Order inflow growth of 10-12% for FY24
Management maintained guidance for 10-12% order inflow growth for the full year, despite strong Q1 performance.
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Revenue growth of 12-15% for FY24
Revenue growth guidance maintained at 12-15% for FY24, with Q1 revenue growth of 34% providing a strong start.
Projects & manufacturing EBITDA margin of 9% for FY24
Full-year EBITDA margin guidance for projects and manufacturing segment remains at 9%, with first half expected to be subdued due to legacy projects.
NWC to revenue ratio of 16-18% for FY24
Net working capital to revenue guidance maintained at 16-18% for the current year.
Order inflow growth of 10% for FY25
Management reaffirmed the 10% order inflow growth guidance for FY25, despite a 10% drop in the prospects pipeline, citing a 22-23% conversion rate.
P&M margin target of 8.2-8.25% for FY25
Management maintained the P&M margin guidance of 8.2-8.25% for FY25, with Q1 margins at 7.6% (up 20 bps YoY).
Group revenue growth of 15% for FY25
Management reiterated the 15% group revenue growth guidance, with H2 expected to be stronger due to domestic execution ramp-up.
CapEx of around INR 4,000 crore for FY25
Management guided for CapEx of approximately INR 4,000 crore for FY25.
Group order inflows growth of 10% for FY26
Management expects group order inflows to grow 10% year-on-year for the full fiscal year.
Group revenue growth of 15% for FY26
Group revenues are expected to grow 15% year-on-year for FY26.
P&M margin target of 8.3%-8.5% for FY26
Products and manufacturing portfolio EBITDA margin is targeted in the 8.3%-8.5% range for the full year.
Net working capital to revenue guidance of 12% for March 2026
Net working capital to revenue ratio is expected to be 12% as of March 2026.
Order inflow and revenue to outperform initial guidance
Management expects to exceed the initial FY24 guidance of 10-12% order inflow growth and 12-15% revenue growth, but keeps guidance open-ended due to geopolitical uncertainties.
P&M margin guidance revised to 8.5%-9%
Projects & manufacturing EBITDA margin for FY24 is now expected in the range of 8.5%-9%, down from the initial 9% guidance, due to delayed margin recognition on new jobs.
NWC to sales ratio guidance unchanged at 16%-18%
Net working capital to revenue ratio for FY24 is expected to remain in the 16%-18% range, supported by continued focus on collections.
Margin trajectory to improve from FY25
Management expects margins in the projects & manufacturing portfolio to improve from the next financial year onwards, as legacy jobs conclude and new jobs ramp up.
Group order inflow growth of 10% for FY25
Management reaffirmed guidance of 10% growth in consolidated order inflows for FY25, implying ~INR 3.3 lakh crore.
Group revenue growth of 15% for FY25
Revenue guidance of 15% YoY growth for the group is maintained.
P&M portfolio margin around 8.2-8.25% for FY25
Management expects P&M EBITDA margin to remain around the FY24 level of 8.2-8.25%.
Net working capital to revenue target of ~15% by March 2025
NWC/sales ratio expected to be around 15% as of March 2025, improved from 16.7% in Sep 2023.
FY26 order inflow growth to exceed 10% guidance
Management is confident of exceeding the full-year guidance of 10% growth in group order inflows, citing strong H1 momentum and robust prospects pipeline.
FY26 revenue growth guidance maintained at 15%
Group revenue growth guidance of 15% for FY26 is maintained, with stronger H2 execution expected.
FY26 P&M EBITDA margin target of 8.5%
Management is reasonably confident of achieving the full-year P&M EBITDA margin target of 8.5%, with H1 margin at 8.4% and H2 execution pickup expected.
FY26 working capital guidance unchanged at ~12%
Net working capital to revenue ratio is expected to be around 12% by March 2026, unchanged from prior guidance.
Order inflow growth of 20%+ for FY24
Revised upward from earlier 12% guidance, driven by strong 9-month inflows and robust prospects pipeline of ₹6.27 trillion.
Revenue growth in high-teens for FY24
Revised upward from earlier 15% guidance, supported by strong execution momentum and large order book.
P&M EBITDA margin band of 8.25%-8.5% for FY24
Trimmed from earlier 8.5%-9% band due to postponement of margin recognition on new jobs into FY25.
NWC to sales ratio around 16.6% (±30bps) for FY24
Revised from 16%-18% band, reflecting sustained working capital discipline.
Revenue growth to exceed 15% for FY25
Group revenues for 9M FY25 grew 18% YoY; strong order book supports upside to the initial 15% growth guidance.
Order inflow growth to surpass 10% for FY25
9M FY25 order inflows up 16% YoY; strong Q4 pipeline of INR 5.51 trillion expected to exceed the 10% guidance.
P&M EBITDA margin guidance maintained at 8.2% for FY25
Despite 7.6% margin in 9M, management expects Q4 margin to be higher to achieve full-year target.
Net working capital to revenue to remain around 12.7% by March 2025
Improved from 16.6% in Dec 2023; management expects to sustain this level, better than the earlier 15% guidance.
FY26 revenue growth guidance of 15% retained
Management is confident of achieving 15% full-year revenue growth, with Q4 execution ramp-up expected.
Projects & manufacturing margin target of 8.5% for FY26
9M PM margin at 7.9% is in line with the full-year target of 8.5%, despite hydrocarbon margin softness.
Revised net working capital to sales target of ~10% for FY26
Improved to 8.2% in Dec 2025; revised target from 12% to ~10% by March 2026.
Order inflow guidance to be exceeded
9M order inflow growth of 30% YoY; management expects to exceed the 10% full-year guidance.
Order inflow growth of ~10% in FY25
Management expects 10% growth in group order inflows over FY24's INR 3 trillion, factoring in H1 softness due to elections and a large base.
Revenue growth of ~15% in FY25
Guided for 15% revenue growth driven by record order book and healthy execution momentum.
P&M margin around 8.25% in FY25
Projects & Manufacturing margin expected to be similar to FY24's 8.25%, with mix and competitive pressures offset by volume growth.
NWC to revenue at ~15% in FY25
Working capital intensity expected to increase from 12% to 15% as legacy collections normalize.
Order inflow growth of 10% for FY25
Management reaffirmed the 10% order inflow growth guidance despite a 10% drop in the prospects pipeline, citing a 22-23% conversion rate as achievable.
Revenue growth of 15% for FY25
Group revenue growth guidance of 15% maintained, with domestic execution expected to pick up in H2 after a subdued Q1 due to elections and heat.
P&M margin target of 8.2-8.25% for FY25
Projects & Manufacturing margin guidance maintained; Q1 margins improved 20 bps to 7.6%, with infrastructure margins up 70 bps.
CapEx of ~₹4,000 crore for FY25
Capital expenditure for the year expected to be around ₹4,000 crore, in line with previous guidance.
FY27 order inflow growth 10%-12%
Group order inflows expected to grow 10%-12% in FY27, supported by a prospects pipeline of INR 17.8 trillion.
FY27 revenue growth 10%-12%
Revenue growth guided at 10%-12% for FY27, with softer H1 due to supply chain disruptions and recovery in H2.
FY27 PP&M margin stable at 7.8%
Projects, Products & Manufacturing segment margin expected to remain stable at 7.8% in FY27.
Lakshya 2031: 12%-15% revenue CAGR, 16%-17% ROE
Over five years, L&T targets order inflow CAGR of 10%-12%, revenue CAGR of 12%-15%, and ROE of 16%-17%.