Larsen & Toubro Earnings Summary — Q4 FY2026

• Revenue for the quarter reached a record high of ₹82,762 Cr, reflecting strong execution momentum.
• Net profit rebounded sharply by 60% on a sequential basis, recovering from a lower-than-average Q3.
• Operating Profit Margin (OPM) has stabilized at 13%, halting the long-term secular decline seen over the last decade.
• Other income contributed significantly (₹1,647 Cr) to the bottom line during the quarter.
• Book-to-bill visibility remains high with a massive order book concentrated in Infrastructure and IT services.
• The balance sheet remains stable with consistent Equity Capital despite massive scaling of operations.
• Consolidated PAT for the full year FY26 crossed ₹18,900 Cr, marking a steady 7% TTM profit growth.

Management remains focused on the 'Lakshya 2026' strategic plan, emphasizing an asset-light model and improved capital returns. Growth is expected to be driven by international markets, particularly the Middle East, alongside digital transformation initiatives.

Improving

A strong Q4 recovery in profit after a dip in Q3 (due to high interest/other income movements) suggests operational resilience and strong year-end closing.

The outlook remains positive with a healthy order book provides 2-3 years of revenue visibility and strong technical leadership. Potential risks include raw material price volatility and high absolute debt levels in the finance subsidiary.