Strong order pipeline and execution momentum to drive gains for L&T

Strong growth in international projects, lower working capital, and a robust order pipeline position L&T for outperformance in FY26

Larsen & Toubro’s (L&T) Q1FY26 revenue and net profit came in slightly ahead of estimates. There was strong core engineering and construction (E&C) order inflows at ₹76,600 crore, with order wins in energy and infrastructure in domestic and international markets. There was a ramp up in international projects, and net working capital (NWC) came down to 10.1 per cent of sales and return on equity (RoE) rose to 17 per cent. The operating profit margin was flat year-on-year (Y-o-Y) for core E&C.

 

The order prospect pipeline grew 65 per cent Y-o-Y to ₹15 trillion for the next nine months of