Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 7 Oct - L&T Energy CarbonLite secures LNTP for 2x800 MW Chandrapura thermal power plant in Jharkhand.
Source: Bse
Larsen & Toubro Limited (LT)
Large CapInfra stocks · Large cap · NSE
Larsen & Toubro Limited (LT) is an Indian conglomerate engaged in Projects and Manufacturing, IT and Technology Services, Financial Services, Development Projects, and Realty. It operates primarily in India and the Middle East, focusing on infrastructure, energy, and high-tech manufacturing.
₹3,661.9
+34.80 · +0.96%
Market cap ₹4,95,775 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result28 Jul, 10:54 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
27Bearishfull bear SMA stack · SMA20 -5.9% / mo · MACD − · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 21
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
LTD candles · FIT view-8.8%Latest close ₹3661.90 on 2026-10-19
Bar
+0.4%
RSI
41
MACD hist
-1.80
52W pos
32%
2026-10-19O ₹3649.00H ₹3687.70L ₹3632.00C ₹3661.90Vol 23.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
LTNifty InfraNifty 500
- LT
- -4.6%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- +1.0 pp
Chart stats
19 Oct 2026- From 52W high
- -17.5%
- 52W range position
- 32%
- ATR (14)
- 2.0%
- Volume vs 20D
- 1.34x
- Avg traded value
- ₹662 Cr
- 20D price channel
- ₹3,592.9 - ₹3,945
₹4,440
₹3,288.1 - ₹4,440
₹72.2
Latest completed session
20-session average
23.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST32
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad27
Revenue +6.7% · PAT +15.5% YoY
Technical
Bearish27
Price trend and sector-relative-strength timing.
Valuation
Legacy model-210.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 27/100margin compression · Rev +7% YoY · PAT +16% YoY · operating leverage
Filed 28 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹67,942 Cr | +6.7% | -17.9% |
| EBITDA | ₹8,149 Cr | +1.6% | -21.8% |
| Operating margin | 12.0% | -100 bps | -100 bps |
| PAT | ₹4,988 Cr | +15.5% | -18.7% |
| PAT margin | 7.3% | +56 bps | -7 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 28.10
- P/B
- 4.57
- EV/EBITDA
- 15.29
- Market Cap
- 495775.00Cr
Profitability
- ROE
- 15.90%
- ROCE
- 14.60%
- ROA
- 4.34%
- Dividend Y
- 1.05%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 3.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 1.15
- Interest Coverage
- 3.65×
- Altman Z
- 2.20
- Book Value
- 794.00
Cash Flow
- FCF Yield
- 1.08%
- FCF Positive Y
- 5/5
- OCF
- 16741.00 Cr
- EPS TTM
- 120.59
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 29%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 285.9k+11.8% vs prev
Net Profit
₹ CrLatest: 19.0k+7.2% vs prev
Return on Equity
%Latest: 17.3-4.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 41. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.2% over last month) — short-term momentum negative.
- RSI(14) at 41 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 18% off 52W high · 11% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
50
RS percentile
Stage 4 Downtrend
1M return
-5.7%
3M return
-4.6%
6M return
-8.9%
1Y return
-7.8%
RS 1D
+4
RS 20D
-1
Sector rank
#14
Industry rank
#22
Stage evidence
- Price is 6.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.7%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 101.18+2.01%
RS vs Nifty 500101
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth9/25
Quality10/20
Balance Sheet3/15
Cash Flow5/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
32
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
32/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 7/9.
- Quality contributes 10/20 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Fair-value margin of safety is negative at -210.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
28.1
PB
4.6
EV/EBITDA
15.3
ROE
15.9%
ROCE
14.6%
FCF Yield
1.1%
Debt/Equity
1.1
MoS
-210.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
32
Previous: 32
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-210.2%
Previous: -210.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
32
32
32
32
32
32
32
32
32
32
32
32
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,467.77
-149.5% MoS
Growth-justified P/E
9.8
Growth-justified Value
₹1,180.58
-210.2% MoS
PEG
5.85
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RITES
Large
RITES Limited
Construction & Engineering
match 55
41
23.1
15.4%
-245%
WATCHLIST
NCC
Large
NCC Limited
Construction & Engineering
match 54
53
10.9
9.2%
+53%
FAIR VALUE
CEMPRO
Large
Cemindia Projects Limited
Construction & Engineering
match 54
56
32.7
27.8%
-36%
FAIR VALUE
HCC
Micro
Hindustan Construction Company Limited
Construction & Engineering
match 50
34
38.2
11.9%
-22%
WATCHLIST
GRINFRA
Micro
G R Infraprojects Limited
Construction & Engineering
match 50
36
8.1
9.2%
-27%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T15:27:31.559Z
Management commentary snapshot
Q4 FY26 order inflows broadly flat YoY, group revenues up 11% YoY, and recurring PAT up 5% YoY. Full year FY26 order inflows significantly surpassed guidance, while revenue growth missed target due to West Asia conflict and domestic project delays.
L&T delivered strong FY26 order inflows, surpassing guidance, and built a robust order book. Q4 revenue and P&M margins were impacted by West Asia conflict disruptions and domestic project delays. Management expects H1 FY27 to be subdued but anticipates H2 pickup and has a clear long-term strategic plan (Lakshya 31) with significant capex in new growth areas.
Growth engines
Energy Transition & Core National Infrastructure
Benefited from ongoing opportunities in energy transition and core national infrastructure projects in the Middle East.
Domestic Private Sector Ordering
Strong momentum in Buildings and Factories, Minerals and Metals, and Heavy Civil Infrastructure businesses.
Data Center Business (L&T Vyoma)
Commissioned 12 MW capacity at Kanchipuram, with an additional 6 MW at an advanced stage of commissioning, bringing total to 30 MW.
