LT.NS — Larsen & Toubro Limited ₹3,931.40

INDUSTRIALS · Generated 2026-07-29 21:15
USAIND

Price graph

Quality Scorecard Stable

C60/100
🟡 Pricing power (gross margin) 37% Gross margin 37% — moderate margins
⚪ Return on equity — data unavailable
✅ Leverage (net debt / EBITDA) 1.4x Net debt / EBITDA 1.4x — low leverage
✅ Interest coverage 10x EBIT covers interest 10x — comfortably covered
✅ Earnings consistency (revenue) 0/3 down 0 revenue-down year(s) in 3 — no down years
🟡 Earnings growth (net income YoY) +7% Net income +7% YoY — earnings roughly flat
✅ Cash conversion (CFO/NI) 104% Operating cash ÷ net income 104% — earnings convert to cash
❌ Operating margin trend eroding Operating margin eroding
❌ Free cash flow margin 4% FCF margin 4% — thin / negative
🟡 Returns capital to shareholders yes dividend ~99.0%; shares +0.1%/yr
🟡 Buyback efficiency (net share-count Δ) +0.1%/yr Shares outstanding +0.1% YoY — roughly flat

Stable-stage checklist (proxy metrics from yfinance). 10 of 11 criteria scored. Not financial advice.

Buy-Now Score

54/100
Quality ×40%60
Trajectory ×30%36
Valuation ×30%65

Comparative rank: 40% Quality + 30% Trajectory + 30% Valuation — higher = better buy now. Not financial advice.

Valuation

₹1,650.72₹4,963.41
Price ₹3,931.40DCF ₹1,834.14 (-53%)Analyst ₹4,512.19 (+15%)MarketGist fair ₹3,976.58 (+1%)

DCF: 12% start growth → 2.5%, 7.0% discount (band ₹1,407.20–₹2,249.04). Analyst: 31 analysts. MarketGist fair = 80% analyst + 20% DCF. Not financial advice.

Key Trends (6-yr)

GAAP EPS
▲ +7.0% YoY
Sales
▲ +11.8% YoY
Shares Outstanding
▲ +0.0% YoY

Company Overview

Basic Information

Company Name: Larsen & Toubro Limited
Symbol: LT.NS
Exchange: NSI
Sector: Industrials
Industry: Engineering & Construction

Company Details

Country: India
City: Mumbai
Employees: 55,662
Market Cap: ₹5.41T
Website: https://www.larsentoubro.com

Business Description

Larsen & Toubro Limited engages in engineering, procurement, and construction projects (EPC) in India and internationally. The company operates through four segments: Infrastructure Projects, Energy Projects, Hi-Tech Manufacturing, and Others. The Infrastructure Projects segment is involved in the engineering and construction of building and factories, transportation infrastructure, heavy civil infrastructure, power transmission & distribution, renewables, water and effluent treatment, and minerals and metals. The Energy Projects segment provides EPC solutions in clean energy space, oil & gas, refineries, petrochemicals & offshore wind energy sectors, from front-end design through detailed engineering, modular fabrication, procurement, project management, construction, installation and commissioning; CarbonLite solutions for power generation plants including power generation equipment with associated systems; and carbon capture utilization and utility packages. The Hi-Tech Manufacturing segment designs, manufactures/constructs, supplies, and revamps/retrofits custom designed engineered critical equipment and systems for the process plants, nuclear energy, and green hydrogen sectors; marine and land platforms, related equipment and systems, and aerospace products and systems; precision and electronics products and systems; and electrolysers. The other segment engages in realty; smart infrastructure and communication projects; construction equipment; and industrial product design development, including marketing and servicing of construction equipment, mining machinery and parts thereof, manufacture and sale of rubber processing machinery, and ecommerce/digital platforms and data centers. It has a strategic partnership with General Atomics Aeronautical Systems, Inc. to manufacture Medium Altitude Long Endurance (MALE) Remotely Piloted Aircraft Systems (RPAS) in India, for the Indian armed forces. The company was founded in 1938 and is headquartered in Mumbai, India.

Key Metrics

Price & Valuation

Current Price
₹3.93K
Market Cap
₹5.41T
P/E Ratio
32.57
Forward P/E
21.80
PEG Ratio
1.06
Price to Book
4.95

Profitability

Profit Margin: 5.59%
Operating Margin: 10.61%
Gross Margin: 37.43%
Return on Equity (ROE): N/A
Return on Assets (ROA): N/A
Revenue Growth: 8.10%

Financial Health

Current Ratio: N/A
Quick Ratio: N/A
Debt to Equity: 97.64
Total Debt: ₹1.25T
Total Cash: ₹766.15B
Beta: 0.46

Trading & Analyst Info

52-Week Range

52-Week High: ₹4.44K
52-Week Low: ₹3.29K
50-Day Average: ₹3.99K
200-Day Average: ₹3.97K

Analyst Recommendations

Recommendation: BUY
Target Mean Price: ₹4.51K
Target High: ₹5.06K
Target Low: ₹3.60K

Quarterly Verdict

🟢 80/100

Worth buying

Quality grade C; 5 improving / 1 weakening metrics YoY.

➕ Leverage (net debt / EBITDA): Net debt / EBITDA 1.4x — low leverage
➕ Interest coverage: EBIT covers interest 10x — comfortably covered
➕ Earnings consistency (revenue): 0 revenue-down year(s) in 3 — no down years
➕ Cash conversion (CFO/NI): Operating cash ÷ net income 104% — earnings convert to cash
➖ Operating margin trend: Operating margin eroding
➖ Free cash flow margin: FCF margin 4% — thin / negative
➕ Revenue +6.7% YoY
➕ Net income +14.0% YoY
➖ Operating margin -0.8 pts YoY
➕ Free cash flow +152.1% YoY
➕ Cash +26.3% YoY
➕ Debt -5.2% YoY

Heuristic from the Quality Scorecard + quarter-over-quarter trends. Not financial advice.

