Hydrocarbon margin pressure from legacy projects
Cost overruns in a few competitively priced domestic and international projects are expected to persist for 2-3 quarters.
LT / Q3-FY26 / risks
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Larsen & Toubro · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Execution slowdown in domestic water projects
Water segment revenue dragged infra growth due to fund allocation issues; management expects resolution within a quarter.
Kuwait project cancellations may delay order inflows
Several Kuwait projects where L&T was competitive were canceled due to budget issues; though expected to re-tender, timing is uncertain.
Commodity price volatility on fixed-price contracts
While steel is stable, copper and nickel volatility could impact unhedged portions; management believes exposure is manageable.