Larsen & Toubro financials: balance sheet, profit and loss, cash flow

NSE: LTBSE: 500510ConstructionLarge Cap

Larsen & Toubro Limited · Face value ₹2 · Listed Apr 1965 on BSE, Jun 2004 on NSE

₹3,665.10₹14.90 (0.40%)BSE ₹3,670.00

Share price at the NSE close on 27 Oct 2026. Previous close ₹3,680.00.

27 Oct: open ₹3,678.00, high ₹3,713.50, low ₹3,648.30

52-week range of traded prices to 27 Oct 2026

₹3,288.10Low, 23 Mar 2026₹4,440.00High, 24 Feb 2026

Market cap: ₹5,04,279 Cr8th largest listed
P/E: 28.23
P/B: 4.46
Dividend yield: 1.04%
ROE: 16.7%
ROCE: 9.2%
Debt to equity: 1.02
Volume, NSE: 14,71,48548.9% delivered

Larsen & Toubro's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the half year to Sep 2026 after them.

10 years at a glance

₹ crore, years to March.Larsen & Toubro annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 3.7% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2021, the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,85,874
Materials and goods−99,892
Employee costs−52,187
Other expenses−1,04,644
Operating profit29,151
Depreciation−4,365
Other income+5,761
One-off items−1,722
Finance costs−2,849
Profit before tax25,976
Tax−6,816
Joint ventures−206
Net profit18,954

What the company owns

Plant, investments and other assets₹3,02,185 Cr
Receivables₹60,461 Cr
Current investments₹59,525 Cr
Cash and bank₹20,848 Cr
Inventory₹9,531 Cr

What pays for it: net worth and liabilities

Other liabilities₹1,32,881 Cr
Net worth₹1,28,530 Cr
Borrowings₹1,21,683 Cr
Owed to suppliers₹69,456 Cr

Larsen & Toubro business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Larsen & Toubro segment results by quarter

Revenue by segment

₹2,89,048 CrTotal

Infrastructure Projects₹1,35,345 Cr46.8% of total
Energy Projects₹54,889 Cr19.0% of total
IT & Technology Services₹53,947 Cr18.7% of total
Financial Services₹17,283 Cr6.0% of total
Hi-Tech Manufacturing₹14,489 Cr5.0% of total
Others₹7,978 Cr2.8% of total
Development Projects₹5,119 Cr1.8% of total

