Larsen & Toubro / Q3-FY26

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Positive2026-01-20Back to LT

Revenue

₹71,450 Cr

verified against source

Revenue YoY

10%

reported change

EBITDA

Pending

latest reported figure

Source

screener in

record provenance

Actual signal trajectory

Where this quarter sits.

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Revenue (₹ Cr)PositiveWatchNegative
12 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 47,882 · Positive source sentiment · 2023-07-25Q1 FY24Q2 FY24: 51,024 · Positive source sentiment · 2023-10-18Q2 FY24Q3 FY24: 55,128 · Positive source sentiment · 2024-01-17Q3 FY24Q4 FY24: 67,079 · Positive source sentiment · 2024-05-08Q4 FY24Q1 FY25: 55,120 · Positive source sentiment · 2024-07-24Q1 FY25Q2 FY25: 61,555 · Positive source sentiment · 2024-10-30Q2 FY25Q3 FY25: 64,668 · Positive source sentiment · 2025-01-15Q3 FY25Q4 FY25: 74,392 · Positive source sentiment · 2024-07-24Q4 FY25Q1 FY26: 63,679 · Positive source sentiment · 2025-07-17Q1 FY26Q2 FY26: 67,984 · Positive source sentiment · 2025-10-23Q2 FY26Q3 FY26: 71,450 · Positive source sentiment · 2026-01-20Q3 FY26Q4 FY26: 82,762 · Watch source sentiment · 2026-04-??Q4 FY2682,76247,882
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

L&T reported a strong Q3 FY26 with record order inflows of INR 1,356 billion (+17% YoY), driven by robust domestic and international demand. Group revenue grew 10% YoY to INR 714 billion, while recurring PAT surged 31% YoY to INR 44 billion, though reported PAT fell 4% due to a one-time labor code provision of INR 11.9 billion. EBITDA margin expanded 70 bps to 10.4%, aided by operational efficiencies. The projects & manufacturing margin improved 50 bps to 8.1%, but hydrocarbon margins remained soft due to legacy cost overruns. Management retained FY26 revenue growth guidance of 15% and PM margin target of 8.5%, while revising net working capital guidance down to ~10%. Key risks include prolonged margin pressure in hydrocarbons and execution delays in domestic water projects.

Colored figures show movement against the previous available record.

Guidance to track

  • Management is confident of achieving 15% full-year revenue growth, with Q4 execution ramp-up expected.
  • 9M PM margin at 7.9% is in line with the full-year target of 8.5%, despite hydrocarbon margin softness.
  • Improved to 8.2% in Dec 2025; revised target from 12% to ~10% by March 2026.
  • 9M order inflow growth of 30% YoY; management expects to exceed the 10% full-year guidance.

Risks flagged

  • Cost overruns in a few competitively priced domestic and international projects are expected to persist for 2-3 quarters.
  • Water segment revenue dragged infra growth due to fund allocation issues; management expects resolution within a quarter.
  • Several Kuwait projects where L&T was competitive were canceled due to budget issues; though expected to re-tender, timing is uncertain.
  • While steel is stable, copper and nickel volatility could impact unhedged portions; management believes exposure is manageable.

Key quotes

  • We will be exceeding the 10% order inflow guidance for FY 2026.
  • I expect hydrocarbon business to come back on full strength, maybe 2 or 3 quarters from now.
  • The private sector share has risen meaningfully from 21% in March 2025 to 36% in December 2025.

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