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Larsen & Toubro
Larsen & Toubro (LT) investor relations material
Larsen & Toubro Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary28 Jan, 2026
Executive summary
Achieved record quarterly order inflow of INR 1,356 billion (₹135,581 crore), up 17% YoY, with strong domestic and international momentum; order book reached INR 7.33 trillion (₹733,161 crore), up 30% YoY, with a 49% international share.
Group revenues grew 10% YoY to INR 714 billion (₹71,450 crore), with 54% from international markets; recurring PAT rose 31% YoY to INR 44 billion (₹4,406 crore), while reported PAT declined due to a one-time INR 11.9 billion (₹1,191 crore) labor code provision.
Return on equity improved to 16.5%, up 40 bps YoY; net working capital to revenue ratio improved by 450 bps to 8.2%.
Notable strategic moves include realty business consolidation, partnerships in defense and nuclear sectors, and rebranding of the data center business.
Highest ever pre-sales in Realty and record retail disbursements in Financial Services.
Financial highlights
Projects and manufacturing order inflows at INR 1.16 trillion, up 18% YoY; domestic orders up 30%, international up 7%.
Group EBITDA margin improved to 10.4% (from 9.7% YoY); projects and manufacturing margin at 8.1%, up 50 bps.
Cash flow from operations (excluding financial services) at INR 79 billion for Q3, up from INR 21 billion YoY; 9M FY26 at INR 184 billion, up from INR 83 billion YoY.
Decline in finance cost due to lower borrowing levels and rates; other income increased from higher surpluses and yields.
Exceptional item of INR 11.9 billion (₹1,191 crore) due to one-time provision for new labour codes.
Outlook and guidance
Expects to exceed 10% order inflow guidance for FY26, driven by strong nine-month performance and robust pipeline of INR 5.9 trillion.
Confident of achieving 15% full-year revenue growth, with Q4 expected to see customary execution ramp-up.
Projects and manufacturing EBITDA margin target of 8.5% for FY26 remains in focus.
Net working capital to revenue target revised to around 10% by year-end, reflecting improved collections.
Company aims to capitalize on emerging opportunities through geographic expansion and focus on cost and cash flow management.
Are Q3 exceptional items truly one-off?
Address Energy Projects margin decline
How will Realty business transfer impact strategy?
Kuwait projects: expected timeline for re-tendering?
P&M margin uplift post-legacy project completion?
New age CapEx: scale of semiconductor investments?
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Next Larsen & Toubro earnings date
Q4 25/267 May, 2026
Larsen & Toubro
Next Larsen & Toubro earnings date
Q4 25/267 May, 2026
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Frequently asked questions
Larsen & Toubro Limited is an India-based conglomerate engaged in engineering, construction, manufacturing, and technology services. The company operates through various segments including infrastructure, energy, defense, heavy engineering, and IT services. It serves clients in domestic and international markets. Larsen & Toubro Limited is headquartered in Mumbai, India, and its shares are listed on the NSE.
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