Profit by segment

Infrastructure Projects₹7,760 Cr27.2% of total
Energy Projects₹3,374 Cr11.8% of total
IT & Technology Services₹8,634 Cr30.3% of total
Financial Services₹4,032 Cr14.1% of total
Hi-Tech Manufacturing₹2,105 Cr7.4% of total
Others₹2,086 Cr7.3% of total
Development Projects₹539 Cr1.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Infrastructure Projects
Revenue, ₹ crore
87,823
1,14,008
1,31,315
1,35,345
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
5,140
5,721
6,921
7,760
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Energy Projects
Revenue, ₹ crore
24,956
29,571
40,689
54,889
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,067
2,701
3,137
3,374
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
IT & Technology Services
Revenue, ₹ crore
14,553
22,335
25,619
32,474
40,988
44,916
48,453
53,947
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3,084
3,693
4,823
6,410
7,172
7,659
7,682
8,634
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Financial Services
Revenue, ₹ crore
12,638
13,822
13,404
11,971
12,575
13,109
15,194
17,283
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3,053
2,679
1,286
1,470
2,259
3,028
3,491
4,032
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Hi-Tech Manufacturing
Revenue, ₹ crore
7,161
8,765
10,181
14,489
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
995
1,140
1,459
2,105
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
5,935
5,309
6,093
6,282
7,072
8,493
7,816
7,978
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
776
969
1,123
939
1,146
1,508
1,935
2,086
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Development Projects
Revenue, ₹ crore
5,029
5,628
5,372
5,119
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
392
1,015
757
539
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,43,013	1,52,609	1,38,889	1,58,633	1,85,604	2,24,490	2,59,021	2,89,048
Company revenue, as in its results	1,41,007	1,45,452	1,35,979	1,56,521	1,83,341	2,21,113	2,55,734	2,85,874
Revenue	–	–	–	–	87,823	1,14,008	1,31,315	1,35,345
Revenue growth	–	–	–	–	–	29.8%	15.2%	3.1%
Profit	–	–	–	–	5,140	5,721	6,921	7,760
Profit growth	–	–	–	–	–	11.3%	21.0%	12.1%
Margin	–	–	–	–	5.9%	5.0%	5.3%	5.7%
Return on capital	–	–	–	–	20.9%	23.8%	27.7%	35.6%
Assets	–	–	–	–	86,528	96,899	97,183	1,15,060
Liabilities	–	–	–	–	61,951	72,851	72,181	93,246
Capital employed	–	–	–	–	24,577	24,048	25,003	21,814
Revenue	–	–	–	–	24,956	29,571	40,689	54,889
Revenue growth	–	–	–	–	–	18.5%	37.6%	34.9%
Profit	–	–	–	–	2,067	2,701	3,137	3,374
Profit growth	–	–	–	–	–	30.7%	16.2%	7.6%
Margin	–	–	–	–	8.3%	9.1%	7.7%	6.1%
Return on capital	–	–	–	–	48.1%	46.6%	126.4%	–
Assets	–	–	–	–	23,880	24,565	29,854	39,401
Liabilities	–	–	–	–	19,582	18,773	27,372	41,934
Capital employed	–	–	–	–	4,299	5,792	2,482	−2,533
Revenue	14,553	22,335	25,619	32,474	40,988	44,916	48,453	53,947
Revenue growth	–	53.5%	–	26.8%	26.2%	9.6%	7.9%	11.3%
Profit	3,084	3,693	4,823	6,410	7,172	7,659	7,682	8,634
Profit growth	–	19.7%	–	32.9%	11.9%	6.8%	0.3%	12.4%
Margin	21.2%	16.5%	18.8%	19.7%	17.5%	17.1%	15.9%	16.0%
Return on capital	43.6%	18.8%	20.6%	24.2%	24.6%	23.2%	20.4%	22.2%
Assets	9,647	26,515	30,340	34,529	37,748	43,583	49,124	56,134
Liabilities	2,576	6,876	6,898	8,088	8,642	10,549	11,421	17,320
Capital employed	7,071	19,638	23,442	26,441	29,106	33,034	37,703	38,815
Revenue	12,638	13,822	13,404	11,971	12,575	13,109	15,194	17,283
Revenue growth	–	9.4%	–	−10.7%	5.0%	4.2%	15.9%	13.8%
Profit	3,053	2,679	1,286	1,470	2,259	3,028	3,491	4,032
Profit growth	–	−12.3%	–	14.3%	53.7%	34.1%	15.3%	15.5%
Margin	24.2%	19.4%	9.6%	12.3%	18.0%	23.1%	23.0%	23.3%
Return on capital	25.7%	19.9%	7.4%	7.9%	11.4%	14.0%	14.6%	15.4%
Assets	1,04,842	1,08,482	1,07,342	1,05,459	1,04,502	1,00,863	1,18,627	1,40,384
Liabilities	92,974	95,021	89,969	86,746	84,719	79,166	94,751	1,14,148
Capital employed	11,869	13,461	17,374	18,713	19,783	21,697	23,877	26,236
Revenue	–	–	–	–	7,161	8,765	10,181	14,489
Revenue growth	–	–	–	–	–	22.4%	16.1%	42.3%
Profit	–	–	–	–	995	1,140	1,459	2,105
Profit growth	–	–	–	–	–	14.5%	28.0%	44.3%
Margin	–	–	–	–	13.9%	13.0%	14.3%	14.5%
Return on capital	–	–	–	–	37.5%	84.2%	64.8%	52.6%
Assets	–	–	–	–	9,263	10,229	13,342	17,455
Liabilities	–	–	–	–	6,612	8,876	11,092	13,456
Capital employed	–	–	–	–	2,651	1,353	2,250	3,999
Revenue	5,935	5,309	6,093	6,282	7,072	8,493	7,816	7,978
Revenue growth	–	−10.6%	–	3.1%	12.6%	20.1%	−8.0%	2.1%
Profit	776	969	1,123	939	1,146	1,508	1,935	2,086
Profit growth	–	24.9%	–	−16.4%	22.1%	31.5%	28.3%	7.8%
Margin	13.1%	18.3%	18.4%	14.9%	16.2%	17.8%	24.8%	26.1%
Return on capital	13.2%	13.6%	14.7%	11.6%	14.1%	18.9%	22.3%	23.2%
Assets	9,820	10,681	13,637	14,376	15,667	15,214	16,312	18,623
Liabilities	3,936	3,546	5,984	6,302	7,545	7,239	7,649	9,651
Capital employed	5,884	7,135	7,653	8,074	8,122	7,975	8,663	8,972
Revenue	–	–	–	–	5,029	5,628	5,372	5,119
Revenue growth	–	–	–	–	–	11.9%	−4.5%	−4.7%
Profit	–	–	–	–	392	1,015	757	539
Profit growth	–	–	–	–	–	159.0%	−25.4%	−28.8%
Margin	–	–	–	–	7.8%	18.0%	14.1%	10.5%
Return on capital	–	–	–	–	2.0%	5.3%	4.2%	2.9%
Assets	–	–	–	–	26,775	26,212	24,609	25,008
Liabilities	–	–	–	–	7,021	7,020	6,546	6,329
Capital employed	–	–	–	–	19,754	19,192	18,063	18,679
Revenue	73,204	73,777	61,962	73,560	–	–	–	–
Revenue growth	–	0.8%	–	18.7%	–	–	–	–
Profit	5,389	5,207	4,522	5,182	–	–	–	–
Profit growth	–	−3.4%	–	14.6%	–	–	–	–
Margin	7.4%	7.1%	7.3%	7.0%	–	–	–	–
