A fundamental analysis of Larsen & Toubro Ltd. (LT) covering revenue trends, profitability, valuation, and shareholding patterns.
Larsen & Toubro Revenue Trend
The top line tells a positive story: Larsen & Toubro Ltd.'s revenue advanced 14.0% to ₹2,91,635 Cr in FY2026.
A 11.0% CAGR over 10 years puts Larsen & Toubro Ltd. in solid growth territory. The top line went from ₹1,02,631 Cr to ₹2,91,635 Cr in that span.
With a top line of ₹2,91,635 Cr, Larsen & Toubro Ltd. operates at a major scale within the engineering sector.
It's been 5 years of continuous revenue growth for Larsen & Toubro Ltd. — a pattern worth noting.
| Year | Revenue | YoY % |
|---|---|---|
| FY2026 | ₹2,91,635 Cr | +14.0% |
| FY2025 | ₹2,55,734 Cr | +13.5% |
| FY2024 | ₹2,25,270 Cr | +20.9% |
| FY2023 | ₹1,86,269 Cr | +17.3% |
| FY2022 | ₹1,58,788 Cr | — |
View Larsen & Toubro Ltd.'s full 10-year revenue trend with CAGR analysis →
Larsen & Toubro Profitability
Larsen & Toubro Ltd. turned in a net profit of ₹18,954 Cr for FY2026. That's 26.0% better than the ₹15,037 Cr earned in FY2025.
The company squeezed out better margins in FY2026, with net margin at 6.5% versus 5.9% in FY2025.
Diluted EPS came in at ₹116.88 for FY2026, up from ₹109.28 a year earlier.
Is Larsen & Toubro Undervalued
Running the numbers through the P/E Ratio model gives a fair value of ₹4,010 for Larsen & Toubro Ltd..
Larsen & Toubro Ltd. shares are currently trading at ₹3,928.50.
Craytheon also calculates intrinsic value using the EPS Growth model. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹4,010 | 2.1% upside to fair value |
| EPS Growth | Upgrade | Upgrade |
See all valuation models for Larsen & Toubro Ltd. with detailed assumptions →
Larsen & Toubro Shareholding Pattern
Larsen & Toubro Ltd. is a widely held company with no promoter group. Ownership is distributed across institutional and public shareholders.
The FII stake is at 18.8% as of March 2026, compared to 19.3% in the year-ago period.
Domestic institutions moved their stake down to 43.3% from 43.5% over the past year.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 0.0% | 18.8% | 43.3% | 37.6% |
| Dec 2025 | 0.0% | 20.1% | 43.0% | 36.7% |
| Sep 2025 | 0.0% | 19.5% | 43.4% | 36.9% |
| Jun 2025 | 0.0% | 19.3% | 43.5% | 37.0% |
Track quarterly shareholding changes for Larsen & Toubro Ltd. →
Larsen & Toubro Balance Sheet
Proportional view as of 13 Jul 2026. Hover blocks for details.
Assets
Liabilities & Equity
In FY2026, the total asset base came in at ₹4,525.50B, up 19.2% YoY from ₹3,795.24B.
Other Assets accounts for 59.6% of the total, ahead of Cash & ST Investments (16.6%) and Receivables (13.4%).
Capital structure: 28.4% equity, 27.7% debt, 43.9% operating liabilities. Over the year, debt is down 5.2% and equity is up 11.4%.
Balance sheet composition — FY 2026
| Category | Value |
|---|---|
| Cash & ST Investments | 749.16B |
| Receivables | 604.61B |
| Inventories | 95.31B |
| Property, Plant & Equipment | 186.99B |
| Investments | 88.52B |
| Intangibles & Goodwill | 103.10B |
| Other Assets | 2,697.81B |
| Category | Value |
|---|---|
| Equity | 1,285.30B |
| Short-term Debt | 589.91B |
| Long-term Debt | 665.06B |
| Trade Payables | 694.56B |
| Other Liabilities | 1,290.67B |
Larsen & Toubro at a Glance
In summary, Larsen & Toubro Ltd. (LT) presents the following picture for fundamental analysts.
Revenue of ₹2,91,635 Cr in FY2026, up 14.0% year-over-year.
Long-term revenue has been compounding at 11.0% annually over 10 years.
The company is profitable, with a net margin of 6.5% and net income of ₹18,954 Cr.
The P/E Ratio model implies 2.1% upside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
Unlock Full Analysis
Craytheon's full analysis of Larsen & Toubro Ltd. goes deeper: three valuation models, growth metrics, and 10 years of financial data.