ 5,202 crore, up 33%
Record Order Inflows at ₹ 147,665 crore, up 28%
Larsen & Toubro Group achieved consolidated revenues of ₹ 78,750 crore for the quarter ended September 30, 2026, registering a y-o-y growth of 16% driven by accelerated progress in the various business in the Projects, Products & Manufacturing (PPM) portfolio.
International revenues during the quarter were at ₹ 45,870 crore, constituted 58% of the
total revenue. For the half-year ended September 30, 2026, consolidated revenue at ₹ 146,692 crore registered a y-o-y growth of 11%. International revenues stood at ₹ 80,263 crore, contributing 55% of the Company’s total revenues.
The Company, for the quarter ended September 30, 2026, posted a Consolidated Profit After Tax (PAT) of ₹ 5,202 crore, registering an y-o-y growth of 33%.
Similarly, for the half-year ended September 30, 2026, Consolidated PAT at ₹ 9,325 crore, registering a y-o-y growth of 24%.
Larsen & Toubro Group achieved consolidated revenues of ₹ 78,750 crore for the quarter ended September 30, 2026, registering a y-o-y growth of 16% driven by accelerated progress in the various business in the Projects, Products & Manufacturing (PPM) portfolio.
International revenues during the quarter were at ₹ 45,870 crore, constituted 58% of the
total revenue.
For the half-year ended September 30, 2026, consolidated revenue at ₹ 146,692 crore
registered a y-o-y growth of 11%. International revenues stood at ₹ 80,263 crore,
contributing 55% of the Company’s total revenues.
The Company, for the quarter ended September 30, 2026, posted a Consolidated Profit After Tax (PAT) of ₹ 5,202 crore, registering an y-o-y growth of 33%.
Similarly, for the half-year ended September 30, 2026, Consolidated PAT at ₹ 9,325 crore, registering a y-o-y growth of 24%.
Order Inflow & Order Book
The Company secured orders worth ₹ 147,665 crore, registering a y-o-y growth of 28% for
the quarter ended September 30, 2026. During the quarter, the Company secured several
high-value orders led by Hydrocarbon – Offshore & Onshore, CarbonLite Solutions, Public Spaces & Airports, and Power Transmission & Distribution businesses. International orders stood at ₹ 92,375 crore, contributing 63% to the total order inflow.
On a half-yearly basis, orders worth ₹ 255,678 crore were received at the Group level during the half-year ended September 30, 2026. The Company registered a y-o-y growth of 22% aided by a strong order inflow momentum in Hydrocarbon – Offshore, Offshore Wind, Minerals & Metals, and Residential & Commercial Buildings businesses. International orders stood at ₹ 153,077 crore, accounting for 60% of the total order inflow.
The Group’s consolidated order book as on September 30, 2026, was at ₹ 853,514 crore, reflecting a 15% growth over Mar’26. International orders constituted 54% of the overall order book.
Commenting on the results, S N Subrahmanyan, Chairman and Managing Director, said:
“The Company has delivered a strong quarter in an everchanging geopolitical
landscape. This performance reflects continued customer confidence and our ability to
secure large and complex orders across sectors and geographies. We achieved yet
another record quarterly order inflow. Focused execution across our Projects, Products
& Manufacturing businesses supported a higher revenue growth. The highest ever order
book at ₹8.5 lakh crore provides multi-year revenue visibility.
Our unwavering focus on delivering technically demanding projects to the customer’s
satisfaction continues to strengthen our dominant position. The TRUST reposed in us
by our customers, partners, and other stakeholders, together with a risk calibrated
approach to bidding and execution remains central to our continued success.
We are well positioned to sustain this growth momentum and will continue to invest in
innovation, digital capabilities, and technology-led businesses to drive growth and
create long-term value for our stakeholders.”
Segment-wise Performance Highlights
The key parameters of the Group and Segment Performance for the quarter and half-year ended September 30, 2026, are shown in Annexure 1.