Return on capital	22.5%	18.4%	18.0%	21.4%	–	–	–	–
Assets	74,849	80,370	77,113	85,193	–	–	–	–
Liabilities	50,909	52,091	51,943	60,959	–	–	–	–
Capital employed	23,940	28,279	25,170	24,234	–	–	–	–
Revenue	15,176	17,445	16,964	19,265	–	–	–	–
Revenue growth	–	15.0%	–	13.6%	–	–	–	–
Profit	1,178	1,746	1,568	1,501	–	–	–	–
Profit growth	–	48.2%	–	−4.3%	–	–	–	–
Margin	7.8%	10.0%	9.2%	7.8%	–	–	–	–
Return on capital	55.4%	60.6%	51.8%	69.3%	–	–	–	–
Assets	12,225	15,355	14,519	13,799	–	–	–	–
Liabilities	10,097	12,475	11,490	11,632	–	–	–	–
Capital employed	2,128	2,880	3,029	2,167	–	–	–	–
Revenue	5,068	4,850	3,621	4,368	–	–	–	–
Revenue growth	–	−4.3%	–	20.6%	–	–	–	–
Profit	314	387	−197	−231	–	–	–	–
Profit growth	–	23.2%	–	–	–	–	–	–
Margin	6.2%	8.0%	−5.4%	−5.3%	–	–	–	–
Return on capital	1.5%	1.6%	−0.9%	−1.1%	–	–	–	–
Assets	31,191	33,167	30,092	27,552	–	–	–	–
Liabilities	9,560	8,768	8,689	7,417	–	–	–	–
Capital employed	21,631	24,398	21,403	20,136	–	–	–	–
Revenue	3,983	2,318	3,193	4,448	–	–	–	–
Revenue growth	–	−41.8%	–	39.3%	–	–	–	–
Profit	130	236	111	139	–	–	–	–
Profit growth	–	81.8%	–	25.4%	–	–	–	–
Margin	3.3%	10.2%	3.5%	3.1%	–	–	–	–
Return on capital	10.9%	13.5%	5.5%	6.1%	–	–	–	–
Assets	6,031	6,127	6,694	7,038	–	–	–	–
Liabilities	4,838	4,382	4,672	4,757	–	–	–	–
Capital employed	1,192	1,745	2,022	2,281	–	–	–	–
Revenue	3,849	3,979	3,410	3,226	–	–	–	–
Revenue growth	–	3.4%	–	−5.4%	–	–	–	–
Profit	472	576	617	533	–	–	–	–
Profit growth	–	21.9%	–	−13.5%	–	–	–	–
Margin	12.3%	14.5%	18.1%	16.5%	–	–	–	–
Return on capital	16.5%	19.1%	29.5%	47.8%	–	–	–	–
Assets	7,827	7,280	5,857	4,848	–	–	–	–
Liabilities	4,964	4,266	3,767	3,732	–	–	–	–
Capital employed	2,862	3,014	2,090	1,115	–	–	–	–
Revenue	2,514	3,205	3,018	3,039	–	–	–	–
Revenue growth	–	27.5%	–	0.7%	–	–	–	–
Profit	487	566	488	470	–	–	–	–
Profit growth	–	16.2%	–	−3.7%	–	–	–	–
Margin	19.4%	17.7%	16.2%	15.5%	–	–	–	–
Return on capital	19.5%	19.5%	28.1%	29.7%	–	–	–	–
Assets	4,615	4,320	3,170	2,899	–	–	–	–
Liabilities	2,112	1,414	1,430	1,315	–	–	–	–
Capital employed	2,503	2,906	1,740	1,584	–	–	–	–
Revenue	–	5,567	1,606	0	–	–	–	–
Revenue growth	–	–	–	−100.0%	–	–	–	–
Profit	–	888	84	0	–	–	–	–
Profit growth	–	–	–	−100.0%	–	–	–	–
Margin	–	16.0%	5.3%	–	–	–	–	–
Return on capital	–	37.0%	–	–	–	–	–	–
Assets	–	4,370	0	0	–	–	–	–
Liabilities	–	1,973	0	0	–	–	–	–
Capital employed	–	2,397	0	0	–	–	–	–
Revenue	6,094	–	–	–	–	–	–	–
Profit	850	–	–	–	–	–	–	–
Margin	14.0%	–	–	–	–	–	–	–
Return on capital	37.3%	–	–	–	–	–	–	–
Assets	4,459	–	–	–	–	–	–	–
Liabilities	2,178	–	–	–	–	–	–	–
Capital employed	2,280	–	–	–	–	–	–	–
	–	0	0	0	0	0	0	0
Profit	–	0	0	0	0	0	0	0
Assets	–	−3,892	−2,241	−2,652	−2,974	−5,085	−4,776	−4,032
Liabilities	–	0	0	0	0	0	0	0
	–	0	0	0	0	0	0	0
Profit	–	0	0	0	0	0	0	0
Assets	–	0	0	0	0	0	0	0
Liabilities	–	−3,892	−2,241	−2,652	−2,974	−5,085	−4,776	−4,032
	–	–	–	–	0	0	0	0
Profit	–	–	–	–	136	94	475	0
Assets	–	–	–	–	0	0	0	0
Liabilities	–	–	–	–	0	0	0	0
	–	–	–	–	–	–	0	0
Profit	–	–	–	–	–	–	−117	−114
Assets	–	–	–	–	–	–	0	0
Liabilities	–	–	–	–	–	–	0	0
	–	–	–	–	0	0	–	–
Profit	–	–	–	–	−69	−249	–	–
Assets	–	–	–	–	0	0	–	–
Liabilities	–	–	–	–	0	0	–	–
	–	0	0	0	–	–	–	–
Profit	–	0	−3,694	120	–	–	–	–
Assets	–	0	0	0	–	–	–	–
Liabilities	–	0	0	0	–	–	–	–
	–	0	0	0	–	–	–	–
Profit	–	−888	−84	0	–	–	–	–
Assets	–	0	0	0	–	–	–	–
Liabilities	–	0	0	0	–	–	–	–
Revenue	–	−5,567	−1,606	0	–	–	–	–
Profit	–	0	0	0	–	–	–	–
Assets	–	0	0	0	–	–	–	–
Liabilities	–	0	0	0	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	−2,260	–	–	–	–	–	–	–
Liabilities	0	–	–	–	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	0	–	–	–	–	–	–	–
Liabilities	−2,260	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Sep 2026, the latest four quarters added.Larsen & Toubro quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 9 May	Mar 2026	Sep 2026Twelve monthsFiled 27 Oct
Revenue from operations	1,10,011	1,19,862	1,41,007	1,45,452	1,35,979	1,56,521	1,83,341	2,21,113	2,55,734	2,85,874	3,00,904
	–	1,06,291	1,24,682	1,29,123	1,20,355	1,38,304	1,62,587	1,97,619	–	2,56,723	2,71,915
Materials and goods bought	1,695	15,505	51,853	49,538	43,710	52,691	64,944	80,773	96,566	99,892	1,03,698
Employee costs	–	–	18,101	23,114	24,762	29,734	37,214	41,171	–	52,187	54,852
Other expenses	–	–	54,728	56,471	51,883	55,879	60,430	75,675	–	1,04,644	1,13,366
Operating profit before depreciation	–	13,571	16,325	16,329	15,624	18,217	20,753	23,494	–	29,151	28,988
Operating margin	–	11.3%	11.6%	11.2%	11.5%	11.6%	11.3%	10.6%	–	10.2%	9.6%
Materials, % of revenue	–	–	36.8%	34.1%	32.1%	33.7%	35.4%	36.5%	–	34.9%	34.5%
Employee costs, % of revenue	–	–	12.8%	15.9%	18.2%	19.0%	20.3%	18.6%	–	18.3%	18.2%
Other expenses, % of revenue	–	–	38.8%	38.8%	38.2%	35.7%	33.0%	34.2%	–	36.6%	37.7%
Depreciation and amortisation	–	1,929	2,084	2,462	2,904	2,948	3,502	3,682	4,121	4,365	4,309
Operating profit after depreciation	–	11,643	14,241	13,867	12,720	15,269	17,251	19,811	–	24,786	24,679
Other income	1,401	1,412	1,852	2,361	3,429	2,267	2,929	4,158	4,125	5,761	7,703
Finance costs	1,340	1,539	1,806	2,797	3,913	3,126	3,207	3,546	3,334	2,849	2,316
Profit before one-off items and tax	8,766	11,516	14,286	13,431	12,236	14,411	16,973	20,424	23,104	27,698	30,066
One-off items	121	123	295	0	−3,694	120	136	94	–	−1,722	−1,722
Profit before tax	8,887	11,639	14,581	13,431	8,542	14,530	17,109	20,517	23,579	25,976	28,343
	2,007	3,199	4,343	3,263	3,873	4,239	4,484	4,947	–	6,816	7,299
