Middle East conflict disrupting execution
Supply chain constraints and logistics cost increases from the West Asia conflict may delay project execution and pressure margins in H1 FY27.
LARSENANDTOUBRO / Q4-FY26 / risks
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Larsen and Toubro · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
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Legacy project costs in energy segment
Cost overruns and closeout costs in legacy hydrocarbon projects have depressed energy segment margins; improvement depends on resolution.
Working capital normalization
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.
Revenue mix impact on margins
Shift towards lower-margin international and energy projects may continue to weigh on overall P&M margins despite stable guidance.