Green Energy (Lakshya 31)
Development Projects portfolio reoriented towards asset ownership in Green Hydrogen and Green Ammonia manufacturing facilities under a BOO framework.
Capacity and execution
Data Center Capacity
Commissioned 12 MW at Kanchipuram, with an additional 6 MW at an advanced stage, bringing total available capacity to 30 MW. Target 200 MW over time.
Hydrocarbon Modular Fabrication Yard & Shipbuilding Facility
Plan to invest around Rs 50 billion for upgradation.
Tailwinds
Indian Economic Growth
FY27 expected around 6.9%, supported by resilient household demand, sustained public capital expenditure, and continued strength in services.
Middle East Resilience
GCC has demonstrated resilience, underpinned by low public debt levels, substantial foreign exchange reserves, and strong sovereign balance sheets.
Domestic Private Sector Capex
Increasingly structural and sustainable with enterprises sharply focused on disciplined execution and return focus.
Energy Transition Acceleration
Accelerating as a strategic risk hedge, driving opportunities in renewables, battery energy storage systems, and grid infrastructure.
Headwinds
West Asia Conflict
Near-term impact on execution primarily due to supply chain constraints, increased logistics and insurance costs.
Subdued Domestic Project Execution
Subdued execution progress in certain domestic projects, particularly Water and Effluent Treatment business, and delays from pending clearances.
Global Economic Fragmentation
Continues to influence trade flows, investment activity, and overall sentiment.
Risk radar
Geopolitical Developments
External headwinds including geopolitical developments, global energy supply dynamics, and financial market volatility.
Supply Chain Disruptions
The biggest risk from the West Asia conflict, impacting material movement and execution, though continuously improving.
Inflation and Logistics Costs
Logistics and insurance costs have increased materially; active discussions with clients to seek appropriate relief.
Legacy Project Cost Overruns
Cost overruns and closeout costs in legacy projects impacted the Energy segment margin in Q4 FY26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY is crucial for assessing annual performance and comparing against previous fiscal periods, especially for full-year targets. QoQ (or sequential trends) is relevant for understanding the immediate impact of geopolitical events and project execution momentum, particularly for Q4 which is a peak execution period.
Sector KPIs management disclosed
Order Inflows (Q4 FY26)
Rs 898 billion, broadly in line with Q4 FY25 levels. Projects and Manufacturing portfolio recorded Rs 699 billion, down 3% YoY.
Order Inflows (FY26)
Significantly surpassed the guided growth of 10% for FY26, driven by strong order wins across multiple sectors.
Order Book (as of March 2026)
Rs 7.40 trillion, a 28% YoY increase, providing strong revenue visibility.
Group Revenues (Q4 FY26)
Rs 828 billion, registered a YoY growth of 11%.
Management forward view
FY27 Guidance
Expects group order inflows and revenue to grow in the range of 10% to 12%. Projects, Products and Manufacturing (PP&M) margin expected to be stable at 7.8%. Working capital around 10%.
Lakshya 31 (FY27-FY31) Targets
Targeting order inflow CAGR of 10-12%, revenue growth of 12-15%, and Return on Equity in the range of 16-17%.
H1 FY27 Outlook
Anticipates a softer first half primarily due to current supply chain disruptions, with a pickup happening in the second half as constraints ease.
Middle East Capex Outlook
Capex narrative is quite positive; expects many more projects to be announced in the next few quarters.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth (H1 FY27) | Anticipated softer H1 FY27 due to supply chain disruptions. | Actual revenue growth in H1 FY27 and signs of pickup in H2 as constraints ease. |
| Middle East Project Execution | Near-term impact on execution due to supply chain constraints. | Easing of supply chain constraints and successful negotiations with clients for cost compensation. |
| Water Projects Execution & Collections | Subdued progress in FY26, with some improvement in collections in Q4. | Sustained improvement in execution momentum and collections in FY27. |
| PP&M Margin Stability | Guided stable at 7.8% for FY27. | Actual margin performance, especially in the Energy segment post closeout of legacy projects. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 68th percentile within Infra. Main check: balance sheet trust is weak at 53/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
179 docs text-extracted · 39 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Infra: 68th pctile, median 64 · Large: 40th pctile, median 73
Evidence depth
Financial-only
179 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
53
watch · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
75
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 1.15.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Larsen & Toubro Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 30 Sep - L&T wins twin Dubai contracts for Latifa Bint Hamdan Corridor; projects complete by end-2028.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 18 Sep - L&T Semiconductor unveiled 40 products at SEMICON 2026, including its first silicon carbide chips.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 17 Sep - Niche99 assigned L&T an ESG score of 63 in Performer category.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 9 Sep - L&T secures large offshore EPCIC order from ONGC for ADR-I and NLM-14 projects.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 9 Sep - L&T issues India’s first private-sector tokenised bond, raising ₹500 crore for 3 years.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 4 Sep - CRISIL reaffirmed L&T’s AAA ratings for NCDs, bank loans, fixed deposits, and A1+ commercial paper.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 20 Aug - L&T wins large order for Dubai Al Maktoum Airport Automated People Mover System.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 13 Aug - L&T secures mega order with Together AI to build India’s largest NVIDIA B300 AI Factory in Chennai.
Source: Bse
Credit rating
Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 (SEBI LODR) - ESG Credit Rating 11 Aug - NSE Ratings assigned L&T ESG score 62, category Adequate, up from 59 in FY2025.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Diversification / Disinvestment 11 Aug - L&T signs BTA to transfer Data Center and Cloud Services business for ₹1,400 crore, plus LTNSPL stake sale for ₹30 crore.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.