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Informist, Tuesday, May 5, 2026

 

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--L&T Jan-Mar consol net profit INR 53.26 bln
--Analysts saw L&T Jan-Mar consol net profit at INR 55.23 bln
--L&T Jan-Mar consol revenue INR 827.62 bln
--Analysts saw L&T Jan-Mar consol revenue at INR 828.66 bln
--L&T Jan-Mar consol net profit INR 53.26 bln vs INR 54.97 bln year ago
--L&T Jan-Mar consol revenue INR 827.62 bln vs INR 743.92 bln year ago
--L&T to pay INR 38 per share final dividend
--L&T final dividend record date May 22
--L&T Jan-Mar IT, tech svcs revenue INR 140.78 bln vs INR 124.81 bln year ago
--L&T Jan-Mar energy project EBITDA margin 6.5% vs 8.2% year ago
--L&T Jan-Mar energy project revenue INR 165.94 bln vs INR 122.44 bln yr ago
--L&T Jan-Mar infra project EBITDA margin 8.8% vs 8.0% year ago
--L&T Jan-Mar infra project revenue INR 396.94 bln vs INR 389.01 bln year ago
--L&T consol order book INR 7.40 tln on Mar 31, up 28% on year
--L&T appoints P Ramakrishnan as CFO with effect from Jul 1
--L&T Jan-Mar international orders INR 599.94 bln, 67% of total order inflow
--L&T FY26 consol revenue INR 2.86 tln vs INR 2.56 tln year ago
--L&T FY26 consol net profit INR 160.84 bln vs INR 150.37 bln year ago
--L&T Jan-Mar consol order inflow INR 897.72 bln vs INR 896.13 bln yr ago
--L&T FY26 consol EBITDA margin 10.2% vs 10.3% year ago
--L&T Jan-Mar consol EBITDA margin 10.4% vs 11.0% year ago
--L&T Jan-Mar IT, tech svcs EBITDA margin 18.6% vs 18.2% year ago
--L&T: Expect Nabha Power, Hyderabad Metro stake sale to complete by Jun 30
--L&T Jan-Mar consol EBITDA INR 86.10 bln vs INR 82.03 bln year ago
--L&T Q4 energy project order inflow INR 212.96 bln vs INR 322.01 bln yr ago
--L&T Q4 infra project order inflow INR 434.77 bln vs INR 345.80 bln yr ago

 

By Anand JC and Gopika Balasubramanium

 

MUMBAI – The consolidated revenue and net profit of infrastructure behemoth Larsen & Toubro Ltd. missed analysts' expectations in the March quarter. The company's net profit fell for the second consecutive quarter on year and was the worst performance in any March quarter since 2020, when the company's bottom line contracted by a shade over 6% on year.

 

L&T reported a consolidated net profit of INR 53.26 billion in the March quarter, which was lower than the analysts' estimate of INR 55.23 billion. The net profit in Jan-Mar fell 3% on-year but grew 66% on-quarter. The company's revenues during the quarter rose to INR 827.62 billion, also below the Street estimate of INR 828.66 billion. The top line grew 11% on-year and almost 16% on-quarter.

 

The company reported a consolidated earnings before interest, tax, depreciation, and amortisation of INR 86.10 billion, up 5% on year. Its EBITDA margin moderated to 10.4% from 11.0% a year ago. 

 

Total expenses incurred by L&T grew almost 12% on-year to INR 759.99 billion in the March quarter, the fastest on-year growth in costs in the last three quarters. While the cost of construction materials consumed contracted on-year, staff costs, subcontracting charges, and other manufacturing, construction, and operating expenses increased strongly.

 

SEGMENT-WISE

The infrastructure project segment reported consolidated revenue of INR 401.60 billion for the March quarter, up 2% on year. L&T earns nearly half of its revenue from its infrastructure project segment. This segment comprises activities such as transportation infrastructure, heavy civil infrastructure, power transmission and distribution, and renewables.

 

The infrastructure projects segment reported order inflow of INR 434.77 billion in the March quarter, up almost 26% on year. The segment's EBITDA margin grew to 8.8% in the reporting quarter from 8.0% a year ago. Customer revenue for the segment was INR 396.94 billion for the quarter under review, up from INR 389.01 billion.

