LTConstruction

Larsen & Toubro Limited

Civil Construction · ISIN INE018A01030 · BSE 500510 · NSE EQ · FV ₹2
Last price
₹3,944
-0.10%today
What this company does

Larsen & Toubro Limited operates in Civil Construction, part of the Construction sector. It booked ₹78,750 cr of revenue in its latest quarter (Q2 FY27) and kept 6.6% of sales as profit. It is the largest of 9 Civil Construction companies we track, by market value.

63out of 100
Equitytale Health Score
Mixed

Healthier than 63% of companies in Construction, on all six measures of filed financials. Each measure is ranked against the 19–24 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
67

At close. Not part of the score.

Profitability & returns68

How much profit it earns on the money it employs

Balance sheet41

How much it owes, and whether earnings cover the interest

Cash quality86

Whether reported profit actually arrives as cash

Growth & consistency69

Whether sales and profit have grown, and how steadily

Valuation34

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
✓ Makes a profit
✓ Sales up 16% vs last year
✓ Profit up 33% vs last year
✓ No promoter shares pledged
✓ Strong 18% return on equity
✓ Turns profit into real cash
Watch-outs
! Thin 6.6% net margin
! Carries high debt (D/E 1.0)

What if I invest in LT?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹3,944▼ -0.10%
latest close · 2026-11-04
1-year return
+129.6%
52-wk low ₹1,45652-wk high ₹4,125
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio26.1Average
LowAverageHigh
P/B ratio4.80High
Below bookModerateHigh
EV / EBITDA18.1High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity18.4%Strong
WeakFairStrong ▸15%
Return on capital14.4%Fair
WeakFairStrong
Net margin6.6%Decent
ThinDecentStrong
EBITDA margin11.6%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity1.02High
LowModerateHigh ▸1
Interest cover17.2×Strong
RiskyOkayStrong ▸5×
Current ratio1.25Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹5.43 L cr
Book value
₹821
EPS
₹37.81
latest quarter
Net debt
₹1.22 L cr
owes more than its cash
Enterprise value
₹6.64 L cr
EBITDA
₹36,604 cr
annualised
EBIT
₹32,456 cr
annualised
Operating margin
10.3%
Return on assets
4.3%
Earnings yield
3.83%
P/S
1.72
Sales / share
₹2,289.4
Tax rate
22.6%
Face value
₹2
Shares
137.6 cr
Working capital
₹64,196 cr
Current assets
₹3.24 L cr
Current liabilities
₹2.60 L cr
Delivery %
54.5%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-04.

Worth vs price · from the exchange filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹1,302–₹1,453, midpoint ₹1,378