Financial Statements

Income Statement (Annual)

Item2026-03-312025-03-312024-03-312023-03-312022-03-31
Tax Effect Of Unusual Items₹-8.31B₹-6.60B₹-2.73B₹-6.28BN/A
Tax Rate For Calcs₹0.26₹0.25₹0.24₹0.25N/A
Normalized EBITDA₹363.34B₹336.48B₹288.61B₹261.61BN/A
Total Unusual Items₹-31.67B₹-26.40B₹-11.33B₹-24.90BN/A
Total Unusual Items Excluding Goodwill₹-31.67B₹-26.40B₹-11.33B₹-24.90BN/A
Net Income From Continuing Operation Net Minority Interest₹160.84B₹150.37B₹130.59B₹104.71BN/A
Reconciled Depreciation₹43.45B₹40.98B₹36.75B₹33.84BN/A
Reconciled Cost Of Revenue₹1.93T₹1.71T₹1.46T₹1.17TN/A
EBITDA₹331.67B₹310.08B₹277.28B₹236.71BN/A
EBIT₹288.23B₹269.10B₹240.54B₹202.87BN/A
Net Interest Income₹1.03B₹-11.48B₹-13.41B₹-15.72BN/A
Interest Expense₹28.47B₹33.31B₹35.37B₹31.78BN/A
Interest Income₹31.62B₹24.71B₹24.47B₹18.17BN/A
Normalized Income₹184.20B₹170.18B₹139.19B₹123.33BN/A
Net Income From Continuing And Discontinued Operation₹160.84B₹150.37B₹130.59B₹104.71BN/A

Showing 15 of 55 rows

Balance Sheet (Annual)

Item2026-03-312025-03-312024-03-312023-03-312022-03-31
Treasury Shares NumberN/AN/A₹0.00N/AN/A
Ordinary Shares Number₹1.38B₹1.38B₹1.37B₹1.41BN/A
Share Issued₹1.38B₹1.38B₹1.37B₹1.41BN/A
Net Debt₹1.06T₹1.17T₹1.02T₹1.02TN/A
Total Debt₹1.25T₹1.32T₹1.16T₹1.21TN/A
Tangible Book Value₹987.05B₹720.59B₹610.26B₹634.03BN/A
Invested Capital₹2.31T₹2.27T₹2.00T₹2.08TN/A
Working Capital₹638.14B₹433.71B₹414.79B₹601.38BN/A
Net Tangible Assets₹987.05B₹720.59B₹610.26B₹634.03BN/A
Capital Lease Obligations₹38.14B₹28.50B₹22.82B₹21.37BN/A
Common Stock Equity₹1.09T₹976.56B₹863.59B₹893.26BN/A
Total Capitalization₹1.73T₹1.55T₹1.43T₹1.51TN/A
Total Equity Gross Minority Interest₹1.29T₹1.15T₹1.03T₹1.04TN/A
Minority Interest₹192.41B₹177.48B₹161.90B₹142.41BN/A
Stockholders Equity₹1.09T₹976.56B₹863.59B₹893.26BN/A

Showing 15 of 86 rows

Cash Flow Statement (Annual)

Item2026-03-312025-03-312024-03-312023-03-312022-03-31
Free Cash Flow₹119.32B₹47.33B₹137.50B₹186.33BN/A
Repurchase Of Capital StockN/A₹0.00₹-100.27B₹0.00N/A
Repayment Of Debt₹-364.03B₹-307.82B₹-272.28B₹-327.95BN/A
Issuance Of Debt₹436.94B₹464.97B₹231.25B₹282.98BN/A
Issuance Of Capital Stock₹75.20M₹93.20M₹96.50M₹103.10MN/A
Capital Expenditure₹-48.09B₹-44.19B₹-45.17B₹-41.44BN/A
End Cash Position₹153.91B₹121.87B₹119.58B₹169.27BN/A
Beginning Cash Position₹121.87B₹119.58B₹169.27B₹137.70BN/A
Effect Of Exchange Rate Changes₹3.59B₹286.80M₹158.50M₹2.64BN/A
Changes In Cash₹28.46B₹2.00B₹-49.84B₹28.93BN/A
Financing Cash Flow₹-21.56B₹65.57B₹-254.13B₹-115.72BN/A
Net Other Financing Charges₹-8.77B₹-11.46B₹-30.12B₹-5.25BN/A
Interest Paid Cff₹-31.82B₹-36.09B₹-36.05B₹-30.47BN/A
Cash Dividends Paid₹-46.76B₹-38.50B₹-42.17B₹-30.91BN/A
Common Stock Dividend PaidN/AN/AN/A₹-30.91B₹-25.28B

Showing 15 of 52 rows

Data via yfinance. Prices may be delayed. · Privacy

Disclaimer: MarketGist is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice, nor a recommendation, offer, or solicitation to buy or sell any security. Data is sourced automatically (e.g. via yfinance and other third parties) and may be delayed, inaccurate, or incomplete. Investing involves risk, including the possible loss of principal; past performance does not guarantee future results. MarketGist is not a registered investment adviser or broker-dealer. Always do your own research and consult a licensed financial professional before making any investment decision. By using this site you agree that MarketGist and its authors accept no liability for any loss or damage arising from reliance on its content.