Current tax	–	3,732	4,693	3,565	3,972	4,535	5,055	5,128	–	6,753	7,602
Deferred tax	–	−533	−350	−301	−99	−295	−571	−180	–	63	−303
Share of profit of joint ventures and associates	−395	−436	−21	72	14	128	−94	−23	−14	−206	−150
Profit from discontinued businesses	–	–	–	655	8,238	–	–	–	–	–	–
	6,486	8,004	10,217	10,894	12,921	10,419	12,531	15,547	–	18,954	20,895
Belonging to the company's shareholders	6,046	–	8,905	9,549	11,583	8,669	10,471	13,059	15,037	16,084	17,866
Belonging to outside owners of subsidiaries	–	–	1,311	1,345	1,338	1,750	2,060	2,488	–	2,870	3,029
Other comprehensive income	–	–	−230	−1,315	1,454	438	−959	407	–	−407	−550
Total comprehensive income	–	–	9,987	9,580	14,376	10,858	11,572	15,955	–	18,547	20,345
Net margin	5.9%	6.7%	7.2%	7.5%	–	6.7%	6.8%	7.0%	–	6.6%	6.9%
Net margin without joint ventures and associates	6.3%	7.0%	7.3%	7.4%	–	6.6%	6.9%	7.0%	–	6.7%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because a split, bonus or rights issue between the start of the period and the filing changed the share count the earnings per share is on. Net margin is left blank for the year to Mar 2021: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin. Tax is left blank for the year to Mar 2025: profit before tax less the tax charge stated does not come to the profit after tax the same statement states, so the tax charge is not shown. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2025: revenue, other income and exceptional items less the total expenses stated do not come to the profit before tax the same statement states, so the operating expenses cannot be told apart from the rest. Net profit, net margin and net margin without joint ventures and associates are left blank for the year to Mar 2025: the profit stated for the year is its quarters' profit belonging to the company's shareholders added up, which leaves out the other owners' share those quarters state, so the group's profit is not stated.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 9 May	Mar 2026	Sep 2026Half yearFiled 27 Oct
	69,201	76,244	87,920	95,374	1,03,567	1,02,550	1,15,404	1,28,530	1,33,255
	62,375	66,723	75,869	82,408	89,326	86,359	97,656	1,09,290	1,13,029
Share capital	281	281	281	281	281	275	275	275	275
Reserves	62,094	66,442	75,588	82,127	89,045	86,084	97,381	1,09,015	1,12,754
Belonging to outside owners of subsidiaries	6,826	9,521	12,052	12,966	14,241	16,190	17,748	19,241	20,227
	1,25,555	1,41,007	1,32,605	1,23,468	1,18,513	1,14,040	1,29,559	1,21,683	1,36,227
Repayable after a year	74,121	82,331	82,120	61,618	61,218	56,507	57,503	63,739	69,935
Repayable within a year	51,434	58,676	50,485	61,850	57,296	57,533	72,056	57,944	66,292
	1,34,586	1,42,745	1,37,405	1,59,354	1,62,066	1,76,601	2,01,971	2,33,531	2,59,865
Trade payables	42,995	43,644	45,505	51,144	49,784	53,293	52,459	69,456	71,324
Other financial liabilities	4,815	5,348	5,976	7,050	7,933	8,123	–	12,139	12,021
Other liabilities	31,167	30,817	31,270	34,644	42,167	52,334	72,764	85,862	1,00,940
Provisions	3,038	2,751	2,999	3,356	3,493	3,458	4,692	5,009	5,474
Tax owed	1,137	1,510	1,171	1,310	1,393	1,860	–	3,121	3,813
	75,344	87,167	85,946	65,242	64,719	60,477	62,150	69,522	75,892
Other financial liabilities	355	2,643	1,804	1,745	1,919	1,831	–	4,747	4,847
Other liabilities	1	31	69	21	82	618	3,112	37	53
Provisions	557	709	774	818	870	987	1,124	832	884
Deferred tax	311	1,453	1,179	1,039	630	534	410	167	173
Liabilities going with businesses held for sale	3	1,984	3	80	–	–	–	20,966	15,715
	2,79,134	3,08,140	3,11,274	3,20,049	3,30,352	3,39,627	3,79,524	4,52,550	4,84,727
Held for sale or for a demerger	7	4,367	6	831	989	1,005	–	25,470	16,341
	1,12,150	1,25,450	1,16,307	1,11,868	1,08,148	1,21,547	1,34,182	1,34,239	1,44,325
Plant in use, after depreciation	10,890	12,330	13,408	12,567	13,474	15,587	16,998	19,437	–
Plant being built	2,484	3,225	388	1,170	2,949	2,897	–	3,036	–
Intangible assets	4,223	19,597	19,198	18,729	18,008	17,385	25,399	1,828	1,638
Goodwill	1,827	8,011	8,067	7,477	7,799	7,801	–	8,482	8,486
Intangible assets being developed	11,436	86	112	79	116	148	–	275	401
Property held to earn rent	4,255	3,715	3,647	3,963	3,360	2,191	–	1,120	707
Investments	4,532	4,497	5,945	7,082	9,225	9,426	11,445	6,594	5,621
Stakes in joint ventures and associates	2,642	2,851	2,670	2,729	0	1,264	–	2,258	2,132
Loans given	59,651	60,112	53,114	46,990	41,277	52,630	63,196	75,583	84,035
Other financial assets	1,144	638	1,111	2,163	1,966	1,952	–	4,277	5,373
Deferred tax	3,419	3,847	2,697	2,840	3,985	3,864	3,793	4,253	4,325
Other assets	5,649	6,542	5,950	6,078	5,989	6,402	9,104	7,097	7,706
	1,66,976	1,78,323	1,94,961	2,07,350	2,21,216	2,17,075	2,45,342	2,92,841	3,24,061
Inventories	6,414	5,747	5,821	5,943	6,829	6,620	7,671	9,531	11,552
Trade receivables	37,038	40,732	42,230	46,139	44,732	48,771	53,714	60,461	57,719
Cash and cash equivalents	6,509	11,325	13,374	13,770	16,927	11,959	12,187	15,391	14,620
Other bank balances	5,217	3,793	2,868	5,183	5,593	3,400	10,778	5,456	7,813
Current investments	13,946	12,700	31,011	29,793	35,573	34,958	43,361	59,525	75,001
Loans given	43,158	42,439	42,028	42,550	40,712	34,921	36,494	43,460	48,585
Other financial assets	2,006	2,928	2,838	3,840	4,930	5,564	–	7,713	7,916
Other assets	52,688	58,660	54,791	60,133	65,920	70,882	81,137	91,303	1,00,854
Net debt	99,883	1,13,190	85,353	74,723	60,420	63,724	63,233	41,310	38,792