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q2 FY27 (consolidated)
Revenue from Operations₹78,750 cr
Other Income₹2,306 cr
Total Income₹81,056 cr
Cost of Materials₹29,989 cr
Purchases of Stock-in-Trade₹360 cr
Inventory Change (±)₹-82 cr
Employee Benefit Expense₹14,246 cr
Finance Costs₹473 cr
Depreciation & Amortisation₹1,037 cr
Other Expenses₹27,393 cr
Total Expenses₹73,415 cr
Profit before Tax₹7,641 cr
Tax Expense₹1,726 cr
Share of JV / Associates₹34 cr
Net Profit₹5,949 cr
Net margin on total income7.3%
Where the money goes · Q2 FY27
% of total income
Materials + stock-in-trade₹30,267 cr37.3%
Employee benefit expense₹14,246 cr17.6%
Finance costs₹473 cr0.6%
Depreciation & amortisation₹1,037 cr1.3%
Other expenses₹27,393 cr33.8%
Tax expense₹1,726 cr2.1%
Profit for the period₹5,949 cr7.3%
Total income ₹81,056 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ4 FY26Q1 FY27Q2 FY27
Revenue82,762 cr67,942 cr78,750 cr
Total income84,341 cr70,318 cr81,056 cr
Expenses75,999 cr63,396 cr73,415 cr
Profit before tax8,410 cr6,922 cr7,641 cr
Tax2,093 cr1,939 cr1,726 cr
Net profit (owners' share)5,326 cr4,123 cr5,202 cr
Net margin (owners' share, on revenue)6.4%6.1%6.6%
EPS (₹)38.7129.9737.81
YoY (latest quarter): total income +16.8% · net profit +32.5%
Balance sheet & cash flow · as of Sep 2026
High debt
Total assets
₹4.85 L cr
Shareholder equity
₹1.13 L cr
parent shareholders
Total debt
₹1.36 L cr
Cash
₹14,620 cr
Cash flow · H1 FY27
Operating
₹5,751 cr
Investing
₹-12,601 cr
Financing
₹6,148 cr
Peer comparison
Civil Construction · by market value
CompanyPriceMarket capP/E
Larsen & Toubro Limitedthis company₹3,948₹5.43 L cr26.1
Rail Vikas Nigam Limited₹184₹38,414 cr60.6
Kalpataru Projects International Limited₹1,321₹22,570 cr18.2
Cemindia Projects Limited₹1,271₹21,829 cr38.7
NBCC (India) Limited₹75₹20,320 cr33.0
IRB Infrastructure Developers Limited₹16₹19,687 cr16.3
Engineers India Limited₹289₹16,257 cr20.7
Techno Electric & Engineering Company Limited₹850₹9,887 cr26.5
Ircon International Limited₹100₹9,390 cr25.2
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.96%
trailing 12 months
Dividend / share (TTM)
₹38
Last dividend
₹38
ex 22 May 2026
ActionDetailEx-date
Dividend₹38 / share22 May 2026
Dividend₹34 / share3 Jun 2025
Dividend₹28 / share20 Jun 2024
BuybackBuy Back12 Sep 2023
Dividend₹24 / share2 Aug 2023
Dividend₹6 / share2 Aug 2023
Who owns it · 2026-09-30
No pledge
Promoter
—
FII / Foreign
19.2%
DII / Domestic
42.9%
Retail / others
37.9%
Smart-money activity
Insider trades
BoughtSEN DK · Employees/Designated Employees900 · ₹30.4 L4 Jun 24
SoldIMRANKHAN BABU MAZHAR ALIKHAN · -300 · ₹11.7 L3 Jun 24
SoldSRAVANKUMAR Y V S · Employees/Designated Employees100 · ₹3.9 L3 Jun 24
Bulk / block deals
short— · NSE42 Nov 26
short— · NSE2,97530 Oct 26
short— · NSE5029 Oct 26
Stake changes
SoldLife Insurance Corporation of India→ 12.23% · 2.81 cr10 Dec 21
SoldLife Insurance Corporation of India→ 14.25% · 2.82 cr25 Dec 19
SoldLife Insurance Corporation of India→ 16.27% · 2.83 cr10 Jun 19
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Postal ballot · 18 Jan 2026
See the official result
1
Appointment of Mr. Amitabh Kant (DIN: 00222708) as an Independent Director of the Company for a term of 5 years from October 29, 2025
Backed by 100% of shareholders other than promotersneeded 75%
100.01 cr votes for, 35.25 L against · 0% of mutual funds and other big investors said no
2
Appointment of Mr. B. Santhanam (DIN: 00494806) as an Independent Director of the Company for a term of 5 years from October 29, 2025
Backed by 100% of shareholders other than promotersneeded 75%
100.06 cr votes for, 29.71 L against · 0% of mutual funds and other big investors said no
3
Re-appointment of Ms. Preetha Reddy (DIN: 00001871) as an Independent Director of the Company for a term of 5 years effective March 1, 2026
Backed by 92% of shareholders other than promotersneeded 75%
92.56 cr votes for, 7.78 cr against · 10% of mutual funds and other big investors said no
4
Entering into Material Related Party Transactions with L&T-MHI Power Boilers Private Limited
Backed by 100% of shareholders other than promotersneeded 50%
63.49 cr votes for, 69,461 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.