MarketFriction

Larsen & Toubro Ltd

NSE LT · BSE 500510 · Civil Construction
₹3,693.40 -1.77%
NSE close2026-10-01
52 week range3,288.10 - 4,440.00
Market cap₹5,15,837 Cr.
P/E29.3
Nifty 50Nifty 100Nifty 200Nifty 500Nifty Infrastructure No price band Delivery 59.8%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales51,02455,12867,07955,12061,55564,66874,39263,67967,98471,45082,76267,942
Expenses43,98447,92958,42648,07453,63856,77064,51655,65559,47062,25972,34359,793
Operating Profit7,0407,1998,6537,0467,9177,8989,8768,0248,5139,19010,4198,149
OPM %14%13%13%13%13%12%13%13%13%13%13%12%
Other Income1,1338381,1359211,1019681,6101,3571,384-3501,6472,377
Interest2,2722,3442,3452,2922,4392,4862,4192,4882,4702,3992,4882,571
Depreciation9109211,0219981,0241,0471,0521,0331,0921,0721,1681,032
Profit before tax4,9914,7726,4224,6775,5555,3338,0145,8606,3365,3708,4106,922
Tax %23%25%22%26%26%25%23%26%26%29%25%28%
Net Profit3,8463,5935,0133,4454,0993,9746,1564,3184,6783,8256,1334,988
EPS in Rs23.4521.4431.9820.2624.6924.4339.9726.3028.5423.3738.7129.97
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales101,122109,312119,683135,220145,452135,979156,521183,341221,113255,734285,874290,137
Expenses85,63792,69199,572112,354120,899112,519132,207156,175192,355221,183249,530253,866
Operating Profit15,48616,62020,11122,86624,55323,46024,31427,16628,75834,55136,34536,272
OPM %15%15%17%17%17%17%16%15%13%14%13%12%
Other Income1,2191,4661,4652,7013,0158,1112,3642,8914,9533,0744,0525,058
Interest6,8996,8297,7149,33911,02111,7509,2359,4459,5129,92510,0569,928
Depreciation1,7872,3702,2231,9232,4622,9042,9483,5023,6824,1214,3654,364
Profit before tax8,0208,88711,63914,30514,08616,91814,49517,10920,51723,57925,97627,039
Tax %30%23%27%28%23%24%29%26%24%25%26%
Net Profit4,5926,4868,00410,21710,89412,92110,41912,53115,54717,67318,95419,624
EPS in Rs30.6443.1752.5963.4868.0282.4761.7074.5095.00109.35116.92120.59
Dividend Payout %40%22%30%28%26%44%36%32%36%31%32%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth11%16%16%10%
Compounded Profit Growth15%3%17%13%
Stock Price CAGR15%17%7%2%
Return on Equity15%14%16%16%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital186186187280281281281281281275275275
Reserves40,72343,99450,03054,62362,09466,44275,58882,12789,04586,08497,381109,015
Borrowings93,63088,13593,954107,524125,555143,174134,629125,508120,650116,322132,409125,497
Other Liabilities58,72761,77567,40080,81290,10696,79099,597111,112119,745136,921149,050217,596
Total Liabilities193,266194,091211,571243,240278,036306,687310,095319,028329,722339,602379,114452,383
Fixed Assets34,73814,17616,67718,58021,19443,65344,31942,94542,64142,96444,05530,867
CWIP14,99310,97413,29813,44313,9193,3115001,2503,0663,0452,5893,311
Investments9,61215,46519,75315,31120,90720,04739,62739,39544,79845,64854,80568,377
Other Assets133,923153,475161,843195,905222,016239,675225,649235,438239,217247,946277,665349,828
Total Assets193,266194,091211,571243,240278,036306,687310,095319,028329,722339,602379,114452,383
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-1,365-3,2406,655-10,031-4,7566,69423,07419,16422,77718,2669,15116,741
Cash from Investing Activity-4,778-4,627-9,7963,914-11,023-8,408-5,750-3,585-8,0482,179-15,479-11,380
Cash from Financing Activity7,9037,2532,8969,37015,4406,372-15,274-15,181-11,572-25,4136,557-2,156
Net Cash Flow1,759-613-2453,254-3384,6582,0493973,156-4,9682283,204
Free Cash Flow-7,460-7,3633,834-12,046-8,2553,39422,15116,12418,98414,0565,61112,272
CFO/OP10%-0%59%-33%1%44%113%97%103%82%43%63%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days11994961019910211310889817777
Inventory Days765141455144514441323036
Days Payable288283301349340336401378302255208265
Cash Conversion Cycle-92-138-164-203-190-190-236-227-172-143-101-151
Working Capital Days1244424520252802-16-33-27
ROCE %10%11%11%14%13%12%10%10%12%13%15%15%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
FIIs25.72%25.50%24.36%22.85%21.72%20.83%19.80%19.33%19.48%20.06%18.78%19.13%
DIIs37.16%37.34%38.08%38.89%40.44%41.71%42.71%43.48%43.34%42.99%43.32%43.01%
Government0.23%0.23%0.23%0.24%0.24%0.24%0.24%0.24%0.24%0.24%0.25%0.25%
Public36.89%36.93%37.33%38.01%37.60%37.21%37.25%36.95%36.92%36.69%37.64%37.60%
No. of Shareholders14,07,11714,54,62415,64,08517,36,84416,89,15516,75,14617,06,26416,81,49116,71,00616,30,03118,01,25417,95,249

