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Larsen & Toubro Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary29 Oct, 2025
Executive summary
Q2 FY26 order inflows surged 45% year-over-year to ₹1,158 billion, with robust activity in India and the Middle East; order book reached ₹6,670 billion, up 31% year-over-year, and international orders comprised up to 59%.
Group revenues for Q2 FY26 were ₹680 billion, up 10% year-over-year, with consolidated PAT at ₹39 billion, up 16% year-over-year; H1 FY26 revenue grew 13% to ₹1,317 billion and PAT rose 22% to ₹75 billion.
Strategic partnerships and MoUs were signed in renewables, green energy, defense, and semiconductors; in-principle agreement for Hyderabad Metro SPV divestment reached.
Sustainability-linked $700 million trade finance facility secured, aligning with international ESG standards.
In-principle agreement for Government of Telangana to acquire Hyderabad Metro SPV, with transaction expected by fiscal year-end and impairment charge taken.
Financial highlights
Q2 FY26 group revenues at ₹680 billion, up 10% year-over-year; H1 FY26 revenue at ₹1,317 billion, up 13%; international revenues comprised up to 56%.
Consolidated PAT for Q2 FY26 at ₹39 billion, up 16% year-over-year; H1 FY26 PAT at ₹75 billion, up 22%.
Group EBITDA margin (excluding other income) at 10% in Q2 FY26, down from 10.3% last year.
Net working capital to revenue ratio improved to 10.2%, a 200 bps improvement year-over-year.
Return on equity rose to 17.2%, up from 16.1% year-over-year.
Outlook and guidance
Confident of exceeding full-year FY26 guidance of 10% growth in group order inflows; maintains full-year revenue growth guidance at 15%, expecting stronger H2 execution.
P&M business EBITDA margin target of 8.5% for FY26 reaffirmed; working capital guidance remains at around 12% by March 2026.
Strong prospect pipeline of ₹10.4 trillion, up 29% year-over-year, led by infrastructure and hydrocarbons.
Company focused on leveraging emerging opportunities, investing in new businesses, and ensuring sustainable growth.
India GDP growth projected at 6.5%-7% for FY26, with robust domestic fundamentals.
Detail L&TMRHL divestment progress and outlook
What caused Energy Projects segment margin decline?
Discuss strategy for emerging tech businesses
Hyderabad Metro divestment: Net P&L impact?
Sustain profitability for large int'l orders?
AMCA program: Long-term strategy & investment?
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Next Larsen & Toubro earnings date
Q3 25/2629 Jan, 2026
Next Larsen & Toubro earnings date
Q3 25/2629 Jan, 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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