āagmanLoginNot investment advice. Data and computed figures, for information only.
Larsen & Toubro Ltd
₹3,632.00
−₹10.00 (−0.27%)
NSE · 15 Oct 2026, close
Market Cap
₹5,09,535 Cr
CMP
₹3,632.00
52-wk High / Low
₹4,440 / 3,288
P/E
28.9
P/B
4.7
Book Value
₹794.0
Div Yield
1.03%
ROCE
15.0%
ROE
15.9%
Face Value
₹2
D/E
1.15
Price−4.0% over 1Y
āagman read
Computed by āagmanPiotroski F-Score
4
/ 9
4 of 9 F-score tests passed
Graham Number
₹1,445
√(22.5 × EPS × book value per share)
ROIC
9.9%
vs 11.1% sector median
Cash flow to profit
0.88
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−61
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
11.2%
ROE × earnings retention ratio
ROE stability
2.3
pp σ
Standard deviation of ROE across periods. Lower = more stable
Cash-accrual divergence
0.5%
of assets
Low = accruals track cash flow
Strengths
Watch-outs
−Latest ROCE of 15% trails the sector median of 17%
−Borrowings are up 42.4% since FY2016 (88135 to 125497)
−Price trades below its 200-day moving average (0.9x)
Peer comparison
| Name | P/E | Mar Cap ₹ Cr | ROCE % | ROE % |
|---|
Quarterly results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 47,882 | 51,024 | 55,128 | 67,079 | 55,120 | 61,555 | 64,668 | 74,392 | 63,679 | 67,984 | 71,450 | 82,762 | 67,942 |
| Expenses | 41,566 | 43,984 | 47,929 | 58,426 | 48,074 | 53,638 | 56,770 | 64,516 | 55,655 | 59,470 | 62,259 | 72,343 | 59,793 |
| Operating Profit | 6,316 | 7,040 | 7,199 | 8,653 | 7,046 | 7,917 | 7,898 | 9,876 | 8,024 | 8,513 | 9,190 | 10,419 | 8,149 |
| OPM % | 13.2% | 13.8% | 13.1% | 12.9% | 12.8% | 12.9% | 12.2% | 13.3% | 12.6% | 12.5% | 12.9% | 12.6% | 12.0% |
| Other Income | 1,146 | 1,133 | 838 | 1,135 | 921 | 1,101 | 968 | 1,610 | 1,357 | 1,384 | −350 | 1,647 | 2,377 |
| Interest | 2,299 | 2,272 | 2,344 | 2,345 | 2,292 | 2,439 | 2,486 | 2,419 | 2,488 | 2,470 | 2,399 | 2,488 | 2,571 |
| Depreciation | 830 | 910 | 921 | 1,021 | 998 | 1,024 | 1,047 | 1,052 | 1,033 | 1,092 | 1,072 | 1,168 | 1,032 |
| Profit before tax | 4,332 | 4,991 | 4,772 | 6,422 | 4,677 | 5,555 | 5,333 | 8,014 | 5,860 | 6,336 | 5,370 | 8,410 | 6,922 |
| Net Profit | 3,096 | 3,846 | 3,593 | 5,013 | 3,445 | 4,099 | 3,974 | 6,156 | 4,318 | 4,678 | 3,825 | 6,133 | 4,988 |
| EPS (₹) | 17.74 | 23.45 | 21.44 | 31.98 | 20.26 | 24.69 | 24.43 | 39.97 | 26.30 | 28.54 | 23.37 | 38.71 | 29.97 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 91,929 | 1,01,122 | 1,09,312 | 1,19,683 | 1,35,220 | 1,45,452 | 1,35,979 | 1,56,521 | 1,83,341 | 2,21,113 | 2,55,734 | 2,85,874 | 2,90,137 |
| Expenses | 76,245 | 85,637 | 92,691 | 99,572 | 1,12,354 | 1,20,899 | 1,12,519 | 1,32,207 | 1,56,175 | 1,92,355 | 2,21,183 | 2,49,530 | 2,53,866 |
| Operating Profit | 15,684 | 15,486 | 16,620 | 20,111 | 22,866 | 24,553 | 23,460 | 24,314 | 27,166 | 28,758 | 34,551 | 36,345 | 36,272 |