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 9 May	Mar 2026	Sep 2026Half year
	22,844	19,164	22,777	18,266	9,161	16,741	5,751
	26,315	23,716	27,904	23,546	14,762	22,772	9,020
	9,970	4,757	5,379	−1,385	−12,064	−4,699	−4,447
Receivables	2,784	−9,833	−4,495	−10,548	−9,252	−28,151	−7,761
Inventories	349	−74	−476	245	−540	−2,201	−859
Payables	2,220	9,660	5,413	14,507	9,683	45,128	17,679
Other working capital	4,618	5,005	4,937	−5,588	−11,956	−19,474	−13,506
Tax paid	−3,471	−4,552	−5,127	−5,280	−5,601	−6,031	−3,270
Capital spending	1,808	3,111	4,144	4,517	4,419	4,809	2,563
Free cash flow	21,036	16,053	18,633	13,750	4,742	11,932	3,187
	−5,431	−3,668	−8,312	2,163	−15,518	−11,739	−12,601
Plant and property sold	0	71	350	306	878	341	129
Companies bought	−122	−88	−131	−13	−1,050	−1,015	−805
Interest received	1,275	969	1,609	2,408	2,084	2,701	1,801
Dividends received	204	161	157	226	144	327	305
	−15,274	−15,181	−11,572	−25,413	6,557	−2,156	6,148
Borrowings raised	35,804	27,537	28,386	23,175	46,547	43,694	29,381
Borrowings repaid	−44,470	−35,806	−32,795	−27,228	−30,782	−36,403	−14,650
Interest paid	−3,184	−2,812	−2,889	−3,438	−3,416	−3,182	−1,377
Lease payments	−585	−563	−581	−627	–	−718	−454
Dividends paid	3,651	2,528	3,091	4,217	3,850	4,676	5,228
Shares bought back	0	0	0	12,280	–	0	0
Shares issued	16	11	10	10	9	8	4
Net change in cash	2,139	314	2,893	−4,984	200	2,846	−702

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Larsen & Toubro dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 9 May	Mar 2026
	₹43.20	₹52.62	₹63.51	₹68.04	₹82.49	₹61.71	₹74.51	₹93.96	₹109.36	₹116.93
As stated that year	₹64.80	₹52.62	₹63.51	₹68.04	₹82.49	₹61.71	₹74.51	₹93.96	₹109.36	₹116.93
	₹43.05	₹52.49	₹63.40	₹67.95	₹82.41	₹61.65	₹74.45	₹93.88	₹109.28	₹116.88
As stated that year	₹64.58	₹52.49	₹63.40	₹67.95	₹82.41	₹61.65	₹74.45	₹93.88	₹109.28	₹116.88
Dividend per share	₹14.00	₹16.00	₹18.00	₹18.00	₹36.00	₹22.00	₹30.00	₹28.00	₹34.00	₹38.00
Book value per share	–	–	₹444.66	₹475.27	₹540.16	₹586.51	₹635.55	₹628.23	₹710.12	₹794.46
Dividend payout	32.4%	–	28.4%	26.5%	43.7%	35.7%	40.3%	29.5%	31.1%	32.5%
Shareholder yield	–	–	–	–	1.8%	1.0%	1.0%	3.2%	0.8%	1.0%
Market cap at the year end (₹ crore)	1,46,887	1,83,661	1,94,250	1,13,480	1,99,250	2,48,326	3,04,149	5,17,366	4,80,237	4,82,017

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Larsen & Toubro PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 9 May	Mar 2026
Revenue growth	7.2%	9.0%	17.6%	3.2%	–	15.1%	17.1%	20.6%	15.7%	11.8%
Operating profit growth	–	–	20.3%	0.0%	–	16.6%	13.9%	13.2%	–	–
Net profit growth	27.4%	23.4%	27.6%	6.6%	–	−19.4%	20.3%	24.1%	–	–
Earnings per share growth	18.5%	21.8%	20.7%	7.1%	–	−25.2%	20.7%	26.1%	16.4%	6.9%
	–	–	14.3%	14.8%	16.2%	11.0%	12.2%	14.9%	16.3%	15.5%
	–	–	–	0.5 pts	1.5 pts	−5.3 pts	1.2 pts	2.7 pts	1.5 pts	−0.8 pts
From the net margin	–	–	–	0.6 pts	–	–	0.3 pts	0.4 pts	−0.1 pts	−0.7 pts
From asset turnover	–	–	–	−0.3 pts	–	–	1.5 pts	2.2 pts	1.1 pts	−0.5 pts
From borrowing	–	–	–	0.2 pts	–	–	−0.6 pts	0.1 pts	0.4 pts	0.4 pts
Return on capital employed	–	–	7.3%	6.4%	5.8%	7.0%	7.8%	9.1%	–	9.9%
Cash conversion	–	–	–	–	176.8%	183.9%	181.8%	117.5%	–	88.3%
Interest cover	–	7.6	7.9	5.0	3.3	4.9	5.4	5.6	–	8.7
Debt to equity	–	–	1.81	1.85	1.51	1.29	1.14	1.11	1.12	0.95
Receivable days	–	–	96	102	113	108	89	81	77	77
Inventory days	–	–	45	42	49	41	38	30	29	35
Payable days	–	–	303	322	380	354	280	241	198	254
Cash conversion cycle, days	–	–	−162	−177	−218	−206	−152	−130	−93	−142
Working capital days	–	–	151	167	163	142	116	79	70	47
Asset turnover	–	–	0.51	0.50	0.44	0.50	0.56	0.66	0.71	0.69
Assets per rupee of net worth	–	–	4.48	4.55	4.34	3.99	3.79	3.81	3.91	4.02
Sales per rupee of plant	–	–	12.95	11.80	10.14	12.45	13.61	14.19	15.05	14.71
Capital spending to depreciation	–	–	–	–	0.62	1.06	1.18	1.23	1.07	1.10
Plant being built, % of plant in use	–	–	22.8%	26.2%	2.9%	9.3%	21.9%	18.6%	–	15.6%

From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2021 and Mar 2022: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2021: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Cash conversion is left blank for the year to Mar 2025: the profit stated for the year is its quarters' profit belonging to the company's shareholders added up, which leaves out the other owners' share those quarters state, so the group's profit is not stated. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.9%
Cash from operations against operating profit: 57.4%

Measure	5 years	3 years
Revenue growth, yearly rate	16.0%	16.0%
Profit growth, yearly rate	6.8%	15.4%
Return on equity, average	14.0%	15.6%
Return on capital employed, average	8.4%	9.5%
Operating margin, average	10.9%	10.4%
Net margin, average	6.8%	6.8%
Asset turnover, average	0.62	0.69
Cash conversion cycle, days, average	−145	−122
Interest cover, average	6.1	7.1
Debt to equity, average	1.12	1.06

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	86,109	44,168	16,741
Cash from investing	−37,073	−25,093	−11,739
Cash from financing	−47,767	−21,013	−2,156
Capital spending	20,999	13,745	4,809
Dividends paid	18,363	12,743	4,676
Shares bought back	–	–	0
Shares issued for cash	48	26	8
Borrowings raised	1,69,339	1,13,416	43,694
Borrowings repaid	1,63,015	94,414	36,403

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	5	7	7	–	–
Altman Z-scorePublished threshold 1.81	–	–	1.70	1.38	1.67	1.87	2.15	2.69	–	2.23
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.78	−2.54	−2.65	−2.36	–	–
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.45	−1.61	−0.59	−1.46	–	3.35
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.81	1.56	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	6.82	10.19	−5.85	−20.19	−11.57	−5.52	0.78
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−5.94	13.05	−18.44	−8.36	−27.43	−3.69	20.81
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	4.74	−2.91	4.05	3.75	2.53	16.10	−6.51
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.83	0.10	0.56	0.67	0.50	–	0.45
Effective tax ratePublished threshold 17.16 per cent	22.58	27.48	29.79	24.30	45.34	29.18	26.21	24.11	24.99	26.24
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−2.15	−3.76	−1.62	1.23	3.02

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
3 Sep 2026	CRISIL Ratings Limited	Non Convertible Debentures	Crisil AAAReview, Re-affirm	Stable	450
3 Sep 2026	CRISIL Ratings Limited	Commercial Paper	Crisil A1+Review, Re-affirm		16,500
3 Sep 2026	CRISIL Ratings Limited	Fixed Deposit	Crisil AAAReview, Re-affirm	Stable
3 Sep 2026	CRISIL Ratings Limited	Bank Facilities	Crisil AAAReview, Re-affirm	Stable	10,032.50
1 Sep 2026	India Ratings and Research Private Limited	Non-convertible debentures	IND AAAReview, Re-affirm	Stable	4,000
1 Sep 2026	India Ratings and Research Private Limited	Commercial paper	IND A1+Review, Re-affirm		16,500
30 Jun 2026	CRISIL Ratings Limited	Fixed Deposits	Crisil AAAReview, Re-affirm	Stable
27 May 2026	ICRA Limited	Commercial Paper	[ICRA]A1+Review, Re-affirm		16,500
28 Apr 2026	CRISIL Ratings Limited	NCDs	Crisil AAAReview, Other	Stable	500

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.