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L&T reported a mixed Q4 FY26 with group revenues growing 11% YoY to ₹828 billion, but P&M margins declined 50bps YoY to 9.4% due to revenue mix and Middle East disruptions. Order inflows were flat at ₹898 billion, while the order book surged 28% YoY to ₹7.40 trillion, providing strong visibility. Management guided FY27 revenue and order inflow growth of 10-12%, with a softer H1 due to supply chain constraints. The new Lakshya 31 plan targets 12-15% revenue CAGR and 16-17% ROE over five years, with significant capex in data centers (₹100bn), green hydrogen (₹150bn), and electronics (₹50bn). Key risks include prolonged Middle East conflict impacting execution and margins, and legacy project costs in the energy segment. The company expects normalization post-Q1 FY27.
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Guidance to track
- Group order inflows expected to grow 10-12% in FY27, supported by a prospects pipeline of ₹17.8 trillion.
- Revenue growth guided at 10-12% for FY27, with softer H1 due to supply chain disruptions and stronger H2.
- Projects, Products & Manufacturing margin expected to remain stable at around 7.8% in FY27 on reclassified basis.
- Over five years, L&T targets order inflow CAGR of 10-12%, revenue CAGR of 12-15%, and ROE of 16-17%.
Risks flagged
- Supply chain constraints and logistics cost increases from the West Asia conflict may delay project execution and pressure margins in H1 FY27.
- Cost overruns and closeout costs in legacy hydrocarbon projects have depressed energy segment margins; improvement depends on resolution.
- NWC to sales ratio improved to 4.1% partly due to one-off advances; management expects normalization to ~10% in FY27, which could impact cash flows.
- Shift towards lower-margin international and energy projects may continue to weigh on overall P&M margins despite stable guidance.
Key quotes
- We do anticipate some near-term impact on execution primarily due to supply chain constraints but we are working closely with our clients on alternate routes and logistic arrangements to ensure minimal disruption.
- The biggest risk is the supply chain but it is continuously getting better... we are taking a very measured approach.
- We are allocating almost ₹44 billion for the realty business primarily to fund development of commercial real estate.
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