Mumbai, July 28, 2026 :
Sustaining momentum amid volatilityRevenues at ₹ 67,942 crore, up 7%PAT at ₹ 4,123 crore, up 14%Group Order Inflows at ₹ 108,014 crore, up 14%
Revenue & PAT
Larsen & Toubro Group achieved consolidated revenues of ₹ 67,942 crore for the quarter ended June 30, 2026, registering a y-o-y growth of 7% driven by progress across several businesses. International revenues stood at ₹ 34,393 crore, contributing 51% of the Company’s total revenues.
The Company, for the quarter ended June 30, 2026, posted a Consolidated Profit After Tax (PAT) of ₹ 4,123 crore, registering an y-o-y growth of 14%.
Order Inflow & Order Book
The Company secured orders worth ₹ 108,014 crore, registering a y-o-y growth of 14% for the quarter ended June 30, 2026. During the quarter, significant order wins were achieved across multiple businesses such as Residential & Commercial buildings, Transportation Infrastructure, Ferrous Metals, Offshore Wind and the Heavy Engineering businesses. International orders stood at ₹ 60,702 crore, contributing 56% to the total order inflow.
The Group’s consolidated order book as on June 30, 2026, was at ₹ 778,954 crore, reflecting a 5% growth over Mar’26. International orders constituted 52% of the overall order book.
Commenting on the results, S N Subrahmanyan, Chairman and Managing Director, said:“The financial year has commenced against the backdrop of geopolitical uncertainties. The Company has managed to maintain momentum by rotating its focus across sectors and geographies while maintaining robust cash flows. The performance for the quarter reflects our portfolio resilience.
During the quarter, we successfully concluded the sale of Nabha Power Limited, consistent with our stated strategy of exiting the concessions portfolio. Further, we have signed the share purchase agreement with Hyderabad Metro Rail Limited (“HMRL”), a Government of Telangana Enterprise, to divest 100% of our stake inHyderabad Metro SPV.
With a well-diversified portfolio spanning sectors and geographies, we remain confident of maintaining growth while capitalising on emerging opportunities. Our continued focus on disciplined execution with innovation positions us well to deliver sustainable long-term value for stakeholders.”
Effective from April 01, 2026, pursuant to the Company’s Lakshya 2031 strategic plan, the Group has realigned its portfolio to enhance strategic focus, capital allocation efficiency and operational agility. As a result, the reporting segments are now classified as:
a) The erstwhile Infrastructure Projects has been renamed as Infrastructure & Utilities.
b) Erstwhile Energy Projects has been renamed as Energy – Conventional.
c) The Renewables business and Offshore Wind energy business have been carved out from the erstwhile Infrastructure Projects and erstwhile Energy Projects respectively and are now part of newly formed Energy – Green segment.
d) Erstwhile Hi-Tech Manufacturing has been renamed as Manufacturing and Products and now includes the Construction Equipment & Industrial Product Design & Development business which was earlier part of ‘Others’ segment.
e) Erstwhile IT & Technology Services has been renamed as Technology, Platforms & Services.
f) The Realty business has been classified as a separate reportable segment which was earlier forming part of ‘Others’ segment.
Accordingly, the Group has presented its segment results based on the revised reportable segment structure.
The key parameters of the Group and Segment Performance for the quarter endedJune 30, 2026, are shown in Annexure 1.
Segment composition is provided in Annexure 2.
Infrastructure & Utilities Segment
The Infrastructure & Utilities segment secured order inflow of ₹ 44,357 crore, during the quarter ended June 30, 2026, registering a more than 100% growth on y-o-y basis with receipt of orders for Residential & Commercial buildings and Ferrous Metal projects. International orders constituted 21% of the total order inflow of the segment during the quarter.
As on June 30, 2026, the segment order book stood at ₹ 350,506 crore, with international orders contributing 34% to the total.
The segment recorded customer revenues of ₹ 21,858 crore for the quarter ended June 30, 2026, registering a y-o-y decline of 3%. The subdued performance is largely attributed to execution challenges in the Water & Effluent Treatment business. International revenues constituted 26% of the total customer revenues of the segment during the quarter.
The EBITDA margin of the segment for the quarter ended June 30, 2026, was at 5.1% compared to 5.5% in the corresponding quarter of the previous year. The contraction in margin is primarily on account of change in revenue mix and an increase in credit provisions on account of expected delays in collection of receivables.
Energy - Conventional Segment
The Energy – Conventional segment secured orders valued at ₹ 3,053 crore during the quarter ended June 30, 2026, registering a decline of 90% on y-o-y basis. The decline reflects the deferment of certain anticipated orders and the high base effect arising from an ultra-mega order secured in the CarbonLite Solutions business in the corresponding period of the previous year. International order inflow constituted 77% of the total order inflow during the quarter.
The segment order book stood at ₹ 221,541 crore as on June 30, 2026, with the international order book representing 63% of the total.
For the quarter ended June 30, 2026, the customer revenues stood at ₹ 14,239 crore, reflecting a y-o-y growth of 14% on improved execution in the Hydrocarbon business as well as the CarbonLite Solutions business. International revenues constituted 68% of the segment’s total customer revenues for the quarter.
The segment recorded an EBITDA margin of 7.6% for the quarter ended June 30, 2026, compared to 7.5% in the corresponding quarter of the previous year.
Energy - Green Segment
The Energy – Green segment secured orders valued at ₹ 33,042 crore during the quarter ended June 30, 2026, registering a growth of 58% on y-o-y basis. The growth is on account of receipt of ultra-mega orders in the Offshore Wind business. International order inflow constituted 98% of the total order inflow during the quarter.
