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Revenue
₹82,762 Cr
verified against source
Revenue YoY
11%
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 reported Q4 FY26 group revenue of INR 82,800 crore (+11% YoY), slightly below guidance due to West Asia conflict disruptions and water project delays. EBITDA margin contracted 60bps to 10.4%, impacted by revenue mix and legacy project costs in energy. PAT declined 3% YoY to INR 5,300 crore on a high base from prior-year impairment reversal. Order book surged 28% to INR 7.40 trillion, driven by strong domestic private sector and Middle East awards. Management guided FY27 order inflow and revenue growth of 10%-12%, with margins stable at 7.8% for the redefined PP&M segment. The Lakshya 2031 plan targets 12%-15% revenue CAGR and 16%-17% ROE, with INR 50bn+ investments in electronics, green hydrogen, and data centers. Key risk: supply chain disruptions in Middle East could persist longer than anticipated, impacting H1 execution.
Colored figures show movement against the previous available record.
Guidance to track
- Group order inflows expected to grow 10%-12% in FY27, supported by a prospects pipeline of INR 17.8 trillion.
- Revenue growth guided at 10%-12% for FY27, with softer H1 due to supply chain disruptions and recovery in H2.
- Projects, Products & Manufacturing segment margin expected to remain stable at 7.8% in FY27.
- Over five years, L&T targets order inflow CAGR of 10%-12%, revenue CAGR of 12%-15%, and ROE of 16%-17%.
Risks flagged
- Logistics and insurance costs have risen materially; management is negotiating cost pass-through with clients, but uncertainty remains.
- Energy segment margins fell to 6.5% due to cost overruns in legacy hydrocarbon projects; management expects improvement only after a couple of quarters.
- Water and effluent treatment projects faced subdued progress due to pending clearances; recovery is expected but not guaranteed.
- Analyst raised concern about fixed-price Middle East orders amid inflation; management cited contractual provisions and client negotiations, but outcome is uncertain.
Key quotes
- The Middle East remains a strategically significant market for Larsen & Toubro, and as of 31st March 2026, we have an order book of almost INR 3 trillion coming from the region.
- The biggest risk is the supply chain, but I know it is continuously getting better.
- We are not going ahead and incurring the cost unless the customer is ready to reimburse. Otherwise, we are kind of slowing down and we'll move the material when the cost comes down.
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