Highlights

• L&T secured orders worth ₹2,10,237 crore in H1 FY2026, up 39% y-o-y.
• Consolidated revenue for the half-year reached ₹1,31,662 crore, a 13% y-o-y increase.
• Profit After Tax (PAT) stood at ₹7,543 crore for H1, up 22% y-o-y.

Larsen & Toubro (NSE:LT) has announced its financial and operational results for the half-year ended September 30, 2025, reporting significant growth in order inflows and revenue. The company’s consolidated order book now stands at ₹6,67,047 crore, with international orders contributing nearly half of the total. Performance across its Infrastructure, Energy, Hi-Tech Manufacturing, IT & Technology Services, and Financial Services segments highlights L&T’s diversified portfolio.

Order Book Expansion Across Sectors

During the half-year, L&T recorded large-ticket order wins across Public Spaces, Commercial Buildings, Metro, Hydel & Tunnel, Transmission & Distribution, Renewables, Non-Ferrous Metals, Thermal BTG, and Hydrocarbon sectors. International orders at ₹1,24,236 crore represented 59% of total inflows. The quarterly order inflow stood at ₹1,15,784 crore, with 65% coming from international markets.

The consolidated order book grew 15% over March 2025, reaching ₹6,67,047 crore, with international orders comprising 49%. Favourable order activity was observed in both domestic and Middle Eastern markets, highlighting continued demand across core sectors.

Revenue and Profit Performance

Consolidated revenue for the half-year ended September 30, 2025, was ₹1,31,662 crore, a 13% increase from the previous year, with international revenue contributing ₹71,217 crore (54% of total). For the quarter, revenue was ₹67,984 crore, marking a 10% y-o-y growth, with international revenue at ₹38,223 crore (56% of total).

Consolidated Profit After Tax for H1 stood at ₹7,543 crore, reflecting a 22% y-o-y rise. Quarterly PAT was ₹3,926 crore, up 16% compared to the corresponding period last year.

Segment-Wise Performance

• Infrastructure Projects: Orders at ₹52,686 crore, 48% international, with a segment order book of ₹3,94,706 crore. Revenues were ₹31,759 crore; EBITDA margin improved to 6.3%.
• Energy Projects: Orders surged to ₹38,156 crore, 98% international. Segment revenues were ₹13,082 crore; EBITDA margin stood at 7.3%.
• Hi-Tech Manufacturing: Orders declined to ₹2,582 crore; revenues grew 33% to ₹2,754 crore, EBITDA margin increased to 14.7%.
• IT & Technology Services: Revenues of ₹13,274 crore, with international billing at 92%; EBITDA margin was 20.2%.
• Financial Services: Revenues at ₹4,166 crore; retail loan book at ₹1,07,096 crore, segment PBT rose to ₹989 crore.

Other segments, including Development Projects and Realty-related businesses, contributed to diversified revenue streams, ensuring balance in overall portfolio performance.

Outlook

India’s GDP growth is projected between 6.5%-7.0% in FY2026, supported by consumption, capex, and services expansion. Globally, GDP growth is expected at ~3%, amid trade uncertainties and regional conflicts. Against this backdrop, L&T aims to leverage emerging opportunities, invest in technology-led initiatives, and pursue sustainable growth across all business segments.

LT shares were trading 1.75% higher at ₹4,027.40 at the time of writing on 30 October 2025.

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