Segment composition is provided in Annexure 2.
Infrastructure & Utilities Segment
The Infrastructure & Utilities segment secured order inflow of ₹ 35,509 crore during the
quarter ended September 30, 2026, registering a decline of 13% on y-o-y basis, impacted by
the deferment of select targeted orders. International orders constituted 31% of the total
order inflow of the segment during the quarter.
As on September 30, 2026, the segment order book stood at ₹ 361,368 crore, with
international orders contributing 34% to the total.
The segment recorded customer revenues of ₹ 25,133 crore for the quarter ended
September 30, 2026, registering a y-o-y growth of 6%. The growth is largely attributed to
improving execution across the domestic private sector and international projects.
International revenues constituted 30% of the total customer revenues of the segment during
the quarter.
The EBITDA margin of the segment for the quarter ended September 30, 2026, was at 5.7%
compared to 6.2% in the corresponding quarter of the previous year. The contraction in
margin is primarily on account of cost pressures and change in sales mix.
Energy – Conventional Segment
The Energy – Conventional segment secured orders valued at ₹ 78,413 crore during the
quarter ended September 30, 2026, registering growth of more than 100% on y-o-y basis.
The growth is driven by receipt of multiple high-value orders in the Hydrocarbon – Offshore
& Onshore and CarbonLite Solutions businesses. International order inflow constituted 73%
of the total order inflow during the quarter.
The segment order book stood at ₹ 286,888 crore as on September 30, 2026, with
international orders representing 65% of the total.
For the quarter ended September 30, 2026, the segment recorded customer revenues of
₹ 17,285 crore, reflecting a y-o-y growth of 29% on the back of improved execution in the
Hydrocarbon and CarbonLite Solutions businesses. International revenues constituted 76% of
the segment’s total customer revenues for the quarter.
The segment recorded an EBITDA margin of 7.4% for the quarter ended September 30, 2026,
compared to 8.2% in the corresponding quarter of the previous year. The decline in margin
is primarily attributable to a higher proportion of orders in early stages of execution within
the CarbonLite Solutions business.
3
Energy – Green Segment
The Energy – Green segment secured orders valued at ₹ 6,558 crore during the quarter ended
September 30, 2026, registering decline of 45% on y-o-y basis. The decline is on account of
deferrals in the Solar business. International order inflow constituted 100% of the total order
inflow during the quarter.
The segment order book stood at ₹ 143,597 crore as on September 30, 2026, with the
international order book representing 97% of the total.
The segment recorded customer revenues of ₹ 11,493 crore for the quarter ended
September 30, 2026, registering a y-o-y growth of 43%, largely due to ramp up of execution
in Solar jobs and commencement of execution in Offshore Wind projects. International
revenues constituted 94% of the segment’s total customer revenues for the quarter.
The segment recorded an EBITDA margin of 6.0% for the quarter ended September 30, 2026,
marginally down when compared to 6.2% in the corresponding quarter of the previous year.
Manufacturing & Products Segment
The segment reported order inflows of ₹ 5,778 crore during the quarter ended
September 30, 2026, registering a growth of 34% over the corresponding quarter of the
previous year, primarily attributable to receipt of export orders in the Precision Engineering
& Systems business. Export orders accounted for 68% of the total order inflow of the segment
during the quarter.
As on September 30, 2026, the segment order book stood at ₹ 42,881 crore, with export
orders contributing 25% to the total.
For the quarter ended September 30, 2026, customer revenues were ₹ 4,480 crore,
registering a y-o-y growth of 34%, driven by improved execution progress in the Precision
Engineering & Systems business. International revenues constituted 18% of the segment’s
total customer revenues during the quarter.
The segment recorded an EBITDA margin of 15.7% for the quarter ended
September 30, 2026, compared to 13.5% reported in the corresponding quarter of the
previous year. The margin improvement is reflective of a more favourable execution profile
of projects within the portfolio.