| OPM % | 17.1% | 15.3% | 15.2% | 16.8% | 16.9% | 16.9% | 17.3% | 15.5% | 14.8% | 13.0% | 13.5% | 12.7% | 12.5% |
| Other Income | 1,422 | 1,219 | 1,466 | 1,465 | 2,701 | 3,015 | 8,111 | 2,364 | 2,891 | 4,953 | 3,074 | 4,052 | 5,058 |
| Interest | 7,266 | 6,899 | 6,829 | 7,714 | 9,339 | 11,021 | 11,750 | 9,235 | 9,445 | 9,512 | 9,925 | 10,056 | 9,928 |
| Depreciation | 2,623 | 1,787 | 2,370 | 2,223 | 1,923 | 2,462 | 2,904 | 2,948 | 3,502 | 3,682 | 4,121 | 4,365 | 4,364 |
| Profit before tax | 7,217 | 8,020 | 8,887 | 11,639 | 14,305 | 14,086 | 16,918 | 14,495 | 17,109 | 20,517 | 23,579 | 25,976 | 27,039 |
| Net Profit | 4,966 | 4,592 | 6,486 | 8,004 | 10,217 | 10,894 | 12,921 | 10,419 | 12,531 | 15,547 | 17,673 | 18,954 | 19,624 |
| EPS (₹) | 34.17 | 30.64 | 43.17 | 52.59 | 63.48 | 68.02 | 82.47 | 61.70 | 74.50 | 95.00 | 109.35 | 116.92 | 120.59 |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 186 | 186 | 187 | 280 | 281 | 281 | 281 | 281 | 281 | 275 | 275 | 275 | — |
| Reserves | 40,723 | 43,994 | 50,030 | 54,623 | 62,094 | 66,442 | 75,588 | 82,127 | 89,045 | 86,084 | 97,381 | 1,09,015 | — |
| Borrowings | 93,630 | 88,135 | 93,954 | 1,07,524 | 1,25,555 | 1,43,174 | 1,34,629 | 1,25,508 | 1,20,650 | 1,16,322 | 1,32,409 | 1,25,497 | — |
| Other Liabilities | 58,727 | 61,775 | 67,400 | 80,812 | 90,106 | 96,790 | 99,597 | 1,11,112 | 1,19,745 | 1,36,921 | 1,49,050 | 2,17,596 | — |
| Total Liabilities | 1,93,266 | 1,94,091 | 2,11,571 | 2,43,240 | 2,78,036 | 3,06,687 | 3,10,095 | 3,19,028 | 3,29,722 | 3,39,602 | 3,79,114 | 4,52,383 | — |
| Fixed Assets | 34,738 | 14,176 | 16,677 | 18,580 | 21,194 | 43,653 | 44,319 | 42,945 | 42,641 | 42,964 | 44,055 | 30,867 | — |
| CWIP | 14,993 | 10,974 | 13,298 | 13,443 | 13,919 | 3,311 | 500 | 1,250 | 3,066 | 3,045 | 2,589 | 3,311 | — |
| Investments | 9,612 | 15,465 | 19,753 | 15,311 | 20,907 | 20,047 | 39,627 | 39,395 | 44,798 | 45,648 | 54,805 | 68,377 | — |
| Other Assets | 1,33,923 | 1,53,475 | 1,61,843 | 1,95,905 | 2,22,016 | 2,39,675 | 2,25,649 | 2,35,438 | 2,39,217 | 2,47,946 | 2,77,665 | 3,49,828 | — |
| Total Assets | 1,93,266 | 1,94,091 | 2,11,571 | 2,43,240 | 2,78,036 | 3,06,687 | 3,10,095 | 3,19,028 | 3,29,722 | 3,39,602 | 3,79,114 | 4,52,383 | — |
Cash Flows
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | −7,143 | −1,365 | −3,240 | 6,655 | −10,031 | −4,756 | 6,694 | 23,074 | 19,164 | 22,777 | 18,266 | 9,151 | 16,741 |
| Cash from Investing Activity | −5,510 | −4,778 | −4,627 | −9,796 | 3,914 | −11,023 | −8,408 | −5,750 | −3,585 | −8,048 | 2,179 | −15,479 | −11,380 |
| Cash from Financing Activity | 13,136 | 7,903 | 7,253 | 2,896 | 9,370 | 15,440 | 6,372 | −15,274 | −15,181 | −11,572 | −25,413 | 6,557 | −2,156 |
| Net Cash Flow | 483 | 1,759 | −613 | −245 | 3,254 | −338 | 4,658 | 2,049 | 397 | 3,156 | −4,968 | 228 | 3,204 |
Ratios
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 12.0 | 10.0 | 11.0 | 11.0 | 14.0 | 13.0 | 12.0 | 10.0 | 10.0 | 12.0 | 13.0 | 15.0 | 15.0 |