Fundamentals

Market Cap₹ 5,15,837 Cr.
Current Price₹ 3,749
Stock P/E29.3
Book Value₹ 794
ROCE14.6 %
ROE15.9 %
Dividend Yield1.01 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)10%
Compounded Profit Growth (TTM)13%
Consolidated figures.
Valuation
Market capRs 508,076 Cr
Enterprise valueRs 612,725 Cr
P/E (TTM)30.63x
Price to book4.65x
Price to sales1.75x
EV / EBITDA14.83x
EV / EBIT16.58x
EV / sales2.11x
Price to cash flow30.35x
Earnings yield3.27%
Dividend yield1.03%
P/E, 3-year average33.84x
P/B, 3-year average5.11x
P/E, 5-year average31.85x
P/B, 5-year average4.35x
Profitability
Operating margin (excl. other income)12.71%
Operating margin (incl. other income)14.13%
EBITDA margin14.24%
Pre-tax margin9.32%
Net profit margin5.72%
Net margin, latest quarter6.07%
ROE15.54%
ROCE15.50%
ROA3.87%
ROE, 3-year average15.58%
ROCE, 3-year average15.18%
ROA, 3-year average3.99%
ROE, 5-year average13.98%
ROCE, 5-year average13.92%
ROA, 5-year average3.59%
ROIC (approx.)12.74%
Tax rate26.24%
Other income / net worth3.71%
Growth
Sales growth (latest year)11.79%
Profit growth (latest year)6.96%
Sales CAGR, 3 years15.96%
Sales CAGR, 5 years16.02%
Profit CAGR, 3 years15.38%
Profit CAGR, 5 years6.79%
Sales growth QoQ-17.91%
Profit growth QoQ-22.58%
Sales growth YoY (latest quarter)6.69%
Profit growth YoY (latest quarter)13.98%
Per share
EPS (TTM)Rs 120.60
EPS (latest year)Rs 116.92
EPS (latest quarter)Rs 29.97
EPS, 3-year averageRs 107.09
EPS, 5-year averageRs 91.49
Book value per shareRs 794.47
Sales per shareRs 2,109.12
Cash flow per shareRs 121.70
Free cash flow per shareRs 89.21
Dividend per share (latest year)Rs 38.00
Dividend per share, 3-year averageRs 35.33
Dividend per share, 5-year averageRs 30.40
Dividends
Dividend payout32.50%
Dividend payout, 3-year average33.13%
Dividend payout, 5-year average33.45%
Efficiency
Asset turnover0.63x
Fixed asset turnover9.26x
Inventory turnover19.47x
Inventory days19 days
Debtor days77 days
Debtors turnover4.73x
Creditor days265 days
Cash conversion cycle-151 days
Working capital days-27 days
Leverage
Total debtRs 125,497 Cr
Cash and bankRs 20,848 Cr
Net debtRs 104,649 Cr
Debt to equity1.15x
Net debt / EBITDA2.53x
Interest coverage3.72x
Current ratio (filing 2026-03-31)1.25x
Quick ratio (filing 2026-03-31)1.21x
Trade payables (filing 2026-03-31)Rs 69,456 Cr
Owners' fund to total sources24.16%
Debt to assets27.74%
Cash flow
Cash from Operating Activity (latest year)Rs 16,741 Cr
Cash from Investing Activity (latest year)Rs -11,380 Cr
Cash from Financing Activity (latest year)Rs -2,156 Cr
Net Cash Flow (latest year)Rs 3,204 Cr
Free cash flow (latest year)Rs 12,272 Cr
FCFE (approx.: FCF + change in debt)Rs 5,360 Cr