Technology, Platforms & Services Segment
The segment recorded customer revenues of ₹ 14,826 crore for the quarter ended
September 30, 2026, registering a y-o-y growth of 11%, driven by continued client spending
across the IT&TS sector. International billing contributed 92% of the total customer revenues
of the segment for the quarter ended September 30, 2026.
The segment delivered an EBITDA margin of 19.5% for the quarter ended
September 30, 2026, compared with 20.0% reported in the corresponding quarter of the
4
previous year. The slight moderation is reflective of higher manpower cost and adverse forex
variation.
Financial Services Segment
The segment recorded income from operations at ₹ 5,307 crore during the quarter ended
September 30, 2026, registering y-o-y growth of 27%, primarily driven by higher
disbursements in the Retail business.
The total loan book stood at ₹ 136,635 crore as on September 30, 2026, reflecting a growth
of 12% over March 2026. The retail loan book constituted 99% of the total loan book as on
September 30, 2026.
The segment recorded a Profit Before Tax (PBT) of ₹ 1,319 crore for the quarter ended
September 30, 2026, compared to ₹ 989 crore in the corresponding quarter of the previous
year. The improvement in profitability was supported by loan book growth, stable asset
quality and a strong operating performance resulting in higher net interest margin and fee
income.
Realty Segment
The segment reported order inflows of ₹ 1,292 crore during the quarter ended
September 30, 2026, registering a decline of 12% over the corresponding quarter of the
previous year, majorly due to lower pre-sales as some new launches are delayed.
As on September 30, 2026, the segment order book stood at ₹ 18,400 crore.
For the quarter ended September 30, 2026, customer revenues were ₹ 225 crore, registering
a decline of 43% on a y-o-y basis, driven by lower handover of residential units.
The segment recorded an EBITDA margin of 54.3% for the quarter ended
September 30, 2026, compared to 67.6% in the corresponding quarter of the previous year.
The decline in margin is primarily attributable to fewer residential unit handovers during
the quarter.
Development Projects Segment
The performance of this segment comprises the operations of (a) Nabha Power Limited up
to the date of its divestment on June 25, 2026, (b) Hyderabad Metro till April 30, 2026, in
line with the terms of the Share Purchase Agreement with HMRL, a Government of Telangana
enterprise and (c) Green Energy business.
During the quarter ended September 30, 2026, the segment recorded Nil revenue and EBIT
loss of ₹ 16 crore, as the Green Energy business is in investment phase.
5
Outlook
The Indian economy maintained a good growth momentum during the first half of
FY 2026-27. Economic activity was supported by buoyant domestic demand, sustained
capital expenditure and continuing robustness in the services sector. Despite a global
environment marked by trade tensions, geopolitical conflicts, and high energy prices, India’s
macroeconomic fundamentals remained resilient, providing a strong foundation for growth.
However, inflation remains a concern, arising from food price volatility, elevated energy
costs, and weather-related disruptions. Geopolitical imbalances, trade uncertainties, and
climate-related risks continue to affect commodity prices and supply chains. Reflecting
these concerns, the Reserve Bank of India (RBI) raised the repo rate by 25 basis points to
5.50% and shifted its policy stance from ‘neutral’ to ‘calibrated tightening’.
Notwithstanding, India is expected to remain among the fastest-growing major economies,
with the RBI forecasting real GDP growth of 7.1% for FY 2026-27, supported by healthy
domestic demand, private investment activity, and infrastructure spending.
The global economic outlook is one of guarded optimism, aided by AI Data Center demand
in several major economies and fresh investments in infrastructure, energy transition,
technology, and industrial capacity. The Middle East continue to pose varied downside risks
to global growth and investment activity.
The Company will continue to leverage its capability and flexibility to successfully navigate
the environment. The Company remains focused on operational excellence and the adoption
of technology to improve productivity and competitiveness and ensure long-term sustainable
growth for its stakeholders.