 

The top line of the energy segment, the second-biggest business for the company in terms of revenue, was INR 166 billion for the quarter, up nearly 36% on-year. Order inflow from this segment declined 34% on year to INR 212.96 billion during the quarter. The EBITDA margin of L&T's energy projects segment contracted sharply to 6.5% in the March quarter from 8.2% in the year-ago quarter. However, customer revenue for the segment improved to INR 165.94 billion, up 36% on year.

 

Revenue from the hi-tech manufacturing segment for the March quarter was INR 49.13 billion, up 40% from INR 34.96 billion in the year-ago quarter. The order inflow of the segment, comprising heavy engineering, precision engineering and systems, electrolyser manufacturing, fell to INR 17.27 billion in the quarter under review from INR 22.63 billion a year ago. The segment's margin fell to 17.9% from 19.5% in the year-ago quarter.

 

The company's energy segment saw a sharp fall in order inflows during the quarter due to the high base set by an 'ultra mega' hydrocarbon offshore order won during the same quarter last year. However, the cost overruns and final costs in legacy projects impacted the segment's margin. Meanwhile, the infrastructure segment saw "softer" revenue growth in the quarter due to subdued progress on domestic and international projects, as per L&T's investor presentation. Its precision engineering and systems business order inflows moderated due to "deferrals," L&T said. Momentum in order execution continues to be strong in the precision engineering business and the moderation in the order book was due to a decline in revenue from heavy engineering orders. 

 

Additionally, the company's information technology and technology services segment, which includes businesses in digital platforms, data centres, and semiconductor technologies, and the financials of its subsidiaries LTI Mindtree Ltd. and LTI Technology Services Ltd., posted revenues of INR 142.38 billion for the March quarter, up 12% on-year. The segment's EBITDA margin was 18.6%, up from 18.2% a year ago. The segment reported customer revenues of INR 140.78 billion for the March quarter, up 13% on year. International billing accounted for 92% of the total customer revenues during the quarter. 

 

The company's financial services segment posted an income of INR 46.7 billion for the March quarter. Its segment titled 'development projects' earned INR 11.76 billion as customer revenue for the March quarter, down 5%. This segment saw a marginal decline in order inflows to INR 11.71 billion in the latest quarter.  

 

On a consolidated basis, the company's order book stood at INR 7.40 trillion as of Mar. 31, registering an on-year growth of 28%. It received orders worth INR 599.94 billion from the international market, which accounted for 67% of total order inflows. The company's total order inflows stood at INR 897.72 billion at the end of the March quarter. During the quarter, several high-value order wins were secured across sectors, including commercial and residential buildings, roads and runways, urban transport, transmission and distribution, and hydrocarbon onshore businesses.

 

EXPENSES, FY26

The engineering behemoth's total expenses rose 12% on-year and 16% on-quarter to INR 759.99 billion in the March quarter. Employee benefit expenses of the company rose over 11% on year to INR 137.63 billion in Jan-Mar and sub-contracting charges increased over 36% to INR 151.73 billion. Other manufacturing, construction, and operating expenses of the company for the reporting quarter increased a little over 37% on-year to INR 114.62 billion.

 

The cost of raw materials and components consumed rose over 15% on year to INR 103.42 billion. The company's finance costs for the March quarter fell 9% on year to INR 6.79 billion. "Reduction in finance cost primarily attributable to decline in average borrowings with lower interest rate at the parent level," L&T said. 

 

For 2025-26 (Apr-Mar), the company's consolidated revenue from operations was INR 2.86 trillion, up around 12% on year, and its net profit was INR 160.84 billion, up over 7%. The company's consolidated EBITDA margin for FY26 was 10.2% from 10.3% reported a year ago. 

The company said it expects to finish the 100% stake divestment in Nabha Power Ltd. and L&T Metro Rail (Hyderabad) Ltd. by Jun 30. Nabha Power will be acquired by Torrent Power Ltd. for around INR 37 billion, L&T had informed exchanges. As for L&T Metro Rail, the Telangana government had signed a purchase agreement with the parent company for INR 14.61 billion. The company also announced the appointment of P. Ramakrishnan as L&T's chief financial officer, effective Jul. 1. 

 

The company will pay a final dividend of INR 38 per share and has set May 22 as the record date. Tuesday, L&T shares closed 1.1% lower at INR 4,054.50 on the National Stock Exchange. The company announced its results after market hours. End

 

Edited by Saji George Titus

 

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