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Swing Capital

Larsen & Toubro Ltd

NSE: LT BSE: 500510Finance

Larsen & Toubro Ltd is a multinational conglomerate which is primarily engaged in providing engineering, procurement and construction (EPC) solutions in key sectors such as Infrastructure, Hydrocarbon, Power, Process Industries and Defence, Information Technology and Financial Services in domestic and international markets.[1]

₹3,918
52W: ₹3288 — ₹4440
PE 48.3 · Book ₹542 · +623% vs book
Market Cap₹5,38,918 Cr
Stock P/E48.3Price to Earnings
ROCE19.8%Return on Capital
ROE15.3%Return on Equity
Div. Yield0.98%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company has been maintaining a healthy dividend payout of 58.8%

Weaknesses

  • −Stock is trading at 7.14 times its book value
  • −The company has delivered a poor sales growth of 12.0% over past five years.
  • −Working capital days have increased from 25.6 days to 67.5 days

Shareholding Pattern

Promoters0%
FIIs18.78%
DIIs43.32%
Public37.64%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters0%0%0%0%0%0%0%0%
FIIs22.85%21.72%▼1.120.83%▼0.919.8%▼1.019.33%▼0.519.48%▲0.220.06%▲0.618.78%▼1.3
DIIs38.89%40.44%▲1.541.71%▲1.342.71%▲1.043.48%▲0.843.34%▼0.142.99%▼0.443.32%▲0.3
Public38.01%37.6%▼0.437.21%▼0.437.25%▲0.036.95%▼0.336.92%▼0.036.69%▼0.237.64%▲1.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales31,60139,55130,27734,91934,98442,32933,47135,11637,90347,191
Expenses29,14236,06328,28131,96732,10138,57131,08032,79634,73942,500
Operating Profit2,4593,4881,9962,9522,8833,7582,3912,3203,1644,691
OPM %8%9%7%8%8%9%7%7%8%10%
Net Profit2,1362,7152,9691,9882,4043,5093,485-3,5912,8323,561
EPS ₹15.5419.7521.614.4617.4925.5225.34-26.1120.5925.89

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,53,680Cr, up 7.8% YoY. OPM at 8%.

Debt Position

Borrowings at ₹12,658Cr. Debt-to-equity ratio: 0.17x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1,440Cr (12% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 43.32% (+5.31pp change). FIIs: 18.78% (-6.51pp change). Promoters hold 0%.

Margin & Efficiency

ROCE improving from 16% (Mar 2015) to 20% (Mar 2026). Working capital days: 67.

Valuation

PE 48.3x with 19.8% ROCE. Price is 623% above book value of ₹542. Dividend yield: 0.98%.

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