| ROE % | — | — | — | — | — | — | — | — | — | — | — | — | 15.9 |
| EPS (₹) | 35.41 | 34.17 | 30.64 | 43.17 | 52.59 | 63.48 | 68.02 | 82.47 | 61.70 | 74.50 | 95.00 | 109.35 | 116.92 |
| Book Value (₹) | — | — | — | — | — | — | — | — | — | — | — | — | 794.0 |
| Face Value (₹) | — | — | — | — | — | — | — | — | — | — | — | — | 2 |
| P/E | — | — | — | — | — | — | — | — | — | — | — | — | 28.9 |
| Div Yield % | — | — | — | — | — | — | — | — | — | — | — | — | 1.03 |
| NPM % | 5.7 | 5.3 | 4.5 | 5.9 | 6.6 | 7.4 | 7.3 | 9.0 | 6.6 | 6.7 | 6.9 | 6.8 | 6.5 |
| OPM % | 17.0 | 17.0 | 15.0 | 15.0 | 17.0 | 17.0 | 17.0 | 17.0 | 16.0 | 15.0 | 13.0 | 14.0 | 13.0 |
| D/E | 2.14 | 2.29 | 1.99 | 1.87 | 1.96 | 2.01 | 2.15 | 1.77 | 1.52 | 1.35 | 1.35 | 1.36 | 1.15 |
| P/B | — | — | — | — | — | — | — | — | — | — | — | — | 4.7 |
Growth
Compounded sales growth
10 years+11.0%
5 years+16.0%
3 years+16.0%
TTM+10.0%
Compounded profit growth
10 years+15.0%
5 years+3.0%
3 years+17.0%
TTM+13.0%
Stock price CAGR
10 years+14.0%
5 years+17.0%
3 years+6.0%
Last year−2.0%
Return on equity
10 years15.0%
5 years14.0%
3 years16.0%
Last year16.0%
Documents
Announcements
Announcement under Regulation 30 (LODR)-Change in ManagementCompliances-Half Yearly Report (SEBI Circular No. CIR/IMD/DF-1/67/2017)Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderAnnouncement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderDisposal Of Stake Held By The Company In L&T Metro Rail (Hyderabad) Limited - Extension Of Timeline Of Completion.Corporate actions
22 May 2026DIVIDENDDividend - Rs 38 Per Share—
3 Jun 2025DIVIDENDDividend - Rs 34 Per Share—
20 Jun 2024DIVIDENDDividend - Rs 28 Per Share—
2 Aug 2023DIVIDENDDividend - Rs 24 Per Share—
21 Jul 2022DIVIDENDDividend - Rs 22 Per Share—
28 Jul 2021DIVIDEND Annual General Meeting/Dividend - Rs 18 Per Share—
4 Nov 2020DIVIDEND Special Dividend - Rs 18 Per Share—
5 Aug 2020DIVIDEND Annual General Meeting/Dividend - Rs 8 Per Share—
24 Mar 2020DIVIDEND Interim Dividend - Rs 10 Per Share—
24 Jul 2019DIVIDEND Annual General Meeting/Dividend - Rs 18 Per Share—
14 Aug 2018DIVIDEND Annual General Meeting/Dividend- Rs 16 Per Share—
11 Aug 2017DIVIDEND Annual General Meeting/Dividend - Rs 14/- Per Share—
13 Jul 2017BONUS Bonus 1:2—
18 Aug 2016DIVIDEND Dividend - Rs 18.25/- Per Share—
1 Sep 2015DIVIDEND Annual General Meeting/ Dividend - Rs 16.25/- Per Share—
13 Aug 2014DIVIDENDAnnual General Meeting / Dividend - Rs 14.25/- Per Share—
13 Aug 2013DIVIDENDAnnual General Meeting / Dividend - Rs 12.33/- Per Share—
11 Jul 2013BONUSBonus 1:2—
14 Aug 2012DIVIDENDAnnual General Meeting / Dividend Rs 16.50 Per Share—
17 Aug 2011DIVIDENDDividend-Rs.14.50 Per Share—
17 Aug 2010DIVIDENDAnnual General Meeting And Dividend Rs.12.50 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman