Larsen & Toubro Limited (L&T) on Wednesday announced its financial results for the second quarter of FY26, reporting a 10% year-on-year (YoY) growth in consolidated revenue to Rs 67,984 crore, up from Rs 61,555 crore in the same quarter last year.
The company’s consolidated profit after tax (PAT) for Q2 FY26 rose 16% YoY to Rs 3,926 crore, compared to Rs 3,395 crore in Q2 FY25. EBITDA grew 7% to Rs 6,806 crore, while EBITDA margins stood at 10% during the quarter.
For the first half (H1) of FY26, L&T reported a 13% rise in revenue from operations to Rs 1,31,662 crore, with international revenue contributing 54% of the total. The half-year consolidated PAT came in at Rs 7,543 crore, reflecting a 22% increase YoY.
Operational Highlights
L&T secured orders worth Rs 2,10,237 crore during H1 FY26, marking a 39% increase YoY. International orders accounted for 59% of the total inflow. For Q2 FY26 alone, the company received orders worth Rs 1,15,784 crore, up 45% YoY, driven by strong demand across public spaces, metro projects, renewable energy, hydel, and hydrocarbon sectors.
The company’s consolidated order book as of September 30, 2025, stood at Rs 6,67,047 crore, showing a 15% growth since March 2025.
Segmental Performance
- Infrastructure Projects: Order inflow stood at Rs 52,686 crore (+6% YoY), with 48% from international markets. Revenue declined marginally by 1% to Rs 31,759 crore due to slower progress in water-related projects and extended monsoon conditions.
- Energy Projects: Orders surged over 100% YoY to Rs 38,156 crore, primarily from large hydrocarbon projects. Segment revenue jumped 48% to Rs 13,082 crore.
- Hi-Tech Manufacturing: Revenue rose 33% to Rs 2,754 crore, supported by strong execution in heavy and precision engineering.
- IT & Technology Services: Revenue grew 13% to Rs 13,274 crore, with international billing contributing 92%.
- Financial Services: Revenue rose 9% to Rs 4,166 crore, driven by strong growth in the retail loan book.
- Development Projects: Revenue increased 10% to Rs 1,533 crore, although EBIT declined due to provisions for a pending legal matter.
Management Commentary
S. N. Subrahmanyan, Chairman and Managing Director of L&T, stated that the company delivered a “well-rounded financial performance”, adding that consistent execution and order wins across sectors underscore L&T’s leadership in the EPC domain. He also noted that the company has reached an in-principle agreement with the Telangana government to divest its stake in L&T Metro Rail (Hyderabad) Limited, aligning with its Lakshya 2026 objective of exiting public concession businesses.
L&T remains optimistic about future order prospects, citing sustained capital expenditure growth in India and the Middle East.
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