Key Metrics of Larsen & Toubro
About Larsen & Toubro
Sectors
Company details
- Website
- larsentoubro.com
- Founded
- 1938
- Registered office
- L&t House, Ballard Estate, Narottam Morarjee Marg, Mumbai, In-mh, 400001
- Listed
- NSE: LT · ₹3,871.70
Operational Areas of Larsen & Toubro
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 27 May 2026 | ICRA | Reaffirmed | — | A1+ | — | ₹16,500 Cr | View |
Credit strengths (ICRA, May 2026)
+ Leading player in E&C business with strong execution capabilities; diversified presence across service businesses
L&T is one of the oldest E&C companies of the country.
+ Diversified order book across geography, projects and clientele
L&T’s consolidated order book grew YoY by 28% and stood at Rs. 7.40 lakh crore as on March 31, 2026, which translates to 3.4 times of the OI (Rs. 2,11,989 crore; adjusted for financial services and IT services business) of FY2026, providing healthy medium -term revenue visibility.
+ Superior liquidity and exceptional financial flexibility
L&T’s financial profile is supported by its superior liquidity position, with free cash balances and liquid investments of ~Rs. 7 0,400 crore as of March 2026, which are sufficient to cover near -term debt servicing obligations and capex commitments for its core projects and manufacturing portfolio.
Credit challenges
− Working capital-intensive nature of operations
L&T’s core construction business is working capital intensive and requires sizeable fund and non-fund based working capital.
− Sizeable investments in new businesses indicating execution risks and potential volatility of returns
Under its Lakshya 2031 plan, L&T has outlined capex commitments of Rs. 40,000-45,000 crore over the next five years in realty (Rs. 4,400 crore), green energy (Rs. 15,000 crore), semiconductors (Rs. 3,000 crore) and data centres (Rs. 10,000 crore) and industrial electronics (Rs. 5,000 crore) verticals.
Could lead to a downgrade
Pressure on L&T’s rating could arise if factors including increase in working capital intensity and significant capital expenditure/ long-term investments result in material deterioration of its
Agency-reported financials (ICRA, 27 May 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹2,41,994 Cr | ₹2,70,603 Cr |
| PAT | ₹15,323 Cr | ₹16,177 Cr |
| OPBDIT/OI (%) | 10.5% | 10.0% |
| PAT/OI (%) | 6.3% | 6.0% |
| Total outside liabilities/Tangible net worth (times) | 1.90× | 2.10× |
| Total debt/OPBDIT (times) | 1.60× | 0.60× |
| Interest coverage (times) | 6.40× | 7.50× |
| Revenue growth (YoY) | — | 11.8% |
| EBITDA (margin × income) | ₹25,409 Cr | ₹27,060 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹40,655 Cr | ₹16,236 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹3,970 Cr | ₹3,608 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Commercial paper | Commercial paper | ₹16,500 Cr | ₹16,500 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
Credit assessment · Construction (EPC contractors)
ICRA Rating Methodology – Construction (Oct 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 69% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 69% chance the next rating action is stable or better
- Interest coverage 7.5×
Rated limits by facility
Timeline
From the report
Liquidity position: Superior L&T’s liquidity is superior, reflected in its sizeable free cash and bank balances and liquid investments of ~Rs. 70,400 crore as on March 31, 2026, at a consolidated level (excluding cash and bank balances and liquid investments in L&T Finance Limited).
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Larsen & Toubro
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Graphite India Limited | Discovered Companies · Other Industries | — | — | Kolkata, West Bengal, India |
| Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | bhel.com | — | India | |
| Defence & Shipbuilding PSUs · Public Sector (PSU) & Government | hal-india.co.in | 1940 | Bangalore, Karnataka, India | |
| Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | bel-india.in | — | India | |
| Shyam Metalics And Energy Limited | Discovered Companies · Other Industries | — | — | Kolkata, West Bengal, India |
 Thermax |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | thermaxglobal.com | 1980 | Pune, India |
 Solar Industries India |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | solargroup.com | — | Nagpur, India |
 India Glycols |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | indiaglycols.com | — | Udham Singh Nagar, India |
| CMR Green Technologies Limited | Indian IT Services · IT Services & Software | — | — | Faridabad, Haryana, India |
 Kirloskar Oil Engines Limited |
Oil Refining & Marketing · Oil, Gas & Energy | kirloskaroilengines.com | — | Pune, Maharashtra, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Group companies
Business activities and related parties
Engineering, construction and heavy equipment
Filings
No filings on record yet.