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Revenue
₹63,679 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
L&T delivered a strong Q1 FY26 with group revenues of INR 63,700 crore (+16% YoY) and PAT of INR 3,600 crore (+30% YoY), driven by robust execution in hydrocarbons and high-tech manufacturing. Order inflows surged 33% YoY to INR 94,500 crore, lifting the order book to INR 6.13 trillion (+25% YoY). The EBITDA margin contracted 30bps to 9.9% due to revenue mix shift, but P&M margin held at 7.6%. Management maintained FY26 guidance: 10% order inflow growth, 15% revenue growth, and P&M margin of 8.3%-8.5%. The prospects pipeline jumped 63% to INR 14.8 trillion, led by hydrocarbon and infrastructure. Key risk: execution ramp-up in competitively priced hydrocarbon jobs may pressure margins in the near term.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects group order inflows to grow 10% year-on-year for the full fiscal year.
- Group revenues are expected to grow 15% year-on-year 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 ratio is expected to be 12% as of March 2026.
Risks flagged
- Execution ramp-up in competitively priced hydrocarbon jobs awarded in 2021-22 may keep margins subdued in H1 FY26.
- Jal Jeevan mission projects face fund allocation issues, impacting execution and working capital in the water segment.
- High labor turnover (every three months) at construction sites leads to retraining costs and potential delays.
- Escalation of conflicts in West Asia could disrupt energy prices, investments, and global trade flows, affecting international operations.
Key quotes
- We are pleased to highlight that we have begun our final year of StratPlan FY 2026 on a strong note with a robust performance across the various financial parameters.
- The hydrocarbon margin drift for Q1 is along budgeted lines, and the same has been baked in the P&M margin guidance for FY 2026 that we gave at the start of this year.
- If you really ask me, the overall net working capital of the P&M segment today is at almost 8.5%. Now, if I just exclude water as a segment, there can be a further improvement of almost 75 basis points.
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