India · Delayed Price · Currency is INR Larsen & Toubro Earnings Call Transcripts
Fiscal Year 2026
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Order inflows and order book reached record highs, with strong growth in infrastructure, energy, and high-tech manufacturing. FY 2027 guidance anticipates 10%-12% growth in order inflows and revenue, with stable margins and continued focus on capital efficiency and strategic expansion.
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Q3 FY26 saw record order inflows and strong revenue growth, with recurring PAT up 31% YoY and improved working capital. Margins in hydrocarbons remain under pressure due to legacy projects but are expected to recover in 2-3 quarters. Robust order book and positive outlook maintained.
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Order inflows surged 45% year-over-year, driving the order book to INR 6.67 trillion and supporting 10% revenue growth in Q2 FY26. Margins remained stable overall, with improvements in infrastructure and P&M, while legacy cost overruns impacted energy. Guidance for FY26 remains robust, with strong execution and capital efficiency expected.
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Q1 FY 2026 saw strong order inflows (+33% YoY), revenue growth (+16% YoY), and improved profitability, with the order book surpassing INR 6 trillion. Margins remained stable, and guidance for FY 2026 is unchanged, targeting 10% order inflow and 15% revenue growth.
Fiscal Year 2025
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Q1 FY25 delivered strong growth in order inflows, revenues, and profits, with international business and infrastructure execution as key drivers. Guidance for 10% order inflow and 15% revenue growth is maintained, despite a drop in the prospects pipeline, and margins are expected to remain stable.
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Q3 FY25 saw record order inflows and strong revenue growth, with robust execution across segments and improved working capital. Margins were stable in core businesses, though group EBITDA margin declined due to revenue mix. Outlook remains positive, with guidance likely to be exceeded.
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Q2 FY25 delivered strong 21% YoY revenue growth, robust order book expansion, and improved margins in core segments. Strategic focus on renewables, semiconductors, and data centers, with guidance for 10% order inflow and 15% revenue growth maintained for FY25.
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Q1 FY25 delivered strong growth with order inflows up 8%, revenues up 15%, and PAT up 12% year-over-year, driven by robust international and domestic execution. The order book reached INR 4.91 trillion, and margin guidance and order inflow targets for FY25 remain intact despite a drop in hydrocarbon prospects.