The segment order book stood at ₹ 146,700 crore as on June 30, 2026, with the international order book representing 97% of the total.
The segment recorded customer revenues of ₹ 5,607 crore for the quarter ended June 30, 2026, registering a y-o-y decline of 11%, largely due to supply chain disruptions arising from the West Asia conflict in the Solar business. International revenues constituted 87% of the segment’s total customer revenues for the quarter.
The segment recorded an EBITDA margin of 6.0% for the quarter ended June 30, 2026, compared to 6.1% in the corresponding quarter of the previous year.
Manufacturing & Products Segment
The segment reported order inflows of ₹ 5,535 crore during the quarter ended June 30, 2026, registering a growth of 74% over the corresponding quarter of the previous year, attributable to receipt of multiple refinery equipment package orders in the Heavy Engineering business. Export orders accounted for 59% of the total order inflow of the segment during the quarter.
As on June 30, 2026, the segment order book stood at ₹ 42,476 crore, with export orders contributing 19% to the total.
For the quarter ended June 30, 2026, customer revenues were ₹ 4,486 crore, registering a y-o-y growth of 9%, driven by improved execution progress in Precision Engineering & Systems, Construction Equipment & Mining Machinery and Rubber Processing Machinery businesses. International revenues constituted 16% of the segment’s total customer revenues during the quarter.
The segment recorded an EBITDA margin of 15.2% for the quarter ended June 30, 2026, compared to 17.5% reported in the corresponding quarter of the previous year. The margin is reflective of change in the sales mix within the portfolio.
Technology, Platforms & Services Segment
The segment recorded customer revenues of ₹ 14,627 crore for the quarter ended June 30, 2026, registering a y-o-y growth of 15%, driven by continued engagement across the IT&TS sector. International billing contributed 92% of the total customer revenues of the segment for the quarter ended June 30, 2026.
The segment delivered an EBITDA margin of 19.2% for the quarter ended June 30, 2026, compared with 19.5% reported in the corresponding quarter of the previous year. The marginal decline is reflective of higher manpower cost and forex variation adversely impacting hedged portfolio positions.
Financial Services Segment
The segment recorded income from operations at ₹ 5,042 crore during the quarter ended June 30, 2026, registering y-o-y growth of 27%, primarily driven by focused and higher disbursements in the retail business.
The total Loan Book stood at ₹ 129,634 crore as on June 30, 2026, reflecting a 6% growth compared to March 2026 at ₹ 121,728 crore. The Retail Loan Book constitutes 98% of the total loan book as on June 30, 2026.
The segment recorded a Profit Before Tax (PBT) of ₹ 1,236 crore for the quarter ended June 30, 2026, compared to ₹ 943 crore in the corresponding quarter of the previous year. The improvement in profitability was supported by growth in the loan book, healthy asset quality and strong operating performance.
Realty Segment
The segment reported order inflows of ₹ 1,299 crore during the quarter ended June 30, 2026, registering a growth of 32% over the corresponding quarter of the previous year, attributable to higher booking of units from new launches.
As on June 30, 2026, the segment order book stood at ₹ 17,330 crore.
For the quarter ended June 30, 2026, customer revenues were ₹ 1,009 crore, registering a growth of more than 100% on y-o-y basis, driven by higher handover of residential apartments.
The segment recorded an EBITDA margin of 36.9% for the quarter ended June 30, 2026, compared to 48.8% reported in the corresponding quarter of the previous year. The decline in margin is primarily due to the change in sales composition.
Development Projects Segment
The performance of this segment comprises the operations of (a) Nabha Power Limited up to the date of its divestment on June 25, 2026, (b) Hyderabad Metro till April 30, 2026, in line with the terms of the Share Purchase Agreement with HMRL, a Government of Telangana enterprise and (c) Green Energy business.
During the quarter ended June 30, 2026, the segment recorded customer revenues of ₹ 1,074 crore and an EBIT of ₹ 124 crore.
Outlook
The Indian economy has navigated the prevailing global environment with resilience, supported by strong economic fundamentals that continue to reinforce confidence in its growth prospects. Domestic demand continues to remain healthy, with sustained expansion across both manufacturing and services activity. Policy measures continue to be geared towards maintaining macroeconomic stability, with a focus on sustaining capital inflows, supporting investment activity.However, the adverse implications of the extended disruption in supply chains and elevated energy prices could interrupt the growth momentum. Inflation is expected to trend higher from its relatively benign levels, driven by higher food, energy prices, weather-related uncertainties, and currency depreciation.
The global environment is characterised by divergent monetary and fiscal policy frameworks set against a backdrop of geopolitical tension, trade realignment, AI-driven transformation, and climate-related challenges all of which are reshaping the global economy. In energy markets, the resurgence of geopolitical tensions in West Asia and continued uncertainty around global trade policies remains key risks.
Against this ever changing economic and geopolitical landscape, the Company remains committed to delivering sustainable shareholder value by leveraging sector specific technology, investing in AI, and adopt digital solutions to enhance productivity and competitiveness. The Company is also focused on ensuring efficient and profitable execution of its robust order book, maintaining financial discipline, and allocating capital judiciously across targeted growth sectors.
Background:
Larsen & Toubro is a USD 32 billion Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing, Products and Services, operating across diverse domains and multiple geographies. With a strong impetus towards AI & technology, customer–focussed approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.
Financial Results For The quarter ended june-30-2026.pdf