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India's largest engineering & construction conglomerate, building infrastructure, defence, IT and heavy engineering.
India's largest engineering & construction conglomerate, building infrastructure, defence, IT and heavy engineering.
Earns by building large projects under long-term contracts, booking revenue as work progresses, so the order book and execution speed matter more than any single product. Its IT arms are listed subsidiaries that make it a part-services group, and a large share of new orders now comes from the Middle East. It has no controlling promoter family; the state-owned Life Insurance Corporation is its largest holder.
In one line: India's Bechtel/Fluor with an IT-services arm attached.
Moat: narrow (scale, brand, installed base). Scale, execution record and balance sheet let it bid the largest EPC contracts few peers can finance.
Headquarters: Mumbai, India · Founded: 1938 · Employees: 437,442
Size Larsen & Toubro (LT.NS) is an India Industrials company (Engineering & Construction) with a market value of $59.8B, the 9th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹4,118 on 6 Nov 2026.
Performance Over six months the shares gained 2.4%, against -12.9% for the median peer and 0.0% for the India market (cap-weighted) — 3rd highest of 17 in its peer set.
Growth Revenue grew 11.2% over the last twelve months (peer median +6.9%); the operating margin is 8.2% (peer median 9.9%).
Valuation It trades at 27.6× forward earnings against a peer median of 16.2× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 30% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.7 points below its cost of capital (14.1% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹3.01T | ₹2.86T | ₹2.55T | ₹2.21T | ₹1.83T |
| Revenue growth | — | +12% | +16% | +21% | — |
| Gross profit | ₹382B | ₹436B | ₹400B | ₹359B | ₹319B |
| EBITDA | ₹290B | ₹361B | ₹331B | ₹301B | ₹269B |
| Net income | ₹192B | ₹161B | ₹150B | ₹131B | ₹105B |
| Free cash flow | n/a | ₹120B | ₹35.4B | ₹129B | ₹175B |
| Capital expenditure | n/a | ₹48.1B | ₹44.2B | ₹45.2B | ₹41.4B |
| Total debt | ₹1.40T | ₹1.25T | ₹1.32T | ₹1.16T | ₹1.21T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Larsen & Toubro LT.NS | $59.8B | +2% | +11% | 8% | 27.6× | 29.7% |
| Adani Enterprises ADANIENT.NS | $39.3B | +9% | +37% | 8% | 50.6× | n/a |
| Hindustan Construction HCC.NS | $500M | -26% | -21% | 12% | 15.0× | n/a |
| NCC NCC.NS | $816M | -28% | -2% | 8% | 11.1× | n/a |
| Siemens SIEMENS.NS | $13.4B | -8% | -12% | 9% | 72.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LT.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.2% | +3.4% | 5th highest of 17 |
| 6-month return | +2.4% | -12.9% | 3rd highest of 17 |
| Distance from 52-week high | -7.3% | -26.7% | highest of 17 |
| Revenue growth (TTM) | +11.2% | +6.9% | 6th highest of 17 |
| Operating margin | 8.2% | 9.9% | 8th lowest of 16 |
| Forward P/E | 27.6× | 16.2× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 29.7% | 6.1% | 2nd most demanding of 15 |
| Growth delivered (Del g) | +16.1% | +11.3% | 5th highest of 15 |
| Hurdle (Req g minus delivered) | +13.6 pp | -4.0 pp | 2nd most demanding of 15 |
| ROIC minus cost of capital | -4.7 pp | +2.5 pp | 3rd lowest of 16 |
| EV / EBITDA | 21.7× | 13.7× | 4th most expensive of 13 |
| Net debt / EBITDA | 1.5× | 1.8× | 7th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Larsen & Toubro LT.NS | India | $59.8B | +2% | +11% | 8% | 27.6× | 29.7% | +16.1% |
| Vinci DG.PA | France | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% | +11.4% |
| Quanta Services PWR | United States | $81.5B | -27% | +37% | 7% | 26.4× | 24.3% | +20.5% |
| Ferrovial FER.MC | Spain | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% | +8.1% |
| Comfort Systems USA FIX | United States | $35.6B | -48% | +51% | 17% | 16.2× | 12.4% | +26.1% |
| Samsung C&t 028260.KS | South Korea | $31.3B | -8% | +14% | 8% | 15.0× | 5.9% | +6.2% |
| HOCHTIEF Aktiengesellschaft HOT.DE | Germany | $30.9B | -31% | +8% | 4% | 25.1× | 2.6% | +10.7% |
| Otis Worldwide OTIS | United States | $30.1B | +6% | +6% | 15% | 18.1× | 2.3% | +2.5% |
| China State Construction Engineering 601668.SS | China | $28.3B | -4% | -9% | n/a | 5.6× | n/a | n/a |
| Emcor EME | United States | $26.6B | -34% | +22% | 10% | 15.5× | 6.2% | +14.1% |
| ACS, Actividades de Construccion y Servicios ACS.MC | Spain | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% | +11.2% |
| Geberit GEBN.SW | Switzerland | $22.1B | +14% | +3% | 29% | 29.8× | 6.6% | +1.2% |
| Cellnex Telecom CLNX.MC | Spain | $19.6B | -7% | 0% | 13% | n/a | 29.7% | +22.5% |
| Bouygues EN.PA | France | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% | +10.4% |
| APi APG | United States | $17.5B | -7% | +16% | 7% | 20.7× | 27.8% | +17.1% |
| WSP Global WSP.TO | Canada | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% | +15.7% |
| China Railway 601390.SS | China | $15.1B | -13% | -7% | 4% | 6.0× | n/a | n/a |