Cash from ops / profit, 5 years1.15x
Sales to cash flow17.08x
Statement figures
Net sales (TTM)Rs 290,137 Cr
Net sales (latest year)Rs 285,874 Cr
Sales (latest quarter)Rs 67,942 Cr
Operating profit excl. other income (latest year)Rs 36,345 Cr
Operating profit (latest quarter)Rs 8,149 Cr
Other income (TTM)Rs 5,058 Cr
EBITDA (TTM)Rs 41,330 Cr
PBDT (TTM)Rs 31,402 Cr
Profit before tax (TTM)Rs 27,039 Cr
Tax (latest year)Rs 6,816 Cr
Net profit (TTM)Rs 16,590 Cr
Net profit (latest year)Rs 16,084 Cr
Net profit (latest quarter)Rs 4,123 Cr
Depreciation (TTM)Rs 4,364 Cr
Depreciation (latest quarter)Rs 1,032 Cr
Interest (TTM)Rs 9,928 Cr
Cost of goods sold (latest year)Rs 185,560 Cr
Total expenditure (latest year)Rs 249,530 Cr
Total income (latest year)Rs 289,926 Cr
Share capitalRs 275 Cr
ReservesRs 109,015 Cr
Shareholders' fundsRs 109,290 Cr
Total assetsRs 452,383 Cr
Net blockRs 30,867 Cr
Capital work in progressRs 3,311 Cr
InvestmentsRs 68,377 Cr
ReceivablesRs 60,461 Cr
InventoryRs 9,531 Cr
Other liabilitiesRs 217,596 Cr
Shares outstanding (crore)137.56
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 30.6 is at the 55th percentile of its own 9.4-year range (median 29.1, low 12.5, high 49.5).
P/B 4.65 is at the 67th percentile (median 3.46).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodLTNifty 50Difference
1 week-4.3%-2.8% -1.5 pts
1 month-7.2%-6.8% -0.4 pts
3 months-8.3%-7.6% -0.7 pts
6 months+5.4%+0.4% +5.0 pts
1 year+1.3%-9.9% +11.3 pts
2 years-2.5%-13.6% +11.1 pts
3 years+22.2%+14.2% +8.0 pts
5 years+117.7%+27.9% +89.8 pts
583 mutual fund schemes hold about ₹79,976 Cr. Over three months 220 bought more and 125 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Flexi Cap Fund3.16%3,591 -0%
ICICI Pru Large Cap Fund4.11%3,297 -2%
SBI Large Cap Fundd5.43%2,993 +6%
HDFC Balanced Advantage Fund2.59%2,783 +10%
Kotak Flexi Cap Fund3.73%2,103 +3%
Kotak Flexi Cap Fund3.73%2,093 +3%
SBI Aggressive Hybrid Fund2.35%2,084 +3%
Nippon India Large Cap Fund3.70%2,001 +5%
ICICI Pru Balanced Advantage Fund(M1.98%1,495 -8%
Mirae Asset Large Cap Fund3.50%1,356 +7%
UTI Nifty 50 Index Fund4.30%1,267 +6%
ICICI Pru India Opp Fund2.95%1,131 -0%
ICICI Pru Value Fund1.83%1,098 +7%
SBI Balanced Advantage Fund2.55%1,075 +5%
Axis Large Cap Fund3.40%1,066 -26%
HDFC Nifty 50 Index Fund4.30%1,039 +6%
Nippon India Multi Cap Fund1.79%1,009 +3%
Invesco India Contra Fund4.86%1,002 +1%
Axis ELSS-Tax Saver Fund2.90%948 +4%
Aditya Birla SL Large Cap Fund3.17%940 +4%
SBI ELSS Tax Saver Fund2.89%917 +7%
SBI Flexicap Fund3.86%898 +4%
HDFC Large Cap Fund1.99%795 +4%
ICICI Pru Business Cycle Fund4.92%781 -24%
Kotak Large & Mid Cap Fund2.31%748 +3%

Red flags

F-score 5 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2024-06-04SEN DKEmployees/Designated Employebuy900Rs 0.30 CrMarket Purchase
2024-06-03SRAVANKUMAR Y V SEmployees/Designated Employesell100Rs 0.04 CrMarket Sale
2024-06-03IMRANKHAN BABU MAZHAR ALIKHAN-sell300Rs 0.12 CrMarket Sale
2024-05-23SRAVANKUMAR Y V SEmployees/Designated Employesell100Rs 0.04 CrMarket Sale
2024-05-23SRAVANKUMAR Y V SEmployees/Designated Employesell100Rs 0.04 CrMarket Sale
2024-05-13SEN DKEmployees/Designated Employebuy1,000Rs 0.32 CrMarket Purchase
2024-05-08IMRANKHAN BABU MAZHAR ALIKHAN-other665Rs 0.02 CrESOP
2024-03-28SRAVANKUMAR Y V SEmployees/Designated Employesell100Rs 0.04 CrMarket Sale
2024-03-28CHIRAG R. SHAHEmployees/Designated Employesell100Rs 0.04 CrMarket Sale
2024-03-27SRAVANKUMAR Y V SEmployees/Designated Employesell100Rs 0.04 CrMarket Sale
2024-03-27CHIRAG R. SHAHEmployees/Designated Employesell100Rs 0.04 CrMarket Sale
2024-03-27CHIRAG R. SHAHEmployees/Designated Employesell100Rs 0.04 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹67,942 Cr +6.7% vs Jun 2025. Net profit ₹4,988 Cr +15.5%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-05-22Dividend - Rs 38 Per Share
2025-06-03Dividend - Rs 34 Per Share
2024-06-20Dividend - Rs 28 Per Share
2023-09-12Buy Back
2023-08-02Special Dividend - Rs 6 Per Share
2023-08-02Dividend - Rs 24 Per Share
2022-07-21Dividend - Rs 22 Per Share
2021-07-28 Annual General Meeting/Dividend - Rs 18 Per Share
2020-11-04 Special Dividend - Rs 18 Per Share
2020-08-05 Annual General Meeting/Dividend - Rs 8 Per Share
2020-03-24 Interim Dividend - Rs 10 Per Share
2019-07-24 Annual General Meeting/Dividend - Rs 18 Per Share
2018-10-12 Buyback
2018-08-14 Annual General Meeting/Dividend- Rs 16 Per Share
2017-08-11 Annual General Meeting/Dividend - Rs 14/- Per Share
2017-07-13 Bonus 1:20.6667
2016-08-18 Dividend - Rs 18.25/- Per Share
2015-09-01 Annual General Meeting/ Dividend - Rs 16.25/- Per Share
2014-08-13Annual General Meeting / Dividend - Rs 14.25/- Per Share
2013-08-13Annual General Meeting / Dividend - Rs 12.33/- Per Share
2013-07-11Bonus 1:20.6667
2012-08-14Annual General Meeting / Dividend Rs 16.50 Per Share
2011-08-17Dividend-Rs.14.50 Per Share
2010-08-17Annual General Meeting And Dividend Rs.12.50 Per Share
2009-08-18Dividend-Rs10.50 Pr Share
2008-10-01Bonus 1:10.5000
2008-08-20Agm/Div - Rs.15 Per Share
2007-08-14Agm/Fin Div-Rs.2/- Per Sh
2007-07-17Spl Dividend-Rs2/- Per Sh
2007-03-28Int Div-Rs.11/- Per Sh
2006-09-28Bonus 1:10.5000
2006-08-14Dividend-Rs.22/- Per Sh
DateTypeWhat it says
2026-09-30General UpdatesGeneral Updates
2026-09-30Order winBagging/Receiving of orders/contracts
2026-09-18Press ReleaseA press release dated September 18, 2026, titled "L&T Semiconductor Technologies Unveils 40 Products at SEMICON 2026. Marks a major milestone with its...
2026-09-17Credit RatingCredit Rating
2026-09-16Concall / analyst meetSchedule of meet
2026-09-15AllotmentAllotment of 28,903 shares pursuant to ESOP/ESPS at its meeting held on September 15, 2026
2026-09-09AllotmentAllotment of 50,000 Listed, Rated, Unsecured, Redeemable, Tokenised Non-Convertible Debentures at its meeting held on September 09, 2026
2026-09-09Press ReleaseA press release dated September 09, 2026, titled "L&T Becomes India s First Private Sector Corporate to Issue Tokenised Bond".
2026-09-09Order winBagging/Receiving of orders/contracts
2026-09-04Credit RatingCredit Rating
2026-09-01Credit RatingCredit Rating
2026-09-01Scheme of ArrangementScheme of Arrangement
2026-08-25Order winBagging/Receiving of orders/contracts
2026-08-24Order winBagging/Receiving of orders/contracts
2026-08-20Order winBagging/Receiving of orders/contracts
2026-08-17Order winBagging/Receiving of orders/contracts - L&T Secures Ultra-Mega* Order for Strategic Offshore Development Project in the Middle East
2026-08-13Order winBagging/Receiving of orders/contracts
2026-08-11General UpdatesExecution of Business Transfer Agreement with Vyoma.AI Limited (Vyoma), Wholly owned Subsidiary of the Company and execution of Share Purchase Agreeme...
2026-08-11General UpdatesESG Credit Rating
2026-08-07Order winBagging/Receiving of orders/contracts
2026-08-06UpdatesRe-filing of announcement in machine readable format.
2026-08-06Concall / analyst meetSchedule of meet
2026-08-04Scheme of ArrangementScheme of Arrangement - Summary of Proceedings, Voting Results and Scrutinizers Report of the NCLT convened meeting of equity shareholders of the Comp...
2026-08-04Shareholder meetingProceedings of NCLT Convened Meeting held on August 04, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with ...
2026-08-04Order winBagging/Receiving of orders/contracts
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.99
Max pain (expiry 2026-10-27)3,900
Largest call open interest at4,000
Largest put open interest at3,800
Implied volatility, at the money21.8%
Underlying at snapshot3,693.40
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-30471
2026-09-295,825
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-07-16NCLTL&T Infrastructure Finance Company Ltd Vs ICOMM Tele Ltd Vs
2021-07-14NCLTL&T Uttaranchal Hydropower Ltd Vs
2021-03-26NCLTLarsen & Toubro Ltd Vs IL & FS Engineering Construction Company Ltd
2021-03-19NCLTL&T Infrastructure Finance Company Ltd Vs ICOMM Tele Ltd Vs
2021-03-01NCLTSafintra Roofing (India) Ltd Vs Larsen & Toubro Limited
2021-02-18NCLTL&T Infrastructure Finance Company Ltd Vs ICOMM Tele Ltd Vs
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Larsen & Toubro Ltd?

Larsen & Toubro Ltd (LT) has a market capitalisation of Rs 5,15,837 Cr. at the 2026-10-01 close.

What is the P/E ratio of Larsen & Toubro Ltd?

Larsen & Toubro Ltd trades at a P/E of 29.3 on trailing twelve-month profit, at the 2026-10-01 close.

What were Larsen & Toubro Ltd's latest quarterly results?

In the Jun 2026 quarter, Larsen & Toubro Ltd sales was Rs 67,942 Cr (+6.7% vs Jun 2025) and net profit was Rs 4,988 Cr.

What is the 52-week high and low of Larsen & Toubro Ltd?

The 52-week high is Rs 4,440.00 and the 52-week low is Rs 3,288.10.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03